TL;DR

• In the past 24 hours, the crypto market saw a total of $206 million in forced liquidations, with long positions accounting for $159 million.
• As the U.S. presidential election nears its final voting phase, the crypto market’s direction awaits clearer macroeconomic signals.
• Over $600 million worth of tokens flowed into Solana in October, with Ethereum contributing more than 90% of this influx.
• Grayscale’s multi-crypto fund, GDLC, has submitted an application for an ETP (Exchange-Traded Product), potentially becoming the first multi-crypto asset ETP if approved.
• Venture capital firm a16z has donated an additional $23 million to support the crypto lobbying organization Fairshake, aiming to drive crypto policy reform.
• The State Bank of Pakistan has proposed the legalization of digital currencies.

Market Analysis

Based on Gate.io market data as of 4:00 UTC on November 5[1]:

• BTC — The price of BTC dropped by 1.33% over the past 24 hours, currently standing at $67,854. Within this period, Bitcoin reached a high of $69,485 and a low of $66,843. After failing to reach new highs, the price has entered a downward channel, oscillating within a range of $67,500 to $70,000.
• As the U.S. presidential election approaches its final voting phase, the crypto market’s direction remains dependent on clearer macroeconomic signals. The differing policy strategies of the two presidential candidates could have opposite effects on market sentiment in the short term, potentially influencing bullish and bearish dynamics. During this election period, Bitcoin’s price may experience significant volatility, so investors are advised to closely monitor policy developments and their potential short-term effects on the market[2][3].

• ETH — The price of ETH dropped by 2.39% over the past 24 hours, currently at $2,399. In this timeframe, ETH reached a high of $2,491 and a low of $2,358. ETH has been in a downtrend, recently breaking below a key support level, indicating weakened buying momentum in the market. In the short term, bulls may face pressure; if the price fails to quickly reclaim this support level, the downtrend could continue. The $2,350 region serves as a short-term support level, and if breached, it could signal the risk of further pullbacks[4].

• ETFs — The U.S. Bitcoin spot ETF experienced a single-day net outflow of $541 million, while the Ethereum spot ETF saw a net outflow of $63.22 million yesterday.
• Altcoins — Several niche sectors saw gains, including the Elon Musk-inspired meme coins (up 8.68%), real-world asset (RWA) tokens (up 8.44%), and dog-themed meme coins (up 4.2%).
• U.S. Stock Market Indices — The three major indices experienced declines—S&P 500 fell by 0.28%, NASDAQ by 0.33%, and the Dow Jones by 0.61%.
• Spot Gold — The price of spot gold dropped 0.04% on the day, settling at $2,736 per ounce.
• Fear and Greed Index — The Fear and Greed Index stands at 70, indicating that the market remains in a state of greed.

Top Performers

Based on Gate.io market data[9], the following popular altcoins have shown notable performance in the past 24 hours:

TROY — TROY saw a single-day increase of approximately 68.0%, with a circulating market cap of $43.69 million.
TROY offers a range of services within the blockchain ecosystem, including GameFi, centralized exchanges (CEX), decentralized exchanges (DEX), staking, and NFT trading, with an aim to develop a comprehensive metaverse ecosystem. The TROY token facilitates transactions within the NFT and GameFi ecosystems. Additionally, TROY provides services such as spot and leveraged trading, derivatives, data analytics, asset custody, and lending.

Recently, TROY secured a strategic liquidity investment from Unicornverse, signaling further project development and funding support. Furthermore, several mainstream exchanges have introduced perpetual contracts for TROY, potentially driving heightened market interest and demand, which has contributed to the token’s recent price surge[10].

COOK — COOK has seen a single-day gain of approximately 31.7%, with a circulating market cap of $22.61 million.
COOK functions as the governance token for the mETH Protocol, a permissionless, non-custodial Ethereum liquid staking protocol managed by Mantle. Through this protocol, users can stake ETH and receive mETH tokens, representing a tokenized claim on the staked assets’ yield.

Recently, the mETH Protocol launched its second season of the rewards program “Metamorphosis,” which will run for 110 days. Participants can earn “Powder” points by staking mETH. Additionally, Gate.io’s Startup program is offering a mining opportunity for new coins, where users can stake GT or COOK tokens, along with other tasks, to earn additional COOK rewards. This event will run until November 6, providing users with a limited time to participate and maximize rewards. The recent price surge is likely influenced by these incentive programs[11][12].

KYVE — KYVE experienced a single-day gain of approximately 23.7%, with a circulating market cap of $28.66 million.
KYVE is a decentralized solution for data archiving and caching, designed to offer fast and straightforward tools for decentralized data validation, immutability, and retrieval. The project is backed by leading venture firms such as Hypersphere Ventures and Coinbase Ventures, as well as support from multiple blockchain companies.

