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.

Advanced

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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.

Intermediate

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

Beginner

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Traders seem to expect BTC’s momentum could slow down a bit after the price hit over $97,000.

Positive sentiment has continued to fuel the cryptocurrency market as the expectation of further institutional adoption of 

 keeps growing. Options trading of BlackRock’s Spot Bitcoin ETF IBIT 

 with a bang, attracting almost $2 billion on the first day of trading. The hope of more spot ETF derivatives to change the market structure with additional institutional money onboarding crypto is high.

, we explored the possibility of the market being overleveraged, which could be painful if the current leverage unwinds. Data from CryptoQuant shows that the estimated leverage of the current BTC markets has reached another YTD high.

Derivatives data on Bybit shows that traders seem to expect that BTC’s momentum could slow down a bit after the price hit over $97,000, and are focusing more on downside protection.

Figure 1: Bitcoin estimated leverage ratio at 0.23. Source: CryptoQuant

BTC Options Open Interest Returns to Previous High While Perps Are Catching Up

Derivatives traders have been actively participating in BTC markets as 

 on Bybit has surged to over $3 billion, on par with the previous high on Nov 14, 2024. Although the options OI has increased, it still hasn’t surged above the previous high. At the time, BTC’s price had already jumped to over $97,000. If the OI doesn’t follow suit and break above the previous high in the coming days, this could be a sign that the market could become a bit exhausted — something for all market participants to be aware of.

Figure 2: Daily open interest for BTC options on Bybit. Source: Bybit

 have also seen increased open interest in recent days. Perpetuals have been among the most favorable products for day traders and short-term speculators. Rising open interest could indicate that more traders are looking for short-term profit, which could bring additional volatility to the market. 

Figure 3: Daily open interest for BTCUSDT Perpetuals on Bybit. Source: Bybit

Dec 27, 2024 remains the most popular expiration date for BTC Options on Bybit, with most of the open interest there. Within that expiration, $120,000 calls had the most OI, and $100,000 calls accumulated the second-largest OI. 

Figure 4: Open interest by strike for BTC Options with a Dec 27, 2024 expiration. Source: Bybit

Meanwhile, the market’s optimism that BTC will hit $100,000 by the end of the year seems to support the current price momentum. Shorter-dated options could show that traders are also looking for downside protection. The Bybit 

 page shows that BTC Options with a Nov 29, 2024 expiration have a strong 24-hour inflow to $90,000 puts. This could indicate that some traders are also anticipating some degree of price correction by the end of the month. 

Figure 5: 24-hour volume by strike for BTC Options with a Nov 29, 2024 expiration on Bybit. Source: Bybit

 for BTC Options on Bybit also indicates a possible downside protection in play among options traders. A smirk skew, or left skew, is a skew curve that’s steeper on one side (the left side) than the other. Traditionally, a smirk skew curve could mean that traders have been protecting their portfolios against a possible declining market. At the time of this writing (Nov 21, 2024), BTC Options contracts on Bybit with Nov 29, 2024 and Dec 27, 2024 expirations have both shown a smirk skew. However, this doesn’t necessarily mean traders are bearish on the price, and could just be part of the trading strategy. For example, traders could set up collars by buying out-of-the-money (OTM) puts and selling OTM calls simultaneously, so that they can profit in case BTC’s price drops, gain upside exposure and potentially offset the cost of buying the puts. 

Figure 6: Implied volatility of BTC Options with Nov 29, 2024 and Dec 27, 2024 expirations. Source: Bybit

The current BTC leverage trading may be complex, but tells a revealing narrative about market sentiment. The divergence between high leverage and increased hedging activities also reminds us that market dynamics are rarely straightforward, and adopting a 

 seems increasingly important in this diverse market.

: Investing in cryptocurrencies and their derivatives involves substantial risk of loss, and isn’t suitable for every investor. This article provides facts for educational purposes only, and does not represent any financial advice. Prior to making any investment decisions, please ensure you fully understand the risks involved and seek independent advice if necessary. Our customer support team is available to assist you with any inquiries.

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Learn From Smart Money: BTC’s Leverage Remains High as Traders Hedge Against Downside Risks

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Phaver (SOCIAL) is a web3 social app designed to let users create and own portable social graphs in a decentralized way.

