TL;DR

• Key appointments from Trump’s team continue to roll out as BTC has reached a peak price of $93,000, officially entering the $90K era.
• Short-term market sentiment is bullish, with open futures contracts showing a 63.37% dominance of call options.
• The zoo-themed sector experienced a remarkable surge, boasting a 430.5% increase over the past week.
• Conflux Foundation unveiled a $500 million incentive plan to boost PayFi ecosystem development.
• DeltaPrime fell victim to another attack, resulting in substantial on-chain fund movements.
• Bhutan’s government now holds 12,574 Bitcoins, with a value exceeding one-third of the country’s GDP.

Market Analysis

Review and Insights

• BTC Market — Bitcoin’s price climbed 3.62% over the past week, currently trading at $90,203.5, with a 7-day peak of $93,265.8. In the wake of the election results, BTC surged dramatically, hitting $93,000 on November 13 and establishing a new all-time high. The market has formed a short-term support level at $85,000 and resistance at $93,000. A breakthrough above this resistance could pave the way for further record highs. The uptick in spot trading volume signals robust buying pressure. This rally is fueled by a combination of factors, including anticipated shifts in monetary policy and renewed optimism in crypto assets. The latter was bolstered by Trump’s announcement appointing Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency. [1]

• ETH Market — ETH surged 12.42% over the past 7 days, with a modest 0.4% increase in the last 24 hours. The cryptocurrency briefly touched $3,415 but pulled back as investors took profit. Following the rise in the Consumer Price Index (CPI), anticipation of a Fed rate cut has grown, fostering a positive market sentiment. However, ETH’s performance lagged behind BTC, failing to sustain its upward momentum or establish a short-term high. Its future trajectory will hinge on market reactions to policy shifts and ETH’s ability to recover traction. [2]

• Altcoins — The altcoin market has largely mirrored BTC’s movements over the past week, showing an overall upward trend. Standout performers include Cronos (CRO) with a 79.2% surge, Minswap (MIN) climbing 72.3%, and Zipmex (ZMT) gaining 49.8%. [3]
• Futures Market — Bullish sentiment dominates the futures market, with Bitcoin’s positive buy-to-sell ratio signaling optimism for near-term price action. The sustained positive weighted funding rate indicates a favorable outlook for long positions. As of November 14 at 4:00 (UTC+0), options open interest reveals a 63.37% preference for calls over puts, with over 242k BTC in calls and 140k BTC in puts. The last 24 hours saw calls accounting for 59.40% of trading volume (over 38k BTC) compared to 40.60% for puts (over 26k BTC). [4]
• Macro Data — October’s U.S. CPI data aligned with expectations, showing a 2.6% year-on-year increase in unadjusted CPI and a 3.3% rise in core CPI. This marks the fourth consecutive month of 0.2% growth, primarily driven by housing costs. In response, traders have increased bets on a 25-basis-point Fed rate cut in December, with the probability now at 75.7%. However, Fed officials urge caution, citing persistent inflation risks. Following the data release, global markets experienced a sharp downturn, with most commodities, including gold, silver, and oil, seeing declines. [5]
• Stablecoins — The total market cap of stablecoins increased by 2.93% to $181.098 billion, with USDT maintaining its dominance at 70.2% market share. [6]
• Gas Fee — Ethereum on-chain gas fees reached a peak of 132 Gwei on November 13, with an average usage of 44 Gwei. [7]

Trending Concepts

This week, Bitcoin surged from $74,779 to $93,000, while altcoin sectors showed mixed performance. According to CoinGecko and CoinMarketCap data, the Zoo-Themed, Pump.fun Ecosystem, and The Boy’s Club sectors saw significant increases over the past seven days, rising approximately 430.5%, 157.2%, and 105.8%, respectively. The collective rise of these sectors is attributed to FOMO-driven momentum, making them a recent focus in the market. [8]

Zoo-Themed — The Zoo-Themed sector rose over 430% in the past seven days, reaching a market cap of $2.68B as of November 14. The Zoo-Themed sector encompasses crypto projects based on animal themes, featuring tokens and NFT projects that emulate animal characters or ecosystems. These projects attract substantial user interest with playful animal images and interactive virtual pets, particularly excelling in NFT gaming and social engagement.

