Gate Research Institute: Crypto market sentiment cools down | Bitcoin long positions funding rate plummets by 60%

Encryption Asset Overview

BTC (-5.72% | Current Price 99,875 USDT)

BTC continues its downward trend after a brief consolidation, with the current price falling below $100,000, hitting a low of $98,951, and is currently in a weak oscillation range in the short term. The price is operating below MA5, MA10, and MA30, with a clear bearish arrangement of the moving averages, indicating that selling pressure remains heavy. The MACD double lines continue to expand downwards and are below the zero axis, with increasing green bars, indicating weak momentum. If support at $99,000 cannot be held, it may further test the $97,500 area; if a short-term rebound breaks through $101,000, there is hope for a technical recovery.

ETH (-10.82% | Current Price 3,215 USDT)

ETH also remains in a low-level oscillation, briefly rebounding after the price fell below the 3,200 USD mark but still constrained by MA10 pressure. The short-term moving averages show a bearish alignment, indicating limited rebound momentum. The MACD double lines are still below the zero axis, with green bars shortening but no effective golden cross signal yet. If the price falls below 3,150 USD, the support below will focus on 3,050 USD; if it can regain the 3,300 USD level, a phase of corrective market may be on the horizon.

GT (-7.61% | Current price 11.18 USDT)

The GT trend is relatively weak, with the price continuing to decline from the high point and currently fluctuating around 11 dollars. Although there has been a slight rebound in the short term, it is still constrained by the pressure zones of MA10 and MA30. The MACD double line is consolidating below the zero axis, and the momentum bars are slightly converging, indicating that the bearish momentum has temporarily eased but the bullish confidence is insufficient. If the price breaks below the support at 10.8 dollars, it may test the previous low of 10.5 dollars again; if it can break through 11.5 dollars, there is hope for a short-term recovery to around 12 dollars.

Daily Price Fluctuation Tokens

In the past 24 hours, the encryption market sentiment has continued to weaken, with the Fear and Greed Index dropping to 23, indicating a rapid shift from neutral to panic sentiment in the market. Major encryption assets are generally under pressure, with mainstream coins like SOL and XRP experiencing simultaneous declines, with drops ranging from 5% to 8%; the market has entered a stage of concentrated selling and emotional release, with short-term panic-driven capital outflows intensifying.

However, in the overall sluggish market environment, there are still some tokens rising against the trend. Among them, AIA (DeAgentAI) surged over 140% within the day, driven by the popularity of the AI payment protocol X402 and activities on Binance; JELLYJELLY rose by about 27%, benefiting from community dissemination and content popularity in the social entertainment ecosystem; CUDIS increased nearly 47% due to the online health step challenge. These projects that rose against the trend often have strong community driving force or recent event catalysts, becoming structural highlights in a weak market.

JELLYJELLY jelly-my-jelly (+27.56%, circulating market cap 274 million USD)

According to Gate market data, the current price of the JELLYJELLY token is $0.26081, up about 27.56% in the past 24 hours. jelly-my-jelly is a multimedia platform centered on a decentralized content ecosystem and social interaction, combining short videos, music, and community token economy, aimed at creating a Web3 entertainment ecosystem co-governed by creators and users. The project team recently launched the “JellyPhone × Cal.com” cooperation plan, providing users with tools for one-click generation of micro-podcasts and short content, and announced interactive activities with crypto communities such as Wobbles to further enhance the platform's community stickiness and exposure.

The strong rise of the token is mainly driven by multiple factors: first, the activity level on official social platforms has significantly increased, with community activity topics frequently trending on X; second, the project launched music works and meme interaction activities, prompting users to spread the word voluntarily and creating a high-heat community effect; third, the airdrop and joint promotion with Wobbles further attracted new users to participate, driving short-term capital inflows. The rise of JELLYJELLY reflects the stage burst power of community-driven projects under the empowerment of social heat and content creation.

AIA DeAgentAI (+140.04%, circulating market cap 280 million USD)

According to Gate market data, the current price of the AIA token is $2.83257, up 140.04% in the last 24 hours. DeAgentAI is a decentralized intelligent agent protocol focused on the integration of “AI × encryption”, aiming to build a verifiable and automatically executable AI payment and service settlement network. The project achieves autonomous payment logic between machines through its core protocol X402, making “Bot pays Bot” a reality and promoting the formation of a decentralized machine economy.

The recent surge in AIA tokens is mainly influenced by two major catalytic events: first, the official announcement of a partnership with Pieverse to join the Timestamping Alliance, using AIA for verifiable on-chain invoice and receipt payments, thereby strengthening the actual application value of the token; second, DeAgentAI hosted multiple AMA events in the community regarding the X402 protocol, launching interactive tasks and a rewards pool, which garnered significant market attention. The combination of multiple positive factors has made AIA one of the most sought-after representatives in the current AI sector.

CUDIS CUDIS (+47.25%, circulating market cap 13.3551 million USD)

According to Gate market data, the CUDIS token is currently priced at $0.05241, with an increase of approximately 47.25% in the last 24 hours. CUDIS is a Web3 smart wearable ecological project that combines health and financial consumption scenarios, aiming to incentivize users to earn encryption rewards through wearable devices and an on-chain points system in their daily exercise and consumption. The project builds its economic model around the concepts of 'Walk-to-Earn' and 'Health as an Asset', allowing users to earn token rewards and accumulate points through step tasks, fitness activities, or by using the CUDIS Card for payments, which can be redeemed for goods within the ecosystem and enhance financial rights.

