Mini Program: Daily Cryptocurrency Dynamics Summary
1. Greeks.live: The crypto market has entered a period of adjustment after a week of skyrocketing, and the IV of major maturities is currently at a low level
Greeks.live macro researcher Adam wrote on the X platform that the crypto market has cooled down, $90,000 has become an important battle point, US stocks represented by Tesla and Nvidia have performed poorly, and the crypto market has turned to Meme. These signals point to a more dangerous direction, and both directions have the potential for large fluctuations. The crypto market has entered a period of adjustment after a week of skyrocketing. The options market is relatively stable, and block transactions and market interest rates are worth paying attention to. At present, the IV of the main term is at a relatively low level. Historically, the market in the fourth quarter is generally better. In terms of the crypto interest rate market, the Bitfinex interest rate market has been relatively stable recently.
2. Bitcoin market fluctuates violently: a 50% surge in two months, 200,000 people are liquidated every day, with a total amount of US$500 million
The volatile market of Bitcoin has made traders walk on thin ice. According to data from Coinglass, a data analysis platform for crypto derivatives, since November, nearly 200,000 Bitcoin positions have been liquidated every day, with a total liquidation amount of about US$500 million. Since September, the price of Bitcoin has skyrocketed, rising from US$58,000 to US$90,000 in more than two months, an increase of more than 50%. In 2024, the cumulative increase in the price of Bitcoin has exceeded 100%. From the perspective of investment returns, the growth rates of global mainstream alternative investment products such as gold and crude oil are far inferior to that of Bitcoin in the same period. Among them, the best-performing gold has a year-to-date increase of 24%. Compared with other major asset classes, Bitcoin has the most distinct differences and disputes, and has performed the most violent surges and plunges. Some people have been washed out because of their "weaving" dreams of getting rich.
3. Data: Exchange Bitcoin reserves fell to the lowest level since 2018
According to Cointelegraph’s article on the X platform, the amount of Bitcoin reserves held by exchanges has fallen to its lowest level since 2018, a trend that may indicate rising demand and tightening supply could push up prices.
4. Trump may meet with representatives of the crypto industry to discuss the formulation of US crypto policy
According to CryptoPotato, Ripple CEO Brad Garlinghouse recently accepted an interview with Fox News, talking about Trump's feelings after winning the 24th US presidential election, and responded to the previous news that Brad Garlinghouse and other cryptocurrency industry tokens may meet with Trump to discuss participating in the formulation of US crypto policies. It is reported that Fox News asked Brad Garlinghouse about Trump's possible meeting with representatives of the crypto industry. Although there is no definite confirmation, his answer seems to imply that Brad Garlinghouse said: "I won't comment on too many details here. Throughout the election cycle, we have been actively supporting cryptocurrencies and innovation, and we will always work with more friendly government officials to get rid of current regulations through law enforcement."
5. Michael Saylor: The strategic Bitcoin reserve proposal is crucial to strengthening America’s economic leadership
Microstrategy Executive Chairman Michael Saylor expressed support for Senator Cynthia Lummis's proposal for a U.S. strategic bitcoin reserve, which is essential to strengthening the country's economic leadership. "I think it's a good idea. I think it will happen. I think it's important for the United States... Based on my current model, Senator Lummis' bill would offset our $16 trillion debt. So, I think it's economically smart. It's also technically smart," Saylor detailed.
6. Viewpoint: If Bitcoin becomes a strategic reserve asset, it will mark the end of the Fed’s leadership in global monetary policy
Christian Catalini, co-founder and chief strategy officer of Lightspark and founder of the MIT Cryptoeconomics Lab (he was also previously the co-founder of the failed Diem/Libra project) shared his views on US debt, the Bitcoin strategic reserve proposal, and the call to replace Federal Reserve Chairman Powell. Catalini believes that despite a certain amount of false propaganda in the market, the United States is not in fact on the verge of a debt crisis. From a more macro perspective, debt has accumulated all over the world, especially after the global financial crisis in 2008. While this does not mean that excessive debt is a good thing, it is a common problem that almost every country must solve in some way. But if Powell's removal in January next year will undermine the SEC's institutional credibility and weaken the dollar, it will raise doubts about the market's ability to maintain debt. If Bitcoin really becomes a strategic reserve asset in the future, it may mark the end of "the Fed's leadership in global monetary policy."
