On November 14, the cryptocurrency market regained upward momentum, with bitcoin temporarily surpassing 93,000 dollars, reaching a peak of 93,483 dollars, continuing to set a new historical high. As of the time of writing,$Bitcoin (BTC.CC)$ it fell by 0.18% to 90,311.35 dollars; $Ethereum (ETH.CC)$ it rose by 1.48% to 3,234.28 dollars.

The Hong Kong stock market's cryptocurrency spot and futures etf continued the recent upward trend, $ChinaAMC Bitcoin ETF (03042.HK)$ up nearly 4%, $CSOP Bitcoin Futures ETF (03066.HK)$ 、 $Harvest Bitcoin Spot ETF (03439.HK)$ 、 $Bosera HashKey Bitcoin ETF (03008.HK)$ Up more than 3%, Wheaton Precious Metals (WPM.US) fell more than 13%, with silver falling more than 4%, and others falling more than 2%. $Samsung Bitcoin Futures Active ETF (03135.HK)$ 、$Harvest Ether Spot ETF (03179.HK)$、$Bosera HashKey Ether ETF (03009.HK)$、$CSOP Ether Futures ETF (03068.HK)$、$ChinaAMC Ether ETF (03046.HK)$In general, an increase of over 2%.

Key Focus

• Elon Musk: The stable inflation rate of dogecoin is not a bug, but a feature.

The founder of dogecoin, Shibetoshi Nakamoto (@BillyM2k), posted on the X platform: "If you want to eliminate the inflation of dogecoin, the code is at line 146 of the GitHub codebase, return 10000*COIN; you can change it there, submit a pull request, and convince the community and miners to use the new version. Now stop bothering me."

Musk commented on the X platform: "I believe the stable inflation rate of dogecoin is a feature, not a bug, which means the inflation rate will reduce proportionally." Shibetoshi Nakamoto replied: "I agree, it is very suitable to be used as a currency due to its stable and predictable inflation rate, declining at a percentage, much lower than the dollar."

• Former SEC Chairman: Cryptocurrency legislation may be enacted during Trump's administration.

Former U.S. Securities and Exchange Commission Chairman Clayton (Jay Clayton) stated on Wednesday that the U.S. Congress may pass legislation regulating cryptocurrencies after Trump takes office. Clayton also expressed support for easing regulatory burdens to encourage companies to go public, indicating broad changes in public policy that the industry is currently expecting, for which they have spent a lot of money to influence this month's presidential election.

• The majority leader of the USA Senate next year will be Senator John Thune, who supports cryptocurrency legislation.

According to The Block, US Senator John Thune, who has previously supported cryptocurrency-related bills, has now been elected as the majority leader of the US Senate for next year. This Republican from South Dakota was selected during a closed-door meeting on Wednesday. Thune currently serves on the Senate Finance Committee, which is responsible for tax and revenue matters.

In 2022, he co-sponsored a cryptocurrency bill called the "Digital Commodity Consumer Protection Act" with several senators. The bill aims to establish a legal definition for digital commodities and place their trading under the jurisdiction of the Futures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market.Committee (CFTC). Thune also voted in May to support a measure aimed at overturning the usa Securities and Exchange Commission (SEC) "Staff Accounting Bulletin No. 121" (SAB 121).

• Matrixport: Bitcoin trading volume hits a new high of 145 billion dollars, as individual investors are returning to the crypto market.

Matrixport stated in its latest report that in the past 24 hours, Bitcoin's trading volume surpassed 145 billion dollars, setting a historic high, nearly 50% higher than the flash crash in early August and the peak in March.

Based on historical data, during bull market phases, the active trading cycles of retail traders typically last for several weeks or even months, so the increase in trading volume can be seen as a bullish signal. The interest in Bitcoin on Google searches has also surged, reaching 78%, the highest level in the past five years. Additionally, since the USA presidential election, the inflow of Bitcoin ETF funds has exceeded 1 billion dollars for two consecutive days.

• Options market data shows that traders are "snapping up" Bitcoin call options worth 0.1 million dollars.

Thomas Erdösi, head of CF Benchmarks product, stated that market data indicates traders appear to be flocking to purchase bitcoin call options at an execution price of 0.1 million dollars. The 30-day constant maturity 25 delta deviation has now surpassed the 5 vol threshold, approaching the highest level since the beginning of the year, indicating a significantly greater demand for upside exposure. Additionally, demand for call options with an execution price over 100,000 dollars is also surging, as evidenced by these options.Implied volatilityIt can be clearly seen that it is rising.

• Glassnode: If bitcoin approaches $0.0949 million, it may highlight a slowdown in demand, prompting existing holders to increase selling pressure.

Analysts from the crypto data provider Glassnode stated that before demand diminishes and the rally cools down, Bitcoin's monthly profits have historically ranged between 30-50 billion dollars. In contrast, since Bitcoin entered the latest record phase, the realized profits have been about 20.4 billion dollars. Although there has been significant profit-taking, the profit levels remain below historical peaks, indicating that there is still room for further increases before potential demand runs out.

Currently, the cost basis for new or short-term investors is approximately 0.0668 million dollars, which sets the upper and lower limits for bitcoin prices at about 0.0949 million dollars and 51,600 dollars, respectively. However, if bitcoin approaches the upper limit of 0.0949 million dollars, it may highlight 'demand slowing down, and the price has risen high enough for many existing holders to increase selling pressure.'

• Galaxy Digital founder: If bitcoin successfully becomes a strategic reserve asset, it could rise to 0.5 million dollars.

Galaxy Digital founder Mike Novogratz, in an interview on Bloomberg Television, dressed as Steve Jobs and stated that the speculation of bitcoin being seen as a strategic reserve asset would lead to a price of $0.5 million if it becomes a reality. However, the likelihood of becoming a strategic asset is low, as if bitcoin becomes a reserve asset, other countries will need to buy bitcoin.

• Bitwise Chief Investment Officer: Bitcoin reaching 0.5 million dollars is a true sign of its 'maturity.'

Bitwise Chief Investment Officer Matt Hougan stated that bitcoin reaching 0.5 million dollars is a true sign of its 'maturity,' and it is currently still in the 'early stages.' He pointed out that with bitcoin's recent positive sentiment driven by Trump's election, it has reached new highs, and 100,000 dollars or even a breakthrough is imminent. Hougan believes that the demand for bitcoin as a store of value asset similar to gold will continue to increase, especially against the backdrop of the government's expanding debt.

He expects that for bitcoin to reach 0.5 million dollars, it needs to capture half of the current approximately 20 trillion dollars store of value market, sharing the same status as gold, while the central bank's bitcoin holdings remain a gap in this development. Hougan further mentioned that although central banks currently hold about 20% of the world's gold reserves, they hold less than 2% of bitcoin. He quoted Senator Cynthia Lummis's proposal, stating that if the US government plans to establish a bitcoin reserve, the 0.5 million dollars target could be achievable.

• Venture capital funding in the crypto sector fell to 1.7 billion dollars in Q3, a quarter-on-quarter decrease of 31.3%.

According to Bloomberg, venture capital in the cryptocurrency sector sharply declined in the third quarter before the election excitement of Trump as president reinvigorated industry sentiment. PitchBook data shows that within the three months ending September 30, crypto startups attracted 1.7 billion dollars in investment, a decrease of 31.3% compared to the previous quarter. The number of completed deals fell by 25.3% to 392.

Senior analyst Robert Le at PitchBook wrote in the report: "We believe this adjustment is a natural and necessary component of a healthy cryptocurrency market." Le attributed the decline in cryptocurrency venture capital transactions to macroeconomic factors, including increased market volatility and concerns about a recession in the usa. Like the previous quarter, infrastructure projects such as new blockchains continued to attract venture capitalists in the third quarter. Le stated that he anticipates further consolidation among cryptocurrency exchanges, custodians, and infrastructure companies in the future.

Editor/rice