Nov 25, 2024: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly Highlight — Trump's Planned Crypto Advisory Council

President-elect Donald Trump has pledged to establish a crypto-friendly administration, which includes forming a new advisory council for the cryptocurrency industry. Major companies like Ripple, Kraken and Circle are vying for positions on this council to influence U.S. digital asset policy.

The council is expected to be based within the White House, likely under the National Economic Council, and will coordinate policies related to cryptocurrencies, advise Congress and help create a national Bitcoin reserve. Industry leaders, including executives from Coinbase and Circle, have expressed interest in joining.

Trump’s transition team is also considering appointing a "crypto tsar" to lead the council. Former CFTC officials, such as Heath Tarbert and Brian Quintenz, are advising on crypto policy as the administration seeks to roll back Biden-era enforcement actions against crypto companies.

While excitement over a pro-crypto administration has contributed to Bitcoin's surge toward $100,000, some consumer groups have raised concerns about the industry shaping its own regulations. 

Weekly Crypto Highlight — Bitcoin Tests $100,000 as ETF Flows Intensify

U.S. Spot Bitcoin exchange-traded funds (ETFs) have achieved a significant milestone, accumulating over $30 billion in total net inflows since their inception in January 2024. This surge in investment reflects a growing interest in Bitcoin, as well as a favorable market environment.

The rise in net inflows and trading volume can be attributed to heightened bullish sentiment in the market, particularly following the re-election of former president Donald Trump. His return to the political forefront has sparked optimism among investors, contributing to increased confidence in cryptocurrency investments.

As a result of this influx of capital, the total net asset value of these Bitcoin ETFs has exceeded the $100 billion mark as of Wednesday, Nov 20, 2024. This achievement underscores the growing acceptance of cryptocurrencies in mainstream finance, and highlights the potential for continued growth in this sector. The strong performance of these funds signals a robust demand for Bitcoin, and could pave the way for further developments in cryptocurrency investment.

Advanced

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Weekly Institutional Insights: Bitcoin Tests $100K as ETF Flows Intensify

Sui Name Service (SuiNS) enables blockchain users to register human-readable web3 names, ensuring secure, seamless transactions and a user-friendly on-chain identity.

Some people have no trouble remembering new cell phone numbers, and there are even a select few among us who wouldn't find it hard to memorize a 16-digit bank card number. However, very few people would choose to tackle the job of reliably recalling an alphanumeric blockchain address. Network addresses on 

 (ETH) are 42 characters long, while on the 

 (SUI) blockchain they span 66. These complex and length addresses are virtually impossible for most users to remember, and are among the least user-friendly features of 

 networks. Not only are long blockchain addresses distinctly user-unfriendly, but they also lead to many instances of wrongly executed transactions due to incorrectly input characters. 

Sui Name Service (NS), a solution on the Sui blockchain, has been specifically designed to tackle this problem. The service allows users to create human-readable and easy-to-remember web3 names linked to their underlying blockchain addresses. Using SuiNS, you can transact within web3 using your preferred username and, optionally, an avatar, rather than a long, complex blockchain address.

 (NS), or simply SuiNS, is a decentralized naming service that allows you to create and use a human-readable, user-friendly web3 handle to interact with the blockchain environment, instead of using a typical long and complicated network address. 

At the underlying level, your SuiNS name is linked to your blockchain address, but all the interaction and operations on the chain happen via your registered name.

SuiNS was first conceptualized and launched in 2022, inspired by the popular 

 (ENS). In many ways, SuiNS and ENS are similar, the obvious difference being that each one applies to its own respective blockchain environment. In May 2023, SuiNS was introduced on the Sui blockchain's newly launched mainnet. The service was developed and is supported by Mysten Labs, the development studio behind the Sui blockchain project. Since the beginning of the Sui blockchain's conceptualization, SuiNS has been among the core projects of the entire Sui ecosystem. As of late November 2024, SuiNS has managed to achieve the remarkable milestone of having registered nearly 330,000 names.