7. Research: The crypto market entered a period of adjustment after a week of skyrocketing, and the options market was relatively stable
Adam, a researcher at Greeks.live, posted on social media that the crypto market has cooled down, $90,000 has become an important battle point, U.S. stocks represented by Tesla and Nvidia have performed poorly, and the crypto market has turned to Meme. These signals point to a more dangerous direction, and both directions have the potential for large fluctuations. Economic events and data this week are not important, macro market expectations are flat, and the correlation between crypto and macro is low. The crypto market has entered a period of adjustment after a week of skyrocketing, the options market is relatively stable, and block transactions and market interest rates are worth paying attention to. At present, the main term IV is at a relatively low level, and it is cost-effective to arrange some medium and long-term. Historically, the market will generally be better in the fourth quarter, and now is still a good opportunity to buy. In terms of the crypto interest rate market, the Bitfinex interest rate market has been relatively stable recently. If you encounter a suitable interest rate order, you can actively trade, especially when there is a market, it is worth paying special attention.
8. CryptoQuant CEO: BTC may peak at $135,000, previous predictions of short-term market adjustments were wrong
CryptoQuant CEO Ki Young Ju said in a post on X: “We are in a bull market and Bitcoin will rise. Previous predictions of short-term adjustments in the crypto market were wrong, but at the time they were not suggesting a bear market, they just thought the market would pull back. Based on the cumulative capital flowing into the Bitcoin market, the current price ceiling seems to be $135,000.”
9. Russia’s Ministry of Energy proposes to restrict crypto mining in energy-deficient regions
The Russian Ministry of Energy has officially put forward a proposal to restrict cryptocurrency mining activities in certain special regions affected by energy shortages. An unnamed source said that the official proposal would implement these restrictions in December this year, emphasizing: "The Ministry of Energy does have a proposal, and we will consider it at the government committee meeting on November 18." The Ministry of Energy said that since energy shortages are expected in some regions, the possible restrictions are justified. The ministry explained that "during the period of expected energy shortages, it is wise to ban cryptocurrency mining in areas where regulatory and fiscal parameters are critical and in areas where electricity prices are subsidized."
10. The total BTC holdings of US spot Bitcoin ETFs have reached 96% of Satoshi Nakamoto
According to data from Bloomberg senior analyst Eric Balchunas, the total BTC held by U.S. spot Bitcoin ETFs as a whole has increased to 1.05 million, and has completed more than 96% of the progress, and is about to surpass Satoshi Nakamoto to become the world's largest Bitcoin holder.
11. Ethereum ETF's trading volume exceeded US$1.63 billion in the past week, setting a record for the highest weekly trading volume since its launch
Four months after its launch, the weekly trading volume of the spot Ethereum ETF hit its highest level since its launch in August. In the past week, the trading volume of the Ethereum ETF exceeded $1.63 billion, an increase of more than 44% from the previous week. In addition, from mid-August to the end of October, the spot ETH ETF trading volume declined and stagnated, averaging only $168 million per day. However, this figure has soared in the past week, with an average daily trading volume of more than $326 million.
12. Industry insiders: Musk’s U.S. Department of Government Efficiency (DOGE) plans to explore the construction of a blockchain election system “eVote”
Shiba Inu anonymous chief developer Shytoshi Kusama forwarded information on the X platform, showing that the U.S. Department of U.S. Government Efficiency (DOGE) led by Musk is exploring the implementation of a blockchain-based election platform, which may be called "eVote" and involves cooperation with X (formerly Twitter), as well as blockchain platforms such as Cardano, Hyperledger, and Hedera, aiming to create a nationwide electronic voting and identity verification solution. Analysts believe that this is in line with Trump's long-standing emphasis on ensuring the fairness of elections. Shytoshi Kusama believes that the success of the system depends on the integration of fully homomorphic encryption (FHE), and called on Trump to appoint a professional blockchain consultant.
Article forwarded from: Jinshi Data
