Crypto Market
|
Crypto |
BTC |
ETH |
|
Weekly High |
$ 95,608 |
$ 2,680 |
|
Weekly Low |
$ 82,175 |
$ 3,204 |
BTC and ETH Market Insight
The cryptocurrency market experienced another turbulent week, with BTC dipped to $80,600 on Nov 21, down 15% from the week’s open price. $80,000, the psychological floor, will be the next key support level. ETH dropped to lowest $2,623 on the same day. JPMorgan warned an MSCI decision could force Strategy out of major equity indices, adding pressure to the stock amid the risk-off sentiment in the BTC market. BTC network activity weakened, aligning with the price slump. Daily active addresses hovered around 199,000 as of November 22, a modest decline from October peaks near 1 million, reflecting reduced retail engagement amid the downturn.
Upcoming Macro Calendar - Source: Trading Economics
Options Market
The crypto market last week was marked by a brutal risk-off cascade. Implied volatility exploded in tandem with realized volatility, with BTC 1-week ATM IV surging past 69% and ETH briefly topping 97% at the height of the panic as spot prices tested intraday lows of ~$80,600 (BTC) and ~$2,600 (ETH). Open interest ballooned to near-record levels as institutional hedging flows piled in. Put skew reached extreme territory, fully consistent with the “extreme fear” reading on sentiment indices, while persistently negative perpetual funding rates further confirmed the dominant short/hedge bias. The current setup screams bearish exhaustion: rich put premiums and a now-negative volatility risk premium (IV < RV) create a compelling opportunity to harvest premium, yet significant gamma exposure clustered around the $80K strike means any further break risks sharp follow-through acceleration.
Altcoins and Blockchain News
- The probability of a 25 basis point Fed rate cut in December has risen to 69.4%.
- Coinbase will acquire Solana ecosystem trading platform Vector.fun. The deal is expected to be completed by the end of the year. Coinbase plans to leverage Vector.fun’s technology to expand the variety of tradable assets on its app through a DEX.
- Numerai raises $30 million in Series C funding at a $500 million valuation. The round was led by university endowments, with participation from Union Square Ventures, Shine Capital, and Paul Tudor Jones.
- According to market sources, Polymarket is planning a new funding round at a $12 billion valuation, up from its previous $10 billion valuation.
- Jefferies investment bank report: Tether has become a major new buyer of gold, driving the recent surge in gold prices.
- According to Lookonchain monitoring, Bitmine increased its holdings by 63,123 ETH last week, bringing its total to 3,623,002 ETH — surpassing BlackRock to become the largest Ethereum holder.
- Data from fees.pump.fun indicates that since the PUMP token buyback began on July 15, approximately $182.7 million worth of PUMP tokens have been repurchased, reducing total circulating supply by 11.675%.
- According to Farside monitoring, the U.S. spot Ethereum ETF saw a net inflow of $55.7 million last Friday, ending eight consecutive trading days of net outflows.
- On November 23, according to official sources, Monad concluded its public token sale on Coinbase, raising $269 million, exceeding its target by 144%.
- According to Lookonchain, Circle minted another 500 million USDC. Since the sharp drop on October 11, Tether and Circle have minted a combined $15 billion worth of stablecoins.
Macro
The major benchmarks finished the week with loss: the DJIA lost 1.9%, the S&P 500 lost 1.9%, and the Nasdaq -2.7%. The Chinese stocks also closed lower for the week: the Shanghai Composite Index fell 3.90%, the CSI 300 lost 3.77% and the Hang Seng index dropped 5.09%.
