Gate Research Institute: Mainstream alts gently rebound with the market | Large Investors and institutions both increase their holdings in Bitcoin

Encryption Asset Panorama

BTC (+0.15% | Current price 92,410 USDT)

BTC found initial support around $91,800 on November 18, and after a brief rebound in the early hours of the 19th, it peaked at about $94,000, but then fell back to oscillate around $92,500. The short-term moving average structure has slightly improved, with MA5 and MA10 returning above MA30, but it remains to be seen whether a clear upward trend will form. The MACD showed slight enhancement during the early morning rebound, with the red bars expanding momentarily, but momentum subsequently contracted, indicating limited capital inflow strength. If BTC can stabilize above $92,800, it will help continue the short-term recovery; conversely, if it falls below the $91,800 support, the pressure for a pullback may increase again.

ETH (+0.29% | Current Price 3,109 USDT)

ETH stopped falling around $3,050 and rebounded to around $3,160 in the early hours of the 19th, following the overall market trend, indicating a slight improvement in short-term sentiment. In terms of moving averages, MA5 and MA10 remain above MA30, showing a relatively stable short-term structure, but it is still necessary to observe whether it can continue to stay above these levels to confirm the continuation of repair momentum. The MACD red bars have increased, but then tend to flatten out, indicating that although short-term buying interest has entered, the strength is limited. If ETH can hold above $3,120, the short-term fluctuation will be relatively stable; if it breaks below $3,050, attention should be paid to the risk of the price testing the support area below again.

GT (+0.09% | Current price 10.92 USDT)

GT stabilized around 10.45 dollars on the 18th, and there was a follow-up rebound in the early hours of the 19th, rising back to the 10.90–11.00 dollar range. The short-term moving average structure has slightly improved, with MA5 and MA10 both above MA30, indicating that the price is in a mild recovery phase, but the trend has not yet formed a clear direction.

The MACD shows a slight rise during the rebound, but the overall momentum remains mild, with short-term capital inflow not being strong. If GT can stabilize above $10.90, it will help maintain the current consolidation pattern; if it falls back below $10.70, it may face pressure to retest the support at $10.45 in the short term.

Daily Price Fluctuation Tokens

In the past 24 hours, market sentiment remains cautious, with the fear index at 15, staying in the extreme fear range, reflecting a continued decline in investors' risk appetite. Despite the overall weak sentiment, mainstream altcoins have experienced a mild rebound, with SOL leading the rise by about 7.3%, while DOGE, XRP, ADA, and others recorded increases ranging from 2% to 6%, indicating a phase of capital replenishment under extreme sentiment.

XAN Anoma (+50.92%, Circulating Market Cap 117 million USD)

According to Gate market data, the current price of the XAN token is $0.04677, with an increase of approximately 50.92% in the last 24 hours. Anoma is a distributed operating system aimed at next-generation decentralized applications, designed to bring programmable privacy, native intent, and cross-chain interoperability to the multi-chain ecosystem. Its core component, ARM, serves as a next-generation virtual machine that can provide privacy computing, intent expression, and complex interaction abstraction for any chain, freeing developers from the complexities of underlying logic and making dApp construction more flexible and modular.

Recently, Anoma officially launched on Ethereum, introduced ARM, and initiated the deployment of protocol adapters, attracting significant market attention. The release of ARM is seen as an important milestone for privacy and intent-driven architecture to be implemented in the Ethereum ecosystem, demonstrating the feasibility of its DOS model on existing mainstream chains. The network launch, clarification of the technical roadmap, and the official release of technical advancements have accelerated the market's demand and expectations for the XAN token.

GRASS Grass (+23.03%, circulating market value 149 million USD)

According to Gate's market data, the current price of the GRASS token is $0.3386, having risen by 23.03% in the last 24 hours. Grass is a decentralized data collection and computing network aimed at transforming the idle bandwidth, computing power, and data contributions of globally connected devices into shareable resources. It provides infrastructure support for open AI model training, research dataset construction, and distributed computing tasks. Through the Grass node network, users can contribute data to open science and AI research and receive token incentives within the ecosystem, forming a “data → model → value” cycle.

Recently, Grass announced that it will hold its first Token Holder & Network Participant Call on November 24, where it will publicly disclose business progress, revenue scale, data growth, AI collaboration results, and the new role of tokens in the ecosystem, triggering an early market layout sentiment. In addition, the important milestone achieved by Grass in collaboration with Inference.net and LAION—processing over 100 million scientific papers and building a structured open research dataset—further strengthens its narrative position in the AI data layer.

FF Falcon Finance (+17.69%, circulating market cap 347 million USD)

According to Gate market data, the FF token is currently priced at 0.14844 USD, with an increase of about 17.69% in the last 24 hours. Falcon Finance is a decentralized stablecoin and yield protocol built on Ethereum, with its core product USDf being an over-collateralized stablecoin, positioned as a transparent, auditable, and scalable decentralized dollar asset. The protocol focuses on stablecoin minting, yield management, and cross-chain collateral expansion, aiming to rebuild a more trustworthy value anchoring system in the stablecoin sector through publicly available on-chain data, real-time risk monitoring, and an open and transparent architecture.

