TL;DR

• BTC prices showed significant volatility this week, trading primarily between $90,500 and $99,500.
• ETH prices surged 18.14% this week, strongly breaking through the $3,500 resistance level.
• XLM outperformed other altcoins with a seven-day increase of approximately 102.7%.
• Pump.fun announced the suspension of its live streaming feature on Nov 26, pending improvements to its review mechanism.
• In November, Pump.fun captured over 62% of the trading volume in the Solana ecosystem DEX.
• Partior completed a $20 million Series B1 financing round with participation from multiple traditional financial institutions on Nov 27.

Market Analysis

Review and Insights

• BTC Market— Over the past seven days, Bitcoin (BTC) rose 1.65% to $95,797.7, reaching a weekly high of $99,550. Following its new all-time high, BTC has shown significant volatility, trading primarily between $90,500 and $99,500. The $90,500 level has established itself as a key short-term support, while prices continue to consolidate near historical highs. Looking ahead, the price is expected to consolidate within the $95,000 to $98,000 range. [1]

• ETH Market — Ethereum prices surged 18.14% this week to $3,603.7, reaching a weekly high of $3,686. The market shows strong upward momentum as prices consolidate in an expanding range of $3,250 to $3,680. The $3,300 level has established itself as robust support, laying groundwork for potential further gains. A breakthrough above the $3,680 resistance could open the path to higher targets. Critical support and resistance levels will continue to guide future price action. [2]

• Altcoins — The altcoin market has mirrored Bitcoin’s movements this week, maintaining an overall bullish trend. Modular Blockchain emerged as a standout performer with a 60.7% gain, demonstrating continued market confidence in modular blockchain solutions. Stablecoin Protocol gained 45.5%, indicating growing demand for stablecoin services, while the Lending/Borrowing sector advanced 44.0%. [3]

• Futures Market — Bullish sentiment dominates the futures market, with Bitcoin’s positive buy-sell ratio suggesting an optimistic short-term outlook. Sustained positive weighted funding rates reflect strong investor confidence. Recent liquidations totaled $287 million, comprising $106 million (36.96%) in long positions and $181 million (63.04%) in short positions. [4] \

• Macro Data — October’s U.S. Core PCE Price Index increased 2.8% year-over-year, hitting expectations and marking the highest level since April 2024. Monthly figures met projections at 0.3%. The overall PCE Price Index climbed to 2.3% year-over-year from 2.1%, matching forecasts. October’s real personal consumption expenditure grew by 0.1%, below the anticipated 0.2%, though September’s figure was revised upward from 0.4% to 0.5%. [5]

• Stablecoins — Stablecoin market capitalization expanded by 2.85% to reach $191.8 billion, driven by continued over-the-counter inflows. [6]
• Gas Fees — Ethereum on-chain activity has remained elevated, with daily gas consumption peaking at 43 Gwei and averaging 14 Gwei. [7]

Trending Concepts

This week, Bitcoin prices experienced significant volatility, with a primary trading range between $90,500 and $99,500. The altcoin sector showed diverse performance patterns. Based on data from CoinGecko and CoinMarketCap, three sectors emerged as market leaders: Modular Blockchain (+60.7%), Stablecoin Protocol (+45.5%), and Lending/Borrowing (+44.0%). These impressive gains indicate robust market interest in modular blockchain infrastructure, growing adoption of stablecoin services, and expanding activity in lending protocols, highlighting these sectors as key areas of market momentum. [8]

Modular Blockchain – Modular Blockchain is a blockchain architecture that separates consensus, security, data availability, and execution into distinct modules. By dividing these functions, it enhances network performance and scalability. Compared to traditional Monolithic Blockchains, modular blockchains allow independent optimization of different modules, reducing network congestion and operational costs while increasing flexibility and interoperability. Notable projects in this area include Celestia and Fuel. Recently, the accelerated development of Celestia’s ecosystem has heightened market attention on modular blockchain technology.

Stablecoin Protocol – Stablecoin protocols form the foundational infrastructure for the issuance and circulation of stablecoins, typically backed by fiat currencies (e.g., USD) or crypto assets. These protocols use algorithms or reserve assets to maintain price stability, providing efficient liquidity and stability for lending, payments, and trading in the DeFi ecosystem. Representative projects include MakerDAO and Tether’s USDT. Growing demand for stablecoins amidst global economic uncertainty has driven significant gains in this sector.

