Gate Research Institute: Stablecoins and Payment Tokens Lead the Market | ZEC Contract Holdings Hit New Highs

Encryption Asset Overview

BTC ( -0.42% | Current Price 95,092 USDT)

BTC is still in a short-term weak oscillating downward structure. In the past few trading days, the price has repeatedly encountered resistance near MA5 and MA10, with the overall operating focus continuously shifting downward, and consistently remaining below MA30, indicating that the bearish trend still dominates at the one-hour level. However, in the latest round of rebound, BTC has once again climbed above MA5 and MA10, beginning to attempt a breakthrough towards MA30. The short-term moving averages show slight convergence, which helps to alleviate the previous unilateral weakness, indicating that the bearish forces have somewhat released at lower levels, and the market is beginning to enter a transitional phase of stabilization—oscillation.

From a key price level perspective, $92,976 constitutes an important low point for the short cycle and is also the core defense position for the bulls. As long as this range is not broken down, the price is expected to continue building a rebound structure in the bottom range; on the upside, it is essential to focus on the breakout situation at $95,200 (near MA30). Once it stabilizes, the short-term rebound may extend to the previous dense trading area of $96,500–$97,200. If the price falls back below the short-term moving average and approaches the previous low again, it would indicate that the weak trend may continue, and the market still needs to guard against further retracement risks.

In addition, on November 14, the net outflow of BTC ETF reached $492 million in a single day, with BlackRock's IBIT seeing an outflow of $463 million and Fidelity's FBTC seeing an outflow of $2.1 million.

ETH（ -1.8% 丨 Current Price 3,143 USDT）

Currently, ETH is still in a weak oscillation structure in the short term, but after reaching a low point of $3,004, there are obvious signs of a rebound. For a period of time, ETH has been running below MA30 (around $3,151), and MA5 and MA10 are also in a bearish arrangement, indicating that the short-term trend has previously been dominated by the bears. Currently, it has re-established itself above MA5 and MA10 and is attempting to break through MA30, which constitutes an initial sign of improved short-term sentiment. The three moving averages are beginning to show slight convergence, indicating that the downward momentum is weakening, and the market may enter a stage of “oscillation stabilization after probing a bottom.”

From the perspective of key price levels, the $3,000–$3,020 range has formed an important short-term support, with bulls repeatedly organizing defense in this range, allowing the short-term rebound structure to establish itself; upward resistance is concentrated in the $3,150–$3,180 area. If ETH can break through and maintain above MA30, there is hope for further challenges to the previous consolidation zone of $3,220–$3,260 in the short term. If the price falls back below MA5 and MA10 and approaches the support area again, it indicates weakness in the rebound, and a weak oscillation pattern may continue.

Overall, ETH is currently in a “weak stabilization” phase, and in the short term, it will choose a direction around the MA30 level. A breakout could indicate a continuation of the rebound, while resistance may warrant caution for a pullback to test previous lows.

Additionally, on November 14, the ETH ETF saw a net outflow of $177 million, with BlackRock's ETHA inflow of $173 million.

GT（ -0.36% | Current Price 11.04 USDT）

After experiencing a sharp decline and reaching a low of $10.51, GT's overall price structure has gradually shifted from a downtrend to a weak consolidation phase. For some time, GT has been trading below MA30 (around $11.01), and the short-term moving averages MA5 and MA10 have also maintained a bearish arrangement, reflecting the market's previous pressure. Recently, GT has repeatedly found support in the $10.55–$10.70 range, with buying strength gradually emerging, and the market has started to consolidate with decreasing volume. As the short-term moving averages begin to flatten out and show slight upward movement, both MA5 and MA10 have made several attempts to approach MA30, indicating a significant weakening of bearish momentum and a transition of the market from a declining phase to a consolidation phase.

The current price level (around $11.04) has re-established itself above MA5 and MA10, and is approaching MA30. If it can effectively break through and stabilize in the $11.05–11.10 area, it will indicate further improvement in the short-term structure, with a potential test towards the previous dense trading area of $11.25–11.40. Conversely, if the price falls back below the moving averages again, it indicates insufficient rebound strength, and a weak sideways pattern may continue, with a retest of the $10.70–10.80 support zone.

