CryptoQuant CEO: Market Weakness Beyond Expectations, Strong Rebound Unlikely in the Next 3-6 Months

On November 21st, based on market data, the pre-market trading of crypto concept stocks in the US continued to decline. These included: Strategy (MSTR), which was down 4.48%; Circle (CRCL), down 1.45%; Coinbase (COIN), down 2.54%; MARA Holdings (MARA), down 3.03%; Riot Platforms (RIOT), down 4.93%; Bitmine Immersion (BMNR), down 3.5%; SharpLink Gaming (SBET), down 3.76%.

On November 21st, as reported by PR Newswire, Animoca Brands declared a strategic cooperation memorandum of understanding (MOU) with Hang Feng Technology, a U.S.-listed company. The aim is to boost the development of the latter's RWA ecosystem and provide support for the distribution of RWA tokens. The two parties will set up an RWA treasury on the on-chain financial market NUVA and also plan to jointly create Web3 educational content.

On November 21st, based on 8MarketCap data, Bitcoin has descended to the tenth position in the global asset market cap ranking and is now behind Vanguard Total Stock Market ETF and Saudi Aramco. The current market cap of Bitcoin has decreased to $1.652 trillion, with a 24-hour decline of 10.35%.

On November 21st, the renowned Japanese blockchain game project Sakura Nexus announced a strategic partnership with CAT Terminal. The plan is to gradually purchase CAT tokens worth 3,000 SOL to support the development of the CAT Terminal ecosystem. This is a key step in deepening the ecological collaboration between the two parties. Sakura Nexus is incubated and operated by Japan's leading Web3 game development and investment incubation firm AI on Web3 (headquartered in Shibuya, Tokyo, CEO: Allen Chow). Its Web2 game version "Domino Hub" has a monthly active user base exceeding one million, with an annual gross profit of 12.5 billion yen (approximately 82 million US dollars). Through this partnership, both parties will promote user interoperability and resource integration. They will jointly build a diverse ecosystem of AI × Meme × GameFi and help the CAT Crew expand in the Japanese market and accelerate global deployment. The CAT token is an AI Meme Token launched by the CAT Termina

November 21 - Paul Chan, the Financial Secretary of Hong Kong, stated that they are jointly conducting research on the applicability of existing legislation to tokenized bonds in order to promote the adoption of tokenization technology in the Hong Kong bond market. Details will be announced in the first half of next year. Chan mentioned that the third batch of tokenized green bonds issued earlier introduced the option of settlement using central bank digital currency in Renminbi and Hong Kong dollars, making it the world's first digital bonds to apply these two tokenized central bank currencies in the settlement process.

On November 21st, as per the monitoring of LookOnChain, BlackRock has just placed 4,198 Bitcoins ($348 million) and 43,237 Ethereum ($117 million) into Coinbase Prime.