Lending/Borrowing Protocols – Lending protocols are a vital component of decentralized finance (DeFi), enabling users to engage in asset collateralization and borrowing via smart contracts. These protocols offer liquidity through trustless mechanisms and generate yields for asset holders. Prominent examples include Aave and Compound. With the increasing adoption of DeFi applications and growth in on-chain assets, lending protocols play a crucial role in boosting market activity and capital efficiency.

Top Performers

According to Gate.io data, the following were the top-performing tokens over the past 7 days: [9]

XLM – 7-day increase of approximately 102.7%, with a market cap of $14.575 billion.
XLM is the native token of the Stellar network, primarily supporting efficient solutions for cross-border payments and asset transfers. Stellar provides a decentralized global payment network designed to streamline traditional financial systems and significantly reduce transaction costs.

Recently, Stellar (XLM) surged over 220%, driven by Bitcoin’s strong performance and a shift of market funds from meme coins to established altcoins. Kaiko data indicates that altcoin trading volumes spiked to $300 billion, with this capital rotation boosting XLM’s performance.

SAND – 7-day increase of approximately 80.0%, with a market cap of $1.461 billion.
SAND is the core token of The Sandbox metaverse project, enabling users to buy, trade virtual land, and interact within its ecosystem. The Sandbox aims to provide a decentralized virtual world that fosters the creator economy.

SAND’s recent price surge may be attributed to The Sandbox’s announcement of its Game Jam event. The competition, co-hosted by DanceFight and Claymates, features an attractive prize pool worth $100,000 in SAND tokens, complemented by land rewards and additional incentives. This initiative has generated substantial community interest and contributed to increased market demand for SAND.[10]

TIA – 7-day increase of approximately 71.0%, with a market cap of $3.673 billion.
TIA is the native token of the Celestia network, primarily used for data availability and governance within the modular blockchain ecosystem. Celestia provides innovative solutions focused on data availability, aiming to enhance blockchain scalability while ensuring network security and flexibility.

This week, TIA’s price increase was largely driven by Leap Wallet’s announcement of integrating the first Celestia light node directly into the wallet. This technical breakthrough has improved the usability and user experience of the Celestia network, sparking optimism about its ecosystem’s future development.[11]

Weekly Spotlights

Hot Topic Review

Bitwise Files for 10 Crypto Index ETF with the SEC
Bitwise Asset Management has filed an application to the SEC to convert its Bitwise 10 Crypto Index Fund (BITW) into an exchange-traded product (ETP), marking a crucial step toward mainstream cryptocurrency adoption. The fund, established in 2017, tracks the performance of the top 10 cryptocurrencies by market capitalization, with Bitcoin and Ethereum as key components. The proposed conversion to an ETP aims to enhance investor access through improved liquidity, greater transparency, and reduced trading costs, while reinforcing Bitwise’s market position. Currently managing billions in assets, the fund’s transformation could significantly attract both institutional and retail investors. This strategic move in 2024 demonstrates Bitwise’s dedication to developing innovative crypto investment solutions. SEC approval would set a precedent for future cryptocurrency index products in the U.S. market and strengthen the integration of digital assets into traditional finance. [12]

Pump.fun Halts Live Streaming Indefinitely
Pump.fun faced widespread criticism for its live streaming feature, which was found to host violent, explicit, and illegal content. On November 26, the platform officially announced the suspension of its real-time streaming services until its review mechanisms are improved.

In May this year, Pump.fun introduced the live streaming feature, allowing users to issue tokens with minimal barriers and leverage streams for promotion. However, due to a lack of effective regulation, the content spiraled out of control, escalating from borderline violations to highly unethical behavior. A token-related live stream on November 22 attracted imitators and featured extreme content, including suicide threats and animal abuse.

The community condemned the platform for prioritizing profit over responsibility and criticized its weak moderation efforts. Legal experts warned that the platform could face criminal and civil lawsuits. Under external pressure, Pump.fun acknowledged the issues, suspended the live streaming service, and pledged to enhance moderation and establish more transparent content policies.

