TL;DR

• Fueled by the U.S. presidential election, BTC surged to a historic high this week, surpassing $76,000, with a 3.62% increase over the past seven days.
• Following Trump’s election victory, BlackRock’s Bitcoin Spot ETF reached a trading volume of over $1 billion within 20 minutes of opening.
• Pump.fun continues its strong momentum, with October revenue hitting a record high of $30.5 million — a 111% increase from the previous month.
• SushiSwap introduced the Vesting Launch platform for the linear release of meme token issuances.
• Avalon Labs’ TVL exceeded $1 billion, continuing to lead in the BTCFi market.
• SafePal introduced a Telegram crypto wallet that supports Visa cards.
• This week, 10 projects, including Vlayer, Naptha AI, and A-World, secured funding totaling $33.84 million.

Market Analysis

Review and Insights

• BTC Market — BTC price increased by 3.62% over the past 7 days, currently at $74,734.5, with a 7-day high of $76,079.8. Since the U.S. election on November 7, BTC has trended upward, with trading volume surging between November 6 and 7, indicating strong bullish momentum. Currently, the price is consolidating after this sharp increase. As the recent rally was largely driven by the U.S. election, future price movements—whether setting new highs or testing lower support levels—will depend on upcoming macroeconomic signals. [1]

• ETH Market — Riding the wave of overall market strength, ETH also rallied strongly on November 7, following BTC’s surge on November 6. The price broke through previous resistance at $2,750 and entered an upward channel. [2]

• Altcoins — Over the past 7 days, the altcoin market has largely followed BTC’s trends, with an overall upward movement. The Layer 0 sector surged by 57.5%, showing strong performance. Additionally, the Pump.fun Ecosystem sector rose by 35.0%, while the Launchpad sector increased by 30.5%, all demonstrating impressive gains. [3]
• Futures Market — The overall sentiment in the futures market is relatively positive, with bulls in control. The buy-sell ratio for Bitcoin is positive, indicating market optimism about its short-term price direction. Additionally, the weighted funding rate remains positive, suggesting that investors are bullish on long positions. However, as BTC reaches new highs, some short-term investors may take profits, which could introduce some selling pressure. Volatility is expected in the coming days. [4]
• Macroeconomic Data — This week, the Bank of Canada announced a rate cut. This 50-basis point rate cut, along with the U.S. Federal Reserve’s rate-cutting plan starting in September 2024, may attract more retail and institutional investors to the Bitcoin market. On November 8, the U.S. will release its interest rate decision, and the recent volatility in the crypto market has shown increased correlation with macroeconomic events. Consequently, post-decision market sentiment and policy interpretations could shape the crypto market’s trajectory in the coming period. [5]
• Stablecoins — The total market cap of stablecoins decreased by 1.54% to $175.772 billion, with some innovative applications emerging in the stablecoin sector this week. [6]
• Gas Fees — On November 6, Ethereum’s on-chain gas fees peaked at 73 Gwei, with an average usage of 21 Gwei. If the market continues to strengthen, next week could see record levels of on-chain activity. [7]

Trending Concepts

This week, Bitcoin’s price soared from $67,000 to $75,000, primarily fueled by election-related trends. Altcoin sectors displayed diverse performance. Coingecko data highlights substantial growth in three sectors over the past seven days: the Pump.fun Ecosystem surged by 35.7%, Launchpad climbed 30.8%, and Stablecoin Protocol rose 19.2%. These sectors share a common thread—featuring either innovative meme narratives or technological breakthroughs—positioning them as the trending concepts in this bull market. [8]

Pump.fun Ecosystem —— The Pump.fun Ecosystem consists of tokens launched on the meme issuance platform Pump.fun. Since its launch in January 2024, Pump.fun has quickly captured attention within the crypto community. Initially supporting the Solana network, Pump.fun expanded in April to include Ethereum’s Layer 2 networks Base and Blast, broadening its user base and functionality. Pump.fun’s success is attributed to its user-friendly interface, low fees, and safeguards against scams and pump-and-dump schemes, making it a trusted platform among memecoin enthusiasts. This sector has seen sustained momentum, with fresh meme narratives and tokens emerging alongside the overall market rally, resulting in a 35% increase in the past 7 days.

Launchpad —— The Launchpad sector encompasses various platforms for Initial Decentralized Exchange Offerings (IDOs) of crypto projects, providing participants early access to special token sales on these platforms. Boosted by the Solana network and memecoin-driven bull market, many launchpad platforms have attracted a significant user base. Notably, Raydium, a decentralized exchange on Solana, has seen its token price reach new highs this year, with a market cap now exceeding $1.2 billion. This performance has contributed to the Launchpad sector’s 30% increase over the past 7 days.

Stablecoin Protocol —— Stablecoin Protocol refers to a collection of governance tokens within stablecoin protocols, with the largest project being Ethena (ENA), a synthetic dollar protocol based on Ethereum. Ethena leverages perpetual contracts and futures market yields to create an on-chain native cryptocurrency solution that doesn’t rely on traditional banking infrastructure. The ENA token rose from $0.35 to $0.5 over seven days, a gain of more than 40%, and the stablecoin sector saw an overall increase of over 19% in the past week.

Top Performers

According to CoinGecko data, the top-performing tokens over the past 7 days include: [9]

Grass（GRASS）—— On October 28, following the announcement by the Grass Foundation that the first round of GRASS token airdrops was available for claim, a flood of users caused the Phantom wallet to experience temporary outages. The airdrop hype drove the GRASS token price up by 128.5% since the airdrop claim was announced, with GRASS currently trading at $2.39. As network activity increased, GRASS’s trading volume continued to climb, with both balanced trade volume and price growth. This indicates the growing market potential of Grass, with investors showing strong confidence in its future. Additionally, Grass’s staking mechanism provides token holders with additional yield opportunities, further encouraging investor engagement.

Cetus Protocol（CETUS）—— Cetus Protocol is a decentralized trading platform and concentrated liquidity protocol focused on the Move ecosystem (Sui and Aptos). As a key infrastructure within the Move ecosystem, Cetus offers efficient trade execution and diverse financial services to meet the needs of traders, liquidity providers, Layer 2 protocols, and the wider DeFi community. Cetus also has its own IDO platform, providing projects with an efficient issuance channel. On November 6, a new Cetus exchange was launched, driving the token price up to $0.3138, marking a 69.8% increase over the past 7 days.

Ethervista （VISTA）—— Ethervista is an innovative decentralized trading platform that allows pool creators to flexibly set liquidity lock periods (up to 5 days) and provides customizable smart contract functions. Users can tailor fee settings and integrate various DeFi applications (such as staking and auto-buy) to create a personalized trading experience. The launch of Etherfun has directly boosted VISTA’s market cap, attracting numerous investors with its low-entry, high-reward features. VIST’s price surged by 62% over the past 7 days, currently reaching $51.69.

Weekly Spotlights

Hot Topic Review

After Trump’s Victory, BlackRock’s Bitcoin ETF Trading Volume Surpasses $1 Billion Within 20 Minutes of Opening [10]
Following Trump’s election victory, BlackRock’s IBIT spot Bitcoin ETF had an impressive debut. Data shows that within 20 minutes of opening, the ETF’s trading volume exceeded $1 billion, far surpassing expectations. The consensus in the market is that Trump’s pro-crypto stance was a major factor in Bitcoin’s historic price surge and the ETF’s skyrocketing trading volume.

Trump’s win is widely seen as favorable for the cryptocurrency industry. During his campaign, he showed strong support for crypto, pledging to implement policies that would foster industry growth. Upon his election, the crypto market quickly responded, with Bitcoin spiking to an all-time high of $76,000, strengthening the broader crypto market. BlackRock’s IBIT spot Bitcoin ETF triggered a market frenzy following Trump’s victory, achieving a trading volume of $1 billion within the first 20 minutes. Crypto-related stocks like Coinbase also surged, with Coinbase up more than 31%.

