Weekly Market Insight: November Week 3

English

Market Updates

11 Nov 2024

Headline News

- Bitcoin prices surged by 16.95% last week, the highest gain since February 2024, after Donald Trump's sweeping victory in the U.S. presidential election, the Senate and likely the House as well. Trump is expected to take office in January 2025. The market is anticipating actions promised by the new "crypto president", including removing the SEC Chair Gary Gensler, pardoning Silk Road founder, establishing Bitcoin as a U.S. reserve asset and overall favourable crypto policies.
- The Federal Reserve Chair Jerome Powell announced a 25bps rate-cut in the latter week, aligning with market expectations. Bitcoin dominance started to decline after the rate cut decision, indicating shifting interest to higher risk altcoins.

- The U.S. economy continues to show resilience. The ISM Service PMI in October increased to 56, higher than expectation of 53.8.
- Preliminary Michigan Consumer Sentiment in November increased to 73, the highest in seven months and above forecasts of 71. Despite this, Jerome Powell stated bumps on inflation progress are expected in the press conference last week and long-term inflation expectations appear to remain well anchored. However, the market still decreases its expectations of a 25bps cut in December from 82% to 65% in a week.

- Citigroup and Fidelity International developed a proof-of-concept for an on-chain money-market fund that includes a real-time digital foreign exchange settlement.
- Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood have partnered to release The Global Dollar Network to accelerate stablecoin adoption worldwide and to incentivize new use cases for USDG.
- An undisclosed UK pension fund is reportedly investing 3% of its assets into Bitcoin.
- Michigan pension fund acquired 460,000 shares of ETHE, according to a 13F filing.
- VanEck launched PYTH ETN in Euronext Amsterdam and Euronext Paris.

- Puffer launched its UniFi based rollup testnet for developers, offering sub-second transactions, instant withdrawals, and Ethereum-aligned decentralization firsthand.
- Soneium activated fault proofs on Soneium Minato, extending the challenge period on Soneium Minato from 30 minutes to 7 days, aligning with the Superchain Ecosystem for enhanced security and reliability.
- Nethermind, a major contributor to Ethereum, introduced Surge Rollup, aiming to be stage 2 rollup at launch leveraging Taiko Stacks and gigagas throughput per second.
- BNB Chain introduced One-Stop Tokenization Solution, enabling a simple and easy tokenization process.

- Shogun launched its trading bot on Ethereum mainnet. Shogun is an intent-based trading bot, which has integrated Solana and Ethereum. It plans to expand to TON and Sui next.
- Paraswap, DEX aggregator in Ethereum launched Delta V2, enables enhanced prices and expanded access by welcoming new agents and enabling API partners.
- SushiSwap introduced Dojo with Vesting Launch, allowing users to buy new tokens with a gradual release over 24 hours to deter early snipers and pump-and-dump activity.
- The f(x) Protocol released its V2.0 whitepaper, featuring 10x fixed leverage, zero funding costs, no individual liquidation risk, and a simplified perpetual trading model.
- Euler introduced Prime, a multi-collateral lending market that supports 11 collateral assets, high LTV and supports carry trades between yield and non-yield bearing assets. Euler Prime users are eligible for the rEUL reward.
- Bounce Finance introduced BounceX, a perpetual exchange with AUCTION as trading collateral.

- Morpho Labs passed the vote to enable MORPHO token transferability. The team will deploy the wrapper contract soon.
- Wintermute proposed turning on the Ethena fee switch. The proposal will go through Risk Committee to provide parameters.
- OpenSea teased a new upgrade in December 2024.
- Rujira, the merged protocol between Kujira and Levana, announced to launch DeFi hub leveraging Thorchain in Q1 2025.

- APT token unlocked on November 12th, amount representing 2.19% of the token supply.
- STRK token unlocked on November 15th, amount representing 3.02% of the token supply.
- CYBER token unlocked on November 15th, amount representing 14.2% of the token supply.
- ARB token unlocked on November 16th, amount representing 2.32% of the token supply.
- APE token unlocked on November 17th, amount representing 2.09% of the token supply.
- MERL token unlocked on November 19th, amount representing 5.76% of the token supply.
- WELL token unlocked on November 23rd, amount representing 1.25% of the token supply.
- IMX token unlocked on November 29th, amount representing 1.46% of the token supply.
- OP token unlocked on November 30th, amount representing 2.56% of the token supply.

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