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On November 17, BTC remained in a short-term weak downward consolidation structure, with 92,976 USD forming a key short-term low and serving as the core defense for bulls. ETH is also in a short-term weak consolidation pattern but showed a clear rebound signal after touching the 3,004 USD low. GT, after experiencing a sharp decline and reaching a low of 10.51 USD, has gradually shifted from a downward trend to a weak consolidation and stabilization phase. In addition, RESOLV (+44.4%), LIGHT (+49.17%), and KITE (+13.59%) performed strongly, indicating that stablecoins and payment-related assets are once again becoming focal points for market capital. Ethereum spot ETFs recorded a historic third-highest weekly net outflow of 729 million USD. ZEC contract positions surpassed 1.5 billion USD, reaching a record high, with significant increases in privacy network trading activity. Meanwhile, Japanese regulators plan to reclassify BTC, ETH, and other cryptocurrencies as financial products, potentially reducing tax r

Gate Research Daily Report: On November 17, BTC remains in a short-term weak downward consolidation structure, with 92,976 USD forming a key short-term low and serving as the core defense for bulls. ETH is also in a short-term weak consolidation pattern but has shown a clear rebound signal after touching the 3,004 USD low. Ethereum spot ETFs recorded a historic third-highest weekly net outflow of 729 million USD. ZEC contract positions surpassed 1.5 billion USD, reaching a record high, with significant increases in privacy network trading activity. Meanwhile, Japan’s regulators plan to reclassify BTC, ETH, and other cryptocurrencies as financial products, potentially reducing tax rates to 20%.

In October 2025, the total cryptocurrency market capitalization exhibited a “rise-then-fall” pattern, reflecting weak market confidence and a stabilizing trend. Driven by the “BTCFi” narrative, Starknet saw new highs in both capital inflows and on-chain activity, with TVL rising from $170 million at the end of September to $245 million. Prediction markets heated up, with Polymarket and Kalshi recording a combined monthly trading volume exceeding $7 billion. Privacy coins made a strong comeback, with ZEC surging more than 440% for the month and leading the rally. On the funding side, the Web3 sector completed 130 deals totaling $5.12 billion, up 28.43% month-over-month, with total capital raised jumping 104.8% — the second-highest level in nearly a year — with funds primarily flowing into DeFi ($2.15 billion) and core infrastructure.