Within this sector, Peanut the Squirrel (PNUT) rose by 1495.8%, Moo Deng (MOODENG) increased by 58.8%, and Sudeng HIPPO (HIPPO) rose by 162.0%. PNUT’s rise was primarily due to a tweet from Elon Musk, which triggered social media hype and FOMO, leading to a wave of investor buy-ins.

Pump.fun Ecosystem — Up 157.2% over the past seven days, with a market cap of $7.75B.
The Pump.fun Ecosystem includes tokens launched on the meme-launch platform Pump.fun. Launched in January 2024, Pump.fun quickly gained traction in the crypto community. Initially supporting the Solana network, it expanded in April to include Ethereum’s Layer 2 networks, Base and Blast, broadening its user base and functionality.

In this sector (excluding PNUT), GOAT, ACT, and FWOG rose 9.5%, 2751.1%, and 57.3%, respectively, with ACT showing the most notable increase.

The Boy’s Club — Increased over 105.8% in the past seven days, reaching a market cap of $12.07B.
The Boy’s Club tokens are linked to various platform functionalities, such as gaming, social interactions, and unique virtual events. Inspired by meme coins and community-driven projects, The Boy’s Club emphasizes user engagement and brand promotion. Its rise is driven mainly by social interactions and community cohesion, making it a notable highlight in the market.

In this sector, PEPE rose by 79.7%, BRETT by 28.5%, and PEPECOIN by 6.6%. PEPE’s increase was primarily fueled by Coinbase and Robinhood listing it for spot trading, significantly boosting its market liquidity and trading opportunities.

Top Performers

According to CoinGecko data, the top performing coins over the past 7 days are as follows: [9]

Peanut the Squirrel (PNUT) — Recently, Peanut the Squirrel (PNUT) has gained significant attention, with its price surging 1513.6% over the past seven days, currently trading at $2.11. This sharp increase is primarily driven by high investor enthusiasm and increased market liquidity, with a 24-hour trading volume reaching $5.77 billion and a market cap surpassing $2.1 billion. PNUT’s strong performance has sparked FOMO in the market, contributing to a continued rise in its price.

Pepe (PEPE) — As a popular meme coin, Pepe (PEPE) rose by 118.4% over the past seven days, now priced at $0.0000235. PEPE’s market cap briefly exceeded $10 billion, setting an all-time high, and currently stands around $9.7 billion, ranking 17th in the overall crypto market. Recently, Pepe’s listing on Coinbase and Robinhood has boosted market attention and trading volume, with a 24-hour volume of $2.47 billion and a market cap nearing $9.9 billion, reflecting strong market performance and investor confidence.

Dogecoin (DOGE) — As one of the top-ten cryptocurrencies by market cap, Dogecoin (DOGE) rose 95.6% over the past week, now priced at $0.3865. Dogecoin continues to enjoy strong community support and market interest, with a 24-hour trading volume of $2.898 billion and a market cap of $28.9 billion. DOGE’s recent price surge was primarily influenced by Elon Musk’s positive remarks on Dogecoin, followed by Trump’s campaign website launching Dogecoin-themed merchandise, fueling further enthusiasm for meme coins. Additionally, a Dogecoin craze in the South Korean market added a premium to the trading price, increasing investor participation. These factors collectively drove DOGE’s price upward.

Weekly Spotlights

Hot Topic Review

U.S. Department of Justice Investigates Prediction Market Platform Polymarket, CEO Responds
According to Bloomberg, the U.S. Department of Justice is investigating Polymarket, a prediction market platform, for allegedly violating an agreement with the Commodity Futures Trading Commission (CFTC) by allowing U.S. users to trade on its platform. The Federal Bureau of Investigation (FBI) has issued a search warrant for Polymarket CEO Shayne Coplan, and seized relevant electronic devices. In response, Coplan posted on X (formerly Twitter): “It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents. We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election. Polymarket has provided value to 10’s of millions of people this election cycle, while causing harm to nobody. We’re deeply proud of that.”

