Gate Research Institute: BTC and ETH technical structure repair, PoW and AI zones lead the market

Encryption Market Overview

According to CoinGecko data, from October 28 to November 10, 2025, the cryptocurrency market experienced intensified fluctuations under the dual impact of macro liquidity tightening and the DeFi trust crisis, but mainstream assets have shown signs of phase-based recovery. In terms of market performance, BTC halted its continuous decline and rebounded on November 8, with the price rising above $105,800, presenting a pattern of “moderate recovery and low-level fluctuations” in the short term; ETH also rebounded above $3,630, with trading volume moderately increasing, and the influx of funds strengthening, indicating a marginal warming of market sentiment.

In terms of ecology and news, SOL treasury company Forward Industries announced a buyback plan of up to $1 billion, demonstrating the management's confidence in the long-term fundamentals; at the same time, Gate launched a decentralized Web3 Launchpad, providing users and project parties with a secure and transparent on-chain issuance environment, marking that CEX is accelerating its transition to an on-chain ecosystem. On the macro level, the government shutdown exceeded expectations, and rising funding rates sparked concerns about market liquidity, while the funding rate for Bitcoin long positions plummeted by 60%, indicating a decline in leverage demand but leaving room for subsequent increases.

The DeFi sector has encountered a severe setback, with Balancer being hacked and Stream Finance experiencing a collapse that led to capital outflows exceeding $1 billion, marking the most serious stablecoin crisis since the Terra crash in 2022. The incident triggered multi-protocol chain liquidations, exposing the systemic risks of yield-generating stablecoins in terms of transparency and asset management, and indicating that DeFi may return to a more robust and compliant direction. Meanwhile, Google Finance announced it will integrate prediction market data from Kalshi and Polymarket, and FTSE Russell has partnered with Chainlink to bring global indices on-chain, significantly accelerating the integration of traditional finance and Web3.

On the on-chain level, WorldChain stands out, with active addresses surpassing 1 million and DAU stabilizing above 60,000, recording a net inflow of 56.3 million USD, becoming the focus of fund inflows during multi-chain rotations. Overall, although the market is under short-term pressure due to liquidity and trust impacts, the trend of mainstream asset recovery and the acceleration of institutional and traditional financial entry has not changed. In the face of both risks and opportunities, funds are shifting from high-leverage speculation to high-certainty ecosystems, with “compliant finance + on-chain infrastructure” becoming the main line in the medium to long term, while BTCFi and prediction markets continue to lead a new round of structural trends.

Overview of this round's price fluctuation data

This article groups and statistically analyzes the top 500 tokens by market capitalization, observing their average increase from October 28 to November 10.

Overall, market volatility has significantly intensified, with notable performance divergence across different market capitalization ranges, presenting a structure of “moderate upward movement in the mid-range, and increased fluctuations at both ends.” Among them, tokens ranked 100-200 recorded approximately 1.46% positive growth, indicating that some mid-sized assets still possess recovery momentum amidst market adjustments; meanwhile, the tokens in the 400 market cap range also saw a slight increase of +0.79%, demonstrating relatively stable performance. In contrast, tokens ranked 300 experienced the deepest decline, reaching 4.01%, while leading assets (the top 100) fell by 1.57%, indicating that funds have not significantly flowed back into the leading sectors.

The overall market is still in a stage of震荡修复, and while there are signs of a warming in capital sentiment, a sustained trend has not yet formed. Generally speaking, the market capitalization structure shows that mid-range assets have a certain degree of resistance to decline and capital support, while the leading and trailing sectors are still dominated by changes in liquidity and risk aversion sentiment. This reflects that during the修复周期 after the market adjustment, capital allocation tends to be cautious and diversified.

Note: The market capitalization distribution is based on CoinGecko data, grouping the top 500 tokens by market cap into sets of 100 (e.g., rankings 1–100, 101–200, etc.), and calculating the price fluctuations of the tokens within each group during the period from October 28 to November 10, 2025, and then computing the average for each group as the average increase indicator for that market cap range. The overall average decline (1.91%) represents the unweighted average of the individual increases of the top 500 tokens by market cap.

Figure 1: The overall average decline is -1.91%, among which tokens ranked 101-200 in market capitalization performed relatively well, with an increase of about 1.46%.

Price Change Leaderboard

In the past two weeks (from October 28 to November 10), the encryption market has fluctuated significantly, with funds continuously rotating between different narrative sectors, leading to sharp rises and falls in individual tokens.

Rising List: PoW and AI concepts lead the rebound, ORE tops the increase.

