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Last week, BTC, after a continued downtrend, found support and consolidated near lows on November 19–20, forming a short-term bottoming pattern. ETH stabilized around lows on November 19 following its prolonged weakness. BCH surged over 14.21%, emerging as the standout token. Arbitrum led the pack with strong performance. Robinhood is developing it as a core platform for tokenized securities, creating a real trading loop. Amid the crypto market pullback, the DAT sector experienced significant valuation contraction, with its total market cap dipping below $1 trillion. The industry has entered a cycle of active and passive deleveraging.

Gate Research Daily Report: Bitcoin rebounded after stabilizing around the $86,000 level, likely supported by renewed expectations of rate cuts; Ethereum began a recovery on Tuesday after consolidating for several days in the $2,700–$2,800 range. PIPPIN surged 103.36%, driven by renewed popularity of its AI-themed narrative and meme storytelling within trader communities; L3’s recent rally—up 82.58% in the past 24 hours—was fueled primarily by its token-scarcity model. AVAX One spent approximately $110 million to acquire 9.37 million AVAX, while CME U.S. Treasury open interest hit a record high, signaling a decline in investor risk appetite.

Gate Research Daily Report: On November 24, BTC’s current price has retraced to around $86,600. If it continues to break below the short-term moving average support, it may face further downside toward the $85,800–$84,500 support range. ETH showed a slightly bearish consolidation pattern, encountering resistance around $2,840 and currently oscillating near $2,780. Ethena’s Q3 fee revenue hit a record high, surpassing $150 million; video-sharing platform Rumble launched the Rumble Wallet, supporting BTC, XAUT, and USDT tipping; and Wormhole Labs introduced Sunrise, bringing assets like MON into the Solana ecosystem.

Gate Research Daily Report: On November 24, BTC’s current price has retraced to around $86,600. If it continues to break below the short-term moving average support, it may face further downside toward the $85,800–$84,500 support range. ETH showed a slightly bearish consolidation pattern, encountering resistance around $2,840 and currently oscillating near $2,780. GT formed a temporary low around $9.24 after a prior sharp decline, then stabilized within a wide range and slowly climbed along the MA30. Meanwhile, TNSR (+53.24%), PARTI (+41.58%), and DYM (+23.68%) posted significant gains, reflecting a notable short-term surge in market appetite for high-volatility assets. Ethena’s Q3 fee revenue hit a record high, surpassing $150 million; video-sharing platform Rumble launched the Rumble Wallet, supporting BTC, XAUT, and USDT tipping; and Wormhole Labs introduced Sunrise, bringing assets like MON into the Solana ecosystem.

This report systematically examines the development trends and competitive landscape of prediction markets, with a focus on Polymarket’s ecosystem strategy centered on Builder Codes. It highlights that Polymarket is transforming prediction markets from a single platform into decentralized infrastructure by opening liquidity and developer networks, creating a “Prediction-as-a-Service” system embeddable in any scenario. The report also dissects Polymarket’s four-layer ecosystem structure, revealing that third-party Builders account for less than 3% of total platform trading volume but hold tenfold growth potential.

BTC and ETH continue to trade in a weak, choppy structure, with prices trending lower and rebounds lacking strength. Volatility has spiked multiple times, reflecting fragile sentiment. On the derivatives side, leverage has not returned after a major deleveraging event, with open interest remaining at low levels. The concentrated long liquidations in early November further indicate declining confidence, suggesting that short-term downside risks remain. From a quantitative strategy perspective, the moving-average trend-breakout model has delivered strong performance in assets such as XRP, DOGE, and ADA, though it may still face signal delays and stop-loss whipsaws during strong one-sided trends. In contrast, the Gate Quant Fund employs a market-neutral arbitrage and hedging framework, emphasizing stable returns and risk control, offering investors a lower-volatility and more sustainable long-term allocation option.

Gate Research Daily Report: On November 21, BTC extended its downward trajectory after a period of volatile decline, showing a clear accelerating pullback pattern. Mirroring this trend, ETH also followed a similarly sharp correction. Meanwhile, TNSR became a market standout with a surge of more than 220%. FG Nexus sold over 10,000 ETH to raise funds for a stock buyback aimed at supporting its share price, while Tether announced an investment in Parfin to accelerate institutional adoption of USDT across Latin America. The Fear and Greed Index dropped to 15, signaling that overall market sentiment has returned to extreme fear.

Gate Research Daily Report: On November 14, after a period of volatile decline, BTC found short-term support near $98,000; ETH showed signs of a short-term rebound; GT stabilized with support around $10.9 and began to recover; while LUMINT became the market spotlight with a surge of over 670%. The first XRP spot ETF, launched by Canary Capital, began trading on Nasdaq; the Czech National Bank made its first-ever Bitcoin purchase, establishing a $1 million digital asset pilot portfolio; and Emory University doubled its Bitcoin holdings, investing $52 million to increase its stake in the Grayscale BTC ETF.

Gate Research Weekly Report: Crypto markets continue to consolidate amid persistent extreme fear. BTC edged up 0.43% to 92,700 USDT, while ETH rebounded to 3,040 USDT. Tensor (+102.63%) surged sharply as extreme negative funding rates triggered a short squeeze. Giga Chad (+61.29%) strengthened following whale calls and viral social-media hype tied to Walmart-listed supplements. During Devconnect, Vitalik signaled that Ethereum “must complete its quantum-resistance upgrade within the next four years,” sending an important message to the ecosystem. IBIT reported a net outflow of $523.15 million on Tuesday, marking its largest outflow on record. Meanwhile, BSOL saw $23 million in inflows on Tuesday, bringing its total inflows to over $600 million.

On November 20, the crypto market continued to consolidate and oscillate amid sustained extreme fear sentiment, with BTC edging up 0.43% to 92,700 USDT and ETH recovering to 3,040 USDT. Among hot tokens, Tensor (+102.63%) surged sharply due to a short squeeze triggered by extreme negative funding rates; Giga Chad (+61.29%) strengthened amid high social media buzz from whale endorsements and Walmart listing related supplements; StarkNet (+22.63%) rebounded significantly, driven by the spreading "Ztarknet" narrative and expectations of ZK infrastructure implementation. Vitalik released a key signal at Devconnect that "Ethereum needs to complete its quantum-resistant upgrade within the next four years." NVIDIA's strong earnings beat expectations, propelling a U.S. stock rebound and short-term crypto market repair. Meanwhile, a $1 billion ETH DAT trust plan led by Asian capital has been temporarily shelved due to fundraising resistance and market volatility.

This report provides a comprehensive overview of the structural changes, job distribution, and development trends in the global crypto employment market in 2025. It highlights that amid slowing global economic growth and the accelerating impact of AI on traditional industries, the crypto sector has demonstrated strong counter-cyclical resilience. With a total market capitalization approaching USD 3 trillion and more than 1.6 million professionals employed worldwide, the crypto industry has become a key driver of high-skilled employment within the digital economy.

On November 19, the crypto market saw a mild rebound despite extreme fear in sentiment. BTC edged up 0.15% to 92,410 USDT, while ETH rose 0.29% to 3,109 USDT. Among top movers, Anoma (+50.92%) surged as its ARM virtual machine went live on Ethereum, driving discussions around intents and programmable privacy; Grass (+23.03%) gained momentum ahead of its first Token Holder Call and on the back of processing 100 million scientific papers for open-science datasets; Falcon Finance (+17.69%) rallied as USDf supply exceeded 2 billion dollars and the Perryverse NFTs were fully revealed. On-chain data shows Bitcoin whales and institutions are accumulating simultaneously, with the number of wallets holding over 1,000 BTC reaching a four-month high. Vitalik introduced the Kohaku privacy framework, advancing privacy as a first-class property on Ethereum. Meanwhile, Zama launched its fully homomorphic encryption (FHE) testnet v2, marking a major step toward its upcoming mainnet launch.

Gate Research Daily Report: On November 19, the crypto market saw a mild rebound despite extreme fear in sentiment. BTC edged up 0.15% to 92,410 USDT, while ETH rose 0.29% to 3,109 USDT. Among top movers, Anoma (+50.92%) surged as its ARM virtual machine went live on Ethereum, driving discussions around intents and programmable privacy; Grass (+23.03%) gained momentum ahead of its first Token Holder Call and on the back of processing 100 million scientific papers for open-science datasets; Falcon Finance (+17.69%) rallied as USDf supply exceeded 2 billion dollars and the Perryverse NFTs were fully revealed. On-chain data shows Bitcoin whales and institutions are accumulating simultaneously, with the number of wallets holding over 1,000 BTC reaching a four-month high. Vitalik introduced the Kohaku privacy framework, advancing privacy as a first-class property on Ethereum. Meanwhile, Zama launched its fully homomorphic encryption (FHE) testnet v2, marking a major step toward its upcoming mainnet launch.

Last week, the government reopening failed to bring liquidity back to the market, and Bitcoin slipped below $100,000 once again. TEL skyrocketed over 100%, standing out as the top performer. Sei accelerated across funding, ecosystem development, and institutional adoption, emerging as one of the most promising layer-1 projects. Uniswap rolled out its most groundbreaking governance proposal yet, enabling protocol fees and directing the revenue toward UNI burns. Gate Connect officially launched Apple Pay for crypto sales, positioning it as the first Web3 exchange to support this feature.

Gate Research Daily Report: Bitcoin broke its stabilization trend and saw another high-volume decline; Ethereum fell below the key $3,000 support for the first time. The migration from ai16z to ELIZAOS has been completed on major exchanges, pushing ELIZAOS up 18.00%. Dusk announced partnerships with Chainlink and the Dutch securities exchange NPEX, driving DUSK up 19.25%. The current market pullback is largely driven by rotation among long-term holders. 1inch launched its new liquidity protocol, Aqua, addressing DeFi’s long-standing liquidity fragmentation. The Canada Pension Plan Investment Board purchased $80 million worth of MSTR, reinforcing the trend of “large institutions = stable inflows.”