gate Research Institute: BTC enters the era of 90,000 US dollars, PNUT leads the way, and the Zoo-Themed zone has a 430% increase in 7 days

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Summary

Trump's appointments are coming in one after another, and the highest price of BTC has reached $93,000, officially entering the era of $90,000.
Short-term market sentiment is bullish, and the futures contracts have not closed position. The contracts show that the call options account for 63.37%.
Zoo-Themed zone has shown significant growth, with a 430.5% increase in the past 7 days. *Conflux Foundation launches a $500 million incentive program to support the development of PayFi ecosystem.
DeltaPrime has been attacked again, with significant on-chain fund movements.
The Bhutanese government holds 12,574 BTC, which is worth more than one-third of the country's GDP.

Market Analysis

Market Commentary

BTC Market Review —— The price of BTC rose by 3.62% in the past 7 days, with the current price at $90,203.5 and the highest price in the past 7 days at $93,265.8. After the results of the election were announced, BTC rose strongly in just a few days and reached $93,000 on November 13, breaking a new historical high. Currently, a short-term support level has formed at $85,000 and a resistance level at $93,000. If it can further break through this bottleneck, it is expected to continue to break new highs in the future. The continuous expansion of Spot Trading Volume also indicates the strong buying power of the market. This rise is driven by both the market's expectations for future monetary policy and the change in policy environment announced by Trump after Elon Musk and Vivek Ramaswamy led the government efficiency department, which also promotes the market's optimism about encryption assets. [1]

ETH Market —— ETH has risen by 12.42% in the past seven days, and has risen by 0.4% in the past 24 hours. Previously, ETH had once risen to $3,415, but with investors taking profits, the price fell back. Recent data shows that as the Consumer Price Index (CPI) rises, market expectations for further interest rate cuts by the Federal Reserve have increased, driving market sentiment towards optimism. However, in this rising trend, ETH's rise is inferior to BTC, and it has failed to continue the upward trend and set a new short-term high. The future performance still needs to observe the market's reaction to policy trends and whether ETH's own momentum can recover.【2】

**AltCoin —— **In the past 7 days, the AltCoin market has been significantly influenced by the BTC market, with a overall tendency towards rise. Among them, Cronos (CRO) has risen by 79.2%, Minswap (MIN) has risen by 72.3%, and Zipmex (ZMT) has seen a rise of 49.8%.【3】
Futures Market Update —— The overall sentiment in the current futures market is relatively positive, with longs dominating. The buy/sell ratio of BTC is positive, indicating a bullish outlook on its short-term price movement. In addition, the weighted funding rate remains positive, indicating investors' positive expectations for holding long positions. As of 4 AM on November 14th (UTC+0), the open call options accounted for 63.37% of the total Options volume, while the open put options accounted for 36.63%. Among them, the total volume of open call options exceeded 242k BTC, and the open put options exceeded 140k BTC. In the past 24 hours, the call options accounted for 59.40% of the volume, while the put options accounted for 40.60%. The call options volume exceeded 38k BTC, and the put options exceeded 26k BTC.【4】
Macro Data— The US October CPI data was basically in line with expectations. The unadjusted CPI rose by 2.6% YoY, and the core CPI rose by 3.3% YoY, rising 0.2% for the fourth consecutive month, with housing costs being the main driving factor. After the inflation data was released, traders increased their bets on a 25 basis point rate cut by the Fed in December, with the probability rising to 75.7%. In addition, Fed officials warned to be cautious about rate cuts and pointed out that there is still upward inflation risk. After the data was released, global markets fell sharply, with most commodities such as gold, silver, and crude oil falling. [5]
Stable Coin —— The overall market capitalization of Stable Coins has risen by 2.93% to $181.098 billion, with USDT accounting for 70.2% of the market capitalization.【6】
**Gas Fee - **This week Ethereum on-chain Gas fee reached its peak on November 13th, reaching a maximum of 132Gwei, with an average consumption of 44Gwei. [7]

Popular Concepts

This week, the price of BTC has pumped from $74,779 to $93,000, and the performance of various altcoin zones varies. According to CoinGecko and CoinMarketCap data, the Zoo-Themed, Pump.fun Ecosystem, and The Boy’s Club zones have shown significant increases this week, with pumps of approximately 430.5%, 157.2%, and 105.8% respectively in the past seven days. The common reason for the pump in these zones is the effect driven by the fear of missing out (FOMO) sentiment, becoming the hot spot followed by the market in the near term.