Overall, GT is in the “weak repair after bottoming out” stage. The key in the short term is whether it can break through MA30 and stay above 11.10 dollars to confirm the direction of the rebound continuation.

Daily Price Fluctuation Tokens

In the past 24 hours, the cryptocurrency market has shown a moderate pullback and narrow fluctuations, with market sentiment leaning towards caution. As a barometer, BTC fell by 0.49%. Although the decline is limited, it has established a weak tone for the overall market today. ETH decreased by 0.96%, indicating a more evident outflow of capital from risk assets under risk-averse sentiment. Overall, most major sectors are showing declines, and the market lacks a clear unilateral driving force, remaining in a consolidation or waiting phase for direction selection.

Hotspot tokens are rising against the trend, with RESOLV (+44.4%), LIGHT (+49.17%), and KITE (+13.59%) showing outstanding performance, indicating that stablecoins and payment-related assets are once again becoming the focus of market capital pursuit.

RESOLV Resolv (+44.4%, market cap 31.339 million USD)

According to Gate market data, the current price of the RESOLV token is $0.197, up approximately 44.4% in the last 24 hours. Resolv is a DeFi protocol whose core is the issuance of a stablecoin called USR, using ETH and BTC as collateral; it maintains the peg of USR to the US dollar through a strategy called “Delta Neutral,” which uses perpetual contracts to hedge against ETH and BTC price fluctuations, thus ensuring value stability without relying on traditional fiat reserves.

The recent rise of RESOLV is mainly attributed to the strong buyback mechanism of the protocol and the continuously expanding capital inflow. The protocol allocates 75% of its revenue for buybacks every week, and last week, it executed a cumulative buyback and acquisition of RESOLV amounting to $100,000 (with an average price of about $0.11), supported by 20% of the core protocol fees, creating sustained buying pressure. Additionally, the Resolv on-chain spot fund has maintained significant net inflow over the past 7 days, further enhancing market confidence. As the protocol accelerates integration with high-quality multi-chain projects on the ecological side and improves stablecoin yield by reducing risk exposure on the earnings side, the intrinsic value support continues to strengthen, with multiple favorable factors collectively driving the price performance of RESOLV.

LIGHT Bitlight Labs (+49.17%, circulating market value 78.8588 million USD)

According to Gate.io market data, the current price of the LIGHT token is $1.8, with an increase of approximately 49.17% in the last 24 hours. Bitlight Labs is an infrastructure project dedicated to enhancing Bitcoin's capabilities, with its core focus on implementing smart contracts and stablecoin transactions through the integration of the RGB protocol and the Lightning Network.

The core driving force behind the rise of LIGHT comes from the key technological breakthroughs of the RGB native DEX. Bitlight Labs has announced the first successful integration of Bitcoin, the Lightning Network, and the RGB protocol, enabling PayJoin + RGB20 transactions across BTC, LN, and RGB, allowing users to smoothly complete stablecoin transactions and payments on the Bitcoin underlying network. This update is regarded as a milestone progress due to its high technical difficulty, significantly enhancing the usability and expectations of the RGB ecosystem, thus driving LIGHT to strengthen further.

KITE Kite AI (+13.59%, circulating market cap 167 million USD)

According to Gate market data, the current price of the KITE token is $0.092, having increased by approximately 13.59% in the last 24 hours. Kite AI is a decentralized ecosystem built on a custom blockchain platform, with the mission of creating a fair artificial intelligence economy where everyone can contribute and receive corresponding rewards.

The strong rise of KITE is mainly benefited from its rapid expansion and key progress in the AI payment sector. Kite AI previously secured a $33 million strategic investment to promote the large-scale adoption of the x402 protocol, becoming one of the earliest Layer 1 blockchains to fully support x402 payment primitives. The project has quickly gained popularity in the “AI × Payment” narrative, significantly enhancing market expectations. Recently, KITE has launched on Avalanche and achieved seamless cross-chain bridging from BSC and Ethereum to AVAX. Additionally, its integration with Pieverse has created the first multi-protocol proxy payment and cross-chain identity authentication channel, further solidifying its core position as the native infrastructure for x402. The combination of technical breakthroughs and cross-chain ecosystem expansion has led to a positive market perception of KITE's long-term value in the AI agent economy, driving its price up and becoming the main driving force behind this round of increase.

Hot Spot Interpretation

Ethereum spot ETF had a net outflow of 729 million dollars last week, marking the third highest in history.

Last week (November 10-14), there was a significant outflow of funds from Ethereum spot ETFs, with a total net outflow of 729 million USD, marking the third highest level in history. According to SoSoValue data, all nine major ETFs tracking Ethereum recorded net outflows, with BlackRock's ETHA showing the most significant outflow at 421 million USD, while the cumulative historical net inflow remains at 13.45 billion USD; followed by Grayscale's ETH, which had a weekly net outflow of 135 million USD and a historical total net inflow of approximately 1.34 billion USD.

This round of capital outflow shows that investors are taking a cautious attitude towards the Ethereum spot market in the short term. Although historical cumulative inflows remain strong, the market tends to temporarily reduce positions or take back some profits in the context of increasing volatility or macro uncertainty. Short-term changes in ETF capital flows may exert some pressure on Ethereum spot prices, but in the long run, continuous institutional investment and cumulative net inflows still provide stable support for the demand for Ethereum assets.

ZEC contract positions突破 1.5 billion美元创新高，隐私网络交易活跃度显著提升

The privacy network Zcash (ZEC) has seen a significant increase in on-chain activity recently, with the number of mainnet transactions reaching 44,505 in the past 24 hours, while on November 13 it hit a recent peak of 73,862 transactions. Compared to an average of about 10,000 transactions per day in October, and around 3,000 transactions before the price surge at the beginning of October, ZEC's transaction activity has clearly increased. In the last 24 hours, the mainnet transaction volume of ZEC was approximately 1,679,199 ZEC, equivalent to about 1.17 billion dollars. Meanwhile, the total open interest in ZEC contracts across the network continues to set new records. According to Coinglass data, the total open interest in ZEC contracts has risen to 2,097,100 ZEC, with a market value exceeding 1.5 billion dollars, reaching an all-time high, with a 24-hour increase of 21.49%.

The number of mainnet transactions and contract holdings for ZEC have both reached historic highs, indicating a significant increase in market attention towards privacy network assets. The continuous growth in on-chain activity and the expansion of contract holdings suggest that while traders are actively positioning themselves in ZEC, they are also boosting market liquidity and price elasticity. Privacy assets are gradually becoming a new focal point for investors in the current macro and encryption market volatility environment, and this trend may provide support for ZEC's medium to long-term price and ecological development.

Japanese regulators plan to reclassify BTC, ETH and other encryption currencies as financial products, with tax rates potentially reduced to 20%.

The Financial Services Agency (FSA) of Japan plans to reclassify 105 types of encryption assets, including Bitcoin and Ethereum, as financial products and include them in the regulatory framework of the Financial Instruments and Exchange Act. Currently, Japanese residents must declare cryptocurrency gains as “miscellaneous income,” with a maximum tax rate of up to 55%. If the proposal is approved, the trading profits from these encryption assets will be taxed under capital gains tax at a uniform rate of 20%, consistent with stock trading. The relevant proposal is expected to be included in the budget proposal for early 2026.

This move marks a significant adjustment in Japan's regulation and taxation of encryption currencies, which will greatly reduce the trading tax burden while clarifying regulatory identities, helping to enhance market transparency and compliance. The decrease in capital gains tax rates means that investors will face lower trading costs in the Japanese market, potentially attracting more individual and institutional investors into the market, thus boosting the activity of encryption asset trading and market liquidity. In addition, a clear positioning of financial products will also help encryption assets gain wider recognition within the traditional financial system, further promoting their long-term development. <br> References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Gate, https://www.gate.com/price
• SoSoValue, https://sosovalue.com/assets/etf/Total_Crypto_ETH_ETF_Fund_Flow?page=usETH
• BitinfoCharts, https://bitinfocharts.com/comparison/zcash-transactions.html#3m
• Coinglass, https://www.coinglass.com/zh/BitcoinOpenInterest
• DLNews, https://www.dlnews.com/articles/regulation/japanese-crypto-tax-relief-in-sight-as-regulator-set-to-classify-bitcoin-as-financial-product/

<br> Gate Research Institute 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 forecasting, and macroeconomic policy analysis.

Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not accept any responsibility for losses or damages arising from such investment decisions.