Summary

Today's market highlight: This week, the net outflow of Bitcoin spot ETF in the U.S. reached 134 million USD, marking the first weekly net outflow in Q4.

1. Market overview

1. The total market capitalization of cryptocurrencies across the network is 3.587 trillion USD (-0.7%), with a 24-hour trading volume of 205 billion USD. Bitcoin (BTC) accounts for 53.4% of the market cap, while Ethereum (ETH) accounts for 12.5%.

2. Today's Fear and Greed Index stands at 81, down 3 points from yesterday, still categorized as extreme greed. The BTC dollar-cost averaging index is at 16, down 1 point from yesterday, suggesting a hold-and-watch approach.

2. Key news details

1. The total open interest in ETH contracts across the network exceeds 24.5 billion USD, setting a historical high

Coinglass data shows that the total open interest in ETH futures contracts across the network is 6.5959 million ETH, approximately 24.574 billion USD, setting a historical high, with a 24-hour increase of 6.56%.

2. The Spanish securities regulator approves the first tokenization license

Spain's securities regulator, CNMV, has approved the country's first tokenization license, opening the door for the tokenization of real-world assets (RWA). Ursus-3 Capital, in collaboration with Onyze, is the first consortium able to provide services to Spanish companies looking to enter this field. 'We firmly believe that RWA tokenization opens up limitless possibilities for entrepreneurs, and ensuring legal security for investors is very important,' said Juan Jurado, general manager of Ursus-3 Capital. Third parties can now sign contracts for their tokenization services.

3. Michael Saylor: 60 publicly traded companies can issue stock to purchase Bitcoin

Michael Saylor, founder of MicroStrategy, posted on X that based on HODL15Capital statistics, there are currently 60 publicly traded companies that can issue equity to purchase Bitcoin.

4. This week, the U.S. Bitcoin spot ETF had a net outflow of 134 million USD, marking the first weekly net outflow in Q4.

According to Trader T's monitoring, this week the U.S. Bitcoin spot ETF saw a net outflow of 134 million USD, with a trading volume of 18 billion USD. This is the first week of net outflow for the ETF in Q4, with BlackRock having an inflow of 407 million USD, while FBTC, BITB, ARKB, and GBTC had outflows this week.

5. STEPN (GMT) sets a Guinness World Record as the first in GameFi

STEPN successfully challenged the Guinness World Record this week, breaking the record for 'the most people simultaneously using a fitness app to complete over 1 mile of walking' in 24 hours. The new record is four times greater than the previous record, making it the first health-related Guinness World Record in the GameFi sector.

6. The CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, reiterated that the licensing of virtual asset trading platforms will be announced by the end of the year.

According to reports from Radio Hong Kong, the CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, stated on November 29 that five ESG rating and data product providers have indicated they will sign a voluntary code. The code, launched last month, covers four areas: good governance, systems and controls, conflict of interest management, and transparency.

Ashley Alder pointed out that although the SFC does not directly regulate ESG information providers, it hopes to enhance the fairness and transparency of data collection through the code, allowing asset management companies and fund companies to assess ESG products more confidently.

Additionally, Ashley Alder revealed that the licensing of virtual asset trading platforms in Hong Kong will be announced by the end of the year, but did not respond to whether any platforms that were 'considered for licensing' did not meet standards after review. However, the report will disclose common issues found when platforms apply for licenses.

3. Market closing report

Crypto market: BTC is currently fluctuating around 96,000 to 97,000 USD, while ETH is slightly stronger, maintaining around 3,700 USD; HTX is also holding above 0.0000019. Most mainstream coins are up more than down, with SHIB rising over 15%, as shown below.

4. International macro

1. Middle East situation

The Israeli military launched airstrikes on border facilities in Syria and Lebanon, accusing Hezbollah of smuggling weapons in violation of the ceasefire agreement. On November 30, the Israel Defense Forces stated that based on intelligence, it targeted infrastructure used by Hezbollah for smuggling weapons near the border between Syria and Lebanon. The statement noted that this action occurred after confirming that Hezbollah continued to smuggle weapons from Syria to Lebanon following the ceasefire agreement. The military also stated that this act violates the ceasefire agreement and poses a threat to Israel. The statement emphasized that the military will continue to take action to eliminate any violations of the ceasefire agreement that threaten Israel.

2. Federal Reserve interest rate cuts

Earlier this month, Federal Reserve Chairman Jerome Powell also stated that the Fed does not need to rush to cut interest rates, citing the robust job market and an inflation rate still above the 2% target. Next week, Powell and several other Fed officials will speak, and investors need to pay special attention to the Fed Chairman's views on the Fed's interest rate cuts in December and next year.

5. Concept sectors

Due to the strong performance of Bitcoin, the narrative is currently focused on the broader market trends, with local opportunities primarily reflected in leading coins within each sector, while sector rotation and iteration have been overlooked by the market. Currently, hot sectors include infrastructure (including L1 public chains and storage) and MEME.