TL;DR

• Bitcoin price rose slightly by 0.38%, fluctuating between $74,500 and $76,800.
• The Federal Reserve made a second 25 basis point rate cut, potentially benefiting the DeFi sector.
• Total open interest in Bitcoin futures across the network exceeded $46 billion, reaching a record high.
• The total net inflow for Bitcoin spot ETFs was $1.38 billion, marking the highest single-day inflow in history.
• Sui network saw a net inflow of $26.8 million, while Ethereum experienced a net outflow of $91 million.
• UBS launched a blockchain payment system called UBS Digital Cash.
• The UK House of Lords has endorsed the Digital Asset Property Bill.

Market Analysis

According to Gate.io market data as of 4:00 UTC on November 8[1]：

• BTC — Over the past 24 hours, Bitcoin has risen by 0.38%, with the current price at $75,847, fluctuating between $74,500 and $76,800. The daily high reached $76,833, and the low was $74,436. Bitcoin’s consolidation near its price peak may provide an opportunity for other altcoins[2].

• ETH — Over the past 24 hours, ETH gained 6.35% to trade at $2,895, with a high of $2,916 and a low of $2,700. ETH’s performance has outpaced BTC, showing a bullish upward trend that reflects strong market confidence and continued momentum[3].

• ETF — Single-day net inflows for BTC ETFs surpassed $1.38 billion, while ETH ETFs saw net inflows of over $79.74 million[4].
• Altcoins — As Bitcoin rose, many altcoins posted strong performances. Sectors such as Dex Aggregator, Launchpad, and The Boy’s Club gained 12.55%, 11.69%, and 10.66%, respectively[5].
• U.S. Major Indices — The S&P 500 rose by 0.74%, the Nasdaq increased by 1.51%, while the Dow Jones remained nearly flat, dipping just 0.59 points, a negligible change[6].
• Spot Gold — Spot gold prices fell by 0.21% to $2,701 per ounce[7].
• Fear and Greed Index — The Fear and Greed Index declined from 77 to 75, indicating the market remains in a state of greed, though with slightly softened sentiment. In the short term, Bitcoin prices may continue to benefit from strong confidence, but caution is warranted as overbought sentiment could lead to a pullback[8].

Top Performers

According to Gate.io market data[9], the following altcoins have emerged as top performers based on trading volume and price action over the past 24 hours:

MANEKI (MANEKI) — MANEKI posted a daily gain of approximately 50.02%, with a fully diluted market cap of $79.58 million.
MANEKI is a meme coin built on the Solana blockchain, inspired by the traditional Japanese “Maneki-neko” or “beckoning cat” figure, a symbol believed to bring good fortune to its holders. MANEKI integrates this cultural symbol into cryptocurrency with the goal of attracting global participation and enabling users to share in the potential rewards through its unique cultural resonance and community influence.

On November 5 (U.S. time), Donald Trump was re-elected as President of the United States. His pro-crypto stance, coupled with previous interactions with MANEKI’s official account on the social platform X, has sparked enthusiasm within the MANEKI community, contributing to the token’s price upward.

SD — SD saw a daily gain of approximately 49.2%, with a circulating market cap of $58.29 million.
Stader (SD) is a non-custodial staking platform based on smart contracts, designed to help users discover and access staking solutions easily while maximizing staking returns. Over time, Stader plans to roll out a comprehensive suite of DeFi products, including simplified one-click staking solutions, allowing users to effortlessly invest in a diverse basket of validators.

Since Ethereum’s Shanghai upgrade, the shift from PoW to PoS has fueled a surge in staking demand. Additionally, the recent rise in ETH prices has contributed to a strong performance across ETH-based altcoin markets. As a Liquid Staking Derivative (LSD) protocol, Stader provides convenient node services for ETH staking, addressing users’ needs for both ETH liquidity and staking returns[10].

MOODENG (Moo Deng) — MOODENG recorded a daily increase of approximately 46.66%, with a circulating market cap of $248.06 million.
MOODENG is a meme coin on the Solana blockchain, inspired by a viral baby hippo born in Thailand. Known for its adorable and relaxed appearance, the hippo has become an internet sensation since September, with its story being widely covered by major media outlets such as CNA, USA Today, and NBC, boosting interest in the related meme coin.

