Crypto Morning Brief: Monad (MON) token sale starts today; major token unlocks for ZRO, ZK, KAITO and others this week
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Crypto Morning Brief: Monad (MON) token sale starts today; major token unlocks for ZRO, ZK, KAITO and others this week
OKX officially launches exchange-integrated DEX.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Bureau of Labor Statistics: September Non-Farm Payrolls Report to Be Released Next Thursday
According to Jinshi News, the U.S. Bureau of Labor Statistics announced on Friday that the closely watched September employment report will be released next Thursday. The report was originally scheduled for October 3 but was delayed due to a 43-day government shutdown.
Tom Lee: Suspected Major "Gap" in One or Two Market Makers' Balance Sheets
Tom Lee, Chairman of BitMine, posted on social media early today stating that the current weakness in the cryptocurrency market shows clear characteristics, suggesting a major "gap" may have emerged in the balance sheets of one or two market makers.
Tom Lee pointed out that "sharks" in the market are circling, attempting to trigger liquidations and push down BTC prices. He believes this pain is short-term and won't alter Wall Street's ETH supercycle trend built on blockchain. Now is not the time to use leverage; he advises avoiding liquidation.
Multicoin Capital Announces Investment in Ethena Protocol’s Native Token ENA
Multicoin Capital announced its liquidity fund has invested in Ethena Protocol’s native token ENA, calling USDe the only “third force” synthetic dollar after USDT and USDC achieving large-scale circulation and deep liquidity.
According to Vishal Kankani, Multicoin’s newest research and investment lead:
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USDe reached a peak circulation of $15 billion, currently around $8 billion.
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The protocol has generated nearly $600 million in cumulative revenue, with $450 million earned over the past 12 months.
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USDe has been accepted as core collateral by exchanges including Binance and Bybit.
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Synthetic dollar yield comes from fully collateralized, delta-neutral basis trades, offering annualized returns exceeding 10%.
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USDe shows slight negative correlation with interest rates: when rates fall and leverage demand rises, Ethena yields increase.
Multicoin noted Ethena sits at the intersection of three major financial trends, enabling “compound amplification”:
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Stablecoins: Challenging the USDT/USDC duopoly, becoming the only synthetically backed dollar successfully distributed at scale;
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Perpetualization (Perpification): Perp markets see daily volumes over $100 billion; fintech’s future lies in distributing leveraged products to more users;
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Tokenization: Democratizing institutional-only basis trade yield strategies by tokenizing them for all users.
The team’s risk management has also been validated: zero losses during both the Bybit $1.4 billion incident and the large-scale deleveraging event on October 10.
Multicoin stated the synthetic dollar market holds vast potential, with Ethena becoming the key nexus of “Stablecoin × Perpetualization × Tokenization.”
Monad: MON Token Sale Begins November 17
On the evening of November 16, an official announcement stated the MON token sale would begin 24 hours later.
Previously, Monad became the first project listed on Coinbase’s token sale platform. Coinbase officially announced on social media that the public sale of Monad tokens will launch on November 17.
Funds from Balancer Hack Begin Moving Through Tornado Cash
According to Onchain Lens monitoring, on-chain data shows addresses linked to the Balancer attack have started transferring stolen ETH funds via Tornado Cash.
OKX CEO Star Offers 10 BTC Bounty for Concrete Evidence of Backdoor in OKX Wallet
OKX CEO Star posted on social media: "OKX Wallet team will reward 10 BTC to anyone who can provide concrete evidence proving a backdoor exists in OKX Wallet. Security and transparency are non-negotiable—community scrutiny is welcome."
OKX Officially Launches Exchange-Integrated DEX
According to official news, OKX has officially launched its exchange-integrated DEX. Users can now directly buy and sell on-chain tokens on Solana, Base, and X Layer using USDT or USDC in their OKX trading accounts. The integrated DEX functions as a decentralized self-custody wallet, requiring no seed phrases or private keys. Transactions require no cross-chain swaps or deposits, with OKX subsidizing user gas fees. Additionally, users can participate in OKX campaigns promoting DEX trading and content creation to win cash rewards.
OKX CEO Star further stated that “centralized liquidity + decentralized execution” can now be completed within a single interface. With the official launch of DEX trading inside the OKX app, hundreds of millions of users can self-custody swap tokens across chains like Solana, Base, and X Layer without leaving the exchange—all currently supported with 0 gas fees—representing the future direction of exchanges: hybrid, seamless, and fully on-chain.
