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

Intro to Santiment.png

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

market maker.png

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

4.png

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.

NOV24_R53_Learn From Smart Money_ BTC’s Leverage Remains High as Traders Hedge Against Downside Risks.png

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

Bybit Learn

Crypto

MIBR (Made in Brazil) is a Brazilian professional esports organization. It has recently partnered with Socios.com to release a fan token. Find out more here.

The fan token has made it so much easier — particularly for sports fans — to be closer to their favorite teams. Ever since it was first introduced by 

, more sports clubs are jumping on the bandwagon and partnering with 

 platform powered by Chiliz, to release their own sets of fan tokens. These tokens are cryptocurrencies built on the Chiliz 

 (PoA) blockchain. They enable token holders to enjoy a huge variety of membership perks, such as voting on official club pools, merchandise designs, rewards, promotions and VIP experiences.

It’s important to note that these tokens aren’t backed by underlying value principles of Bitcoin or stable assets. Instead, they’re backed by the extent to which the teams’ fans value being part of the club and enjoying exclusive perks.

 is the latest esports organization to join the craze and release their own fan tokens. Excited to find out more about this project to show your support? Read on, as we include everything you need to know about MIBR.

As a leading esports brand in Brazil, MIBR boasts a fan base of over 250,000 people and 6.4 million followers on its social media channels. The organization was first founded on March 1, 2003 in Rio de Janeiro by Brazilian businessman Paulo Velloso. MIBR went on to become the only Brazilian team to ever win the Electronic Sports World Cup, which they did in 2006, bringing pride and glory to Brazil in the esports industry. 

MIBR was dissolved in 2012, but later made a comeback in March 2016. It was 

 in January 2018, and MIBR returned to playing actively in June that same year.

MIBR has recently collaborated with Socios.com, the biggest fan engagement platform in the world, to launch its own official MIBR fan token on the all-in-one influence and reward app. This collaboration comes at a great time because it aligns with MIBR’s campaign of “Nossa História, Nosso Futuro'' (“Our History, Our Future”). The campaign highlights the organization’s desire to bridge the gap between their teams and their fans. 

This fan token will be used to empower and reward MIBR’s global fanbase with various attractive benefits. Fans can look forward to content, activations around players, exclusive rewards, and even the opportunity to attend esports events as special guests. Token holders will also have the ability to vote on regular team polls for fan-related decisions.

Unlike NFTs, fan tokens are fungible digital assets. This gives token holders the ability to exchange them freely against CHZ tokens (the native token of the Chiliz platform). They can do so on the Socios.com platform, or with any other fan token exchange provider that has been approved to operate on the Chiliz blockchain, such as Bybit.

 is the world-leading blockchain and fintech provider for the sports and entertainment industry. Chiliz is also known as the creator of the Fan Token, the digital asset that provides major sporting organizations with new opportunities to connect with their global fanbases on the Socios.com fan engagement & reward app. 

On the Socios.com platform, fans can show their support and loyalty for their favorite clubs by holding the fan token of their choice. In return, they receive exclusive access to fan-related voting rights and rewards.

Each token holder is entitled to one vote per poll. Some examples include deciding on a team’s motto, warm-up music, locker room decorations, exterior design of their tour bus, and the pattern choice for new team kit designs. 

The strength of this vote differs based on the number of fan tokens you hold. For example, the voting power of a fan who owns 50 tokens is fifty times that of a fan with only one token. However, in order to still maintain a level of fairness, each poll has a maximum cap on the number of fan tokens you can use to vote. At the end of the poll, the decision made by the token holders is final, and no one on the team can override their decision.

The Socios.com app gives fans access to the fan token marketplace. Fans can purchase or trade tokens of their favorite teams and leagues all around the world, and stay up-to-date with the latest fan token offerings. Besides voting on polls through the Socios.com app, fans can use the app to play trivia games to test their knowledge on the clubs, participate in competitions and gain access to team events. Doing so allows them to accumulate in-app loyalty points (

), which can be used to redeem exciting rewards like team merchandise, memorabilia, match-day and VIP experiences, and meet-and-greet events. 

MIBR tokens are the fan tokens of the MIBR esports organization. They’re built on the Chiliz blockchain. Since they’re fungible digital assets, you can use them to vote on fan-related club decisions and access fan-centric rewards. You can obtain MIBR tokens either by exchanging them with CHZ tokens — which can be purchased on the Socios.com marketplace or “hunted” for free in 

The MIBR fan token can be used in the following ways:

Note that in order to gain access to the exclusive perks the MIBR fan token provides, you need to first download the 

 on your smartphone and deposit those tokens into your Socios Wallet. The app is available on both the Apple App Store and the Google Play Store.

Now that we’ve explored the basics, let’s take a look at MIBR’s overall tokenomics. In total, there’s a maximum supply of 10 million MIBR tokens. These tokens don’t expire, and the price of each MIBR token varies, depending on its demand as well as other market conditions.

Excited to become a part of the official MIBR community and receive exclusive fan rewards? Start investing today at 

, where MIBR tokens can be earned through either committing 

As fan tokens gain attention, more clubs are launching their own tokens in order to establish a deeper connection with their fans. What sets MIBR apart from its counterparts is the fact that it’s the first major Brazilian esports organization to have its own fan token. Its partnership with Socios.com will put MIBR on the list with other major global esports brands that have already launched their own fan tokens, such as OG, Alliance, NAVI, Team Heretics, Team Vitality and Endpoint CeX. It will also associate MIBR with more than 167 worldwide organizations, and Brazilian football giants such as Atlético Mineiro, Corinthians, Flamengo, Internacional, São Paulo, Palmeiras, Vasco da Gama, Bahia and Fluminense. This in turn will bring more attention to Brazil as an optimal market for such fan tokens. 

If you’re a fan of the MIBR esports team, the MIBR token is certainly a token to purchase if you want to have engagement opportunities as well as unique fan encounters — experiences that you’ll never get elsewhere! 

Overall, MIBR tokens are a great way for fans to show their support for MIBR esports teams. The MIBR organization is working closely with the Socios.com team to deliver a fan-based project unlike any other. Furthermore, the launch ties in perfectly with MIBR’s campaign — “Nossa História, Nosso Futuro.”

is worth your attention, and that this is the perfect time for you to get in early to enjoy all the attractive available perks.

MIBR: The First Brazilian Professional Esports Team Fan Token

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards