Headlines
BTC Continues to Rise, Breaking $89,000 USDT
Odaily Planet Daily reports that OKX market data shows BTC has risen to break $89,000 USDT, currently reported at $89,107 USDT, with a 24H increase of 11.52%, continuing to set a new historical high.
Odaily Planet Daily reports that according to SoSoValue data, the net inflow of USD into the cryptocurrency market last week (Eastern Time November 4 - November 10) reached $6.283 billion.
Among them, the net inflow for US Bitcoin and Ethereum spot ETFs was $1.792 billion; the net inflow for fiat-backed stablecoins (USDC, USDT, FDUSD, TUSD, PYUSD, USDP, GUSD) was $4.492 billion.
As of the time of publication, the total cumulative net inflow into the cryptocurrency market reached $183.19 billion.
Note: The USD inflow into the cryptocurrency market is an exclusive market indicator from SoSoValue. This indicator combines the cumulative net inflow of ETF funds with the inflow of fiat-backed stablecoins, clearly reflecting the actual amount of fiat funds flowing into the cryptocurrency market.
President of The ETF Store: Predicts Several New Spot Cryptocurrency ETF Applications This Week
Odaily Planet Daily reports that Nate Geraci, President of The ETF Store, posted on X stating: "I predict that several new spot cryptocurrency ETF applications will be submitted by issuers this week, including XRP, SOL, ADA, etc. Assuming multiple issuers are well-prepared for the election results, it’s not harmful to become a bit aggressive now."
Odaily Planet Daily reports that Justin Drake, a core researcher at the Ethereum Foundation (EF), posted on X stating: "Tomorrow at 5 PM, I will announce a significant plan on the main stage at Devcon. I have been contemplating what a redesigned Ethereum consensus layer from scratch would look like for a year. My goal is to propose a reliable strategy to launch an ambitious and exciting beacon chain roadmap within a reasonable timeframe. After months of discussions with researchers and consensus developers, I am finally ready to publicly present my proposal. It is still early, and your participation is crucial if this new approach to the consensus layer roadmap can reach preliminary consensus."
Industry News
Total Open Interest in Bitcoin Contracts Exceeds $50 Billion, Setting a New Historical High
Odaily Planet Daily reports that Coinglass data shows the total open interest in Bitcoin futures contracts across the network is 609,850 BTC (approximately $5.02 billion).
Among them, the open interest in CME Bitcoin contracts is 184,340 BTC (approximately $1.516 billion), ranking first;
Binance's open interest in Bitcoin contracts is 124,310 BTC (approximately $1.024 billion), ranking second.
Odaily Planet Daily reports that Coinglass data shows that today the nominal value of total open interest in BTC options across the network is $29.01 billion, and the nominal value of open interest in ETH options is $6.81 billion.
Odaily Planet Daily reports that on November 11, Bitcoin rose 11% to $89,500, driving the daily trading volume of the US spot Bitcoin ETF, MicroStrategy Inc (MSTR), and Coinbase Global Inc (COIN) to a record $38 billion.
According to data cited by Bloomberg ETF analyst Eric Balchunas, this far exceeds the previous high of about $25 million set in March.
Balchunas stated: "Various data points are setting historical highs." He noted that the trading volume of BlackRock's IBIT alone reached a record $4.5 billion, "which indicates strong fund inflows this week. It was a crazy day." (Cointelegraph)
MicroStrategy Purchases 27,200 BTC, Current Holdings Reach 279,420 BTC
Odaily Planet Daily reports that MicroStrategy founder Michael Saylor disclosed on X that MicroStrategy purchased 27,200 BTC for approximately $2.03 billion, with an average purchase price of $74,463. As of November 10, 2024, MicroStrategy's Bitcoin holdings reached 279,420 BTC, with a year-to-date Bitcoin return of 26.4%.
FTX Sues Binance, CZ Faces $1.8 Billion Fund Recovery Demand
Odaily Planet Daily reports that @cryptounfolded posted on X stating that FTX is suing Binance, and former CEO CZ faces a demand for $1.8 billion in recovery.
