TL;DR

• The price of BTC dropped by 0.79% in the past 24 hours to $90,477, remaining in a high-level consolidation phase.
• On November 15, the net outflow from U.S. Bitcoin spot ETFs totaled approximately $370 million, while Ethereum spot ETFs saw a net outflow of $59.87 million.
• Bitcoin miners’ reserves have continued to decline, falling to approximately 1.8 million BTC, marking a three-year low.
• The total value locked (TVL) in the Sui ecosystem has surpassed $1.6 billion, setting a new all-time high.
• The DEXX platform experienced a private key leak due to improper key management, resulting in total losses nearing $20 million.
• Between November 15 and November 18, two projects announced funding rounds, raising over $2 million in total.

Market Analysis

• BTC — Over the past 24 hours, the price of BTC dropped by 0.79% to $90,477. The 24-hour high was $91,463, and the low was $88,725. The K-line shows consolidation around $90,000. Following the long lower shadow on November 15, the daily K-line has rebounded, indicating strong support below. The MA (Moving Average) indicators show the price is above the MA5, MA10, and MA30 levels, suggesting a long-term upward trend. [1]

• ETH — Over the past 24 hours, the price of ETH fell by 1.81% to $3,108. The 24-hour high was $3,161, and the low was $3,036. The K-line indicates consolidation within the $3,000 to $3,200 range. The MA (Moving Average) indicators show the price is above the MA5 and MA10 levels and has just broken through the MA30. However, trading volume has declined compared to recent days. [2]

• ETF — According to data from SoSoValue, on November 15, U.S. Bitcoin spot ETFs experienced a net outflow of approximately $370 million[3], while U.S. Ethereum spot ETFs saw a net outflow of $59.87 million[4].
• Altcoins — The Launchpad, Liquid Staked SOL, and Real World Assets (RWA) sectors saw gains of 14.6%, 12.2%, and 10.9%, respectively[5].
• U.S. Stock Market Indices — The three major U.S. indices declined: the S&P 500 fell by 1.32%, the Nasdaq by 2.24%, and the Dow Jones by 0.70%[6].
• Spot Gold — The price of spot gold rose to $2,589 per ounce, an increase of 1.08% for the day[7].
• Fear & Greed Index — The Fear & Greed Index reached a record high of 90 on Sunday, indicating extreme greed and strong investor confidence. However, the index slightly retreated to 83 today, showing a cooling of market sentiment. Despite this, the index remains at a high level. Investors should exercise caution in an environment of heightened greed[8].

Top Performers

Based on Gate.io market data[9], the following altcoins have shown significant gains over the past 24 hours based on trading volume and price performance:

CSPR — The price surged by approximately 124.9% in a single day, with a circulating market capitalization of $300 million.
Casper (CSPR) is a first-layer blockchain based on the Proof-of-Stake (PoS) mechanism, designed to drive the adoption of blockchain technology in global commerce. The platform focuses on the digitization of assets and the promotion of new financial standards, offering efficient and scalable solutions that have garnered interest from numerous enterprises and developers.

Recently, CSPR announced its Season 2 Rewards Program, doubling the rewards to attract more participants. Additionally, it launched the Outlaw Dogs companion NFT project, drawing significant attention from the community. Furthermore, CSPR tokens are now directly purchasable through Ledger Live, enhancing liquidity and convenience. These positive developments likely bolstered market confidence, driving CSPR’s one-day surge to 129.3%. [10][11]

POND — The price surged by approximately 46.7% in a single day, with a circulating market capitalization of $141 million.
Marlin (POND) is a high-performance blockchain infrastructure project designed to optimize the speed and efficiency of blockchain data transmission. It provides low-latency, high-bandwidth network support for applications such as decentralized finance (DeFi) and blockchain gaming. The native token, POND, is used for governance and to incentivize network participants, ensuring security and decentralization.

