TL;DR

• BTC Hits a New All-Time High of $93,888, While ETH Remains Sluggish, Fluctuating Between $3,000 and $3,200.
• BlackRock’s Bitcoin ETF (IBIT) Launches Options Trading; First-Day Volume Nears $1.9 Billion, with 82% being Call Options.
• a16z Introduces New Token ELIZA, Sparking Debate Over “Uppercase vs. Lowercase” Naming Controversy in the Community.
• JUNO Surges Approximately 273% in a Single Day, Leading the Altcoin Sector Rally.
• USDe Supply Surpasses 3.3 Billion Coins, Marking a 7-Day Growth of 12.16%.
• Paxos Acquires Membrane Finance, Expanding Its Presence in the European Market.
• Stablecoin Company Noble Completes $15 Million Series A Funding Round, Led by Paradigm.

Market Analysis

According to Gate.io market data (as of November 20, 4:00 UTC [1]：

• BTC — Over the past 24 hours, BTC’s price increased by 2.03%, currently trading at $92,288. The 24-hour high was $93,888, while the low was $90,359. Bitcoin broke through a minor ascending resistance line in the past 24 hours and set a new all-time high of $93,888 before experiencing a pullback. In the short term, the key support levels to watch are between $90,500 and $89,500.

• ETH — Over the past 24 hours, ETH’s price dropped by 3.10%, currently trading at $3,107. The 24-hour high was $3,220, and the low was $3,066. Compared with BTC, ETH’s performance has been relatively weak. After briefly surpassing $3,200 on November 19, it quickly pulled back. Currently, ETH remains in a consolidation phase, fluctuating within the $3,000 to $3,200 range.

• ETFs — On November 19, U.S. BTC ETFs saw a net inflow exceeding $816 million, while ETH ETFs experienced a net outflow of $81.2 million. [2]
• Altcoins — Sectors like Pump.fun Ecosystem, Base memes and Solana memes saw respective gains of 3.8%, 2.4%, and 2.3%. [3]
• U.S. Stock Market Indices — The S&P 500 Index rose by 0.40%, the Nasdaq Index increased by 1.04%, while the Dow Jones Index declined by 0.28%. [4]
• Spot Gold — Spot gold prices reached $2,636 per ounce, posting a daily increase of 0.15%. [5]
• Fear & Greed Index — The Fear & Greed Index dropped from 90 yesterday to 83, indicating the market remains in a state of extreme greed. [6]

Top Performers

According to Gate.io market data[7], the following altcoins have shown significant gains over the past 24 hours based on trading volume and price performance:

JUNO
Single-day gain of approximately 273.7%, with a circulating market cap of $43.92 million.
Juno is a decentralized cross-chain application network built on the Cosmos SDK, supporting CosmWasm smart contract development. It is a platform for on-chain governance and ecosystem construction powered by the JUNO token.
Recently, Juno’s cross-chain smart contract ecosystem has seen smooth expansion, and its recognition as a key component of the Cosmos ecosystem has increased. Network governance activities and ecosystem upgrades have further stimulated investor enthusiasm, which may be a significant factor contributing to the single-day price surge.

QUASAR
Single-day gain of approximately 75.6%, with a circulating market cap of $240 million.
Quasar is a decentralized text-based virtual universe that integrates advanced AI interactions, blockchain technology (supported by Solana), and classic Multi-User Dungeon (MUD) gaming to provide an immersive experience. The platform allows users to interact, collaborate, and create value in a persistent, autonomous digital world where human users and AI agents coexist.
The market has shown interest in Quasar due to its innovative virtual universe concept. Positive developments, such as its optimized integration with Solana and promotional efforts for new user experience incentives, may have driven the substantial price increase over the past day.

XYO
— Single-day gain of approximately 41.4%, with a circulating market cap of $124 million.
XYO is a DePIN (Decentralized Physical Infrastructure Network) ecosystem consisting of consumer software, developer tools, a decentralized network, and digital assets. The XYO token is the core of the ecosystem, enabling the accumulation and circulation of data while allowing individual and organizational participants to retain control over their data (also known as data sovereignty).

By providing immutable and tamper-proof blockchain data for various purposes—such as AI modeling, metaverse applications, and data analysis—the ecosystem incentivizes data owners and rewards them with XYO tokens.

Recently, XYO’s social media channels announced an exciting upcoming development, which the market interpreted as a positive upgrade for the project. Additionally, interest in the DePIN (Decentralized Physical Infrastructure Network) concept continues to grow. Under the influence of these factors, the price of the XYO token has risen sharply.