Using SuiNS, you can register your preferred username (as long as it's not been taken) for one year by paying a registration fee, currently charged in SUI coins. The name can be renewed at expiration for up to five years. All interactions with the blockchain environment through your wallet use your preferred username, rather than your blockchain address.

SuiNS names can be between 3 and 63 characters. Users can check the availability of their preferred handle and register it using the 

, where a lookup textbox is prominently displayed. Shorter names cost more than longer handles. As of the time of this writing (Nov 21, 2024), a three-character-long name costs 500 SUI ($1,785) and a four-character name will cost 100 SUI ($357), while names with five or more characters are priced at 20 SUI ($71.40).

A SuiNS name can only be registered for one year, but it can be renewed for up to four years (excluding the initial registration year). There's a 30-day grace period after the expiration of your SuiNS name, during which you may still renew it. If you don't renew during the grace period, your registered name will be up for grabs by anyone on the market. Optionally, you can buy an NFT avatar linked to your SuiNS name.

 (DApp) ecosystem on the Sui blockchain. Developers can use off-chain remote procedure calls (RPCs) to integrate the Sui service into their application environments. They can also take advantage of the native, on-chain SuiNS SDK to interact with the service.

Thanks to SuiNS, you can enjoy short, comprehensible names for your own address, as well as the addresses of the parties with whom you transact (if they also sign up for the service). No more forgettable string combinations that are hard to read and virtually impossible to remember!

However, a SuiNS name isn't just a tool of convenience. It also represents your decentralized identity on-chain. The identity is fully owned by you, the user, rather than by a centralized entity.

SuiNS minimizes the likelihood of lost assets due to sending funds to the wrong address: short, easy-to-remember names are way less prone to incorrectly executed transactions than standard blockchain addresses.

Security is also among the benefits of SuiNS. The service runs on the Sui chain, which prides itself on developing and enforcing high-grade security standards. Among these are 

, a framework that maintains a list of malicious websites and on-chain assets, thus protecting the Sui ecosystem from 

 launched by these known nefarious entities.

The SuiNS service launched its native token, NS, on Nov 14, 2024. Initially, NS is envisioned to support 

 processes on the platform, and will also be used for purchasing and trading SuiNS names. Currently, names are traded using SUI, the blockchain's native cryptocurrency. It's likely that NS will replace SUI in this capacity in the near future. The project team has also hinted that there could be additional uses for the NS token beyond governance and payment for SuiNS names. More announcements on this issue are likely to follow.

During the initial phase of the token's existence, governance will be its most prominent function. Holders of NS will be able to vote on important issues concerning the protocol's rules and future direction. One NS equals one vote, with more NS tokens giving you a greater say in the overall decision-making process. You can also increase your voting power by locking your NS tokens for from one to 12 months. For every additional month locked, you obtain 10% voting power. To encourage voting, 5% of the NS token's supply has been allocated for governance rewards. NS is a 

 token, with a total and maximum supply set at 500 million. The token's supply distribution shares are per the chart below.

NS is available on Bybit's Spot market as a swap pair with USDT (

). You can also take advantage of Bybit's campaign dedicated to the token to grab a share of the 

. Three campaign events for eligible users run through Nov 27, 2024, 8AM UTC:

Thanks to Sui Name Service, interacting on-chain has become easier and more user-friendly. However, easy-to-remember names aren't the only benefit: advantages also include lower likelihood of lost funds, better security and a completely decentralized, user-owned identity on-chain. So far, around 330,000 names have been registered, and with the impressive suite of benefits, expect this number to grow as we move with SuiNS into 2025.

Intermediate

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Sui Name Service (NS): Your On-Chain Identity Made Simple

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. 

