Crypto Market

BTC and ETH Market Insight

Bitcoin surged to $99k, driven by strong capital inflows from ETFs and spot markets. Excitement continues to build with phantom wallet flipping TikTok in the AppStore ranking. It indicates that retails are back this time. Cboe has filed applications with the U.S. Securities and Exchange Commission (SEC) for four Solana spot ETFs, with regulatory climate shifting dramatically.Solana's staking reward hit a record 10.3%, with 39% of the APY coming from fees and MEV due to heightened blockchain activity.

Options Market

The bullish momentum continued to weigh in the market. BTC eyes a potential breakthrough above $100k. Front-end IV spiked on the break above 95k. The volatility spread between ETH and BTC was tightened from 10% to 2% during the week until ETH followed with a delayed rally to push IV higher. The negative volatility carry flipped for BTC and moved towards neutrality for ETH. Skew on BTC flattened a bit whereas ETH’s skew shifted further in favour of calls. However, ETH/BTC conversion rate remained at local lows as ETH lacked the same level of buying momentum seen on BTC.

Altcoins and Blockchain News

• The chairman of the U.S. SEC, Gary Gensler, will officially step down on January 20, 2025.

• Jupiter: The first Jupuary vote will start on November 25, seeking a 70% approval rate.

• Transfer restrictions on Zircuit's ZRC tokens will be lifted on November 25.

• The Web3 protocol WalletConnect will launch WCT token claims and staking on November 26.

• The Ethereum Layer 2 network Starknet has announced that STRK staking will go live on the mainnet on November 26.

• According to DeFilama data, as of November 24, the supply of USDe exceeded 3.8 billion coins, currently at 3.827 billion, marking a new all-time 

• high with a 19.61% increase over the past 7 days.

• Data from DefiLlama shows that the total market capitalization of stablecoins is now $190.286 billion, setting a new record high, with a growth of 4.07% over the past week.

• Data: Tokens such as IMX, ADA, APEX, etc., will see large unlockings next week, with IMX unlocking approximately $40.5 million in value.

Macro

The major recovered some losses from last week despite the geopolitical tensions between Russia and Ukarine: the DJIA added +2.0%, the S&P 500 added +1.7% and the Nasdaq added +1.7%. Chinese equities continued the decline as a light economic calendar and uncertainty about the Trump administration: the Shanghai Composite Index lost 1.9%, the CSI 300 lost 2.6% and the Hang Seng index -1.01%.