{"id":53982,"date":"2021-12-02T15:00:11","date_gmt":"2021-12-02T13:00:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53982"},"modified":"2025-09-03T17:53:25","modified_gmt":"2025-09-03T14:53:25","slug":"november-2021-in-figures-boba-network-debut-planb-model-questioned-and-metaverse-token-rally","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/november-2021-in-figures-boba-network-debut-planb-model-questioned-and-metaverse-token-rally\/","title":{"rendered":"November 2021 in Figures: Boba Network Debut, PlanB Model Questioned, and Metaverse Token Rally"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\"><strong>Key Highlights<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Bitcoin corrected after an all-time high near $69,000, breaking the year-end pattern.<\/li>\n<li>Metaverse sector tokens continued to rise, with gaming platforms drawing a substantial user base.<\/li>\n<li>Since the London upgrade, the Ethereum network has burned more than 1 million ETH. The pace at which ETH is removed from circulation is increasing.<\/li>\n<li>Bitcoin futures open interest reached a peak as prices hit new highs.<\/li>\n<li>Total value locked in DeFi hit an all-time high above $275 billion.<\/li>\n<li>Trading volume on DEXes reached $113 billion, the second-largest on record in their history.<\/li>\n<li>The main driver of growth for Layer-2 solutions was the Boba Network project. Its TVL in November rose by 2,700% \u2014 aided by the BOBA token airdrop.<\/li>\n<li>Aggregate market capitalization of stablecoins reached $133 billion, with USDC\u2019s issuance pace outpacing USDT.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Movement of Leading Assets<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"490\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-57-1024x490.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157779\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-57-1024x490.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-57-300x144.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-57-768x368.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-57-1536x735.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-57.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Daily BTC\/USD chart on Bitstamp. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BTCUSD\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"490\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH-47-1024x490.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157780\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH-47-1024x490.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-47-300x144.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-47-768x368.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-47-1536x735.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH-47.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Daily ETH\/USD chart on Bitstamp. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BITSTAMP%3AETHUSD\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In the first half of November, leading cryptocurrencies hit all-time highs.<\/li>\n<li>Bitcoin traded at $69,000, and Ethereum at $4,868.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"708\" height=\"201\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-2.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157782\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-2.png 708w, https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-2-300x85.png 300w\" sizes=\"auto, (max-width: 708px) 100vw, 708px\" \/><figcaption>Bitcoin and Ethereum dynamics in November. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BTCUSD\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"390\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-BTC-po-mesyatsam-1024x390.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157783\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-BTC-po-mesyatsam-1024x390.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-BTC-po-mesyatsam-300x114.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-BTC-po-mesyatsam-768x293.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/dinamika-BTC-po-mesyatsam.png 1333w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin monthly movements. Data: <a href=\"https:\/\/www.coinglass.com\/today\">coinglass<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Bitcoin fell 7.14% in November, while Ethereum rose 7.88%.<\/li>\n<li>Bitcoin broke the usual year-end pattern \u2014 PlanB\u2019s Stock-to-Flow model author <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1465833345384919045\">admitted<\/a> the model\u2019s worst-case scenario was untenable, which predicted Bitcoin would hit $98,000 in November. PlanB gave the Floor model one more month and reminded that Stock-to-Flow remains relevant.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"404\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/gainers-19-1024x404.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157785\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/gainers-19-1024x404.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-19-300x118.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-19-768x303.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-19-1536x605.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/gainers-19.png 1581w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Gainers &#038; Losers of the month. Data: <a href=\"https:\/\/messari.io\/screener\/monthly-gainers-(copy)-E99DF2E8\">Messari<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"408\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/losers-19-1024x408.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157786\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/losers-19-1024x408.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-19-300x119.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-19-768x306.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-19-1536x612.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/losers-19.png 1582w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Best performers among mid-cap projects in November were GameFi tokens Sandbox (SAND), Decentraland (MANA) and newcomer Gala (GALA) \u2014 all hit new highs ($8.4, $5.9 and $0.84 respectively). Loopring (LRC) also stood out among high-cap projects, rising to a fresh high near $3.85 at month\u2019s start. <\/li>\n<li>Impressive moves from Avalanche (AVAX) and Crypto.com (CRO) \u2014 both hit new highs at $147 and $0.97 respectively. <\/li>\n<li>Terra (LUNA) fell throughout November and posted a price peak of $60 on the last day of the month, amid votes to allocate $6 million in LUNA tokens for liquidity programs to popularize the algorithmic stablecoin Terra USD (UST).<\/li>\n<li>Among the laggards were the Cream Finance (CREAM) DeFi token on the verge of multiple hacker incidents <a href=\"https:\/\/u1f987.com\/en\/news\/cream-finance-token-price-plunges-after-announcement-of-user-reimbursement-plan\"> and OMG Network (OMG), dumped by investors after the BOBA airdrop, as well as SushiSwap (SUSHI) losing a third of its value.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Crypto-linked Stocks<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>MicroStrategy (MSTR): <br \/><span style=\"color: #33B905\">+0.06%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Coinbase (COIN): <br \/><span style=\"color: #FA0021\">-3.01%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Bakkt (BKKT): <br \/><span style=\"color: #FA0021\">-60.66%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Galaxy Digital (GLXY): <br \/><span style=\"color: #FA0021\">-10.48%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Mining Stocks Performance<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Canaan (CAN): <br \/><span style=\"color: #33B905\">+0.69%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Ebang International (EBON): <br \/><span style=\"color: #FA0021\">-31.94%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Riot Blockchain (RIOT): <br \/><span style=\"color: #33B905\">+36.79%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Hut 8 (HUT): <br \/><span style=\"color: #FA0021\">-11.66%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Marathon Digital (MARA): <br \/><span style=\"color: #FA0021\">-2.43%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<p>Crypto- and mining-related stocks in November mostly declined in line with Bitcoin, with MicroStrategy bucking the trend after another <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-buys-an-additional-7002-btc\">Bitcoin purchase<\/a> worth $414 million; Canaan and Riot Blockchain also stood out.