As the U.S. election became increasingly intense, Polymarket indicated Trump’s lead earlier than traditional polling agencies. On election day, the platform predicted a 97% probability of Trump winning key swing states before the mainstream media announced results. The investigation underscores the bipartisan divide over the regulation of cryptocurrency and prediction markets. [10]

Brazil’s Central Bank Encourages Traditional Financial Institutions to Enter the Crypto Market, Small Crypto Startups Face Challenges
Brazil’s central bank is paving the way for traditional financial institutions (Traditional Finance, TradFi) to enter the crypto market. The upcoming regulatory framework for the crypto market will provide clear operational guidelines for banks, brokers, and investment platforms. However, this framework presents high compliance barriers for small crypto startups, potentially posing significant challenges for their legalization. The new draft regulations set minimum capital requirements for the crypto industry. For intermediaries, the minimum capital requirement is 1 million Brazilian reais (approximately $174,000), for custodial services, it is 2 million reais (approximately $348,000), and for brokers offering both intermediary and custodial services, it requires 3 million reais (approximately $522,000). This is intended to ensure that these institutions have sufficient resources to protect customer funds, but it may also limit the business activities of small crypto companies in Brazil.

The central bank’s new regulations reflect two key intentions: first, given the frequent issues arising in the global crypto market due to inadequate risk control, the central bank aims to reduce potential financial risks in Brazil’s crypto market and boost investor confidence through strict compliance requirements. Second, the regulations reflect the trend of traditional financial institutions entering the crypto market—although the early stage of the crypto industry was dominated by innovative small companies, traditional financial institutions’ capital strength and compliance experience give them a competitive edge in meeting higher regulatory thresholds. [11]

Conflux Foundation Launches $500 Million Incentive Program to Support PayFi Ecosystem Development
On November 11, Conflux announced the launch of the PayFi program, aimed at transforming on-chain payment methods in the Web3 ecosystem. The Conflux Foundation will invest $500 million from its ecosystem fund to drive the development of PayFi components. Through this program, Conflux seeks to promote the adoption 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 blockchain-enabled SIM card with account management functionality. Additionally, Conflux is expanding its financial services to Belt and Road countries through its ecosystem companies, with Hong Kong serving as a gateway. This shows that Conflux is committed to long-term global blockchain payment infrastructure development and driving the adoption of on-chain payments, aiming to build a cross-border financial service network connecting markets worldwide.

Currently, PayFi is targeting the rapidly growing Web3 payment market, with a focus on providing a simpler on-chain payment experience. Conflux’s architecture features the following:

• Blockchain Settlement Layer: Utilizing Conflux’s secure Layer 1 blockchain to enhance transactions per second (TPS) for PayFi applications.
• Asset Settlement Layer: Exploring offshore assets such as RMB, Hong Kong dollars, and U.S. dollars, and developing local stablecoin functionality.
• PayFi and DeFi Protocols: Activating DeFi by integrating financial services into everyday transactions, driving new growth incentives.
• Access Layer: Connecting consumers and businesses through payment wallet apps, providing seamless financial services.

Conflux’s multi-layered stack (settlement layer, asset layer, protocol layer, access layer) builds a comprehensive payment ecosystem that optimizes the transaction experience from multiple dimensions. The PayFi sector in Web3 has entered a new era of rapid development, and Conflux’s multi-layer stack may inject fresh growth vitality into the Web3 ecosystem. [12]

Robinhood US Re-lists Solana, Cardano, and Ripple, Adds PEPE
In June 2023, Robinhood removed SOL, ADA, and XRP from its platform. The U.S. Securities and Exchange Commission (SEC) had classified these tokens as unregistered securities in its lawsuits against major crypto exchanges such as Binance and Coinbase. This classification led to regulatory uncertainty, prompting Robinhood to remove these assets to mitigate potential legal risks.

