1. Today's Major Events
1. Vancouver Mayor Ken Sim announced plans to include Bitcoin in the city’s balance sheet to diversify the city’s investment portfolio. This proposal will be submitted to the city council on December 11, under the motion title 'Maintaining the City’s Purchasing Power through Financial Resource Diversification: Becoming a Bitcoin-Friendly City.' It is unclear whether the proposal will gain sufficient support in the city council. Sim had previously expressed support for cryptocurrencies during his campaign and announced that he would accept cryptocurrency donations.
2. Public company SOS Ltd. announced that its board has approved a plan to invest $50 million to purchase BTC. SOS plans to use various quantitative trading strategies, including investment, trading, and arbitrage. These strategies aim to achieve stable returns in market conditions while optimizing the company's portfolio over time. SOS believes that Bitcoin is not only the cornerstone of the digital asset ecosystem but also has the potential to become a global strategic reserve asset.
3. The OKEx Research Institute reports that conservatively estimated, approximately $2.28 trillion in statistically significant funds will enter Bitcoin within the next year, which could push Bitcoin's price up to around $200,000, consistent with predictions from Bernstein, BCA Research, and Standard Chartered Bank. Currently, only 0.01% of listed companies globally hold Bitcoin, indicating this is just the tip of the iceberg for large institutions' purchasing power, and the market is still in the 'elite experimental stage.'
4. Deribit data shows that nominal values of approximately $9.058 billion in BTC options and $1.35 billion in ETH options contracts will expire and settle on Friday (November 29); among them, the maximum pain point price for BTC is $80,000, and for ETH, it is $2,900.
2. Market Data
1. According to Greekslive, BTC has been adjusting below $100,000 for several consecutive days, while ETH has strongly broken through the $3500 critical level, causing market attention to gradually shift from BTC to ETH. The rise in ETH has also warmed up the overall altcoin market. From options data, BTC's short-term option IV has clearly fallen after a spike this week, while ETH has maintained a high level above 80%, and shows a hint of a breakout trend, with the IV difference between the two exceeding 20%. At the same time, it is observed that the bullish sentiment for ETH is significantly higher than for bearish, indicating that the options market currently believes that ETH has higher potential for explosive growth and is worth buying bullish.
2. According to TradingView data, Bitcoin's market share (BTC.D) has been continuously declining, currently reported at 58.34%, down 5.65% from the peak on November 21.
3. Coinglass data shows that the total open positions for Ethereum contracts across the network have surpassed $24 billion, reaching $24.166 billion, setting a new historical high, with a 24-hour increase of 16.14%.
4. Project Financing:
Blockchain payment company Partior completed an $80 million Series B financing, with Deutsche Bank participating;
DeFi protocol Avant has completed a $6.5 million seed round financing, with participation from Superlayer, Avalaunch, and others.
3. Today's Market
Today, ETH took over from BTC, leading the ETH ecosystem to drive the market. ETH broke through $3600, with a 24-hour increase of 11%, and the increase in various sectors of the ETH ecosystem is as follows:
In the DeFi sector, Uni leads, latest price $13.31, 24-hour increase of 21.5%; followed by Sushi and Dydx;
Layer 2 networks, with Model leading, latest price 0.027, 24-hour increase of 30%. Next are Op and Arb;
In the re-staking sector, Ethfi leads, latest price 2.67, 24-hour increase of 25%. Next is Eigen;
In the staking sector, SSV leads, latest price 30.4, 24-hour increase of 20.5%. Next is Lido;
In other sub-sectors, the domain Ens and mining coin Ethw also saw significant gains, up 53% and 23% respectively, but the Gamefi and NFT sectors performed average, comparable to other ecological gains.
Meanwhile, the previously popular narratives Move, Solana, and Meme, which saw significant gains, have performed average. Therefore, the overall increase this round is sorted as follows:
Significant gain narratives: BTC, Move ecosystem, Solana ecosystem, Meme, and ETH ecosystem.
Average gain narratives: Ton and older coins like Dot, Ada, XRP, etc., platform coin OKB also resemble Ton and older coins.
There are also narratives with average gains that have yet to exert their power, such as the BTC ecosystem and the AI sector.
Although ETH's increase today exceeds 10%, we remain optimistic about ETH for the near future, with the next fluctuation range expected to be around $3800 to $4000.
