CryptoQuant analyst: Ethereum's "second bull run" has begun
Analysts say that in past bull runs in the cryptocurrency market, Ethereum always experienced two rounds of increases, with the second bull cycle always greatly exceeding the price set by the first bull cycle.
Wintermute analyst: Funds are moving from BTC to ETH, and derivatives market activity is surging
Wintermute analysts said funds are shifting from BTC to ETH, and derivatives market activity is surging. Ethereum's open interest surged over the weekend, while implied volatility also rose and demand for call options increased significantly, indicating growing confidence among derivatives traders.
Analysts state that the shift from Bitcoin to Ether is characterized by a sharp rise in implied volatility of Ether, with the put-call skew reaching the highest level in 12 months, indicating that investors have a strong preference for upside risk. According to Wintermute analysts, traders are actively pushing the market higher through upward buying. Wintermute analysts noted in their weekly cryptocurrency market update: "In recent trading days, funds have flowed into Ether as the open contracts on exchanges surged to historical highs over the weekend."
Raydium, Jito, and Solana's protocol fee revenue in the past 30 days has surpassed Ethereum for the first time.
According to Mars Finance, data disclosed by SolanaFloor on platform X shows that Raydium, Jito, and Solana's 30-day protocol fee revenue has for the first time surpassed that of Ethereum and Circle, with Raydium's 30-day protocol fee revenue exceeding $200 million.
Uniswap sets a new monthly trading volume record of $38 billion.
Uniswap's monthly trading volume in November reached $38 billion, nearly 50% growth compared to October, breaking the previous record of $34 billion. Arbitrum contributed the most, reaching $19.5 billion. The total fees generated by Uniswap reached $5.44 million, ranking sixth among DeFi protocols. Its token UNI saw a price increase of over 44% this week, with a market capitalization of $7.7 billion, reflecting the recovery of DeFi and increased on-chain activity.
Worldcoin launches new World ID Passport Credential.
According to official news, Worldcoin has launched a new World ID Passport Credential, currently being trialed in countries such as Chile, Colombia, Malaysia, and South Korea. The new World ID Credentials allow individuals to link valid forms of identification (starting with NFC-enabled passports) to their World ID without sharing any information with TFH, the World Foundation, or any other third party.
Trump's new government cabinet nominees have been completed, with over 5 being 'crypto traders'.
On November 23 local time, U.S. President-elect Trump announced the nomination of Brooke Rollins as Secretary of Agriculture. With this, all cabinet nominees of Trump's new government have been finalized. Additionally, Trump has nominated several senior officials in recent weeks. From the list of the new government, besides familiar names in the crypto market such as Musk and Howard Lutnick, several cabinet officials are staunch supporters of cryptocurrency and have publicly disclosed their cryptocurrency holdings, including the nominated Vice President, Secretary of the Treasury, Secretary of Commerce, Secretary of Health and Human Services, and Director of National Intelligence.
Bitwise submitted 10 cryptocurrency index ETFs to the SEC.
Bitwise submitted 10 cryptocurrency index ETFs to the U.S. Securities and Exchange Commission (SEC), including: Bitcoin, XRP, Solana, Cardano, Uniswap, Polkadot, Chainlink, Ethereum, Avalanche, Bitcoin Cash.
A U.S. court ruled that the sanctions against Tornado Cash smart contracts were illegal.
The U.S. Fifth Circuit Court found that the Treasury's sanctions against Tornado Cash smart contracts were illegal, ruling that the Treasury exceeded its authority in sanctioning the immutable smart contracts deployed by Tornado Cash. The immutable smart contracts deployed by Tornado Cash developers were deemed overreach, as they are not the property of foreign individuals or entities.
pump.fun: The live streaming feature on the website will be indefinitely suspended.
pump.fun released an official statement saying: 'Recent events during the platform's live streaming have raised concerns. We regret to hear about some users' experiences, and take this opportunity to openly and directly address these issues... To ensure the absolute safety of our users, we will indefinitely suspend the live streaming feature on the website until the review infrastructure is ready to handle higher-level activities. In the future, we will enhance transparency regarding the website's usage rules and regulations by publishing guidelines. We will also provide more visibility to creators and users regarding individual review decisions to ensure everyone understands the processes and outcomes.'
Putin: Trump is 'smart and experienced', worried he is currently not safe.
According to CNN, on Thursday, Russian President Putin praised the newly elected U.S. President Trump as a 'smart and experienced' politician who could find 'solutions.' Putin also condemned Biden for creating 'additional difficulties' for the incoming Trump administration, as Biden allowed Ukraine to launch U.S.-made ATACMS long-range missiles at targets within Russia. When asked whether Biden's decision would affect future U.S.-Russia relations, Putin stated that the situation might improve after Trump takes office in January. Putin also mentioned that Trump has overcome the 'severe test' of returning to the White House, referring to the two assassination attempts Trump faced during his campaign. Putin said, 'Absolutely uncivilized means of struggle were used against Trump' more than once, and added that he is worried Trump is currently not safe. Regarding the Russia-Ukraine conflict, Putin threatened to launch more new Russian medium-range ballistic missiles, warning: 'We will use the means available to us.' 'We do not rule out the use of 'Hazelnut' missiles against the Ukrainian army, military industrial facilities, or decision-making centers including Kyiv, as the Kyiv authorities are continuing to attempt to attack our important facilities today.'
Private placement trading platform SecondLane announced it is offering 1% equity in Pump.fun for sale at $1.5 billion FDV.
