PANews Your Web3 Information Officer

Industry Key Indicators

Total Crypto Market Cap$3.33T

Bitcoin Market Cap$1.90T

Ethereum Market Cap$382.94B

ETH/BTC Ratio0.03

Ethereum Gas PriceNaN gwei

DeFi TVL$235.77B

Fear and Greed Index10 (Extreme Fear)

Federal Reserve Balance Sheet$658.05T

Hot MEME

Name

Market Cap

1h Trading Volume

TRUMP

$7.1B

3.5M

MET

$419.02M

471.91K

ZEREBRO

$28.81M

370.57K

MRP

$146.09K

294.38K

Tokabu

$3.46M

286.17K

USDUC

$5.64M

283.05K

POPFROG

$841.08K

273.37K

Bill Market Peak Indicator

Indicator	Current Value	Reference Value
Bitcoin Ahr999 Index	0.6 ▲	≥4
Days of ETF Net Outflows	3	≥10
ETF-to-BTC Ratio	7.94%	≤3.5%
Bitcoin Bubble Index	13.5 ▲	≥80
USDT Flexible Savings	5.22% ▲	≥29%
Altcoin Season Index	45	≥75
Bitcoin Dominance	58.87% ▲	≥65%
Bitcoin 4-Year Moving Average	1.7 ▲	≥3.5
MicroStrategy's Avg Bitcoin Cost	74K ▲	≥155.7K
Bitcoin Terminal Price	95.5K	187.7K

Events Calendar

November 2025

「November 30」Metalpha completes strategic financing transaction 「November 27」Binance stops offering index-linked investment plans 「November 27」Semantic Layer (42) unlocked approximately 68.17 million tokens, valued at approximately $15.32 million 「November 27」Sahara AI (SAHARA) unlocked approximately 133 million tokens, valued at approximately $10.51 million 「November 26」WalletConnect Token (WCT) unlocked approximately 101 million tokens, valued at approximately $17.12 million.

TGE Know

After a seven-year wait, Aztec finally launched its token, but its return with a privacy narrative has been embroiled in controversy surrounding its initial coin offering (ICO).

Nancy

GAIB Announces Token Economics: Total Supply Capped at 1 Billion Tokens, Community Responsibility at 40%

PA一线

Infinex is about to launch its INX token TGE, and Patron NFT holders will be allocated 100,000 INX tokens.

PA一线

Binance Upcoming Alpha Airdrop

Project	Credits	Quantity	Time	Profit Forecast
DGRAMFCFS	-	-	11/18TBD	-
ZKPFCFS	-	-	-	-

Today's Topic

#Daily Insights from Industry Leaders (November 14)

Daily updates! Focusing on professional, in-depth, and trending Web3 market perspectives! We don't create a FOMO (Fear of Missing Out) atmosphere; we're your encrypted information sieve!

安永区块链负责人

企业在运营过程中需要两类隐私保护：一是支付与转账隐私，涉及资金及资产流转的具体细节；二是交易条款隐私，由智能合约承载记录。区块链的安全性依赖透明度，任何人都必须能够验证系统的运行逻辑。这使得隐私保护极具挑战，但并非无法实现。以太坊正通过开发隐私层解决这一矛盾 —— 在需要的场景保留透明度，在无需的场景启用加密保护。这一技术演进的核心是零知识证明（ZKPs），一种无需披露具体细节就能证明某件事真实性的加密技术。零知识证明让数据保持隐私的同时，仍能让网络验证其有效性成为可能。以太坊已成为零知识证明创新的全球中心，研究人员、rollup（二层扩容方案）项目及企业均在为落地实际应用贡献力量。正是这一发展势头，让企业级隐私保护不仅可行，更具备实际应用价值。多个专注于保障隐私、实现企业隐私需求的二层网络正在崛起，包括 @aztecnetwork、@COTInetwork、@0xMiden 以及 @EYnews（安永）的 Nightfall。Nightfall 还被部署为搭建在其他二层网络之上的三层隐私网络。目前，相比普通交易，安全性极强的隐私交易仍需更高成本，执行时间也更长。零知识证明所需的运算逻辑并不简单，但性能已得到大幅提升。性能提升幅度十分显著：在安永，如今的隐私计算效率相比 2018 年展示首个原型时，已提升超过 1000 倍。过去需要 100 美元 Gas 费（矿工费）的交易，现在仅需 0.05 美元就能完成。这并非个例，零知识证明相关的整体算法技术正以极快速度迭代优化。有信心在 18 至 24 个月内，即便是相对复杂的交易，也能以低成本、高吞吐量的方式，满足企业用户与普通消费者的需求。一个额外的关键事实是，私有（或授权型）区块链其实并不能提供精细化隐私保护。它们可以决定网络成员身份，但在成员内部，其透明度与公有区块链并无二致 —— 不存在隐私保护。需重点说明的是，隐私保护与匿名性并非同一概念。相关技术的目标并非向监管机构及合法授权部门隐瞒交易信息，而是防止交易被好事者及竞争对手窥探。目前，Nightfall、Aztec 等项目均已部署在测试网环境中，2026 年有望成为以太坊隐私技术的黄金之年，无论对消费者还是企业用户而言皆是如此。

Rekt Fencer

比特币是否会迎来 2018 年以来表现最差的第四季度？还是说，这只是一轮典型的 “假突破”，后续将迎来疯涨式顶部？

PA Daily Report | Bitmine increased its ETH holdings by over $234 million in the past week; Arthur Hayes is suspected of selling multiple tokens including ETH, ENA, and LDO.

PA Daily News | Ark Invest increased its holdings in BitMine and Bullish shares yesterday; the first US XRP spot ETF saw net inflows of $243 million on its second day of trading.

PA Daily Report | Crypto Market Plunge, BTC Spot ETF Net Outflows Hit Second Highest on Record; Fear & Greed Index Drops to 15, Indicating Extreme Fear

Columns

A $170 million buyback and AI features are insufficient to mask Pump.fun's downward trend, hampered by the meme cycle.Frank

After $9 billion in selling pressure, BTC has come of age BlockWeeks

Bittensor "opens a gas station"? The listing logic of xTAO from the perspective of TAO mechanism Trendverse Lab

Risk Management Strategies from the Exchange's Perspective and the Trader's Tactics of Snatching Food from the Mouth Agintender

Pavel's humanity, and Ton's challenges Bill Qian

Brevis Research Report: ZKVM and Data Coprocessor Unlimited Trusted Computing Layer 博闻札记

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A complete review of the 1011 encryption storm

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ETHShanghai 2025: Discussing the Future of Ethereum

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AI Agent: The Journey to Web3 Intelligence

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