ORE leads the entire market with a growth rate of 514.62%, becoming the strongest token of this period. This project belongs to the Ore Supply under the Solana PoW ecosystem, achieving sustainable output through a deflationary mining mechanism, and is regarded as a potential Store of Value (SoV) asset within the Solana network. As mining profits reach new highs and discussions around the deflationary model heat up, ORE attracts a large influx of miners and capital, driving the price to continuously set new records.

AIA (+238.02%) and SOON (+187.79%) ranked second and third respectively, continuing the strong inflow trend of funds into AI and emerging application tokens; among them, AIA is favored by the market for its “AI + Agent collaboration” concept, while SOON has sparked trading enthusiasm due to its strong community effect and expectations of early airdrops. Other mid-to-high market cap projects such as DCR (+141.77%), ICP (+121.84%), and ZEC (+93.91%) also saw synchronized increases, indicating renewed attention from funds towards established PoW and privacy projects supported by long-term narratives.

Decline Ranking: The thematic AI and Meme sectors are pulling back, with COAI leading the decline.

In contrast, COAI experienced the largest decline, recording -73.76%, indicating a short-term pullback of funds from the previously overheated AI concept; RECALL (-53.86%) and AIC (-50.70%) also ranked among the top three declines, reflecting the profit-taking pressure on AI concept tokens after consecutive rises. H (-44.64%) and APEPE (-41.30%) belong to the Meme and blockchain gaming sectors, with significant volatility after funds flowed back to mainstream assets. Overall, this period's declining tokens are concentrated in short-term themes and high-volatility assets, showing an increase in market risk aversion and rebalancing willingness.

Overall, the market style continues to show the characteristics of “dual-line interpretation of privacy and AI concepts, and a sharp clearing of short-term themes.” After experiencing concentrated speculation in the early stage, funds are gradually shifting towards projects with technological implementation and narrative support, with privacy and data-related assets once again becoming a focal point of attention for both institutions and retail investors. In the future, as regulatory frameworks and compliance discussions progress, the collaborative application of privacy computing and AI is expected to become a long-term main line in the market.

Figure 2: ORE leads the entire market with a surge of 514.62%. As mining profits hit new highs and discussions around the deflationary model intensify, ORE attracts a large influx of miners and funds, driving the price to continuously reach new highs.

Relationship between market capitalization ranking and price fluctuations

To observe the structural characteristics of token performance in this market cycle, this article plots a scatter distribution chart of the top 500 tokens by market capitalization. The horizontal axis represents the market cap ranking (the further left, the larger the market cap), and the vertical axis represents the price change percentage from October 28 to November 10. Each dot in the chart represents a token, with green indicating an increase and red indicating a decrease.

From an overall distribution perspective, the number of tokens that have fallen is still significantly greater than those that have risen, indicating that the market is in a stage of oscillation and repair. Most tokens are down in the range of -10% to -20%, while projects with an increase of over 50% are relatively scarce and mainly concentrated in the mid to lower market capitalization rankings, showing that market funds prefer small to mid-cap assets with higher volatility and strong narrative attributes.

Among the tokens with significant increases, ORE (+514.62%) and AIA (+238.02%) stand out the most, benefiting from the increased popularity of the PoW deflationary mechanism and the rising concept of AI+Agent; SOON (+187.79%) and DCR (+141.77%) also performed strongly, reflecting that there are still structural opportunities in the market during the consolidation phase. In contrast, the decline leaderboard is concentrated on projects that were previously overheated or where the theme has faded, such as COAI (-73.76%), AIC (-50.70%), and RECALL (-53.86%), most of which experienced deeper adjustments after the short-term capital retreated.

Overall, the current market is still dominated by structural rotation, with limited volatility in mainstream assets, while small and medium market cap tokens are experiencing significant fluctuations driven by both sentiment and funds. There is a preference for assets with narrative highlights and high elasticity, but at the same time, market risks have also risen significantly, reflecting a cautious overall sentiment among investors and a tendency for short-term operations.

Figure 3: Among the top 500 tokens by market capitalization, the majority are declining tokens, with a few projects showing significant gains concentrated in the mid to lower market capitalization range, indicating a tendency of funds towards high-elasticity and narrative-driven assets.

Top 100 Market Capitalization Rankings

In this round of volatile market conditions, the top 100 tokens by market capitalization show overall structural differentiation. Mainstream assets have limited fluctuations, but some projects with long-term narratives or hedging attributes perform outstandingly.

In terms of the gainers list, ICP (+121.84%) leads the rise, benefiting from ecosystem expansion and increased on-chain activity, with a noticeable inflow of funds; ZEC (+93.91%) and FIL (+68.32%) follow closely, continuing the strong performance of privacy and decentralized storage narratives; NEAR (+34.05%) and WBT (+27.74%) are supported by ecosystem growth and active on-chain development, becoming representatives of steady increases. Overall, the projects with the highest gains often have clear fundamental support and technological progress, with funds favoring public chains and infrastructure tokens that have long-term growth logic.

In terms of the decline rankings, ENA (-30.07%) and IP (-26.69%) have the largest declines, mainly affected by the cooling of previous speculative enthusiasm and the return of funds to mainstream assets; SOL (-16.35%) and SUI (-16.15%) have adjusted due to short-term profit-taking, but the overall structure remains relatively strong; PEPE (-13.76%), representing the Meme sector, has amplified volatility, indicating a phase of decreased activity of speculative funds.

Overall, among the top 100 assets, funds prefer projects with deterministic growth and technological accumulation, while high Beta and thematic tokens have seen significant corrections. After experiencing rapid rotations, the market style is gradually becoming more rational, reflecting a temporary decline in investor risk appetite and a return of funds to high-quality public chains and infrastructure sectors.

Figure 4: Among the top 100 tokens by market capitalization, ICP, ZEC, and FIL lead the gains, while SOL and SUI experience short-term pullbacks. The market structure shows a pattern of “leading tokens being stable, with mid-tier differentiation.”

Analysis of Performance in This Round of Volume Release

Trading Volume Growth Analysis

In addition to price performance, this article further statistics the trading volume changes of certain tokens to observe market activity and the level of capital participation. Using the trading volume before the market starts as a benchmark, the growth multiplier is calculated and compared with the price rebound magnitude during the same period to assess market attention and short-term capital trends.

Data shows that XAUT, AGENTFUN, ICP, MINA, and ZK are the five projects with the most significant increase in trading volume this period. Among them, XAUT's trading volume surged over 51 times, with a slight increase of 1.58% amid rising risk aversion, indicating a preference for stable asset allocation; AGENTFUN's volume increased 24.6 times, but the price fell by 7.19%, reflecting active short-term speculation with insufficient continuous funding support; ICP's trading volume rose 23.99 times, with the price simultaneously skyrocketing by 121.84%, forming a typical “volume-price resonance” pattern, making it one of the strongest performing high-market-cap assets this period.

The rise of ICP (Internet Computer) is mainly driven by the DFINITY 2.0 strategic upgrade and the implementation of new technologies. At the end of October, the official launch of the Chain Fusion framework allows ICP smart contracts to natively support interactions with over 20 chains, including Bitcoin, Ethereum, and Solana. Additionally, the release of Caffeine.ai and HTTP Request functionalities enhances AI-assisted development and cross-chain data calling capabilities. Multiple upgrades have solidified ICP's core position in the “Web3 cloud computing + AI infrastructure” field, reviving interest from funds and developers.

MINA (+45.93%) and ZK (+77.32%) also showed a significant upward trend, indicating the market's renewed attention to zero-knowledge (ZK) and lightweight public chain narratives. Overall, the projects with increased volume this period cover different themes such as hedging, privacy, and infrastructure, with a notable rise in capital participation. Although some projects have not experienced significant price increases, the phenomenon of increased volume shows that market interest in these sectors is accumulating, and potential capital rotation and thematic fermentation are still ongoing.

Overall, the volume projects in this period cover different themes such as hedging, privacy, and infrastructure, with a significant increase in capital participation. Although some projects have not shown obvious price increases, the phenomenon of increased volume indicates that market attention on these sectors is accumulating, and the potential rotation of funds and topic fermentation is still ongoing.

Figure 5: The trading volume of projects such as XAUT, ICP, and ZK has significantly increased in this period. Among them, ICP has achieved a resonance of volume and price due to the Chain Fusion and the expectation of the DFINITY 2.0 upgrade, becoming a representative of capital inflow and market activity recovery among high market capitalization assets.

Volume Change and Price Analysis

Based on the observation of the changes in trading volume of the project, this article further combines price performance to draw a scatter plot of the Volume Increase Multiple and Price Change %. The horizontal axis represents the growth multiple of the token's trading volume compared to the baseline period over the past two weeks, while the vertical axis represents the percentage change in price during the same period. A symmetric logarithmic scale is used to clearly present the structural relationship between “increased volume” and “price fluctuations.”