Recently, POND announced a partnership with KalypsoProver, leveraging the Jarvis framework to outsource zero-knowledge proof requirements, and enhancing network performance and privacy capabilities. This move bolsters the technical competitiveness of the Marlin protocol in decentralized infrastructure and has drawn market attention. Additionally, the growing popularity of zero-knowledge technology further fueled POND’s one-day surge of 46.7%. [12]

BONK — The price increased by approximately 30.9% in a single day, with a circulating market capitalization of $3.62 billion.
BONK is a community-driven meme coin built on the Solana blockchain. It aims to promote the adoption and growth of the Solana ecosystem by engaging users in a fun and lighthearted way. As the first doge-style token on Solana, BONK emphasizes decentralization and fair distribution, focusing on community consensus and participation.

Recently, BONK announced a large-scale token burn initiative called “BURNmas”, planning to burn 1 trillion tokens by Christmas in December. On November 15, 100 billion tokens, valued at approximately $3.71 million, were burned. The total burn volume has now reached 7.7 trillion tokens and continues to grow. This move has likely boosted market confidence, driving the price up. BONK’s market capitalization briefly surpassed that of WIF (Whiskered Inu Finance) today, making it the highest-market-cap meme token on Solana. [13]

Data Highlights

Bitcoin Miners’ BTC Reserves have continued to Decline
Bitcoin miners’ reserves have been steadily decreasing and have now fallen to approximately 1.8 million BTC, the lowest level in three years. This trend is primarily attributed to the Bitcoin block reward halving event in April this year. The halving reduced the reward per block by 50%, forcing miners to sell their Bitcoin holdings to maintain operations. While some publicly listed mining companies have continued to increase their Bitcoin reserves, the industry overall faces significant financial pressure after the halving.

As major suppliers in the market, miners’ actions stand in sharp contrast to the recent robust buying activity on the demand side. The resulting supply-demand imbalance has driven Bitcoin prices higher, with miners taking advantage of the elevated prices to sell Bitcoin and cover operational costs. This dynamic is often regarded as a key short-term price adjustment indicator by the market. Investors are advised to closely monitor market fluctuations and adjust their strategies accordingly. [14]

Ethereum, Bitcoin, and Solana NFT Weekly Sales Surge
The NFT market is showing strong signs of recovery. According to Crypto Slam, NFT sales experienced significant growth last week, with Ethereum, Bitcoin, and Solana NFTs leading the activity. From November 9 to November 16, total NFT sales reached $185 million.

Ethereum NFTs stood out, with sales increasing by 111.8% to $67.92 million, making it the highest in transaction volume. Bitcoin and Solana NFTs followed closely, with sales growing by 115% and 105%, respectively. [15]

Sui TVL Surpasses $1.6 Billion, Setting a Weekly On-Chain Transaction Record
The total value locked (TVL) in the Sui ecosystem has exceeded $1.6 billion, reaching a new all-time high. Additionally, Sui achieved a record-high weekly on-chain transaction volume, highlighting its appeal to both capital and active participants. This growth demonstrates Sui’s potential to attract more users and developers.

With more decentralized applications and protocols joining the ecosystem, Sui’s growth prospects remain highly promising, further strengthening its competitiveness in the blockchain industry. This surge not only reflects market trust and recognition of Sui but also lays a solid foundation for the ecosystem’s future expansion. [16]

Spotlight Analysis

DeSci Emerges as a Trending Sector, with Multiple Tokens Surging Over 100x
DeSci, short for “Decentralized Science,” represents a decentralized approach to scientific research, aiming to disrupt traditional scientific processes. By leveraging blockchain, DAOs (Decentralized Autonomous Organizations), and other technologies, DeSci provides an open, transparent, and community-driven framework for scientific discovery. The concept of DeSci gained attention last December following mentions by Binance CEO CZ and the ResearchHub project founded by Coinbase’s co-founder. Recently, the native token of ResearchHub, RSC (ResearchCoin), has garnered significant attention, further driving discussions around DeSci.

