Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.98 trillion, with BTC accounting for 59.96%, which is $1.79 trillion. The market cap of stablecoins is $182.1 billion.

This week, BTC's price has shown a fluctuating upward trend, with the current price at $90,962. ETH has been fluctuating within a range this week, with the current price at $3,087. Among the top 200 projects on CoinMarketCap, most have risen while a few have fallen, including: ACT with a 7-day increase of 3368.03%, PNUT with a 7-day increase of 1780.56%, PEPE with a 7-day increase of 115.72%, and DOGE with a 7-day increase of 87.83%.

The MEME sector cannot be ignored; missing out on MEME could mean missing this bull market.

This week, the net inflow of Bitcoin spot ETFs in the U.S. was $1.845 billion, with the total market cap about to break $100 billion; the net inflow of Ethereum spot ETFs in the U.S. was $535.5 million.

On November 13, according to CME's "Fed Watch," the probability of the Federal Reserve maintaining the current interest rate until December is 24.3%, while the cumulative probability of a 25 basis point rate cut is 75.7%.

With multiple factors such as Trump's election as the next U.S. president, the Federal Reserve's rate cuts, BTC halving, and continuous inflows into Bitcoin spot ETFs, BTC is expected to break the $100,000 mark this year, and attention should be paid to the MEME sector for the market's subsequent development.

On November 16, the "Fear & Greed Index" was 80 (up from last week), with this week's sentiment being: 5 days of greed and 2 days of extreme greed.

Understanding Now

Review of Major Events of the Week

1. Standard Chartered analysts: Expect SOL to reach a new high by the end of the year, and ETH may reach a new high in January when Trump takes office;

2. a16z Crypto: New projects can confidently explore token releases without excessive concern about regulation;

3. On November 11, DOGE's market cap surpassed USDC to become the 6th largest cryptocurrency by market cap;

4. Arthur Hayes: Market trends indicate that Trump may abandon the dollar and print money extensively;

5. Sky founder: If Bitcoin reaches $80,000, the revival of DeFi will be confirmed;

6. Trump states that Elon Musk and VIVEK will lead the government's efficiency department (DOGE);

7. Trump hints at appointing the SEC chairman through "recess appointments" to bypass Senate review;

8. Coinbase CEO: Cryptocurrency will become the next version of stocks and the internet;

9. Federal Reserve Governor Waller: Stablecoins must be regulated to address the risk of bank runs;

10. Former SEC chairman: Cryptocurrency legislation may be introduced during Trump's administration;

11. On November 14, Bitcoin briefly surpassed $93,000, setting a new historical high;

12. After the U.S. CPI announcement, the probability of a 25 basis point rate cut by the Federal Reserve in December rose to 75.7%;

13. Robinhood US relisted SOL, ADA, and XRP;

14. The U.S. SEC approved the Japanese cryptocurrency trading platform Coincheck to list on Nasdaq;

15. Pennsylvania legislators proposed a bill to invest in Bitcoin and cryptocurrency ETFs to "hedge against inflation";

16. Arkham Exchange trading points are now online;

17. GoPlus: The X account of the Shiba Inu WIF was hacked; beware of imitation phishing risks;

18. Trump nominates former SEC chairman Jay Clayton as the U.S. Attorney for the Southern District of New York.

Macroeconomics

1. On November 15, SEC Chairman Gary Gensler hinted in a statement that he might leave the SEC;

2. On November 15, Bitwise announced that it has submitted Form 19b-4 to the SEC via NYSE Arca, proposing to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP);

3. On November 13, according to CME's "Fed Watch," the probability of the Federal Reserve maintaining the current interest rate until December is 24.3%, while the cumulative probability of a 25 basis point rate cut is 75.7% (before the CPI announcement, these were 37.9% and 62.1% respectively);

The probability of maintaining the current interest rate until January next year is 16.5%, with a cumulative probability of a 25 basis point rate cut at 59.2% and a cumulative probability of a 50 basis point rate cut at 24.3% (before the CPI announcement, these were 26.5%, 54.9%, and 18.6% respectively).

ETF

According to statistics, from November 11 to November 15, the net inflow of U.S. Bitcoin spot ETFs was $1.845 billion; as of November 15, GBTC (Grayscale) had a total outflow of $20.227 billion, currently holding $20.016 billion, while IBIT (BlackRock) currently holds $43.064 billion. The total market cap of U.S. Bitcoin spot ETFs is $98.736 billion, about to break the $100 billion mark.

The net inflow of U.S. Ethereum spot ETFs was $535.5 million.

Envisioning the Future

Upcoming Events

1. The Australian Crypto Convention will be held in Sydney from November 23 to 24. This summit is one of the largest cryptocurrency events in the Southern Hemisphere, held annually in Australia to promote connections among 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. This summit will facilitate connections between technology and capital, bridging Wall Street and the cryptocurrency space. It will gather representatives from various industries and chains to discuss ETF and asset management, as well as uncertainties in cryptocurrency regulation. Through collaboration with Foresight Ventures, Emergence will provide insights for attendees on driving cryptocurrency development in Asia and bridging the gap between Eastern and Western capital and talent.

Project Progress

1. Magic Eden will release the ME token economic model on November 18;

2. The TON ecosystem Layer 2 project DuckChain will conduct an airdrop snapshot on November 18;

3. BNB Chain announced that the BNB Beacon Chain hard fork will take effect on November 19, 2024, at 14:00 (block height 384,544,850). Nodes on the BNB Beacon Chain mainnet must be updated to version 0.10.24. At that time, the BNB Beacon Chain will stop operating, and new transactions will no longer be processed;

4. The perpetual contract protocol Rage Trade will begin the RAGE airdrop distribution on November 21, 2024. Rage Trade has launched an airdrop query page;

5. The final testnet Odyssey of Story Protocol is now online and will cease the operation of Iliad on November 24.

Important Events

1. FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation, which may allow it to recover up to $21 million in assets. The agreement is pending court approval, with a hearing scheduled for November 20;

2. The proposed settlement hearing between FTX and SBF's ex-girlfriend Caroline Ellison will be held on November 20, which will allow her to transfer "almost all remaining assets." Ellison has agreed to transfer any assets not forfeited to the government or used to pay legal fees to FTX creditors in her criminal case;

3. FTX co-founder Gary Wang will appear in court on November 20, where a verdict will be delivered;

4. The SEC will postpone the deadline for its decision on the 7RCC spot Bitcoin and carbon credit futures ETF to November 21. The cryptocurrency asset management company 7RCC submitted a Bitcoin spot ETF application to the SEC last December, with 80% consisting of Bitcoin and the remainder holding carbon credit futures. The cryptocurrency exchange Gemini will provide custody services for the Bitcoin in the fund.

Token Unlocking

1. Avalanche (AVAX) will unlock 1.67 million tokens on November 18 at 8:00, valued at approximately $53.3 million, accounting for 0.41% of the circulating supply;

2. Pixels (PIXEL) will unlock 53.55 million tokens on November 19, valued at approximately $10.41 million, accounting for 1.07% of the circulating supply;

3. Merlin Chain (MERL) will unlock 28.25 million tokens on November 19, valued at approximately $7.95 million, accounting for 1.35% of the circulating supply;

4. Bittensor (TAO) will unlock 216,300 tokens on November 21, valued at approximately $111 million, accounting for 1.03% of the circulating supply.