In terms of distribution, the upper right quadrant is concentrated with projects that have significantly increased trading volumes and strong price rebounds, indicating that funds are flowing into sectors with narrative support and active trading. Among them, ICP, ZK, and MINA have all recorded a noticeable trend of “volume and price rising together,” with trading volumes increasing approximately 24 times, 17 times, and 20 times respectively, corresponding to increases of 121.84%, 77.32%, and 45.93%, making them leaders in this round of structural market trends. XAUT also saw a volume increase of about 51 times; although its price increase was only 1.58%, it shows that safe-haven assets still have support during high volatility phases.

In contrast, although AGENTFUN's trading volume has increased by approximately 24.6 times, its price has dropped by 7.19%, indicating that funds are concentrated on short-term speculation rather than trend-based positioning. Some projects, such as CETH and MEEETH, have also shown a pattern of “increased volume without price rise,” reflecting that the market is still primarily driven by events and thematic rotations.

Overall, assets in the upper right quadrant generally have clear information catalysts and active capital participation, making them the dominant force in the current market rotation; while the lower right quadrant shows that although liquidity has increased, buying momentum is insufficient. The current market is still in a stage of structural repair and simultaneous switching of hotspots, with projects that resonate in volume and price becoming the focus of capital attention.

Figure 6: Projects like ICP, ZK, and MINA are located in the upper right quadrant, showing a typical “volume increase” pattern; although AGENTFUN and CETH have significant volume, the prices have not rebounded, indicating active short-term trading but an undetermined trend.

Correlation Analysis

After discussing the relationship between trading volume and price performance, this article further analyzes the systematic correlation between the two from a statistical perspective. To measure the impact of capital activity on price fluctuations, the “trading volume growth rate / market capitalization” is used as a relative activity indicator, and its correlation coefficient with the price increase and decrease is calculated to identify the types of tokens most susceptible to capital-driven movements in the current market.

As can be seen from the chart, the correlation coefficients of most tokens are concentrated in the range of 0.6–0.8, showing a strong positive correlation overall, indicating that the characteristic of “increased volume leads to volatility” in the market remains significant. The color of the bubbles represents the strength of correlation (red indicates higher, blue indicates lower), while the size of the bubbles reflects market capitalization.

Among them, COTI (correlation coefficient about 0.95), 0G (about 0.82), and FET (about 0.78) rank at the forefront, indicating that AI and data computation-related projects are highly sensitive to changes in trading volume, belonging to the typical “high elasticity price-volume linkage” tokens; mainstream public chain projects such as NEAR, FIL, and ETC also maintain in the range of 0.65–0.75, reflecting that funds also exhibit trading resonance effects among mainstream assets. In contrast, lightweight or privacy-related projects such as MINA, XNO, and ROSE show lower correlations (about 0.6), indicating that their price fluctuations are more driven by internal project factors or news rather than overall liquidity changes.

Overall, the market presents a clear “correlation layering” structure: AI and data-related projects exhibit the strongest price-volume correlation and high volatility; infrastructure and privacy assets are relatively stable, reflecting a significant preference for high-elasticity sectors at the current stage.

Figure 7: The trading volume growth rates of projects such as COTI, 0G, and FET are most correlated with market capitalization, showing the high sensitivity characteristics of the AI and data computation sectors.

The current round of the encryption market continues the structural rotation pattern, with overall sentiment gradually recovering amidst fluctuations, and the features of volume-price linkage significantly strengthened. Tokens with smaller market capitalization such as ORE, AIA, and SOON have achieved strong rebounds driven by PoW and AI narratives along with increased trading volumes, becoming the focal point for short-term capital speculation; ICP benefits from the DFINITY 2.0 upgrade and the improvement of multi-chain interoperability, with prominent volume-price resonance, leading to a return of funds to mainstream assets. In contrast, AI-themed tokens like COAI and AIC, while showing considerable gains in the earlier phase, are experiencing rising short-term profit-taking pressure, indicating that funds are starting to concentrate on projects with technological implementation and long-term narrative support.

In addition to trading market trends, multiple potential airdrop projects are also being continuously promoted, covering popular areas such as AI, Layer 2, social points, and identity verification. If users can grasp the rhythm and continue to participate in interactions, they are expected to gain an early position in a volatile market, obtaining token incentives and airdrop qualifications. The following text will organize four projects worth paying attention to and ways to participate, helping to systematically layout opportunities for Web3 dividends.

Airdrop Hot Projects

This article organizes a list of airdrop potential projects worth paying attention to from October 28, 2025, to November 10, 2025. It covers several early projects such as Inference (a distributed AI inference network based on Solana Devnet), Arch Network (a Layer 2 network built on the Bitcoin ecosystem), Spicenet (a points incentive platform centered around social interaction), and idOS (a decentralized identity system). Users can accumulate contribution records through methods such as connecting wallets, running nodes, completing tasks, and participating in community interactions to qualify for subsequent airdrops or token incentives.

