TL;DR

• BTC experienced a notable pullback from its recent highs, briefly dropping below $92,000, with a 24-hour decline of 4.98%.
• ETH showed strong performance, repeatedly testing the upper resistance level of $3,500, rising 1.60% in 24 hours.
• PUFFER surged by more than 37% in a single day, leading gains in the altcoin sector.
• The Ethereum network’s USDT supply surpassed that of the Tron network, marking the first time since June 2022.
• The UK Financial Conduct Authority (FCA) plans to implement a cryptocurrency regulatory framework by 2026.
• MicroStrategy invested $5.4 billion to acquire 55,500 BTC, bringing its total holdings to over 380,000 BTC.

Market Analysis

According to Gate.io market data, as of 4:00 (UTC+0) on November 26[1]:

• BTC — The price of BTC dropped by 4.98% over the past 24 hours, currently trading at $93,023. During this period, the highest price was $98,855, and the lowest was $92,607. Starting at 14:00 (UTC+0) on November 26, Bitcoin’s price began to decline, crashing through the key support level of $95,000 and the upward trend that had been in place since November 12. The current trend indicates bearish momentum. Strong support is located at $85,000, with short-term support at $92,500. If the price continues to decline, it may test this critical support zone; otherwise, a rebound could lead the price to retest the $95,000 resistance level.

• ETH — The price of ETH rose by 1.60% over the past 24 hours, currently trading at $3,415. During this period, the highest price was $3,546, and the lowest was $3,301. Despite downward pressure from Bitcoin, Ethereum has demonstrated remarkable strength, repeatedly testing the upper resistance level of $3,500, though a decisive breakthrough has yet to occur. If this resistance is breached, further upward movement may follow. However, if Bitcoin continues its decline, Ethereum’s trend may be affected. That said, Ethereum shows potential for recovery, especially when reaching strong support zones, such as the $3,260–$3,030 range.

• ETF — On November 25, U.S. BTC ETFs recorded a net outflow of $438 million, while ETH ETFs saw a net inflow of $2.83 million[2].
• Altcoins — Sectors like Liquid Staking Governance Tokens, Lending/Borrowing, and Restaking posted gains of 4.1%, 3.9%, and 3.8%, respectively[3].
• U.S. Stock Market Indices — The S&P 500 rose by 0.30%, the Nasdaq increased by 0.27%, and the Dow Jones climbed by 0.99%[4].
• Spot Gold — Spot gold prices fell to $2,612 per ounce, marking a daily decrease of 0.51%[5].
• Fear and Greed Index — The index dropped from 82 yesterday to 79, indicating the market remains in a state of extreme greed, albeit with reduced intensity[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:

PUFFER — Daily gain of approximately 37.2%, with a circulating market cap of $41.55 million. Puffer is a decentralized platform designed to enhance Ethereum’s scalability and security through innovative restaking and roll-up solutions. Its suite of synergistic products includes Liquidity Restaking (LRT), roll-up-based and restaked validators, AVS (Advanced Validator Staking), and UniFi-powered pre-confirmation AVS. By leveraging a roll-up stack, Puffer addresses Ethereum’s liquidity fragmentation while offering instant settlements and 100-millisecond transaction times. Recently, news of PUFFER’s listing on a new centralized exchange has garnered significant attention, likely contributing to the token’s surge[8].

MORPHO — Daily gain of approximately 36.3%, with a circulating market cap of $118 million.
Morpho is an open, efficient, and resilient platform enabling anyone to earn yields and borrow assets. Lenders can utilize Morpho Vaults, a user-friendly non-custodial lending system, to optimize returns, while borrowers can directly access any asset through Morpho Markets. Recently, Morpho integrated with the Superlend platform, adding new Morpho Markets functionality. This allows users to compare rates across platforms like Morpho, Aave, Compound, and Fluid Vaults and track Morpho holdings in the portfolio section. This update has enhanced platform accessibility, potentially driving market demand and the token’s price increase[9].