Zoo-Themed zone has pumped over 430% over the past seven days, with a market cap of $2.68 B as of November 14th. ** The Zoo-Themed zone refers to a collection of encryption projects centered around animal-themed, including a variety of Tokens and Non-fungible Token projects that mimic animal characters or ecological concepts. The Zoo-Themed projects attract a large number of users through the fun animal images and interactive virtual pets, especially excelling in the Non-fungible Token gaming and social interaction fields.

In this zone, Peanut the Squirrel (PNUT) surged by 1495.8%, Moo Deng (MOODENG) pumped by 58.8%, while Sudeng HIPPO (HIPPO) pumped by 162.0%. The pump of PNUT is mainly due to a tweet posted by Elon Musk, which sparked social media hype and the fear of missing out (FOMO) effect, driving a large number of investors to follow suit and buy in.

Pump.fun Ecosystem —— Pump increased by 157.2% in the past seven days, reaching a Market Cap of $7.75 B. The Pump.fun Ecosystem refers to the collection of tokens launched by the meme launching platform Pump.fun. Since its launch in January 2024, Pump.fun has quickly gained follow in the encryption community. Initially supporting the Solana network, in April, it expanded to include Layer 2 networks Base and Blast on Ethereum, further expanding its user base and functionality.

In this zone (excluding PNUT), GOAT, ACT, and FWOG have pumped 9.5%, 2751.1%, and 57.3% respectively in the past seven days, among which ACT has shown the most significant increase.

The Boy's Club —— Risen by more than 105.8% in the past seven days, Market Cap surpasses $12.07 B. The Token of The Boy's Club is usually associated with various functions within the platform, such as games, social interactions, and unique virtual activities. Its model is inspired by Meme coin and community-driven projects, focusing on gaining follow through user interactions and brand promotion. The growth of The Boy's Club zone is mainly driven by social interactions and community cohesion, making it a major highlight in the recent market.

In this zone, PEPE pumped 79.7%, BRETT pumped 28.5%, and PEPECOIN pumped 6.6%. Among them, the pump of PEPE was mainly driven by the listing of its Spot trading on Coinbase and Robinhood, which greatly increased its market Liquidity and trading opportunities.

Hot Coins

According to CoinGecko data, the following currencies have been popular in the past 7 days: [9]

Peanut the Squirrel (PNUT) - Recently, Peanut the Squirrel (PNUT) has been widely followed in the market, with a pump of 1513.6% in the past seven days, currently priced at $2.11. The rapid rise in the token price is mainly driven by the enthusiasm of investors and the increasing liquidity in the market, with a 24-hour volume of up to $5.77 billion and a market capitalization exceeding $2.1 billion. PNUT's strong performance has caused a fear of missing out in the market and has continued to pump the token price.

Pepe（PEPE）—— As a popular meme coin, Pepe (PEPE) has pumped 118.4% in the past seven days, currently priced at $0.0000235. PEPE Market Cap once exceeded 10 billion USD, hitting a historical high; currently around 9.7 billion USD, ranking 17th in the entire crypto market. Recently, the launch on Coinbase and Robinhood platforms has further enhanced market attention and volume. The 24-hour volume has reached 2.47 billion USD, with Market Cap approaching 9.9 billion USD, demonstrating strong market performance and investor confidence.

Dogecoin（DOGE）—— As a Cryptocurrency in the top ten of the Market Cap, Dogecoin (DOGE) has pumped 95.6% in the past seven days, currently priced at $0.3865. Dogecoin still maintains strong community support and market follow, with a 24-hour volume of $28.98 billion and a Market Cap of $289 billion. With the increasing market demand, the continuous pump of DOGE price further proves its status as a star coin in the Cryptocurrency. Recently, the main reason for DOGE pump is the positive evaluation of Dogecoin by Elon Musk. Secondly, the launch of Dogecoin-themed products on the Trump campaign website further intensifies the market's enthusiasm for meme coins. The Dogecoin frenzy in the Korean market has also brought premium trading for such Tokens, increasing investor participation. These factors have collectively driven the price pump of the DOGE Token.