This incident highlights the risks and regulatory gaps in the rapidly expanding crypto market. Going forward, the platform must strike a balance between driving growth and upholding community standards to prevent the proliferation of unethical content and more severe consequences.[13]

Justin Sun Invests $30 Million in Trump’s Crypto Project, WLFI
Tron founder Justin Sun has invested $30 million in World Liberty Financial (WLFI), a DeFi project associated with U.S. President-elect Donald Trump, making him the project’s largest investor. WLFI plans to develop a lending service that incorporates a credit account system built on Aave and the Ethereum blockchain.

On the X platform, Sun declared, “The U.S. is becoming the blockchain hub, and Bitcoin owes it to Trump.” According to a WLFI spokesperson, the project has seen significant investment activity in recent weeks and anticipates substantial developments in the upcoming months. [14]

Vancouver Mayor Proposes “Bitcoin-Friendly City” Plan
On November 26, the Mayor of Vancouver announced a proposal to incorporate Bitcoin into the city’s investment portfolio, marking a groundbreaking step for Canadian local governments in cryptocurrency adoption. This initiative follows a growing trend among cities and countries worldwide exploring digital asset integration into their financial strategies. The Mayor emphasized that Bitcoin inclusion would not only diversify the city’s portfolio but also potentially generate significant long-term returns. [15] \
This decision by the Vancouver city government sends a clear signal to the world: cryptocurrencies are transitioning from fringe assets to mainstream investment tools. This move is expected to attract more institutional investors to the crypto market, expand market size, and accelerate the development of clearer regulatory policies for digital assets in various countries, fostering a more orderly environment for the cryptocurrency industry. However, challenges such as cryptocurrency valuation and regulation remain significant hurdles for governments worldwide. Nevertheless, Vancouver’s initiative will undoubtedly provide valuable insights for other cities considering similar approaches.

Fed November FOMC Meeting: Rate Cuts May Slow or Pause, Neutral Outlook
The Federal Reserve’s November FOMC meeting minutes reveal that while policymakers generally support “gradual” rate cuts, the pace may slow or pause if inflation targets are not met. Balancing the easing pace is crucial; overly rapid cuts could weaken inflation control, while slower cuts might hurt economic growth and employment. Given recent U.S. economic resilience and strong inflation data, several Fed officials advocated caution in future rate decisions. Fed Chair Jerome Powell emphasized a “prudent” approach, stating that current economic conditions do not indicate an urgent need for rate cuts.
This tempered market expectations for a December rate cut. Following the FOMC minutes, the probability of a December rate cut rose from approximately 52% to 66.6%, while the likelihood of a pause dropped to 33.4%. This underscores the difficulty of balancing policy signals with economic data, requiring cautious navigation of potential market volatility. [16]

Security Incident

FTX Scandal Unfolds: Allegations of Market Manipulation Exploiting Platform Vulnerabilities Yielding Hundreds of Millions in Profits
Court filings in the FTX bankruptcy case have revealed a major incident of market manipulation, detailing how Meerun exploited vulnerabilities on the FTX platform to illegally generate massive profits. A seasoned market manipulator, Meerun hoarded low-liquidity tokens such as BTMX, driving their prices to abnormal levels and using them as collateral to borrow large sums from FTX. Although BitMax reportedly warned FTX about potential manipulation, no action was taken. Ultimately, Meerun managed to transfer over $450 million in illicit gains even after their account was locked, exposing severe weaknesses in FTX’s risk management and account monitoring systems. \
Meerun employed similar methods to manipulate other tokens, including BAO, TOMO, and MOB, causing Alameda Research losses of up to $1 billion and further exacerbating FTX Group’s financial crisis. Despite denying the allegations and claiming compliance with FTX policies, court documents reveal Meerun’s involvement in multiple illegal activities and a complex network of schemes, including suspected governance attacks. \
This case highlights significant deficiencies in exchanges’ KYC, anti-money laundering, and risk management practices, particularly in monitoring low-liquidity assets. The lack of internal vigilance toward suspicious activities also amplified FTX’s operational failures. The crypto industry must learn from this incident by improving internal controls, enhancing user identity verification, and strengthening surveillance of margin trading and cross-account activities to prevent similar occurrences. Investors are also urged to exercise caution, choose regulated exchanges, and avoid tokens with abnormal volatility or high-risk platforms. This incident serves as a wake-up call for the industry, underscoring the need for improved compliance and security to foster healthy market development and protect investor interests. [17]

