Gate Research: November Crypto Trading Volume Falls to $1.6T | Chainlink Spot ETF Expected to Launch This Week

Crypto Market Overview

• BTC (-4.04% | Current Price: 87,405 USDT): After a prolonged period of sideways consolidation, BTC experienced a high-volume plunge near the upper range (around $91,000). A single large bearish candle pierced through the 5/10/30-hour moving averages, forming a rapid downward structure and hitting a low of $86,317, confirming a short-term trend shift from sideways to bearish. The key level to watch is whether BTC can recover to the $88,600–89,000 range; failure to do so would turn this area into a new short-term resistance. If the lows continue to decline and break below $86,300, further downside space may open. On November 28, BTC ETFs recorded a net flow of $71.4 million, including $113 million outflow from BlackRock’s IBIT and $77.5 million inflow into Fidelity’s FBTC.
• ETH (-4.72% | Current Price: 2,871 USDT): ETH had been consolidating near $3,030 for several days but failed to break above resistance, with momentum gradually weakening. The price then sharply broke down near the dense moving average zone, falling to a low of $2,831, forming a classic “high-volume plunge” breakdown. Key levels to watch are the $2,900 round number and the moving average cluster ($2,915–2,950); reclaiming these is crucial for rebuilding ETH’s short-term structure. A break below the $2,830 low could open further downside. On November 28, ETH ETFs recorded a net inflow of $76.6 million, including $28.3 million into BlackRock’s ETHA.
• Altcoins: Most major altcoins declined, with overall market sentiment deteriorating and investor sentiment remaining neutral. The Fear & Greed Index stands at 24, indicating extreme fear and continued low risk appetite.
• Macro: On November 28, the S&P 500 rose 0.54% to 6,849.09; the Dow Jones increased 0.61% to 47,716.42; and the Nasdaq gained 0.65% to 23,365.69. As of 3:00 AM (UTC) on December 1, spot gold is trading at $4,240 per ounce, up 0.28% in the past 24 hours.

Trending Tokens

PIPPIN (+50.71%, Circulating Market Cap: $176M)

According to Gate data, PIPPIN is currently priced at $0.167, up approximately 50.71% over the past 24 hours. PIPPIN is an AI Meme token on the Solana ecosystem, developed by Yohei Nakajima. Its core is a modular AI agent framework that provides developers and creators with flexible, intuitive tools to build efficient digital assistants. Users can define AI roles, set goals and constraints, and seamlessly integrate with blockchain, Slack, and custom APIs to enable automated task execution, intelligent planning, and multi-tool collaboration.

The recent surge is mainly driven by capital inflow and social sentiment resonance. The price has risen like a “rocket,” with volume expanding alongside price, indicating a strong bullish structure. The core driver behind PIPPIN is its narrative: it combines Yohei Nakajima’s experimental open-source autonomous agents (AI characters) with Solana community meme culture, creating dual appeal in AI discussion and meme virality. The project emphasizes continuous AI cycles, community tools, and public IP, which enhance organic dissemination and rapidly accumulate user attention and social engagement. Trading volume reached $47 million in the past 24 hours, with the combination of capital, sentiment, and narrative forming the main momentum behind PIPPIN’s strong rally.

PIEVERSE (+16.38%, Circulating Market Cap: $72.96M)

According to Gate data, PIEVERSE is currently priced at $0.411, up about 16.38% over the past 24 hours. Pieverse integrates AI and blockchain technology to build a Web3 payment infrastructure based on a “time economy.” The project leverages blockchain to record and verify time-related transactions, such as timestamped invoices, receipts, and checks, converting them into legally compliant, auditable records.

PIEVERSE’s upward momentum comes from a combination of price recovery, narrative catalysts, and ecosystem collaborations. After initial listing volatility and early profit-taking, it entered a strong recovery phase. Key drivers include the launch of x402b prior to the TGE, benefiting from the rising x402 narrative; multiple ecosystem partnerships reinforced its AI × Agent × Base positioning. The project announced collaboration with Flock.io to launch the Purr-Fect Agent campaign and native integration with Awe Network, strengthening Base-chain applications. Additionally, Pieverse supports Monad in building AI infrastructure from the ground up, providing native agent payment channels for the ecosystem. These positive application scenarios and traffic inflows have continuously increased market expectations, driving capital return and upward price momentum for PIEVERSE after adjustment.

HUMA (+13.23%, Circulating Market Cap: $46.66M)

According to Gate data, HUMA is currently priced at $0.027, up approximately 13.23% in the past 24 hours. Huma Finance is a PayFi network enabling global payment institutions to leverage stablecoins and on-chain liquidity for round-the-clock settlement. The platform supports lending through an innovative PayFi model, allowing users to access credit without traditional collateral.

HUMA’s rally is driven by three factors: airdrop expectations, sector growth, and narrative resonance. Its second-season airdrop has officially started, boosting user engagement and on-chain activity, creating strong “rush-to-participate” sentiment. PayFi is in an accelerated growth cycle, with industry expectations reinforced by the entry of major mainstream payment players in 2025. As a leading project in the PayFi sector, HUMA has facilitated over $8 billion in transaction volume, providing clear fundamental support. The combination of sector demand and community FOMO has made HUMA a natural capital magnet within the PayFi theme, pushing its price higher.

Alpha Insights

November Cryptocurrency Trading Volume Falls to $1.6 Trillion, Lowest in Nearly Five Months

In November, overall cryptocurrency market activity cooled significantly, with industry trading volumes falling to a six-month low. According to The Block, the global spot crypto market recorded a total trading volume of just $1.59 trillion for the month, down sharply 26.7% from October’s $2.17 trillion and marking the lowest level since July. Following the strong momentum in October, market heat quickly dissipated, centralized exchange trading activity weakened, volatility contracted, and the market entered a sideways phase dominated by profit-taking and cautious sentiment.

Decentralized exchanges (DEXs) were similarly affected by this downturn. Total DEX volume in November was $397.78 billion, down significantly from $568.43 billion in October, also reaching a recent low. Overall, the data indicates that, in the absence of fresh capital inflows and strong thematic drivers, short-term liquidity in the crypto market is contracting.

The sharp decline in November trading volume essentially reflects that the crypto market, after the strong rebound in October, has entered a “momentum exhaustion” phase. The lack of sustained catalysts has led speculative capital to withdraw and liquidity to return to conservative ranges. Spot and DEX volumes fell in tandem, indicating not only reduced trading activity but also weaker on-chain organic behavior, consistent with declining volatility and shrinking risk appetite. From a cyclical perspective, such “volume exhaustion” phases are often transitional stages before the market chooses a direction: on one hand, maintaining low volatility but high uncertainty; on the other, capital concentrates in anticipation of potential new catalysts at the policy, macro, or project level. If new narratives or incremental capital emerge, trading volume is likely to be the first indicator to recover.

TON and Telegram Ecosystem Launch Decentralized Confidential Computing Network Cocoon

The TON and Telegram ecosystem achieved a key milestone with the official launch of Cocoon, a decentralized confidential computing network. Telegram founder Pavel Durov announced on his channel that the first AI requests from users have been processed through Cocoon with 100% privacy protection. At the same time, GPU providers have started receiving TON token rewards through the network. Durov stated that Cocoon’s core goal is to replace traditional AI computing services from providers like Amazon and Microsoft, which are costly and offer insufficient privacy protection. The official plan is to gradually expand GPU supply over the coming weeks and attract more developers to join the ecosystem.

The launch of Cocoon marks a significant step for the TON ecosystem in “decentralized computing + privacy protection + AI” and strengthens Telegram’s technical narrative and practical application capabilities. From an industry perspective, demand for privacy-focused AI is growing rapidly, while centralized computing platforms face rising costs and data breach risks. Cocoon provides a new alternative. Importantly, Telegram’s over 900 million monthly active users provide a massive natural entry point for real-world applications, making TON one of the few public chain ecosystems with both “real use cases + large-scale distribution potential.”

Chainlink Spot ETF Expected to Launch This Week; Grayscale Plans Private Trust Conversion

Nate Geraci, President of The ETF Store, revealed on X that a Chainlink (LINK) spot ETF could officially launch this week. At the same time, Grayscale plans to convert its existing Chainlink private trust into an ETF structure, providing institutional and compliant investors with higher liquidity and more transparent investment channels. This positions LINK to become, after BTC and ETH, another mainstream crypto asset integrated into traditional financial instruments.

The launch of a Chainlink spot ETF is symbolic, marking the oracle sector’s first inclusion in mainstream financial asset allocation frameworks. Unlike Bitcoin and Ethereum, LINK’s core value lies in its role as infrastructure connecting on-chain and off-chain data, and traditional finance demand for decentralized data services is rising rapidly. The ETF launch is expected to attract more institutions to view LINK as an infrastructure asset rather than a high-volatility token. From a capital perspective, the conversion of Grayscale’s trust to an ETF will open redemption channels, potentially causing short-term fund flow volatility, but benefiting price discovery and market structure health in the long run. From an industry standpoint, the LINK ETF further accelerates the financialization of Web3 infrastructure assets and signifies growing institutional recognition for oracles as foundational components of the crypto ecosystem.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• The Block, https://www.theblock.co/post/380831/crypto-exchange-volume-drops-november
• Telegram, https://t.me/durov/462
• X, https://x.com/NateGeraci/status/1995300310227501522?s=20

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.