Topics of Crypto World

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.

On the evening of November 20, Gate Founder and CEO Dr. Han delivered a keynote address at the Gate Europe Exclusive VIP Dinner in Malta, sharing the platform’s global strategic roadmap and insights into industry development. In his speech, Dr. Han reviewed Gate’s evolution since its founding in 2013 and explained how the company has built a worldwide crypto ecosystem guided by its three core principles: transparency, security, and compliance, while offering an in-depth outlook on future growth.

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.

This article argues that providing infrastructure and services—the "pick-and-shovel" business model—is the most resilient strategy through market cycles, from NVIDIA to Binance. The analysis covers NVIDIA, crypto exchanges, mining hardware manufacturers, and infrastructure supply chains. It explains why companies selling computing power, mining equipment, or network capacity maintain stable profits during both the AI and crypto gold rushes. The article concludes with actionable insights for investors and entrepreneurs.

Ethereum’s price has dropped nearly 40% from its peak as ETF inflows, treasury purchases, and on-chain buying have all cooled significantly. BitMine now serves as the market’s last major buyer. Yet, with its stock price down 80%, unrealized losses nearing $3 billion, and a widening mNAV discount, market participants have grown increasingly concerned about BitMine’s liquidity and long-term strategy. This article systematically analyzes funding sources, staking returns, and institutional trends; it also examines the withdrawal of ETF, treasury, and on-chain ETH buying forces. It further explores whether BitMine is mispriced. Finally, the article discusses how much longer BitMine can remain the primary buyer of last resort for Ethereum.

According to the latest Glassnode weekly report, Bitcoin once fell to $89,000, placing short-term holders under comprehensive pressure. On-chain cost bases were completely breached, and market sentiment rapidly shifted to a defensive stance. Persistent negative flows in spot ETFs and rapidly contracting futures leverage reflect simultaneous weak demand and speculative retreat. Meanwhile, the options market has significantly repriced risks, with implied volatility and skew markedly rising. The premium for 90K put options surged sharply, indicating strong demand for hedging against downside risks. The report systematically analyzes on-chain, ETF, and derivatives data, presenting key risk signals indicating that Bitcoin is currently in a moderate bear market structure.

The article not only describes El Salvador's specific progress in health, economy, and technological innovation but also reveals the country's long-term vision for Bitcoin as a currency through interactions with President Nayib Bukele.

Based on a report by BCA Research, this article provides an in-depth analysis of the rise and fall of four capex booms. The article uncovers the underlying logic driving the transition from boom to bust. It also provides a cautionary analysis of the ongoing AI surge.

The article not only discusses the impact of individual psychology and emotions on investment decisions, but also explores how market narratives, beliefs, and collective behaviors influence the cryptocurrency market.

The article not only provides a detailed explanation of the specific reasons behind market fluctuations but also examines the performance of Bitcoin (BTC) and Ethereum (ETH), as well as the sector-wide performance of the entire cryptocurrency market.

Gate Web3 proudly presents the “Meme Referral King Contest.” Invite friends to trade on Meme Go and swap on Gate Swap to accumulate qualifying trading volume and earn generous rewards. During the event, KOLs can use their unique referral link to invite users, and each completed qualifying trade increases their level and unlocks additional rewards. Total rewards can reach up to 3,200 USDT, while also enjoying standard DEX Referral commissions for themselves and their friends, making every invitation even more valuable.

According to CryptoRank's October Crypto Exchanges Report, Gate demonstrated strong momentum across multiple metrics. The exchange's spot trading volume rose 31% month-over-month, reaching an all-time-high market share of 6.57% and firmly placing it among the top three exchanges.

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.