The re-listing of these tokens, along with the addition of the meme coin PEPE, may be attributed to several factors:

• Regulatory Environment: With Trump’s victory in the election, the market widely believes that the regulatory environment for cryptocurrencies may become more favorable. This shift could have given Robinhood the confidence to reintroduce previously delisted assets.
• User Demand: Robinhood’s decision is largely in response to user demand for more digital assets. The platform aims to meet user expectations by re-listing these popular tokens.

Robinhood, a compliant platform for U.S. securities trading, already has over 15.9 million active users. By reintroducing SOL, ADA, and XRP, Robinhood is strategically positioning itself to enhance its competitiveness in the crypto market while meeting user demands and providing U.S. users with easier access to crypto asset investments, which is a positive development for the market. [13]

Security Incident

DeltaPrime Faces Another Attack, Large On-Chain Fund Movements Detected
On November 11, DeFi project DeltaPrime experienced another security incident, with significant on-chain fund movements suggesting a possible attack. DeltaPrime, which primarily operates on the ARB and AVAX blockchains, has reportedly lost approximately $4.8 million in crypto assets. [14]

On-chain monitoring data shows that the attacker transferred about $1.3 million in USDC to the USDC farms on LFJ (formerly Trader Joe) and Stargate to add liquidity, possibly aiming to obscure the funds’ origin or exploit liquidity farming mechanisms for further gains.

It’s noteworthy that this is not DeltaPrime’s first attack. On September 16, the on-chain monitoring platform Cyvers Alerts reported that DeltaPrime’s administrator may have lost control of the project due to a private key leak, resulting in a loss of around $4.5 million. This previous incident already raised concerns about DeltaPrime’s security, and this latest attack has only deepened these worries.

This incident again highlights vulnerabilities in DeFi projects’ private key management and security protections, especially when substantial funds are involved, where security weaknesses can lead to severe consequences.

Project Highlights

BIO Protocol

BIO Protocol (BIO) is a pioneering blockchain-based protocol designed to streamline funding for early-stage scientific research projects. Often seen as the “on-chain Y Combinator for science,” BIO enables scientists, patients, and investors worldwide to collaborate in funding, developing, and co-owning new drugs and therapies through its network of biotechnology-focused decentralized autonomous organizations (BioDAOs). This innovative approach addresses structural funding challenges in traditional research, especially in fields like rare diseases, longevity studies, and emerging health issues. Currently, the BIO network comprises seven BioDAOs, each focusing on different areas, including cryopreservation, women’s health, and mental health.

BIO Protocol has completed its community token funding round, Genesis Round 2.5, with the BIO Genesis Auction raising a total of $15.8 million. This funding will support the expansion of the BioDAO ecosystem, provide seed funding for new BioDAOs, and help build a robust network of service providers supported by community and token-based economics. This development aligns with BIO’s vision of creating autonomous infrastructure for scientific funding and acceleration, driven by advancements in AI, drug design, and open-source computational biology.

DeSci (Decentralized Science) is an emerging field that significantly lowers entry barriers for individuals, making it easier to access and share specialized knowledge without traditional organizational constraints. Beyond BioDAOs, other DAOs, including Antidote DAO, VitaDAO, and CRISPR DAO, have been established, aiming to explore uncharted areas in life sciences. [15]

Data Highlights

Crypto Market Liquidation Data: Over $850 Million Liquidated in 24 Hours, Affecting 252,580 Traders
On November 13, Bitcoin experienced significant volatility, surging quickly to $93,000 before retreating to around $87,000 within a short timeframe. Over the past 24 hours, the total liquidation amount reached $850 million, with $523 million in long liquidations and $326 million in short liquidations, with long positions accounting for 62% of the total. A total of 252,580 traders were liquidated. Although the crypto market has recently shown notable gains, price fluctuations remain high. Investors with bullish or bearish positions are advised to use leverage cautiously. [16]

