Bitget Daily Digest | BTC rebounds briefly, Grayscale opens private placement subscriptions for 17 token trust funds (November 27)

Market highlights

1. The Base ecosystem is gaining momentum, with Clanker emerging as a notable memecoin creator. Tokens like $LUM, $ANON, and $CLANKER are generating wealth within the ecosystem, with $CLANKER's market capitalization surpassing $100 million.

2. Grayscale has opened private placement subscriptions for qualified investors across 17 token trust funds, including $SOL, $SUI, and $XRP. Meanwhile, ApeChain now boasts over 500,000 unique addresses, with over 100,000 new addresses added in the past two days. Investors are advised to watch existing tokens for potential opportunities.

3. Bitwise recently acquired Attestant, an Ethereum staking service provider, highlighting the growing demand for staking. 21Shares AG has also added a staking feature to its Ethereum Core ETP, rebranding it as ETHC and listing it in Switzerland, Germany, and Amsterdam. Currently, 28.31% of ETH's supply is now staked, presenting opportunities in the staking and restaking sectors. 

4. BTC on-chain activity is on the rise, with daily active addresses reaching nearly 1 million, marking the first significant long-term growth since 2021. Traders should monitor the BTC ecosystem for potential trading opportunities.

Market overview

1. BTC experienced a brief rally, with the broader market following suit in an uptrend. XRP's trading volume surpassed DOGE, securing the third spot in volume rankings. 

2. The S&P 500 closed at a new high. Meanwhile, tariff threats from Donald Trump pressured the Canadian dollar to a four-year low, and the Mexican peso dropped nearly 3%.

3. Currently priced at 92,200 USDT, BTC faces significant liquidation risks. A 1000-point drop to around 91,200 USDT could result in over $695 million in cumulative long position liquidations. Conversely, a rise to 93,200 USDT could trigger more than $633 million in cumulative short position liquidations. With similar long/short liquidation potential, it’s advised to manage leverage wisely to avoid large-scale liquidations during market fluctuations. 

4. Over the past day, BTC experienced $6.095 billion in spot inflows and $6.279 billion in outflows, resulting in a net outflow of $184 million.

5. In the past 24 hours, $BTC, $ETH, $SOL, $DOGE, and $XRP led in futures trading net outflows, signaling potential trading opportunities .

Highlights on X

1. @bitfool1: Two must-have components for public chain growth

KOL @bitfool1 has analyzed the key development trends in the public chain ecosystem and highlighted two essential components that modern public chains need to thrive in today's market: Memecoins and the AI six-piece set. These elements are vital for boosting the ecosystem's long-term vitality, attracting users, and securing capital.

The importance of memecoins

@bitfool1 points out that memecoins have become an indispensable force in the modern blockchain ecosystem. Whether driven by the foundation or external forces, memecoins play a pivotal role in generating wealth. Foundations can partner with market makers to launch iconic memecoin projects that enhance market sentiment, increase visibility, and expand the ecosystem's influence. Memecoins have evolved beyond mere tokens—they are now symbols of community consensus and brand identity.

Ecosystem blueprint: The "AI six-piece set"

@bitfool1 introduces the concept of the AI six-piece set, an emerging solution that integrates AI with blockchain to elevate the ecosystem.

IMO (Initial Model Offering)

Launching an AI model as the foundation for the entire solution.

The model release is a core prerequisite for enabling future AI applications within the ecosystem.

AI agent launching platform

Creating a platform for launching diverse AI agents that include leverage mechanisms to boost liquidity and asset potential across the ecosystem.

Diverse AI agent applications

Developing AI agents that cater to both businesses and individual clients, fostering asset issuance and applications across various scenarios.

These agents will interact with each other within the ecosystem, creating new forms of on-chain assets.

AI DAO fund

Establishing a decentralized AI fund to support and incentivize core AI agent assets with leverage, driving further growth and dynamism within the ecosystem.

OAO (On-chain AI Oracle)

Introducing a decentralized AI oracle that connects DeFi with on-chain AI services, pushing blockchain applications into the next era—powered by AI.

AI memes and mascots

Utilizing AI-driven memes and mascots to enhance user engagement and build a more appealing and relatable brand identity.

@bitfool1 argues that the development of public chains is no longer solely dependent on traditional technologies or asset backing. Instead, memecoins and AI components are emerging as the new competitive edge. While memecoins provide quick exposure and wealth generation in the short term, the AI six-piece set represents the core strategy for sustainable, long-term ecosystem development. By combining decentralized AI models, agent platforms, and oracle services, this framework aims to create a cross-chain, intelligent ecosystem. Together, these two components—memecoins and AI—can help public chains stand out in an increasingly competitive market.