Recently, Moo Deng has seen a resurgence in popularity, driven by a combination of heavy capital inflows into the meme coin sector and active community promotion and engagement efforts.

Data Highlights

BTC Spot ETF
According to SoSoValue data, U.S. Bitcoin ETFs saw a single-day net inflow of over $1.38 billion in the latest trading session, bringing total inflows to more than $25.49 billion with a trading volume exceeding $2.76 billion. The total BTC value managed by these ETFs stands at $78.5 billion, accounting for 5.19% of Bitcoin’s total market cap[11].

ETH Spot ETF
SoSoValue data also shows that U.S. ETH ETFs recorded a single-day net inflow of over $79.74 million in the latest trading session, despite cumulative net outflows of more than $422 million. Total trading volume surpassed $466 million, while the total value of ETH managed by these ETFs reached $8.08 billion, representing 2.32% of Ethereum’s total market cap[12].

Bitcoin Futures Open Interest Hits Record High at $46 Billion
Data from Coinglass reveals that total open interest in Bitcoin futures contracts across the network has reached 610,000 BTC (approximately $46.9 billion), marking a historic high. Among exchanges, CME leads with open interest of 180,000 BTC (around $13.7 billion), followed by Binance with 120,000 BTC (approximately $9.7 billion). This surge may be fueled by optimism that the re-election of Donald Trump as U.S. president could lead to more favorable policies for the industry, encouraging healthier development and attracting increased investor participation[13].

Daily Net Inflow for Sui Reaches $26.8 Million, Ethereum Sees $91 Million Outflow
According to data from Artemis, recent fund flows across blockchain platforms highlight varying levels of market interest in different networks. Sui led with a net inflow of $26.8 million, reflecting strong investor confidence. Polygon and Solana followed closely, with net inflows of $24.5 million and $19.2 million, respectively, driven by Polygon’s efficient Layer 2 solutions and Solana’s high throughput and low fees.

Meanwhile, Arbitrum and Base recorded net inflows of $13.9 million and $7.5 million, respectively. Ethereum, however, experienced a net outflow of $91 million, possibly due to concerns over its performance and upgrade uncertainties. The rapid rise of newer platforms like Sui, Polygon, and Solana is drawing increasing attention from investors[14].

Spotlight Analysis

Federal Reserve Lowers Rates by Another 25 Basis Points
On November 7, the Federal Reserve announced a 25 basis point rate cut in response to declining inflation. This follows a larger 50 basis point reduction in September. While inflation has eased, it remains above the 2% target, and this rate cut aims to balance concerns between employment and inflation[15].

Throughout this year, the crypto market has already benefitted from multiple positive developments, including spot ETF approvals, Bitcoin’s halving, the U.S. presidential election, and Fed rate cuts. Continuous rate cuts are likely to stimulate global liquidity, providing additional capital for a crypto bull market. Furthermore, the Fed’s decision to lower rates may reduce yields in traditional financial markets, encouraging more capital to flow into the DeFi sector in pursuit of higher returns. As dollar-denominated asset yields decline, DeFi products such as stablecoin staking and lending could see increased investment interest. Greater capital inflows into DeFi platforms could, in turn, boost overall market activity and liquidity within the crypto space.

UK House of Lords Supports Digital Asset Property Bill
On November 7, 2024, the UK House of Lords held a second reading of the Digital Asset Property Bill, drafted by the Law Commission, and expressed its support. Introduced in September, the bill aims to clarify the legal status of digital assets (such as cryptocurrencies) by categorizing them as property, thus providing a clearer legal basis for handling disputes involving digital assets. Lord Ponsonby emphasized that this move would help ensure the UK remains a leader in the global digital asset space and that its legal framework keeps pace with the rapid evolution of emerging technologies.

