Gate Research Institute: Cryptocurrency Market Review November 2025

Key Highlights:

• Cryptocurrency Market Performance: In November 2025, the total market capitalization of cryptocurrencies showed an overall downward trend. After a brief upward movement at the beginning of the month, it quickly retreated. Multiple weak rebounds occurred in the middle of the month but with limited strength. From a structural perspective, insufficient buying momentum, rising macroeconomic uncertainties, and cooling risk appetite jointly suppressed the overall rebound strength.

• Major Public Chain Data Analysis: The market capitalization of stablecoins across various public chains remains highly concentrated, with Ethereum accounting for over half, followed by Tron, maintaining its position as the mainstream choice for cross-chain payments and token transfers. Fund flow analysis indicates increased sector differentiation, with chains like Arbitrum and Starknet experiencing significant net inflows, and ecosystem activity continuing to grow.

• Hot Project Developments: The forecast suggests the market will continue to expand rapidly. The track structure has evolved from the previous “dual dominance” of Polymarket and Kalshi to a “tripartite” competition. Opinion’s trading volume surged significantly this month, quickly becoming the third major platform competing with the two giants, driving the overall market trading volume close to $10 billion.

• Funding and Security Incidents: The Web3 industry completed 53 funding rounds totaling $2.67 billion (excluding acquisitions and IPOs), a notable decline from October, indicating the market is entering a phase of contraction and structural tightening. Funds are mainly concentrated in CeFi, DeFi, and blockchain services sectors, with CeFi leading at $1.52 billion in funding, while application-layer projects continue to remain sluggish.

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