X post: https://x.com/bitfool1/status/1861382763628372131

 

2. @hitesh.eth: Insights on the bull market cycle and market dynamics

KOL @hitesh.eth shares their thoughts on the current crypto bull market cycle and future market trends, highlighting key nodes that could impact the market and the potential for long-term growth.

Key correction points in a bull market

@hitesh.eth predicts a significant market-wide correction in early 2025, coinciding with the introduction of U.S. crypto regulatory frameworks. While the long-term impact is these regulations is expected to be positive, short-term panic—fueled by media sensationalism—could trigger retail sell-offs and create market turbulence.

They compare this anticipated correction to the market's behavior after March 2021, when a widespread market downturn led to a three-month pullback. However, this adjustment ultimately set the stage for a strong altcoin rebound, showcasing the potential for corrections to pave the way for broader market growth.

Future corrections and opportunities

@hitesh.eth expects the next market correction to occur within the next 4-5 months, followed by a reaccumulation phase and a prolonged rebound.  They highlight established projects (Dino coins) with solid fundamentals—such as AAVE, MKR, and ETH—as likely outperformers during this phase. These assets, they believe, are poised to receive increased regulatory recognition and funding support, positioning them as resilient investment options in the market.

Characteristics of the super cycle

According to @hitesh.eth, the true crypto super cycle will be defined by assets with strong fundamentals,  experiencing prolonged growth with minimal periodical corrections. He anticipates that this super cycle will create an extended period of growth for projects with a solid foundation—assets that are increasingly recognized as legitimate and trustworthy by regulators and institutional investors.

Overall, @hitesh.eth warns investors to prepare for an upcoming correction period, advising them to focus on assets with greater resilience and growth potential in the evolving regulatory environment. His analysis offers valuable insights for long-term investors, helping them set clear expectations about how market dynamics will unfold in response to regulatory changes.

X post: https://x.com/hmalviya9/status/1861391461205365167

 

3. @0xWizard: Analysis of core blockchain applications

KOL @0xWizard offers a candid analysis of blockchain's evolution since 2017, providing a blunt assessment of its core applications. According to @0xWizard, the primary value propositions of blockchain remain centered on asset issuance and speculation. They argue that any blockchain applications attempting to move beyond these areas are currently driven by false demand.

Core features of blockchain

@0xWizard believes that the true value of blockchain technology lies in its ability to support asset issuance and speculation. This fundamental truth applies to almost all blockchain applications in existence today. He highlighted several notable cases, such as the thriving Polymarket prediction market during the election period. While it takes various forms, its core focus remains speculation.

The illusion of demand in blockchain applications

He criticized several overhyped blockchain applications, including:

Decentralized, on-chain solutions for various industries

Blockchain-based 

payments

Complex on-chain gaming

These applications may seem promising, but no truly successful cases have surfaced to date. Let's take payments as an example. LUNA initially reported significant payment volumes during the last bull market, though much of this data was later exposed as fraudulent. Likewise, despite the symbolic significance of BTC's Lightning Network and POS machine deployments, real-world adoption has remained minimal.

The special role of regulatory arbitrage

He pointed out that blockchain's most prominent application might be regulatory arbitrage,  as seen in activities like money laundering, gambling, bribery, and evasion of currency controls, all thriving in regulatory gray areas.

Failures of non-crypto blockchains

In response to the "non-crypto blockchains" concept, @0xWizard dismissed these initiatives as short-lived due to their lack of practical applications. He reinforced his belief that the future of blockchain technology lies in asset issuance and speculation.

Largest blockchain application scenarios

From his standpoint, blockchain’s global accessibility and lack of barriers have effectively turned it into a 24-hour "massive casino." This casino-like ecosystem, where anything can be tokenized and speculated on, represents the most prominent application and the central attraction of blockchain technology

0xWizard succinctly stated that the future of blockchain will center on three key functions: asset issuance, regulatory arbitrage, and speculation. In his view, deviating from these pillars makes it difficult for blockchain applications to address genuine needs. He is open to discussing and learning from different insights and successful cases.

X post: https://x.com/0xcryptowizard/status/1861328769363124464

 

4. @Res analyzes market performance and future potential of $LUCE

@Res shares his insights on $LUCE, detailing his decision to invest following a 66% price decline after its spot listing on a new exchange, despite prevailing market fluctuations. He examines the market updates of $LUCE, potential catalysts, and future trends.

Unique listing on new exchanges

@Res highlights that $LUCE's recent exchange listing deviated from traditional spot launches, as it was determined through user voting, which garnered 100% support in a short timeframe. While the voting appeared to engaged users, the listing had already become widely expected following the futures launch.  During the launch, $LUCE's price increased from $0.20 to $0.27, reflecting strong market demand.