The passage of this bill is expected to strengthen legal protections in the UK crypto market, boosting confidence among investors and businesses. Recognizing cryptocurrency as property could help address legal issues related to theft, fraud, and property division in cases such as divorce. However, with a new government in place, future regulatory policies may change, potentially impacting market sentiment[16].

UBS Launches Blockchain Payment System UBS Digital Cash
On November 7, UBS Group successfully piloted its blockchain-based multi-currency payment solution, UBS Digital Cash. This solution is designed to enhance payment efficiency and transparency for corporate and institutional clients, while offering programmable cash flows. Through this technology, businesses can more easily manage intraday liquidity, optimize cash buffers, and gain a comprehensive view of total cash holdings, addressing common issues in cross-border payments such as settlement delays and increasing convenience in global market transactions.

The launch of UBS Digital Cash may have a dual impact on the cryptocurrency market. On one hand, UBS’s blockchain payment technology showcases the integration of digital payments and smart contracts within traditional financial institutions, potentially encouraging other banks or institutions to adopt blockchain technology and bolstering market confidence in these innovations. On the other hand, by relying on private blockchain solutions, UBS’s approach remains within a controlled environment. While it improves transparency and efficiency, it may also prompt further reflection on the unique value of cryptocurrencies and decentralized finance (DeFi). UBS Digital Cash’s success might inspire financial institutions to develop proprietary digital payment systems, potentially challenging the demand and use cases for Bitcoin and other public blockchains[17].

Funding News

According to RootData, only one project publicly announced new funding in the past 24 hours, with a total financing amount of $8.3 million in the infrastructure sector[18]:

Cytonic — Cytonic completed an $8.3 million seed funding round, with participation from Lemniscap, Lattice Capital, and others. Cytonic is a Layer 1 blockchain aiming to create a unique ecosystem open to all technologies used in Web3. Leveraging its distinctive multi-virtual machine technology, Cytonic seeks interoperability across all ecosystems without the need to be integrated into any single one.

Airdrop Opportunities

DeAgentAI
DeAgentAI is a decentralized AI agent platform focused on building an AI feedback incentive mechanism within Web3, enabling users to create and deploy their own AI agents. The project has raised $6 million in seed funding and recently launched the AlphaX initiative, integrating into the Bitlayer ecosystem as its most active project, with exclusive official support[19].

How to Participate:

1. Go to the AlphaX website, select the Bitlayer network, and connect your wallet.
2. Claim a cross-chain voucher and click ‘Free Bridge’ to redeem.
3. Complete the cross-chain transaction to transfer BTC funds into Bitlayer with no cross-chain fees.
4. Return to the AlphaX event page and click “Daily Check-in” to complete the daily attendance.
5. Enter the “market,” select a trading pair, and participate in the “vote for AI” (choose Agree or Disagree).
6. Each interaction incurs a gas fee of approximately 0.18 USDT (subject to network fluctuations), with the chance to win rewards from the prize pool.

Note:
The airdrop program and participation methods may be updated at any time. It’s recommended that users follow DeAgentAI’s official channels for the latest information. Users should exercise caution, assess risks, and conduct thorough research before participating. Gate.io does not guarantee future airdrop rewards distribution.


Reference：

1. Gate.io， https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue， https://sosovalue.xyz/assets/etf
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. Gate.io,https://www.gate.io/trade/SD_USDT
11. Soso Value，https://sosovalue.com/assets/etf/us-btc-spot
12. Soso Value，https://sosovalue.com/assets/etf/us-eth-spot
13. Coinglass，https://www.coinglass.com/BitcoinOpenInterest
14. Artemis，https://app.artemis.xyz/flows
15. News，https://www.voachinese.com/a/federal-reserve-cuts-its-key-interest-rate-by-a-quarter-point-20241107/7855744.html
16. Coindesk，https://www.coindesk.com/policy/2024/11/07/uk-lords-echo-support-for-digital-assets-property-bill/
17. UBS，https://www.ubs.com/global/en/media/display-page-ndp/en-20241107-ubs-digital-cash.html
18. Rootdata, https://www.rootdata.com/Fundraising
19. X，https://x.com/DeAgentAI/status/1854117258450407595

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