Bitget Daily Digest | BTC hits a new high, $PNUT gains traction, U.S. CPI matches expectations (November 14)

Market highlights

1. Asset management giant BlackRock has deployed BUIDL across multiple chains, involving $APT, $ARB, $AVAX, and $OP. On the 12th, Bitwise announced plans to launch the Aptos Staking ETP on the SIX Swiss Exchange. Institutional activity in this space warrants close attention.

2. Bitget re-enters the UK market and operates as one of only three compliant mainstream service providers. According to CoinGecko, Bitget's 24-hour derivatives trading volume has reached $77 billion, ranking just below Binance and outperforming Bybit and OKX. The market is performing well, making the allocation of platform tokens essential during this cycle.

3. $PNUT is approaching $2 billion in value, and Robinhood has relisted Solana (SOL), Cardano (ADA), and Ripple (XRP), along with adding PEPE. U.S. CPI data met expectations, and Tether has recently issued an additional $5 billion USDT, boosting market sentiment. Trending tokens are worth watching closely.

4. Bitget Wallet launches BWB Center, offering VIP perks, airdrops, staking service, and gas fee deductions for BWB holders. As a leading wallet provider, $BWB's market potential is still unfolding.

Market overview

1. BTC breaks through $93,000, while the Musk concept coin $PNUT has recently shown remarkable performance, and mainstream memecoins are beginning to surge.

2. The S&P 500 index narrowly closes higher, with short-term stocks surging and the U.S. dollar reaching a one-year high.

3. Currently at 90,220 USDT, BTC faces significant liquidation risks. If BTC drops by 1000 points to around 89,220 USDT, cumulative long position liquidations will exceed $420 million. Conversely, if BTC rises to around 91,220 USDT, cumulative short position liquidations will exceed $450 million. With short and long liquidation volumes being close, both long and short positions should exercise caution and manage leverage prudently to avoid large-scale liquidations.

4. Over the last 24 hours, BTC spot saw $9.4 billion in inflows and $9.2 billion in outflows, resulting in a net inflow of $200 million.

5. Over the last 24 hours, $ETH, $DOGE, $SOL, $XRP, and $PEPE lead in futures trading net outflows, signaling potential trading opportunities.

 

Highlights on X

1. @憨厚的麦总: Core memecoins on SOL remain promising

@憨厚的麦总 thinks that one should continue to hold core memecoins on SOL, including $BAN, $ACT, $AI16Z, and $PNUT. He suggests that while there may be a temporary correction in memecoins, the overall trend remains positive. Key insights include:

Alt season hasn't truly begun: Neither ETH nor SOL has reached new highs, and memecoin market peaks often align with altcoin surges across major exchanges.

No new meme giant emerges yet: The market hasn't seen a super memecoin like $SHIB (with a market cap of $40–50 billion) yet. With Binance supporting memecoin projects, memecoins have the potential to lead this bullish cycle, and the market is awaiting a memecoin even bigger than $SHIB.

Traditional funds are still on the sidelines: Crypto venture capitalists are still exploring the best timing to enter the memecoin market, while only a few traditional VCs are beginning to take interest. A full-fledged FOMO wave has yet to emerge.

Market outlook:

Future opportunities: @憨厚的麦总 sees significant potential in the memecoin market, noting that institutional and retail FOMO has yet to fully form, leaving room for more opportunities ahead.

X post: https://x.com/Michael_Liu93/status/1856757749398532191

 

2. @Johnny: Bullish momentum builds for $ZIG, breakthrough coming soon

@Johnny highlights $ZIG's strong breakout potential, with the following observations:

1. Breakout in the making:

Compression: $ZIG's price range is compressing, signaling accumulating bullish momentum.

2. Key price levels and targets:

A break above the $0.13 resistance level could quickly drive $ZIG to $0.30.

Summary: The compressed price range in $ZIG suggests that it is poised to break a key resistance level, potentially opening up for a strong uptrend.

X post: https://x.com/CryptoGodJohn/status/1856719444254380422

 

3. @HORSE: $PEPE to be listed on Robinhood

@HORSE highlights the listing of $PEPE on Robinhood as a strong trading opportunity with no need for overthinking.  Key insights include:

Simple and straightforward trading opportunities:

$PEPE to be listed on Robinhood: This positive news indicates that $PEPE will be accessible to a wider range of retail investors.

Early entry advantage: According to @HORSE, entering early offers a trading advantage, making this a prime chance to capture the risk premium.

X post: https://x.com/TheFlowHorse/status/1856698487477330265

 

4. @Ice_Frog666666: Market direction after Trump's victory; Store of value coins vs. memecoins

@Ice_Frog666666 explores the market shifts following Trump's victory, pondering over the future of Bitcoin and memecoins in the bull market. Key insights include:

1. Rise of memecoins and challenges for store of value coins:

Liquidity and celebrity influence: The history of memecoins shows a strong connection to liquidity expansion and celebrity influence (such as Elon Musk).

