Crypto Market

BTC and ETH Market Insight

BlackRock has taken the first step towards filing for an Ether ETF spot. As a result, ETH's price has surged and broken the $2K barrier for the first time since July. The market cap of Bitcoin has crossed $750 billion for the first time since April 2022. Moreover, the entire cryptocurrency market is on the verge of reaching a $1.5 trillion market cap for the first time in almost two years. Stablecoin liquidity is starting to recover, with an increase of more than $3 billion in the last month alone. The NFT market was displaying signs of a rebound in trading volume and floor prices. Although only a select few collections are anticipated to survive, the ones that do are likely to outperform ETH.

Options Market

The ETHBTC ratio seemed to have hit support and appeared to start bouncing back. This is also shown in the volatility spread between ETH and BTC which narrowed down further with ETH rallying above 2100 level on BlackRock’s ETH ETF filing. FOMO sentiment went into overdrive. Skew, on the other hand, showed some divergence this week as BTC’s skew cooled off quite a bit whereas ETH’s held strong on the uptrend momentum. More call spreads were printed over the week, suggesting the market is conservatively optimistic for the near future ahead of spot ETF approval.

Altcoins and Blockchain News

• BlockBeats news, on November 12th, the dYdX Foundation officially announced that over 349 million ethDYDX tokens have been cross-chain migrated since the launch of the dYdX Chain mainnet, with a total staked amount of 6.85 million tokens.
• Vertex Protocol has revealed its token distribution model for VRTX, with a total supply of 1 billion tokens, of which 34% will be allocated to continuous incentives. Its public sale auction will begin on Monday.
• According to Coinglass data, the current premium rate for Grayscale Bitcoin Trust (GBTC) is 10.35%, and the premium rate for ETH Trust is 13.94%.
• Web3 financial ecosystem Velo Labs has announced a $10 million investment from DWF Labs.
• Cryptocurrency exchange Poloniex has suffered a hack, with estimated losses of $114 million, including $49 million from the TRON network.
• Distributed validator technology provider Obol Labs has announced that its mainnet public beta will officially launch on December 1, 2023. In January of this year, Obol Labs, a distributed validator technology (DVT) provider, raised $12.5 million in funding, with Pantera Capital and Archetype as lead investors.
• On November 10th, according to The Block, Nasdaq has submitted a proposed Ethereum spot ETF application to the U.S. Securities and Exchange Commission (SEC), with Coinbase Custody Trust Company as the custodian for the Ethereum ETF.
• Binance has now opened deposits, withdrawals, and exchange services for USD Coin Bridged (USDC.e) on the Arbitrum network, with the code "ARBUSDCE."
• The NEAR Foundation has announced the launch of a new project called "NEAR DA," aimed at providing an alternative venue for Ethereum and its Layer 2 networks to handle the rapidly growing volume of data. The data publishing costs of NEAR DA may be up to 8,000 times lower than Ethereum.
  

Macro

The major indexes recorded gains for a second consecutive week: the DJIA added +0.7%, the S&P 500 added +5.9%, and the NASDAQ +2.4%. Thursday’s 24 billion USD auction of 30-year U.S. Treasury bonds were, however, met with the weakest demand in two years. The U.S economy has remained resilient throughout the first three quarters of the year: the third quarter GDP annualized growth rate of 4.9% was strongest over two years.