Focus of the Week

Hotspot Review

The U.S. Department of Justice will investigate the gambling platform Polymarket, and the CEO of the company has responded to this. According to Bloomberg, the US Department of Justice is investigating Polymarket for allegedly violating the protocol reached with the Commodity Futures Trading Commission (CFTC) that allows US users to trade on the platform. The Federal Bureau of Investigation has issued a search warrant for Polymarket CEO Shayne Coplan and confiscated his related electronic devices. In response to the investigation, Polymarket CEO Shayne Coplan stated in a post: 'It is disappointing that the current administration would make a final push to pursue companies they believe are associated with their political opponents. We remain committed to being a non-partisan platform, and today is no exception. However, the current administration should take a moment of self-reflection and recognize that taking a more business-friendly and start-up-friendly approach could alter the outcome of their election. Polymarket has provided value to tens of millions of people during this election cycle without causing harm to others. We are proud of that.'

As the U.S. presidential election entered a heated phase, Polymarket reflected Trump's advantage earlier than the polling agencies. On election day, Polymarket predicted Trump's 97% chance of winning before the swing state results were announced in the mainstream media. The investigation of the Biden administration into Polymarket also highlights the differences between the two parties on the regulation of Crypto Assets and gambling policies.

Brazil's Central Bank promotes traditional Financial Institutions to enter the encryption market, small encryption startups face challenges The Central Bank of Brazil is paving the way for traditional Financial Institutions (TradFi) to enter the crypto market. The upcoming regulatory framework for the crypto market will provide clear operational guidance for Financial Institutions such as banks, brokers, and investment platforms. However, this framework sets a high Compliance threshold for small encryption startups, which may pose significant challenges for them to legalize their operations. The new draft regulations will establish minimum operating capital requirements for the encryption industry. For intermediary institutions, the minimum capital requirement is 1 million Brazilian reais (approximately 174,000 US dollars), while custody service institutions need to reach 2 million Brazilian reais (approximately 348,000 US dollars); and brokers with dual intermediary and custody businesses need to register 3 million Brazilian reais (approximately 522,000 US dollars). This is aimed at ensuring that these institutions have sufficient resources to safeguard customer funds, but it may also restrict the business activities of small encryption companies in Brazil.

The new regulation of the Central Bank of Brazil shows two important intentions: first, in the context of frequent problems in the global encryption market due to insufficient risk control, the Central Bank hopes to reduce the potential financial risks of the Brazilian encryption market and enhance investor confidence through strict Compliance requirements. Second, the regulatory framework also reflects the trend of traditional Financial Institutions entering the encryption market—although the early stage of the encryption industry is mainly dominated by innovative small companies, the capital strength and Compliance experience of TradFi give them a strong competitive advantage at a higher threshold.

Conflux Foundation Launches $500 Million Incentive Plan to Support PayFi Ecosystem Development On November 11th, Conflux announced the launch of the PayFi program, aiming to completely change the on-chain payment methods in the Web3 ecosystem. The Conflux Foundation will invest $500 million from the ecological fund to promote the development of PayFi-related components. Through this program, Conflux hopes to promote the popularity of on-chain payments and provide more efficient and cost-effective transaction solutions for the Web3 payment market.

Earlier in June, Conflux partnered with China Telecom to launch the first SIM card with Block chain account management functionality. In addition, Conflux also uses Hong Kong as a window to expand Financial Service for countries participating in the 'Belt and Road' initiative through its ecological enterprises. It can be seen that Conflux has been continuously laying out a long-term strategy for the global Block chain payment infrastructure and on-chain payment popularization, or is committed to building a cross-border Financial Service network that connects markets around the world.

PayFi is currently targeting the rapidly growing Web3 payment market, and the current development trend is to bring a more convenient on-chain payment experience. The architectural features of Conflux are as follows:

Block Settlement Layer: By using Conflux's secure Layer1 Block chain, PayFi aims to increase the number of transactions per second (TPS).
Asset Settlement layer: exploring various asset issuances such as offshore RMB, HKD, USD, etc., and developing local functions for stablecoins.
PayFi and Decentralized Finance protocol: Activating Decentralized Finance by integrating Financial Service into daily transactions, driving new rise incentives.
Access Layer: Connect consumers and businesses through the payment Wallet application, providing seamless Financial Service.