November 2024 has marked a significant milestone for Bitcoin, with its price soaring to $94,105. This unprecedented growth has been driven by global events and heightened social media discussions, with predictions of six-figure valuations. Historically, peaks in social media chatter often precede market corrections, signaling traders to exercise caution. Currently, while whale accumulation remains strong — with wallets holding over 10 Bitcoin adding 53,006 more BTC in just one month — retail traders remain surprisingly cautious. This wary sentiment contrasts sharply with the bullish behavior usually seen during price surges, suggesting a potential correction.

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. Despite their volatility, these tokens reflect a broader appetite for high-risk investments. Notably, whale investors holding 1M–100M DOGE are accumulating, while smaller holders are selling, creating conditions for potential breakouts. However, if new capital stops flowing, these speculative assets could face significant downturns. Additionally, while discussions around Bitcoin reaching $100K are increasing, they haven’t reached the levels seen earlier this year, indicating that fear of missing out (FOMO) may not yet be fully realized.

Institutional Interest and Ethereum's Resurgence

Demand for Bitcoin ETFs has surged, with daily trading volumes hitting a record $8.21 billion, signaling increased institutional interest. This activity often coincides with market peaks, but could also indicate new investments flowing into the crypto space. Meanwhile, Ethereum has also gained momentum, breaking above $3,100 for the first time in over 14 weeks. Additionally, whale accumulation is on the rise, suggesting that as Bitcoin leads the market, profits may soon be redirected into Ethereum. In contrast, Solana's price movements remain highly sentiment-driven, with funding rates indicating potential entry points for investors. Overall, altcoins are experiencing growth, particularly following the U.S. elections, which have reignited optimism in the crypto market.

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Bitcoin's Resurgence: Analyzing Market Dynamics and Speculative Trends in November 2024

Crypto market makers play a crucial role in providing liquidity by consistently placing buy and sell orders. Learn more about how they work here.

The cryptocurrency market is notorious for its high volatility and sometimes low liquidity, making it a challenging environment for traders and investors. Executing trades can be difficult, often resulting in significant price 

Market making is a strategic approach that provides the necessary liquidity to stabilize markets, ensuring smoother trades and reducing volatility. By creating buy and sell orders around the current market price, market makers help maintain a healthy trading ecosystem. This article examines the fundamentals of market making, its benefits for traders and exchanges and the way it enhances the overall efficiency of the cryptocurrency market.

A crypto market maker is an entity or individual who primarily provides liquidity in cryptocurrency markets by continuously placing buy and sell orders for digital assets. This activity ensures efficient trading and helps maintain stable prices.

Crypto market makers play a key role in keeping markets liquid by continuously placing buy and sell orders on exchanges. Here's a closer look at how they operate.

Key Characteristics of a Crypto Market Maker

Crypto market makers provide liquidity and stabilize prices in the cryptocurrency market. The following are the key traits that enable them to operate effectively.

Market makers continually place buy and sell orders, ensuring the availability of transactions for traders. This constant availability reduces wait times for trades and minimizes the price impact of large orders, making the market more efficient and accessible for everyone.

One of the fundamental roles of market makers is that of managing the bid-ask spread. By consistently quoting competitive prices, they narrow this spread, thereby enhancing trading efficiency and reducing costs for other market participants. This spread is also their primary source of profit.

Market makers leverage advanced algorithms and HFT strategies to analyze market conditions and optimize their order placements. This technology allows them to react swiftly to price changes and maintain a balanced inventory of assets, which helps to manage risk and maximize profitability.

Due to the inherent volatility of cryptocurrency markets, effective risk management is vital for market makers. They employ various techniques, such as hedging and real-time market analysis, to minimize exposure to sudden price swings. This ensures their operations remain stable even in the face of market fluctuations.

By providing continuous liquidity and facilitating smooth trading operations, market makers enhance overall market efficiency. Their presence attracts more traders, which increases transaction volumes, boosts exchange activity and contributes to a healthier trading environment.

Given the quickly evolving nature of the cryptocurrency landscape, market makers must be adaptable, continually refining their strategies in response to new technologies, regulatory changes and shifts in market dynamics. This ensures they remain competitive and relevant.