<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Macroeconomics Backdrop<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"934\" height=\"574\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image1-475.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157793\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/image1-475.png 934w, https:\/\/u1f987.com\/wp-content\/uploads\/image1-475-300x184.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image1-475-768x472.png 768w\" sizes=\"auto, (max-width: 934px) 100vw, 934px\" \/><figcaption>The Federal Reserve&#8217;s plan to taper asset purchases was approved. Data: <a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/tapering%20nov%202011_7.jpg\">ZeroHedge<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>As a result of the November 3 meeting, the Fed announced the start of tapering asset purchases by $15 billion per month \u2014 from November to June 2022. <\/li>\n<li>Inflation accelerated in October to 6.2%, a 30-year high, prompting a tougher stance on policy normalization from U.S. central bankers.<\/li>\n<li>In a November 30 Senate appearance, Chair Jerome Powell rejected the characterization of the inflation surge as temporary. He also signaled the possibility of winding down asset purchases &#8220;earlier than expected&#8221; for several months.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"631\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/image2-301.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157794\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/image2-301.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/image2-301-300x194.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/image2-301-768x498.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><figcaption>Dynamics of market expectations for the number of rate hikes in 2022. Data: <a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmD650.jpg\">ZeroHedge<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Such statements emerged as the Omicron variant appeared, which had previously contributed to expectations of slower policy normalization by the Fed.<\/li>\n<li>Powell explained that ahead of the December 14-15 meeting, the committee would receive an assessment of risks from the new variant and macro data with the jobs report.<\/li>\n<li>Powell&#8217;s remarks tempered the Omicron-driven perception of timing for rate hikes. By the end of November, investors began pricing in September 2022 as the first hike rather than June, and they reduced the number of expected moves for the year from three to two.<\/li>\n<li>The prospect of quicker policy tightening by the Fed <a href=\"https:\/\/u1f987.com\/en\/news\/fed-chair-signals-faster-tapering-of-stimulus\">nudged<\/a> traditional markets and Bitcoin toward a moderate correction.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Market Sentiment, Correlations and Volatility<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"518\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-1-1024x518.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157796\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-1-1024x518.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-1-300x152.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-1-768x388.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-1.png 1226w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Fear &#038; Greed Index dynamics. Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"859\" height=\"157\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/tablitsa-min-max-av-mod.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157797\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/tablitsa-min-max-av-mod.png 859w, https:\/\/u1f987.com\/wp-content\/uploads\/tablitsa-min-max-av-mod-300x55.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/tablitsa-min-max-av-mod-768x140.png 768w\" sizes=\"auto, (max-width: 859px) 100vw, 859px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Early in the month, market sentiment was bullish. On November 9, the Fear &#038; Greed Index peaked at 84 \u2014 the same day Bitcoin climbed above $68,500. But the index began to drop afterward, foreshadowing Bitcoin\u2019s moves.<\/li>\n<li>On November 27, the index fell to a two-month low of 21 \u2014 Bitcoin briefly traded around $53,500.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"379\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-1024x379.jpg\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157799\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-1024x379.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-300x111.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-768x284.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov.jpg 1204w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>90-day asset correlation indicators. Data: <a href=\"https:\/\/www.blockchaincenter.net\/cryptocurrency-correlation-study\/?timeframe=90days&#038;asset1=SP500&#038;asset2=BTC#correlationtable\">BlockchainCenter<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Bitcoin&#8217;s correlation with gold turned positive, but the statistical linkage remains modest (0.02).<\/li>\n<li>The price movements of Bitcoin and the S&#038;P 500 and Dow Jones indexes stay in the same direction, a trend that has strengthened for the third straight month. Possible reason: the emergence of crypto ETFs in the U.S. market.<\/li>\n<li>Correlation with the S&#038;P 500 is stronger (0.36; with the Dow Jones \u2014 0.32).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"484\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-istoricheskoj-volatilnosti-tseny-bitkoina-1024x484.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157800\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-istoricheskoj-volatilnosti-tseny-bitkoina-1024x484.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-istoricheskoj-volatilnosti-tseny-bitkoina-300x142.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-istoricheskoj-volatilnosti-tseny-bitkoina-768x363.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-istoricheskoj-volatilnosti-tseny-bitkoina.png 1049w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin price volatility index (historical volatility). Data: <a href=\"https:\/\/satochi.co\/\">satochi.co<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"498\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-SHarpa-bitkoina-v-sravnenii-s-drugimi-aktivami-1024x498.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157801\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-SHarpa-bitkoina-v-sravnenii-s-drugimi-aktivami-1024x498.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-SHarpa-bitkoina-v-sravnenii-s-drugimi-aktivami-300x146.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-koeffitsienta-SHarpa-bitkoina-v-sravnenii-s-drugimi-aktivami-768x373.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin&#8217;s Sharpe ratio vs. other assets. Data: <a href=\"https:\/\/portfolioslab.com\/tools\/sharpe-ratio\">Portfolios Labs<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The Bitcoin historical volatility index hovered in the 2.76% to 3.37% range in November, rising toward month-end. Price volatility remained moderate; during winter rallies or spring corrections it typically exceeded 4%.<\/li>\n<li>The Sharpe ratio (risk-adjusted return, using two-year US Treasuries as the risk-free rate) for Bitcoin remained above gold all year, but November reversed the trend. Investors&#8217; risk tolerance was well compensated by BTC\u2019s high returns.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>On-Chain Data<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"588\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-Cumulative-Volume-in-P-L-1024x588.jpg\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157803\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BTC-Cumulative-Volume-in-P-L-1024x588.jpg 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-Cumulative-Volume-in-P-L-300x172.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-Cumulative-Volume-in-P-L-768x441.jpg 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-Cumulative-Volume-in-P-L-1536x882.jpg 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/BTC-Cumulative-Volume-in-P-L-2048x1177.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Cumulative value transferred through the Bitcoin blockchain, as well as total volumes of profitable and unprofitable coins. Data: <a href=\"https:\/\/twitter.com\/glassnode\/status\/1465731783601786881?s=20\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"868\" height=\"543\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-bitkoin-adresov-s-nenulevym-balansom.-Dannye-Glassnode..png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157804\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-bitkoin-adresov-s-nenulevym-balansom.-Dannye-Glassnode..png 868w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-bitkoin-adresov-s-nenulevym-balansom.-Dannye-Glassnode.-300x188.png 300w\" sizes=\"auto, (max-width: 868px) 100vw, 868px\" \/><figcaption>The number of Bitcoin addresses with a non-zero balance. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Addresses&#038;m=addresses.NonZeroCount&#038;resolution=24h&#038;s=1609459200&#038;u=1638364789&#038;zoom=ytd\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Since the creation of the first cryptocurrency, the value transferred through its blockchain has reached $8.89 trillion. Of this, the value of profitable coins totaled $5.10 trillion, unprofitable $3.79 trillion.<\/li>\n<li>The number of non-zero balance addresses in November hit a record 39.21 million. The previous high was in April \u2014 38.7 million. The rise may indicate growing retail user activity and overall on-chain activity.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/glassnode-studio_bitcoin-adjusted-sopr-asopr-7-d-moving-average-1-1024x576.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157806\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/glassnode-studio_bitcoin-adjusted-sopr-asopr-7-d-moving-average-1-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/glassnode-studio_bitcoin-adjusted-sopr-asopr-7-d-moving-average-1-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/glassnode-studio_bitcoin-adjusted-sopr-asopr-7-d-moving-average-1-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/glassnode-studio_bitcoin-adjusted-sopr-asopr-7-d-moving-average-1.png 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>BTC price and on-chain volatility aSOPR dynamics. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=indicators.SoprAdjusted&#038;mAvg=7&#038;mMedian=0&#038;s=1543758515&#038;u=1638366515&#038;zoom=1095\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"611\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC.-Dannye-Glassnode-Yahoo-Finance.-4.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157807\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC.-Dannye-Glassnode-Yahoo-Finance.-4.png 1000w, https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC.-Dannye-Glassnode-Yahoo-Finance.-4-300x183.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/TSena-bitkoina-i-dinamika-balansov-tsentralizovannyh-birzh-tysyach-BTC.-Dannye-Glassnode-Yahoo-Finance.-4-2010w.png 2010w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption>Bitcoin price and centralized exchange balances, thousands of BTC. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=distribution.BalanceExchanges&#038;s=1543759196&#038;u=1638367196&#038;zoom=1095\">Glassnode<\/a>, <a href=\"https:\/\/finance.yahoo.com\/quote\/BTC-USD\/\">Yahoo Finance<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Since activation of EIP-1559 in August, Ethereum has burned over one million ETH (~$5.12B) \u2014 of which more than 362,000 ETH in November (~$1.72B). The pace of ETH burn is rising: September 249,000 ETH, October 297,000 ETH.<\/li>\n<li>In the first half of 2022, Ethereum\u2019s supply could reach a maximum of 119.7M ETH, after which the cryptocurrency could become deflationary.<\/li>\n<li>The trend of decreasing ETH balances on centralized exchanges (CEX) continued for a third month alongside rising ETH price. In November, ETH on exchanges fell by 3.5% since the start of the month and by 13.3% year-to-date.<\/li>\n<li>The share of ETH locked in smart contracts of decentralized apps remains high \u2014 since August, the share has not fallen below 26%.<\/li>\n<li>The reduction in CEX balances coincides with ETH price growth; over the past 30 days, ETH rose by 9.65%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"603\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chisla-validatorov.-1024x603.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157811\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chisla-validatorov.-1024x603.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chisla-validatorov.-300x177.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chisla-validatorov.-768x452.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>The dynamics of ETH on the Ethereum 2.0 deposit contract and validator counts. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=eth2.StakingTotalVolumeSum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"619\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-bolshe-32-ETH-2-1024x619.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157812\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-bolshe-32-ETH-2-1024x619.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-bolshe-32-ETH-2-300x181.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-bolshe-32-ETH-2-768x464.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-bolshe-32-ETH-2.png 1065w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Number of Ethereum 2.0 validator addresses with balance \u2265 32 ETH. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=addresses.Min32Count\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In November, the Beacon Chain validators approached 264,000. Community members interacted more actively with Ethereum 2.0; the number of validators grew by 4.5% month-on-month (October: 3.3%).<\/li>\n<li>The number of ETH on the deposit contract rose to over 8.45 million (+4.5% month-on-month). The total value of this ETH is around $40 billion.<\/li>\n<li>The number of addresses with balance \u2265 32 ETH rose for the fourth consecutive month; by November 30, it reached 109,330.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\"><strong>Lightning Network<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-v-seti-LN-1024x572.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157813\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-v-seti-LN-1024x572.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-v-seti-LN-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-v-seti-LN-768x429.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-v-seti-LN.png 1173w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Number of LN nodes and channels. Data: <a href=\"https:\/\/studio.glassnode.com\/dashboards\/lightning-network\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"597\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-emkosti-seti-LN-1024x597.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157814\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-emkosti-seti-LN-1024x597.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-emkosti-seti-LN-300x175.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-emkosti-seti-LN-768x448.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-emkosti-seti-LN.png 1154w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Lightning Network capacity dynamics. Data: <a href=\"https:\/\/bitcoinvisuals.com\/ln-capacity\">Bitcoin Visuals<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In November, LN\u2019s number of nodes and channels continued to grow: the first metric rose 6% and the second 3.6%. October gains were 10.5% and 7%, respectively.<\/li>\n<li>During November LN capacity rose by 5.2% to 3334 BTC. In the previous month the growth was 6.9%. Both metrics lagged September\u2019s, when capacity expanded by 25% after the legalisation of Bitcoin in El Salvador.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Mining, Hashrate, Fees<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"473\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-9-1024x473.