Crypto Morning News: Bitfinex reports slim prospects for altcoin recovery in the short term; Binance lists PONKE perpetual contracts
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Crypto Morning News: Bitfinex reports slim prospects for altcoin recovery in the short term; Binance lists PONKE perpetual contracts
As Bitcoin absorbs the majority of funds flowing into crypto assets, altcoins are struggling to keep up, and without new catalysts, their prospects for a short-term recovery appear slim.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Yesterday’s on-chain capital flows: Polygon saw a net inflow of $6.1 million, Ethereum a net outflow of $19.4 million
According to Artemis data, on November 4, Polygon recorded a net inflow of $6.1 million, Solana $4.9 million, Sui $3.3 million, while Ethereum experienced a net outflow of $19.4 million.
Moonshot to list Solana-based meme coin President Trump (47)
According to Moonshot Listings, Moonshot will list the Solana-based meme coin President Trump (47).
Grayscale multi-asset fund GDLC files for ETP listing, potentially becoming first multi-crypto ETP
Asset management firm Grayscale Investments announced that NYSE Arca has filed a Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list the Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded product (ETP). The application has been published in the Federal Register, officially launching a regulatory review process that could last up to 240 days.
The proposal aims to revise the exchange’s definition of ETPs holding commodities and digital assets, expanding beyond just Bitcoin and Ethereum. If approved, this would establish the first rule set allowing multi-crypto asset ETPs to be listed and traded on a national securities exchange in the United States.
As of November 1, 2024, GDLC managed over $530 million in assets, with holdings including Bitcoin (76.53%), Ethereum (16.92%), Solana (4.36%), XRP (1.63%), and Avalanche (0.56%). The fund currently trades over-the-counter under the ticker GDLC.
Solana restaking protocol Fragmetric completes first round of fundraising
Officially announced, Solana restaking protocol Fragmetric has completed its Builder round funding, backed by investors including Solana co-founder Anatoly Yakovenko, Solana Foundation Chair Lily Liu, Jito Labs founder Lucas Bruder, Backpack founder Tristan, and Wintermute co-founder Yoann Turpin.
Fragmetric launched the SANG system — SolanA Network Guard — offering users a fair and accessible path into restaking, securing the Solana network by integrating SOL and LSTs.
Bitfinex report: Without new catalysts, altcoin recovery prospects are slim in the short term
Bitfinex released its latest report titled "Calm Before the Storm," highlighting the complex and volatile state of the crypto market ahead of the U.S. presidential election. After eight months of range-bound trading, Bitcoin nearly broke its all-time high recently before sharply pulling back. The rally was initially driven by the so-called “Trump trade” narrative but was later affected by uncertainty surrounding the U.S. election outcome.
With Bitcoin dominance exceeding 60%, reaching a cycle high, the altcoin market appears relatively cold. Both Ethereum and Solana have dropped around 12% from recent peaks, with Ethereum down 40% from the start of its ETF-driven rally. Speculative interest that once supported altcoins seems to have faded, reflected in stable funding rates and overall subdued market sentiment. As Bitcoin absorbs most capital inflows into crypto, altcoins struggle to keep pace. Without fresh catalysts, their near-term recovery looks unlikely.
Options market data shows widespread investor caution. As of Election Day (November 5), short-term implied volatility for the nearest expiries remains unusually low, indicating investors are waiting for clarity. However, markets anticipate a potential surge in volatility between November 5 and 8, which could trigger sharp price moves—or, if unfulfilled, signal deeper market wariness.
Ripple quarterly report: All U.S. exchanges that previously delisted XRP have now relisted it
According to CrowdFund Insider, Ripple has released its Q3 2024 XRP market report, emphasizing that XRP’s status as a non-security remains intact. The SEC’s appeal against Ripple does not challenge whether XRP itself is a security. In Q3, multiple institutions showed strong interest in XRP investment products, with Bitwise, Canary, and 21Shares all filing S-1 forms for XRP ETFs.
Notably, since the court ruled that XRP itself is not a security, all U.S. exchanges that had previously delisted XRP have now reinstated it. The Chicago Mercantile Exchange (CME) introduced an XRP reference rate, and Bitnomial announced plans to launch XRP futures. Grayscale also launched an XRP trust and filed to convert its large-cap digital asset fund—containing XRP—into an ETF.
Swell Network: SWELL airdrop claim page live, claims open November 7
Restaking protocol Swell Network officially announced that its SWELL token airdrop claim portal is now live, with claims opening on November 7.
The team warned users to remain vigilant against scams during this period, advising verification of all links. Users can view their token allocation without performing any signature actions.
OSL Group acquires Japanese compliant crypto exchange CoinBest
Hong Kong-listed digital asset company OSL Group (863.HK) today announced that its wholly-owned subsidiary has signed a share purchase agreement to acquire 81.38% of CoinBest K.K. (“CoinBest”), a Financial Services Agency (FSA)-licensed crypto asset trading service provider in Japan. This marks a key strategic move for OSL Group into the Japanese market.
Binance lists PONKEUSDT perpetual contract with up to 75x leverage
Binance Futures will launch the PONKEUSDT perpetual contract on November 4, 2024, at 20:30 (UTC+8), with maximum leverage of up to 75x.
Alliance report summary: U.S. DeFi developer share shrinks, Base L2 emerges as top choice for developers
On November 4, Nik, partner at The Fintech Fund, posted on X:
"The Alliance team consistently delivers excellent DeFi research and data. I want to highlight their latest trends report. Here are the three insights I found most interesting:
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The U.S. share of DeFi developers continues to shrink relative to Asia and Africa. I believe this trend will persist as opportunities to improve absent or broken financial rails become more apparent.
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Infrastructure, DeFi, payments, and AI x Crypto are gaining traction. DAOs and NFTs are declining.
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Base’s L2 is rapidly becoming the preferred platform for developers."
Naval: Most crypto projects fail because founding teams get rich too early
Prominent investor Naval posted on X: "Most crypto projects fail because founding teams get rich too early—and this problem cannot be solved by hiring new talent." Multicoin founder Kyle replied, commenting, "Yes, the best founders aren't purely financially motivated."
Naval is a well-known Silicon Valley angel investor who backed companies like Twitter and Uber, and a successful entrepreneur himself, having founded AngelList, an equity crowdfunding platform.
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