Project Highlights

TORN Soars 486.02% as Tornado Cash Ruling Highlights the Battle Between Privacy and Government Authority
Tornado Cash is a decentralized and non-custodial privacy solution that enhances transaction privacy by severing on-chain links between source and destination addresses. Using smart contracts, it accepts deposits of ETH and other tokens from one address and allows withdrawals to different addresses. The U.S. Fifth Circuit Court of Appeals overturned sanctions against Tornado Cash, ruling that its smart contracts do not constitute “property of a foreign national or entity” and are thus not subject to the International Emergency Economic Powers Act (IEEPA). While this decision was welcomed by the crypto community and drove a sharp increase in the price of TORN, governments may continue to pursue accountability through other legal avenues. Meanwhile, Tornado Cash developer Alexey Pertsev remains imprisoned on money laundering charges. This ruling has significant implications for the crypto industry and privacy protection, highlighting the ongoing challenge of balancing regulatory oversight with privacy rights. [18]

Data Highlights

Pump.fun Accounts for Over 62% of Solana Ecosystem DEX Trading Volume in November
According to Dune data, tokens created on the Pump.fun platform dominated Solana’s decentralized exchange (DEX) trading in November, accounting for 62.3% of all transactions. In terms of trading volume (turnover), Pump.fun represented 42.3% of the total. These figures demonstrate Pump.fun’s significant role in the Solana ecosystem. Since its launch in January, Pump.fun has revolutionized token creation by making it accessible to everyone. While token issuance initially had a small cost, the platform later removed all fees. This approach has established Pump.fun as one of the most influential crypto projects of the year, spawning popular meme coins like PNUT, GOAT, and CHILLGUY. [19]

Stablecoin Trading Volume Surges to $1.8 Trillion in November
Data shows that stablecoin trading volume saw a significant 77.5% increase in November, reaching $1.81 trillion and on track to set a new annual high. The total market cap of stablecoins has also continued its 14-month upward trend, hitting a record high of $190 billion—surpassing the pre-crash peak of TerraUSD in April 2022. Despite this, as investors pivot toward Bitcoin and altcoins, stablecoins’ market dominance declined from 7.22% in October to 5.54% in November.

USDT remains the leader in the stablecoin market, with its market cap growing by 10.5% to $133 billion, capturing 69.9% of the market share. USDC follows, with a market cap increase of 12.1% in November, reaching $38.9 billion. Ethena Labs’ USDe also stood out, with a remarkable 42.2% market cap growth. Institutional confidence in digital assets has driven the heightened stablecoin trading activity in November. [20]

Market Opportunities

Project Airdrops

Bless

Bless is a shared computing protocol that harnesses the power of idle everyday devices. The platform seamlessly connects unused computational resources with tasks requiring processing power. Users earn rewards by allowing their devices to automatically execute applications and websites. Through Bless’s airdrop program, participants can track their network sharing activities on a dedicated dashboard and need to activate virtual DePIN devices for inter-infrastructure communication. The project’s roadmap includes a mainnet launch in early 2025, followed by the airdrop distribution in Q2 2025. [21]

How to Participate

Users can join the BLS airdrop program through the following steps:

1. Visit the Bless website and complete the registration process. [22]
2. Install and activate the extension.
3. Ensure the node is connected.
4. Maintain an active connection to keep your node running. You can enhance your earning potential by connecting up to 5 devices to a single account and operating multiple nodes simultaneously.

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

Weekly Fundraising Report

Several crypto projects successfully completed fundraising rounds this week, spanning infrastructure, DeFi, gaming, and other application sectors. According to RootData, 19 projects announced fundraising between November 22 and November 28, totaling $66.01 million. Below are the top three by funding size: [23]

Partior completed a $20 million Series B1 round led by Peak XV Partners and Standard Chartered Bank on November 27, with participation from Temasek, Deutsche Bank, JPMorgan, DBS Bank, Jump Trading, and Valor Capital Group. Founded in 2021 and backed by DBS Bank and JPMorgan, Partior offers real-time clearing and settlement services through a blockchain platform, addressing sequential processing issues in traditional payment systems.

Balance raised $10 million in funding led by A16Z and Galaxy Interactive on November 26, with follow-on investments from Animoca Brands and others. Created by the Epal team, Balance serves as infrastructure for large-scale Web3 user adoption, aiming to provide seamless transition experiences for Web2 users. Utilizing its user traffic pool and integrating blockchain with AI technology, Balance seeks to transform industries, particularly social and gaming. Developers can leverage powerful blockchain and AI tools to easily build and promote games and applications.