Bhutan’s Government Holds 12,574 BTC, Valued at Over One-Third of the Nation’s GDP
According to data from Arkham, the Bhutanese government holds 12,574 BTC. World Bank data shows Bhutan’s most recent GDP (2022) at $2.89 billion. With Bitcoin’s rapid price increase, the government’s BTC holdings now exceed $1 billion, amounting to over one-third of its GDP. Given the dispersed nature of sovereign Bitcoin holdings across various addresses, Arkham estimates that Bhutan may now be the fourth-largest sovereign Bitcoin holder. As Bitcoin’s wealth effect continues to grow, more nations may incorporate Bitcoin into their strategic reserves, potentially making BTC holdings an important indicator of a sovereign state’s economic strength in the future. [17]

Dune Analytics Introduces New Metric: Dune Index
On November 11, Dune Analytics launched a new data metric called the Dune Index to track blockchain adoption in real-time. This index provides meaningful insights into on-chain activity by analyzing transactions, transaction fees, and net value transfers across 20 different blockchains. The three core indicators in the Dune Index are transaction fees, transaction count, and fund inflows/outflows. The index’s baseline date is January 1, 2018, with weights of 45% assigned to both transaction fees and fund inflows/outflows, and 10% to transaction count. This weighting reflects the varying methods of transaction handling across blockchains, where transaction count often does not directly indicate adoption as clearly as fees and transfers do. The final index represents the combined effect of these metrics to gauge overall on-chain adoption.

As of November 4, the latest Dune Index reading is 58, the highest level since March 2024, reflecting a recent increase in on-chain activity over the past two months. The top three blockchains contributing to this index are Solana, Ethereum, and Bitcoin. [18]

Market Opportunities

Project Airdrops

This week’s notable airdrop project to watch:

CLND

Colend is the leading decentralized lending protocol on the Core blockchain, one of the fastest-growing Bitcoin sidechains. According to Defillama data, Colend’s total value locked (TVL) has rapidly grown to $252 million since its launch in May 2024. BTCFi is transforming Bitcoin into a productive asset, allowing holders to earn returns through lending and staking while supporting Bitcoin’s long-term security. Currently, the BTCFi market accounts for less than 1% of the total crypto market cap, indicating significant growth potential. Colend innovates with its unique ve(3,3) governance model, giving users substantial influence over reward allocation.

Gate.io is currently preparing for CLND mining, set to officially launch on November 14, 2024, at 18:00 (UTC+8). Startup New Coin Mining Event

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow CLND’s official channel for the latest information. At the same time, users should participate cautiously, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the subsequent distribution of airdrop rewards.

Weekly Fundraising Report

This week saw several notable fundraising events in the crypto and blockchain space, covering sectors like AI blockchain, staking services, and fintech. According to RootData, from November 8 to November 14, a total of 19 projects announced funding rounds, raising a combined $139.55 million. Among them, 0G, StakeStone, and Wyden topped the list with funding amounts of $40 million, $22 million, and $16.4 million, respectively. [19]

Here’s a closer look at the top three fundraisers:

0G — Completed a $40 million seed round on November 13, led by Hack VC and Delphi Digital, with support from 10 investment firms. 0G is a modular AI blockchain designed for AI dapps, featuring a scalable programmable DA layer to enable frictionless cross-chain interoperability while ensuring security, reducing fragmentation, and enhancing connectivity to support an open and weightless metaverse. The funds will be used for product development and marketing to drive the adoption and expansion of 0G’s technology in the AI dapp space.

StakeStone — Raised $22 million on November 11, led by Polychain and Nomad Capital, with participation from 16 investment firms. StakeStone is an LSDb (liquid staking derivative basket) token backed by ETH staking yields, integrating mainstream staking pools, Re-Stake, and blue-chip DeFi strategies for LSD yields, providing a novel high-adaptability staking yield base asset for all protocols. The funds will support the development of StakeStone’s staking services, increasing liquidity and returns in the crypto space while ensuring network security and decentralization.

Wyden — Completed a $16.4 million Series B round on November 14, led by FiveT Fintech and C3 VC Fund, with three investment firms participating. Wyden ensures optimal execution with end-to-end digital asset orchestration across markets and seamless integration with major custodians, core banking, and portfolio management systems, positioning it as a leading institutional trading platform that covers the entire trading lifecycle for crypto and digital assets. The funds will be used to scale operations, enhance product features, or enter new markets to strengthen Wyden’s capabilities and competitiveness as an institutional trading platform. [20]

What to Watch Next Week

Token Unlocks

According to Token Unlocks data, several major token unlock events are scheduled for next week (2024.11.15-11.21), with a total unlocked value exceeding $225.28 million. [20]

Here are the top three upcoming unlocks:

Starknet (STRK) is set to unlock approximately 64 million tokens on November 15, representing 3.05% of its current circulating supply. Based on current market prices, these tokens are valued at approximately $31.28 million. This unlock is part of Starknet’s token release schedule for early contributors and investors, intended to gradually introduce more tokens into the market to support the growth of Starknet’s ecosystem and decentralized governance. The number of tokens being unlocked has been reduced from the initial plan; Starkware adjusted the unlock schedule based on community feedback to ease market pressure and promote price stability.

Mintlayer (ML) plans to unlock around 9.91 million tokens on November 16, comprising 6.28% of its current circulating supply. Valued at approximately $1.2 million at current prices, Mintlayer is a Bitcoin Layer 2 solution focused on bringing Bitcoin into DeFi through atomic swaps and ZK-rollups, enabling cross-chain exchanges and decentralized finance.

OmniFlix Network (FLIX) will unlock around 15.31 million tokens on November 17, which is 3.91% of its current circulating supply. With an estimated market value of approximately $2.4 million, OmniFlix Network is an interoperable p2p network for creators and sovereign communities (such as DAOs), focused on minting, managing, monetizing, and coordinating NFT-related activities.

Crypto Calendar

Next week (2024.11.15-11.21) will feature several key events with significant impacts on the cryptocurrency market, global economy, and energy sector. On November 15, the Hong Kong Stock Exchange will launch its Virtual Asset Index Series, marking further integration between traditional finance and the crypto market. This index provides investors with new tools to engage with the crypto space and reflects the overall performance of the digital asset market. Additionally, the G20 Summit will be held from November 18-19, focusing on coordination of global economic and financial policies, which will influence the direction of the global economy and policy trends. [21] Federal Reserve Chairman Jerome Powell will also participate in a “Global Perspectives” discussion on November 18, where his remarks could significantly affect global economic and monetary policy, especially given the current global economic challenges. [22]

References

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Gate.io, https://www.gate.io/trade/ETH_USDT
3. Coingecko, https://www.coingecko.com/en/categories/exchange-based-tokens
4. Cryptoquant, https://cryptoquant.com/asset/btc/chart/derivatives/taker-buy-sell-ratio
5. Bls, https://www.bls.gov/news.release/ppi.nr0.htm
6. Defillama, https://defillama.com/stablecoins
7. Etherscan, https://etherscan.io/gastracker#chart_gasprice
8. Coingecko, https://www.coingecko.com/en/categories
9. Coingecko, https://www.coingecko.com/
10. Bloomberg, https://www.bloomberg.com/news/articles/2024-11-13/polymarket-investigated-by-doj-for-letting-us-users-bet-on-platform
11. Valor, https://valor.globo.com/financas/criptomoedas/noticia/2024/07/26/banco-central-deve-finalizar-regulamentacao-do-mercado-cripto-no-inicio-de-2025.ghtml
12. Conflux, https://x.com/Conflux_Network/status/1855967332843098170
13. X, https://x.com/RobinhoodApp/status/1856702329703285115
14. X, https://x.com/peckshield/status/1855879033512427678
15. X,https://x.com/bioprotocol/status/1855457989429444970
16. Coinglass, https://www.coinglass.com/zh-TW/LiquidationData
17. X, https://x.com/ArkhamIntel/status/1855999215719071961
18. Dune, https://dune.com/metrics
19. Rootdata,https://www.rootdata.com/Fundraising
20. Unlocks,https://token.unlocks.app/
21. Panews,https://www.panewslab.com/calendar/index.html
22. Jin10,https://rili.jin10.com/day/2024-11-18

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Disclaimer
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.