Data Highlights

USDe Supply Surpasses 3.3 Billion, Increasing by 12.16% Over the Past 7 Days
According to data from the DeFiLlama platform, as of November 19, the supply of USDe reached 3.12474 billion, marking a 12.16% increase over the past week. This growth reflects robust demand for the stablecoin, particularly within the decentralized finance (DeFi) sector.

In the past week, the staking yield for converting USDe to sUSDe averaged as high as 29%. Additionally, USDe officially launched on Gate.io’s wealth management section last week, offering early participants rewards of up to 45%. Through partnerships with exchanges like Gate.io, USDe is reaching a broader user base.

As its circulation continues to expand, USDe is expected to gain more application scenarios, potentially increasing its market share further. [8]

Ignition FBTC TVL Surpasses $1 Billion, 30-Day Increase Exceeds 256%
The total value locked (TVL) for FBTC, an omnichain Bitcoin asset issued by Ignition, has exceeded $1 billion, with a 30-day growth of over 256%. This significant increase highlights strong market recognition of FBTC and reflects investor confidence in the decentralized finance (DeFi) sector.

FBTC, as a 1:1 collateralized Bitcoin asset, enhances Bitcoin’s liquidity across multiple blockchains, enabling it to participate in a broader range of yield strategies. [9]

Axelar Cross-Chain Transaction Volume Exceeds $10 Billion
The total cross-chain transaction volume on Axelar’s interoperability network has surpassed $10 billion. Most of the transaction flow is concentrated on BNBChain and Sei, followed by Osmosis and Ethereum, showcasing Axelar’s strong position in facilitating interconnectivity among these blockchains.

However, there remains significant potential for growth in cross-chain transactions involving other mainstream blockchains, such as Base, Solana, and TON. [10]

DEX Trading Volume Continues to Decline, Uniswap Maintains Dominance
Over the past four days, the total trading volume on decentralized exchanges (DEXs) has shown a downward trend. This decline may be linked to market volatility or cautious sentiment among investors. In the last 24 hours, Uniswap remained firmly in the lead with a trading volume of $3.64 billion. PancakeSwap ranked second with a volume of $1.2 billion, primarily serving the Binance Smart Chain (BSC) ecosystem. Aerodrome came in third, recording $898 million in trading volume, with the majority of activity originating from the Base ecosystem. [11]

Total Value Locked in Bitcoin Ecosystem Surpasses $4.1 Billion, Activity Rises Significantly
According to data from DefiLlama, the total value locked (TVL) in the Bitcoin ecosystem has reached $4.108 billion, marking a significant recent increase driven by the entry of new participants and a sharp rise in Bitcoin’s price. Over the past 24 hours, the number of active addresses within the Bitcoin ecosystem approached 800,000, reflecting high network activity and increased user engagement. Additionally, Bitcoin network fee revenue for the same period amounted to $1.58 million, indicating sustained high transaction volume and frequent usage. [12]

$IBIT First-Day Options Trading Volume Reaches Nearly $1.9 Billion, Call Options Exceed 80%
On November 19, the first-day options trading volume for $IBIT reached nearly $1.9 billion, with a total of 354,000 contracts traded. Among these, 288,743 were call options, while 64,973 were put options, reflecting a 4.4:1 ratio of calls to puts. This substantial trading volume and the dominance of call options highlight the market’s optimistic sentiment.

The high trading volume and significant proportion of call options suggest that investors expect the underlying asset price of $IBIT to rise. It also demonstrates the product’s ability to inject liquidity into the market in the short term.

This data underscores the immense potential of the $IBIT options product and lays a solid foundation for its future growth. While investors leverage call options to pursue high returns, they may also use put options for risk hedging, showcasing the diverse strategies employed by market participants. [13]

Spotlight Analysis

Bitfinex Securities and NexBridge Launch First Tokenized U.S. Treasury Bonds in El Salvador, Driving Financial Innovation
Bitfinex Securities and NexBridge have jointly introduced USTBL, the first regulated tokenized U.S. Treasury bond under El Salvador’s legal framework. This groundbreaking product marks a significant milestone in the digital asset space. Offering investors stable returns, USTBL leverages Bitcoin technology to streamline the investment process, with an expected annual yield of 5.02%. By reducing reliance on traditional financial intermediaries, USTBL allows more investors to access the U.S. Treasury bond market at lower costs, effectively challenging the conventional financial system.

