Research

On November 20, the crypto market continued to consolidate and oscillate amid sustained extreme fear sentiment, with BTC edging up 0.43% to 92,700 USDT and ETH recovering to 3,040 USDT. Among hot tokens, Tensor (+102.63%) surged sharply due to a short squeeze triggered by extreme negative funding rates; Giga Chad (+61.29%) strengthened amid high social media buzz from whale endorsements and Walmart listing related supplements; StarkNet (+22.63%) rebounded significantly, driven by the spreading "Ztarknet" narrative and expectations of ZK infrastructure implementation. Vitalik released a key signal at Devconnect that "Ethereum needs to complete its quantum-resistant upgrade within the next four years." NVIDIA's strong earnings beat expectations, propelling a U.S. stock rebound and short-term crypto market repair. Meanwhile, a $1 billion ETH DAT trust plan led by Asian capital has been temporarily shelved due to fundraising resistance and market volatility.

This report provides a comprehensive overview of the structural changes, job distribution, and development trends in the global crypto employment market in 2025. It highlights that amid slowing global economic growth and the accelerating impact of AI on traditional industries, the crypto sector has demonstrated strong counter-cyclical resilience. With a total market capitalization approaching USD 3 trillion and more than 1.6 million professionals employed worldwide, the crypto industry has become a key driver of high-skilled employment within the digital economy.

On November 19, the crypto market saw a mild rebound despite extreme fear in sentiment. BTC edged up 0.15% to 92,410 USDT, while ETH rose 0.29% to 3,109 USDT. Among top movers, Anoma (+50.92%) surged as its ARM virtual machine went live on Ethereum, driving discussions around intents and programmable privacy; Grass (+23.03%) gained momentum ahead of its first Token Holder Call and on the back of processing 100 million scientific papers for open-science datasets; Falcon Finance (+17.69%) rallied as USDf supply exceeded 2 billion dollars and the Perryverse NFTs were fully revealed. On-chain data shows Bitcoin whales and institutions are accumulating simultaneously, with the number of wallets holding over 1,000 BTC reaching a four-month high. Vitalik introduced the Kohaku privacy framework, advancing privacy as a first-class property on Ethereum. Meanwhile, Zama launched its fully homomorphic encryption (FHE) testnet v2, marking a major step toward its upcoming mainnet launch.

Last week, the government reopening failed to bring liquidity back to the market, and Bitcoin slipped below $100,000 once again. TEL skyrocketed over 100%, standing out as the top performer. Sei accelerated across funding, ecosystem development, and institutional adoption, emerging as one of the most promising layer-1 projects. Uniswap rolled out its most groundbreaking governance proposal yet, enabling protocol fees and directing the revenue toward UNI burns. Gate Connect officially launched Apple Pay for crypto sales, positioning it as the first Web3 exchange to support this feature.

On November 17, BTC remained in a short-term weak downward consolidation structure, with 92,976 USD forming a key short-term low and serving as the core defense for bulls. ETH is also in a short-term weak consolidation pattern but showed a clear rebound signal after touching the 3,004 USD low. GT, after experiencing a sharp decline and reaching a low of 10.51 USD, has gradually shifted from a downward trend to a weak consolidation and stabilization phase. In addition, RESOLV (+44.4%), LIGHT (+49.17%), and KITE (+13.59%) performed strongly, indicating that stablecoins and payment-related assets are once again becoming focal points for market capital. Ethereum spot ETFs recorded a historic third-highest weekly net outflow of 729 million USD. ZEC contract positions surpassed 1.5 billion USD, reaching a record high, with significant increases in privacy network trading activity. Meanwhile, Japanese regulators plan to reclassify BTC, ETH, and other cryptocurrencies as financial products, potentially reducing tax r

Gate Research Daily Report: On November 14, after a period of volatile decline, BTC found short-term support near $98,000; ETH showed signs of a short-term rebound; GT stabilized with support around $10.9 and began to recover; while LUMINT became the market spotlight with a surge of over 670%. The first XRP spot ETF, launched by Canary Capital, began trading on Nasdaq; the Czech National Bank made its first-ever Bitcoin purchase, establishing a $1 million digital asset pilot portfolio; and Emory University doubled its Bitcoin holdings, investing $52 million to increase its stake in the Grayscale BTC ETF.

Gate Research Daily Report: Bitcoin faces strong resistance above, and declining on-chain activity limits its rebound momentum. Ethereum, after failing to sustain upward momentum above $3,600, has once again fallen back to test key support levels. BEAT rose 139.25% within 24 hours, showing a strong price rebound, mainly driven by the positive impact of exchange listings. SUBHUB increased approximately 76.04% over 24 hours, with the price rise primarily supported by product updates. Visa launched a stablecoin payment pilot, enabling direct USDC payments. VCI Global plans to invest $100 million to acquire Oobit (OOB) tokens backed by Tether. The number of Ethereum validators has dropped back to April 2024 levels, while the waiting time in the validator exit queue has reached a new high.

On November 12, the cryptocurrency market remained in a weak consolidation phase with overall sentiment staying subdued. BTC edged up 0.36% to 103,261 USDT, while ETH rose 0.87% to 3,448 USDT, with technical indicators showing signs of weakening downside momentum. Among trending tokens, Lisk (+52.65%) led the market on strong inflows driven by its EMpower Fund and emerging market expansion; Allora (+10.54%) gained traction as its mainnet launch and multi-chain deployment reignited interest in the AI + Web3 narrative; and Canton Network (+11.81%) stood out in the enterprise blockchain sector with its new “Cantonics” economic model and developer incentive program. Meanwhile, Gate Connect launched the first-ever Apple Pay crypto-off-ramp feature, advancing Web3 payment adoption. Additionally, whale wallets accumulated over 36,000 BTC in the past two weeks, helping support Bitcoin’s consolidation around the $100,000 level.

Last week, the crypto market came under pressure from both government shutdown concerns and DeFi security incidents. Mainstream coins continued to decline, while only a few altcoins bucked the trend and posted gains. SOON surged over 195.63% last week, emerging as the standout token. WorldChain saw significant increases in activity and capital inflows, becoming a highlight in multi-chain rotation. Regulators are actively promoting the launch of leveraged spot crypto products, which could go live as early as the end of the year. Gate has rolled out a decentralized Web3 Launchpad, pushing token issuance toward fully on-chain deployment.

Gate Research Daily Report: On November 10, BTC stabilized around $103,000 before accelerating upward, reaching a short-term high of $106,683; ETH found support near $3,480 and initiated a new upward leg, hitting a short-term high of $3,658; GT is currently consolidating around $12.29. Additionally, COTI (+55.38%), RESOLV (+36.09%), and 1INCH (+11.8%) led the market gains, highlighting that DeFi and privacy sectors are once again attracting capital. ORE’s single-day revenue surpassed $1 million, with the V2 protocol igniting a Solana mining frenzy; x402 protocol’s ecosystem transaction volume plummeted 90% within half a month; Filecoin partnered with Avalanche to build a native cross-chain data bridge, accelerating the deployment of modular infrastructure.

Gate Research Daily Report: On November 7, BTC remained in a short-term weak consolidation pattern, trading narrowly around $101,500; ETH continued its downward trend, currently consolidating near $3,310. GT fell sharply from its recent high of $13.7 to a low of $10.56, where it found support and staged a short-term rebound. In addition, SAPIEN (+186.47%), FIL (+50.87%), and DUSK (+43.27%) delivered standout performances, with the AI, storage, and privacy sectors emerging as new focal points for market capital. Meanwhile, yield-bearing stablecoins recorded their largest weekly outflow since the Luna collapse, totaling $1 billion. Gate launched a decentralized Web3 Launchpad, introducing a new fully on-chain token issuance model; and Google Finance announced plans to integrate prediction market data from Kalshi and Polymarket, bridging traditional finance with Web3 data ecosystems.

Gate Research Daily Report: BTC’s technical rebound has stalled, with the short-term trend remaining weak; ETH’s recovery lacks momentum, and its upside is capped by short-term moving averages. Privacy-focused protocols continue to see record transaction volumes, driving RAIL up by 30.6%. Decred has achieved a complete on-chain governance and privacy mechanism loop, with DCR rising 19.89% over the past 24 hours. zkSync released its token proposal, sending ZK up about 11.62% in 24 hours. Balancer issued a preliminary report on the recent attack, revealing that a rounding logic error was exploited. Monad’s mainnet is set to launch on November 24, and the MON token claim window has now closed.

On November 5, the cryptocurrency market continued its correction, with overall sentiment turning fearful. BTC fell 5.72% to 99,875 USDT, breaking below the psychological threshold and entering a weak consolidation range, while ETH extended its decline by 10.82%, losing support at $3,200. Despite the market pressure, tokens such as AIA (+140.04%), JELLYJELLY (+27.56%), and CUDIS (+47.25%) rose against the trend, standing out as bright spots in a bearish market. In the news, Bitcoin’s long-position funding rate has dropped by about 62% from its August peak, indicating cooling leverage demand; Ripple acquired Palisade to strengthen its enterprise custody infrastructure; and Forward Industries launched a $1 billion share repurchase plan and filed a PIPE resale supplement, helping to restore market confidence.

Last week, DASH surged over 67%, standing out as the top-performing token. TRUMP and ICP also posted gains of 24.85% and 16.70%, respectively, rising against the short-term market trend. Benefiting from simultaneous performance upgrades and ecosystem expansion, Starknet delivered the strongest performance, attracting net inflows of over $100 million in a single week, making it a new hotspot for capital. Meanwhile, heightened narrative attention combined with tightening regulations has once again positioned privacy assets as a hedge for "censorship resistance and asset sovereignty". The privacy token sector has regained market focus, with ZEC soaring over 190% in the past month, leading gains in the privacy track.

Gate Research Daily Report: On November 3, BTC showed a generally weak and volatile trend, fluctuating around $108,900. ETH, after briefly consolidating above $3,850, dipped again to around $3,790, displaying a gradual downward movement. GT, following a short rebound, came under renewed pressure and is currently consolidating near $12.9. Meanwhile, BEAT became the market focus with a remarkable +58.90% surge.In broader market developments, decentralized exchange trading volume in October hit an all-time high of $613.3 billion. ARK Invest expanded its crypto holdings beyond $2.15 billion, while Tether reported over $10 billion in net profit for the first nine months of the year and launched both a share buyback program and an investment fund license application.