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157816\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-9-1024x473.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-9-300x139.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-9-768x355.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-bitkoina-s-nachala-goda-EH-s.-Dannye-Glassnode.-9.png 1301w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin hash rate dynamics, EH\/s. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.HashRateMean&#038;s=1630570938&#038;u=1638346938&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"407\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina.-Dannye-BTC.com-po-sostoyaniyu-na-1.12.2021..png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157817\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina.-Dannye-BTC.com-po-sostoyaniyu-na-1.12.2021..png 675w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-puly-po-dobyche-bitkoina.-Dannye-BTC.com-po-sostoyaniyu-na-1.12.2021.-300x181.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><figcaption>Largest Bitcoin mining pools. Data: <a href=\"https:\/\/btc.com\/stats\/pool?pool_mode=month\">BTC.com<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Bitcoin hashrate broadly declined by 8.4% month-over-month (smoothed over a 7-day average).<\/li>\n<li>The largest share of hashrate comes from AntPool. Mid-month, American mining pool Foundry briefly led, its share briefly exceeded 21%.<\/li>\n<li>At the last re-calculation (28 November) Bitcoin difficulty dipped 1.49%. The metric had risen in the previous nine periods.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"539\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-7-1024x539.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157818\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-7-1024x539.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-7-300x158.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-7-768x404.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-heshrejta-Ethereum-h-s.-Dannye-Glassnode.-7.png 1039w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>ETH hash rate dynamics, h\/s. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=&#038;m=mining.HashRateMean&#038;s=1630572874&#038;u=1638348874&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"992\" height=\"565\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-4.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157819\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-4.png 992w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-4-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-Dannye-Glassnode.-4-768x437.png 768w\" sizes=\"auto, (max-width: 992px) 100vw, 992px\" \/><figcaption>Average fees per BTC- and ETH-transaction. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=fees.VolumeMean&#038;s=1630575312&#038;u=1638351312&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>By 12 November, the smoothed seven-day average Bitcoin hash rate reached a record 818.39 TH\/s, following the rise of ETH above $4,700.<\/li>\n<li>In early November, the average ETH transaction fee surpassed $60, a level not seen since April and May.<\/li>\n<li>In the first half of November, the average Bitcoin transaction fee hovered around $3\u2013$4. After the Taproot activation, it briefly rose above $3 on November 20, generally staying near $2.50.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"759\" height=\"475\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln-1-6.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157821\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln-1-6.png 759w, https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam-mln-1-6-300x188.png 300w\" sizes=\"auto, (max-width: 759px) 100vw, 759px\" \/><figcaption>Bitcoin miners&#8217; revenues by month, $ mln. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.RevenueSum&#038;s=1630584955&#038;u=1638360955&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"980\" height=\"481\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln-.-Dannye-Glassnode-4.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157822\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln-.-Dannye-Glassnode-4.png 980w, https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln-.-Dannye-Glassnode-4-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dohody-Ethereum-majnerov-po-mesyatsam-mln--4-768x377.png 768w\" sizes=\"auto, (max-width: 980px) 100vw, 980px\" \/><figcaption>ETH miners&#8217; revenues by month, $ mln. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=Miners&#038;m=mining.RevenueSum&#038;s=1630584985&#038;u=1638360985&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Bitcoin miners earned $1.68 billion. This was 2% lower than the previous month. The share of fees in total revenue was only 1.48%.<\/li>\n<li>November\u2019s Ethereum miners\u2019 revenue was a record $3.59 billion. Fees from ETH transactions accounted for more than half of total revenue \u2014 $1.82 billion.<\/li>\n<li>The last time such a ratio occurred was February. The high share of fees underscores the ongoing scaling challenge for Ethereum.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Trading Volume<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-3-1024x573.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157824\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-3-1024x573.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-3-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-3-768x430.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-3-1536x859.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/obem-torgov-3.png 1666w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Trading volume on leading spot exchanges, $bln. Data: <a href=\"https:\/\/www.cryptocompare.com\/coins\/btc\/charts\/USDT?p=1M\">CryptoCompare<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>November saw a continued recovery in trading volume on leading crypto exchanges. The total reached $1.62 trillion, the third largest figure in 2021.<\/li>\n<li>Coinbase displaced Huobi to third place in the ranking ($167B vs. $143B). The top two places remained Binance ($931B) and OKEx ($204B).<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Futures and Options<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-10-1024x576.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157826\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-10-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-10-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-10-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-10-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-10.png 1736w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Volume of Bitcoin and Ethereum futures, $bln. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.FuturesVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"406\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-OI-1024x406.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157827\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-OI-1024x406.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-OI-300x119.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-OI-768x305.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/fyuchersy-OI.png 1321w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in Bitcoin futures, $bln. Data: <a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\">coinglass<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Total open interest (OI) in Bitcoin futures in November hit a new high \u2014 November 10 it reached $28.8B. Bitcoin also posted a fresh high above $69,000.<\/li>\n<li>By month-end OI had declined by 20% to $23B. CME now holds the second-largest share ($3.8B), while Binance leads with $6B.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"567\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-10-1024x567.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157829\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-10-1024x567.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-10-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-10-768x425.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-10-1536x850.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-10.png 1735w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Bitcoin and Ethereum options traded volume, $mln. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.OptionsVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"396\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-OI-1024x396.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157830\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-OI-1024x396.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-OI-300x116.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-OI-768x297.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/optsiony-OI.png 1343w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Open interest in Bitcoin options, $bln. Data: <a href=\"https:\/\/www.coinglass.com\/options\">Coinglass<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>November\u2019s total Bitcoin options volume reached $25 billion. Deribit remained the leader, accounting for 88% of activity.<\/li>\n<li>Open interest in Bitcoin options approached October\u2019s record ($15.7B) and declined by more than 20% during the expiry of contracts in the last week of November.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>DeFi<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"953\" height=\"519\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-3.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157832\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-3.png 953w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-3-300x163.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-3-768x418.png 768w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><figcaption>Dynamics of funds locked in DeFi. Data: <a href=\"https:\/\/defillama.com\/\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"923\" height=\"568\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-2.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157833\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-2.png 923w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-2-300x185.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-2-768x473.png 768w\" sizes=\"auto, (max-width: 923px) 100vw, 923px\" \/><figcaption>Top-5 DeFi coins by locked value on Ethereum, $bln. Data: <a href=\"https:\/\/defillama.com\/protocols\">DeFi Llama<\/a> as of 01.12.2021.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In November, TVL in DeFi reached a new high above $275B. Over the last 30 days, the metric rose 11.4% to finish at $270.36B.<\/li>\n<li>Curve Finance remains the leader with TVL of $21.66B (+12% month-on-month). Ethereum accounts for most of the TVL ($19.18B), followed by Avalanche ($1.15B).<\/li>\n<li>Compound returned to the fifth spot in Ethereum-based projects, displacing InstaDApp.<\/li>\n<li>Convex Finance TVL rose 18% to $16.33B, with a new entrant taking third place in this ranking.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"789\" height=\"503\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii-1.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157835\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii-1.png 789w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii-1-300x191.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-20-monet-DeFi-proektov-po-rynochnoj-kapitalizatsii-1-768x490.png 768w\" sizes=\"auto, (max-width: 789px) 100vw, 789px\" \/><figcaption>Top-20 DeFi coins by market capitalization. Data: <a href=\"https:\/\/messari.io\/screener\/defi-assets-(copy)-563C5306\">Messari<\/a> (as of 01.12.2021).<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"742\" height=\"496\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum-4.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157836\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum-4.png 742w, https:\/\/u1f987.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-ekosistemy-na-baze-Ethereum-4-300x201.png 300w\" sizes=\"auto, (max-width: 742px) 100vw, 742px\" \/><figcaption>TVL by major DeFi sectors on Ethereum. Data: <a href=\"https:\/\/defipulse.com\/\">DeFi Pulse<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Amid ongoing speculative chatter around Loopring&#8217;s partnership with GameStop, its native token continued to rally, up nearly 187% in 30 days. The high fees on Ethereum may have contributed, as Loopring offers gasless trades and monthly volume exceeded $3B.<\/li>\n<li>The Maker token MKR rose more than 26%. The MKR rally was accompanied by more addresses with non-zero balance and increased on-chain activity and decentralization.<\/li>\n<li>The DeFiChain native token surged over 34%, entering the DeFi top-20 by market cap. Factors included more masternodes freezing DFI for a 10-year period and rising TVL ($1B+ in November). As of Nov 1, the project\u2019s community had locked more than 40 million DFI.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"875\" height=\"433\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-2.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157838\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-2.png 875w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-2-300x148.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-2-768x380.png 768w\" sizes=\"auto, (max-width: 875px) 100vw, 875px\" \/><figcaption>Market cap of popular Bitcoin-tokens on Ethereum, $bln. Data: <a href=\"https:\/\/defipulse.com\/btc\">DeFi Pulse<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"882\" height=\"434\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-mlrd.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157840\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-mlrd.png 882w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-mlrd-300x148.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-mlrd-768x378.png 768w\" sizes=\"auto, (max-width: 882px) 100vw, 882px\" \/><figcaption>Top ecosystems by locked value, $bln. Data: <a href=\"https:\/\/defillama.com\/chains\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"656\" height=\"407\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-po-TVL-L2-resheniya.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157841\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-po-TVL-L2-resheniya.png 656w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-po-TVL-L2-resheniya-300x186.png 300w\" sizes=\"auto, (max-width: 656px) 100vw, 656px\" \/><figcaption>Largest TVL L2 scaling solutions. Data: <a href=\"https:\/\/l2beat.com\/\">L2 Beat<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>TVL for the Ethereum ecosystem rose 11% in November \u2014 it remains dominant in DeFi with a figure of $182.62B.<\/li>\n<li>Strongest inflows occurred in Avalanche (+64%) and Tron (+30%). This enabled Tron to surpass Fantom, whose TVL barely changed in November (+0.18%), ranking it 6th. <\/li>\n<li>Fantom\u2019s modest performance may reflect a decline in TVL for lending platform Geist Finance. After launching in October, its TVL surged to $3.59B but finished November at only $870M.<\/li>\n<li>Aggregate TVL for Layer-2 scaling solutions in November surpassed $7B, led by Arbitrum, whose monthly figure dipped slightly to $2.74B from $2.8B in October, with Boba Network driving growth.<\/li>\n<li>Boba Network \u2014 an Ethereum Layer-2 solution based on Optimistic rollups launched in August 2021 \u2014 TVL reached $1.39B, up 2,700% in November. This was aided by the BOBA token airdrop supported by Binance and FTX.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"644\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-1024x644.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157843\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-1024x644.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-300x189.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-768x483.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche.png 1138w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Daily transaction counts in major ecosystems: Polygon, Ethereum, Binance Smart Chain and Avalanche. Data: <a href=\"https:\/\/polygonscan.com\/chart\/tx\">PolygonScan<\/a>, <a href=\"https:\/\/etherscan.io\/chart\/tx\">Etherscan<\/a>, <a href=\"https:\/\/bscscan.com\/chart\/tx\">BscScan<\/a>, <a href=\"https:\/\/snowtrace.io\/chart\/tx\">SnowTrace<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Binance Smart Chain (BSC) remains the leader in daily transactions, handling about 13 million transactions per day in November (vs 7.76 million in October).