The multi-layer stack (settlement layer, asset layer, protocol layer, access layer) proposed by Conflux builds a comprehensive payment ecosystem that optimizes the trading experience from various dimensions. The PayFi zone of Web3 has entered a new era of rapid development, and Conflux's multi-layer stack architecture may inject new vitality into the Web3 ecosystem. [12]

Robinhood US relists Solana, Cardano and Ripple and lists PEPE Robinhood delisted SOL, ADA, and XRP in June 2023. The US Securities and Exchange Commission (SEC) categorized these tokens as unregistered securities in major cryptocurrency exchanges such as Binance and Coinbase, leading to regulatory uncertainty and prompting Robinhood to drop these assets to mitigate potential legal risks.

This announcement re-lists the previously delisted Cryptocurrency and adds the meme coin PEPE, possibly due to:

Regulatory Environment: With Trump's election, it is widely believed that the regulatory environment for cryptocurrency may become more favorable. This change may give Robinhood the confidence to reintroduce previously delisted assets.
User needs: Robinhood's decisions are largely in response to users' demand for more digital assets. The platform hopes to meet users' expectations by relisting these popular Tokens.

Robinhood is a Compliance platform for securities trading in the United States, with over 15.9 million active users. By reintroducing SOL, ADA, and XRP, Robinhood strategically demonstrates its ambition to enhance its competitiveness in the crypto market, while also providing a more convenient way for US users to participate in crypto asset investments, which is a significant Favourable Information for the market. [13]

Security Incident

DeltaPrime faces another attack, significant on-chain fund movement On November 11th, Decentralized Finance project DeltaPrime experienced another security incident, with significant fund movements on-chain, suspected to be under attack. DeltaPrime project previously operated mainly on-chain in ARB and AVAX Block, but now about $4.8 million worth of encryption assets have been stolen. [14]

According to on-chain monitoring data, the attacker transferred approximately $1.3 million of USDC funds to the LFJ (formerly known as Trader Joe) and Stargate's USDC Farm to increase Liquidity, possibly intending to further conceal the destination of the funds or exploit the Liquidity Mining mechanism to gain more profits.

It is worth noting that this is not the first time DeltaPrime has been attacked. On September 16th of this year, the on-chain monitoring platform Cyvers Alerts reported that DeltaPrime's administrator may have lost control of the project due to the leakage of the Private Key, resulting in a loss of about 4.5 million US dollars. The previous attack had already raised concerns in the market about the security of DeltaPrime, and this attack undoubtedly further exacerbated this uneasiness.

This incident once again exposes the weaknesses of Decentralized Finance projects in on-chain Private Key management and security protection, especially in cases involving large amounts of funds, where security vulnerabilities can lead to serious consequences.

Project follow

BIO Protocol BIO Protocol (BIO) is a groundbreaking protocol that utilizes blockchain technology to revolutionize funding for early-stage scientific research projects. BIO can be considered the Y Combinator of on-chain science. The platform enables scientists, patients, and investors worldwide to jointly fund, develop, and collectively own new drugs and therapies through its Decentralized Autonomous Organizations (BioDAOs) network in the field of biotechnology. The protocol's innovative approach addresses structural issues with traditional scientific funding, particularly in the areas of rare diseases, aging research, and emerging health challenges. Currently, BIO's network consists of seven BioDAOs focused on different areas such as cryopreservation, women's health, and mental health.

BIO Protocol has completed the community Token financing Genesis Round 2.5, and the BIO Genesis Auction has accumulated a total of 15.8 million dollars. The funds will drive the expansion of the BioDAO ecosystem, provide seed funding for new BioDAOs, and build a more powerful community and service provider network supported by tokenomics. This will help realize the vision of BIO, creating autonomous infrastructure for scientific funding and acceleration, driven by advances in artificial intelligence, drug design, and open source computational biology.

