Gate Research Institute: Bitcoin price breaks the stabilization momentum and falls again; Ethereum first loses the key support level of $3,000; ai16z's migration to ELIZAOS has been completed on mainstream exchanges, driving ELIZAOS up by 18.00%; Dusk announces a partnership with Chainlink and the Dutch stock exchange NPEX, pushing DUSK up by 19.25%; the current market pullback is mainly due to turnover among long-term holders; 1inch has released a new liquidity protocol Aqua, addressing the long-standing issue of liquidity fragmentation in DeFi; the Canada Pension Plan Investment Board has purchased $80 million worth of MSTR, reinforcing the trend of "large institutions = stable incremental funds."
BTC (-3.19% | Current price 91,788 USDT): In the past 24 hours, the price of Bitcoin has broken the stabilization momentum at $95,000 from November 15 to 17, falling again to a low of $91,212.9, with a cumulative decline of 14.2% over the past 7 days. Market sentiment has reached "extreme fear," with RSI indicating oversold conditions, and MA5, 10, and 30 moving averages showing a bearish arrangement. The main reasons for Bitcoin's decline include panic selling by short-term holders, bearish signals in technical analysis, and a shift in sentiment in the prediction market. The prediction market shows that the probability of falling below $90,000 by the end of December has risen from 8% last week to 22%, while retail and leveraged traders often overreact to changes in the prediction market. In the short term, the oversold state and strategic buying may stabilize prices around $90,000. If it can rise above $95,000, it will help break the current bearish pattern. Focus on Friday's employment report; if the data is strong, it may reinforce central bank officials' signals to "delay interest rate cuts," further suppressing the recovery of the crypto market.
ETH (-4.03% | Current price 3,006 USDT): In the past 24 hours, Ethereum has first lost the key support level of $3,000, with the price dropping to a low of $2,959.54. Currently, MA5, 10, and 30 moving averages are in a bearish arrangement, and RSI indicates oversold conditions, with bearish momentum accelerating. Recently, several well-known traders' high-leverage positions were liquidated, forcing ETH to be sold off, exacerbating market volatility. In the short term, if the price cannot return to $3,100, the downtrend may continue to around $2,800.
Altcoins: In the past 24 hours, altcoins have generally shown a downward trend, with XRP down 5.07%, SOL down 5.58%, and DOGE down 5.33%. The altcoin season index is at 31, indicating that risk appetite remains cautious.
Macro: On November 17, the S&P 500 index fell by 0.92%, closing at 6,672.41 points; the Dow Jones index fell by 0.84%, closing at 46,590.24 points; the Nasdaq index fell by 0.84%, closing at 22,708.07 points. As of November 18, 10:00 AM (UTC+8), the spot price of gold is reported at $4,034 per ounce, down 0.39% within 24 hours.
According to Gate's market data, the current price of ELIZAOS tokens is $0.007939, up 18.00% in 24 hours. ElizaOS is a leading open-source agent framework launched by the ai16z community, supporting over 200 crypto-native plugins through modular operation and memory systems. ElizaOS is gradually developing into a scalable agent-as-a-service platform suitable for on-chain and Web2 application scenarios.
Recently, two factors have jointly driven the rise of ELIZAOS: the migration of ai16z to ELIZAOS (in a 1:6 ratio) has been completed on mainstream exchanges, supporting seamless cross-chain transfers through Chainlink's CCIP. The uncertainty of the migration has been eliminated, liquidity has significantly improved, attracting capital inflows from multi-chain asset portfolios. In addition, a mainstream exchange ended the airdrop of ELIZAOS on November 16, requiring users to claim tokens within 24 hours, or the unclaimed tokens would be destroyed. On one hand, the destroyed tokens reduce the effective supply, while on the other hand, claimants cannot sell in large amounts within 24 hours, temporarily alleviating selling pressure and creating short-term supply tightness.
According to Gate's market data, the current price of DUSK tokens is $0.07317, up 19.25% in 24 hours. Dusk Network is a decentralized blockchain protocol that provides privacy and transparent solutions for payments, communications, and asset ownership transfers. Unlike consensus mechanisms such as PoW/PoS, Dusk introduces a new privacy-oriented consensus mechanism—Byzantine Agreement (SBA).