<\/li>\n<li>Average transactions on Avalanche rose almost twofold in November \u2014 482,000 vs 252,000 in October. The network also saw almost a twofold increase in unique addresses in its contract chain during the reporting period.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>DEX and L2<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/DEX-15-1024x547.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157847\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/DEX-15-1024x547.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-15-300x160.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-15-768x410.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-15-1536x820.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/DEX-15.png 1706w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Volume on Ethereum DEXes, $bln. Data: <a href=\"https:\/\/duneanalytics.com\/hagaetc\/dex-metrics\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"902\" height=\"930\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/L2-2.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157848\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/L2-2.png 902w, https:\/\/u1f987.com\/wp-content\/uploads\/L2-2-291x300.png 291w, https:\/\/u1f987.com\/wp-content\/uploads\/L2-2-768x792.png 768w\" sizes=\"auto, (max-width: 902px) 100vw, 902px\" \/><figcaption>Volume locked in Ethereum Layer-2 scaling solutions. Data: <a href=\"https:\/\/l2beat.com\/\">L2 Beat<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Total trading volume on Ethereum-based exchanges in November reached $113B \u2014 second-largest in 2021.<\/li>\n<li>Uniswap remains leader among DEXs with $83.8B; SushiSwap and Curve follow with $15B and $4.2B, respectively.<\/li>\n<li>New Boba Network and ImmutableX projects helped sustain L2 scaling solutions\u2019 growth; total TVL of L2s surpassed 1.5 million ETH, approaching $7B in November.<\/li>\n<li>TVL leaders Arbitrum and dYdX remained roughly flat at $2.7B and about $1B respectively, but Boba Network took second place. On November 12, BOBA tokens airdropped to OMG Network (OMG) holders, after which OMG fell roughly 30%.<\/li>\n<li>November saw the launch of the Ethereum scaling project ImmutableX (IMX), with its token price climbing to $9.5. The L2 project Loopring (LRC) also posted positive momentum.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h2 class=\"wp-block-heading\"><strong>Stablecoins<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-1024x585.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157850\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-1024x585.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-768x439.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-1536x877.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8.png 1651w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Market capitalization of stablecoins, $bln. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=USDT&#038;category=&#038;m=market.MarketcapUsd\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-1024x585.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157850\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-1024x585.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-768x439.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8-1536x877.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/stejblkoiny-8.png 1651w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>USDT and USDC market caps. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=USDT&#038;category=&#038;m=market.MarketcapUsd\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>On the back of Bitcoin\u2019s rally, the aggregate stablecoin market cap rose to $133B.<\/li>\n<li>USDT market cap exceeded $73B, and USDC stood at $38B.<\/li>\n<li>USDC\u2019s issuance pace in November outpaced USDT\u2019s \u2014 USDC up by $5B, USDT by $3B.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>NFT and GameFi<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"790\" height=\"354\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/OpenSea-7.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157851\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/OpenSea-7.png 790w, https:\/\/u1f987.com\/wp-content\/uploads\/OpenSea-7-300x134.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/OpenSea-7-768x344.png 768w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><figcaption>OpenSea NFT marketplace trading volume, $bln. Data: <a href=\"https:\/\/dune.xyz\/rchen8\/opensea\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"897\" height=\"497\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/TOP-NFT.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157852\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/TOP-NFT.png 897w, https:\/\/u1f987.com\/wp-content\/uploads\/TOP-NFT-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/TOP-NFT-768x426.png 768w\" sizes=\"auto, (max-width: 897px) 100vw, 897px\" \/><figcaption>Top NFT projects by trading volume. Data: <a href=\"https:\/\/cryptoslam.io\/\">cryptoslam<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>NFT trading volume on the OpenSea marketplace continued to decline \u2014 November volume fell to $2.37B.<\/li>\n<li>However users remain interested in non-fungible tokens. Volumes across most leading projects rose by tens or hundreds of percent \u2014 Axie Infinity, Bored Ape Yacht Club and Mutant Ape Yacht Club.<\/li>\n<li>Prices of virtual items on alternative chains rose. One NFT player purchased a land plot for 550 ETH (~$2.4M at the time), while a CryptoPunks sale fetched 500 ETH (~$2.3M at the time).<\/li>\n<li>The Sandbox NFT platform\u2019s trading volume surged by 1649% in November on the alpha-launch date, aided by a partnership with Adidas. The native token SAND hit multiple price highs, peaking at $8.50.<\/li>\n<li>Enjin launched a $100M fund to invest in metaverse projects within the Efinity ecosystem \u2014 ENJ rose 35% and EFI 84% in November.<\/li>\n<li>Grayscale analysts predicted that annual revenue from the Web 3.0 metaverse sector could reach $1 trillion.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"902\" height=\"502\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/NFT-po-blokchejnam-1.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157854\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/NFT-po-blokchejnam-1.png 902w, https:\/\/u1f987.com\/wp-content\/uploads\/NFT-po-blokchejnam-1-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/NFT-po-blokchejnam-1-768x427.png 768w\" sizes=\"auto, (max-width: 902px) 100vw, 902px\" \/><figcaption>NFT sales across blockchains. Data: <a href=\"https:\/\/cryptoslam.io\/\">cryptoslam<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Despite a drop in Ethereum NFT sales, the second-largest crypto network remained dominant in this segment, accounting for $1.47B in November.<\/li>\n<li>Ethereum-side chains like Ronin (used by Axie Infinity) and the Wax blockchain posted 42% and 52% growth respectively; November NFT sales on Wax reached a record ($133M).<\/li>\n<li>NFT projects on Solana and Flow faced dampened user interest.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Activity of Major Players<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"976\" height=\"539\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-otkrytogo-interesa-po-bitkoin-fyuchersam-na-CME.-Dannye-CFTC..png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157856\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-otkrytogo-interesa-po-bitkoin-fyuchersam-na-CME.-Dannye-CFTC..png 976w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-otkrytogo-interesa-po-bitkoin-fyuchersam-na-CME.-Dannye-CFTC.-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-otkrytogo-interesa-po-bitkoin-fyuchersam-na-CME.-Dannye-CFTC.-768x424.png 768w\" sizes=\"auto, (max-width: 976px) 100vw, 976px\" \/><figcaption>Dynamic of open interest in Bitcoin futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"426\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dlinnyh-i-korotkih-pozitsij-hedzh-fondov-kategorii-Non-Commercial.-Dannye-CFTC.-1024x426.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157857\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dlinnyh-i-korotkih-pozitsij-hedzh-fondov-kategorii-Non-Commercial.-Dannye-CFTC-1024x426.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dlinnyh-i-korotkih-pozitsij-hedzh-fondov-kategorii-Non-Commercial.-Dannye-CFTC-300x125.