Gate Research Institute: In November, the volume of Crypto Assets fell to $1.6 trillion | Chainlink Spot ETF is expected to launch this week.

Crypto Market Overview

• BTC (-4.04% | Current Price 87,405 USDT): After a long period of consolidation, BTC experienced a significant drop from a high range (around 91,000 USD), with a single large bearish candle breaking through the 5/10/30 hour moving averages, forming a rapid downward structure, reaching a low of 86,317 USD, confirming a short-term trend shift from consolidation to decline. Whether it can return to the 88,600–89,000 USD range becomes crucial; if it cannot recover, this area will turn into a new short resistance level. Whether the lows will continue to move downwards is uncertain, as a break below 86,300 USD may open up further retracement space. On November 28, the BTC ETF saw a net outflow of 71.4 million USD in a single day, with BlackRock's IBIT seeing an outflow of 113 million USD, while Fidelity's FBTC experienced an inflow of 77.5 million USD.
• ETH ( -4.72% | Current Price 2,871 USDT): ETH has been consolidating around the 3,030 USD range for several days, but has failed to break through the upper resistance, with momentum gradually weakening. Subsequently, the price quickly broke down when it approached the dense area of the moving averages, falling all the way down to a low of 2,831 USD, forming a typical “high-volume plunge” breakdown. Going forward, attention should be paid to whether the 2,900 USD round number and the dense area of moving averages (2,915–2,950 USD) can be reclaimed, which is key for ETH to rebuild its short-term structure. If the price falls below the 2,830 USD low again, it may further open up space below. On November 28, ETH ETF saw a net inflow of 76.6 million USD in a single day, with BlackRock's ETHA inflow being 28.3 million USD.
• Altcoins: Most mainstream altcoins have fallen, and market sentiment has worsened overall, with investors primarily feeling “neutral.” The Fear and Greed Index reports a value of 24 today, indicating it is in the extreme fear range, showing that market risk appetite remains sluggish.
• Macroeconomic: On November 28, the S&P 500 index rose by 0.54%, closing at 6,849.09 points; the Dow Jones index rose by 0.61%, closing at 47,716.42 points; the Nasdaq index rose by 0.65%, closing at 23,365.69 points. As of December 01, 11:00 AM ( UTC+8), the spot gold price per ounce is temporarily reported at 4,240 USD, with a 24H increase of 0.28%.

Popular Tokens on Juejin

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.

Alpha 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/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• 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

<br> Gate Research Institute is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate is not responsible for any losses or damages resulting from such investment decisions.