Cultural appeal: Each generation's preferred memes reflect the emotional needs of their era. From images and memes to AI-driven memes, memecoins have become cultural symbols for the younger generation.

Shorter lifecycles: Memecoins now go through boom-and-bust cycles within hours, reflecting the market's rapid consumption and turnover.

2. Value logic of memecoins

Memecoins resonate with the younger generation, who prioritize entertainment and instant gratification over traditional "values". Their worth comes from community connection and resonance, offering a form of self-expression and play, rather than utility.

3. Valuecoin challenge

Overvaluation and demand issues: Valuecoins, with theoretical long-term value, are often considered as end-products with overlooked potential applications.

Narrative disillusionment: In the absence of actual demand and a fair distribution, conceptual innovations like Layer 2 and Layer 3 have not spurred user growth,  exposing these valuecoins as more speculative.

Distrust from users: Claims of innovation by project teams are undermined by secretive wealth distribution, which erodes user trust.

4. Future of memecoins and valuecoins

The main focus of the crypto industry remains on tokenization. There’s no strict division between memecoins and value coins until they prove successful.  Future competition will hinge on fairness and profit/loss ratios.

Fairness: relies on sound systems.

Profit/loss ration: depends on the durability of narratives and market liquidity.

Market outlook

Trump's win could lead to more favorable regulatory conditions, though it remains uncertain whether this will benefit valuecoins. @Ice_Frog666666 believes that without tangible applications, overvalued valuecoins may face prolonged challenges of correction or even elimination. In contrast, memecoins, backed by larger capital and traffic, could generate broader wealth potential and continue to capture market interest.

Projects that gain user recognition will shape the future.Neither valuecoins nor memecoins have a clear dominance; only those with strong community backing will endure.

X post: https://x.com/Ice_Frog666666/status/1856625277725815147

 

Institutional insights

1.Glassnode: Bitcoin profit-taking intensity is only half of its previous historical high, signaling further upside potential.

Article: https://www.theblockbeats.info/en/flash/270397

2.CryptoQuant: $BTC-USDT perpetual market is overleveraged—2.7x higher than earlier this year, reaching an all-time high.

Article: https://x.com/ki_young_ju/status/1856658433446973890

3.Tezos co-founder: U.S. ‘consecration’ of crypto means less regulatory ambiguity

Article: https://decrypt.co/291390/tezos-us-consecration-crypto-regulatory-ambiguity

4.Galaxy Digital founder: Bitcoin could reach $500,000 if it successfully becomes a strategic reserve asset, but the likelihood is very low

Article: https://www.theblockbeats.info/en/flash/270505

 

News updates

1. FTX Estate has filed 23 new lawsuits to recover funds for creditors.

2. Governor of the Bank of France: Bitcoin remains a high-risk asset.

3. Russia approves a tax framework for cryptocurrency, with a two-phase tax system for miners.

4. Chinese citizen Daren Li pleads guilty in the U.S. to involvement in a $73 million cryptocurrency money-laundering scheme, facing up to 20 years in prison.

5. Fed's Kashkari warns of potential economic stagnation.

 

Project updates

1. Coinbase acquires stablecoin studio Utopia Labs to accelerate its on-chain payments innovation.

2. BlackRock launches the BUIDL fund on the Aptos blockchain.

3. Coinbase to list top memecoin PEPE.

4. Robinhood US relists SOL, ADA, and XRP.

5. Moo Deng, the baby pygmy hippo influencer from Thailand, has released an official theme song in Thai, Chinese, English, and Japanese.

6. GMT has burned nearly 800 million tokens, approximately 27% of total circulation.

7. VanEck launches SUI ETN in Europe.

8. Merlin Chain upgrades its AA Wallet and introduces MERL as the platform's gas token.

9. Linea token is set for release in Q1 2025.

10. Coinbase ranks top in the U.S. App Store's free finance app category.

11. YGG launches Studio Chain, supporting custom gas tokens and cross-chain interoperability.

 

Token unlocks

Moonwell (WELL): Unlocking 43.15 million tokens valued at $3.15 million, accounting for 1.5% of total circulation.

 

Recommended reads

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From a business strategy perspective, Ethereum's shift to a modular structure is a crucial move to maintain ecosystem dominance. But has this choice impacted its short-term performance compared to Bitcoin and Solana? This article explores the gains and challenges of Ethereum's modular strategy, examining short-term price effects and long-term technical advantages amid fierce competition in the blockchain ecosystem.

Link: https://www.bitgetapp.com/zh-CN/news/detail/12560604346908

 

Powell meets Trump again – is a major shift in the inflation narrative coming?

As Fed Chair Powell and Trump policies clash, the inflation outlook could undergo a significant shift, impacting major asset performance.  Will the Fed continue rate cuts? What will happen to U.S. stocks, Bitcoin, and gold? Dive into an in-depth analysis of the macroeconomic landscape.

Link: https://www.bitgetapp.com/zh-CN/news/det