Inference

Inference is a distributed AI inference computing network based on Solana Devnet, allowing users to contribute their computing power (CPU or GPU) as nodes (Worker Node) to join the network, thereby providing inference computing capabilities for models and earning points ($INT Points). It is currently a test network (Devnet), and all points have no actual value at this time, but they are likely to serve as the basis for airdrops of mainnet tokens or node incentives in the future. 【2】

Participation method:

1. Register an account and run a Worker node while staying online.
2. Complete calculations after receiving Inference Requests, and earn points based on 24-hour contribution and stability.

Arch Network

Arch Network is a Layer2 network built on the Bitcoin ecosystem, aimed at transforming Bitcoin from merely a store of value into a platform that can support more DeFi and smart contract applications. The project recently completed its testnet phase and launched a new interactive initiative called Arch Manifesto, where users can express their support for the vision of Bitcoin expansion by signing the manifesto and interacting further with the project.

Participation method:

1. Go to the official website and connect your wallet (if you participated in the testnet, use the same wallet address)
2. After signing the Arch Manifesto declaration, you can share the signed image on the X platform to complete the interactive task.

Spicenet

Spicenet is a points incentive platform centered around social interaction, where users can earn points (Spice Points) by completing simple social tasks (such as liking, sharing, daily check-ins, etc.) and inviting friends. These points may be used in the future for airdrop rewards or ecological incentives, aimed at encouraging community engagement and user participation. [4]

Participation method:

1. Go to the official website to connect your wallet and enter the Quests page to complete all tasks (such as daily check-ins, liking and sharing official posts, etc.)
2. View the score rankings on the Leaderboard, and you can invite friends to participate together to earn extra points through Referral.

idOS

idOS is a decentralized identity system focused on on-chain identity verification and privacy protection. It ensures the uniqueness and security of user identities through encryption private keys and biometric technology. The project is currently conducting the Season 2 Point Farming activity, where users can earn points by completing social tasks, daily check-ins, and inviting friends. These points are expected to serve as the basis for token airdrops or ecosystem rewards in the future.【5】

Participation method:

1. Go to the official website to create an idOS Profile, including generating a private key, completing human verification (FaceSign), and adding identity credentials.
2. Enter the Points page to complete tasks (such as following the idOS official account, joining the TG group, daily check-ins, inviting friends), accumulate points and check rankings on the Leaderboard.

Prompt

Airdrop plans and participation methods may be updated at any time. Users are advised to follow the official channels of the above projects for the latest information. At the same time, users should participate with caution, be aware of risks, and do thorough research before participating. [Gate]https://www.gate.com/( does not guarantee the distribution of subsequent airdrop rewards.

Summary

From October 28 to November 10, 2025, the encryption market continued its rotational pattern. After a series of declines, BTC rebounded above $105,800 on November 8, while ETH also rose back above $3,630. PoW and AI concepts became the core driving forces, with ORE increasing by 514.62%, driven by deflationary mining mechanisms and SoV narratives; AIA and SOON saw increases of +238.02% and +187.79%, respectively, attracting short-term funds into AI+Agent and emerging application themes. Privacy and public chain projects like ICP, ZEC, and FIL also moved upwards, creating a “infrastructure + narrative-driven” dual resonance. In contrast, short-term themes such as COAI and RECALL experienced declines, indicating a gradual shift of funds back to main assets with long-term growth logic.

In addition, the Inference, Arch Network, Spicenet, and idOS tracked in this issue are all in an active incentive phase, focusing on AI computing networks, Bitcoin Layer 2 scaling, social credit systems, and on-chain identity verification, with complementary ecological positioning and clear incentive pathways. Users can participate in tasks according to the project characteristics to enhance their points and potential airdrop weights. It is recommended to continuously pay attention to the announcements and task updates of each project to seize early benefit opportunities. <br> Reference:

1. CoinGecko, [https://www.coingecko.com/])https://www.coingecko.com/(
2. Inference, [https://devnet.inference.net/signin])https://devnet.inference.net/signin(
3. Arch Network, [https://manifesto.arch.network/])https://manifesto.arch.network/(
4. Spicenet, [https://portal.spicenet.io/?referralCode=wise-samurai-3726])https://portal.spicenet.io/?referralCode=wise-samurai-3726(
5. idOS, [https://app.idos.network/leaderboard])https://app.idos.network/leaderboard(

<br> [Gate Research Institute])https://www.gate.com/learn/category/research( is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend predictions, and macroeconomic policy analysis.

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