Summary

• On the 18th, Ethereum performed better than BTC, with ETH pumping 4.26% in the past 24 hours, while BTC pumped 0.67%.
• DeSci, Sports, Metaverse and other zones pumped by 58.12%, 14.38%, 13.94% respectively
• Vitalik visits a zoo in Thailand, MOO DENG leads the meme coin zone on the ETH blockchain
• The correlation between BTC and Nasdaq has dropped to 0.46, hitting a new low in nearly five years
• BlackRock iShares Bitcoin Trust (IBIT) Options are expected to go live on November 19th.
• BTC mining company Marathon plans to issuance 7 billion US dollars of convertible notes, with some of the funds to be used to purchase BTC

Market Commentary

According to gate market data, as of 4:00 on November 19 (UTC+0) [1]:

• BTC —— The price has risen by 0.26% in the past 24 hours, and is currently quoted at $91,029.82, with a 24-hour high of $92,584. The price fluctuated between $89,450 and $92,150 yesterday, with balanced buying and selling pressure, forming short-term support and resistance. At 14:00 on November 18th (UTC+0), BTC rebounded after touching the first support level of $89,500. In the short term, attention is needed to see if it can stabilize above $88,680. If it fails to hold, it may test the support range of $88,680 to $87,345. If it holds, there is a chance to test the resistance near $92,570 to $93,000.

• ETH - The price of ETH has pumped by 4.26% in the past 24 hours, currently priced at $3,207. After touching the support level near $3,051 yesterday, it rebounded but failed to hold above $3,100. The key support level is in the range of $3,051 to $3,000. If it successfully closes above $3,051, the market may continue to rise, and attention should be paid to the subsequent resistance levels above. 【2】

• ETF - On November 18, the net inflow of BTC ETF in the United States exceeded $254 million, while the outflow amount of ETH ETF was $39.08 million【3】
• AltCoin - AltCoin has maintained a strong performance in the recent consolidation of the market. Among them, Decentralized Science (DeSci), Sports, Metaverse, and other zones have pumped by 58.12%, 14.38%, 13.94% respectively. The meme coins leading RIF and URO in DeSci have continuously reached new highs in the past two days, with a current market capitalization of approximately $200 million and $300 million, demonstrating market's follow to emerging fields and innovative concepts.【4】
• **The three major US stock indexes ** - the S&P 500 index pumped 0.39%, the Nasdaq index pumped 0.60%, and the Dow Jones index fell 0.13%.【5】
• Spot Gold - The spot gold price is at $2,616 per ounce, pumping 0.16% intraday.【6】
• **Fear and Greed Index **- The Fear and Greed Index has increased from 83 to 90, indicating extreme greed in the market. Investors need to be cautious of the short-term pullback risk.【7】

Popular Token

According to the gate market data [8], combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows:

MOO DENG - The single-day increase is about 85.6%, with a circulating market capitalization of $60.22 million. MOO DENG is a community-driven meme coin on the Ethereum blockchain, inspired by the famous dwarf hippo at Khao Kheow Zoo in Thailand. This hippo has become an internet sensation and attracted a wide following due to its amusing interactions with the zookeepers, creating a unique internet culture phenomenon. Recently, Vitalik Buterin, co-founder of Ethereum, sold a large amount of MOO DENG tokens and donated the proceeds to charity.

According to a recent post by MOO DENG administrators, Vitalik Buterin dressed in a hippopotamus pattern went to the zoo to visit MOO DENG, a baby hippopotamus, which sparked widespread market followers and may have pushed the price of MOO DENG Token to soar by more than 142%. Although the post has since been removed, its impact is still significant, attracting a large number of investors.

BAN - The single-day increase is about 60.46%, with a circulating market value of $279 million. Comedian (BAN) is a meme coin based on the Solana blockchain, inspired by the famous artwork 'Comedian', which is a banana taped to a wall. This project is the first meme coin to introduce the concept of real-world assets, giving tokens a unique real value and symbolic meaning. In addition, the endorsement by the Vice President of Sotheby's further increases the attention on BAN in the fields of art and cryptocurrency.

Yesterday, a major exchange announced support for BAN/USDT Perptual Futures Trading and provided up to 75x leverage option, which boosted market sentiment, causing the short-term pump of BAN price to exceed 50%. [9]

FB —— Single-day increase of approximately 44.7%, circulating Market Cap is 3,597 million US dollars. Fractal Bitcoin (FB) is a Sidechain based on BTC, which uses recursive expansion technology to enhance the scalability of BTC. Its Block confirmation time is only 30 seconds, much faster than BTC's 10-minute confirmation time, thus significantly improving transaction speed and network throughput. In addition, Fractal Bitcoin supports the OP_CAT opcode, allowing developers to create complex Smart Contracts, attracting a large number of developers and investors to follow.

Recently, Fractal Bitcoin has collaborated with a major centralized exchange to launch a merged mining activity. As a result, the price of FB has seen a significant pump. [10]

Highlighted Data

USDC Treasury destroys over 118.5 million USDC on the ETH blockchain Around 7:54 a.m. Beijing time, the USDC Treasury destroyed 118,573,070 USDC on the ETH blockchain. Such destruction operations are a common means for stablecoin issuers to adjust market supply and may be related to changes in market demand or liquidity management strategies. The supply adjustment of USDC reflects the issuer's strategy in managing Fiat Currency anchoring and market liquidity, driven by macro market conditions and user redemption demand.

Raydium set a record high of $11.31 million in transaction fee revenue Driven by the memecoin craze, Solana's DApp ecosystem has recently hit a new high in fee income. According to DefiLlama data, in the past 24 hours, Solana's protocol has taken up half of the top ten spots in fee income rankings.

On November 17th, Automated Market Maker Raydium set a new record with a daily fee of $11.31 million. The daily fee of liquid staking protocol Jito also reached $9.87 million, ranking third in history. In addition, the daily fees of memecoin launch platform pump.fun and Telegram trading bot Photon reached $1.65 million and $2.36 million respectively, both setting new historical highs.【13】

The US Import and Export Price Index rebounded last month According to data released by the US Department of Labor in November, US import prices pumped 0.3% month-on-month in October, reversing the previous months' downward trend, mainly driven by fuel price increases. In the past year (October 2023-October 2024), import prices have accumulated a pump of 0.8%, reflecting energy price fluctuations and supply chain pressures. As for export prices, they pumped 0.8% month-on-month in October, showing some improvement compared to a 0.6% decrease in September, but still declined 0.1% year-on-year, indicating limited recovery in export demand. Overall, the asymmetry of import and export price fluctuations indicates that the US faces multiple challenges in maintaining trade balance, especially in terms of supply chain, energy, and demand structure adjustments. [14]

AltCoin weekly trading volume surpasses $300 billion According to Kaiko's data, the weekly volume of altcoins has exceeded 300 billion US dollars, reaching a new high since 2021, reflecting the increased activity in the altcoin market and investor interest. DOGE, XRP, SOL, and PEPE have made significant contributions to the altcoin volume, accounting for 60% of the total volume, driven by their strong community support, brand effects, or specific market events.【15】

BTC's correlation with US stocks hits a five-year low According to Coindesk research, the correlation between BTC and US stocks and Ethereum has recently weakened. In 2024, the correlation between BTC and Nasdaq dropped to 0.46, significantly lower than the past five years, and even briefly turned negative in September. In addition, the correlation between BTC and Ethereum also dropped to 0.35, indicating a divergence in the market performance of the two. As BTC becomes the seventh largest asset by Market Cap, market understanding of it deepens, and its trading is expected to no longer rely entirely on correlation with other assets.

Hotspot Review

The US SpotBTC ETF Options is coming soon The Options Clearing Corporation (OCC) of the United States announced that it is ready to provide clearing and Risk Management services for the upcoming SpotBTC ETF Options. Among them, iShares BTC Trust (IBIT) Options from BlackRock is expected to officially launch on November 19th (Tuesday) and become the first Options trading product linked to SpotBTC ETF. These Options will be regulated by the U.S. Securities and Exchange Commission (SEC) and do not require approval from the Commodity Futures Trading Commission (CFTC).

OCC announced to provide clearing services for SpotBTC ETF Options, marking the official start of the Derivatives market for BTC ETF. This will further promote the financialization of BTC and attract more traditional Financial Institutions and retail investors to get on board. With the active trading of Options, it is expected to increase the volatility of BTC, providing traders with more diversified investment strategies. At the same time, the development of the Options market will also improve the Derivatives ecosystem of BTC and enhance market liquidity.

BTC mining company MARA plans to issuance $700 million convertible notes, with some of the funds to be used to purchase BTC On November 18th, BTC mining company Marathon Digital Holdings (NASDAQ:MARA) announced that it will issue a total of 700 million US dollars in convertible senior notes to qualified institutional investors, and may additionally issue 105 million US dollars. The notes will mature on March 1, 2030, and will pay Interest semi-annually from March 1, 2025.

According to the company's announcement, part of the funds from this financing - not exceeding 200 million US dollars - will be used to repurchase existing convertible bonds due in 2026. The remaining funds will be mainly used for strategic increase in Bitcoin holdings and to support general corporate purposes, including working capital, strategic acquisition, asset expansion, and debt repayment, etc.

This move may be based on MARA's bullish attitude towards the future BTC market. MARA also aims to optimize its debt structure to reduce the pressure from existing debt maturity. By increasing its holdings of BTC, the company is expected to further consolidate its strategic position in the cryptocurrency field. However, the issuance of convertible bonds may also lead to future dilution of shares and have a certain impact on the value of shares held by current shareholders. As a result of this news, MARA's stock price fell more than 14% on the same day. [18]

Ai16z and Ryze Labs announce collaboration to launch AICombinator program, establishing a $5 million fund to support developers On November 18th, Ai16z and Ryze Labs jointly announced the launch of the AICombinator program and set up a $5 million fund to promote the growth of the Ai16z ecosystem. As the world's first AI-driven venture capital firm, Ai16z and Ryze Labs will focus on investing in projects that intersect AI and encryption. Project founders will have the opportunity for early access to new features of the Eliza framework at Ai16z. The Eliza framework is a flexible AI tool widely used to create encryption AI agents that can interact with Discord and X.

The combination of AI and encryption technology is becoming a key development trend. Through the partnership between Ai16z and Ryze Labs, AICombinator plans to provide an opportunity with the potential to change the encryption field, especially in vertical fields such as transactions and asset management. The early application of the Eliza framework will provide developers with powerful tools, while the $5 million funding pool will support emerging projects and promote the growth of this emerging ecosystem. Nevertheless, the strict screening of project quality also indicates that investors hope to ensure the sustainable development and innovation of the ecosystem. [19]

Airdrop Opportunity

Lisk - Lisk is an innovative Layer 2 network on the Ethereum blockchain, aiming to provide an efficient and scalable blockchain platform. Lisk is built on the Optimism's OP Stack development framework and Gelato service platform, focusing on real-world assets and decentralized physical infrastructure. As the first Layer 1 application transitioning to Layer 2, its mission is to make blockchain technology more accessible and impactful.

Since launching Testnet in February this year, Lisk Mainnet went live last week. The current round of Lisk Airdrop will start on November 21, and the first season is expected to last for four months. Users can earn points by completing tasks on the Lisk platform, and the amount of LSK TokenAirdrop received will be determined based on these points.【20】

Participation Rules:

1. Opening time: 21 November 2024 - 21 March 2025 (UTC+8), Beijing time.
2. This round releases: 10 million LSK Token.
3. Unlock method: 2/3 unlock.
4. Participation method: Users receive Tokens based on the completion of tasks, and the quantity received is determined by the total points.

Tip: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow Lisk's official channels to get 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.

Reference:

1. Gate.io,
2. Gate.io,
3. Soso Value,
4. CoinGecko,
5. Investing,
6. Investing,
7. Gate.io,
8. Gate.io,
9. X,
10. X,
11. Dune,
12. X,
13. Defillama,
14. Bls gov,
15. Kaiko,
16. Coindesk,
17. CFTC,
18. MARA,
19. Decrypt,
20. Lisk,

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