Binance Spokesperson: FTX's Lawsuit Against Binance is Groundless, We Will Actively Defend
Odaily Planet Daily reports that after rumors circulated in the market about "FTX suing Binance, former CEO CZ facing a $1.8 billion recovery demand," a Binance spokesperson responded to Odaily Planet Daily, stating: "These claims are baseless, and we will actively defend ourselves."
Odaily Planet Daily reports that former Alameda Research co-CEO Sam Trabucco has agreed to transfer a series of assets, including a yacht, to FTX creditors.
Trabucco purchased the 53-foot yacht for $2.51 million in March 2022, just months before he left Alameda. According to a court document dated November 10, Trabucco also agreed to relinquish his legal ownership of two apartments in San Francisco, which he purchased for a total of $8.7 million in 2021. The document states that he also agreed to transfer all rights to approximately $70 million in claims against FTX to the creditors, which will be withdrawn. (Bloomberg)
Project News
Snowden Calls for Decentralization, Questions VC's Potential Impact on Solana
Odaily Planet Daily reports that Edward Snowden, the whistleblower of "Prism," spoke at the Near Redacted conference in Bangkok, Thailand, discussing issues of decentralization.
When talking about topics such as cryptocurrency, artificial intelligence, and blockchain technology, Snowden used Solana as an example to discuss the impact of VCs on blockchain projects. He described Solana as "born in prison," as it received a large amount of VC funding, indicating that financial support may hinder its blockchain network's ability to operate independently.
While he acknowledged Solana's rapid growth, he also expressed concern about too much ownership being transferred to investors. However, he simultaneously pointed out that Solana may "achieve something" in the future.
Additionally, throughout his speech, Snowden emphasized the importance of decentralization in combating the extensive surveillance capabilities brought by artificial intelligence. He warned that AI-driven surveillance allows governments and corporations to process vast amounts of personal data in real-time, potentially paving the way for large-scale real-time data analysis. (Cointelegraph)
Circle Introduces New Concept, Supporting AI Agents to Operate and Trade Independently Using USDC
Odaily Planet Daily reports that Circle has announced that the company has issued over $2 billion in USDC in the past few weeks, exploring how the combination of artificial intelligence and blockchain technology will change people's understanding of work and finance, especially through the use of "autonomous" payments.
Circle introduced a concept that allows AI agents to operate and trade independently using digital dollars (USDC). By adding financial functionalities, these agents can handle tasks "completely independently."
Circle explored how to combine advanced AI with secure automated payments and blockchain technology to create this system, using the Circle developer platform for payment processing.
Additionally, it has built a sample application to "demonstrate this autonomous system," encouraging users to use this template to build their own projects and provide feedback. (Crowdfund Insider)
WalletConnect Foundation Director: WCT Claiming and Staking Will Launch on November 26
Odaily Planet Daily reports that Pedro Gomes, Director of the WalletConnect Foundation, announced on X that WCT claiming and staking will launch on November 26.
ENS Labs, the Company Behind ENS, Plans to Launch Its L2 Network Namechain by the End of Next Year
Odaily Planet Daily reports that ENS Labs, the company behind the Ethereum Name Service (ENS), is advancing its L2 network plans. Katherine Wu, COO of ENS Labs, stated that the new network, Namechain, is expected to go live by the end of next year. It will utilize zero-knowledge rollups.
ENS Labs stated in a press release on Monday: "This technology allows Namechain to process and execute transactions outside the main Ethereum network while still inheriting the full security of Ethereum, but at a fraction of the cost."
Wu mentioned that the new network will leverage the infrastructure of existing zero-knowledge chains compatible with EVM, and the team is in the final stages of selecting which zkEVM to use. (CoinDesk)
Avara, the Parent Company of Aave, Announces Launch of Non-Custodial Crypto Wallet Family
Odaily Planet Daily reports that Aave Labs and its parent company Avara have announced the launch of a non-custodial crypto wallet called Family, which includes messaging features aimed at helping users trade or explore Web3. The wallet is currently available for free download on the iOS App Store.
