Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $3.27 trillion, with BTC accounting for 59.64%, or $1.95 trillion. The market capitalization of stablecoins is $188.9 billion, having surpassed the number of crypto stablecoins in April 2022, reaching a new high.

This week, BTC's price showed a volatile upward trend, with the current price at $98,483; ETH exhibited range-bound fluctuations, currently priced at $3,332. It must be said that ETH's performance in this bull market has been underwhelming, showing signs of "creative exhaustion," perhaps due to the challenges of a "large ship turning," making it difficult to compare with its past glory.

Among the top 200 projects on CoinMarketCap, most have risen while a small number have fallen, including: XLM with a 7-day increase of 198.22%, SOLO with a 7-day increase of 284.39%, and CRV with a 7-day increase of 55.83%.

This week, the momentum of MEME tokens has weakened, with many MEME tokens playing a "runaway" game, going from launch to a period of dullness in just about 3 days. In contrast, public chains and DeFi projects have seen some increases, currently entering the latter half of a bull market, with the sector rotation effect gradually becoming evident.

This week, the net inflow of Bitcoin spot ETFs in the U.S. was $3.335 billion, with a total market capitalization surpassing $100 billion; the net outflow of Ethereum spot ETFs in the U.S. was $168.1 million.

On November 23, the "Fear & Greed Index" was at 93 (entering the extreme greed range, the index is higher than last week), with this week's sentiment being extreme greed for all 7 days.

Global institutions are continuously buying BTC, and stablecoins are also being continuously issued. BTC is just "one step away" from reaching $100,000, with optimism about the market's subsequent development.

Understanding Now

Review of Major Events This Week

1. Satoshi Action Fund has publicly released its Bitcoin strategy reserve policy model;
2. Robert F. Kennedy Jr.: Bitcoin can solidify the dollar's hegemony and save the U.S. debt crisis;
3. WTF Academy founder 0xAA has transferred 110 million SCIHUB tokens to the donation address of the Sci-Hub founder on Solana;
4. Trump will discuss appointment matters with Coinbase CEO Brian Armstrong;
5. Trump's social media company is in deep negotiations to acquire the cryptocurrency trading platform Bakkt, owned by Intercontinental Exchange;
6. a16z will use the cross-chain protocol Li.Fi to expand into the Ethereum and Base ecosystems;
7. On November 20, Magic Eden announced its tokenomics: initial airdrop accounts for 12.5%;
8. On November 21, the ETH/BTC exchange rate hit a new low, reaching 0.033;
9. Arkham is about to launch a spot trading platform in the U.S.;
10. DWF Labs launched a $20 million Meme fund to support Memecoin projects across multiple blockchains;
11. 2Truemarkets completed over $4 million in financing through public NFT sales, with Vitalik spending 32 ETH to participate in minting;
12. On November 22, Sui released its first network downtime analysis report: caused by erroneous upgrade code, fixed within 2.5 hours;
13. Federal Reserve's Schmid: Cryptocurrency is a tradable asset, not a currency.

Overall Economy

1. On November 21, according to CME's "Fed Watch": the probability of the Federal Reserve maintaining the current interest rate until December is 44.3%, and the cumulative probability of a 25 basis point rate cut is 55.7%;
2. On November 21, FOX Business reporter Eleanor Terrett posted on social media that, according to two informed sources, negotiations between SEC staff and issuers hoping to launch a SOL spot ETF have "made progress," and the SEC is currently processing the S-1 application for the SOL spot ETF. These sources indicated that it is "very likely" that in the coming days, exchange representatives will submit some 19b-4 documents for potential issuers, which is the next step in the ETF approval process;
3. On November 22, according to official news, SEC Chairman Gary Gensler will resign on January 20.

ETF

According to statistics, from November 18 to November 22, the net inflow of Bitcoin spot ETFs in the U.S. was $3.335 billion; as of November 22, GBTC (Grayscale) had a total outflow of $20.28 billion, currently holding $21.673 billion, while IBIT (BlackRock) currently holds $47.795 billion. The total market capitalization of U.S. Bitcoin spot ETFs is $108.65 billion, surpassing $100 billion.

The net outflow of U.S. Ethereum spot ETFs was $16.81 million.

Envisioning the Future

Upcoming Events

1. The Australian Crypto Convention will be held in Sydney from November 23 to 24, one of the largest cryptocurrency events in the Southern Hemisphere, held annually in Australia to facilitate connections between investors and decision-makers in the cryptocurrency and blockchain industry;
2. The Block will host the Web3 summit "Emergence" at the Prague Congress Centre in the Czech Republic from December 5 to 6, which will facilitate connections between technology and capital, bridging Wall Street and the crypto space. The summit will gather different representatives across industries and chains to discuss ETF and asset management, uncertainties in crypto regulation, etc. Through collaboration with Foresight Ventures, Emergence will provide insights for attendees on driving the development of cryptocurrency in Asia and bridging the gap between Eastern and Western capital and talent;
3. Taipei Blockchain Week will be held from December 12 to 14, 2024.

Project Progress

1. HashKey Global will launch HSK/USDT spot trading on November 26;
2. Starknet announced that STRK staking will launch on the mainnet on November 26, with both validators and delegators subject to a 21-day unbonding lock-up period;
3. WalletConnect token WCT claiming and staking will go live on November 26;
4. Floki's PlayToEarn MMORPG game Valhalla will launch its mainnet on November 28, and Valhalla will collaborate with KICK F1 Sim Racing Team to become the official gaming partner for the 2025 F1 simulation racing season.

Important Events

1. Fox Business reporter Eleanor Terrett stated that Washington insiders are rumored to say that Gary is likely to announce his resignation after Thanksgiving (November 28) and before Trump's inauguration in early January;
2. Singapore's crypto trading platform Fairdesk will officially close all services on November 30 due to policy and regulatory issues, and users must liquidate their accounts (futures, spot positions) by October 17; after that, the platform will only retain withdrawal functions until it closes on November 30.

Token Unlocking

1. NFPrompt (NFP) will unlock 10.42 million tokens on November 27, worth approximately $2.71 million, accounting for 1.04% of the circulating supply;
2. Axelar (AXL) will unlock 25.81 million tokens on November 27, worth approximately $19.22 million, accounting for 2.19% of the circulating supply;
3. Open Campus (EDU) will unlock 19.07 million tokens on November 28, worth approximately $10.16 million, accounting for 1.91% of the circulating supply;
4. Immutable (IMX) will unlock 24.52 million tokens on November 29, worth approximately $36 million, accounting for 1.23% of the circulating supply.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing detailed and professional analysis for the cryptocurrency market. Our goal is to offer clear market insights and practical operational guidelines for investors at different levels. Our professional content includes the "Play to Earn Web3" series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto space for the first time or a seasoned investor seeking in-depth insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.

Risk Warning

The cryptocurrency market is highly volatile, and investing carries risks. We strongly recommend that investors conduct investments based on a full understanding of these risks and within a strict risk management framework to ensure the safety of their funds.

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