Gate Research Institute Daily Report: On November 19, the cryptocurrency market experienced a mild rebound amid extreme panic sentiment, with BTC slightly rising by 0.15% to 92,410 USDT; ETH also rose by 0.29% to 3,109 USDT. In terms of popular tokens, Anoma (+50.92%) sparked market discussions due to the launch of the ARM virtual machine on Ethereum, aiming to implement programmable privacy; Grass (+23.03%) was driven by the upcoming first Token Holder Call and progress in handling 100 million research papers in open scientific data; Falcon Finance (+17.69%) was boosted by the USDf circulation surpassing 2 billion USD and the full reveal of Perryverse NFT. Bitcoin whales and institutions have both increased their holdings, with the number of wallets holding over 1,000 BTC reaching a four-month high. Vitalik released the Ethereum privacy framework Kohaku, promoting privacy as a primary attribute on-chain. Zama's fully homomorphic encryption testnet v2 has launched, with the mainnet countdown underway.
BTC (+0.15% | Current price 92,410 USDT): After finding initial support around 91,800 USD on November 18, BTC saw a brief rebound in the early hours of the 19th, peaking at around 94,000 USD, but then retreated to oscillate near 92,500 USD. The short-term moving average structure has slightly improved, with MA5 and MA10 returning above MA30, but it remains to be seen if a clear upward trend can be established. The MACD showed slight enhancement during the early rebound, with the red bars briefly expanding, but momentum has since contracted, indicating limited capital inflow strength. If BTC can stabilize above 92,800 USD, it will help continue the short-term recovery; conversely, if it falls below the 91,800 USD support, the pressure for a pullback may increase again.
ETH (+0.29% | Current price 3,109 USDT): After halting its decline near 3,050 USD, ETH rebounded to around 3,160 USD in the early hours of the 19th, showing slight improvement in short-term sentiment. In terms of moving averages, MA5 and MA10 remain above MA30, indicating a relatively stable short-term structure, but it still needs to be observed whether it can maintain this position to confirm the continuation of recovery momentum. The MACD red bars have increased, but have also flattened out, showing that while short-term buying interest has emerged, its strength is limited. If ETH can hold above 3,120 USD, the short-term oscillation will be relatively stable; if it falls below 3,050 USD, attention should be paid to the risk of testing the lower support area again.
Altcoins: Market sentiment remains cautious, with a fear index of 15, maintaining an extreme fear range, reflecting a continued decline in investors' risk appetite. Despite the overall weak sentiment, mainstream altcoins saw a mild rebound in the past 24 hours, with SOL leading the way up about 7.3%, while DOGE, XRP, ADA, and others recorded gains ranging from 2% to 6%, indicating a phase of capital replenishment under extreme sentiment.
Macro: On November 18, the S&P 500 index fell by 0.83%, closing at 6,617.32 points; the Dow Jones index dropped by 1.07%, closing at 46,091.74 points; the Nasdaq index decreased by 1.21%, closing at 22,432.85 points. As of 10:15 AM (UTC+8) on November 19, the spot price of gold was reported at 4,059 USD per ounce, with a 24-hour decline of 0.19%.
According to Gate market data, the current price of XAN token is 0.04677 USD, up about 50.92% in 24 hours. Anoma is a distributed operating system for next-generation decentralized applications, aiming to bring programmable privacy, native intent, and cross-chain interoperability to the multi-chain ecosystem. Its core component, ARM, as a next-generation virtual machine, provides privacy computing, intent expression, and complex interaction abstraction for any chain, freeing developers from complicated underlying logic and allowing for more flexible and modular dApp construction.
Recently, Anoma officially launched on Ethereum, introducing ARM and starting the deployment of protocol adapters, attracting significant market attention. The release of ARM is seen as an important milestone for the implementation of privacy and intent-driven architecture in the Ethereum ecosystem, demonstrating the feasibility of its DOS model on existing mainstream chains. The network's implementation, clarity of the technical roadmap, and the official release of technical progress have rapidly increased market demand and expectations for the XAN token.
According to Gate market data, the current price of GRASS token is 0.3386 USD, up 23.03% in 24 hours. Grass is a decentralized data collection and computing network aimed at transforming the idle bandwidth, computing power, and data contributions of globally connected devices into shareable resources, providing infrastructure support for open AI model training, research dataset construction, and distributed computing tasks. Through the Grass node network, users can contribute data for open science and AI research while earning token incentives within the ecosystem, forming a "data → model → value" cycle.
Recently, Grass announced that it will hold its first Token Holder & Network Participant Call on November 24, where it will publicly share business progress, revenue scale, data growth, AI collaboration results, and the new role of tokens in the ecosystem, triggering early market positioning sentiment. Additionally, Grass has achieved significant milestones with Inference.net and LAION—processing over 100 million scientific papers and constructing a structured open scientific dataset—further strengthening its narrative position in the AI data layer.