DeFi Hub Spark Launches On-Chain Order Book on Ethereum, Powered by Fuel VM
Odaily Planet Daily reports that DeFi hub Spark has launched an on-chain order book on Ethereum, powered by Fuel VM.
The team stated: "Utilizing Fuel's modular architecture, Spark offers a secure and efficient Central Limit Order Book (CLOB) trading experience, tailored for professional and institutional traders, enhancing transparency, preventing front-running, and ensuring self-custody. This development overcomes the limitations of Automated Market Makers (AMMs) and centralized exchanges (CEXs)."
Dune Acquires a16z-Backed smlXL and Launches New Product Dune Echo
Odaily Planet Daily reports that blockchain analytics company Dune made three announcements at the DuneCon event held in Bangkok, Thailand, on Monday morning, including a new platform, the company's latest acquisition, and new metrics aimed at tracking meaningful blockchain adoption.
Dune Echo, launched today, is a new product from the analytics company that connects developers with real-time blockchain data across 30 chains, including Ethereum, its multiple L2 networks, and Solana, currently in testing. Token balances and transaction query data are available within 300 milliseconds after block propagation.
Dune also announced the acquisition of a16z-backed smlXL, a blockchain company whose products can simulate real-time blockchain transactions. The acquisition value was not disclosed in the announcement. (The Block)
Conflux Foundation Launches $500 Million Incentive Program
Odaily Planet Daily reports that the Conflux Foundation has announced the launch of an incentive program to promote the development of the PayFi ecosystem on Conflux. The Conflux Foundation will allocate $500 million from its ecological fund to support the growth of PayFi technology stack components.
ACT Developers: All ACT Tokens Have Been Distributed, Burned, or Sold
Odaily Planet Daily reports that ACT developer AMP posted on X stating that they have never been averse to ACT and have distributed, burned, or sold all ACT tokens, but do not wish for ACT to be listed on CEX.
They also expressed relief at having rid themselves of ACT, as holding the tokens was stressful, often being harassed by those hoping for their allocation or locked tokens.
It is reported that AMP once held 6% of the total ACT supply but has sold off its holdings multiple times for profit.
Regulatory Trends
Republicans Take Control of the House of Representatives
Odaily Planet Daily reports that according to election forecasting agency DECISION DESK HQ, the Republican Party has gained control of the House of Representatives, currently projected to have secured 218 seats, becoming the majority party; the Democratic Party has secured 209 seats.
Multiple media outlets had previously predicted that the Republicans had gained control of the Senate. (Jin Shi)
Odaily Planet Daily reports that sources indicate Trump plans to narrow down the list of candidates for U.S. Treasury Secretary this week, favoring those with Wall Street backgrounds. The list of candidates includes Howard Lutnick, CEO of Cantor Fitzgerald, billionaire hedge fund manager John Paulson, former George Soros fund manager Scott Bessent, and Virginia Governor and former Carlyle Group executive Glenn Youngkin. Sources say Bessent met with Trump at Mar-a-Lago on Friday, but the meeting was not an interview for the Treasury position. Insiders revealed that Trump's Wall Street allies urged him to appoint someone with a deep understanding of the financial industry as Treasury Secretary, and Trump's team has indicated they will follow this advice. Robert Lighthizer, the U.S. Trade Representative during Trump's first term and designer of the comprehensive tariff proposal, is also a candidate for Treasury Secretary. Insiders say Lighthizer has begun formulating tariff plans involving China and the EU and could ultimately hold a broad position in the White House overseeing the government's trade policy. (Jin Shi)
WSJ: Powell Ready for Legal Battle if Trump Attempts to Fire Him
Odaily Planet Daily reports that if Trump attempts to fire Federal Reserve Chairman Powell, Powell is prepared for a legal battle. (WSJ)
Yesterday, reports from CNBC indicated that Musk, a staunch supporter of President-elect Trump, supports the idea of "allowing the president to intervene in Federal Reserve policy." Reports stated that U.S. Senator Mike Lee, a Republican from Utah, previously called on the Federal Reserve to "obey the president" on social media. In response, Musk posted a "100" emoji on the 8th, indicating full agreement. Lee added the hashtag "#EndtheFed" to his post.