El Salvador, with its clear digital asset regulatory framework, has successfully attracted global investor attention, further solidifying its reputation as the “Bitcoin Nation.” The launch of USTBL also provides a valuable blueprint for other countries in regulating digital assets, particularly in integrating traditional financial instruments with blockchain technology.

With the issuance of USTBL, Bitfinex and NexBridge have not only accelerated the digitalization of financial markets but also contributed to enhancing transparency and efficiency in the global financial ecosystem. This development underscores the gradual blurring of boundaries between digital assets and traditional finance, opening up new possibilities for financial innovation in the future. [14]

Paxos Acquires Membrane Finance to Expand into the European Market
On November 19, Paxos announced its acquisition of Finnish e-money institution Membrane Finance, marking a significant step in expanding its global compliance platform and entering the European market. The acquisition is pending regulatory approval, and once finalized, Paxos will become a fully licensed Electronic Money Institution (EMI) in Finland and the European Union. This move allows Paxos to extend its trust-backed USD stablecoins and blockchain infrastructure to Europe, aligning with the upcoming Markets in Crypto-Assets (MiCA) regulation.

Walter Hessert, Head of Strategy at Paxos, stated that stablecoins are rapidly gaining traction as a global payment solution. Paxos plans to leverage Membrane’s European licenses and network to help more users access stablecoins safely and in compliance with regulations. The expansion highlights Paxos’ growth potential in global markets and its leadership in compliance and infrastructure development. However, Europe’s stringent regulatory requirements pose significant challenges for market participants. The implementation of MiCA could increase operational costs and place limits on stablecoin innovation. Paxos’ ability to balance compliance with maintaining product competitiveness will be crucial for its success in the European market. [15]

dYdX Unlimited Officially Launches, Enabling Permissionless Market Creation
The dYdX Foundation has announced the official launch of dYdX Unlimited, a major upgrade to the platform. Key features of this release include: permissionless market creation, allowing users to freely create trading markets tailored to their specific needs; the introduction of MegaVault, offering users enhanced earning opportunities; and optimized tokenomics to incentivize user participation and drive platform growth.

The launch of dYdX Unlimited marks a significant milestone for dYdX in the DeFi space. The suite of new features, including instant market creation, MegaVault, and revamped incentive mechanisms, not only expands the platform’s product offerings but also highlights its leadership in technical innovation and user experience.

The instant market creation feature is expected to spark creativity and trading enthusiasm within the community, enriching the platform’s variety of trading options. MegaVault offers users a more convenient way to manage assets and enhances capital efficiency. Meanwhile, the new incentive plans will strengthen dYdX’s competitiveness in DeFi, attracting a larger user base.

dYdX’s pioneering efforts are poised to have a profound impact on the DeFi industry. On one hand, they will accelerate the evolution of DeFi trading platforms toward greater openness and flexibility. On the other hand, dYdX’s innovative model will draw more users into the DeFi ecosystem, fostering overall industry growth.

Additionally, dYdX’s success is expected to inspire other DeFi projects to innovate, further boosting competition and progress within the sector. [16]

Ai16z Launches New Token ELIZA, Sparks Community Debate Over Control and Decentralization
Recently, AI-focused venture fund ai16z announced the launch of a new token, ELIZA (uppercase), triggering intense conflict between the community and the project team. The original token, eliza (lowercase), had previously seen its market cap surge to over $50 million due to market anticipation. However, ai16z partner Shaw announced on Twitter that ELIZA would be handed over to the community for independent development, while ai16z would introduce the new, ai16z-controlled ELIZA token.

This decision led to a dramatic 87% drop in the price of eliza, while ELIZA’s market cap soared to $80 million shortly after its launch. The move caused significant volatility in the token market and ignited a heated debate within the community about control versus decentralization. Some community members accused ai16z of betraying its commitment to decentralization, while Shaw defended the launch of the new token as a measure to prevent exploitation of the original token by speculators.

This incident highlights the tension between community autonomy and institutional control, exposing deeper challenges in Web3 project governance. ai16z’s actions have raised questions about the role of institutions within decentralized ecosystems, while the community’s accusations of centralized manipulation have further intensified the controversy.

On-chain data revealing a high concentration of ELIZA holdings has fueled further skepticism about speculative culture and governance models. This “uppercase vs. lowercase” dispute not only shook the token market but also provided a case study for Web3 projects seeking to balance autonomy with leadership.

