Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $3.4 trillion, with BTC accounting for 56.73%, which is $1.93 trillion. The market cap of stablecoins is $192.5 billion, with a 7-day increase of 1.66%, of which USDT accounts for 69.7%.

This week, BTC's price showed a range-bound fluctuation, with the current price at $96,800; ETH showed an upward trend, with the current price at $3,591.

Among the top 200 projects on CoinMarketCap, most have risen while a few have fallen, including: ENS with a 7-day increase of 71.36%, SAND with a 7-day increase of 67.44%, XCH with a 7-day increase of 84.34%, and KSM with a 7-day increase of 66.49%.

Last week, we mentioned that as BTC broke through the $100,000 mark, the rotation effect among various sectors gradually became apparent, and this week, Ethereum-dominated leading projects have also shown some upward momentum.

This week, the net outflow from U.S. Bitcoin spot ETFs was $273 million; the net inflow into U.S. Ethereum spot ETFs was $216.1 million.

The "Fear & Greed Index" on November 30 was 84 (lower than last week), with this week's sentiment: 5 days of greed and 2 days of extreme greed.

According to CME's "Fed Watch": the probability of a cumulative rate cut of 25 basis points is 70%. With ETF inflows and continuous issuance of stablecoins, the outlook for the cryptocurrency market in December is optimistic.

Understanding Now

Review of Major Events of the Week

WalletConnect announced that WCT airdrop claims and staking will open on November 26;
On November 25, the premium of U.S. stock MSTR has returned to the levels of the 2021 bull market;
Andrew Kang: The DeSci field currently resembles the DeFi era in early 2019;
On November 25, Willy Woo: It seems that a large amount of capital is flowing into the Bitcoin network;
Balancer: Balancer v3 is about to be launched;
Movement Network Foundation announced MOVE token economics, with 60% of the total supply allocated to the community;
After Pump.fun disabled its live streaming feature, related tokens experienced a general decline;
Avalanche launched the Avalanche9000 upgrade on its testnet and introduced a $40 million funding program;
On November 26, top trader Eugene: has taken profits on long positions and advises caution;
Market news: A U.S. court ruled that sanctions against Tornado Cash smart contracts were illegal;
On November 27, the ZKasino team misappropriated user funds to continue leveraging long positions in ETH, with an average leverage cost of $3,402;
Glassnode: Many long-term holders are still waiting for higher prices before releasing BTC back into circulation;
On November 28, the DeFi sector saw a general rise in cryptocurrencies, with ENA increasing by 22.06% in 24 hours;
Greeks.live researchers: The options market currently believes that ETH has a higher explosive potential for price increases;
Pump Science: This year will focus on RIF and URO, with new tokens to be launched next year;
The ETH/BTC exchange rate continues to rise, rebounding 18.42% from its lowest point;
Sushi launched Dojo Agent and Tweet Tokens features, allowing tweets to be tokenized or MEME coins to be created on Twitter;
Binance Labs announced an investment in Astherus;
Worldcoin launched a new World ID passport certification system, trialing in some Asian and South American countries;
SecondLane listed a 1% stake in Pump.fun for $15 million;
Clanker: User fee sharing revenue will be distributed on December 4;
Slow Mist: The DEXX attacker exchanged various tokens for SOL again early this morning, and has not yet transferred them out.

Macroeconomics

On November 27, Bitwise announced that the New York Stock Exchange (NYSE Arca) has submitted an application to launch a Bitwise exchange-traded product (ETP) that will cover investments in both spot Bitcoin and Ethereum, weighted by market capitalization. According to the documents, this ETP will directly hold these two assets; the launch of this ETP is pending approval of the 19b-4 application and the effectiveness of the S-1 registration statement;
On November 28, Bloomberg reported that sources revealed that President-elect Donald Trump's transition team has interviewed senior financial regulator and conservative financial insider Paul Atkins as a candidate for the chair of the U.S. Securities and Exchange Commission. Sources say Atkins is one of the strongest contenders to replace outgoing SEC Chair Gary Gensler;
On November 28, according to CME's "Fed Watch": the probability of the Federal Reserve maintaining the current interest rate until December is 30%, and the probability of a cumulative rate cut of 25 basis points is 70%;
On November 28, European Central Bank Governing Council member Villeroy stated that there is sufficient reason for a rate cut in December;
On November 29, according to Cryptonews, Japanese Prime Minister Shigeru Ishiba announced a restructuring of the ruling party's Web3 and cryptocurrency policy-making department. Digital Minister Hirai Masakazu announced at a forum on November 27 that the Liberal Democratic Party will dissolve the existing Web3 project team (PT) and establish a dedicated agency within the party's digital society promotion department, led by former Web3 PT Secretary-General Akihisa Shiozaki.

ETF

According to statistics, from November 25 to November 29, the net outflow from U.S. Bitcoin spot ETFs was $273 million; as of November 29, GBTC (Grayscale) had a total outflow of $20.474 billion, currently holding $20.918 billion, while IBIT (BlackRock) currently holds $48.088 billion. The total market capitalization of U.S. Bitcoin spot ETFs is $107.787 billion.

The net inflow into U.S. Ethereum spot ETFs was $216.1 million.

Envisioning the Future

Event Preview

The Block will hold the Web3 Summit "Emergence" from December 5 to 6 at the Prague Conference Center in the Czech Republic. This summit will facilitate connections between technology and capital, bridging Wall Street and the cryptocurrency sector. It will gather representatives from various industries and chains to discuss ETFs, asset management, and uncertainties in cryptocurrency regulation. Through collaboration with Foresight Ventures, Emergence will provide insights into driving cryptocurrency development in Asia and bridge the gap between Eastern and Western capital and talent;
Parallel blockchain Monad will hold the second phase of the Madness competition from December 6 to 8 in Seoul, South Korea;
Taipei Blockchain Week will be held from December 12 to 14, 2024.

Project Progress

RWA stablecoin issuer Anzen Finance will conduct a public sale of ANZ on Fjord Foundry and Starship on December 2, along with Anzen's first community airdrop;
The mainnet genesis (Phase 1) of the privacy public chain Namada is planned to take place next week (sometime between December 2 and 6);
Web3 game distribution infrastructure MATR1X will release important news on December 5, related to veMax, which may hint at the opening of MAX staking functionality;
Ethereum L2 Taiko Season 2 will run from September 17 to December 16, 2024, offering a reward of 6 million TAIKO tokens, with 5 million for participants and 1 million for DApps.

Important Events

The Chicago Board Options Exchange (Cboe) will launch the first cash-settled index options related to spot Bitcoin on December 2, based on the new Cboe Bitcoin U.S. ETF Index. These options will be regulated by the SEC and will provide European-style exercise in addition to cash settlement;
The South African FSCA has not yet restored the license of the South African exchange Banxso, with a provisional review set for December 4.

Token Unlocking

Sleepless Ai (AI) will unlock 10.62 million tokens on December 4, worth approximately $8.15 million, accounting for 1.06% of the circulating supply;
Gravity (G) will unlock 121 million tokens on December 5, worth approximately $4.43 million, accounting for 1.01% of the circulating supply;
Jito (JTO) will unlock 136 million tokens on December 7, worth approximately $509 million, accounting for 13.65% of the circulating supply.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing detailed and professional analysis of 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" tutorial series, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the cryptocurrency field 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 investment itself 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 funds.

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