On November 14, Dusk announced a partnership with Chainlink and the Dutch stock exchange NPEX, adopting Chainlink's cross-chain interoperability protocol (CCIP) and data streaming services. The goal is to bring over €200 million of regulated securities on-chain, achieving a combination of compliance and blockchain efficiency. This integration positions DUSK as a bridge between traditional finance and decentralized finance, attracting institutional investors. The tokenization of securities enhances DUSK's utility as network fuel and staking tokens, with demand directly linked to RWA activities.
According to Gate's market data, the current price of ICP tokens is $5.707, up 14.96% in 24 hours. Internet Computer is a decentralized cloud blockchain that can host secure and highly resilient applications, websites, and enterprise-level systems, supporting trustless multi-chain interactions. It is also a "self-writing cloud"—users only need to give instructions through chat, and AI can automatically create applications for the mass market.
The rise of ICP is mainly attributed to a technical rebound. On November 17, ICP's RSI entered the oversold zone, and the price rebounded at the key support level of $4.69, breaking through the descending wedge pattern. The MACD histogram rose from -0.19 to -0.10, indicating a weakening of selling pressure. Currently, ICP has an upward potential of about 15-20%, in the range of $5.70 to $6.00.
CryptoQuant's CEO Ki Young Ju stated on the X platform that the current market pullback is mainly due to turnover among long-term holders, with early Bitcoin holders selling their chips to traditional financial institutions, which also tend to hold long-term. He had previously predicted earlier this year that BTC was at a stage top, as "OG whales" were significantly selling off at that time. However, currently, ETFs, strategies, and various new funding channels continue to bring incremental liquidity, and on-chain capital inflows remain strong, leading him to believe that the current market structure has changed.
The current price drop is more due to the reduction of holdings by a few old players, which has lowered the market, rather than a deterioration in the market fundamentals, so it does not change the long-term upward structure. Nowadays, sovereign funds, pension funds, multi-asset funds, and corporate finance departments are building larger liquidity channels. Before these funding pipelines continue to flow in, traditional cyclical theories have become ineffective. In the future, Bitcoin's capacity to absorb funds will be stronger, and the market is expected to continue to exhibit characteristics of an "institutional bull market."
1inch has launched a new liquidity protocol Aqua, introducing a "shared liquidity layer" that allows the assets of one wallet to be used simultaneously by multiple DeFi strategies without being locked into specific smart contracts, thus not compromising users' asset custody rights. For developers, Aqua provides SDKs, libraries, and documentation, with a preview version currently open and plans to launch a complete front end in early 2026. 1inch is also offering a bounty incentive of up to $100,000.
This protocol could become an infrastructure-level layer for DeFi, providing a more flexible and efficient way to utilize capital for highly capital-intensive strategies, while users do not have to give up their rights to manage assets independently. Since funds are not locked in liquidity pools, users can simultaneously use these assets to provide liquidity, participate in governance voting, or use them as collateral on lending platforms. Liquidity providers can authorize their tokens to various strategies (such as AMM, stablecoin pools, or custom logic), with each strategy accessing these assets according to its own rules, but the assets remain in the user's wallet. This design significantly enhances capital efficiency, addressing the long-standing issue of liquidity fragmentation in DeFi, allowing the same funds to have a greater impact.
On November 17, the Canada Pension Plan Investment Board (CPP), owned by the Canadian government, purchased 393,322 shares (worth $80 million) of Strategy (MSTR).
The increase in MSTR by the Canada Pension Plan shows that Bitcoin is accelerating its entry into the mainstream institutional asset allocation framework, further reinforcing the trend of "large institutions = stable incremental funds." In the future, as more long-term funds such as pensions enter the market, the structural buying of Bitcoin will be more resilient, also weakening the downward pressure from cyclical fluctuations. Furthermore, although Strategy's mNAV recently fell below 1 (indicating that its stock market value is lower than the market value of its Bitcoin holdings), market analysts have not changed their long-term outlook for MSTR. The current weakness more reflects market volatility rather than any change in the ability to accumulate additional Bitcoin. As its Bitcoin accumulation model scales up, MSTR still has significant upside potential.
Related: Bitcoin (BTC) falls below $90,000: BitMine and Bitwise executives predict a bottom this week.
Original article: “This Downtrend Driven Mainly by Long-Term Holder Rotation | 1inch Launches New Protocol Aqua”
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