The DeSci ecosystem features several popular tokens gaining attention. Pump.Science features concept tokens such as $RIF, with a market cap of $87.9 million and linked to the antibiotic Rifampicin, and $URO, valued at $30.7 million, associated with Urolithin A, a metabolite known for its anti-aging properties. The donation-focused token $Scihub, inspired by the Sci-Hub platform, aims to support open access to scientific research, with a notable holder, 0xAA, pledging to donate 20% of their tokens to support the platform’s development. Additionally, the BIO ecosystem tokens cover diverse areas: $VITA (backed by VitaDAO to support longevity research), $RSC (the native token of ResearchHub that rewards high-quality scientific content), $ATH (issued by AthenaDAO and focused on women’s health), and $GROW (developed by ValleyDAO and specializing in anti-aging and longevity research). These tokens highlight the innovative ways blockchain integrates into decentralized scientific research and funding.[17]

Chainlink Introduces the “Chainlink Runtime Environment” (CRE) Standard Framework
Chainlink has unveiled a new standard framework, the “Chainlink Runtime Environment” (CRE), designed to seamlessly connect traditional finance with the blockchain ecosystem. Chainlink’s core functionalities are becoming increasingly modular, enabling developers to flexibly integrate these modules into workflows and execute them through CRE. The CRE framework allows computations to be performed off-chain, with the results returned to on-chain smart contracts, significantly enhancing the efficiency and complexity of smart contract execution.

With the CRE framework, developers can seamlessly integrate all Chainlink functionalities, build customized applications, and unlock use cases that are unrestricted by blockchain networks, off-chain resources, or product integrations. This innovation opens the door to more sophisticated and expansive blockchain applications.

The Chainlink Runtime Environment (CRE) standard framework is not only an innovative breakthrough in blockchain technology but also a significant step toward integrating blockchain with traditional financial systems. Designed with compatibility in mind, CRE leverages established programming languages like COBOL and Java, creating a more robust and feature-rich runtime environment for traditional financial systems. This groundbreaking approach bridges the technological gap, allowing blockchain to seamlessly integrate with existing financial infrastructures, particularly in areas like payments and fund transfers, offering innovative new solutions. With the CRE framework, financial institutions can adopt blockchain technology more conveniently, significantly reducing technical barriers and integration costs.

This advancement accelerates the digital transformation of traditional finance while driving deeper convergence between decentralized finance (DeFi) and traditional systems. By ensuring security and compliance, financial institutions can efficiently leverage blockchain benefits such as instant settlements, cross-border payments, and smart contracts. This integration ultimately enhances the transparency and efficiency of the broader financial ecosystem. [18]

PolterFinance Lending Protocol on Fantom Exploited for $12 Million Due to “Empty Market” Issue
On November 17, PolterFinance, a lending protocol on the Fantom network, suffered an exploit resulting in a loss of approximately $12 million. The attack stemmed from a vulnerability in the protocol’s price oracle, which allowed for price manipulation.[19]

The attacker exploited PolterFinance’s reliance on SpookySwap’s BOO token pricing mechanism. This mechanism utilized the spot price from SpookySwap v3 pools and v2 trading pairs, calculated based on the token balance ratios within the pools. However, this calculation method proved to have a critical security flaw. By utilizing flash loans, the attacker manipulated the asset ratios within the pools, effectively altering the token price and cashing out significant borrowed funds.[20]

Following the attack, PolterFinance swiftly implemented emergency measures, including suspending all platform functionalities to prevent further losses. The team is currently investigating the incident and has expressed its intent to collaborate with law enforcement to pursue a resolution.

This exploit highlights once again the vulnerabilities of price oracles in DeFi, particularly those relying on token balance ratios within liquidity pools. Flash loans, due to their efficiency, make such mechanisms especially susceptible to manipulation. While SpookySwap is a leading decentralized exchange (DEX) on the Fantom network with substantial liquidity, its price calculation system was unable to defend against this carefully orchestrated attack. To mitigate similar risks in the future, enhancing the diversity and reliability of price data in DeFi protocols could be crucial. Approaches such as incorporating off-chain data sources or combining multiple calculation methods may represent the next step in strengthening oracle security.

DEXX Platform Hacked, Approximately $20 Million Lost
The DEXX platform recently experienced a major security breach due to improper management of its official private key, resulting in a key leak and the theft of user assets totaling nearly $20 million. Over 500 users were affected, with the largest losses involving tokens such as BAN, Banana, and LUCE, with BAN accounting for the majority of the damage. Security firm CertiK confirmed that the attack occurred on the Solana blockchain, ruling out any signs of a rug pull.

OneKey issued a warning about the DEXX app, highlighting its frequent requests for clipboard access, which may have led to user private keys or seed phrases being compromised. In response to the attack, the DEXX team took swift action, collaborating with security agencies to trace the hacker, marking the hacker’s wallet through judicial processes, and filing legal complaints in multiple countries. The team also issued a public appeal, offering the hacker a bounty in exchange for returning the stolen funds. Amid rumors of the team’s disappearance, DEXX’s founder denied the claims, asserting that the team is actively working to resolve the issue.

This incident underscores the importance of asset protection and security awareness for all users. When trading, users should prioritize platforms and tools with strong reputations and rigorous audits, and avoid storing private keys on online services. It is crucial to understand the mechanisms of the products being used, steer clear of unsolicited recommendations or suspicious links, and never reply to messages from unknown sources on social platforms to avoid phishing attacks. For significant transactions, users are advised to transfer assets promptly to self-custody wallets and safeguard sensitive information by avoiding storing private keys or seed phrases in clipboard memory. Strengthening personal security practices is essential in mitigating risks in the rapidly evolving blockchain space. [21]

Funding News

According to data from RootData, from November 15 to November 18, two projects successfully secured funding, raising over $2 million in total. The projects are related to Layer 2 and gaming sectors:[22]

Heurist — Heurist has completed a $2 million angel funding round with participation from Amber Group, Contango Digital Assets, and other institutions and investors. Heurist is a Layer 2 network based on the ZK Stack designed for hosting AI models. It offers serverless access to open-source AI models hosted on a decentralized computing resource network. The platform’s vision is to democratize artificial intelligence through blockchain technology.

Thetan World — Thetan World has completed a strategic funding round, with the amount undisclosed, and participation from Blizzard Fund. Thetan World is a Web3 gaming platform designed for game developers to integrate, gamers to earn, and game creators/influencers to showcase their work and monetize it.

Airdrop Opportunities

Sonicx is the world’s first Web3 application based on the TikTok Mini App, aiming to introduce more users to the blockchain ecosystem through innovative methods. Built on Solana, Sonicx is a gaming application that provides an efficient HyperGrid scaling architecture and a native game engine, enabling developers to easily build on-chain games. The Sonicx Mini App has attracted over 1 million users via TikTok.

How to Participate:

1. Open the Sonicx official website and click “Log In.”[23]
2. Select “Sign in with Google” to create an account, which will automatically generate a self-custodial wallet.

3. Complete the following tasks on the task page:

   • Claim test tokens and complete send/receive transactions.
   • Watch video tasks.
   • Complete Sonic Odyssey tasks to earn more points.

4. Open the Sonic Odyssey task page, connect your Solana wallet, and complete tasks to receive additional airdrop bonuses.

5. Invite friends to participate and earn extra points through your unique referral link.

Note:
The airdrop plan and participation methods are subject to change, so users are advised to follow Sonicx’s official channels for the latest updates. Additionally, participants should exercise caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
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/Casper_Network/status/1857499643623649399
11. X, https://x.com/CsprMarket/status/1857099594443682206
12. X, https://x.com/MarlinProtocol/status/1857738567847653545
13. X, https://x.com/bonk_inu/status/1857465407801798732
14. CryptoQuant, https://cryptoquant.com/asset/btc/chart/miner-flows/miner-reserve?miner=all_miner&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
15. Crypto Slam, https://www.cryptoslam.io/
16. DefiLlama, https://defillama.com/chain/Sui
17. GMGN, https://gmgn.ai/sol/token/GJtJuWD9qYcCkrwMBmtY1tpapV1sKfB2zUv9Q4aqpump
18. Chainlink, https://blog.chain.link/introducing-chainlink-runtime-environment/
19. X, https://x.com/polterfinance/status/1857971122043551898
20. FTMscan, https://ftmscan.com/tx/0x5118df23e81603a64c7676dd6b6e4f76a57e4267e67507d34b0b26dd9ee10eac
21. X, https://x.com/DEXXai_EN/status/1857830993656418763
22. Rootdata, https://www.rootdata.com/Fundraising
23. https://sonicx.app/click

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