Crypto Market

BTC and ETH Market Insight

In the last 5 trading days, ETH ETFs saw consistent positive inflow, and its inflow flipped BTC ETF inflow on Friday for the first time. When BTC ETFs first ramped up, prices didn't immediately rise because sellers were being absorbed. Now, similar early signs are appearing for ETH as its ETF flows increase. The markets experienced brief rotations into several narratives, including 2021 alt Layer 1s, metaverse coins, ETH beta coins. VIRTUAL surged 30%, reaching a market cap of $1.4 billion, as its ecosystem continues to grow.

Options Market

Despite the pullback early in the week, BTC and ETH both held strong above 90k and 3.3k levels which were the previous key resistance levels. Implied volatility rose further on the correction and then quickly cooled off during the Thanksgiving break and the weekend in tandem with the realised volatility. Front-end skew briefly shifted to favour puts on the way down and flipped back to calls on the recovery whereas the back-end call skew remained steady. ETH/BTC saw a nice bounce after printing the local low last week and eyes for another attempt to break 0.04. 

Altcoins and Blockchain News

• Base founder Jesse Pollak emphasized in a post that the Base network has no plans to launch a token; the focus is on building a global product that people love and that solves real-world problems.

   

• On November 30th, Curve officially announced that it has partnered with the blockchain network Elixir to expand the access of the Belvedere tokenized currency market fund (BUIDL) to decentralized finance (DeFi). Users will soon be able to use the Belvedere BUIDL to mint Elixer's revenue-backed stablecoin deUSD.

   

• According to sources cited by FOX Business, the New York Department of Financial Services has indicated approval for Ripple to launch a new stablecoin product—RLUSD, which is scheduled to launch on December 4th.

   

• According to OnchainLens monitoring, the Tether Treasury minted an additional 1 billion USDT on the Ethereum network on November 29th. This month, the Tether Treasury has minted a total of 18 billion USDT.

   

• As reported by financefeeds, Hydration has announced the launch of the decentralized lending platform Hydration Money Market. The new platform allows users to provide cryptocurrencies as collateral, earn interest on deposits, and borrow various crypto assets.

   

• The synthetic stablecoin issuance protocol usdx.money has successfully completed its latest round of financing, with a post-money valuation reaching $275 million. This round of financing amounted to approximately $45 million, with major investors including NGC, BAI Capital, Generative Ventures, UOB Venture Management, among others, with some investors contributing through warrants. Existing supporters of the project include Dragonfly Capital and Jeneration Capital.

   

• Binance Labs announced an investment in the multi-asset liquidity hub Astherus, which aims to address inefficiencies in DeFi by focusing on maximizing real asset yields, providing sustainable and substantial returns, and enhancing the utility and liquidity of digital assets within the ecosystem.

   

• On November 27th, according to official sources, Animoca Brands announced a strategic investment in the parent company of Pudgy Penguins, Igloo, Inc.

Macro

The major benchmarks record a consecutive week of gains: the DJIA added +1.4%, the S&P 500 added +1.1% and the Nasdaq added +1.1%. Chinese equities recovered some losses from last week with remarkable gain on Friday: the Shanghai Composite Index added +1.8%, the CSI 300 added +1.32% and the Hang Seng index +1.01%.