Gate Research Institute Daily Report: On November 17, BTC is still in a short-term weak oscillating downward structure, with $92,976 forming an important low point for the short cycle and also being the core defense position for the bulls; ETH remains in a short-term weak oscillating structure, but after reaching a low of $3,004, there are clear signs of a rebound. Last week, the net outflow of Ethereum spot ETFs reached a historical third-highest level of $729 million; ZEC contract positions broke through $1.5 billion, setting a new high, with significant increases in privacy network trading activity; Japanese regulators plan to reclassify cryptocurrencies such as BTC and ETH as financial products, with tax rates potentially reduced to 20%.
BTC (-0.42% | Current price: 95,092 USDT): BTC is still in a short-term weak oscillating downward structure, with $92,976 forming an important low point for the short cycle and also being the core defense position for the bulls. As long as this range is not broken, the price is expected to continue building a rebound structure at the bottom range; upward, attention should be focused on the breakout situation at $95,200. Once stabilized, a short-term rebound may extend to the previous dense trading area of $96,500–$97,200. On November 14, the net outflow of BTC ETFs reached $492 million in a single day, with BlackRock's IBIT seeing an outflow of $463 million and Fidelity's FBTC seeing an outflow of $2.1 million.
ETH (-1.8% | Current price: 3,143 USDT): ETH remains in a short-term weak oscillating structure, but after reaching a low of $3,004, there are clear signs of a rebound. From a key price perspective, the $3,000–$3,020 range forms important short-term support, with bulls repeatedly organizing defense in this range, allowing for the establishment of a short-term rebound structure; upward resistance is concentrated in the $3,150–$3,180 area. If ETH can break through and stabilize above MA30, it is expected to further challenge the previous oscillating dense area of $3,220–$3,260. On November 14, the net outflow of ETH ETFs reached $177 million in a single day, with BlackRock's ETHA seeing an inflow of $173 million.
Altcoins: Most mainstream altcoins continue to decline, and overall market sentiment is cautious, with investor sentiment primarily leaning towards "buy" and "neutral." The Fear and Greed Index today reports 14, indicating an extreme fear zone, showing that market risk appetite remains low.
Macro: On November 14, the S&P 500 index fell 0.05%, closing at 6,734.11 points; the Dow Jones index fell 0.65%, closing at 47,147.48 points; the Nasdaq index rose 0.13%, closing at 22,900.59 points. As of November 17, 11:00 AM (UTC+8), the spot price of gold is reported at $4,081 per ounce, with a 24-hour increase of 0.04%.
According to Gate market data, the current price of RESOLV tokens is $0.197, with an increase of approximately 44.4% in 24 hours. Resolv is a DeFi protocol that focuses on issuing a stablecoin called USR, using ETH and BTC as collateral; it maintains the peg of USR to the US dollar through a strategy called "Delta Neutral," which hedges ETH and BTC price fluctuations using perpetual contracts, thus maintaining value stability without relying on traditional fiat reserves.
The recent rise of RESOLV is mainly attributed to the protocol's strong buyback mechanism and continuous inflow of funds. The protocol allocates 75% of its revenue for buybacks each week, with a cumulative execution of $100,000 in RESOLV buybacks and acquisitions last week (average price around $0.11), supported by 20% of core protocol fees, creating sustained buying pressure. Additionally, Resolv's on-chain spot fund has maintained significant net inflows over the past 7 days, further enhancing market confidence. As the protocol accelerates integration with high-quality multi-chain projects on the ecological side and improves stablecoin yields by reducing risk exposure on the revenue side, the intrinsic value support continues to strengthen, with multiple favorable factors jointly boosting RESOLV's price performance.
According to Gate market data, the current price of LIGHT tokens is $1.8, with an increase of approximately 49.17% in 24 hours. Bitlight Labs is an infrastructure project dedicated to enhancing Bitcoin's functionality, focusing on achieving smart contracts and stablecoin transactions through the integration of the RGB protocol and the Lightning Network.
The core driving force behind LIGHT's rise comes from key technological breakthroughs in the RGB native DEX. Bitlight Labs announced the first successful integration of Bitcoin, the Lightning Network, and the RGB protocol, enabling PayJoin + RGB20 transactions across BTC, LN, and RGB, allowing users to smoothly complete stablecoin transactions and payments on the Bitcoin underlying network. This update is considered a milestone due to its high technical difficulty, significantly enhancing the usability and expectations of the RGB ecosystem, thereby driving LIGHT further upward.