Overall, the Trump administration’s specific policies and legislative developments in the crypto space will likely have a significant impact on the industry, warranting ongoing attention.

SushiSwap Launched Vesting Launch platform for Linear Release of Meme Token [11]
SushiSwap introduced a Vesting Launch platform for meme token issuance with a linear release feature. On this platform, tokens are not distributed all at once but are released linearly over 24 hours after purchase. This mechanism ensures that all buyers, regardless of purchase timing, experience a uniform linear release, preventing early sniping and malicious manipulation. Additionally, a real-time dashboard allows users to track both released and unreleased tokens, enhancing transparency.

SushiSwap’s Vesting Launch platform makes a positive contribution to a fairer and healthier meme coin market by introducing a linear release mechanism that curbs early sniping and manipulation, offering investors fair opportunities. This mechanism helps protect investor interests and creates a healthier environment for quality meme coin projects.

SafePal Launches Telegram Crypto Wallet with Visa Card Support
SafePal recently announced the official launch of its Telegram crypto wallet. In collaboration with Swiss financial regulators, SafePal offers a secure, compliant platform for managing cryptocurrencies. After a simple KYC verification, users can create personal crypto wallets on Telegram and enjoy convenient payment services linked to Visa cards.

By launching a wallet on Telegram, SafePal combines social platforms with crypto asset management, potentially expanding the crypto user base, particularly among younger and tech-savvy audiences. This move also serves as a model for other social and crypto platforms to collaborate, possibly inspiring more social applications to integrate crypto functions and thus increasing the reach of crypto assets.

Additionally, SafePal’s new product enhances user experience while promoting compliance and payment capabilities in crypto, setting a standard for regulated operations in the industry. This could attract traditional financial institutions and regulators to build trust in the crypto space and may lead more financial and tech institutions to enter the crypto sector, fostering further growth and maturity. [12]

Kenya Collects Over $77 Million in Taxes from 384 Cryptocurrency Traders
The Commissioner of the Kenya Revenue Authority (KRA), Anthony Mwaura, recently revealed that the Kenyan government collected approximately $77 million (10 billion Kenyan shillings) in taxes from 384 cryptocurrency traders in the 2023-24 fiscal year. KRA aims to collect over $465 million from crypto transactions, underscoring the government’s growing focus on this emerging sector. The overall tax revenue target for the next five years is set at $15.88 billion, making the rapidly growing crypto industry a key area for tax collection.[13]

Kenya’s $77 million tax collection from 384 crypto traders demonstrates its proactive approach to digital economy regulation and enhanced tax oversight. This move underscores the crypto industry’s potential as a significant revenue stream for the government. The Kenya Revenue Authority’s ambitious goal of collecting over $465 million in crypto-related taxes highlights the government’s strategy to secure consistent income from this rapidly expanding sector. This initiative could serve as a model for other developing nations, potentially inspiring them to implement similar tax policies to boost their fiscal revenues.

Security Incident

Crypto Exchange M2 Hacked, Losing $13.7 Million
According to a disclosure from ZachXBT, multiple on-chain hot wallets of the cryptocurrency exchange M2 were hacked on October 31, resulting in losses of approximately $13.7 million. M2 subsequently issued a statement confirming this cybersecurity incident and committed to covering all potential losses. The announcement also mentioned that all services have now been restored and that the platform has implemented additional security measures to prevent similar incidents in the future.[14]

This incident once again highlights the vulnerability of hot wallets in cryptocurrency exchanges. Hot wallets are always online and interact directly with blockchain networks, making them convenient but also more susceptible to attacks. M2’s swift response and commitment to covering losses may help maintain user trust. However, exchanges should further enhance security strategies, such as implementing multi-factor authentication and conducting regular security audits, to reduce the risk of attacks. This incident also underscores the industry’s need for more advanced security solutions, such as zero-trust architecture and more secure private key management systems.

