On the retail side, it's not the U.S. driving Bitcoin demand.

It's Nigeria.

Dogecoin surged 51% in the past 24 hours to $0.43, with a $63.5 billion market cap.

This rise is tied to the U.S. election outcome and support from Elon Musk, with many investors optimistic that these factors could fuel further growth.

The percentage of shorts on Binance is decreasing.

Be attentive, guys; more turbulence might be on the way.

The U.S. leads in traffic to Web3 research apps.

Remember when they mocked us for saying crypto policy would be crucial in these elections?

Research apps and their top countries now:

• Glassnode: USA 14.3%
• Messari: USA 20.18%
• Token Terminal: Indonesia 18.3%
• CoinMarketCap: USA 21.6%
• Coinglass: Japan 19.8%
• Cryptoquant: Korea 25.5%
• Tradingview: India 23%
• DEXTools: USA 32.5%
• Dexscreener: USA 31.3%

To put this into perspective: Dexscreener receives 20M monthly visits.
Americans account for 6.29M of them.

Data source: Similarweb

NFTEvening and Storible’s 2024 conducted research and came to the interesting conclusions:

– 98% of 2024 NFT drops are dead.
– Only 0.2% of 2024 NFT drops return profits to investors.
– 64% of 2024 NFT drops have fewer than 10 mints.
– 98% of 2024 NFT drops have fewer than 10 trades in the first week.
– In 98% of 2024 NFT drops, the price falls by at least 50% within the first three days.
– 84% of 2024 NFT drops have ATH price equal to mint price.

See the full report and data here.

USDT netflow on exchanges set a new record at 1.3 billion for the second time in six days.

Speculation goes brrrr.

November 2021: Crypto market cap at $2.86T.
Today: Crypto market cap at $3T.

November 2021: BTC at $66K.
Today: BTC at $90K.

November 2021: ETH at $4,800.
Today: ETH at $3,100.

November 2021: SOL at $258.
Today: SOL at $210.

Why so?
For traditional capital, Crypto = Bitcoin.
Much like for investors outside the US, the US market = S&P 500.

I get the Bitcoin maxis.
This thesis is evergreen.

The FBI raided the NYC apartment of Polymarket’s founder and CEO earlier today.

Elections effect?
Might be.

PS: No one is arrested, but phone and electronics seized.

Source.

The latest crypto insights are gathered for you, ladies and gentlemen 🎩

General
➖ CoinShares: Digital Asset Bi-Weekly Digest
➖ Crypto.com: Alpha Navigator: Quest for Alpha [October 2024]
➖ Coinbase: Introducing the COIN50 Index
➖ Coinbase: Monthly Outlook: Onchain Governance in Theory and Practice
➖ Binance: Exploring the Future of AI Agents in Crypto
➖ Cointelegraph: The influence of the 2024 US elections on the crypto market
➖ Glassnode: Fasanara Digital + Glassnode Report: Institutional Perspectives on Digital Assets
➖ Galaxy: Ethereum All Core Developers Execution Call #200 Writeup
➖ Galaxy: Weekly Top Stories - 11/8

Market
➖ Cryptorank: Crypto Market Recap: October 2024
➖ 4pillars: Buy $MKR Now, Thank Me Later
➖ Coinbase: Weekly: A New Dawn
➖ Binance: Monthly Market Insights - November 2024
➖ Glaasnode: Trumping to a New ATH

Blockchains & networks
➖ 4pillars: World Wide Warlus: The Next Gen Data Storage Protocol

Tokens & currencies
➖ 4pillars: What Makes Memecoin Valuable
➖ Galaxy: BTC Basis Surges, Then Dips Ahead of US Presidential Election

Don't take what this market offers for granted.

Take profits, set realistic goals, and stop believing KOLs who claim to make millions overnight.

Daily Dose of News: November 14, Thursday

General updates:

• FBI raided Polymarket CEO apartment as part of a DOJ investigation. Link.

• Sygnum's 2024 survey reveals 57% of institutional investors plan to increase crypto allocations amid the current bull run. Link.

Action required:

• Phantom warns iOS users of potential "app resets" after a recent update, urging them to back up their recovery phrases. Link.

Releases:

• Blackrock's BUIDL, the largest tokenized Treasury fund, is now available on Aptos, Arbitrum, Avalanche, Optimism, and Polygon. Link.

• OP_CAT could go live on Bitcoin within 12 months, enabling new functionalities like covenants, ZK-rollups, and L2 networks. Link.

• Solana-based NFT marketplace Tensor announced Vector.fun – a social trading app to rival pump.fun. Link.

• Bubblemaps has introduced new features to help users identify insider-controlled tokens and enhance market transparency. Link.

• Curve Finance has introduced a decentralized yield-bearing stablecoin "Savings-crvUSD" (scrvUSD) aimed at low-risk returns. Link.

Incentives:

• ZKsync's Token Assembly has approved the Ignite program, allocating 325M $ZK ($48.5M) to boost DeFi liquidity. Link.

• The mETH Protocol team has announced the upcoming launch of COOK Feast with an initial total reward pool of 200 cmETH. Link.

• The Aavegotchi team has announced the GOTCHI Play-to-Airdrop campaign, which begins on Nov. 21, 2024. Link.

Listings:

• Robinhood has announced the relisting of SOL, ADA, and XRP for U.S. customers, and the listing of PEPE. Link.

Fundraising:

• Ambrus Studio [gaming] has raised $10.00M in a Series A funding round. Link.

Bitcoin has hit another ATH, rising 30% since the US presidential election.

The $100k target might not be as far off as it seems, especially with traders’ on-chain realized max band indicator – similar to the period right before March's ATH.

A couple of cool insights on the post-election market from experts:

• Delphi Digital: Quick Brain Dump of Prediction Market Election Takeaways

• Blockworks Research: Post-Election Insights

Have a nice reading!

Cardano published its first financial report for the past year.

Key takeaways:

– In 2023, the Cardano Foundation allocated $19.22M across its three mutually reinforcing focus areas.

– The Foundation’s assets amounted to $478.24M, with 82.5% in ADA, 10.1% in BTC, and the rest as USD liquidity.

– Education, aimed at providing information and legal certainty for third-generation blockchains, received $4.18M.

Read the full Cardano report here.

Why does Bitcoin hit new ATHs while Ethereum struggles?

Some thoughts ↓

First, it's the Ethereum scaling meta.

In 2021, the Ethereum meta included Ethereum alone.

Today, the Ethereum meta features dozens of L2s, each vying for liquidity and users. This competition results in fragmentation at all levels, including capital influxes.

Second, it's the DeFi meta.

In 2021, with a similar crypto market cap (close to $3T), the on-chain TVL was 40% higher than today's.

For context, Ethereum has 35% to go to reach an ATH.

Third, it's the influx of institutional capital.

Bitcoin and Ethereum ETFs have shown one simple thing:
For investors, Bitcoin = Crypto.
Ethereum is a beta play, not the alpha play.

Ethereum = DeFi.
Bitcoin = Crypto.

Ethereum will begin outperforming Bitcoin when DeFi (or a new Ethereum-native narrative) becomes an alpha play once more.

ApeChain testnet launch positively impacted the ApeCoin ecosystem last quarter:

– Governance fund grew by 1,007.54%
– ApeChain revenue increased by 77.5%
– Circulating coin supply also rose by 6.84%

Get all ApeChain insights in Messari’s new report.