DeSci is an emerging new track, the Decentralization model greatly reduces the threshold for personal participation, making it easier to access and share professional information, no longer limited by traditional organizational structures. In addition to BioDAOs, other Decentralized Autonomous Organizations such as Antidote DAO, VitaDAO, CRISPR DAO have been established, aiming to explore the unknown areas of life science.【15】

Highlighted Data

Crypto Assets market Get Liquidated data: Over 850 million USD liquidated within 24 hours, affecting as many as 252,580 traders On November 13th, BTC experienced a severe fluctuation, quickly rising to $93,000 and then pulling back to around $87,000 in a short period of time. In the past 24 hours, the total amount of liquidation has reached $850 million, with $523 million from long orders and a staggering $326 million from short orders, accounting for 62% of the total liquidation amount. A total of 252,580 traders were liquidated. Recently, although crypto assets have experienced obvious pumps, the overall price fluctuation is still significant. Investors who are bullish or bearish on the future market need to use leverage cautiously. [16]

The Bhutanese government holds 12,574 BTC, which is worth more than one-third of the country's GDP According to Arkham data, the government of Bhutan holds 12,574 BTC. World Bank data shows that Bhutan's latest GDP is $2.89 billion (2022), with the rapid rise in BTC price, the BTC market capitalization held by the Bhutanese government has exceeded $1 billion, more than one-third of its GDP. Due to the decentralized on-chain addresses of BTC holdings by governments around the world, Arkham estimates that Bhutan may have become the fourth-largest sovereign country in terms of BTC holdings. With the increasing wealth effect brought by BTC, an increasing number of sovereign countries may include BTC in their national strategic reserves. In the future, the amount of BTC holdings may become an important indicator to measure the economic strength of a sovereign country. [17]

Dune Analytics introduces a new metric, Dune Index, On November 11, Dune Analytics launched a data index called the Dune Index, which tracks the adoption of the Blockchain in real time. The index provides a meaningful summary of on-chain activities by conducting in-depth analysis of 20 different on-chain Blockchain transactions, payment fees, and net value transfers. The three underlying indicators of the Dune Index are Money Laundering, transaction volume, and fund inflow/outflow. The benchmark date for the index is January 1, 2018. The weights for Money Laundering and fund inflow/outflow are both 45%, while the weight for transaction volume is 10%. This weight distribution takes into account the differences in how different Blockchains process transactions, and that transaction volume usually does not directly reflect adoption rates like fees and transfers. The final index represents the comprehensive impact of these three indicators, collectively indicating the adoption rate of on-chain activities.

The latest Dune Index is 58 (November 4), the highest since March 2024, reflecting the increase in on-chain transaction activity in the past two months. The top three public chains with the highest index contribution are Solana, Ethereum, and Bitcoin.

Market Opportunities

Project Airdrop

This week's Airdrop projects to follow are:

CLND Colend is the leading decentralized lending protocol on the Core on-chain, which is the fastest rising BTC sidechain. According to Defillama data, since its launch in May 2024, Colend's TVL has risen rapidly to $252 million. BTCFi is transforming BTC into productive assets, allowing holders to earn income through lending and staking, while supporting the long-term security of BTC. Currently, BTCFi market accounts for less than 1% of the total cryptocurrency market capitalization, therefore, it has tremendous potential for growth. Colend innovates through its unique ve(3,3) governance model, giving users substantial influence over reward distribution.

gate is currently warming up for CLND Mining, which will officially start on November 14, 2024, 18:00 (UTC+8). [Startup New Coin Mining Event]

Note: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow XION's official channels to obtain the latest information. At the same time, users should participate with caution, pay attention to risks, and conduct sufficient research before participating. gate does not guarantee the subsequent distribution of Airdrop rewards.

Financing Weekly Report**

This week witnessed several important financing activities in the cryptocurrency and blockchain field, involving AI blockchain, stake services, fintech, and more. According to RootData statistics, between November 8th and November 14th, a total of 19 projects announced financing, totaling 1.3955 billion US dollars. Among them, 0G, StakeStone, and Wyden ranked top three in financing amount, with 40 million US dollars, 22 million US dollars, and 16.4 million US dollars respectively.

