Key Takeaways

Market Performance: The cryptocurrency market saw significant upward momentum in November. Driven by favorable macroeconomic policies and sustained institutional inflows, the total market capitalization rose from $2.456T at the beginning of the month to $3.563T by month-end, marking an increase of approximately 45%.

On-Chain Data: Solana stood out in terms of on-chain activity. Boosted by MEME tokens, its core metrics—transactions, active addresses, and fund inflows—led the market. Daily active addresses exceeded 8M multiple times in November, with over 40% MoM growth. On-chain fund inflows also surged, solidifying Solana’s position as a leading blockchain network.

Hot Topics: November saw continued macro policy support. Following Trump’s re-election as U.S. President, crypto regulatory policies eased further. Multiple U.S. states challenged the SEC’s overregulation, and the UK began piloting digital bonds, injecting new growth momentum into the crypto market.

Funding Information: The Web3 sector attracted 90 funding deals, totaling $449M—a 64.4% MoM decline. The infrastructure and DeFi sectors stood out, raising $180M and $101M, respectively, reflecting sustained market interest in foundational technology and decentralized finance. Most funding amounts ranged from $1M to $10M, accounting for over 50%, with mid-sized projects remaining a key focus.

Security Incidents: Total losses from security incidents reached approximately $730M, with smart contract vulnerabilities accounting for the largest share (31.8%). Several incidents involved prominent projects, including Symbiotic and Zulu Network, highlighting the continued need to improve smart contract security and protect user assets.

Upcoming Events: In December, the token unlocks for JTO and ADA will take center stage, with unlocking amounts of $516.72M and $45.58M, respectively. These substantial unlocks could lead to potential selling pressure, making it crucial for investors to monitor unlock dates and related market trends closely to mitigate risks.

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