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The internet has made it possible (and easy) to digitally share our social lives and content. Through Web 2.0 social networks, you can conveniently stay in touch with your connections, including family, friends, work colleagues and other life acquaintances. However, despite the convenience and the value these networks bring, most of them seriously infringe upon your privacy, with harvested data from your profiles and browsing history being used unethically — and without your permission.

Furthermore, most of our social history remains fragmented across our many social media channels, since we can’t move our old social profiles to a new one on another platform. This results in a loss of important social connections and precious social content that holds sentimental value — and you'll have to start from scratch if you want to rebuild your digital credibility. 

Phaver aims to change all this by empowering us with the ability to preserve our social history, even as we switch channels. It’s a forward-thinking 

 social platform that introduces an innovative approach to help you create and fully own a portable social graph through 

, and Phaver rewards you based on the quality of your social content.

 approach to provide a rich and fulfilling social life.

Phaver is a web3 multi-protocol social app that allows you to create a permissionless and noncustodial social graph through an innovative hybrid ecosystem that combines on-chain and off-chain mechanisms.

Through this gamified social app, users can cultivate their social reputations in a decentralized way, and receive rewards in the form of points for their constructive efforts on the platform. Launched in May 2022 by Joonatan Lintala (CEO) and Tomi Fyrqvist (CFO), Phaver's broad vision is to create more user-owned social networks through strategic partnerships, and by leveraging 

To enhance usability and scalability, the Phaver team has integrated social media 

, such as Lens Protocol and Farcaster, which allow users to share posts on these blockchain-powered networks. Additionally, you can showcase your social content, earn NFTs and accumulate Points/Cred in the process.

Unlike some profit-centered, centralized and proprietary Web 2.0 socials, Phaver's user-centric structure embraces progressive decentralization and focuses on maximum utility, rather than maximum engagement. Better yet, you can port your social history via the platform, which helps you retain your social content.

At the heart of Phaver’s gamified ecosystem is the SOCIAL token, which provides accessibility to the platform’s in-app features and mechanisms. 

As a gamified social network, Phaver utilizes a two-pronged reward mechanism consisting of Points and Cred, which ensures rewards seamlessly flow to genuine, high-value contributors. The next section explains some mechanisms that Phaver’s platform uses.

Phaver Points act like a currency in the Phaver ecosystem. They’re redeemable for tokens, and can unlock various rewards on the platform. You can earn Phaver Points in the following ways:

Apart from Phaver Points being converted into tokens on TGE, you can cast the Points on your post to boost visibility and appear on 

. In the future, Points will be the currency that unlocks premium content through subscriptions.

Phaver uses a Levels and Cred system to mitigate the challenges of botting and multi-accounting. Phaver Cred represents your level on the Phaver system and determines your rewards. With Phaver Cred, you can build your web3 digital reputation, earn a yield on your NFTs and claim token rewards.

Upon entry into Phaver, you'll automatically be placed in Level 1, where you can access all of the social perks on the platform, but can't cast Phaves (Points) or claim token rewards. As your Cred score increases, you’ll level up to unlock a wide range of perks, including better visibility and premium features. The maximum level you can reach is Level 4, typically only achievable by top-tier KOLs and web3 super users.

As part of the Cred system, Phaver has introduced Cred Pass NFTs as a way to level up faster and unlock more benefits. Minting of Season One of these 9,307 utility-rich NFTs was held on Sep 19, 2024 via 

Phaver incentivizes content creators by giving them full ownership over their work. The program is designed for a wide range of creators, such as musicians, visual artists, video creators, gamers, comedians and analysts. Through Phaver, these creators can monetize their work and also receive exclusive perks. There are over 100 participants in the program, with a growing number of applications already in the screening process.

Partnerships and collaborating with the community are an integral part of the Phaver ecosystem. In line with its vision to provide a decentralized social experience across networks, Phaver has integrated the following protocols on its platform.

 is an open social network that uses NFTs to let you create profiles and content on-chain. This ensures you own your social graph, and can switch seamlessly across profiles. By integrating with Lens, Phaver has unlocked the ability for its users to connect with Lens Protocol’s users off-chain without needing a wallet. As a Lens user, you can post on Phaver and decide whether you want it broadcast across the Lens network.

