Mini program: Daily cryptocurrency dynamics summary
1. Tailoring to the investor, Wall Street is preparing to launch a new generation of cryptocurrency-related ETFs
With Trump returning to the White House as a crypto-friendly figure, Wall Street is preparing to launch a new generation of risk-oriented products to meet the tastes of all types of investors, from institutional newcomers to stubborn retail investors, in this $3.2 trillion industry. Executives and lawyers involved in ETFs indicate that the products they describe include both defensive ETFs aimed at professional fund managers curious about cryptocurrencies and speculative bets aimed at self-proclaimed degenerate gamblers. Industry investors and lawyers indicate that higher-risk cryptocurrency ETFs may focus on various digital tokens, sometimes using leverage, options, or quantitative strategies.
2. Foreign media: Bitcoin's upward momentum stagnates near the $100,000 level, may experience consolidation in the short term
Foreign media reports that Matt Maley, Chief Market Strategist at Miller Tabak+Co, stated that investors are concerned that Bitcoin "now needs to take a break as it has basically tested the $100,000 level," and bullish sentiment around Bitcoin "is becoming extreme." Since the Republican victory on November 5, the overall value of the digital asset market has increased by approximately $1 trillion. David Lawant, Head of Research at cryptocurrency brokerage Falcon X, stated: “As Bitcoin approaches the $100,000 mark, I see an increase in selling pressure, indicating that we may experience consolidation around this level in the short term before continuing to break through it.” Stephane Ouellette, CEO of cryptocurrency investment firm FRNT Financial Inc., stated: “Since the election, Bitcoin has been in an extreme overbought state, and it is bound to stagnate. That said, the current market situation hardly qualifies as a correction; we are simply back to the levels of mid-last week.”
3. The US Bitcoin spot ETF saw a net inflow of $3.38 billion last week, reaching a historical weekly net inflow high
According to SoSoValue data, last week's trading days (Eastern Time from November 18 to November 2) saw a net inflow of $3.38 billion for Bitcoin spot ETFs. Among them, the Grayscale ETF GBTC had a net outflow of $52.85 million, and its historical net outflow currently stands at $20.33 billion. The Bitcoin spot ETF with the highest net inflow last week was the BlackRock ETF IBIT, with a weekly net inflow of $2.05 billion, bringing its historical total net inflow to $31.33 billion. Following that is the Fidelity ETF FBTC, which had a weekly net inflow of $773 million, and its historical total net inflow currently stands at $11.54 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $107.488 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 5.48%, with a historical cumulative net inflow of $30.843 billion.
4. Galaxy expects active trading activity in Bitcoin options to continue until January 2027, during Trump's mid-term administration
Galaxy Digital trading team stated that BlackRock's IBIT ETF options have seen significant trading volume in the US stock market, with a first-day trading volume reaching 353,716 contracts, whereas the previous most active first-day trading was 360,000 contracts when Facebook's options were launched in 2012. Galaxy expects this active options trading activity to continue until January 2027, around the midpoint of Donald Trump's administration, reflecting investors' confidence in the long-term growth potential of Bitcoin ETFs and signaling bullish sentiment for the coming years. Galaxy added that currently offshore cryptocurrency-native platforms like Binance and Deribit remain the main markets for Bitcoin derivatives trading, but there is a notable volatility premium between Deribit, CME, and IBIT, which may create arbitrage opportunities between different platforms offering derivatives trading.
5. Greeks.live: The crypto options market is relatively stable, with large transactions and market rates worth watching
Greeks.live macro analyst Adam posted on X platform that this week is Thanksgiving, with economic events and data concentrated on the Wednesday before Thanksgiving, while US stocks are closed on Thursday and Friday. The recent trend in crypto-related US stocks has been significant, with a high correlation to crypto, warranting close attention. Bitcoin is just one step away from $100,000, and ETH also rebounded significantly last week, driving altcoins to rise across the board, with the crypto market sentiment shifting from Meme to mainstream. There was a slight pullback over the weekend, but market support remains strong, with bulls very aggressive in the spot bull market. The options market is relatively stable, and large transactions and market rates are worth watching. Currently, the implied volatility for major maturities is at a relatively low level, making it a good opportunity to buy options in the ongoing bull market. In terms of the crypto interest rate market, Bitfinex's interest rate market has recently been relatively stable, and suitable interest rate orders can be actively executed, especially during times of market movement, which deserves special attention.