ZRC — Daily gain of approximately 35.3%, with a fully diluted market cap of $685 million.
Zircuit ($ZRC) is an Ethereum Virtual Machine (EVM)-compatible zero-knowledge roll-up designed for faster and more secure blockchain transaction processing. Recently, ZRC enabled trading and staking pools for $ZRC tokens on Gate.io, attracting widespread participation from the crypto community. Several other notable trading platforms have also joined in, fueling a 24-hour price increase of over 34%. The current trading price is approximately $0.06725, with $6.51 million in inflows.

Data Highlights

Cryptocurrency Investment Products Hit Weekly Inflow Record of $3.13 Billion
According to the latest report from CoinShares, cryptocurrency investment products saw a record-breaking inflow of $3.13 billion last week, pushing the total inflow for 2024 to date to $37 billion, marking a historic high. Bitcoin investment products dominated with $3 billion in inflows. Interestingly, despite Bitcoin’s price reaching new highs, short Bitcoin products also recorded $10 million in inflows.

Solana outperformed Ethereum, attracting $16 million, compared to Ethereum’s modest $2.8 million inflow. While the U.S. market drove significant inflows, regions such as Germany, Sweden, and Switzerland experienced outflows, reflecting profit-taking behavior by investors as prices peaked.

This data underscores that Bitcoin and major cryptocurrencies remain the primary focus for investors. Altcoins like Solana are showing strong market demand but still lag far behind Ethereum. While profit-taking in some markets has led to localized outflows, the overall positive sentiment suggests that crypto assets remain well-positioned to attract capital[10].

Today’s On-Chain Capital Flows: Solana Net Inflows of $15 Million, Ethereum Net Outflows of $18.4 Million
According to Artemis data, today’s net capital flows show $15 million inflows to Solana, $3.7 million to Base, and $1.6 million to Starknet, while Ethereum recorded $18.4 million in net outflows. This trend reflects shifting investment preferences across blockchain ecosystems.

Solana has recently attracted significant capital, partly driven by surging demand for stablecoins, particularly USDC and USDT, which has invigorated its ecosystem. Additionally, Solana has witnessed a remarkable increase in decentralized finance (DeFi) trading volumes, with weekly transaction volumes hitting record highs, underscoring its growing competitiveness in the market.

Meanwhile, Ethereum’s outflows may be linked to increasing investor interest in Layer 2 solutions, prompting a reallocation of capital to other on-chain projects with potentially higher growth opportunities[11].

Taiko TVL Surpasses $370 Million, Sets New All-Time High
According to data from DefiLlama, Taiko’s total value locked (TVL) surpassed $370 million on November 25, marking a historic high with a monthly growth rate of over 4,200%. This significant surge is largely attributed to the strong performance of its decentralized finance (DeFi) protocols, particularly TakoTako and iZiSwap, both of which have TVLs exceeding $50 million and monthly growth nearing 3,000%.

In addition, Taiko’s daily transaction volume reached $1.65 million, demonstrating widespread adoption of its infrastructure. With increasing demand for Ethereum scalability solutions, Taiko has attracted substantial attention from investors and developers thanks to its efficient and low-cost transaction capabilities[12].

Ethereum Network’s USDT Supply Surpasses Tron for the First Time Since June 2022
As of November 26, the supply of USDT on the Ethereum network has reached 66.936 billion tokens, surpassing the 61.77 billion tokens on the Tron network. This marks the first time since June 2022 that Ethereum has overtaken Tron in USDT supply. Throughout 2024, Ethereum’s USDT supply has grown by nearly 62%, compared to Tron’s growth of 24.4%.

The rapid growth of Ethereum’s USDT supply is primarily driven by improved market sentiment. Bitcoin’s recent approach to its all-time high and strong expectations for spot Bitcoin ETF approval have attracted significant institutional inflows. Additionally, Ethereum’s role as the leading DeFi chain offers significant advantages in institutional adoption and stablecoin liquidity. Meanwhile, Tron continues to maintain its competitive edge in cross-border payments due to its low transaction fees and high transaction speed, illustrating the distinct advantages of each network[13].

Spotlight Analysis

UK Financial Conduct Authority to Launch Cryptocurrency Regulatory Framework by 2026
On November 26, the UK Financial Conduct Authority (FCA) announced its roadmap for cryptocurrency regulation, aiming to implement a comprehensive framework by 2026. Earlier reports indicated that the FCA plans to release a discussion paper on market abuse and information disclosure by the end of this year, followed by policy documents in early 2024. These will address critical areas such as stablecoins, trading platforms, staking, crypto-asset exposures, and lending[14].

The UK’s crypto-asset market has seen sustained growth in recent years. Approximately 7 million adults in the UK now hold crypto assets, representing a significant portion of the adult population. This figure marks a 4% increase compared to two years ago, reflecting growing public interest in crypto assets. Economic Secretary to the Treasury Tulip Siddiq recently confirmed that the government will introduce regulatory proposals for cryptocurrencies and stablecoins early next year, further strengthening the policy framework.

The FCA’s roadmap underscores the UK’s commitment to regulate the crypto industry. This initiative aims not only to standardize market practices and protect investor interests but also to establish the UK as a leader in global cryptocurrency regulation. As the policies roll out, the industry may face increased transparency and compliance requirements. While this poses challenges for trading platforms and related projects, it also presents opportunities to enhance trust and bolster market standing. Striking a balance between regulation and innovation will be crucial to the success of these measures.

MicroStrategy Invests $5.4 Billion to Acquire 55,500 BTC, Total Holdings Exceed 386,000
MicroStrategy recently announced that between November 18 and 24, it purchased 55,500 Bitcoin (BTC) for approximately $5.4 billion, at an average price of $97,862 per Bitcoin. This acquisition brings the company’s total Bitcoin holdings to 386,700 BTC, valued at around $21.9 billion, with an average purchase price of $56,761 per Bitcoin. The transaction followed MicroStrategy’s successful issuance of $3 billion in convertible bonds last week. The bonds were issued with a 0% coupon rate and a conversion price of $672.4, raising $2.97 billion in net proceeds.

MicroStrategy’s continued accumulation of Bitcoin demonstrated its strong confidence in Bitcoin’s long-term value, especially as the company expands its cryptocurrency investments through convertible bond financing. According to a tweet by MicroStrategy founder Michael Saylor, the company achieved a 35.2% quarterly return and a 59.3% year-to-date return on its Bitcoin investments in 2024, showcasing the positive outcomes of its strategy.

However, MicroStrategy’s highly leveraged approach has raised concerns about its financial risk, particularly given the volatility of the cryptocurrency market. While the company’s growing Bitcoin holdings bolster its position in the crypto sector, they also increase exposure to market fluctuations, making it a strategy that investors should monitor closely[15].

Avalanche 9000 Testnet Goes Live with $40 Million Developer Incentive
According to a November 25 announcement, the Avalanche9000 testnet officially launched on the Fuji testnet and is expected to transition to mainnet in the coming months. This upgrade reduces deployment costs by 99.9%, enables cross-chain communication, and unlocks over $40 million in retrospective rewards for developers. The upgrade builds on technical advancements from the Etna upgrade and incorporates community proposals ACP-77 and ACP-125.

One major change is the renaming of Avalanche subnets, now referred to as Layer 1 (L1). Despite the rebranding, Avalanche confirmed that the operational mechanisms of its subnets remain unchanged, continuing to support horizontal scaling without creating compound dependencies on custom blockchains. Avalanche’s L1 network will operate as either permissioned or permissionless, offering varying levels of validator participation and reward control.

A significant improvement is the removal of the requirement for subnet validators to stake 2,000 AVAX tokens and synchronize with the Avalanche mainnet. Instead, validators will now pay an ongoing fee based on the number of validators. According to Avalanche, this change introduces a fixed per-second fee model, resulting in substantial cost savings for validators[16].

Funding News

According to RootData, three projects announced funding rounds in the past 24 hours, collectively raising over $14 million, with the largest single funding amount reaching $10 million. These projects span the DeFi and gaming sectors. Here are the top three by funding size[17]:

Kernel — Kernel raised $10 million in a round backed by SCB Limited, Laser Digital, Bankless Ventures, and Hypersphere, among others. Kernel offers a comprehensive suite of DeFi products, including the cross-chain restaking infrastructure Kernel, the Ethereum-based liquid restaking protocol Kelp, and the RWA tokenized yield protocol Gain. The KERNEL token serves as the governance token connecting these protocols to enable ecosystem synergy.

OpenTrade — OpenTrade secured $4 million in an expansion seed round led by AlbionVC, with participation from a16z Crypto and CMCC Global. Built on Circle’s payments and DeFi infrastructure, OpenTrade allows regulated asset managers to create yield-bearing on-chain lending products. Users can deposit USDC or EURC into on-chain vaults that adhere to specific investment standards and target returns.

Qooverse — Qooverse completed a pre-seed funding round, with the amount undisclosed, backed by Paper Ventures, Animoca Brands, and others. Qooverse is a Web3 gaming studio founded by former Tencent and Goldman Sachs executives. Its mission is to redefine social gaming through blockchain integration and deep ties with social media, offering gamified social experiences. Qoomon, its flagship title, is a fast-paced card game where players earn rewards by achieving victories.

Airdrop Opportunities

WORLD3 — WORLD3 is an AI-powered multichain metaverse platform, bridges Bitcoin and Turing-complete blockchains to offer immersive 2D and 3D gaming experiences. The project recently raised $5.5 million in funding and has launched a mining mini-game campaign where participants can earn points and USDC. The campaign runs until December 11, 2024, and participants may also qualify for airdrop rewards expected during the TGE (Token Generation Event) in Q1 2025[18].

How to Participate:

1. Link your wallet and email via the provided link[19].
2. Navigate to the BASE Miner Campaign and click to enter.
3. Complete the social tasks as instructed to receive a Pass.
4. Access the mining page, double-click blocks to mine, and after completing 10 blocks, click “Roll Up” to sync progress and confirm wallet transactions. The rewards window will display your earnings (e.g., points, USDC).
5. Click the dragon icon in the lower right corner to access the task page, check rankings, generate an referral link, and invite friends to earn extra points.

Notes:
The airdrop plan and participation details may be updated at any time. Participants are advised to follow WORLD3’s official channels for the latest information. Users should exercise caution, be aware of the associated risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of future airdrop rewards.


Reference：

1. Gate.io, https://www.gate.io/price
2. Soso Value, https://sosovalue.com/assets/etf
3. CoinGecko, https://www.coingecko.com/en/categories
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. X, https://x.com/puffer_finance/status/1861015854181384314
9. X, https://x.com/SuperlendHQ/status/1861098457403936810
10. CoinShares, https://blog.coinshares.com/volume-210-digital-asset-fund-flows-weekly-report-1e294c6b2c70
11. Artemis, https://app.artemis.xyz/flows
12. DefiLlama, https://defillama.com/chain/Taiko
13. Artemis, https://app.artemisanalytics.com/project/usdt?from=stablecoins&tab=stablecoins
14. FCA, https://www.handbook.fca.org.uk/
15. X, https://x.com/saylor/status/1861033309934862601
16. Cointelegraph, https://cointelegraph.com/news/avalanche-9000-goes-live-testnet-unlocks-rewards-builders
17. Rootdata, https://www.rootdata.com/Fundraising
18. X, https://x.com/WORLD3_AI/status/1859068908369834208
19. World3 AI, https://world3.ai/quest/22?code=069e41a8

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Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.