According to Mars Finance news, on November 29, Cointelegraph reported that private placement trading platform SecondLane announced it is offering 1% equity in Pump.fun for sale at a fully diluted valuation (FDV) of $1.5 billion, with a sale price of $15 million. Pump.fun had previously received institutional investments from Alliance DAO, Big Brain Holdings, and 6th Man Ventures. The platform hinted in October that it would launch a native token and an upgraded trading terminal 'Pump Advance', but has not announced a specific timeline. According to DefiLlama data, Pump.fun generated $86 million in fee revenue in the past 30 days, with total fee revenue exceeding $225 million, currently ranking as the eighth-largest revenue blockchain protocol.
Cryptocurrency trading volume exceeds stock market, Bitcoin's surge puts pressure on small-cap stocks in South Korea.
The rapid rise of Bitcoin is putting pressure on small-cap stocks in South Korea. Since Trump won the election on November 5, Bitcoin has soared nearly 35%, while the KOSDAQ index, which primarily consists of small-cap stocks, has fallen 8%, potentially becoming the worst-performing index in Asia this year. Analysts say part of the decline is due to small investors selling stocks to invest in Bitcoin, exacerbating the approximately one-fifth market value evaporation of the index this year. Currently, the trading volume on South Korean cryptocurrency exchanges has surpassed that of the benchmark KOSPI index. NH Investment & Securities digital asset analyst Hong Songuk stated that due to the ban on Bitcoin spot ETFs in South Korea, investors are increasingly betting on leveraged funds engaged in Bitcoin futures trading, while other investors have bought shares of MicroStrategy (MSTR.O).
Galaxy: The number of Bitcoin L2 projects has grown approximately 7 times since 2021, from 10 to 75.
Galaxy disclosed data on platform X, stating that since 2021, the number of Bitcoin L2 projects has increased approximately 7 times, from 10 to 75. Since 2018, Bitcoin L2 has received investments of $447 million, and this trend is changing the utility of BTC.
Moreover, Bitcoin L2 projects have achieved unprecedented growth, receiving 36% of venture capital funding in just 2024. It is expected that by 2030, BTC valued at over $47 billion could connect to L2, supporting DeFi, fungible tokens, payments, and more.
Grayscale opens private placements for 17 token trust funds including SOL, SUI, XRP to qualified investors.
Grayscale announced on platform X that it has opened private placements for 17 token trust funds to qualified accredited investors, which are: $AAVE, $AVAX, $BAT, $BCH, $TAO, $LINK, $FIL, $LTC, $LPT, $MKR, $NEAR, $SOL, $STX, $XLM, $SUI, $XRP, $ZEC.
In-depth analysis of Pumpfun: The untold story and valuation analysis behind the meme coin casino.
Pumpfun is a meme coin issuance platform based on the Solana blockchain. Since its launch in January 2024, it has quickly attracted the attention of investors and users with its innovative pricing model and decentralized mechanism. Its total revenue has exceeded 1.52 million SOL, accounting for 70% of the meme coin issuance share on the Solana chain. However, recent sell-off actions by Pumpfun have raised market concerns, possibly indicating a strategic adjustment or funding needs. SecondLane has listed Pumpfun's 1% equity for sale at a $1.5 billion valuation, but discounted cash flow analysis shows its reasonable valuation should be around $1 billion, indicating that the current valuation may be too high.
How will the Bitcoin ecosystem become the king of bull market narratives in 2025? Interpretation of three key consensuses.
Over the past 10 months, the Bitcoin ecosystem has reached three key consensuses regarding asset standards, bull market consensus, and mainnet programmability. Ordinals NFT and Runes have become important asset standards, while BTCFi is seen as a key driver of ecological development. As the Bitcoin ecosystem continues to evolve, the liquidity and application scenarios of BTC have been enhanced, promoting ecological prosperity. A new bull market is expected to emerge in 2025, with the Bitcoin ecosystem playing a significant role in it. Meanwhile, the internal consensus and technological innovations within the ecosystem are continuously driving its forward development.
Valuation indicators suggest Bitcoin still has potential for price increases, could it rise to $146,000?
Despite recent adjustments in Bitcoin prices, valuation indicators suggest that the bull market cycle has not yet ended, and there may be further increases in the future. Analysts predict that the target price for this cycle is $146,000. The amount held by new investors is lower than in previous bull markets, retail buying activity has slowed down, while large investors have significantly increased their holdings. Exchange-traded fund (ETF) investors led the purchases in November, with inflows reaching a record high. Despite price corrections, BTC remains in a bull market phase, indicating there is room for price increases.
Interpreting the Binance Research report: The interest rate cut cycle arrives in 2024, a comprehensive analysis of the impact of Federal Reserve policies.
In September 2024, the Federal Reserve will cut interest rates for the first time since 2020, initiating a new round of interest rate cuts that will impact global financial markets. Binance Research's report analyzes the impact of the Federal Reserve's interest rate policy on the economy and assets, pointing out that rate cuts lower borrowing costs and drive investors to seek high-return avenues. The report indicates that rate cuts typically support asset prices, but have limited effectiveness during economic recession periods. Global central banks have followed the Federal Reserve in cutting rates, and investors need to respond cautiously to the performance differences across various asset classes.
Binance launches WHY, CHEEMS, but the tokens plummet. Is BNB Chain about to take action?
After Binance announced the launch of WHY and Cheems contracts, the prices of these two tokens fell sharply, attracting market attention. Nevertheless, the BNB Chain ecosystem performed strongly, with total locked value significantly increasing, attracting substantial capital inflow, especially from Solana and Ethereum. The expansion of the BNB ecosystem benefited from the support of Kraken exchange and the launch of Binance options contracts, further enhancing its international presence and market liquidity. With the rise of multiple emerging token projects, the future development potential of the BNB Chain is immense.