According to Gate market data, the current price of KITE tokens is $0.092, with an increase of approximately 13.59% in 24 hours. Kite AI is a decentralized ecosystem built on a customized blockchain platform, with the mission of creating a fair AI economy where everyone can contribute and receive corresponding rewards.
KITE's strong rise is mainly benefited from its rapid expansion and key progress in the AI payment sector. Kite AI previously secured a strategic investment of $33 million to promote the large-scale adoption of the x402 protocol, being one of the earliest Layer 1 blockchains to fully support x402 payment primitives. The project has quickly gained popularity in the "AI × Payment" narrative, significantly enhancing market expectations. Recently, KITE has launched on Avalanche and achieved seamless cross-chain bridging from BSC and Ethereum to AVAX, while integrating with Pieverse to create the first multi-protocol agent payment and cross-chain identity authentication channel, further solidifying its core position as x402 native infrastructure. The combination of technological breakthroughs and cross-chain ecosystem expansion has led to positive market perceptions of KITE's long-term value in the AI agent economy, driving its price upward and becoming a major driving force in this round of increases.
Last week (November 10–14), Ethereum spot ETFs experienced significant capital outflows, with a total net outflow of $729 million, marking the third-highest level on record. According to SoSoValue data, all nine major ETFs tracking Ethereum recorded net outflows, with BlackRock's ETHA seeing the most significant outflow of $421 million, while the cumulative historical net inflow remains at $13.45 billion; followed by Grayscale's ETH, which saw a net outflow of $135 million in a single week, with a historical total net inflow of approximately $1.34 billion.
This round of capital outflow reflects investors' short-term cautious attitude towards the Ethereum spot market. Despite the strong historical cumulative inflow, the market tends to temporarily reduce positions or take some profits in the context of increased volatility or macro uncertainty. Short-term changes in ETF fund flows may exert some pressure on Ethereum's spot price, but in the long run, continuous institutional investment and cumulative net inflows still provide stable support for the demand for Ethereum assets.
The privacy network Zcash (ZEC) has recently seen a significant increase in on-chain activity, with nearly 24 hours of mainnet transactions reaching 44,505, peaking at 73,862 on November 13. Compared to an average of about 10,000 transactions per day in October, and about 3,000 transactions before the price surge at the beginning of October, ZEC's trading activity has noticeably increased. In the past 24 hours, the mainnet transaction volume of ZEC was approximately 1,679,199 ZEC, equivalent to about $1.17 billion. Meanwhile, the total ZEC contract positions across the network continue to set records. According to Coinglass data, the total ZEC contract positions have increased to 2,097,100 ZEC, with a market value exceeding $1.5 billion, setting a new historical high, with a 24-hour increase of 21.49%.
The record highs in both ZEC mainnet transaction counts and contract positions indicate a significant increase in market attention towards privacy network assets. The sustained growth in on-chain activity and the expansion of contract positions show that traders are actively positioning in ZEC while also driving market liquidity and price elasticity. Privacy assets are gradually becoming a new focus for investors in the current macro and crypto market volatility environment, and this trend may provide support for ZEC's mid-to-long-term price and ecological development.
The Japanese Financial Services Agency (FSA) plans to reclassify 105 cryptocurrencies, including Bitcoin and Ethereum, as financial products and include them in the regulatory framework of the Financial Instruments and Exchange Act. Currently, Japanese residents must declare cryptocurrency earnings as "miscellaneous income," with a maximum tax rate of up to 55%. If the proposal is approved, the trading profits of these cryptocurrencies will be taxed as capital gains, with a unified tax rate of 20%, consistent with stock trading. The relevant proposal is expected to be included in the early 2026 budget.
This move marks a significant adjustment in Japan's cryptocurrency regulation and tax system, which will greatly reduce trading tax burdens while clarifying regulatory identities, helping to enhance market transparency and compliance. The reduction in capital gains tax rates means lower trading costs for investors in the Japanese market, potentially attracting more individual and institutional investors into the market, thereby boosting cryptocurrency trading activity and market liquidity. Additionally, the clear positioning of financial products will also help cryptocurrencies gain broader recognition within the traditional financial system, further promoting their long-term development.
Related: Crypto executives discuss Bitcoin (BTC) falling below 94,000, who is to blame?
Original article: “Ethereum spot ETFs see third-largest weekly outflow on record | ZEC futures open interest hits all-time high”
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