Macro Trends

Readers should prioritize well-defined opportunities, such as real-world AI applications and advancements in blockchain infrastructure. They should focus on these rather than getting distracted by short-term market swings or expert discussions.

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.

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.

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.

In October 2025, the total cryptocurrency market capitalization exhibited a “rise-then-fall” pattern, reflecting weak market confidence and a stabilizing trend. Driven by the “BTCFi” narrative, Starknet saw new highs in both capital inflows and on-chain activity, with TVL rising from $170 million at the end of September to $245 million. Prediction markets heated up, with Polymarket and Kalshi recording a combined monthly trading volume exceeding $7 billion. Privacy coins made a strong comeback, with ZEC surging more than 440% for the month and leading the rally. On the funding side, the Web3 sector completed 130 deals totaling $5.12 billion, up 28.43% month-over-month, with total capital raised jumping 104.8% — the second-highest level in nearly a year — with funds primarily flowing into DeFi ($2.15 billion) and core infrastructure.

Gate Research Daily Report: On November 17, BTC remains in a short-term weak downward consolidation structure, with 92,976 USD forming a key short-term low and serving as the core defense for bulls. ETH is also in a short-term weak consolidation pattern but has shown a clear rebound signal after touching the 3,004 USD low. Ethereum spot ETFs recorded a historic third-highest weekly net outflow of 729 million USD. ZEC contract positions surpassed 1.5 billion USD, reaching a record high, with significant increases in privacy network trading activity. Meanwhile, Japan’s regulators plan to reclassify BTC, ETH, and other cryptocurrencies as financial products, potentially reducing tax rates to 20%.

The article presents comprehensive data and case studies to examine the evolving landscape of Bitcoin, stablecoins, and DeFi. It details how these changes affect market participants.

The market is anticipating the year-end "Santa Claus Rally": during periods of loose monetary policy and abundant liquidity, Bitcoin has typically outperformed gold. However, this year's macroeconomic environment and the structure of market participants are different. This article compares the differences between Bitcoin and gold in terms of liquidity, buyer categories, and holiday trading characteristics, exploring which asset is more likely to become the star performer during the year-end period.

The article not only explains the mechanism of quantitative easing but also discusses its uniqueness in the current economic environment, particularly its role in stimulating bubbles.

The article provides an in-depth analysis of the "3/30" fee model’s rationale, explores the roles and challenges large funds encounter in the cryptocurrency market, and highlights the potential advantages of smaller funds and family offices.

This report presents comprehensive data and charts that demonstrate the correlation between the growth of the total market capitalization of the crypto market and the expansion of global risk asset market capitalization. It also analyzes how large-scale asset supply affects pricing.

The article examines historical investment cases and urges readers to remain humble and vigilant during periods of market exuberance, warning them not to overlook potential risks due to short-term gains.

Gate Research Weekly Report: Bitcoin has fluctuated between $100,300 and $107,500 over the past week, and its consolidation phase is expected to continue. Visa has launched a stablecoin payment pilot, enabling platforms to pay content creators and freelancers directly in USDC. VCI Global plans to invest $100 million to acquire the OOB token of Oobit, a crypto payments company backed by Tether. The number of Ethereum validators has fallen back to April 2024 levels, while the exit queue waiting time has reached a new high. Meanwhile, Solana’s active address count has dropped to 3.3 million, the lowest level in a year. The x402 Network facilitators have processed more than 18.82 million transactions, marking a 35-fold increase since May.

Gate Research Daily Report: On November 7, BTC remained in a short-term weak consolidation pattern, trading narrowly around $101,500; ETH continued its downward trend, currently consolidating near $3,310. Meanwhile, yield-bearing stablecoins recorded their largest weekly outflow since the Luna collapse, totaling $1 billion. Gate launched a decentralized Web3 Launchpad, introducing a new fully on-chain token issuance model; and Google Finance announced plans to integrate prediction market data from Kalshi and Polymarket, bridging traditional finance with Web3 data ecosystems.

Gate Research Daily Report: On November 10, BTC stabilized around $103,000 before accelerating upward, reaching a short-term high of $106,683; ETH found support near $3,480 and initiated a new upward leg, hitting a short-term high of $3,658. ORE’s single-day revenue surpassed $1 million, with the V2 protocol igniting a Solana mining frenzy; x402 protocol’s ecosystem transaction volume plummeted 90% within half a month; Filecoin partnered with Avalanche to build a native cross-chain data bridge, accelerating the deployment of modular infrastructure.