November 2021 in numbers: Boba Network debut, correction contrary to Planb model and rally tokens of metav
Promotions associated with cryptocurrencies and mining companies in November showed mainly negative dynamics, following the quotes of bitcoin. The exception was Microstrategy, the shares of which were played by the fall after the next purchase of Bitcoin by $ 414 million, as well as the mining companies of Canaan and Riot Blockchain.
- According to the results of the meeting on November 3, the Fed has announced the beginning of a curtailing program of quantitative mitigation by a pace of $ 15 billion monthly – from November to June 2022.
- Acceleration of inflation according to the results of October to the maximum of 30 years of 6.2% led to tightening the rhetoric of representatives of the American Central Bank regarding the “speed” of the normalization of monetary policy.
- During the speech on November 30 in the Senate, Chairman Jerome Powell refused to interpret the “temporary” strengthening of inflationary pressure. He also pointed out the possibility of turning off assets “a few months earlier than expected”.
- Such statements were made against the background of the appearance of the Omikron coronavirus strain, which previously contributed to the formation of expectations of a slowdown in the normalization of the FRS monetary policy.
- Powell explained that before the meeting on December 14-15, the rate on rates will receive an assessment regarding the risks of a new strain, as well as macrostatistics with a report on the labor market.
- The comments of the head of the Federal Reserve stopped the perception of the deadlines for increasing the key rate caused by “Omicron”. By the end of November, as the first such step, investors began to be considered not June, but September 2022. They also reduced the expectations of the number of such actions from the year from three (almost 75% probability) to two.
- The prospect of faster toughening of the Fed’s policy pushed traditional markets and bitcoin to moderate correction.
Market moods, correlations and volatility
- At the beginning of the month, bull sentiments prevailed on the market. On November 9, the fear and greed index reached a local maximum at 84 – the same number of Bitcoin’s price has updated a maximum of $ 68,500. However, then the indicator began to fall, anticipating the movement of quotes of the first cryptocurrency.
- On November 27, the index sank to a two -month minimum at 21 – the price of bitcoin then reached $ 53,500 in the moment in the moment.
- The correlation of bitcoin with gold changed the sign to a positive, but the statistical relationship of two assets remained quite weak (0.02).
- The movement of prices of the first cryptocurrency and index s&P 500 and Dow Jones remains unidirectional. This trend is strengthened for the third month to a row. The possible reason is the appearance of cryptocurrency ETF in the American market.
- Correlation with index S&P 500, which includes the largest capitalization of the US stock market, is more pronounced (0.36; with the DOU Jones index – 0.32).
- In November, the coefficient of historical volatility of Bitcoin was kept in the range from 2.76% to 3.37% – by the end of the month the indicator began to grow. The amplitude of fluctuations in the price of the first cryptocurrency remains moderate. For comparison: during periods of the winter rally and spring market correction, the value consistently exceeded 4%.
- The dynamics of Sharpe coefficient (for the risk -free asset adopted two -year -old US treasury bonds) indicates a relative risk of investment in bitcoin. Throughout the year, the indicator of the first cryptocurrency overtook the metric of gold, but in November the situation changed. The risk accepted by investors well compensates for the high profitability of BTC.
- Since the creation of the first cryptocurrency, the volume of value transferred through its blockchain reached $ 8.89 trillion. In this indicator, the total cost of “profitable coins” amounted to $ 5.10 trillion, “unprofitable” $ 3.79 trillion.
- The number of addresses with a non -equal balance in November set a record at the mark of 39.21 million. The previous maximum was reached in April – 38.7 million. The growth of the indicator may indicate an increase in the number of retail users of cryptocurrency and the total onchal-activity.
- Against the background of the correction of bitcoin, the ASOPR indicator has decreased significantly, but still resisted 1. This means that despite some deterioration in market sentiments, most investors record a profit, and does not sell at a loss.
- Bitcoin’s proposal on centralized exchanges fell to the marks of July 2018. Apparently, many market participants prefer safer non -codium wallets, focusing on long -term investment horizons.
- Since the activation of the EIP-1559 in August, the Ethereum blockchain has burned more than a million coins (~ $ 5.12 billion)-of which over 362,000 ETH in November (~ $ 1.72 billion). The pace at which the network displays the ETH circulation increases: in September, the indicator was 249,000 ETH, in October – 297 000 ETH.
- Already in the first half of 2022, the Ethereum proposal can reach a maximum at the mark of 119.7 million ETH, after which the cryptocurrency will become deflation.