Musk's brief comments reflect a broader pressure campaign that may form around the independence of the Federal Reserve in a future Trump administration. Reports indicate that Fed Chairman Powell stated on the 7th that he would not resign even if Trump asked him to.
Cathie Wood Proposes to Weaken the Power of the SEC and FTC, Elon Musk Expresses Support
Odaily Planet Daily reports that Ark Invest founder Cathie Wood posted on X stating that the U.S. should relax regulations and weaken the influence of agencies such as the SEC and FTC. She advocates for cutting government spending to free up space for the private sector, implementing tax cuts, and focusing on technological innovation. This approach could potentially drive the U.S. economy more powerfully than during the "Reagan Revolution."
Elon Musk retweeted the post, calling the proposals "great."
Investment and Financing
Odaily Planet Daily reports that the full-chain liquidity asset protocol StakeStone has announced the completion of a $22 million financing round, led by Polychain Capital. This round also includes strategic investments from Binance Labs and OKX Ventures, with the seed round led by SevenX and participation from Nomad Capital, HashKey Capital, HashKey Cloud, Amber Group, Coinsummer, Bankless Ventures, DAO5, Symbolic Capital, Arcane Group, and Quantstamp.
StakeStone is committed to building the first liquidity ETH/BTC asset standard based on a highly scalable staking network, which supports a risk-free consensus layer for various native assets. With the support of this financing round, StakeStone has also launched its liquidity BTC products, including liquidity index BTC — SBTC and interest-bearing liquidity BTC — STONEBTC, to enhance the application of native BTC in the EVM ecosystem and other blockchain networks. StakeStone aims to drive real applications by providing high-utilization liquidity, empowering ecosystem partners and DeFi protocols such as Berachain, Movement Labs, Monad, Plume Network, Corn, Pendle, and AAVE DAO.
StakeStone will also launch payment products, providing flexible savings account features based on its interest-bearing liquidity ETH asset STONE, along with a "buy now, pay later" (BNPL) option, offering users greater trading flexibility. Leveraging the real-time processing capabilities of MegaETH, this product aims to establish a sustainable model that promotes real-world applications and supports large-scale adoption.
Charles K, co-founder of StakeStone, stated that through this financing, StakeStone is dedicated to bringing decentralized finance into the real world, significantly increasing the number of users served from the hundreds of thousands to tens of millions or even hundreds of millions alongside next-generation high-performance blockchain networks through RWAFi and PayFi, pushing the crypto industry into the era of super applications. (News.bitcoin)
Odaily Planet Daily reports that ZK co-processor Brevis Network has completed a $7.5 million seed round financing, co-led by Polychain Capital and Binance Labs, with participation from IOSG Ventures, Nomad Capital, Bankless Ventures, Hashkey, and several undisclosed angel investors.
Brevis Network is a startup that uses zero-knowledge (ZK) technology for off-chain computation. Co-founder Michael Dong stated that Brevis began its seed round financing in June and concluded it in September. Dong added that this round of financing is token financing but declined to comment on the post-money valuation.
Odaily Planet Daily reports that the TON network expansion project TAC has completed a $6.5 million seed round financing, led by Hack VC and Symbolic Capital, with participation from Primitive, Paper Ventures, Karatage, Animoca Ventures, Spartan Capital, TON Ventures, and Ankr. This financing will be used for marketing, developer relations, and technical research and development. TAC aims to connect Ethereum developers with the TON blockchain ecosystem, simplifying the development process on TON.