Some of the core features on Lens that are supported on Phaver include the following:

 is a decentralized social network that lets you own your social identity and data with features such as posting, mirroring (an action similar to X's "retweeting" function), channels and frames (interactive apps). Phaver integrated with Farcaster in March 2024, unlocking the following functionalities for users:

 that uses a decentralized identity, Moca ID, to digitally access the company's extensive portfolio, which includes over 450 companies. Following Mocaverse's integration with Phaver, users can free-mint their Moca ID on the platform and use it as proof of identity to participate in various activities and accumulate reputation points.

In its early days, Phaver integrated Cyber (CyberConnect) into its network. 

–compatible wallet solution that helps simplify onboarding into web3 and facilitates the creation of decentralized digital identities through NFTs. This integration allows users to link their CyberAccounts to their Phaver profiles.

Phaver aims to create a multi-protocol incentivized ecosystem for sharing content. With Phaver, you can access multiple social graphs simultaneously and get rewarded for creating/curating good content. Once you post, you have control over which audience can access the posts, either those on Phaver only or across its integrated networks, such as Lens Protocol.

You can also choose in which Phaver community you want to post when sharing content. This segmentation helps to improve engagement, since your posts are featured on feeds of others with similar interests.

Depending upon your level, you'll receive a certain number of “Phaves” that you can cast on your favorite posts (Phaves are similar to Likes on Web 2.0 social media platforms). Top-performing Phavers receive Phaver Points, which can be converted into tokens. You can also mirror posts: the poster who created the original post will earn the Phaves received on the mirrored posts.

You can also boost your posts’ visibility by purchasing Premium or Superior posts. This upgrade earns you a dedicated feeds filter that helps you quickly build an on-chain audience.

Phaver believes discovering content on its platform should be user-optimized and incentivized for a more fulfilling experience. To achieve this goal, users get to choose what to follow, since every piece of content is shared within a topic based on the most relevant feed. Phaver has a

 tab that lets you search for a specific person. To ensure high-quality content is posted, Phaver has a 

 feature, which allows those on Level 2 and above to cast on their favorite posts.

What Is the Phaver Crypto Token (SOCIAL)?

Phavercoin (SOCIAL) is the native token for Phaver. Holding SOCIAL earns you Creds and Points that can be converted into tokens during special campaigns. It also increases your monthly withdrawal quotas, and if you’re at a higher level, holding SOCIAL unlocks exclusive perks, such as whitelists and VIP support.

SOCIAL has various utilities on Phaver. The token can be used by brands and projects to pay for advertising, collaborations and boosting posts. Users can also use SOCIAL to buy Points to boost their visibility.

SOCIAL’s total supply is capped at 10 billion tokens. In the future, Phaver plans to implement a quarterly token burn, which will help reduce the amount of tokens in supply and retain SOCIAL's value. SOCIAL’s token distribution is as follows:

Phaver token distribution. Source: Phaver

, Phairdrop, in which 4% of its token supply will go to eligible participants. To qualify, a user must:

You can check eligibility for the SOCIAL airdrop on

. The token airdrop ratios (based on Points) are as shown below:

You can buy SOCIAL on the Bybit exchange as a Spot pair (SOCIAL/USDT). 

, Bybit is holding a Launchpool event through Oct 1, 2024, 10AM UTC. Staking USDT, SOCIAL or MNT will help you earn a share of the 90,000,000 SOCIAL tokens in the reward pool. To participate, you'll need to stake either of these three tokens in the Bybit Launchpool to earn a daily yield that will be calculated the next day. VIP users who participate in the event will earn additional APR rewards.

Bybit is also holding a SOCIAL token splash event through Oct 8, 2024, 8:59AM UTC, in which 7,000,000 SOCIAL tokens are up for grabs. To earn these tokens, you can deposit and complete tasks on the deposit page (see above link).

As privacy and ownership of data continue to challenge internet users, Phaver provides an innovative approach to connecting on social media that not only gives you control over your content, but also rewards you for it. With strategic integrations to other social networks such as Lens Protocol and Farcaster, Phaver offers a seamless, cross-platform experience while preserving your social history. Powered by its utility token, SOCIAL, Phaver is leading the charge toward a more transparent, user-centric future for social media, offering a rewarding alternative to traditional networks.

Phaver (SOCIAL): The Key to Preserving Your Social Legacy

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards