Daily News | BTC Consolidated at a High Level, SUI Reached a New Historical High

2024-11-18, 05:03

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## Crypto Daily Digest: BONK proposed a plan to destroy one trillion BONKs, ROSE will welcome a large unlocking
According to Farside Investor data, the US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF had a net outflow of $370 million last Friday, with Fidelity FBTC experiencing a net outflow of $175 million and Ark ARKB experiencing a net outflow of $108 million.

Last Friday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF experienced an outflow of $59.8 million. The Fidelity FETH outflow was $18.4 million, and the grayscale ETHE outflow was $40.3 million.

**BONK proposed “One Billion Destruction Plan”, with a price increase of over 40% in 24 hours**

BONK stated on X that the DAO proposal was approved and the destruction of 100 billion BONKs, worth approximately $3.71 million, was completed on November 15. Yesterday, BonkDAO once again announced on X that they plan to destroy one trillion BONKs before Christmas in December. The large-scale destruction program (BURNamas) began at 12:01 am UTC on November 15 and ended at 12:01 am UTC on December 24.

BONK core contributor @iamkadense said: "7.7 trillion BONKs have been destroyed, and the daily destruction rate is increasing. In addition to the recently destroyed 100 billion BONKs, another 1 trillion BONKs will be destroyed at BURNamas, and the community may not stop there.”

According to Gate.io market data, the market cap of the <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Chain Meme token BONK surpassed the Hat Dog WIF in a short period of time today, becoming the highest listed Meme token on the <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Chain, with a current market cap of $4 billion and a 24-hour increase of 40%.

**Viewpoint: If BTC becomes a strategic reserve asset, it may mark the end of the Fed's leadership position in global monetary policy**

Christian Catalini, co-founder and chief strategic officer of Lightspark and founder of MIT Crypto Economics Laboratory (he was also the co-founder of the failed Diem/Libra project before), shared his views on US debt, <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> strategic reserve proposal and the call to replace Powell, the chairman of the Federal Reserve.

Catalini believes that despite some false advertising in the market, the fact is that the United States is not on the brink of a debt crisis. From a more macro perspective, the world has accumulated debt, especially after the 2008 global financial crisis. Although this does not mean that excessive debt is a good thing, it is a common problem that almost every country must solve in some way. But if the dismissal of Powell in January next year will damage the institutional credibility of the SEC and weaken the US dollar, it will raise doubts about the market's ability to maintain debt. If Bitcoin really becomes a strategic reserve asset in the future, it could mark “the end of the Federal Reserve's leadership position in global monetary policy”.

**This week's unlocking data list: ROSE, ENA and other tokens will receive larger unlocking amounts**

According to data from Tokenomist.ai, ROSE, ENA and other tokens will receive significant unlocking next week. Among them, Oasis (ROSE) will unlock approximately 176 million tokens at 0:00 Beijing time on November 19, with a ratio of 2.62% to current circulation and a value of approximately $14.21 million; Ethena (ENA) will unlock approximately 12.86 million tokens at 15:00 Beijing time on November 20th, with a ratio of 0.45% to the current <a  rel="nofollow noopener noreferrer"  href="/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> and a value of approximately $7.22 million; <a  rel="nofollow noopener noreferrer"  href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> (ADA) will unlock approximately 18.53 million tokens at 8:00 am Beijing time on November 21, with a ratio of 0.05% to the current <a  rel="nofollow noopener noreferrer"  href="/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> and a value of approximately $13.25 million.

## Market Trends: RWA sector OM rose sharply, SUI hit a new historical high
### Market Hotspots
The OM of RWA concept has surged, with an intraday increase of 40% and a nearly 7-day increase of over 200%. RWA is one of the main fresh narratives in this year's <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a>, and OM is Layer 1 designed specifically for RWA asset on chain. Benefiting from the market's attention to the RWA concept, OM has risen over 200 times in the past year;

The Meme sector experienced ups and downs, with Solana's on-chain dog Meme BONK rising sharply, with an increase of over 200% in the past two weeks. Its official announcement plans to destroy one trillion tokens in December, and BONK's current circulating market value is $4 billion, ranking 29 in market value; Recently, the trending coin Squirrel PNUT has risen, benefiting from Musk's Twitter mention of PNUT related content. PNUT currently has a circulating market value of $1.8 billion, compared to the 60 billion market value of another commonly mentioned DOGE token by Musk. If Musk keeps mentioning PNUT, there is still considerable room for PNUT;

The public chain sectors such as SOL and SUI surged, with SOL only one step away from its historical high, while SUI has reached a new historical high after a brief adjustment; SUI is the Layer 1 that the market is mainly speculating on in this round of market trends. The market view is that after SUI continues to reach historical highs, funds will overflow into the meme of the SUI chain.

### Mainstream Coins
BTC was in a slight adjustment trend this weekend, falling below $89 million at one point, but quickly recovered its decline early today. Currently, it is consolidating around $90,500. From the perspective of funds and macro policies, BTC does not have any significant risk of a sharp decline at the moment;

ETH's performance is relatively weak. Last Friday, ETH ETF once again saw a large inflow of nearly $60 million. The selling pressure from Grayscale ETHE may continue for several months, which is a significant selling pressure on ETH's price;

The rotation of Altcoins led to the rise of well-established Altcoins such as <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> and ADA, while previously strong memes such as NEIROCTO have entered a phase of adjustment.

## Macro news: US stocks fell collectively last week, and the market lowered its expectations for the Fed to cut interest rates
Last Friday, the three major US stock indexes collectively closed down, with the S&P 500 index falling 1.32% to 5,870.62 points; The Dow Jones Industrial Average fell 0.70% to 43,444.99 points; The Nasdaq index fell 2.24% to 18,680.12 points. Last week, the Dow Jones Index fell by 1.24%, the Nasdaq Index fell by 3.15%, and the S&P 500 Index fell by 2.08%. The benchmark 10-year Treasury yield is 4.43%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.31%.

As investors worry about the Federal Reserve slowing down its interest rate cuts, coupled with the cooling of the "Trump trade," the three major US stock indices collectively weakened. Despite the pullback in the US stock market, there are still optimistic voices in the market. Bank of America's survey of fund managers shows that fund managers generally predict that the US stock market will become the best performing asset next year, driven by the pro business policies promised by the Trump administration. Besides the US stock market, global stock markets and gold are also expected to perform well next year.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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