Crypto market makers play a critical role in the cryptocurrency ecosystem by providing liquidity and stabilizing prices. Despite the integral role they play, however, their operations come with both advantages and disadvantages. 

Additional Importance of a Crypto Market Maker

Crypto market makers play a vital role in maintaining the efficiency and stability of the cryptocurrency market. Their presence on crypto exchanges ensures trading environments operate smoothly. 

Newer and smaller cryptocurrencies often struggle with liquidity. Market makers provide a market for these assets, promoting their growth and creating a more diverse and dynamic crypto ecosystem.

Through continual quoting of prices, market makers aid in fair price discovery, ensuring that cryptocurrency prices reflect actual market demand rather than extreme fluctuations. This promotes a more trustworthy and transparent trading environment that allows traders to make data-backed decisions. 

Crypto market makers are essential players in the cryptocurrency ecosystem, providing liquidity, stabilizing prices and ensuring smooth trade execution. Their use of advanced algorithms and real-time order placements encourages a more efficient, accessible and fair market. However, risks such as market manipulation, potential capital loss and lack of regulation can be problematic. Overall, the role of market makers in supporting emerging assets and maintaining market stability makes them indispensable for a healthy and growing crypto environment.

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

Bybit Learn

NFTs have use cases beyond memeable JPEGs. From fashion to music, these utility NFT projects will blow you away.

Few things have captured the imagination of cryptocurrency investors the way NFTs have. First introduced in 2012 with Vitalik Buterin’s 

 project, these unique digital assets have soared in popularity in recent months. With the introduction of 

 in 2017, more people became fascinated with NFTs. Today, the NFT utility industry is thriving. Recently, an NFT sold for an eye-popping 

, and that’s just the beginning. NFT use cases are evolving and changing. No longer merely JPEGS, GIFs and memes, utility NFT projects have quickly taken the top spot as the “next big thing.” 

NFT applications might just be the key to the future, tracing ownership, defining properties, and granting unique behind-the-scenes access to token-holders.

Utility NFTs are non-fungible tokens that represent access, opportunities or other benefits for their holders. As with other NFT applications, NFT use cases hold value based on their scarcity as well as a clearly defined value, and tend to appreciate in value over time. Utility NFT projects are classified according to type, and they feature a variety of practical applications, granting access to airdrops, exclusive opportunities, invites, exclusive experiences, and early access to events or products.

Blockchain technology provides a permanent immutable record, storing information and creating a clearly identifiable and publicly accessible record. NFT utility assets represent anything unique, granting users and creators more flexibility and options than ever before. These projects can be powered by smart contracts, which require that certain conditions are met before transactions can be finalized. This eliminates the need for a trusted third party and enables 

The concept of NFT utility isn’t necessarily a new one. The general public has typically viewed non-fungible tokens as a type of “digital trading card,” often representing art, game characters, or other digital content. They can also be digital receipts which represent ownership of a specific digital or real asset, or a digital record that includes metadata related to NFT applications.

This emerging NFT utility technology has captured the imagination of millions of people, and the practical possibilities of this technology are virtually endless. Since the earliest days of humanity, we’ve enjoyed collecting things and connecting with others who collect those same items. NFT applications make it easy to do just that. With increased NFT utility, token holders can collect specific items, often with built-in rarity or scarcity, and share them with a community of others who own similar items or who share similar interests. 

The concept of NFT utility goes far beyond collectibles, however, and is beginning to extend into a variety of real-life scenarios.

NFT use cases are still emerging, with new scenarios coming out every day.They offer an almost unimaginable array of options — not just for gamers and investors, but for everyday people. These novel NFT use cases can give us new ways to identify, track and simplify our day-to-day movements.

Massive interest in NFT applications has led to a booming market of crypto-collectibles and NFT art. Investors, developers, entrepreneurs and creators are discovering new real-world applications for managing assets, logistics, sensitive data and more through the magic of NFT applications. The burgeoning field of NFT utility is ripe for harvest with new applications and experimental use cases appearing each day.

NFT utility products can be designed specifically as a way to record product authenticity, storing product data such as rarity, history and origin. Users may even be able to trace the manufacturing process to understand its path from origin to finished product, or ensure various aspects of production, such as fair trade. Consumer products are one possible and popular option for NFT use cases, but commercial and industrial NFT use cases aren’t far behind.

Wondering how NFT enthusiasts are pushing the boundaries of how we can use NFTs in society today? Here are some examples of utility NFT projects we’re excited about.

The concept of digital fashion isn’t new. Gamers have long had the ability to purchase digital clothes and accessories to add flash and flair to their characters and avatars. Digital fashion is evolving, however, along with the options for accessing and owning it. 

Today, users can access a vast array of virtual fashion pieces to use and “wear” on avatars by such top gaming names as Sony, Epic Games and Activision Blizzard, and on various social media networks. As NFT utility technology transforms the business, so will its options — ranging from virtual fashion shows you can attend in the comfort of your bedroom, to immersive first-class retail shopping experiences that grant you behind-the-scenes access to all of your favorite brands.

MIRL is one of these virtual fashion options. This creative, decentralized autonomous organization has more than 4,548 MIRL “Personas” ready for investors who want to get in on the FashionFi narrative early. Keen on being part of the MIRL hype? Check out 

, home to these MIRL Personas. To find out more about what makes 

, to see how MIRL is revolutionizing the world of crypto.

Gaming is among the best-known uses for NFTs. From metaverse to play-to-earn models, gaming naturally pairs with NFT applications. Gaming NFTs are available in a wide array of genres, ranging from casual farming, collectible role-playing games and RPGs to deeply immersive strategy simulations — allowing for cross-platform playability, in-game trading, instant transactions, brand expansions, and exciting new revenue streams.

While play-to-earn gaming NFT utility models are certainly popular, gaming NFTs run the gamut, and you might need to dig deep to enjoy everything a particular game has to offer. However, as with other NFTs, once you’ve earned or purchased your own gaming NFTs, you’ll have part ownership in the game, and can trade or sell those same tokens within the game. Some games even provide you with the ability to exchange gaming NFTs across various platforms in exchange for real money.

You might already be familiar with the idea of gaming NFTs in the form of 

, an RPG in which players can raise and breed a variety of little monsters, each of which inherits various traits from its ancestors. Axie monsters are collective and tradable both in-game and via NFT applications and marketplaces, with rare Axies having vastly higher worths than more common ones.

NFT use cases have the power to transform the ticketing industry. The 

 is believed to have originated in ancient Greece, but it wasn’t until the 1700s that theater managers began to offer prepaid tickets, allowing them to better control the flow of theater traffic. Paper tickets came on the scene about a century later and were often highly decorative that became collectibles in their own right. Around 2010, paper tickets began being phased out, and were replaced with digital tickets or QR codes. These tickets are fast and convenient, and they reduce paper waste. However, the lack of collectibility is frustrating for some users. 

Ticketing NFTs combine the best of paper tickets and QR codes. You can enjoy top-quality security with a ticket that’s easy to access and scan. With these types of NFT use cases, event organizers will be able to mint a specific number of NFT utility tickets on a particular blockchain platform. The ticketing NFTs can sell for a predetermined price or at auction. Once purchased, they’re held in a wallet accessible via mobile device, which can then be scanned

When it comes to NFT use cases, ticketing is one of the most flexible, granting event organizers the ability to mint the required number of ticketing NFTs on their choice of blockchain platform. They can code the ticketing NFTs to set a sale price, or run the sale as an auction, where people can start a bid for tickets.

Customers then purchase NFT utility tickets and keep them in their wallets, which can be accessed from their mobile devices. Customers may also have access to a variety of other benefits through NFT applications, including safe storage, a community of those with similar interests, and limited-edition perks and incentives.

In the world of utility NFT projects, ticketing can be done using a unique ID, much like a QR code, which is then scanned. This reduces paper use and makes tickets easy to verify using a scanner at one or more checkpoints. You can keep your ticketing NFTs at the event’s conclusion, however, and depending on the type of the event or NFT use cases, it may continue to provide access to other events or members-only communities.

With the proliferation of the metaverse, digital land is becoming increasingly popular. You might be familiar with the concept of digital property through projects such as 

 can be used for a wide range of activities, including advertising, hosting experiences, socializing, gaming or achieving goals. NFT applications are used to trace ownership, purchase via smart contract, and conduct various business on virtual properties.

While it’s easy to imagine NFT applications in conjunction with virtual property, it might be harder to wrap your mind around the idea of NFTs and real estate. However, the reality may be closer than you think. 

In the real estate industry, NFT applications can be used to represent physical properties. 

 can be linked to map coordinates, prices, measurements, historical ownership and more, making it virtually impossible for bad actors to tamper with various essential details associated with the property. 

Real estate NFT applications can be used to store land deed data and proof of ownership, track property value data, simplify and speed transactions, and allow for smart contracts to complete sales more effectively with minimal risk of sensitive data exposure.

The right utility NFT projects can also grant exclusive access to various communities. Also known as access NFTs, or NFT utility tokens, this type of non-fungible token grants ongoing access to content and communities in either the digital or physical world. One example would be the 

, with an NFT utility token that grants exclusive membership to a special yacht club.

Each unique ape is randomly generated, using more than 170 potential traits including clothing, accessories and facial expression. Apes are stored as tokens on the Ethereum blockchain, and each has the same cost: 0.08 ETH. Once you purchase your ape, you have access not just to avatars and art, but to a community with benefits that grow with time. Your Bored Ape NFT utility token will open doors in the community as you discover new opportunities and dip your toes in new swamps.

Membership in the club grants you access to other members-only spaces, including:

 competition. This game is played as a virtual food fight between the bored apes and the mutant apes.

Music NFT applications are a blockchain-based way to purchase the music you love. Instead of buying a track through another platform, you can purchase the track as an NFT utility token. Why would you choose NFT applications over MP3s? NFT utility applications offer not merely the music, but ownership in the asset. In other words, you own the file, which is original and provably unique.

The most obvious benefit of music NFT applications is that artists can earn valuable royalties. Called Limited Digital Assets, or LDAs, artists can directly share streaming royalty revenues with NFT-holding fans. Sound.xyz is one of these music NFT applications, creating new ways for listeners and music to connect for a more collaborative music experience. 

 is built on Web3 technology. It’s designed to give listeners more (and more effective) ways to directly support their favorite artists, discover emerging new artists, launch listening parties, and create their own musical culture.

Art has been one of the first and most popular uses for NFTs. NFTs make it possible to both tag and track digital and physical art for better identification, authentication and tracking of various pieces. While you might not think of your profile picture or 

 as art, it can be — especially when you opt to use an NFT.

Increasingly, social media platforms are making it possible for users to show off their unique style with NFT profile pictures. To do so, simply connect your profile with your crypto wallet, which will enable you to display your own NFT utility art as your avatar — thus marking you as the owner of that particular NFT. It can be a fun way to show your flair!

Blockchain technology and NFTs are increasingly making the impossible possible, and using the power of the blockchain to support their communities, including:

These NFT use cases are all indicative of exciting new utility NFT projects on the horizon. They may pave the way for even more new NFT use cases and projects that can make our lives easier or more enjoyable, connecting us with new people, new collectibles and new options.

The benefits of NFT utility and the diversity of NFT use cases are growing quickly. As more people discover this, they’ll become more popular, and we’ll see even more creative ideas and use cases emerge. However, at this time, NFT applications are still very much in their infancy, and many new utility NFT projects still need to be more fully fleshed-out to become viable ideas with quantifiable, real-world value.

Utility NFT Projects: NFT Use Cases Beyond JPEGs and Memes

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