Gate Research Institute: Systematic selling pressure in the crypto market continues | November volume falls to 1.6 trillion USD

Encryption Asset Panorama

BTC（ -4.04% 丨 Current Price 87,405 USDT）

After a long period of consolidation, BTC experienced a sharp drop with increased volume around the high range (approximately $91,000), with a single large bearish candlestick directly breaking through the 5/10/30 hour moving averages, forming a rapid downward structure, with a lowest point of $86,317, confirming the short-term trend has shifted from consolidation to downtrend. The three moving averages have accelerated downward and formed a bearish arrangement, indicating that short-term selling pressure is dominant.

In terms of morphology, this decline is strong and fast, characteristic of a typical “breakdown type decline,” indicating that the support of the previous sideways range has been completely breached. Although the lower shadow shows some support at low levels, the rebound is limited and insufficient to rebuild the short-term structure.

Two key signals to watch going forward: whether it can return to the $88,600–$89,000 range (where MA5 and MA10 overlap). If it fails to recover, this area will turn into a new short pressure point. Whether the lows continue to move down; if it drops below $86,300, it may open up further room for correction. Overall, BTC is in a short-term weak phase at the 1-hour level, and it still needs time to confirm whether a stabilization structure is forming.

In addition, on November 28, the BTC ETF had a net inflow/outflow of $71.4 million in a single day, with BlackRock's IBIT experiencing an outflow of $113 million and Fidelity's FBTC seeing an inflow of $77.5 million.

ETH ( -4.72% | Current price 2,871 USDT)

ETH has been trading in a sideways range around $3,030 for several days, but has never been able to break through the upper resistance, and the momentum has gradually weakened. Subsequently, the price quickly broke down as it approached the dense zone of moving averages (5/10/30 hour moving averages), with a single large bearish candle directly piercing through all medium and short-term moving average supports, falling all the way to a low of $2,831, forming a typical “volume plunge” breakdown.

In terms of the moving average system, the 5/10 hour moving averages have quickly turned down and a bearish crossover has occurred, while the 30 hour moving average has also started to bend downwards, indicating that the short-term trend has completely weakened. Although the lower shadow reflects some support at the low levels, the rebound is limited, only returning to around 2,870 dollars, and has not touched any key moving average resistance, raising doubts about the effectiveness of the short-term rebound.

Key points to focus on going forward: whether the $2,900 integer level and the moving average congestion zone ($2,915–$2,950) can be reclaimed, which is crucial for ETH to rebuild its short-term structure. If the price falls below the $2,830 low again, it may further open up downside space. Overall, ETH's 1-hour level has shifted from consolidation to a short-term bearish trend, and we still need to wait for signs of structural stabilization.

In addition, on November 28, the ETH ETF had a net inflow of $76.6 million in a single day, with BlackRock's ETHA inflow of $28.3 million.

GT（ -4.47% | Current Price 9.76 USDT）

From the trend, GT has repeatedly rebounded in the range of 10.6–10.8 dollars without breaking through the previous high, forming a gradually declining oscillation pattern, indicating that selling pressure above continues to exist. Subsequently, the price encountered a rapid volume sell-off when approaching the densely packed moving average area, with a single large bearish candlestick directly breaking through the 5/10/30 hour moving averages, and it fell all the way to a low of 9.73 dollars.

The moving average system has formed a typical “bearish arrangement”: the 5-hour moving average is quickly pressing down; the 10-hour moving average is simultaneously turning down; the 30-hour moving average is beginning to bend downwards, confirming the deterioration of the trend. Although there has been a slight rebound from the low, overall it is still weaker than the moving average pressure zone (10.1–10.3 USD), indicating limited rebound momentum and insufficient buying support.

Short-term attention should be focused on two key points: whether 9.70–9.75 USD can form effective support; if it breaks down again or falls sharply with increased volume, it may open a new downward range. If the rebound can regain and stabilize above 10.20 USD and above the moving average, it may alleviate the current bearish pressure. Overall, the GT 1-hour cycle shows a clear weakness, and the short-term is still in the bottom-seeking phase, requiring signals of structural stabilization or a shift in volume.

Daily Price Fluctuation Tokens

The market has experienced systematic selling pressure in the past 24 hours, with BTC down 4.20% and ETH's decline expanding to 4.95%, leading to a complete deterioration of sentiment. High Beta altcoins are under even greater pressure, with Solana plummeting 6.26% and XRP down 5.73%. The overall structural decline indicates that funds are quickly withdrawing from risk assets and flowing into stablecoins for safety.

Under the panic tone, a few thematic coins are performing strongly against the trend: PIPPIN (+50.71%), PIEVERSE (+16.38%), and HUMA (+13.23%) show outstanding performance, highlighting that the market is still seeking relative return windows in strong narrative tracks such as AI and PayFi.

PIPPIN Pippin (+50.71%, circulating market cap 176 million USD)

According to Gate's market data, the current price of the PIPPIN token is $0.167, having risen about 50.71% in the last 24 hours. Pippin is an AI Meme token based on the Solana ecosystem, developed by Yohei Nakajima. Its core is a modular AI agent framework that supports developers and creators, providing flexible and intuitive tools to build efficient digital assistants. Users can define AI roles, set goals and constraints with Pippin, and seamlessly integrate blockchain, Slack, and custom APIs for automated task execution, intelligent planning, and multi-tool collaboration.

The rise of PIPPIN is primarily driven by capital inflow and resonating social sentiment. The price has shown a “rocket-like” increase, with volume and price amplifying simultaneously, indicating the formation of a strong bullish pattern. The core driving force behind it comes from the narrative of the project itself: Pippin originates from the experimental idea of Yohei Nakajima, combining open-source autonomous agents (AI characters) with the meme attributes of the Solana community, creating a dual attraction of AI topicality and meme virality. The project emphasizes a continuous AI loop, community tools, and public domain IP, giving it a natural ability to spread rapidly and accumulate users and social heat. In the past 24 hours, the trading volume reached as high as $47 million, with the combination of capital, sentiment, and narrative forming the main momentum for PIPPIN's strong rise.

PIEVERSE Pieverse (+16.38%, Circulating Market Cap 72,957,500 USD)

According to Gate market data, the current price of the PIEVERSE token is $0.411, having increased by about 16.38% in the last 24 hours. Pieverse is a project that combines artificial intelligence (AI) and blockchain technology, aiming to establish a Web3 payment infrastructure based on a “time economy.” The project utilizes the characteristics of blockchain to record and verify time-related transactions, such as converting transactions into legally compliant, auditable records through timestamped bills, receipts, and checks.

The upward momentum of PIEVERSE mainly comes from the multiple resonance of price correction, narrative catalysts, and ecological cooperation. After experiencing drastic fluctuations and early profit-taking sell-offs in the initial listing phase, it has entered a strong recovery trend. The core driver is the official launch of x402b before TGE, which allows it to directly benefit from the warming narrative of x402; multiple ecological collaborations further strengthen its AI × Agent × Base ecological positioning. The project has successively announced a partnership with Flock.io to launch the Purr-Fect Agent event and has achieved native integration of x402b with Pieverse through Awe Network, enhancing its application capabilities on the Base chain. At the same time, Pieverse supports Monad in building AI infrastructure from the ground up to introduce native agent payment channels for the ecosystem. These strengthened application scenarios and traffic entry points continuously increase market expectations, driving noticeable capital inflow and price upward momentum for PIEVERSE after adjustments.

HUMA Huma Finance (+13.23%, circulating market cap 46.6613 million USD)

According to Gate market data, the current price of the HUMA token is $0.027, having risen approximately 13.23% in the last 24 hours. Huma Finance is a PayFi network that enables global payment institutions to utilize stablecoins and on-chain liquidity for round-the-clock payment settlement. The platform supports lending through an innovative PayFi model, allowing users to obtain credit without traditional collateral.

The core of HUMA's rise comes from the triple drive of airdrop expectations, track explosion, and narrative resonance. Its second quarter airdrop has officially started, directly boosting user participation and on-chain activity, creating a strong “rush to buy” sentiment. Meanwhile, PayFi is in an accelerated upward cycle, with the industry expectation of mainstream payment giants entering the market in 2025 continuously strengthening. As a leading project in the PayFi track, Huma has facilitated over $8 billion in transaction volume, with clear fundamental support. Under the resonance of the track's essential demand explosion and community FOMO sentiment, HUMA has become a natural gathering point for funds related to the PayFi theme, driving up the price.

Hot Spot Interpretation

November cryptocurrency trading volume fell to $1.6 trillion, the lowest level in nearly five months.