Project Highlights

StarryNift
StarryNift is an innovative metaverse platform that combines gaming, art, DeFi, and NFTs, offering creators, collectors, and investors a new digital asset trading and interaction experience. Through a blend of AI technology and gamification, the platform creates an immersive 3D virtual world for users. StarryNift collaborates with emerging artists to launch unique digital collectibles, attracting more participants and fostering growth in the NFT market.[15]

In its Pre-A funding round, StarryNift raised tens of millions of dollars, led by SIG Asia Investment Fund, with participation from BSC Fund, Alameda Research, and GBV. As the first large interactive platform to integrate gamified NFTs, art collection, and metaverse creation, StarryNift achieves a multi-dimensional fusion of the digital content and token economies. The platform supports multi-device access and operates under a B2B + B2C business model, continually enriching its content to build a vibrant metaverse community.

Over the past six months, StarryNift has maintained a leading share of active users within the BNB Chain gaming ecosystem. The platform also announced a comprehensive upgrade to its StarryAI system, deeply integrating AI and meme concepts, enabling meme creators to launch AI-driven meme bots, crowdfund new meme token ideas, and customize dedicated AI agents. Each AI bot is equipped with an on-chain wallet and an AI Meme DAO, allowing autonomous decision-making and asset management. Additionally, the platform introduces intelligent data monitoring and automated investment decision-making features. On November 11, StarryNift will launch the Alliance 2049 event series themed around AI + Meme innovation, further promoting the application of cutting-edge technologies within the metaverse.[16]

Data Highlights

Macro Funds

As of November 7 at 2:00 (UTC+0), the BTC spot ETF’s single-day net inflow was $691 million, with a total net asset value of $73.73 billion, cumulative net inflows exceeding $24.19 billion, and total trading volume surpassing $6 billion. This week, BTC ETF saw fluctuations in fund flows, with a net outflow of $36.07 million as of November 6, a significant drop compared to the $2.22 billion net inflow the previous week.

Recently, the surge in Bitcoin’s price has driven up demand for BTC ETFs, with high prices continuing to attract more capital into the ETF market, reflecting investors’ strong bullish sentiment. The increase in Bitcoin’s price has not only boosted the ETF’s net asset value but also reinforced market demand for BTC ETFs, creating a positive feedback loop between fund inflows and price increases, providing support for the Bitcoin market.[17]

As of November 7 at 2:00 (UTC+0), the ETH spot ETF’s single-day net inflow was $52.29 million, with a total net asset value exceeding $7.3 billion, cumulative net outflows exceeding $502 million, and total trading volume over $373 million. This week, the ETH ETF experienced a net outflow of $10.94 million, a reversal from the $13 million net inflow of the previous week. However, total assets rose from $6.94 billion last week to $7.42 billion, indicating steady demand for ETH ETFs.

Recently, Michigan’s pension fund increased its crypto holdings by purchasing $10 million worth of Ethereum ETFs, surpassing its previous $7 million investment in Bitcoin ETFs. This increase highlights growing interest from traditional financial institutions in crypto investments, particularly for portfolio diversification, risk hedging, and long-term value growth.[18]

Over the past seven days, the stablecoin market cap increased by 1.54% to $175.772 billion. This may be linked to improving market sentiment, as investors often convert stablecoins into higher-risk, higher-return assets like Bitcoin and Ethereum during bull markets. This week, Paxos, the issuer of BUSD, announced the launch of the Global Dollar Network (USDG), a Singapore-compliant stablecoin network that has seen participation from several crypto giants.[19]

Bitcoin Buy/Sell Ratio

Over the last 7 days, Bitcoin’s market sentiment has seen a notable shift, particularly after November 4. The buy/sell ratio for Bitcoin rose rapidly, switching from bearish to bullish sentiment, closely linked to the U.S. election analysis. However, after the positive news was priced in, the buy/sell ratio began to pull back, and investors should be cautious of potential short-term corrections following positive news.[20]

