Gate Institute: Total inflow of BSOL funds exceeds 600 million USD | Bitcoin derivatives market leverage ratio rises rapidly

Abstract

1. The $93,000–$94,000 range has become a key short-term position for BTC, attention should be paid to the gains and losses of this resistance.
2. The weakness of BTC stems from significant loopholes in the balance sheets of one or two major market makers, while Bitmine claims to continue accumulating ETH.
3. Vitalik calls on all parties in the community to cooperate to complete the Ethereum quantum upgrade in the next 4 years;
4. NVIDIA's earnings report exceeded market expectations, driving a rebound in the US stock and cryptocurrency markets;
5. IBIT reported a net outflow of 523.15 million USD on Tuesday, marking the largest net outflow in history.
6. On Tuesday, the fund inflow of BSOL reached 23 million USD, and the total fund inflow has now surpassed 600 million USD;
7. Perpetual contract traders rapidly increased leverage during the decline in Bitcoin prices, which is one of the reasons Bitcoin fell by 14% in the past week.

Market Interpretation

Market Commentary

• BTC Market —— BTC is currently trading around $92,700, continuing the weak consolidation from early on the 20th. It found support in the main demand zone at $89,000 and has seen a rebound. Although there are signs of a warming buying interest, the overall market structure indicates that if the trading volume cannot sustain an increase, this rebound may only be a temporary correction. On the technical side, the $93,000–$94,000 range has transformed into a key short-term supply zone: although the short-term moving averages have shown some recovery, with MA5 crossing above MA10 and MA30, and the MACD showing a bottom golden cross with expanding red bars, the overhead pressure remains significant. If buyers can break through and hold above $94,000 with increased volume, the target above will point towards $96,000–$98,000; conversely, if it loses the $90,000 level again, the rebound may be declared over, and the price could retest the $87,000–$88,000 support.
• ETH Market —— ETH is currently trading around $3,040. Early this morning, it briefly dipped into the main demand zone at $2,900 but quickly found support and rebounded, reaching a high of $3,080 before facing resistance and slightly retreating. Although buying has shown some signs of recovery, the overall trading volume has not significantly increased, and the market structure indicates that the current rebound is still a phase of corrective nature. On the technical side, the $3,100–$3,150 range has transformed into a key short-term supply zone: MA5 has successfully crossed above MA10 and is close to MA30, indicating some recovery in the short-term trend; MACD has just formed a bottom golden cross, with red bars beginning to expand, showing that bullish momentum is gradually recovering. If the market can break through and stabilize above $3,150 with increased trading volume, the target above will point towards $3,300–$3,400; conversely, if it continues to face resistance and falls below the psychological level of $3,000, the rebound may end, and the price might test the $2,900–$3,000 support zone again.
• Altcoins —— This week, altcoins have generally followed the downtrend of the market. Some low-market-cap tokens achieved a brief rebound through controlled distribution and contract manipulation, so caution is highly advised in operations.
• Stablecoins —— The current total market value of stablecoins is $303.28 billion, with a decrease of $2.164 billion in scale over the past week due to short-term market adjustments, showing signs of a high-level pullback.
• Gas Fee —— The Gas fees on the Ethereum network have generally remained below 1 Gwei over the past week, with a peak hourly value of 4.02 Gwei. As of November 20, the average Gas fee for the day was 0.587 Gwei.

Popular Tokens

In the past 24 hours, the cryptocurrency market has seen an overall decline. BTC has held up relatively well, but major altcoins are generally under pressure, with ETH down 2.5%. However, there are still some tokens and sectors that have shown independent performance, with the privacy sector remaining strong, and ZEC rising over 10%; SOL and HYPE have also seen slight gains. As most major assets enter a correction phase, TNSR, GIGA, and STRK tokens have performed brightly, and the reasons for the rise of each token will be analyzed one by one below.

TNSR Tensor (+102.63%, circulating market cap 2,700* million dollars)*

According to Gate's market data, the current price of the TNSR token is $0.08375, having increased by over 100% in the last 24 hours. Tensor is one of the earliest professional NFT trading platforms in the Solana ecosystem (launched in July 2022), occupying a major market share in Solana NFTs and providing institutional-level depth charts, real-time order books, and fast execution terminals. In the 2024 meme coin craze, Tensor is launching the socialized meme trading terminal, Vector.