Schuman Financial secured $7.36 million in seed funding led by RockawayX on November 26, with participation from Bankless Ventures and others. Schuman Financial is a stablecoin issuer that launched EURØP, a euro-backed stablecoin designed to simplify global digital payments, on-chain forex transactions, and the tokenization of real-world assets. Fully pegged to the euro at a 1:1 ratio and backed by cash and cash equivalents, EURØP aims to capitalize on Europe’s growing demand for regulated stablecoins.

What to Watch Next Week

Token Unlock

According to Token Unlocks data, several major token unlock events are set to occur next week (2024.11.29-12.5), with a combined value exceeding $461 million. [24]

Below are the details of the top three unlock events:

SUI tokens are scheduled to unlock on December 1 at 12:00 AM UTC, with a release of tokens valued at $221 million, representing 2.26% of the circulating supply. This scheduled unlock aligns with SUI’s strategic token distribution plan, which allocates tokens to early contributors, investors, and community members as part of a controlled approach to expand market circulation.

OP tokens are scheduled to unlock on November 30 at 12:00 AM UTC, with a release worth $74.28 million representing 2.50% of the circulating supply. The tokens are allocated to core contributors and investors, and this unlock event could potentially impact OP’s market price.

IMX tokens will unlock on November 29 at 12:00 AM UTC, releasing tokens worth $42.17 million, accounting for 1.47% of the circulating supply. The unlock includes allocations for project development and ecosystem development members. Due to the relatively small unlock ratio, significant price fluctuations for IMX are unlikely.

Crypto Calendar

Next week (2024.11.29–12.5) will see several significant events with profound impacts on the cryptocurrency market, global economy, and energy sectors. On November 30, Taiwan will implement its Virtual Asset Service Provider (VASP) registration system ahead of schedule. Currently, 26 companies have obtained relevant declarations, with another 20-30 applications in process. The Financial Supervisory Commission and the Inspection Bureau plan to conduct inspections of six VASP operators. On December 4, the U.S. will release November ADP employment data, a leading indicator for private sector employment that often significantly impacts financial markets. If the data exceeds expectations, it may boost market confidence; however, if it falls short, it could trigger market concerns. [25]

References

1. Gate.io, https://www.gate.io/price/bitcoin-btc
2. Sosovalue, https://sosovalue.xyz/zh/assets/etf/us-eth-spot
3. Gate.io, https://www.gate.io/bigdata/estimate
4. Cryptoquant, https://cryptoquant.com/asset/btc/chart/derivatives/taker-buy-sell-ratio?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
5. Coinglass, https://www.coinglass.com/pro/AvgFunding/ETH
6. Defillama, https://defillama.com/stablecoins
7. Etherscan, https://etherscan.io/gastracker#chart_gasprice
8. Coingecko, https://www.coingecko.com/en/categories
9. Gate.io, https://www.gate.io/price/
10. X, https://x.com/dancefightapp/status/1861163974961647625
11. X, https://x.com/CelestiaOrg/status/1859988276813389909
12. BeinCrypto, https://beincrypto.com/bitwise-10-crypto-index-etf-sec-filing/?ref=onepagecrypto.com
13. Pump.fun, https://pump.fun/docs/moderation-message
14. X, https://x.com/worldlibertyfi/status/1861470615749972169
15. Csg, https://csg001-harmony.sliq.net/00317/Harmony/en/PowerBrowser/PowerBrowserV2/20241127/-1/20611
16. CMC, https://www.cmegroup.com/cn-t/markets/interest-rates/cme-fedwatch-tool.html
17. X, https://x.com/LouisOrigny/status/1855036157660479645
18. X, https://x.com/BlockchainAssn/status/1861560849023852986
19. Dune, https://dune.com/queries/3919233/6588935
20. Cointelegraph, https://cointelegraph.com/news/stablecoin-trading-volume-surges-1-8-t-november
21. X, https://x.com/theblessnetwork/status/1856434868449685803
22. Bless Network, https://blockless.network/
23. Rootdata, https://www.rootdata.com/zh/Fundraising
24. Token unlocks, https://token.unlocks.app/
25. PANews, https://www.panewslab.com/zh/calendar/index.html
    
    

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