Gate Research Institute: The main reason for this round of fall is the turnover of long-term investors | 1inch launches new protocol Aqua

GateResearch

2025-11-18 03:48:40

Crypto Market Overview

BTC (-3.19% | Current Price 91,788 USDT): In the past 24 hours, the price of Bitcoin has broken the momentum of stabilizing at 95,000 USD from November 15 to 17, and has once again decreased to a low of 91,212.9 USD, with a cumulative drop of 14.2% over the past 7 days. Market sentiment has reached “extreme fear,” with RSI indicating oversold conditions and MA5, 10, and 30 moving averages showing a bearish arrangement. The main reasons for the decline in Bitcoin include panic selling by short-term holders, bearish signals emerging from technical analysis, and a shift in bearish sentiment in the prediction market. The prediction market shows that the probability of falling below 90,000 USD by the end of December has increased from 8% last week to 22%, while retail and leveraged traders often overreact to changes in the prediction market. In the short term, the oversold condition and strategic buying may stabilize prices around 90,000 USD. If it can rise above 95,000 USD, it will help break the current bearish pattern. Key attention should be paid to Friday's employment report; if the data is strong, it may reinforce the central bank officials' signal to “delay interest rate cuts,” further suppressing a rebound in the crypto market.
ETH (-4.03% | Current Price 3,006 USDT): In the past 24 hours, Ethereum has first fallen below the key support level of 3,000 USD, with the price dipping to a low of 2,959.54 USD. Currently, the MA5, 10, and 30 moving averages are in a bearish arrangement, and the RSI indicates an oversold condition, accelerating bearish momentum. Recently, multiple well-known traders' high-leverage positions were liquidated, forcing ETH to be sold off, which intensified market volatility. In the short term, if the price cannot return to 3,100 USD, the downward trend may continue toward the vicinity of 2,800 USD.
Altcoins: In the past 24 hours, altcoins have generally declined, with XRP down 5.07%, SOL down 5.58%, and DOGE down 5.33%. The altcoin season index is at 31, indicating that risk appetite remains relatively cautious.
Macro: On November 17, the S&P 500 index fell 0.92%, closing at 6,672.41 points; the Dow Jones index fell 0.84%, closing at 46,590.24 points; the NASDAQ index fell 0.84%, closing at 22,708.07 points. As of November 18, 10:00 AM (UTC+8), the spot gold price is temporarily reported at 4,034 USD per ounce, down 0.39% within 24H.

Trending Tokens on Juejin

ELIZAOS elizaOS (+18.00%, circulating market value 60.76 million USD)

According to the Gate market data, the current price of the ELIZAOS token is $0.007939, with an increase of 18.00% in the last 24 hours. ElizaOS is a leading open-source agent framework launched by the ai16z community, supporting over 200 encryption native plugins through modular operation and memory systems. ElizaOS is gradually evolving into a scalable agent-as-a-service platform suitable for on-chain and Web2 application scenarios.

Recently, two factors have jointly driven the rise of ELIZAOS: the migration of ai16z to ELIZAOS (at a ratio of 1:6) has been completed on mainstream exchanges, supporting seamless cross-chain transfers through Chainlink's CCIP. The elimination of migration uncertainty has significantly improved liquidity, attracting capital inflows from multi-chain asset portfolios. In addition, a mainstream exchange ended the airdrop of ELIZAOS on November 16, requiring users to claim their tokens within 24 hours; unclaimed tokens will be destroyed. On one hand, the destroyed tokens reduce the effective supply, while on the other hand, claimants cannot sell large amounts within 24 hours, temporarily alleviating selling pressure and creating a short-term supply tightness.

DUSK Dusk Network (+19.25%, circulating market value 35.86 million USD)

According to Gate.io market data, the current price of the DUSK token is $0.07317, having increased by 19.25% in the last 24 hours. Dusk Network is a decentralized blockchain protocol that provides privacy and transparent solutions for payments, communications, and asset ownership transfers. Unlike consensus mechanisms such as PoW / PoS, Dusk introduces a brand new privacy-focused consensus mechanism - the Byzantine Agreement (SBA).

On November 14, Dusk announced a partnership with Chainlink and the Dutch stock exchange NPEX to adopt Chainlink's Cross-Chain Interoperability Protocol (CCIP) and data streaming services. The goal is to bring over 200 million euros of regulated securities on-chain, achieving a combination of compliance and blockchain efficiency. This integration positions DUSK as a bridge between traditional finance and decentralized finance, attracting institutional investors. The tokenization of securities enhances the utility of DUSK as network fuel and staking tokens, with demand directly linked to RWA activities.

ICP Internet Computer* (+14.96%, circulating market value 3.127 billion USD)*

According to Gate.io market data, the current price of the ICP token is $5.707, up 14.96% in the last 24 hours. Internet Computer is a decentralized cloud blockchain that can host secure and highly resilient applications, websites, and enterprise-level systems, while supporting trustless multi-chain interactions. At the same time, it is also a “self-writing cloud”—users only need to give instructions through chat, and AI can automatically create applications targeting the mass market.

ICP is mainly benefiting from a technical rebound. On November 17, the RSI of ICP entered the oversold zone, and then the price rebounded at the key support level of $4.69, breaking through the descending wedge pattern. The MACD histogram has risen from -0.19 to -0.10, indicating a weakening of selling pressure. Currently, the upward potential for ICP is about 15-20%, which corresponds to the range of $5.70 to $6.00.

Alpha Interpretation

The recent decline is mainly due to the turnover of established whales, while new institutional inflows remain strong.

The CEO of CryptoQuant, Ki Young Ju, stated on the X platform that the current market pullback is mainly due to the turnover among long-term holders. Early Bitcoin holders are selling their chips to traditional financial institutions, which also tend to hold for the long term. He had predicted earlier this year that BTC was at a stage peak, at that time because “OG whales” were significantly selling off. However, with ETFs, Strategies, and various new funding channels continuing to bring incremental liquidity, the inflow of on-chain funds remains strong. Therefore, he believes that the current market structure has changed.

The current price decline is more due to the sell-off by a few old players, which has lowered the market, rather than a deterioration in the market fundamentals, so it does not change the long-term upward structure. Nowadays, sovereign wealth funds, pension funds, multi-asset funds, and corporate finance departments are building larger liquidity channels. Before these funding pipelines continue to flow in, traditional cyclical theories have already failed. In the future, Bitcoin's ability to absorb capital will be stronger, and the market is expected to continue to show characteristics of an “institutional bull market.”

1inch has launched a new protocol Aqua, allowing multiple DeFi strategies to share the same capital base.

1inch has launched a new liquidity protocol called Aqua, which introduces a “shared liquidity layer” that allows the assets of one wallet to be used simultaneously by multiple DeFi strategies without being locked into a specific smart contract, thus preserving the user's asset custody rights. For developers, Aqua provides SDKs, libraries, and documentation, and is currently available in a preview version, with plans to launch the complete frontend in early 2026. 1inch is also offering a bounty incentive of up to $100,000.

This protocol may become the infrastructure-level layer of DeFi, providing a more flexible and efficient way to utilize capital-intensive strategies while allowing users to retain their rights to self-manage their assets. Since the funds are not locked in a liquidity pool, users can simultaneously use these assets to provide liquidity, participate in governance voting, or serve as collateral on lending platforms. Liquidity providers can allocate their tokens to various strategies (such as AMM, stablecoin pools, or custom logic), with each strategy accessing these assets according to its own rules, while the assets remain in the user's wallet. This design significantly enhances capital efficiency and addresses the long-standing issue of liquidity fragmentation in DeFi, enabling the same funds to be utilized more effectively.

Canada Pension Plan Investment Board purchased $80 million worth of MSTR

On November 17, the Canada Pension Plan Investment Board (CPP) purchased 393,322 shares (worth $80 million) of Strategy (MSTR).

The increase in Canadian pension funds' holdings of MSTR indicates that Bitcoin is accelerating its entry into the mainstream institutional asset allocation framework, further reinforcing the trend of “large institutions = stable incremental funds.” In the future, as more and more long-term funds like pensions enter the market, the structural buying pressure for Bitcoin will become more resilient, also weakening the downward pressure brought by cyclical fluctuations. Moreover, although the mNAV of Strategy recently fell below 1 (meaning its stock market value is lower than the market value of its Bitcoin holdings), market analysts have not changed their long-term outlook for MSTR; the current weakness more reflects market volatility rather than any change in the ability to accumulate additional Bitcoin. As the scale of its Bitcoin accumulation model expands, MSTR still has significant room for growth.

Gate Launchpool

New Subscription Details

Subscription Project: Play Solana

Token Name: PLAYSOLANA

New issuance time: Until December 1, 2025, 17:00 (UTC+80 )

Participation method: Stake USDT, GT, PLAYSOLANA to receive for free.

Total airdrop amount: 3,750,000 PLAYSOLANA

Project Introduction

Play Solana is a Web3 gaming platform built on Solana, becoming a de facto super hub (SuperHub), integrating hardware, games, and brand IP with GameFi and DeFi, allowing players to play, build, and live while earning profits. <br> References:

<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 forecasts, and macroeconomic policy analysis.

Disclaimer Investing in the crypto market involves high risks, and 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 will not be liable for any losses or damages arising from such investment decisions.

1INCH2.71%

BTC1.02%

ETH3.27%

XRP2.77%

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