The recent rise of the CUDIS token is mainly driven by the “CUDIS × UR Card Social Challenge” event. The official announcement states that users who complete the daily task of 5,000 steps from November 6 to 12 will have the chance to share a prize pool of 3,000 USDT and CUDIS smart ring rewards, with the event limited to 100 winners. Additionally, the official is promoting KYC registration and UR Card binding activities to expand user participation. The social challenge has sparked significant community interaction and dissemination, leading to a notable increase in market enthusiasm. Coupled with the confidence effect brought about by last week's announcement of the “Leaderboard with CUDIS” rewards, short-term capital has concentrated influx, propelling CUDIS to become one of the standout sports finance tokens in recent times.

Hotspot Interpretation

The funding rate for Bitcoin longs has plummeted by 60%, highlighting a decline in market demand for leverage.

According to Glassnode data, the funding rate paid by long positions in the Bitcoin perpetual contract market has decreased by about 62% from its mid-August peak, falling from $338 million per month to the current $127 million. This change indicates a significant reduction in the cost of leveraged funds in the market, but more fundamentally reflects a weakening of traders' risk appetite and a declining willingness to maintain long positions. Generally speaking, a decline in the funding rate is related to a reduced expectation of short-term price increases in the market, indicating that speculative enthusiasm is rapidly retreating from its highs.

From a structural perspective, the decline in funding rates not only indicates a cooling market sentiment but also signifies the proactive withdrawal of leveraged long positions. The derivatives market is undergoing a round of “de-leveraging” adjustments. As institutional and quantitative funds reduce their allocation to short-term long positions, the market's volatility and room for leverage expansion are compressed, making the price structure more reliant on spot funding and fundamentals. If the macro environment or liquidity conditions do not improve significantly in the future, the low-level operation of funding rates may become a precursor to short-term consolidation of Bitcoin; however, from a medium to long-term perspective, this cooling also creates space for the market to accumulate new upward momentum.

SOL Treasury Company Forward Industries launches a buyback program of up to $1 billion.

SOL Treasury Company Forward Industries announced that it has submitted a supplemental filing to the SEC for the resale prospectus of the company's common stock already issued in the private placement (PIPE) scheduled for September 2025, relying on the S-3 registration statement submitted and effective earlier this year. In simple terms, this step provides PIPE investors with a compliant and transparent channel for reducing their holdings and enhancing liquidity, which also means that some existing shares can circulate more smoothly in the secondary market in the future, helping to increase overall trading activity, but it may also bring some selling pressure expectations in the short to medium term.

At the same time, the company's board of directors approved a stock buyback plan on November 3, 2025, authorizing Forward Industries to repurchase up to $1 billion of issued common stock before September 30, 2027. The resale registration appears in conjunction with the large-scale buyback, which, on one hand, technically opens an exit channel for PIPE shareholders, and on the other hand, the company itself acts as a potential important buyer, signaling to the market that the management has confidence in the company's valuation and long-term fundamentals. This is expected to mitigate potential selling pressure in the future to some extent and optimize the shareholder return structure by reducing the number of shares outstanding and improving per-share metrics.

Ripple acquires Palisade to enhance its enterprise-grade custody layout, creating a one-stop encryption infrastructure.

Ripple announced the acquisition of digital asset wallet and custody company Palisade, further strengthening its enterprise-level encryption custody capabilities. Palisade has underlying technological advantages such as MPC (multi-party computation), zero-trust architecture, and multi-chain support, which will be directly integrated into Ripple's payment and settlement system to provide integrated asset management solutions for crypto-native institutions, fintech companies, and traditional enterprise clients, ranging from long-term cold storage to high-frequency trading scenarios. For Ripple, this is not only a key piece to complete the “secure custody + multi-chain support” puzzle, but also a step towards a higher-level infrastructure in cross-border payments, liquidity management, and fund scheduling efficiency.

In terms of capital investment rhythm, Ripple has invested approximately $4 billion in the encryption and financial infrastructure ecosystem in recent years through strategic investments and acquisitions, involving trading and fund management-related targets such as Hidden Road, Rail, and GTreasury. It is gradually expanding from a single payment network to a comprehensive service provider covering custody, trading channels, fund management, and liquidity services. This series of layouts shows that Ripple is trying to deeply position itself in the “compliance + infrastructure + enterprise-level services” track: on one hand, it locks in high-stickiness client groups such as institutions and large enterprises; on the other hand, by mastering the key capabilities of custody, clearing, and multiple payment links, it aims to occupy a higher bargaining power and ecological dominance in the future integration of encryption and traditional finance. <br> Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Businesswire, https://www.businesswire.com/news/home/20251104964973/en/Forward-Industries-Announces-Resale-Prospectus-Supplement-Board-Authorizes-New-%241-Billion-Share-Repurchase-Program
• X, https://x.com/glassnode/status/1985707930889375833
• Ripple, https://ripple.com/ripple-press/ripple-acquires-palisade-to-offer-comprehensive-digital-asset-custody-solution/

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