In November, the overall activity level of the cryptocurrency market significantly cooled down, with industry trading volume falling back to a six-month low. According to The Block data, the global cryptocurrency spot market recorded a transaction volume of only $1.59 trillion in that month, a sharp decline of 26.7% compared to October's $2.17 trillion, marking the lowest level since July. Following the rapid decline in market enthusiasm after the October行情, the trading momentum of centralized exchanges has noticeably weakened, volatility has narrowed, and the market has entered a sideways phase dominated by profit-taking and wait-and-see sentiment.

Decentralized exchanges are also struggling to withstand the tide of pressure. In November, the total trading volume of DEX was only $397.78 billion, a significant decrease from $568.43 billion in the previous month, marking a recent record low. Overall data reflects that in the absence of new funds and strong themes driving the market, the liquidity in the encryption market is contracting in the short term.

The sharp contraction in trading volume in November essentially reflects that the encryption market has entered a “momentum exhaustion period” after experiencing a strong rebound in October. The market lacks sustained catalysts, leading speculative capital to withdraw and liquidity to revert to conservative ranges. Both spot and DEX transaction volumes have declined in tandem, indicating that not only has trading enthusiasm decreased, but also on-chain spontaneous behavior has noticeably weakened, which aligns with declining volatility and shrinking risk appetite. From a cyclical perspective, this type of “volume exhaustion” is often a transitional phase before the market chooses a direction: on one hand, maintaining low volatility but high uncertainty; on the other hand, capital is concentrated in observing potential new catalysts at the policy, macro, or project level. If new narratives or incremental capital enter the market subsequently, trading volume may become the first indicator to warm up.

TON has officially launched with the decentralized confidential computing network Cocoon in the Telegram ecosystem.

TON and the Telegram ecosystem have made significant progress: the decentralized confidential computing network Cocoon is now officially launched. Telegram founder Pavel Durov announced on his channel that the first batch of AI requests from users has been processed through Cocoon, achieving 100% privacy protection throughout the process. At the same time, GPU providers have also started earning TON token rewards through the network. Durov stated that the core goal of Cocoon is to replace the high-cost, insufficient privacy protection models found in traditional AI computing services like those from Amazon and Microsoft. The official plan is to continuously expand GPU supply in the coming weeks and attract more developers to join the ecosystem.

The launch of Cocoon marks a key step for the TON ecosystem in the direction of “decentralized computing + privacy protection + AI”, while also strengthening the technical narrative and practical application capabilities of the Telegram ecosystem. From an industrial logic perspective, the market demand for privacy AI is rapidly expanding, while the costs and data leakage risks of centralized computing platforms are increasingly highlighted, and Cocoon provides a new alternative. More importantly, Telegram's over 900 million monthly active users provide a huge natural entry point for its potential applications, making TON one of the few public chain ecosystems with “real scenarios + large-scale distribution capabilities.”

Chainlink spot ETF is expected to be launched this week, Grayscale plans to complete the private trust conversion.

The ETF Store president Nate Geraci revealed on platform X that the Chainlink (LINK) spot ETF may officially launch this week. Meanwhile, Grayscale plans to convert its existing Chainlink private trust into an ETF structure, providing higher liquidity and a more transparent investment channel for institutional and compliant funds. This means LINK may become another mainstream encryption asset included in the traditional financial tool system, following BTC and ETH.

The launch of the Chainlink spot ETF symbolizes the first time that the oracle track has been incorporated into the mainstream financial asset allocation framework, which is of landmark significance. Unlike Bitcoin and Ethereum, the core value of LINK lies in its role as “infrastructure for on-chain and off-chain data,” and the demand for decentralized data services in traditional finance is rapidly rising. The launch of the ETF is expected to attract more institutions to view LINK as an infrastructure asset rather than a high-volatility token. From a funding perspective, the conversion of Grayscale trusts into ETFs will open redemption channels, which may lead to short-term fluctuations in capital flow, but will be beneficial for price discovery and a healthier market structure in the long run. From an industry perspective, the implementation of the LINK ETF further accelerates the financialization process of Web3 infrastructure assets, and also means that oracles, as underlying components of the encryption ecosystem, are beginning to gain broader institutional recognition. <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/trade/GT_USDT
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/price
• The Block, https://www.theblock.co/post/380831/crypto-exchange-volume-drops-november
• Telegram, https://t.me/durov/462
• X, https://x.com/NateGeraci/status/1995300310227501522?s=20

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