TAC will provide seamless access to Solidity applications for TON and Telegram users and plans to launch a testnet this week, with the mainnet expected to be released in the first quarter of 2025. (The Block)
Filecoin L2 Solution Akave Completes $3.45 Million Financing and Launches Yucca Testnet
Odaily Planet Daily reports that according to official news from Akave, the decentralized data storage project has successfully completed $3.45 million in financing, with participation from Protocol Labs, Blockchange VC, Lightshift, and Blockchain Builders Fund. This financing will be used to accelerate Akave's on-chain data management.
Akave is a Layer 2 solution launched by Filecoin and has launched the Yucca testnet, open to early testers for exploring on-chain data storage and programmability. Akave provides tools for enterprises, AI companies, and DePIN developers to move beyond traditional cloud storage, building on-chain data lakes and promoting data ownership and new data monetization models.
❜mbd Completes $3 Million Pre-seed Financing, Led by Mask Network and Polymorphic Capital
Odaily Planet Daily reports that the Web3 recommendation system ❜mbd has completed $3 million in pre-seed financing, led by Mask Network and Polymorphic Capital, with participation from a16z CSX, Forward Research, Social Graph Ventures, and WAGMI Ventures.
❜mbd has established a machine learning recommendation system that pre-trains on-chain data, aiming to provide users with dynamic and relevant content and actions.
Voices
OpenAI CEO: I Am Confident in the Bright Future of Cryptocurrency
Odaily Planet Daily reports that OpenAI CEO Sam Altman posted on X, stating: "Over the past year, World (i.e., Worldcoin) has made incredible progress, and I am immensely proud of the team, especially under the leadership of Alex Blania, which combines vision and execution. Overall, I am confident in the bright future of cryptocurrency."
He Yi: The Listing Fee for ACT and PNUT is Zero
Odaily Planet Daily reports that Binance co-founder He Yi posted on X, stating that the listing fee for ACT is zero, and the listing fee for PNUT is also zero.
Odaily Planet Daily reports that Gemini co-founder Cameron Winklevoss stated that Bitcoin reaching $80,000 is primarily driven by ongoing institutional demand through spot Bitcoin ETFs, rather than retail investor activity.
He believes that this "sticky" demand from institutional investors is a sign of long-term bullish sentiment and that the current market cycle is still in its early stages.
Winklevoss stated: "The path for Bitcoin to reach $80,000 is paved by stable ETF demand. It is not retail FOMO. There is no fanfare. People are buying ETFs, not selling them. This is sticky HODL-style capital. The bottom price keeps rising; we just won the coin toss, and the game hasn't really started yet." (Crypto Briefing)
Odaily Planet Daily reports that CryptoQuant CEO Ki Young Ju believes that Bitcoin's price may be slightly below $59,000 by year-end, noting that the overheated futures market is one of the main reasons for a potential year-end drop.
Ki recently posted on X, stating that he expects Bitcoin's price to drop to $58,974 by year-end and asked others for their opinions on the year-end price, adding that he would pay 0.1 BTC to the person with the closest answer.
He stated: "I expect the Bitcoin futures market indicators to be overheated, leading to a correction, but we are entering a price discovery phase, and the market is heating up further. If there is a pullback and consolidation, the bull market may continue; however, in my view, a year-end drop may lay the groundwork for a bear market in 2025. I hope my prediction is wrong."
Murad: The Best Meme Coin Market Cap This Cycle May Reach $20 Billion to $100 Billion
Odaily Planet Daily reports that meme coin KOL Murad posted on X, stating that people do not understand that the best meme token of this cycle may reach a market cap of $20 billion to $100 billion.
Trader Eugene: Continue to Be Bullish on ENA, Just Hold Spot and Wait for Market Reaction
Odaily Planet Daily reports that cryptocurrency trader Eugene stated that he posted about being bullish on ENA a month ago with hopes and dreams of a bull market. Now ENA has reached a price of $0.6, and some participants have realized the value brought by increased funding and stablecoin adoption. What needs to be done now is just to hold spot and wait for the broader market to recognize that this is a must-have token in every portfolio.
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