The future trajectory of ELIZA will be a key indicator of whether trust can be rebuilt in the market and will serve as an important lens for understanding the evolution of Web3 governance and ecosystems. [17]

Funding News

According to RootData, six projects announced fundraising activities in the past 24 hours, raising a cumulative amount of over $30 million, with the highest single funding round reaching $15 million. The funding spans sectors including gaming, DeFi, and infrastructure. Below are the top three projects by funding amount: [18]

Noble —— Noble, a stablecoin-focused company, has successfully raised $15 million in a Series A funding round led by Paradigm. With this round, Noble’s total funding has reached $18.3 million. The company has already partnered with notable stablecoin issuers such as Circle, Ondo Finance, Hashnote Labs, and Monerium. Currently, Noble’s platform manages assets exceeding $458 million.

Noble is an application-specific blockchain designed for issuing native assets within the Cosmos and IBC ecosystems. It provides issuers with tools for managing their tokens, including features like token burning, minting, blacklisting, and more. Acting as an intermediary, Noble collaborates with stablecoin issuers to efficiently distribute their products across 50 different blockchains. Additionally, it offers developers a seamless user interface to ensure compatibility between their application chains and Noble.

Bitfinity Network —— Bitfinity Network, formerly known as InfinitySwap, has raised $5 million in a funding round with participation from Polychain and ParaFi Capital. Bitfinity is a Bitcoin Layer 2 (L2) solution that leverages threshold signature schemes and is built on the Internet Computer (IC).

LuluChain —— LuluChain has announced the completion of a $5 million institutional funding round, led by DG Capital, with participation from Smo Capital, LD Block, and others.

LuluChain utilizes modular blockchain technology combined with AI to achieve efficient emotional data management and personalized services. Its vision is to create a smart emotional value ecosystem based on modular blockchain technology, offering secure and personalized social experiences. LuluChain aims to drive the global transition to digitalized and objective emotional value systems.

Airdrop Opportunities

Nodepay —— Nodepay is a decentralized network infrastructure designed to provide bandwidth for AI training. By connecting to the Nodepay network, users can sell their unused internet bandwidth to AI companies. This facilitates efficient transmission of public training data, labeling, model sharing, and remote distributed training.

Users can earn project credits through network sharing. The project is currently in its Season 1 phase and has attracted investments from prominent institutions, including Animoca Brands.

Nodepay offers robust functionality via mobile and browser applications, making it easier for users to earn credits and rewards by running nodes. These credits lay the foundation for potential future airdrops.[19]

How to Participate:

1. Register and Link Your Wallet: Complete email verification and link your Solana wallet to ensure points are accumulated effectively.[20]
2. Install the Node Plugin: Use a browser plugin to enable the node operation. Ensure the plugin is activated and running.
3. Mobile Node Operation: Use the Android or iOS app to claim points hourly and earn additional rewards through daily check-ins.
4. Complete Tasks to Earn Points: Visit the Missions & Rewards page to complete social or designated tasks to accumulate more points.
5. Optimize Registration Environment: If registration is restricted by network issues, try using a mobile network and clearing your browser cache to resolve the problem.

Notes
Airdrop plans and participation rules are subject to updates. Users are advised to follow Nodepay’s official channels for the latest information. Participants should exercise caution, conduct thorough research, and be aware of potential risks before engaging in the airdrop. Gate.io does not guarantee the issuance of subsequent airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. Soso Value, https://sosovalue.com/zh/assets/etf
3. CoinGecko, https://www.coingecko.com/en/categorie
4. Investing, https://investing.com/indices/usa-indices
5. Investing, https://investing.com/currencies/xau-usd
6. Gate.io, https://www.gate.io/bigdata/homeindex
7. Gate.io, https://www.gate.io/price
8. Defillama, https://defillama.com/protocol/ethena
9. Defillama, https://defillama.com/protocol/ignition-fbtc
10. Axelar, https://axelarscan.io/
11. Blockworks, https://blockworks.co/news/cme-data-institutional-crypto-moves
12. Dune, https://dune.com/hagaetc/dex-metrics
13. Defillama, https://defillama.com/chain/Bitcoin
14. X, https://x.com/JSeyff/status/1858991206476509659
15. nextbridge, https://nexbridge.io/en/blogs/ustbl
16. X, https://x.com/Paxos/status/1858878926224781664
17. dYdX, https://www.dydx.foundation/blog/enter-the-dydx-unlimited-era
18. X, https://x.com/lookonchain/status/1858839531153486121
19. Rootdata, https://www.rootdata.com/Fundraising
20. Nodepay, https://nodepay.medium.com/node-points-ultimate-guide-6372ab0127b9
21. Nodepay, https://app.nodepay.ai/

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