The market lacked a broad rally this week, instead displaying clear institutional rotation and narrative divergence. Against a macro backdrop of Bitcoin (BTC) ETFs surpassing $45B in cumulative net inflows, capital began selective profit-taking while actively seeking the next growth engine. The total market cap surged by $160B on Monday (Nov 10) but was followed by heightened volatility, signaling churn at recent highs.

I. Major Caps: Divergence Deepens

The majors diverged, with BTC's "digital gold" narrative decoupling from the "utility" narrative of major altcoins.

• BTC: Served as the market anchor. After opening near $101,300, it hit a weekly high of $106,800 (Nov 11) before profit-taking pushed it back to consolidate around $100,200. Despite the dip, strong institutional ETF inflows confirm long-term investors are still accumulating.

• ETH: Underperformed. Data indicated capital outflows from some spot ETH ETFs. Although ETH 2.0 staking (approx. 34.6M ETH) reached an all-time high, short-term sentiment turned bearish.

• SOL, BNB, XRP: All experienced significant pullbacks. SOL presented a "narrative paradox": while Solana-related ETFs drew ~$70M in new inflows, the token price was sold off, suggesting early investors are using the new liquidity to exit.

II. Crypto Venture Market: Robust Capital Confidence

Primary market (VC) confidence remains unshaken by secondary market volatility.

• Funding Surge: In the first week of November alone, 12 crypto startups raised over $666M. The 2025 YTD total ($22B) has already doubled the full-year 2024 amount.
• Mega Deal: Ripple Labs announced a $500M strategic round at a $40B valuation, signaling strong long-term conviction in the compliant payments sector.

III. L1 & L2 Sector: Narrative Shift

Capital is rotating from mature L1s/L2s (like ETH) toward new narratives with higher ceilings.

• AI Sector: AI-focused protocols (e.g., Virtuals Protocol) demonstrated strong resilience, resisting the market-wide dip and signaling high conviction.
• BTC L2s: Speculation on Bitcoin Layer 2 solutions is heating up. "Bitcoin Hyper (HYPER)," a BTC L2 project, drew significant attention as a potential Binance listing candidate.

IV. DeFi & Meme Dynamics

• DeFi: Overall TVL growth stagnated, dragged down by ETH's pullback. Market focus has pivoted from traditional DEXs/lending to decentralized stablecoin projects.
• Memecoins: Hot money rotated from established names (WIF, PEPE) to high-leverage "presale memes." One project, "Maxi Doge (MAXI)," raised $3.8M in its presale, reflecting a strong speculative appetite for high-risk returns.

V. Binance Alpha

Binance's key move this week was its 61st Launchpool project: Usual (USUAL), a decentralized stablecoin issuer. Amid growing regulatory pressure on centralized stablecoins (USDT/USDC), this move signals Binance is actively cultivating the decentralized stablecoin sector as a potential new growth driver for DeFi.