Amid broader market downturn and reduced weekend liquidity, certain insiders, early investors, and short-term holders decided to cash out. The price correction near the psychological $100 million market cap further enhanced its appeal.

New exchange's strategies and opportunities

@Res emphasizes that the new exchange might focus more on promoting $LUCE, trying to compete with platforms like Binance, Coinbase, and Robinhood. While the exchange has strong trading volume, it still lacks the user recognition and market power of its competitors. By positioning itself as the go-to platform for price discovery of trending tokens, the exchange could attract a larger user base and increase its significance and visibility.

Traders are often reluctant to pursue underperforming tokens, making it essential for new exchanges to capture market attention by spotlighting 'hot coins' like $LUCE. This strategy could give new exchanges an edge in attracting active users.

Religion and narrative driving potential

@Res highlighted that 2025 will usher in a "Jubilee Year," held every 25 years and also known as the "Holy Year." he Christian community has not experienced such an event since 2000, and $LUCE stands as the core symbol of this occasion. This blend of religious narrative and global attention could create significant market momentum for $LUCE.

@Res presents a bold prediction: between Christmas Eve (December 24) and January 6, $LUCE may attract substantial attention, offering potential trading opportunities.

He considers $LUCE one of the most promising tokens in today’s market, especially after its recent price dip. Highlighting Bybit's competitive strategies, the power of religious narratives, and potential market catalysts, he believes $LUCE could become a standout trading asset during the holiday season. He concludes, "No limits to paradise; this could be a Christmas trading opportunity."

X post: https://x.com/resdegen/status/1861465627661086927

 

Institutional insights

1.CryptoQuant CEO: Retail investors in Bitcoin have not yet fallen into FOMO

Article: https://x.com/ki_young_ju/status/1861405468633243751

2.Greeks.live: BTC options market sees massive block trades, with total bullish option transactions exceeding $120 million for the day

Article: https://x.com/BTC__options/status/1861438799299125746

3.IntoTheBlock: Bitcoin's on-chain activity seeing significant growth, with daily active addresses approaching 1 million

Article: https://x.com/intotheblock/status/1861338230676721786

4.SlowMist: Hacker group targets Macs with malware; users with wallets on infected devices are advised to transfer funds securely

Article: https://x.com/evilcos/status/1861417641174552803

 

News updates

1. Senator Joni Ernst proposes a $2 trillion federal spending reduction plan.

2. Coinbase Chief Legal Officer clarifies court ruling that Tornado Cash's smart contracts are not classified as sanctioned "property."

3. Morocco considers re-legalizing cryptocurrencies.

4. A Texas investment manager misappropriates $18.5 million of client funds for crypto investments; the SEC investigates.

5. The President of the Hong Kong Securities and Futures Professionals Association calls for easing restrictions on mainland residents' participation in Hong Kong's virtual asset market.

 

Project updates

1. DeFi Technologies subsidiary Valour launches the first Dogecoin ETP in the Nordics.

2. Curve Finance drops proposals to update the Controller and AMM for crvUSD and LlamaLend.

3. Justin Sun joins the Trump family project WLFI as an advisor.

4. Movement Network Foundation announces MoveDrop, a community airdrop of 10% of its tokens.

5. Grayscale opens private placements for SOL, SUI, XRP, and 17 other token trust funds for qualified investors.

6. Pump.fun accounts for over 62% of DEX trading volume in the Solana ecosystem in November.

7. MicroStrategy founder Michael Saylor reiterates that BTC will not be sold.

8. Starknet staking launches its first phase on the mainnet, becoming the first Ethereum Layer 2 to support staking.

9. UXLINK announces a strategic investment in Lumoz, aiming to jointly develop the Social Growth Layer.

10. Ethereum staking rate hits 28.31%, with Lido holding a 28% market share.

 

Token unlocks

EigenLayer (EIGEN): 1.29 million tokens valued at $3.51 million (0.7% of circulating supply)

Ethena (ENA): 12.85 million tokens valued at $8.43 million (0.5% of circulating supply)

 

Recommended reads

The power game behind Tether: From financial gray areas to White House allies

Over the past decade, Tether has risen from the crypto industry's gray zones to gaining support from Howard Ratnick, a nominee for U.S. Commerce Secretary. Does this bring legitimacy to Tether or create conflicts of interest? Amid scrutiny from the DOJ and Treasury, Tether's future hangs in the balance as stablecoin legislation takes center stage. How will the company navigate its future?

Link: https://www.bitgetapp.com/en/news/detail/12560604373682

 

Hot memecoins of the day

From the blonde-inspired $BLOND to the justice-driven $JUSTICE, and the frog-themed star $FRIC, these hot memecoins are igniting excitement in the crypto market. Discover their stories and potential!

Link: https://www.bitgetapp.com/en/news/detail/12560604374467