Weekly recap: crypto whales accumulate BTC

Crypto market in numbers

Over the past week, the crypto market capitalisation was unable to gain a foothold above the $2.6 trillion mark. As a result, the indicator fell by 2.4% and was $2.57 trillion on 24th November, according to CoinMarketCap.

Trading volumes were fairly moderate. The greatest recovery was observed on 17th and 19th November: the daily indicator reached $156 million and $150 million, respectively. Subsequently, they remained ​​below $130 million, dropping to $100 million on 21st November. On 24th November, daily trading volumes amounted to $127 million.

The Crypto Fear and Greed Index left the “Greed” zone on 17th November, for the first time since early October. During the week, it fluctuated between the “Neutral” and the “Fear” zones. The worst values ​​were recorded on 19th and 23rd November – 34 and 33 points, respectively. However, market sentiment is more positive than during the period from 21st September to 1st October, when the index remained below 30 points.

The dominance of bitcoin decreased by 1.9% over the past week and stands at 41.4%. Over the month, the indicator fell by 3.5%. A downward trend in the share of BTC has been observed since 19th October, when it accounted for almost 48% of the market.

Bitcoin’s 30-day volatility index continues to hold at around 3%, despite the drawdown. Over the past week, it decreased by 0.1% and today stands at 2.94%, according to CryptoCompare.

All Time Highs

Gainers of the week (18th – 24th November 2021)

Losers of the week (18th – 24th November 2021)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Segmentation of cryptocurrencies based on trading results (18th – 24th November 2021)

Most traded coins (17th – 23rd November 2021)

Top crypto market driving factors

Overall crypto market

▼17.11.2021 – The Norwegian government is considering a crypto mining ban proposal put forth by two Swedish regulatory officials.

▲ 17.11.2021 – Campden Wealth survey: 28% of ultra-rich families around the world have already invested in cryptocurrencies.

▲▼ 22.11.2021 – CoinShares: digital asset investment products saw inflows totalling $153.6 million last week – a slight increase from the previous week ($150.9 million). A downtrend in investments was observed in the previous two weeks.

▲ 22.11.2021 – President Biden announced his intent to nominate Jerome Powell for a second term as Chair of the Board of Governors of the Federal Reserve System.

▲ 22.11.2021 – Ernst & Young study: about 31% of hedge fund managers and 24% of their colleagues that are focused on alternative investments, plan to add crypto to their portfolios in the next year or two. Currently, only 7% of respondents have invested in the new asset class.

▲ 22.11.2021 – Bloomberg: the operator of MercadoLibre, Latin America’s large online commerce platform, intends to offer its customers the possibility of investing in cryptocurrencies through its payments app.

▲ 23.11.2021 – Financial Times: Fidelity, UBS and State Street Global Advisors have confirmed that they are looking into the potential of offering exposure to cryptocurrencies, such as bitcoin.

▲ 23.11.2021 – The third-largest banking institution in the USA, Citigroup, is reportedly expanding its digital asset team within its institutional business.

▼ 23.11.2021 – India’s Parliament is on track to ban private cryptocurrencies.

▲ 24.11.2021 – Australian pension fund, Rest Super, plans to invest in crypto.

▲ 24.11.2021 – US-based movie theatre chain, Regal Cinemas, will add support for cryptocurrencies, including BTC, ETH, DOGE, LTC, USDC, GUSD, DAI, ATOM and more.

Bitcoin (BTC)

▲ 17.11.2021 – One of the largest Bitcoin wallets bought 1.64 thousand BTC for $98.6 million. Now the whale owns 110 thousand BTC worth $6.6 billion. Also, the investor made large bitcoin purchases on 13th and 16th November: 207 BTC ($12.8 million) and 1.12 thousand BTC ($71.9 million), respectively.

▲ 19.11.2021 – Digital payments company, Square, has recently released a white paper detailing protocol for its decentralised bitcoin exchange.

▲ 19.11.2021 – Glassnode: long-term holders have only distributed 100,000 BTC over the last month, which represents 0.7% of their total holdings. 81.7% of the total supply is owned by long-term holders (excluding exchanges), while 18.3% belongs to short-term holders who bought bitcoin less than 155 days ago.

▲ 21.11.2021 – El Salvador plans to issue $1 billion worth of bitcoin bonds on the Liquid Network. Half of the proceeds will be spent on the development of volcano-powered bitcoin mining. The other half of the sum will be used to purchase spot Bitcoin (BTC).

▲ 22.11.2021 – CoinShares: despite the recent price correction, where Bitcoin prices fell by 12% over the week, BTC continued to see the majority of inflows, totalling $114 million last week. This is an almost 15% increase compared with the previous week. 90% of BTC investments were attracted by recently launched ETFs.

▲ 22.11.2021 – Glassnode: long-term investors continue to accumulate bitcoin, reducing the outflow of the first cryptocurrency from their wallets. BTC holdings on the wallets of such investors hit a multi-year high.

▲ 22.11.2021 – Santiment: bitcoin’s social sentiment hit its lowest level in seven weeks. According to analysts, this is a sign of an upcoming trend reversal.

▼ 22.11.2021 – Glassnode: bitcoin’s recent price fall to a low of $57,000 created a risk of further “reflexive” decline. Price currently sits in the bull/bear transition zone between 85%-90%. 15% of supply underwater has historically been sufficient to create a downtrend.

▼ 23.11.2021 – CryptoQuant: the top 10 BTC deposits took 91% of the deposit volume across all exchanges in the hourly time frame.

▲ 23.11.2021 – IntoTheBlock: even as we observe some minor corrections in Bitcoin’s price, outflows from exchanges continue to be witnessed. While BTC remained below $60,000, almost 10,000 BTC left centralised exchanges.

▼ 24.11.2021 – CryptoQuant: the top 10 BTC deposits took 94% of the deposit volume across all exchanges in the hourly time frame.

Ethereum (ETH)

▲ 17.11.2021 – ConsenSys, a developer and service provider focused on Ethereum, has closed a $200 million round of funding at a $3.2 billion valuation.

▲ 18.11.2021 – TIME Magazine will add ether to its balance sheet for the first time, as part of an agreement with crypto investment firm, Galaxy Digital, to educate readers about the metaverse.

▼ 19.11.2021 – Santiment: we are seeing a strong divergence between ether’s price and trading volume. The same is observed for onchain volume, social volume and, most important, network profit loss.

▼ 21.11.2021 – Venture capital fund, Three Arrows Capital’s CEO, Su Zhu criticised Ethereum for its high fees that prevent newcomers from using the blockchain.

▼ 21.11.2021 – Nansen: Three Arrows Capital transferred almost 18,00 ETH (worth more than $75 million) to the derivatives exchange with the aim of selling them.

▼ 21.11.2021 – CryptoQuant: 200,000 ETH were deposited into central exchanges on 21st November. This is about $850 million (at the current rate) or approximately 4.5% of the asset’s daily trading volume.

▲ 22.11.2021 – CoinShares: ethereum saw inflows totalling $14 million last week, marking its fourth consecutive week of inflows totalling $80 million.

▲▼ 22.11.2021 – The total amount of value locked across various L2 protocols and networks reached an all-time high of $5.64 billion. Since the beginning of October, the indicator has grown by 128%. The popularity of L2 scaling solutions is attributed to the continuing fee increase on the Ethereum network.

Polkadot (DOT)

▲ 18.11.2021 – Polkadot’s first slot of parachain auctions has ended, with Acala Network winning it.
Dogecoin (DOGE)

▲ 21.11.2021 – Business Insider: dogecoin is the most-googled cryptocurrency in more US states than bitcoin and ether combined. The meme coin topped the search term charts in a total of 23 states.
Shiba Inu (SHIB)

▲▼ 17.11.2021 – WhaleStats: on 16th November, an unknown investor bought the Shiba Inu meme cryptocurrency worth around $8.3 million.

▲ 17.11.2021 – CoinGate payment gateway integrates the Shiba Inu token into its services.

▲ 18.11.2021 – WhaleStats: the 1,000 largest ETH wallets hold $2.35 billion worth of SHIB combined, representing around 9% of the total market cap. SHIB accounts for 12% of the total Ethereum-based token holdings of the largest ETH wallets.

▲ 20.11.2021 – Vegas Auto Gallery has announced that it accepts SHIB for luxury and exotic car purchases.

▲ 20.11.2021 – Online electronics retailer, Newegg, is rumoured to accept Shiba Inu.

▲ 21.11.2021 – Business Insider: Shiba Inu is the fourth most-searched cryptocurrency in the USA. The coin has topped the search term list in New York, Texas, California, Washington, Nevada and North Carolina.

▲▼ 22.11.2021 – WhaleStats: an unknown person bought 850 billion Shiba Inu tokens, paying $36.8 million. According to CoinGecko, there are 549 trillion “meme” tokens in circulation.

Uniswap (UNI)

▼ 18.11.2021 – Topaze Blue and Bancor study: almost half of Uniswap v3 liquidity providers are losing money.

Algorand (ALGO)

▲ 18.11.2021 – ALGO started trading on one of the largest Korean cryptocurrency exchanges.

▲ 18.11.2021 – 21Shares announced the listing of Algorand crypto ETP on the SIX Swiss Exchange. Trading is set to commence on 23rd November.

Zcash (ZEC)

▲ 20.11.2021 –The commercial organisation, Electric Coin Company (ECC), has published a roadmap for the peer-to-peer payment system Zcash (ZEC) by 2025. It includes three key products: the transition to the Proof-of-Stake consensus algorithm, interoperability and the official ECC wallet.

Waves (WAVES)

▲ 20.11.2021 – CoinGecko: WAVES has become the most popular crypto among Russian users for the second consecutive week. Over the past five weeks, the coin topped the list four times.

Cardano (ADA)

▼ 22.11.2021 – CoinShares: for the first time in many months, Cardano saw minor outflows of $2.1 million. In total, Cardano has $99 million in assets under management.

▼ 23.11.2021 – Forex broker, eToro, is to delist ADA and TRX for US customers due to regulatory issues.

XRP (XRP)

▲ 23.11.2021 – Ripple CEO, Brad Garlinghouse, hopes that the firm’s legal feud with the US SEC will likely reach a conclusion next year.

▲ 23.11.2021 – The Republic of Palau has partnered with Ripple to develop a digital currency strategy.

Tron (TRX)

▼ 23.11.2021 – Forex broker, eToro, is to delist ADA and TRX for US customers due to regulatory issues.

PARSIQ (PRQ)

▲ 22.11.2021 – PARSIQ has partnered with Clearpool, a decentralised capital markets ecosystem.

Stellar (XLM)

▲ 17.11.2021 – MoneyGram International has launched a new pilot on Stellar. Pilot participants can now send payments internationally via Stellar USDC.

EXMO news

Trader’s Black Friday. On 26th November, trade any pair on EXMO with zero fees.

Shiba Inu (SHIB) is listed on EXMO. Trade SHIB in pairs with USD, USDT, RUB and UAH with a 0% fee until the end of November 2021.

Join the EXMO meme contest and win up to $300. Till 29th November, create an EXM-based meme dedicated to the token’s birthday and win a special prize.

EXMO Coin airdrop is completed. 200 lucky EXM holders who participated in the festive EXMO Coin airdrop have received 200 EXM each.

That’s all for this week! Follow EXMO on YouTube, Twitter and Telegram to stay tuned to the main events and trends in the crypto market.