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Weekly Market Insight: November Week 2
04 Nov 2024
Headline News
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- Bitcoin's price crossed $73,500 last week, with dominance reaching over 60%—the highest since March 2021. Bitcoin ETFs saw a net inflow of $5.348 billion in October, only $685 million below February's record. Market sentiment appears to be pricing in a potential Trump victory in the upcoming election. However, the sentiment soon retraced as more uncertainty is expected in swing states led to the chance of Donald Trump's victory dropping from 67% to 54%. Bitcoin narrowed the weekly gain to 1.17% last week.
Macro-Outlook
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- The advanced U.S. Q3 GDP grew at an annualised rate of 2.8%, below 3% market expectation. The ISM manufacturing PMI in October fell to 46.5, below forecasts of 47.6.
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- Core PCE price index increased by 0.3% in September, slightly above market forecasts of 0.2%. Headline PCE price index increased by 2.1% year-on-year in September, in-line with market expectation.
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- Non-farm payrolls increased 12K in October due to Boeing strikes and hurricanes. The figure is well below the forecasts of 113K increase in jobs. The unemployment rate in October remained at 4.1%, unchanged from September and aligned with market expectations.
Upcoming Economic Calendar including,
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- Tuesday, November 5, 11:00pm: The U.S. ISM Services PMI in October
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- Tuesday to Wednesday: The U.S. Presidential Election
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- Friday, November 8, 3:00am: The FOMC Meeting
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- Friday, November 8, 11:00pm: Preliminary Michigan Consumer Sentiment in November
Weekly-Cryptos-Overview
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- Microstrategy announced a $42 billion capital plan to purchase Bitcoin.
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- Mt Gox transferred 500 BTC to unknown addresses on November 1.
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- BIS introduced Project Mandala run by BISIH, RBA, BOK, BNM and MAS, exploring the feasibility of encoding jurisdiction-specific policy and regulatory requirements for cross-border use cases such as foreign direct investment, borrowing and payments.
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- The largest bank in Switzerland, UBS, plans to launch UBS USD Money Market Investment Fund Token (uMINT) on Ethereum.
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- Franklin Templeton's tokenised fund platform, BENJI, is live on Base network.
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- Coinbase partners with Visa to enable real-time deposit of funds with eligible Visa debit card.
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- Sheetz, U.S. convenience chain, announced to accept BTC, ETH, LTC and USDC as payment.
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- IMX received SEC's Well Notice with allegations of violations of securities law.
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- 21Shares submitted 21Shares Core XRP TRUST, ETF application to the SEC.
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- Canary Capital filed for Solana ETF.
Layer 1 and Layer 2s
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- During Gateway 2024, TON announced Tether Dirham stablecoin launch on TON, announced tgBTC, a trustless wrapped BTC on testnet, new mini-apps features, Society DAO (new governance model) and a Swiss compliance bank account via SafePal.
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- After Calvin Liu resigned as Chief Strategy Officer of Eigen Foundation in September, Ethereum researchers Dankard Feist and Justin Drake announced dropping their advisorships.
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- Base introduced Based Agent, enabling developers to build AI agents with autonomous onchain transact capability. Additionally, Base's fault proofs are now live on the mainnet.
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- Alchemy Pay announced a plan to launch Layer-1, Alchemy Chain, with SVM architecture to better service its payment business operation.
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- Build-on-Bob, a Bitcoin Layer-2, announced joining OP Superchain. Swell announced it will join the Superchain as well.
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- Stacks Nakamoto upgrade is finally live, matching Bitcoin finality and laying the foundation for sBTC.
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- Starknet launched its official bridge, StarkGate v2.0 Beta, and EVM wallet compatible.
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- Astrio, a decentralised sequencing layer, launched its mainnet.
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- Native USDT is officially live on Aptos Mainnet.
Dapps
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- Fluid launched Fluid DEX, enabling users to utilise trading liquidity for lending and borrowing trading liquidity as debt. The feature enables lenders to earn LP rewards on top of lending rewards, while borrowers enjoy borrowing discounts from the yield generated from the LP.
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- EtherVista launched EtherFun (its version of Pump.fun) with a bonding curve target of 1.5 ETH. Upon curve exit, liquidity pools will be formed on EtherVista and locked permanently. The initial 2% trading fees will be used to buyback and burn VISTA. After curve exit, creators will be rewarded 2% of the pool reward and $5 per trade earnings.
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- WalletConnect launched an incentive program to reward node operators, wallets, and SDKs with WCT. WCT is WalletConnect native token that is used to participate in governance, node staking and share part of the protocol fees in the future.
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- Chainlink launched Data Streams on Solana. Chainlink also introduced Chainlink Runtime Environment (CRE), a more modular architecture for dapps to integrate Chainlink without needing Chainlink-specific code in their dapps.
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- World Liberty Finance scaled back its funding goal from $300 million to $30 million. World Liberty Finance is reportedly planning to launch its own version of stablecoin.
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- Ondo Finance announced partnership with Wellington Management to provide intraday redemptions for tokenized Treasury funds.
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- io.net announced partnership with GAIB, a GPU tokenisation protocol, as the GPU supplier to io.net.
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- Synthetix launched zero-interest USDx, a multi collateral asset, in Kwenta on Arbitrum.
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- Jito launched its (Re)staking deposit. It had since hit the deposit cap limit of $25M.
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- Exilir's mainnet phase I is now live, which is run by a set of institution validators.
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- Nillion, a "blind" computing protocol, raised $50 million led by Hack VC.
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- Virtual Protocol launched Fun.Virtual, an AI agent launchpad on Base.
Upcoming Alpha and Governance
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- Peaq Network, a DePIN-focus Layer 1, is expected to launch on November 12.
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- Maple announced the launch of SYRUP token will be taking place on November 13. SYRUP will be converted 1:1 with MPL and will accrue fee revenue generated from Maple and Syrup protocols.
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- HKEX is expected to launch the HKEX Virtual Asset Index Series to provide reference prices for BTC and ETH, calculated by CCData (own by CoinDesk), on November 15.
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- LFJ teased Token Mill (its version of Pump.fun) will be launching soon.
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- Unichain teased about launching its validation network soon.
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- Chainlink announced integration of Payment Abstraction into CCIP and Data Streams to streamline the revenue generated from the products and convert them to LINK to repay service providers. Payment Abstraction will conduct a competitive audit on December 6.
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- Pudgy Penguins and Mythical Games (a Polkadot Gaming-focus L1) announced a new mobile royale game called Pudgy Party in 2025.
Token Unlock
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- APT token unlocked on November 12th, amount representing 2.19% of the token supply.
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- STRK token unlocked on November 15th, amount representing 3.02% of the token supply.
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- CYBER token unlocked on November 15th, amount representing 14.2% of the token supply.
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- ARB token unlocked on November 16th, amount representing 2.32% of the token supply.
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- APE token unlocked on November 17th, amount representing 2.09% of the token supply.
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- MERL token unlocked on November 19th, amount representing 5.76% of the token supply.
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- WELL token unlocked on November 23rd, amount representing 1.25% of the token supply.
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- IMX token unlocked on November 29th, amount representing 1.46% of the token supply.
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- OP token unlocked on November 30th, amount representing 2.56% of the token supply.
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