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dlinnyh-i-korotkih-pozitsij-hedzh-fondov-kategorii-Non-Commercial.-Dannye-CFTC-768x320.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-dlinnyh-i-korotkih-pozitsij-hedzh-fondov-kategorii-Non-Commercial.-Dannye-CFTC..png 1144w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Longs and shorts in hedge funds by the Non-Commercial category. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In November, open interest in CME Bitcoin futures retraced from the early-month high. According to the latest CFTC report, the indicator was 14% below October\u2019s peak.<\/li>\n<li>Hedge funds and other major Non-Commercial players reduced shorts, while longs were increased among Commercials.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"466\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-1-1024x466.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157859\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-1-1024x466.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-1-300x137.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-1-768x350.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-1.png 1184w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Nonreportable positions of small traders. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"923\" height=\"537\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157860\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3.png 923w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3-300x175.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3-768x447.png 768w\" sizes=\"auto, (max-width: 923px) 100vw, 923px\" \/><figcaption>Dynamic of Commercial positions of large institutional players on CME. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>For the first time in a while, Non-Commercials\u2019 short positions outpaced the longs. The likely reason is Bitcoin\u2019s price correction that persisted for most of the month.<\/li>\n<li>Institutions (Commercial), conversely, continued to build longs amid a decline in shorts. This is presumably linked to demand for the first U.S. Bitcoin futures ETF (BITO) by ProShares, which accounts for over 95% of the total AUM among three SEC-approved ETFs.<\/li>\n<li>Analysts at Glassnode highlighted the growing dominance of CME in the Bitcoin futures market. CME\u2019s share of OI rose from 10% at the start of September to 19.3% currently. In terms of trading volume, CME\u2019s share rose from 1.4% to 6% over the same period.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"553\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME-3.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157861\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME-3.png 850w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME-3-300x195.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME-3-768x500.png 768w\" sizes=\"auto, (max-width: 850px) 100vw, 850px\" \/><figcaption>Open interest in Ethereum futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"883\" height=\"459\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-kategorii-Commercial-po-Ethereum-fyuchersam-1.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157863\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-kategorii-Commercial-po-Ethereum-fyuchersam-1.png 883w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-kategorii-Commercial-po-Ethereum-fyuchersam-1-300x156.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-kategorii-Commercial-po-Ethereum-fyuchersam-1-768x399.png 768w\" sizes=\"auto, (max-width: 883px) 100vw, 883px\" \/><figcaption>Dynamic of Ethereum positions of large institutional players (Commercial) on CME. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Open interest in CME Ethereum futures continues to rise. Non-Commercials remain short, while Nonreportables stay long. Institutions (Commercial) have been building longs since September. <\/li>\n<li>Positive Ethereum futures dynamics may reflect expectations of an ETH-based ETF to be launched. Applications were filed with the SEC by firms including <span data-descr=\"Kelly Strategic Management\" class=\"old_tooltip\">Kelly Strategic Management<\/span>, <span data-descr=\"WisdomTree\" class=\"old_tooltip\">WisdomTree<\/span> and <span data-descr=\"Kryptoin\" class=\"old_tooltip\">Kryptoin<\/span>.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"678\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin.-Dannye-Bitcoin-Treasuries.-2-1024x678.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157869\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin.-Dannye-Bitcoin-Treasuries.-2-1024x678.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin.-Dannye-Bitcoin-Treasuries.-2-300x198.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin.-Dannye-Bitcoin-Treasuries.-2-768x508.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin.-Dannye-Bitcoin-Treasuries.-2.png 1061w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Largest public companies by Bitcoin reserves. Data: <a href=\"https:\/\/www.buybitcoinworldwide.com\/treasuries\/\">Bitcoin Treasuries<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"105\" height=\"79\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-3.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" class=\"wp-image-157860\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3.png 923w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3-300x175.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-institutsionalov-Commercial-na-CME.-Dannye-CFTC-3-768x447.png 768w\" sizes=\"auto, (max-width: 923px) 100vw, 923px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>MicroStrategy bought 7,002 BTC in November. As of now, its treasury holds 121,044 BTC worth about $6.9B.<\/li>\n<li>Marathon Digital substantially increased its Bitcoin reserves\u2014from 6,695 BTC to 7,453 BTC. The company announced a bond offering for up to $500M to fund ASIC purchases; later Marathon raised its target to $650M.<\/li>\n<li>Hut 8, Riot Blockchain, Bitfarms, and Argo Blockchain also expanded their BTC reserves by 11.5%, 13%, 30% and 44% respectively.<\/li>\n<li>El Salvador\u2019s Bitcoin fund bought an additional 100 BTC. The fund\u2019s balance now stands at 1,220 BTC (~$70.2M at the time of writing).<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Major Venture Rounds<\/strong><\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk has_ventures\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$725 mln<\/strong><\/p>\n<p>Forte, a provider of blockchain solutions for game publishers, in Series B. Backers include Andreessen Horowitz, Tiger Global, Solana Ventures, Animoca Brands and others.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$555 mln<\/strong><\/p>\n<p>MoonPay, a crypto-payments startup, in Series A. Led by Tiger Global Management and Coatue; investors valued the project at $3.4B.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$536 mln<\/strong><\/p>\n<p>Bitkub, a Bitcoin exchange. Siam Commercial Bank (the oldest bank in Thailand) acquired a controlling stake (51%).<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$400 mln<\/strong><\/p>\n<p>Gemini, a crypto exchange operator. In a round led by Morgan Creek Digital, the company was valued at $7.1B.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$350 mln<\/strong><\/p>\n<p>Celsius Network, a crypto lending platform. The investment continued the Series B round, valuing the company at $3.25B.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$300 mln<\/strong><\/p>\n<p>Niantic, the team behind Pokemon Go. The company was valued at $9B and will invest in building a metaverse.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$260 mln<\/strong><\/p>\n<p>CoinSwitch Kuber, an Indian Bitcoin exchange, in Series C; firm valued at $1.91B.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$175 mln<\/strong><\/p>\n<p>DeFi project 1inch Network in Series B with Amber Group, Alameda Research, VanEck and others.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$152 mln<\/strong><\/p>\n<p>Sky Mavis, the team behind Axie Infinity, in Series B. Valuation of the startup reached $3B.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$150 mln<\/strong><\/p>\n<p>Mythical Games, NFT game developer. In Series C led by Andreessen Horowitz, company valued at $1.25B.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$150 mln<\/strong><\/p>\n<p>Zepeto, metaverse platform from South Korea\u2019s NAVER in Series B.