- The trend for reducing Ethereum balance on centralized exchanges (CEX) has strengthened – the outflow of funds lasts the third month to a row. Since the beginning of November, the proposal of ETH on such platforms has decreased by 3.5%, from the beginning of the year – by 13.3%.
- The share of ETH, blocked in smart contracts of decentralized applications, is stably high-since August, the indicator did not fall below 26%.
- CEX balance reduction occurs against the background of an Ethereum course growth. Over the past 30 days, cryptocurrency has risen in price by 9.65%.
- In November, the number of validators on the Beacon Chain network approached 264,000. Community participants are more actively interacting with the second Ethereum iteration – in a month the number of validators increased by 4.5% (in October, growth was 3.3%).
- The number of coins at the deposit contract Ethereum 2.0 continues to grow – according to the results of November, the value exceeded 8.45 million (+4.5% per month). The total cost of this cryptocurrency is estimated at ~ $ 40 billion.
- The number of addresses with a balance of ≥ 32 ETH is growing for the fourth month in a row. November 30, the indicator reached 109 330.
- The number of NODs and the number of channels in the network of micallors of bitcoin Lightning Network (LN) continues to grow: in November, the first indicator increased by 6%, the second – by 3.6%. In October, growth amounted to 10.5% and 7%, respectively.
- During November, the LN capacity increased by 5.2%, reaching 3334 BTC. Last month, growth was 6.9%. Both indicators are inferior to September, when the network capacity expanded by 25%. The catalyst was then the legalization of bitcoin in Salvador.
Mining, hashrate, commissions
- The bitcoin hashrate correlating with the price decreased by 8.4% last month (the indicator is taken into account, smoothed with a 7-day sliding average).
- The largest share in the hashrate of digital gold is Antpool. However, in the middle of the month, the American mining pool of Foundry came to the lead – in the moment its share exceeded 21%.
- According to the results of the latest recalculation (November 28), the complexity of bitcoin decreased by 1.49%. The indicator grew over the previous nine periods.
- Suspended seven -moving sliding medium hash Ethereum on November 12 reached a record mark of 818.39 Th/s. This happened shortly after the price of ETH overcame $ 4700.
- Against the backdrop of hype around NFT, metavseli tokens and growth of Defi as a whole, the average commission for Ethereum transaction in early November overcame the line of $ 60. The last time such marks were observed in April and May.
- In the first half of November, the average Bitcoin transaction commission was mainly in the range of $ 3- 4. After activating the Taproot update, the figure only once exceeded $ 3 (November 20), being mainly at $ 2.50.
- Bitcoin major mined digital gold by $ 1.68 billion. This is 2% less than last month. The share of receipts from commissions in the total income is only 1.48%.
- The November ethrage of Ethereum Mainers was a record-$ 3.59 billion. Arriving from the commissions for ETH transaction amounted to more than half of the total income-$ 1.82 billion.
- The last time a similar situation was observed in February. Such a significant share of the commissions is a consequence of the still not solved problem of the scaling of the ether.
The volume of trading
- In November, the volume of trading on leading cryptocurrency exchanges continued to restore. The total indicator reached $ 1.62 trillion – this is the third largest indicator in 2021.
- The list of leaders took place – Coinbase shifted Huobi from third place ($ 167 billion versus $ 143 billion, respectively). The first two places invariably share Binance ($ 931 billion) and OKEX ($ 204 billion).
Futures and options
- The total volume of open positions (OI) for bitcoin shops in November set a new record-on November 10, the indicator reached $ 28.8 billion. Then Bitcoin updated the price maximum at $ 69,000.
- By the end of the month, the OI decreased by 20% – to $ 23 billion. The adjustable CME platform now occupies the second largest share in the segment ($ 3.8 billion), and the lead owns Binance ($ 6 billion).
- The combined bitcoin departments trading in November reached $ 25 billion. The segment is invariably leaded by the Deribit platform, which accounted for 88% of the bidding.
- Open interest in bitcoins in November approached the record indicator of October ($ 15.7 billion) and decreased by more than 20% during the expiration of contracts in the last week of November.
- In November, the volume of blocked funds (TVL) in the Defi sector again updated the historical maximum-this time above $ 275 billion. Over the past 30 days, the indicator has grown by 11.4% and at the end of the month amounted to $ 270.36 billion.
- Curve Finance continues to hold the leading position on TVL – the figure amounted to $ 21.66 billion (+12% per month). Most of the blocked funds ($ 19.18 billion) fell on the Ethereum blockchain, in second place – Avalanche ($ 1.15 billion).
- The Compound Landing Protocol has returned to the fifth line of the rating of the largest projects based on Ethereum by shifting Instadapp.
- TVL of the Convex Finance Stayking decentralized service increased by 18%per month, reaching $ 16.33 billion. The new player took the third line of the rating for this indicator.
- Against the background of the ongoing speculation on the potential partnership of the Loopring project with GameStop, his Native Token continued the rally that began in October. Over the past 30 days, the price of LRC has increased by almost 187%. Another reason could be high commissions on the Ethereum network – since DEX Loopring offers bezed operations, the sales volume of the platform in November exceeded $ 3 billion.
- Maker’s utility token has risen in price by more than 26%. MKR rally is accompanied by an increase in addresses with a non-equal balance, a share of a proposal involved in smart contracts, as well as an increase in decentralization.
- Native Token blockchain platform Defichain grew by more than 34%, which allowed it to enter the TOP-20 by market capitalization among Defi projects. The reasons could be an increase in the number of masternods that froze their DFI for a ten -year period, as well as the growth of the TVL platform (in November exceeded $ 1 billion). As of November 1, the project community blocked over 40 million DFI.
- In November, the total capitalization of the Bitcoins on the air slightly (-0.65%) decreased and amounted to $ 18.48 billion. Last month, the indicator grew by 40%.
- The leader of the segment remains WBTC with a capitalization of $ 14.51 billion (more than 78% of the total).
- In November, the Ethereum ecosystem has increased by 11% – it continues to dominate the Defi segment with an indicator of $ 182.62 billion.
- The largest influx of funds in the framework of the reporting period was recorded by Avalanche ecosystems (+64%) and Tron (+30%). The latter this made it possible to bypass Fantom, the TVL of which has practically not changed for November (+0.18%), and take the 6th line of the rating.
- The modest Fantom results may be associated with a decrease in the geist finance landing platform. After launch in October, its indicator rapidly increased to $ 3.59 billion, but in November amounted to only $ 870 million.
- The aggregate TVL of the second -level scaling segment (L2) in November updated the historical maximum above $ 7 billion. Leaders holds Arbitrum, whose indicator for a month has decreased somewhat ($ 2.74 versus $ 2.8 billion in October), but the Boba Network project is the main growth driver of growth.
- Boba Network-L2 Ethereum Blocaining on the basis of Optimistic Rollups, launched in August 2021. Its TVL has already reached $ 1.39 billion – in November, the indicator increased by 2700%. This was facilitated by the Boba tokens, which was supported by Binance and FTX.
- The Binance Smart Chain (BSC) ecosystem continues to lead the daily number of transactions. In November, the network transmitted data daily between addresses on average 13 million times. For comparison: in October, the value was 7.76 million.
- The average number of transactions in the Avalanche blockchain in November has almost doubled – 482,000 versus 252,000 in October. During the reporting period, the network also recorded an almost double growth in the number of unique addresses in the contract circuit.
DEX and L2
- The total trading volume on the Ethereum turrets reached $ 113 billion in November-this is the second largest indicator in 2021.
- Leadership among DEX invariably holds Uniswap ($ 83.8 billion). The three leading platforms also include Sushiswap ($ 15 billion) and Curve ($ 4.2 billion).
- Against the background of the emergence of new Boba Network and Immutablex projects, solutions for scaling Ethereum (L2) are steadily developing. The aggregate indicator of the blocked value (TVL) in L2 solutions exceeded 1.5 million ETH in November, approaching $ 7 billion.
- TVL leaders of the L2-segment Arbitrum and Dydx remained almost unchanged ($ 2.7 billion and almost $ 1 billion, respectively), but the second place is now occupied by Boba Network. Boba tokens on November 12 accrued OMG Network (OMG) holders, after which the last course fell by 30%.
- In November, the project on the scaling of Ethereum Immutablex (IMX) took place, after which the rate increased to $ 9.5. The L2-project Loopring (LRC) also showed positive dynamics.
- Against the backdrop of bitcoin growth to the record maximum, the total capitalization of stablecoins reached $ 133 billion.
- Tether’s market rating exceeded $ 73 billion, and Circle USDC – $ 38 billion.
- The USDC emission pace in November was higher than that of the leader of the segment (in a month the USDC capitalization increased by $ 5 billion, USDT – by $ 3 billion).
NFT and GameFi
- The volume of trading NFT tokens on the Opensea marketplace continued the descending dynamics-in November, the indicator fell to $ 2.37 billion.
- However, users continue to show interest in non -replaced tokens. Volumes for almost all leading projects have increased by tens and even hundreds of percent – these are Axie Infinity, Bored Ape Yacht Club and Mutant Ape Yacht Club.
- Virtual objects in alternative blockchains are also growing. One of the Axie Infinity NFT games has acquired a digital land for a record 550 ETH ($ 2.4 million at the time of the transaction), and the most expensive lot in November was sold from the Cryptopunks collection for 500 ETH ($ 2.3 million at the time of the transaction).
- The volume of trading on the GameFi platform The Sandbox grew in November by 1649% amid the announcement of the date of launch of the alpha version of the metavselnaya. Partnership with Adidas added interest in the project. Native Token Sand recorded a series of price records, setting a maximum at $ 8.5.
- In November, the Enjin blockchain company launched a fund of $ 100 million for investment in EFINITY metavseli projects in the EFINITY ecosystem is a Polkadot blockchain with an EFI subcard. According to the results of November, Enj grew by 35%, and EFI – by 84%.
- Grayscale experts predicted that the annual income of the metavselnaya sector Web 3.0 can reach $ 1 trillion.
- Despite the fall in NFT sales on the Ethereum blockchain by 16%, the second network of cryptocurrency capitalization is still in the segment. In November, the broadcast was $ 1.47 billion of bidding by non -replaced tokens.
- The increase in trading by 42% and 52%, respectively, showed the Ronin Ethereum Siddle, used by the Axie Infinity game and the Wax blockchain. The volume of NFT sales in the November network in November became a record ($ 133 million).
- NFT projects on the basis of Solana and Flow are faced with a fall in interest from users.
The activity of large players
- In November, open interest (OI) for bitcoin textors on CME went to recover after a recession at the beginning of the month. According to the latest CFTC report, the indicator below the October maximum by 14%.
- Hedge Funds and other large players of the Non-Commercial category reduce short positions, increasing the Longs.
- For the first time in a long time, the short positions of small players of the Nonreportable category surpassed long. The reason may be the correction of the price of bitcoin, which lasted most of the month.
- Institutional players (Commercial), on the contrary, continue to increase long positions against the backdrop of a decrease in the number of shorts. This is allegedly due to the demand for shares of the first in the United States Futures Bitcoin-ETF (BITO). This product from Proshares accounts for more than 95% of the total AUM among the three SEC stock funds approved.
- Glassnode analysts drew attention to an increase in the dominance of CME in the Bitcoin Futures market. According to the market, the share of the market of this adjustable platform increased from 10% to the beginning of September to the current 19.3%. In terms of bidding, the share of CME over this period increased from 1.4% to 6%.
- Open interest in Ethereum Figures on CME is unshakably growing.
- Non-commercial is dominated by short positions, Nonreportable has long. Institutional (Commercial) since the beginning of September has been actively building Longs.
- A positive situation on Ethereumfidies may be due to the expectations of ETF launch on the basis of the second cryptocurrency capitalization. Corresponding applications at the SEC submitted a number of firms, including Kelly Strategic Management, Wisdomtree and Kryptoin.
- Last month, Microstrategy, which quoted on the NASDAQ, acquired 7002 BTC. According to the latest data, in its reserves 121 044 BTC worth $ 6.9 billion.
- Marathon digital was significantly increased-from 6695 BTC to 7453 BTC. The company last month announced the placement of bonds to attract $ 500 million for the purchase of ASIC devices. Subsequently, Marathon Digital increased the target mark to $ 650 million.
- HUT 8, Riot Blockchain, Bitfarms Limited and Argo Blockchain – 11.5%, 13%, 30% and 44%, respectively, respectively, increased reserves.
- Bitcoin Fund Salvador, against the backdrop of the November subsidence of the course, purchased an additional 100 BTC. In total, the fund’s balance is 1220 BTC ($ 70.2 million at the time of writing).
Large venture rounds
$ 725 million
Providing blockchain solutions for publishers of games Forte in the Investraund series B. It was supported by Andreessen Horowitz, Tiger Global, Solana Ventures, Animoca Brands and others.
$ 555 million
MoonPay crypto payment startup as part of the round of financing series A. It was headed by Tiger Global Management and Coatue, investors estimated the project at $ 3.4 billion.
$ 536 million
Bitcoin tenge BitKub. The oldest bank of Thailand Siam Commercial Bank acquired a control package of shares (51%) of the platform.
$ 400 million
Gemini cryptocurrency exchange operator. In the round of financing, led by Morgan Creek Digital, the company was estimated at $ 7.1 billion.
$ 350 million
Cryptocurrency lending platform Celsius Network. Investments were a continuation of the round of series B, the company’s rating increased to $ 3.25 billion.
$ 300 million
The Niantic team, standing behind the development of Pokemon GO. The company was estimated at $ 9 billion, it will direct investments to create a meta -combat.
$ 260 million
Indian Bitcoin-Torge Coinswitch Kuber as part of the Investrand of the series C. The company received $ 1.91 billion.
$ 175 million
1inch Network Defi project during the round of financing B series with the participation of Amber Group, Alameda Research, Vaneck and other investors.
$ 152 million
The Sky Mavis project, standing for the development of Axie Infinity NFT games, is in the round of financing of the series B. Startup rating reached $ 3 billion.
$ 150 million
Developer NFT-IGR MYTHICAL GAMES. During the round of financing of the C series under the leadership of Andreessen Horowitz, the company was estimated at $ 1.25 billion.
$ 150 million
Zepeto metavselnaya platform from the South Korean Naver Corporation in the round of financing series B.
$ 93 million
The Sandbox Game Blockchain Platform in an investment round, led by Vision Fund 2 from Softbank.
Key events in the field of regulation
- Representatives of several ministries supported the idea to equate mining with entrepreneurship. The head of the State Duma Committee on the Financial Market Anatoly Aksakov said that the working group on the legalization of cryptocurrency mining in the Russian Federation will begin work in the near future.
- The LDPR announced a strong desire of miners to pay taxes – the faction is preparing a bill to regulate digital assets production.
- The State Duma offered to make the Irkutsk region a pilot to withdraw miners from the “gray zone”. Her governor announced his readiness to allocate industrial capacities.
- Deputy Director of Rosfinmonitoring German Neglyu said the upcoming regulation of the activities of virtual currency exchangers.
- The Prosecutor General’s Office of the Russian Federation proposed recognizing cryptocurrencies and other virtual assets of property for production within the Criminal Code.
- President Kasim-Zhomart Tokaev instructed to “urgently” resolve mining.
- The local Mazhilis deputy has proposed additional criteria for regulating mining in connection with fan power outage in the country.
- Local exchanges and exchangers have become subjects of financial monitoring.
- Joe Biden signed a bill on financing infrastructure projects in the amount of $ 1.2 trillion with an extended definition of the concept of “broker”. The initiative group sent a new draft law to Congress, taking into account amendments in favor of the crypto industry.
- The US Treasury published a report on the risks of stablecoins, proposing to equate their issuers with depository institutions (with compulsory deposit insurance and other related regulation).
- Interdepartmental group represented by the Fed, FDIC and OCC as part of the US Treasury will present a guide for the interaction of individual cryptocurrencies in 2022.
Founder Ukrainian Monobank announced the readiness of bitcoin cards-the company has been waiting for approval from the National Bank for three months.
Authorities India They do not plan to recognize Bitcoin with currency and presumably submit a law on the regulation of digital assets by February 2022.
Government Laos Published the rules governing cryptocurrency mining and the operation of digital asset trade platforms.
Significant events of November
On November 14, on block #709 632, the long -awaited Taproot update was activated in the Bitcoin blockchain. The upgrade is designed to increase the scalability of the network and the confidentiality of users, thanks to the implementation of Schnorra’s signatures and Mast (Heshek tree), increase the size of the bitcoin block and, accordingly, reduce the transactions commissions for transactions.
On November 15, the liquidity aggregator from the decentralized exchanges Paraswap released the PSP control token and conducted an EIRDROP of 150 million coins among 20,000 wallets. Many users did not receive tokens, although they used the platform.
The Paraswap team got rid of Bounty-Hunters, whose goal is to make several exchange on platforms for potential eirrodes. Thus, the project created a precedent.
During the first auction, the Acala project won, in favor of which over 32.5 million DOT (~ $ 1.33 billion) of the total 87.55 million DOT blocked.
The second slot was taken by the project Moonbeam. 35.7 million dot was blocked in favor of him.
Both auctions practically did not affect Polkadot (DOT) quotes.
Apple General Director Tim Cook said he personally owns cryptocurrencies using digital assets to diversify the investment portfolio.