Organizing | Odaily Planet Daily
Editor | 0xAyA
I. Market Trading
- Spot Market
Last week, the price of BTC fluctuated significantly, with the overall market in a state of consolidation and high leverage. However, the overall bullish trend remains strong. At the time of writing, BTC is currently trading at $37,300, with a 0.81% increase over the past week.
Currently, the price of BTC is at a critical neckline position of a W-shaped bottom within the 4-hour timeframe. The battle between long and short positions may be intense at this level, and potential risks should be noted.
Last week, the price of BTC fluctuated significantly, with the market in a state of consolidation and high leverage. In such a market environment, investors need to remain cautious, manage risks effectively, closely monitor market dynamics and technical indicators, and adjust their trading strategies in a timely manner, while maintaining a reasonable position and mitigating risks.
In this week's BTC to fiat currency trading, although the US dollar still holds the top position, its share has decreased by approximately 26% compared to last week, accounting for only 68.76%. The Korean won remains in the second position this week, with a market share of 14.75%, representing a 4% increase from last week. The total proportion of fiat currency to BTC trades accounts for 16.49%, with the Japanese yen maintaining its third position. The buying pressure in the Asian market has significantly strengthened this week and deserves close attention.
- GBTC Performance
This week, the discount rate of GBTC has decreased slightly, with a primary market price of $32.25 per share and a secondary market price of $28.99 per share. The discount level has narrowed from 10.35% (November 13) to 10.11% (November 19).
- Futures
Regarding the BTC perpetual contract funding rate, the USDT contract funding rate on Bitget is the highest at 0.0230%, while Binance has the lowest rate at 0.0100%. The quarterly delivery price has remained relatively unchanged compared to last week, ranging from $37,600 to $38,000. In terms of BTC contract open interest, CME continues to rank first in open interest volume after surpassing Binance last week, with an open interest of $4.05 billion. Binance follows with an open interest of $3.92 billion, and Bybit ranks third with an open interest of $2.71 billion.
- Options
The total BTC options open interest this week is $125.114 billion, representing a 23.57% increase compared to the previous period. The options open interest ratio remains consistent with last week, with call options accounting for 66.59% and put options accounting for 33.41%. In terms of specific open interest, the total open interest for call options is 290,158.77 BTC, while the total open interest for put options is 145,581.12 BTC. The dominance of call options in the market remains unchanged, and the substantial increase in options open interest compared to last week may indicate the likelihood of significant market volatility in the near future.
II. Mining
According to BTC.com data, the BTC network hash rate this week is 470.56 EH/s, representing a 3.06% increase compared to the previous period. The network difficulty of BTC increased by 3.55% seven days ago, and it is expected to increase by 0.45% in six days, as shown below:
The top three mining pools are still Foundry USA, AntPool, and F2Pool, accounting for 28.42%, 27.99%, and 11.54% respectively, as shown below:
Data from glassnode shows that the number of active BTC on-chain addresses in the past week was 6,292,875, representing a 1.74% increase compared to the previous period. Miner revenue was 124.875 BTC, a 31.73% decrease compared to the previous period. The total number of mined blocks was 1,039, representing a 7.4% decrease compared to the previous period, and the number of new addresses decreased by 9.57% to 2,460,904. The on-chain data this week continues to retract, and BTC's on-chain traffic has been diverted to various chains such as Solana, Polygon, and BSC, leading to a further decline in BTC data this week.
III. Ecological Progress
(1) Oridnals
According to the data from Dune, the total amount of BTC minted by Oridnals has reached 42.161 million, with a total fee generated to date of 2,886.1 BTC, equivalent to approximately $105 million.
In terms of minting, this week's minting fee income has reached a new high of $16.18 million, representing a year-on-year increase of over 100%.
OKX Web3 Wallet Oridnals market has achieved a record single-day trading volume of over $23 million USDT on November 16, once again setting a new historical high. Additionally, its market share has exceeded 84.7%, ranking first. The OKX Web3 Wallet is a multi-chain wallet that supports Oridnals, offering platform fee-free market interaction services and supporting a one-stop transfer, trading, engraving of BRC-20 and BTC NFT, making it one of the mainstream Web3 wallets supporting the Bitcoin ecosystem.
Over 37,000 BRC-20 Tokens Created
Data from the OrdSpace tracking platform of Ordinals shows that as of Thursday, over 37,000 BRC-20 tokens have been created. Meanwhile, some popular social apps based on Bitcoin have started introducing in-game tokens as part of attracting new users and increasing revenue. For example, Alpha began allowing users to offer their own tokens to others on Wednesday. Alpha provides decentralized trading, NFT marketplace, and game store services to users.
According to official sources, the Bitcoin Lightning Network Nostr Assets Protocol is considering airdropping TRICK and TREAT to selected BRC20 and Ordinal series holders to further enrich its ecosystem and expand community influence. The total supply of TRICK and TREAT is 2.1 billion each, with 20% already airdropped to the Nostr Assets Protocol community, 70% dedicated to promoting the Nostr Assets Protocol ecosystem and community development, and 10% allocated to the Nostr Assets Protocol team for the long-term success of the project.
(2) Lightning Network
Jack Mallers, CEO of the Lightning Network payment app Strike, announced that Strike has enabled users outside the US to purchase Bitcoin using a debit card. This service has been officially launched in 36 countries or regions and will be expanded to over 65 countries or regions where the Strike app is currently available. Additionally, the Send Globally (fiat-over-lightning) service is now available for global Strike users, allowing customers in supported countries/regions to cash out fiat, USDT, or Bitcoin into local currency (even if they don't have a debit card). Furthermore, Strike, in partnership with Bitrefill, allows users to purchase everyday essentials via the Lightning Network using their fiat, USDT, or Bitcoin balance. Strike has also added support for Lightning addresses, zero-value invoices, on-chain payment levels, and global P2P payments between Strike users in fiat, USDT, or Bitcoin.
(3) Other Projects:
Ordinals Founder: Offering 0.1 BTC Bounty for Creating New Curse Inscriptions
The founder of Ordinals announced offering a 0.1 BTC bounty for creating new curse inscriptions, with the plan to resolve all issues before Jubilee by November 26. Eligible cases for the reward include errors in indexing, envelopes, or inscription parsers that prevent the recognition of inscriptions, or significant and beneficial improvements to the inscription encoding method.
IV. Other News
Korean Cryptocurrency Premium Rises, BTC Trading Price Nearly $1,300 Higher Than Global Average
According to cryptocompare data, BTC trading volume involving the Korean won accounted for 3.53% of the total volume on Saturday, ETH accounted for 1.65% of the total volume, and solana (SOL) accounted for 8.78% of the total volume. Only Upbit processed $2.62 billion in trades in the past 24 hours, making it the 11th largest cryptocurrency exchange this weekend. Major exchanges in Korea, especially Upbit and Bithumb, are experiencing significant price premiums. At 1:50 PM Eastern Time on Saturday, the Bitcoin trading price on Upbit was $37,985 per coin, while the global average price was $36,700, indicating a premium of nearly $1,300 in Korea.
Bitwise CIO: ETF's Impact on BTC is Greater Than on ETH
Bitwise Chief Investment Officer Matt Hougan stated on X platform that ETFs have positive implications for both BTC and ETH, but the impact on BTC is greater for two reasons. First, a BTC ETF may be approved first and absorb most of the potential funds, which is crucial because many financial professionals do not know the difference between BTC and ETH. Second, Bitcoin's killer utility today is as an alternative store of wealth outside of fiat, and an ETF can boost this utility, while Ethereum's killer application is its functionality, which an ETF will not help with.
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