Recently, KYVE launched Phase 2 of its Beta testing, introducing a new storage provider called Turbo. This update allows protocol validators to use $KYVE tokens to pay for permanent storage fees, expanding beyond the previous reliance on $AR tokens. This enhancement simplifies operations and improves fund management efficiency, potentially driving recent demand and price increases for the KYVE token[13].

Data Highlights

BTC Spot ETF
On November 5, the BTC spot ETF saw a single-day net outflow of $541 million. Its total net inflows amount to $23.61 billion, with a total trading volume of $2.22 billion and total net assets reaching $67.44 billion[14].

ETH Spot ETF
On the same day, the ETH spot ETF recorded a net outflow of $63.22 million, bringing its total net outflows to $554 million. The ETF’s total trading volume stands at $149 million, with total net assets valued at $6.63 billion. Recently, the Michigan state pension fund in the U.S. invested $10 million in the Ethereum ETF—exceeding its previous $7 million investment in the Bitcoin ETF. This allocation highlights Ethereum’s growing appeal among institutional investors as a mature asset, potentially indicating long-term confidence in the value of ETH ETFs[15].

Bitcoin Open Interest (OI) - Weighted Funding Rate
As of 4:00 UTC on November 5, Coinglass data indicates that Bitcoin’s weighted funding rate for open interest stands at 0.0093%[16], while Ethereum’s weighted funding rate is at 0.0091%[17].

Over the past 24 hours, total contract forced liquidations across the network reached approximately $206 million, with long forced liquidations accounting for over $159 million. BTC had the highest liquidation volume at $52.56 million USDT, followed by ETH at $29.64 million USDT. The majority of these liquidations were long positions, while certain altcoins like DOGE and TROY saw predominantly short liquidations[18].

Over $600 Million in Tokens Flow to Solana, with Ethereum Contributing Over 90%
According to Artemis data, more than $600 million worth of tokens were bridged to Solana from other chains in October. Of this amount, over 90% originated from Ethereum, followed by 3.52% from Sui and 1.787% from Arbitrum. The chart below shows the top ten sources by total historical inflows to Solana: [19]

Spotlight Analysis

Grayscale’s Multi-Crypto Fund GDLC Undergoes ETP Review, Poised to Become First Multi-Crypto Asset ETP in the U.S.
Grayscale Investments recently announced that an application filed by NYSE Arca to list its Grayscale Digital Large Cap Fund (ticker: GDLC) as an exchange-traded product (ETP) has been published in the Federal Register, officially launching a review period of up to 240 days. If approved, GDLC would become the first U.S.-based ETP allowing the listing and trading of multi-crypto assets. GDLC currently manages over $530 million in assets, primarily holding major digital assets such as Bitcoin, Ethereum, Solana, and XRP.

Approval of this proposal could have a significant impact on the commercialization of digital assets. Grayscale CEO Peter Mintzberg noted that as investors seek risk-adjusted returns through digital assets, demand for diversified crypto asset investments is on the rise. This development could not only enhance GDLC’s market acceptance but also pave the way for other digital asset products to go public. However, close attention will be needed on the regulatory review process and market reactions, as challenges remain. [20]

a16z Donates an Additional $23 Million to Crypto Advocacy Group Fairshake to Drive Policy Reform
a16z recently announced a significant additional donation to the crypto policy organization Fairshake, aimed at supporting the 2026 U.S. midterm elections. a16z partner Chris Dixon emphasized that they will back any policymakers who work to establish a practical regulatory framework that protects consumers while fostering industry growth. Alongside financial contributions, a16z plans to continue meeting with policymakers from both parties to highlight the benefits of blockchain technology and the challenges faced by entrepreneurs in the space.

This donation underscores a16z’s commitment to promoting a compliant growth path for the crypto industry. As cryptocurrencies enter the mainstream, the need for strengthened policy-making and industry standards becomes increasingly critical. a16z’s efforts may encourage more legislators to recognize the central role of crypto in U.S. tech innovation and advocate for relevant laws and regulations. However, whether these efforts will succeed in transforming the current policy landscape remains to be seen, depending on the real-world impact of policy implementations and responses from various societal sectors. [21]

Pakistan’s Central Bank Proposes Legalization of Digital Currency
The State Bank of Pakistan (SBP) recently proposed amendments to relevant laws that could potentially legalize cryptocurrencies in the country. If the proposal is approved, SBP would gain the authority to issue a national digital currency and penalize unauthorized digital currency issuers. Previously, SBP had classified cryptocurrencies like Bitcoin as illegal. However, with the appointment of a new governor, the bank’s policy stance has undergone a significant shift[22].