Weighted Funding Rate

As of November 7 at 2:00 (UTC+0), the weighted funding rates for Bitcoin and Ethereum positions were 0.0096% and 0.012%, respectively, reflecting an overall bullish market sentiment. Bitcoin’s weighted funding rate remained positive throughout the past week, indicating strong bullish sentiment on major exchanges, with investors optimistic about continued price increases. The long-short ratio for Bitcoin and Ethereum contracts across the network shows that the market is currently bullish, with long positions dominating.[21]

Avalon Labs’ TVL Surpasses $1 Billion, Leading the BTCFi Market
According to DefiLlama, Avalon Labs’ total value locked (TVL) has reached $1 billion, cementing its position as a leader in the BTCFi ecosystem. Through innovative financial tools and enhanced liquidity support, Avalon Labs injects new vitality into the BTCFi ecosystem, promoting the upgrade of global Bitcoin financial infrastructure.[22]

Pump.fun’s October Revenue Surpassed $30.5 Million, Sets Record with 111% Growth
Thanks to the rise of artificial intelligence and meme coins, Pump.fun’s October revenue soared by 111% compared to the previous month, reaching a record high of $30.5 million, reversing a two-month decline. As a prominent token issuance platform on Solana, Pump.fun offers users convenient token creation and trading services. With the ongoing development of AI technology and the rise of meme culture, AI meme tokens on the Pump.fun platform have become highly sought after, driving rapid growth in platform revenue.[23]

Market Opportunities

Project Airdrop

The airdrop for the Swell Network project token will officially open for claim on November 7, 2024, at 9:00 UTC, aimed at rewarding early community members. This project is an Ethereum liquidity staking protocol designed for stakers and node operators. Users can stake ETH and receive swETH, earning DeFi rewards.

A total of 850 million SWELL tokens, representing 8.5% of the total supply, will be distributed in this airdrop, divided into two parts: linear allocation and loyalty rewards. Of this, 7% will be linearly allocated based on users’ accumulated White Pearls, while an additional 1.5% is set aside for rewarding loyal users. Users can claim SWELL via the official link[24], and by holding SWELL or staking it as rSWELL, they can participate in governance, earn re-staking rewards, and boost their returns in Swell L2’s pre-launch. The claim period for the airdrop is 6 months; any unclaimed tokens will revert to the DAO for future community development.[25]

Gate.io will soon list the SWELL trading pair and will host a Startup New Coin Mining event from November 5, 18:00 to November 17, 18:00 (UTC+8).[26]

Note:
Ensure you claim airdrops only from the official page to avoid phishing risks by clicking non-official links.

Weekly Fundraising Report

This week, multiple projects successfully completed fundraising rounds, covering a wide range of applications across infrastructure, DeFi, gaming, and more. According to RootData, between November 1 and 7, a total of 10 projects announced funding rounds totaling $33.84 million. Here are the top three by funding amount：[27]

Vlayer secured a $10 million pre-seed round on November 5, with notable investors including a16z CSX, Credo Ventures, and BlockTower Capital. This crypto startup is developing verifiable data infrastructure, introducing an innovative “Solidity 2.0” solution to enable developers to verify and integrate real-world data into Ethereum smart contracts.

Naptha AI raised $6 million in an angel round on November 1, led by Arche Capital and Cyber Fund, with additional backing from Seed Club Ventures and Polymorphic Capital. Naptha AI is pioneering a decentralized multi-agent AI platform, designed to empower developers in building and deploying large-scale collaborative intelligent agent systems.

A-World successfully closed a $5 million Series A round on November 6, spearheaded by IBGTG Capital and Sketch Venture, with participation from Soave Swap, AU21 Capital, and Skyview Capital. A-World is an engaging metaverse card-based tower defense game on the BNB Chain, where players employ strategic hero tower placement to combat monsters.