6. Singapore Gulf Bank is seeking to raise at least $50 million in funds and acquire a stablecoin payment company
According to Bloomberg, sources reveal that the Singapore Gulf Bank (SGB), backed by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Huangpu Group, is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payment company next year; the bank obtained its license in Bahrain in February of this year and is currently negotiating with a Middle Eastern sovereign wealth fund and other investors, planning to sell less than 10% of its equity before early 2025; the funds raised will mainly be used to accelerate product development, enhance the bank's payment network, and hire more employees; the bank plans to acquire a stablecoin payment company in the Middle East or Europe in the first quarter.
7. Matrixport: The popularity of BlackRock's Bitcoin ETF options is rising, revealing optimistic sentiment among investors
Matrixport reported in its latest report that last week, BlackRock launched Bitcoin ETF (IBIT) options, receiving a strong market response and active trading volume, with open interest steadily increasing. This indicates that investors' expectations for future Bitcoin price increases are strengthening. This report focuses on options-related data expiring in December. Interestingly, implied volatility has shown a continuous downward trend and is now close to 65%. Previously, Bitcoin surged from $70,000 to $98,000 due to market sentiment following Trump's election, but the recent upward momentum has slowed. In the future, Bitcoin prices may enter a more stable upward phase, which may further reduce implied volatility. The decrease in implied volatility is good news for traders as it means lower costs for Bitcoin call options, allowing investors to build positions at lower prices and potentially expand their positions. Meanwhile, rising demand for options trading and increased large transactions may also further drive up Bitcoin prices.
8. Trump's family crypto project WLFI received a $30 million investment from Justin Sun
According to Bloomberg, Tron founder Justin Sun invested $30 million in Trump's DeFi project World Liberty Financial (WLFI), becoming the largest investor in the project. Sun wrote on X platform: “The US is becoming a blockchain center, and the rise of Bitcoin is attributed to Trump.” A WLFI spokesperson stated in a statement: “There have been several significant purchases in recent weeks, and we are very confident about future success. More developments of this nature are expected in the coming weeks and months.”
9. Video-sharing platform Rumble announced a Bitcoin financial strategy, including the purchase of $20 million in Bitcoin
According to official news, the video-sharing platform and cloud service provider Rumble (NASDAQ:RUM) announced that its board has approved a corporate financial diversification strategy that allocates part of the company’s excess cash reserves to Bitcoin. Rumble's Bitcoin allocation strategy will include a decision by the company to purchase up to $20 million in Bitcoin. The actual timing and value of Bitcoin purchases will be determined by management and will depend on various factors, including but not limited to general market and business conditions, Bitcoin trading prices, and Rumble's expected cash needs. The allocation strategy may be suspended, halted, or modified at any time for any reason. Rumble Chairman and CEO Chris Pavlovski stated: “We believe the world is still in the early stages of Bitcoin adoption, and with the election of a crypto-friendly presidential administration and increased institutional adoption, the pace of Bitcoin adoption has accelerated recently. Unlike any government-issued currency, Bitcoin cannot be diluted by endless printing, making it a valuable inflation hedge and an excellent complement to our treasury.”
10. The value of assets in Trump's crypto wallet has risen to $7.09 million, with a growth of $1.77 million in 24 hours
According to Arkham monitoring, Trump currently holds approximately $7.09 million in cryptocurrency assets, with a value increase of $1.77 million over the past 24 hours. His holdings of tokens worth over $1 million include Ethereum ($1.7 million), TROG ($1.69 million), WETH ($1.65 million), and TRUMP ($1.04 million).
11. UK financial regulators plan to establish a cryptocurrency system by 2026
According to CoinDesk, the UK's Financial Conduct Authority (FCA) stated that it hopes to implement a cryptocurrency system by 2026 to address the growing ownership of cryptocurrencies in the country. The FCA's roadmap indicates that it plans to publish discussion documents regarding market abuse and disclosures by the end of this year. It intends to release documents regarding stablecoins, trading platforms, staking, prudent crypto risk exposure, and lending before early next year. The system is planned to take effect after the final policy statement is released in 2026. A study commissioned by the FCA shows that the ownership of crypto assets has increased by 4% over the past two years, with approximately 7 million adults holding crypto assets in the country's population of about 68 million.
12. Ethereum regains dominance in USDT supply, surpassing Tron for the first time since 2022
According to The Block, Ethereum has regained dominance in USDT supply, surpassing Tron for the first time since 2022. As of the time of writing, the circulating supply of USDT on Ethereum is 66.936 billion, while the circulating supply on Tron is 61.77 billion. Year-to-date, the USDT supply on Ethereum has increased by nearly 62%, while Tron’s growth during the same period has been smaller at 24.4%.
Article forwarded from: Jin Shi Data