This marks an important step forward for Pakistan in the field of fintech. Legalizing cryptocurrencies could not only attract more foreign investment but also promote financial innovation and enhance financial inclusion. Additionally, the application of digital currency could improve payment efficiency and reduce transaction costs. For neighboring countries, Pakistan’s move sends a strong signal. India, Bangladesh, and others may re-evaluate their own cryptocurrency policies and accelerate the legalization process, potentially positioning South Asia as a significant player in the global cryptocurrency market.

Funding News

According to RootData, eight projects announced new funding rounds in the past 24 hours, with the largest single funding amount reaching $10 million and a total of over $12 million raised. These investments covered infrastructure, gaming, and re-staking sectors. Below are details of some of the funding amounts[23]:

Vlayer – Vlayer successfully completed a $10 million Pre-Seed funding round, led by a16z Crypto Startup Accelerator (CSX), Credo Ventures, and BlockTower Capital. Vlayer aims to introduce innovative functionalities like “time travel” and “teleportation” to Ethereum smart contracts, enabling seamless integration of real-world data with smart contracts. This development seeks to expand the application boundaries of DeFi and Web3.

Fragmetric – Fragmetric recently completed a Builder round of funding, with the amount undisclosed. Investors include several prominent figures in the Solana community. Fragmetric is a native re-staking protocol for Solana, aiming to bolster the ecosystem’s security and economic potential. By leveraging Solana’s token scalability, Fragmetric efficiently implements NCN reward distribution.

GameBeast – GameBeast raised $2 million in a funding round led by Tido Capital, with participation from K300 Ventures, Aza Ventures, and others. As a multi-chain gaming platform developer within the Solana ecosystem, GameBeast features games such as Destiny of Gods. The platform offers a wide range of gaming options, from mini-games to AAA titles, providing users with various opportunities to spend and interact with tokens.

Airdrop Opportunities

Humanity Protocol is a decentralized identity verification platform that allows users to verify their “humanness” using palm recognition technology through a smartphone. The protocol gives users full control over their data and identity. In 2024, Humanity Protocol raised $30 million at a $1 billion valuation in a round led by Kingsway Capital, with support from Animoca Brands, Polygon, and others. The platform introduced the RWT reward token as the core incentive mechanism in its testnet.

Participation Guide:

1. Register for Human ID: Join the Humanity Protocol testnet.[24]
2. Share Your Referral Link: Invite others to register, increasing your referral rewards.
3. Earn RWT Rewards: The first 10,000 users will receive 10,000 RWT, with subsequent users earning 1 RWT daily.
4. Climb the Leaderboard: Higher rankings provide more reward opportunities.

Note
The airdrop program and participation guidelines may be updated at any time, so it’s recommended that users follow Humanity Protocol’s official channels for the latest information. Users should participate cautiously, assess risks carefully, and conduct thorough research before joining. Gate.io does not guarantee future airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Tradingview, https://www.tradingview.com/x/aCOGskXi
4. Gate.io, https://www.gate.io/trade/ETH_USDT
5. CoinGecko, https://www.coingecko.com/en/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. Gate.io, https://www.gate.io/bigdata/homeindex
9. Gate.io, https://www.gate.io/price
10. X, https://x.com/TROY_DAO/status/1850815059985092953
11. X, https://x.com/Gateio_Startup/status/1851459048551367018
12. X, https://x.com/mETHProtocol/status/1851566065429676378
13. X, https://x.com/KYVENetwork/status/1852356852270461294
14. Soso Value, https://sosovalue.com/assets/etf/us-btc-spot
15. Soso Value, https://sosovalue.com/assets/etf/us-eth-spot
16. CoinGlass, https://www.coinglass.com/pro/AvgFunding/BTC
17. CoinGlass, https://www.coinglass.com/pro/AvgFunding/ETH
18. CoinGlass, https://www.coinglass.com/LiquidationData
19. Artemis, https://app.artemis.xyz/flows?tab=ecosystemFlows&sourceChains
20. Globenewswire, https://www.globenewswire.com/en/news-release/2024/11/04/2974196
21. X, https://x.com/cdixon/status/1853439046691008579
22. Tribune, https://tribune.com.pk/story/2507061/govt-proposes-changes-to-sbp-act
23. Rootdata, https://www.rootdata.com/Fundraising
24. Humanity Protocol, https://testnet.humanity.org/login?ref=pnutabc

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