Recently, the rise of FF has been driven by multiple ecological events, with the circulation of its stablecoin USDf surpassing 2 billion US dollars, growing over 300% since July, indicating a significant expansion in ecological usage; at the same time, the Perryverse NFT series has been fully unveiled, attracting community attention and increasing user participation. Falcon also announced its participation in Blockchain Week and other related activities to enhance its exposure in the open finance and stablecoin sectors.

Hotspot Interpretation

Bitcoin whales and institutions “double their holdings”, the number of wallets holding over 1,000 BTC has reached a four-month high.

Against the backdrop of a continuous market correction, there are clear long-term layout signals on both the on-chain and institutional sides. The latest Glassnode data shows that Bitcoin whales (holding ≥1,000 BTC) have been accumulating against the trend during the downturn, with the number of wallets holding over 1,000 BTC recently jumping 2.2% to 1,384, setting a new four-month high. This change indicates that major funds view the current range as a value pit and are accelerating their accumulation on dips; in contrast, small holders are accelerating their selling during the price weakening phase, reflecting a typical “retail cleanup, whale accumulation” structural distribution.

At the same time, the long-term allocation efforts of institutions and enterprises have been enhanced. Currently, various corporate entities have controlled about 14% of the total Bitcoin supply, indicating that institutional funds have not retreated due to short-term fluctuations, but instead continue to expand their exposure to digital assets. The steady growth of corporate holdings not only strengthens the long-term locking effect of Bitcoin but also means that deep-pocket investors are seizing cyclical lows to position themselves in advance. Overall, the dual increase in holdings by large players and institutions is driving funds from short-term speculators to long-term holders, laying a structural foundation for subsequent market stabilization and even trend reversal.

Vitalik released the Ethereum privacy framework Kohaku, promoting privacy as a first-class property on the chain.

Vitalik Buterin officially launched a privacy protection framework called Kohaku at Devcon. This open-source tool aims to enhance the privacy capabilities of the Ethereum ecosystem and provides developers with modular components that can be freely combined to build secure privacy wallets without relying on centralized third parties. Kohaku has integrated well-known privacy protocols such as Railgun and Privacy Pools, enabling users to hide the flow of funds while meeting regulatory requirements and providing verifiable “proof of innocence.” This tool not only strengthens the confidentiality of on-chain interactions but also improves user security and resilience in asset transfers and identity association.

At the same time, the Ethereum Foundation announced the establishment of a dedicated privacy team composed of 47 researchers, engineers, and cryptographers, with the goal of elevating privacy capabilities to a “first-class attribute” of Ethereum. Vitalik emphasized that privacy is equivalent to freedom, and Ethereum is on a continuous iterative path of privacy upgrades. In the future, it will provide practical, auditable, and compliant privacy protections for the real world through more mature privacy proofs, transaction obfuscation, and user protection mechanisms. This indicates that Ethereum is driving the next stage of privacy technology competition from an infrastructure level, strengthening its strategic position in on-chain security and compliant privacy.

Zama Fully Homomorphic Encryption Testnet v2 Launched, Mainnet Countdown Begins

Zama founder Rand announced that the testnet v2 of the fully homomorphic encryption (FHE) project Zama has officially launched. As a candidate version for the mainnet, this version has all the core functionalities required for the future mainnet, and developers can now build and deploy applications in the testnet in advance. The team is currently conducting multiple rounds of stress testing on this version to verify the system's stability and throughput under high load. After testing is completed, a mainnet test version aimed at a broader range of developers will be released. The official revealed that the initial Zama mainnet will be deployed based on Ethereum, prioritizing the enhancement of core infrastructure to stabilize the ecosystem, and will gradually expand cross-chain compatibility.

According to the roadmap previously published in the Zama light paper, the testnet has launched as scheduled, while the mainnet and TGE will be released in the fourth quarter of 2025, and will expand to other EVM-compatible chains in the first half of 2026, with deployment to Solana in the second half of 2026. The overall plan indicates that Zama aims to ensure that encryption computing performance, developer toolchain, and ecological adaptability are fully matured through a phased cross-chain strategy before expanding multi-chain support, allowing its FHE technology to have a wider range of application scenarios, including privacy smart contracts, on-chain confidential computing, and high-sensitivity data applications. <br> Reference Materials:

• 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
• Glassnode, https://studio.glassnode.com/charts/entities.Min1KCount?a=BTC&chartStyle=column&mScl=lin&pScl=lin&s=1715906842&u=1763337600&zoom=
• The Block, https://www.theblock.co/post/379149/vitalik-buterin-unveils-kohaku-privacy-focused-framework-ethereum
• X, https://x.com/randhindi/status/1990446778068386252

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