The following are the top three financing amounts:

0G —— Completed a $40 million seed round of financing on November 13, led by Hack VC and Delphi Digital, and supported by 10 investment institutions. 0G is a modular AI blockchain designed specifically for AI dapps, with a scalable Programmability DA layer, aiming to achieve frictionless inter-chain interoperability while ensuring security, eliminating fragmentation, enhancing connectivity to support the open and weightless metaverse. This funding will be used for product development and marketing to drive the application and expansion of 0G technology in the AI dapp field.

StakeStone - Raised $22 million on November 11th, led by Polychain and Nomad Capital, with a total of 16 investment institutions participating. StakeStone is a Liquidity stake derivative basket (LSDb) Token with ETH stake income as support, integrating mainstream staking pools, Re-Stake, and LSD blue-chip Decentralized Finance strategy income, providing a new high-adaptability stake income underlying asset for all protocols. The funds will be used to develop StakeStone's stake service, increase Crypto Assets liquidity and income, while ensuring network security and Decentralization.

Wyden - completed a $16.4 million Series B financing on November 14th, led by FiveT Fintech and C3 VC Fund, with a total of 3 investment institutions participating. Wyden ensures optimal execution through market-wide connectivity and end-to-end digital asset orchestration, seamless integration with major custody, core banking, and portfolio management system providers, making it a leading institutional trading platform covering the entire transaction lifecycle of cryptocurrency and digital assets. The funds will be used to expand the business, enhance product functionality, or enter new markets to improve Wyden's service capabilities and market competitiveness as an institutional trading platform.

Next week follow

Token unlocking

According to the data of Token Unlocks, several important Token unlocking events will occur in the market next week (2024.11.15-11.21). The total unlocking value exceeds 225.28 million USD.【20】

The situation before unlocking next week is as follows:

Starknet (STRK) plans to unlock approximately 64 million tokens on November 15th, accounting for 3.05% of the current Circulating Supply. Based on the current market price, the value of the unlocked tokens is approximately 31.28 million US dollars. This unlocking is part of the token release plan for early contributors and investors of Starknet, aiming to gradually introduce more tokens into the circulation market to support the ecosystem development and decentralized management of Starknet. The quantity of unlocked tokens in this unlocking has been reduced compared to the original plan. After listening to community feedback, Starkware company adjusted the unlocking schedule to alleviate market pressure and promote token price stability.

Mintlayer (ML) plans to unlock approximately 9.91 million tokens on November 16th. This unlocking amount accounts for 6.28% of the current Circulating Supply. Based on the current market value, the value of these tokens is approximately 1.2 million US dollars. Mintlayer is a Layer 2 extension solution based on Bitcoin (BTC), aiming to bring BTC into the Decentralized Finance (DeFi) field through atomic swaps and ZK-rollups technology, enabling Cross-Chain Interaction exchange and Decentralization finance.

OmniFlix Network (FLIX) plans to unlock approximately 15.31 million tokens on November 17th. This amount accounts for 3.91% of its current circulating supply. Based on the market valuation at that time, the total value of these tokens is approximately 2.4 million US dollars. OmniFlix Network is an interoperable p2p network for creators and sovereign communities (such as DAOs), focusing on minting, managing, monetizing, and coordinating issuance activities around Non-fungible Tokens (NFTs).

encryption Calendar

Next week (2024.11.15-11.21) will usher in a series of important events that will have a profound impact on the Cryptocurrency market, the global economy, and the energy market. HKEX will launch a virtual asset index series on November 15, marking a further integration of TradFi and the cryptocurrency market, providing investors with a new tool to participate in the encryption market, while the virtual asset index can reflect the performance of the overall encryption market. The G20 summit, which will be held on November 18-19, will focus on the coordination of global economic and financial policies, which will have a significant impact on the direction and policy trends of the global economy. [21] In addition, Fed Chair Jerome Powell will participate in a dialogue entitled "Global Perspectives" on November 18, and his remarks may have a significant impact on the global economy and monetary policy, especially in the context of the current multiple challenges facing the global economy. 【22】

References

Gate.io,
Gate.io,
Coingecko,
Cryptoquant,
Bls,
Defillama,
Etherscan,
Coingecko,
Coingecko,
Bloomberg,
Valor,
Conflux,
X,
X,
X,
Coinglass,
X,
Dune,
Rootdata,
Unlocks,
Panews,
Jin10,

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