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.

According to L2Beat and Chainspect, blockchains are now handling 50 times more transactions than in 2020.

Each dot on the chart represents one transaction.

The performance of Ethereum and its L2 tokens since the start of the month ↓

• $MNT +20.8% | Peak +38%
• $ETH +17.8% | Peak +27%
• $STRK +15% | Peak +40%
• $ARB +12% | Peak +20%
• $ZK +3% | Peak +12%
• $OP -6.7% | Peak +5%

It's hard to say what you need to do as a token in top-150 CMC to have below 10% growth since the start of the bull.

You might not realize the massive lead Solana has over other L1s in on-chain action.

Solana has 3x the daily active users and processing 5x the transactions than ANY other L1.

Blockworks Research shows Base significantly outpacing several L2s:

• Nearly 3x the transactions of Arbitrum and 7x those on OP Mainnet.
• Transaction fee revenue is over 3x higher than on Arbitrum and Optimism.

Check out the latest report from OurNetwork on the current state of liquid staking.

Btw, the narrative remains top in DeFi: as I write this post, the TVL for liquid staking hits $58.3B!

I feel that my entire timeline is now positioning memecoins as the only viable strategy this cycle.

My strong recommendation: Stay rational.

If you've never traded memecoins, don't suddenly reallocate 90% of your portfolio to random memes.

You'll be competing against those who've honed their skills during the bear market. They are far more experienced than you.

It's fine to start learning and allocate a small percentage of your portfolio to high-risk trades to identify the skills you lack and areas for improvement.

Remember, you're a noob.
Be prepared to lose everything.
Pursue skills, not profits.
Even if you get rekt, you gain knowledge.

Stay rational.


PS: I recommend reading an article I posted a few weeks ago about six insights to help you succeed in Web3.

These insights are crucial, especially now during this turbulent bull market with numerous lucrative opportunities.

Add to your read list.

Meme coins have become one of the fastest-growing categories in the cryptocurrency market over the past month.

> Their total market capitalization has surpassed $120 billion, exceeding that of CEX coins, DeFi tokens, and AI tokens.

> Meanwhile, AI-themed meme coins have risen to the second place in terms of growth and capitalization, reaching over $3.7 billion in market cap in the past month.

The meme rally may continue as long as investor sentiment remains positive towards Bitcoin.

According to Nansen, 12% of all altcoins listed on CoinGecko are currently bullish, with a 30-day moving average trending above the 360-day.

Most other altcoins are either moving sideways or hitting key support levels, making this an opportune time to accumulate favored projects.

Altseason kicks off when these lines start curving upward, as seen in January and October 2023.