CRYPTO WEEKLY REPORT (11-16 Nov): BITCOIN ETFS FUEL $1.8B, BTC HITS NEW ATH

Tags: bitcoin, bitcoin etf, dogecoin

The crypto market saw significant momentum this week, with Bitcoin crossing the $90,000 mark and institutional inflows driving optimism. Key funding rounds from Folks Finance, 0G Labs, and Eidon AI underscored innovation in DeFi and AI. Meanwhile, Elon Musk was cleared of a $258 billion Dogecoin lawsuit and nominated to co-lead a new government efficiency department, highlighting crypto’s growing impact beyond finance.

1. U.S. BITCOIN ETFS DRIVE $1.8 BILLION INFLOWS, PROPELLING BTC TO NEW HIGHS

According to Farside Investors, U.S. Bitcoin ETFs ended the second week of November 2024 with a total inflow of $1.8 billion.

Statistics on inflow/outflow of Bitcoin ETFs | Source: Klarda.com

Leading the pack was BlackRock’s IBIT fund, which recorded nearly $2 billion in inflows for the week, surpassing the net value of all 11 funds combined. This was due to BlackRock maintaining steady buying momentum, while other funds experienced notable sell-offs during the last two days of the week as investors took profits following Bitcoin’s peak.

Nevertheless, this marks the sixth consecutive week of Bitcoin ETF inflows since early October, with weekly figures of $348.4 million, $2.129 billion, $997.6 million, $2.22 billion, $257.4 million, and the latest $1.8 billion.

Bitcoin price chart during this week | Source: Klarda.com

Bitcoin’s price increased by +18.87% this week, reaching $91,114, with a 24-hour trading volume of $16.813 billion and a market capitalization of $1.799 trillion. Trading close to its 52-week high of $92,622, BTC shows strong bullish momentum. Over the past month, Bitcoin has grown by +34.63%, reflecting continued investor confidence and a solid market trend.

2. SOME PROJECTS HAVE JUST BEEN FUNDED THIS WEEK

2.1. Folks Finance Secures $6.2 Million in Oversubscribed Funding Round

Folks Finance, a leading DeFi platform on the Algorand blockchain, announced the successful closure of an oversubscribed funding round led by Borderless Capital. The round has increased the total investment into the company to $6.2 million.

This new funding will enable Folks Finance to enhance its platform’s features, expand its ecosystem, and further solidify its position as a key player in the decentralized finance space.

2.2. 0G Labs Secures $40M Seed Funding and $250M Token Commitment to Advance Decentralized AI

0G Labs, a crypto-AI startup, has secured $290 million in new funding, comprising a $40 million seed round and a $250 million token purchase commitment. The seed round attracted investors such as Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Bankless Ventures, Animoca Brands, and Polygon. The $250 million token purchase commitment, received by the 0G Foundation—the independent governance body for the 0G Protocol—will be accessible once the 0G token becomes live and liquid on crypto exchanges, anticipated next year. 

2.3. BNB Chain Secures $10M Google Cloud Support to Boost Blockchain Innovation

On November 12, 2024, BNB Chain announced a strategic collaboration with Google Cloud, securing $10 million in cloud service credits to support its Most Valuable Builder (MVB) program. This initiative aims to accelerate the growth of over 40 projects within the BNB Chain ecosystem, offering each project up to $350,000 in cloud credits over two years. The partnership underscores Google Cloud’s commitment to fostering innovation in the blockchain space and enhancing the development of decentralized applications on BNB Chain.

2.4. Eidon AI Secures $3.5M Seed Funding to Advance Decentralized AI Ecosystem

On November 12, 2024, Eidon AI raised $3.5 million in a seed funding round led by Framework Ventures, with participation from cyber·Fund. The funds will support the development of its decentralized AI network, enabling contributors to own and monetize their data. Eidon also launched the first version of its platform, featuring tools for data collection, assessment, and record-keeping.

3. COURT FILINGS REVEAL ELON MUSK BLOCKED OPENAI’S ICO PLANS TO PROTECT ITS REPUTATION

Musk’s legal team, in an amended lawsuit filed on November 14, revealed details about a proposed ICO by OpenAI co-founders Sam Altman and Greg Brockman to resolve financial challenges in 2018. Musk, a co-founder and major donor, rejected the plan outright, arguing that issuing a token would damage trust in OpenAI and compromise its mission to create safe artificial general intelligence (AGI). The filing highlights the growing tensions between Musk and the AI research group he once helped establish.

4. ELON MUSK AND TESLA OFFICIALLY CLEARED OF DOGECOIN MANIPULATION LAWSUIT

A high-profile lawsuit accusing Elon Musk of manipulating Dogecoin’s (DOGE) price has officially ended after investors withdrew their appeal, Reuters reported on November 15. Filed in 2022, the case alleged that Musk and Tesla engaged in fraud and insider trading by leveraging his influence to manipulate DOGE prices. However, District Judge Alvin Hellerstein dismissed the case in August 2024, citing insufficient legal grounds. The plaintiffs, who initially sought $258 billion in damages, claimed Musk used tweets, media appearances, and promotional stunts to inflate Dogecoin’s value for personal and corporate gain.

5. DONALD TRUMP NOMINATES ELON MUSK AND VIVEK RAMASWAMY TO LEAD NEW GOVERNMENT EFFICIENCY DEPARTMENT

President-elect Donald Trump has nominated Elon Musk and Vivek Ramaswamy to co-lead the newly established Department of Government Efficiency (DOGE). The department aims to streamline government operations by cutting bureaucracy, reducing wasteful spending, and restructuring federal agencies. Musk, known for his innovation at Tesla and SpaceX, and Ramaswamy, a businessman and former Republican presidential candidate, are expected to drive significant reforms. While the move highlights Trump’s commitment to improving government efficiency, some experts have raised concerns about potential conflicts of interest, given Musk’s companies’ federal contracts.

6. BITCOIN SURGES PAST $90K WITH $100K IN SIGHT BY YEAR-END

Bitcoin recently surpassed $90,000 for the first time, fueled by optimism surrounding President-elect Donald Trump’s crypto-friendly policies. Analysts predict BTC could reach $100,000 by the end of the year, driven by significant institutional interest, strong inflows into Bitcoin ETFs, and expectations of regulatory support. Factors such as a proposed national Bitcoin reserve and potential SEC leadership changes have bolstered market confidence. Additionally, record Bitcoin futures trading and the Federal Reserve’s rate cuts further support the rally. However, experts caution that despite the positive outlook, the cryptocurrency market remains volatile and carries significant risks.

7. ETHENA APPROVES REVENUE SHARING PROPOSAL FOR ENA HOLDERS

Ethena has approved a proposal to share revenue with ENA token holders, aiming to enhance value and benefits for the community. Under this plan, a portion of the protocol’s revenue will be distributed to users staking ENA, incentivizing participation and contributions to the project’s growth. This move is expected to drive sustainable development and strengthen investor confidence in the Ethena ecosystem.

CONCLUSION

This week in the crypto space was marked by remarkable developments, reflecting the market’s dynamic and evolving nature. Bitcoin’s surge past $90,000, fueled by ETF inflows and institutional interest, underscored its growing prominence, while funding rounds for projects like Folks Finance, 0G Labs, and Eidon AI highlighted innovation across blockchain and AI ecosystems. Legal and political updates, including Elon Musk’s cleared Dogecoin lawsuit and his nomination to lead a new government efficiency department, showcased crypto’s influence extending beyond finance. With advancements in decentralized technologies and regulatory optimism, the crypto market continues to chart new milestones while reminding investors of its inherent volatility.

The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research and consult with professionals before making investment decisions.