According to Gate market data, the current price of FF token is 0.14844 USD, up about 17.69% in 24 hours. Falcon Finance is a decentralized stablecoin and yield protocol built on Ethereum, with its core product USDf being an over-collateralized stablecoin, positioned as a transparent, auditable, and scalable decentralized dollar asset. The protocol focuses on stablecoin minting, yield management, and cross-chain collateral expansion, attempting to rebuild a more trustworthy value anchoring system in the stablecoin sector through publicly available on-chain data, real-time risk monitoring, and an open and transparent architecture.
Recently, the rise of FF has been driven by several ecological events, with its stablecoin USDf's circulation surpassing 2 billion USD, growing over 300% since July, indicating a significant expansion in ecological usage; at the same time, the Perryverse NFT series has been fully revealed, attracting community attention and increasing user participation. Falcon also announced its participation in Blockchain Week and other related events to increase its exposure in the open finance and stablecoin sectors.
Amid the ongoing market correction, clear long-term layout signals have emerged from both on-chain and institutional sides. The latest Glassnode data shows that Bitcoin whales (holding ≥1,000 BTC) have been accumulating against the trend during the downturn, with the number of wallets holding over 1,000 BTC recently rising by 2.2% to 1,384, reaching a four-month high. This change indicates that leading funds view the current range as a value pit and are accelerating their accumulation; conversely, small holders are accelerating their sell-off during the price weakening phase, showing a typical distribution structure of "retail clearing, whales accumulating."
At the same time, the long-term allocation efforts of institutions and enterprises have also increased. Currently, various corporate entities control about 14% of the total Bitcoin supply, indicating that institutional funds have not retreated due to short-term fluctuations but are instead continuing to expand their exposure to digital assets. The stable growth of corporate holdings not only reinforces Bitcoin's long-term lock-up effect but also means that deep-pocketed investors are seizing cyclical low points for early positioning. Overall, the dual increase in holdings by whales and institutions is driving funds from short-term speculators to long-term holders, laying a structural foundation for subsequent market stabilization and even trend reversal.
Vitalik Buterin officially launched a privacy protection framework called Kohaku at Devcon, an open-source tool aimed at enhancing the privacy capabilities of the Ethereum ecosystem and providing developers with freely combinable modular components for building secure privacy wallets without relying on centralized third parties. Kohaku has integrated well-known privacy protocols such as Railgun and Privacy Pools, allowing users to hide fund flows and provide verifiable "proof of innocence" while meeting regulatory requirements. This tool not only strengthens the confidentiality of on-chain interactions but also enhances user security in asset transfers and identity associations.
Meanwhile, the Ethereum Foundation announced the establishment of a dedicated privacy team composed of 47 researchers, engineers, and cryptographers, with the goal of elevating privacy capabilities to a "primary attribute" of Ethereum. Vitalik emphasized that privacy is equivalent to freedom, and Ethereum is on a continuous iterative path of privacy upgrades, which will provide practical, auditable, and compliant privacy guarantees for the real world through more mature privacy proofs, transaction obfuscation, and user protection mechanisms in the future. This indicates that Ethereum is driving the next stage of privacy technology competition from an infrastructure level, strengthening its strategic position in on-chain security and compliant privacy.
Zama founder Rand announced that the testnet v2 of the fully homomorphic encryption (FHE) project Zama has officially launched, serving as a candidate version for the mainnet, which now possesses all core functions for the future mainnet, allowing developers to build and deploy applications in advance on the testnet. The team is currently conducting multiple rounds of stress testing on this version to verify the system's stability and throughput under high load; once testing is complete, a mainnet test version aimed at a broader developer audience will be released. The official announcement revealed that Zama's mainnet will initially be deployed on Ethereum, prioritizing the improvement of core infrastructure based on ecological stability, and will gradually expand cross-chain compatibility thereafter.
According to the roadmap previously published in Zama's light paper, the testnet has launched as planned, with the mainnet and TGE set to be released in the fourth quarter of 2025, and expansion to other EVM-compatible chains in the first half of 2026, with deployment to Solana in the second half of 2026. The overall plan shows that Zama aims to ensure that the performance of cryptographic computing, developer toolchain, and ecological adaptability are fully mature before expanding multi-chain support through a phased cross-chain strategy, enabling its FHE technology to have broader application scenarios, including privacy smart contracts, on-chain confidential computing, and high-sensitivity data applications.
Related: Retail Investors vs. Whales: Who Really Drives the Christmas Market?
Original article: “Vitalik Releases Ethereum (ETH) Privacy Framework Kohaku | Bitcoin (BTC) Whales and Institutions Increase Holdings Simultaneously”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