What to Watch Next Week

Token Unlocks

According to Token Unlocks, several important token unlock events are scheduled for next week (November 8–14, 2024). Among them, APT and STRK will see token releases accounting for over 2% of their circulating supply, potentially creating some selling pressure. Token holders should keep a close eye on the market. The top 3 unlocks for this week are as follows：[28]

APT will unlock 12.31 million tokens on November 11 at 6:00 UTC, representing 2.18% of its circulating supply, valued at approximately $100 million. Core contributors will unlock 3.96 million tokens, accounting for 32% of this release.

STRK will unlock 64 million tokens on November 15 at 12:00 UTC, representing 3.05% of its circulating supply, with early contributors unlocking 33 million tokens, comprising 51% of this release.

ROSE will unlock 18 million tokens on November 11 at 12:00 UTC, representing 0.05% of its circulating supply, all of which are treasury unlocks.

Crypto Calendar

The upcoming week brings several significant events in the blockchain and cryptocurrency industry, alongside key macroeconomic data releases that could substantially impact the sector. On the industry front, November 7 marks two notable events: Lamborghini and Animoca Brands’ launch of blockchain-based digital cars, signaling their entry into the Web3 gaming space, and the commencement of Thailand Blockchain Week in Bangkok. From a macroeconomic perspective, all eyes will be on the U.S. Federal Reserve’s interest rate decision, as any potential rate adjustment could have far-reaching effects on global assets, including cryptocurrencies.[29][30]

References

1. Gate.io, https://www.gate.io/price/bitcoin-btc
2. Gate.io,https://www.gate.io/price/eth
3. Coingecko, https://www.coingecko.com/categories
4. Cryptoquant, https://cryptoquant.com/asset/btc/chart/derivatives/taker-buy-sell-ratio
5. Bls, https://www.bls.gov/news.release/ppi.nr0.htm
6. Defillama, https://defillama.com/stablecoins
7. Etherscan, https://etherscan.io/gastracker#chart_gasprice
8. Coingecko, https://www.coingecko.com/categories
9. Coingecko, https://www.coingecko.com
10. The block，https://www.theblock.co/data/crypto-markets/bitcoin-etf
11. X，https://x.com/SushiSwap/status/1854207336833053029
12. Safepal，https://www.safepal.com/bank
13. News, https://news.bitcoin.com/zh/kenniya-cong-384-ming-jiamihuobi-jiaoyizhe-zhong-zhengshoule-chaoguo-7700-meiyuan-de-shuikuan/
14. Odaily，https://www.odaily.news/newsflash/398576
15. StarryNift, https://starrynift.art/
16. StarryNift, https://starrynift.medium.com/starryai-pioneering-the-next-wave-of-ai-meme-innovation-cb82ee5e861b
17. Soso Value,https://sosovalue.com/assets/etf/us-btc-spot
18. Soso Value,https://sosovalue.com/assets/etf/us-eth-spot
19. Defillama, https://defillama.com/stablecoins
20. Cryptoquant, https://cryptoquant.com/asset/btc/chart/derivatives/taker-buy-sell-ratio
21. Coinglass, https://www.coinglass.com/FundingRate
22. Defillama, https://defillama.com/protocol/avalon-labs#information
23. The Block, https://www.theblock.co/data/decentralized-finance/protocol-revenue
24. Swell, http://app.swellnetwork.io/dao/voyage
25. Swell, https://www.swellnetwork.io/post/swell-token
26. Gate.io, https://www.gate.io/zh/announcements/article/40423
27. Rootdata， https://www.rootdata.com/Fundraising
28. Tokenomist, https://token.unlocks.app/
29. Jin10, https://rili.jin10.com/day/2024-09-02
30. Foresight, https://foresightnews.pro/calendar?date=20241107
31. PANews, https://www.panewslab.com/zh/calendar/index.html
32. Jin10, https://rili.jin10.com/day/2024-09-02
33. Foresight, https://foresightnews.pro/calendar?date=20241107

Gate Research
Gate Research is a comprehensive blockchain and cryptocurrency research platform that delivers in-depth content. This includes technical analysis, hot topic insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click here to visit

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.