However, the recent rise of TNSR is not driven by the fundamentals of Tensor, but rather a typical short squeeze due to extremely high negative funding rates. Coinglass data shows that TNSR positions have rapidly accumulated over the past 24 hours, and the annualized negative funding rate has exceeded 1,000%, ranking as the most extreme negative funding rate in the entire market; over 5 million dollars were liquidated within 24 hours, forming a chain reaction of squeezes.

GIGA Giga Chad meme (+61.29%, circulating market cap 68.97 million USD)

According to Gate.io market data, the current price of the GIGA token is $0.0071, having increased by over 60% in the last 24 hours. GIGA is a community-driven token on the Solana blockchain themed around the classic meme “Giga Chad”, positioned as a lifestyle project that combines fitness and self-deprecating culture.

Recently, the rise of GIGA is a typical case of whale-driven events combined with event-driven dynamics. Well-known on-chain players publicly made large purchases, directly igniting market sentiment; Gigachad's listing of supplements on Walmart has garnered over 360,000 views in the past 7 hours, significantly increasing exposure for GIGA Meme coin. The combination of whale-led momentum + community narrative resonance, along with real product progress providing a story to tell, collectively drove the token's rise.

STRK StarkNet (+22.63%, circulating market cap 1.21 billion USD)

According to Gate market data, the STRK token is currently priced at $0.2753, up approximately 22% in the last 24 hours. Starknet is a leading ZK-Rollup Layer 2 solution based on Ethereum, utilizing the STARK proof system, supporting the Cairo programming language, and providing scalability with high throughput, low fees, and privacy protection.

The rise of STRK benefits from the narrative upgrade of StarkNet. Recently, the privacy narrative of ZEC has rebounded significantly, and Starknet shares its founder Eli Ben-Sasson with Zcash, promoting the emergence of the “Ztarknet” concept: combining Zcash's zero-knowledge privacy + Starknet's scalability, quantum-safe STARKs can provide protection for BTC. Moreover, Starknet's underlying ZK technology has become the core architecture for multiple Perp DEXs. Starknet's ZK infrastructure is shifting from potential to real-world application, boosting the confidence of holders.

Highlight Data

Tom Lee: The short-term market fluctuations are due to market makers being in crisis, and it will take 6-8 weeks to recover.

Tom Lee, the chairman of BitMine, one of the largest treasury companies in Ethereum, analyzed the recent drastic fluctuations in the cryptocurrency market. He pointed out that the current weakness of assets like BTC is not due to fundamental collapse or systemic risk, but rather stems from major gaps in the balance sheets of one or two key market makers, leading to liquidity exhaustion and a thinning order book, which in turn amplifies price volatility. Meanwhile, “whale” investors are looking to sell BTC to trigger a chain liquidation and leveraged liquidation, creating a typical short trap, which echoes the aftermath of the largest deleveraging event in history on October 10. The market panic index has soared to extreme fear levels, with total market capitalization evaporating by over $1 trillion.

Lee emphasized that this is just a short-term pain and will not change Wall Street's trend of a blockchain-based Ethereum “super cycle.” He expects market makers will need 6-8 weeks to fix the liquidity gap—roughly starting after Thanksgiving (November 27) and around early to mid-December—by which time the market will gradually stabilize and rebound. He advises investors to avoid using leverage to prevent further forced liquidations and to view the current low point as a strategic accumulation opportunity. Meanwhile, BitMine has taken the opportunity to increase its ETH positions.

Ethereum needs to complete the quantum upgrade within 4 years, and Vitalik calls for community collaboration.

Ethereum co-founder Vitalik Buterin recently warned at the Devconnect conference that if quantum computers continue to develop at their current pace, they may be able to break elliptic curve cryptography (ECC) as early as 2028, which would pose a significant threat to Ethereum. In the next approximately four years, the Ethereum ecosystem needs to complete the migration to quantum-resistant cryptographic systems—not only by replacing the signature algorithm but also by supporting post-quantum signature schemes, rotating private keys, updating address structures, etc. This also means that wallets, nodes, protocols, Layer 2, and even users need to cooperate.

In addition, Vitalik also mentioned the “ossification” at the protocol level, meaning that the core layer Ethereum Layer 1 should reduce frequent changes to facilitate the stable and secure execution of significant structural upgrades, while all innovations should be focused more on Layer 2, wallets, and privacy tools.

This issue is crucial for the Ethereum ecosystem. If quantum computers break through early and the ecosystem has not completed its migration, there could be scenarios of large-scale private key cracking, asset theft, and trust collapse. “4 years” seems ample, but for such a large, decentralized, and slowly iterating system, it is very urgent – this is not just a technical issue, but also a matter of governance, compatibility, user migration costs, and ecosystem coordination.

NVIDIA's earnings report exceeded market expectations, and Jensen Huang emphasized that the “AI revolution is far from reaching its peak.”

Nvidia announced its third quarter financial report for fiscal year 2026 on November 19, with revenue reaching $57.01 billion, a year-on-year increase of 62% and a quarter-on-quarter growth of 22%, exceeding market expectations of $54.92 billion; adjusted earnings per share were $1.30, also higher than the expected $1.25-$1.27. Data center business revenue amounted to $51.2 billion, accounting for nearly 90% of total revenue, thanks to strong demand for Hopper and Blackwell GPUs in generative AI and large language model training. Although the gross margin slightly declined to 73.6% due to supply chain costs, the company reiterated that AI chip orders for 2025-2026 have exceeded $500 billion and raised its fourth-quarter revenue guidance to $65 billion, surpassing the expected $61.66 billion.

CEO Jensen Huang emphasized that the AI revolution is far from reaching its peak, attempting to quell recent market concerns about an AI bubble, which drove stock prices up nearly 3% after hours. This positive news also spilled over into the crypto market, alleviating the panic that had originally caused Bitcoin to drop below the $90,000 mark and resulted in a total market cap evaporation of over $1 trillion due to missing Federal Reserve data and government shutdown fears, with BTC rebounding above $92,000.

This Week's Focus

The IBIT fund under BlackRock recorded the largest net outflow in history.

As the world's largest spot Bitcoin ETF, BlackRock iShares Bitcoin Trust IBIT reported a net outflow of $523.15 million on Tuesday, surpassing the previous record of $463 million set on November 14, marking the largest single-day outflow since its launch in January 2024. IBIT has seen continuous outflows since late October, with a cumulative net outflow of $2.19 billion over the past four weeks. During the period from November 11 to 17, IBIT recorded a total net outflow of $1.43 billion over five consecutive trading days. The current asset size of IBIT is $72.76 billion, down from a peak of $99.4 billion on October 6 to approximately $70 billion now.

The recent sell-off occurred amid heightened risk aversion in the overall financial market, so IBIT is not the only spot Bitcoin ETF facing downward pressure. Despite significant outflows recently, market analysts generally believe that institutional investors are not exiting the Bitcoin market but are instead rebalancing their portfolios. The timing of capital outflows coinciding with Bitcoin breaking below $90,000 indicates that institutional investors are reducing their risk exposure and adjusting their positions, rather than engaging in a true “surrender-style sell-off.” Currently, large institutions are adopting a more wait-and-see strategy, waiting for clearer macroeconomic signals. Once uncertainty eases, risk appetite and allocation intensity are expected to rebound quickly.

Bitwise CEO: BSOL total capital inflow exceeds 600 million USD

Bitwise CEO Hunter Horsley posted on X platform that on Tuesday, the inflow of funds into the Bitwise Solana ETF (BSOL) reached $23 million, with daily inflows since its launch three and a half weeks ago, bringing the total inflow of BSOL to over $600 million so far.

Bitwise's BSOL is the first spot Solana ETF. Since the launch of BSOL on October 28, the overall Solana ETF has recorded net inflows for 16 consecutive days, with a total net inflow of $420.4 million. Meanwhile, two new Solana ETFs were launched on Tuesday, namely FSOL from Fidelity and SOLC from Canary Capital, with FSOL seeing an inflow of $2.07 million on its first day, while SOLC had no inflow. In contrast to the continuous net outflows of Bitcoin ETFs, the Solana ETF has seen continuous inflows for 16 days, indicating that altcoins are attracting investors and gradually gaining market recognition, with funds shifting from Bitcoin assets to new altcoin ETFs with staking mechanisms. As one of the most innovative and eye-catching ETFs currently, the substantial inflow of funds may further drive the long-term demand for SOL tokens.

The Bitcoin derivatives market has formed a “dangerous” pattern, with expectations of a rapid price rebound driving the leverage ratio to rise sharply.

In the recent Bitcoin derivatives market, K33 Research issued a warning: perpetual contract traders rapidly leveraged during the decline in Bitcoin prices, which not only created a “dangerous market structure” but was also one of the reasons for Bitcoin's 14% drop over the past week. K33 pointed out that this combination of “rapid leveraging + hoping for a quick rebound” has historically indicated subsequent more severe corrections or liquidation events.

Currently, the open contracts of perpetual futures traders have increased by more than 36,000 Bitcoin, marking the largest weekly increase since April 2023. Meanwhile, the funding rates are also significantly rising, indicating that traders are engaging in a “knife-catching” behavior rather than taking defensive positions. From a market impact perspective, this situation suggests that although prices may experience a rebound, the hidden risks within the current structure cannot be ignored. Leveraged behavior, if it encounters a trigger point, such as prices failing to sustain upward movement or liquidity being obstructed, could lead to more long positions being forced to liquidate, triggering a chain decline. Additionally, the divergence between institutional investors' relatively cautious attitude and retail market's aggressive participation may also result in more severe fluctuations in the market in the short term.

Financing Weekly Report

According to data from RootData, from November 14 to November 20, 2025, a total of 12 cryptocurrency and related projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as incubators, infrastructure, security solutions, gaming, and AI. Below is a brief introduction to the projects with the largest financing scale this week:

Doppel

Announced on November 19th that it has completed a $70 million financing round, led by Bessemer Venture.

Doppel aims to protect organizations from social engineering threats such as phishing, identity theft, and deepfake fraud. This new funding will be used to support the construction of a digital protection infrastructure that combines generative artificial intelligence and expert human analysis.

Obex

Announced the completion of a $37 million financing on November 18, led by Framework Ventures.

Obex is a cryptocurrency incubator dedicated to incubating institutional-grade stablecoin projects, bringing innovation and diversified returns to the Sky ecosystem.

Deblock

Announced the completion of a €30 million financing round on November 19, led by Speedinvest.

Deblock is a digital currency institution regulated by European regulatory authorities and authorized by the French Bank / ACPR. It is the first fintech company to obtain a crypto asset market (MiCA) license issued by the French Financial Markets Authority (AMF), enabling it to provide comprehensive services that connect traditional payment functionalities with decentralized financial tools like treasury.

Focus Next Week

Token Unlock

According to data from Tokenomist, the market will see significant token unlocks over the next 7 days (2025.11.21 - 2025.11.28). The top 3 unlocks are as follows:

• ZRO will unlock approximately $36.25 million worth of tokens in the next 7 days, accounting for 13.0% of the circulating supply.
• XRL will unlock approximately $21.83 million in value over the next 7 days, accounting for 4.8% of the circulating supply.
• SOON will unlock approximately $18.71 million worth of tokens in the next 7 days, accounting for 4.2% of the circulating supply.

<br> Reference Source

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/crypto-market-data
• Coingecoko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/
• TheBlock, https://www.theblock.co/post/379437/blackrock-bitcoin-etf-record-outflows
• ETF, https://www.etf.com/sections/features/ibit-suffers-record-daily-outflow-bitcoin-tumbles-below-90k
• TheBlock, https://www.theblock.co/post/379464/bitcoin-derivatives-market-forming-dangerous-setup-as-hopes-of-swift-bounce-fuel-rapid-leverage-climb-k33
• DLNews, https://www.dlnews.com/articles/defi/ethereum-cofounder-vitalik-buterin-favours-ossification/?utm_source=chatgpt.com
• Wu Blockchain, https://www.wublock123.com/article/6/52121
• CoinDesk, https://www.coindesk.com/markets/2025/11/19/nvidia-earnings-beat-strong-outlook-calms-jittery-markets-bitcoin-re-takes-usd90k

<br> Gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, trending insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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