SkyBridge Capital Founder and Son Invest Over $100 Million Leading American Bitcoin's $220 Million Fundraise
According to Fortune magazine, Anthony Scaramucci briefly served as White House Communications Director during President Trump’s first term but soon became a vocal critic. Nevertheless, this hasn’t stopped SkyBridge Capital founder and his son AJ Scaramucci from backing American Bitcoin—a bitcoin mining company co-founded by Trump’s second son, Eric Trump, with Donald Jr. also investing.
In an interview with Fortune, the Scaramuccis revealed that AJ’s investment firm, Solari Capital, led the $220 million funding round for this “Trump family company” in July.
The financing was completed before American Bitcoin went public via reverse merger in September but investor names were never disclosed. AJ said Solari Capital invested over $100 million but declined to specify the exact amount. Anthony also contributed a smaller sum, without revealing details.
Michael Saylor Denies Rumors of Reducing Holdings: Strategy Continues Buying Bitcoin
According to Cointelegraph, Michael Saylor refuted rumors that his company Strategy Inc. (formerly MicroStrategy) sold bitcoin, affirming they continue buying. The company has disclosed holding approximately 640,000 bitcoins to date.
Saylor stated on X: “We are buying,” emphasizing that investing in bitcoin requires a multi-year horizon, with volatility being normal.
This statement came as bitcoin dropped below $95,000 amid widespread panic, with investors intensifying sell-offs over fears of major players exiting.
Michael Saylor Posts Bitcoin Tracker Again, May Soon Disclose New BTC Accumulation
Strategy founder Michael Saylor once again shared Bitcoin Tracker information on social media.
Based on past patterns, Strategy typically discloses new bitcoin purchases the day after such posts.
This Week, Tokens Including ZRO, ZK, KAITO Face Large Unlock Events
According to Token Unlocks data, tokens such as ZRO, KAITO, and ZK will undergo major unlocks this week:
LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7 PM Beijing time on November 20, representing 7.29% of current circulating supply, worth about $38.3 million;
YZY (YZY) will unlock approximately 37.5 million tokens at 1 PM Beijing time on November 19, representing 12.50% of current circulating supply, worth about $14.1 million;
ZKsync (ZK) will unlock approximately 173 million tokens at 4 PM Beijing time on November 17, representing 3.37% of current circulating supply, worth about $8.96 million;
KAITO (KAITO) will unlock approximately 8.35 million tokens at 8 PM Beijing time on November 20, representing 2.97% of current circulating supply, worth about $6.13 million;
ApeCoin (APE) will unlock approximately 15.6 million tokens at 8:30 PM Beijing time on November 17, representing 1.66% of current circulating supply, worth about $5.34 million.
MELANIA (MELANIA) will unlock tokens at 11:34 PM Beijing time on November 17, representing 5.04% of current circulating supply, worth about $3.65 million.
Market Updates
Suggested Reading
When Token Issuance Becomes an Assembly Line
This article explores the industrialization trend of token issuance in the crypto market and the explosive growth in token numbers between 2021 and 2025. It analyzes how the issuance pipeline operates, shifts in market participant roles, and changes in industry ecology. Exchanges and market makers remain at the top of the industry food chain, while issuance cycles and cost structures have significantly changed, shifting toward competition for traffic and liquidity.
This article provides an in-depth analysis of the current bearish state of the Bitcoin market, combining on-chain data and market indicators to examine price movements and underlying causes. It also forecasts potential future market shifts and offers risk management advice for investors.
U.S. Stocks Record Largest Single-Day Drop in a Month—What Happened?
This article explains how U.S. stocks recorded their largest single-day drop in a month on Thursday, with the Nasdaq falling 2.29%, as investors rotated out of high-valuation tech and risk assets into lower-valued, more defensive sectors. Additionally, hawkish comments from Fed officials reduced market expectations for a December rate cut to below 50%, increasing uncertainty. Cryptocurrency markets, including Bitcoin and Ethereum, were also affected, seeing significant declines.
Monad Ecosystem Guide: Everything You Can Do After Mainnet Launch
This article provides a detailed introduction to the Monad ecosystem and its upcoming mainnet launch, covering its technical architecture, key components, major projects and applications within the ecosystem, and opportunities related to the MON token airdrop. It also lists multiple DeFi, gaming, consumer, and AI projects running on the Monad platform, analyzing their functionalities and features in depth.
AI Bubble and Crypto Bear Market—All Just Noise
This article discusses the current AI bubble and the ongoing crypto bear market, analyzing the core debates within the market and suggesting that ordinary people should focus on capturing deterministic trends rather than getting caught in uncertain arguments. It also explores the future development trends of AI technology and the blockchain sector, and how individuals can seize opportunities during new technological waves.
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