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$93 mln<\/strong><\/p>\n<p>The Sandbox, gaming blockchain platform, in a round led by Vision Fund 2 of SoftBank.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>K Regulatory Developments<\/strong><\/h2>\n<div class=\"reviews_has_halves stretch\">\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81141\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-1.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" width=\"106\" height=\"80\"><\/p>\n<ul>\n<li>Representatives of several ministries <a href=\"https:\/\/u1f987.com\/en\/news\/russian-authorities-back-plan-to-classify-mining-as-entrepreneurial-activity\">backed<\/a> the idea of equating mining to entrepreneurship. Head of the State Duma Committee on Financial Market Anatoly Aksakov <a href=\"https:\/\/u1f987.com\/en\/news\/aksakov-state-duma-working-group-on-mining-regulation-to-begin-work-soon\">stated<\/a> that a working group on crypto-mining regulation would start soon.<\/li>\n<li>In LDPR, there was a strong wish from miners to <a href=\"https:\/\/u1f987.com\/en\/news\/ldpr-deputy-says-russian-miners-are-keen-to-pay-taxes\">pay<\/a> taxes \u2014 the faction <a href=\"https:\/\/u1f987.com\/en\/news\/ldpr-proposes-legislation-to-regulate-mining\">will draft<\/a> a bill regulating digital asset mining.<\/li>\n<li>In the State Duma <a href=\"https:\/\/u1f987.com\/en\/news\/duma-proposes-irkutsk-region-as-pilot-for-moving-miners-out-of-the-grey-zone\">proposed<\/a> Irkutsk region as a pilot for moving miners out of the \u201cgray zone.\u201d Its governor said he was ready to <a href=\"https:\/\/u1f987.com\/en\/news\/irkutsk-governor-proposes-sites-for-industrial-mining\">allocate<\/a> industrial power.<\/li>\n<li>Deputy director of the Federal Financial Monitoring Service (Rosfinmonitoring) German Neghlyad <a href=\"https:\/\/u1f987.com\/en\/news\/possible-ban-on-cryptocurrency-exchanges-in-russia-to-be-discussed-by-2022\">stated<\/a> about upcoming regulation of exchange offices for virtual currencies.<\/li>\n<li>The Prosecutor General\u2019s Office proposed <a href=\"https:\/\/u1f987.com\/en\/news\/russia-proposes-treating-cryptocurrencies-as-property\">to deem<\/a> cryptocurrencies and other virtual assets as property for criminal proceedings.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_single_blk has_region\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-81142\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Frame-3.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" width=\"105\" height=\"79\"><\/p>\n<ul>\n<li>President Kassym-Jomart Tokayev ordered to regulate mining without delay.<\/li>\n<li>Local parliament member proposed additional criteria for regulating mining amid country-wide power outages.<\/li>\n<li>Local exchanges and brokers became subjects of financial monitoring.<\/li>\n<\/ul>\n<\/div>\n<div class=\"review_single_blk has_region has_top_divider\">\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-116085\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-1.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" width=\"105\" height=\"79\"><\/p>\n<ul>\n<li>Joe Biden signed a $1.2 trillion infrastructure bill with an expanded definition of \u201cbroker.\u201d An advocacy group sent a new bill to Congress reflecting crypto-industry-favorable amendments.<\/li>\n<li>U.S. Treasury published a report on stablecoins\u2019 risks, proposing to treat issuers as depository institutions with required insurance and related regulation.<\/li>\n<li>A cross-agency group including the Fed, FDIC and OCC, under the U.S. Treasury, will present guidance for regulator interaction with cryptocurrencies in 2022.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"review_single_blk has_map review_2_map\">\n<h3>Other Regions<\/h3>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-2644-16.png\" alt=\"November 2021 in numbers: Boba Network debut, PlanB model questioned, metaverse token rally\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\">Founder of Ukrainian Monobank said Bitcoin card is ready \u2014 the company has been awaiting approval from the National Bank for three months.<\/div>\n<div class=\"country_blk\" data-blk=\"2\">India does not plan to recognise Bitcoin as a currency and will likely present a digital asset regulation bill by February 2022.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">Laos published rules regulating crypto-mining and trading platforms for digital assets.<\/div>\n<div class=\"country_blk\" data-blk=\"4\">ECB included cryptocurrencies in the e-payments supervision framework.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">Residents of Uzbekistan allowed to purchase cryptocurrencies on exchanges.<\/div>\n<div class=\"country_blk\" data-blk=\"6\">In the United Kingdom, smart contracts were proposed to be integrated into the legal framework.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">South Korea will consider lifting the ban on ICOs.<\/div>\n<div class=\"country_blk\" data-blk=\"8\">China restricted access to mining-pool domains and crypto media.<\/div>\n<div class=\"country_blk\" data-blk=\"9\">France\u2019s central bank proposed supervision for the DeFi sector.<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\"><strong>Notable November Events<\/strong><\/h2>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/u1f987.com\/wp-content\/uploads\/Taproot-min.png);\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/taproot-upgrade-activated-on-the-bitcoin-network\">Taproot upgrade on the Bitcoin network<\/a><\/strong><\/div>\n<p>On November 14, at block #709632, the long-awaited Taproot upgrade was activated. The upgrade aims to boost network scalability and user privacy through Schnorr signatures and MAST (Merkle-tree trees), increase Bitcoin\u2019s block size, and reduce transaction fees. <\/p>\n<p>Read more about Taproot in ForkLog\u2019s educational cards.<\/a><\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/u1f987.com\/wp-content\/uploads\/paraswap-min.png);\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/paraswap-launches-governance-token-airdrop\">DeFi project ParaSwap launched governance token airdrop<\/a><\/strong><\/div>\n<p>On November 15, liquidity-aggregator ParaSwap released the PSP governance token and airdropped 150 million tokens to 20,000 wallets. Many users did not receive tokens despite using the platform. The team abandoned \u201cbounty-hunters\u201d intent on exploiting airdrops, setting a precedent.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/u1f987.com\/wp-content\/uploads\/Polkadot.png);\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/polkadots-first-parachain-auction-ends-acala-wins\">Polkadot held two auctions for parachain slots<\/a><\/strong><\/div>\n<p>In the first auction, the Acala project won, locking over 32.5 million DOT (~$1.33B) of the total 87.55 million DOT. <\/p>\n<p>The second slot went to Moonbeam. In favor of Moonbeam, 35.7 million DOT were locked. <\/p>\n<p>Both auctions had little impact on Polkadot\u2019s price (DOT).<\/p>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/u1f987.com\/wp-content\/uploads\/Tim_Cook-min.png);\"><strong><a href=\"https:\/\/u1f987.com\/en\/news\/apple-ceo-tim-cook-discusses-his-personal-investments-in-cryptocurrencies\">Apple CEO discusses personal cryptocurrency holdings<\/a><\/strong><\/div>\n<p>Apple CEO Tim Cook stated that he personally owns cryptocurrencies, using digital assets to diversify his investment portfolio.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin corrected after hitting $69,000, the London upgrade burned over 1M ETH, metaverse tokens surged, and gaming platforms drew significant user numbers \u2014 all in ForkLog\u2019s new analytics digest.<\/p>\n","protected":false},"author":1,"featured_media":53983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"4","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-53982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"4","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53982"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53982\/revisions"}],"predecessor-version":[{"id":53984,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53982\/revisions\/53984"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53983"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}