Gate Research: Treasury Open Interest Hits All-Time High | AVAX One Acquires 9.37 Million AVAX

Crypto Market Overview

• BTC (+1.82% | Current Price: 88,413 USDT): Over the past 24 hours, Bitcoin rebounded after stabilizing near the $86,000 level, with the MA5, MA10 and MA30 forming a bullish alignment. Renewed expectations of rate cuts appear to be the main driver. However, the rally shows clear signs of declining volume, indicating that market liquidity has not meaningfully improved and investor sentiment remains cautious. Whether Bitcoin can truly stabilize after this pullback remains uncertain. Unlike previous retail-driven sharp sell-offs, this year’s correction occurred amid heightened institutional participation, accelerating policy shifts and global macro volatility. Bitcoin ETFs saw net outflows of $3.5 billion in November, further confirming that institutions have shifted from net buyers to net sellers. If Bitcoin can hold above the critical $96,000 support, it may retest the $100,000–$104,000 zone; otherwise, it risks slipping back into the $80,000–$83,000 consolidation range.
• ETH (+5.70% | Current Price: 2,961 USDT): After several days of sideways trading in the $2,700–$2,800 range, Ethereum began a rebound on Tuesday, rising 5.7% in the last 24 hours. The key market question is whether ETH can establish support above major levels or fall back into a downward trend. Despite ongoing selling pressure, institutions such as BitMine accumulated 70,000 ETH—clearly positioning for a new accumulation phase. If ETH can reclaim the $3,000 level, it may further test $3,100–$3,200; otherwise, it may pull back toward the $2,800 support zone.
• Altcoins: Over the past 24 hours, altcoins broadly rallied: XRP +8.8%, SOL +5.7%, STETH +5.3%. The Altcoin Season Index stands at 23, indicating that overall risk appetite remains very cautious.
• Macro: On November 24, the S&P 500 rose 1.55% to 6,705.12; the Dow Jones gained 0.44% to 46,448.27; and the Nasdaq climbed 2.69% to 22,872.01. As of November 25, 0:00 AM (UTC), spot gold trades at $4,139 per ounce, up 0.11% over the past 24 hours.

Trending Tokens

PIPPIN (+103.36% | Circulating Market Cap: $60.54M)

According to Gate market data, the PIPPIN token is currently trading at $0.0603, surging 103.36% in the past 24 hours. Pippin is an SVG unicorn character built using the latest ChatGPT-4o LLM benchmark, created by Yohei Nakajima — a well-known innovator and thought leader in the AI VC space.

The recent rally is mainly driven by the resurgence of its AI-themed narrative and meme storyline within trader communities, which has led investors to view it as a low-cap, high-beta speculative play. As with many meme coins, PIPPIN relies heavily on community activity and has relatively low liquidity, making its price highly volatile. Whether the upward trend can continue will depend on sustained social-media momentum; once the hype fades, profit-taking could occur rapidly.

L3 / Layer3 (+82.58% | Circulating Market Cap: $22.78M)

According to Gate market data, the L3 token is currently priced at $0.02065, up 82.58% in the last 24 hours. Layer3 is a Web3 platform focused on mission-driven, interactive experiences designed to increase on-chain user engagement. Through quests, points, and behavior-based incentives, it helps protocols attract real users while enabling participants to build composable on-chain identities and activity records. The L3 token serves as the core of the ecosystem, used for platform access, asset creation, and participation incentives.

The recent surge in L3 is primarily driven by its token scarcity model. As of November 2025, more than 11 million L3 tokens have been staked to access the Builder platform — roughly 12% of circulating supply — significantly reducing the amount available for trading. In addition, users must pay L3 to mint non-transferable CUBEs, and these tokens are permanently burned. A cumulative 23 million L3 have already been burned, creating structural demand and deflationary pressure that reinforce the token’s price momentum.

PARTI / Particle Network (+36.32% | Circulating Market Cap: $32.38M)

According to Gate market data, PARTI is currently priced at $0.14006, rising 36.32% over the past 24 hours. Particle Network is a leading chain-abstraction infrastructure project in Web3. Its core technology, Universal Accounts, solves fragmentation of user identities, data, and liquidity across chains, enabling a unified account and balance system usable across all blockchains.

The latest price increase is mainly driven by ecosystem expansion. On November 24, Particle Network partnered with the Timestamping Alliance, enabling cross-chain invoice payments using PARTI — a development that meaningfully enhances its real-world utility. Additionally, developer adoption continues to grow (with over 90 teams integrating its tools), signaling rising demand for its modular Layer-1 infrastructure and further supporting upward price movement.

Alpha Insights

AVAX One Spends ~$110 Million to Acquire 9.37 Million AVAX

Nasdaq-listed AVAX treasury company AVAX One disclosed that it spent approximately $110 million between November 5 and 23, 2025, to acquire 9,377,475 AVAX at an average purchase price of $11.73. The firm now holds more than 13.8 million AVAX in total. AVAX One also stated that it still holds over $35 million in cash, reserved for future stock buybacks or additional AVAX purchases, reinforcing its long-term positioning as a digital asset treasury platform.

This move signals that publicly traded companies are proactively deploying capital into blockchain assets, strengthening AVAX’s credibility and visibility among institutional investors. It also enhances AVAX’s positioning as a case study for “treasury asset allocation + ecosystem value capture.” However, the high concentration of holdings and continued buyback intentions may introduce liquidity and centralization risks—if market demand weakens or volatility spikes, both the company’s stock and its token holdings may face amplified correlated risks.

Nasdaq-Listed Enlivex Plans $212 Million Raise to Establish RAIN Token Treasury

Nasdaq-listed biotech company Enlivex plans to raise $212 million through a PIPE financing round to build a digital asset treasury (DAT) centered around the RAIN prediction-market token. This would make Enlivex the first publicly traded company to structure its treasury strategy around a prediction-market token. The company states that this open and permissionless system aligns with its long-term growth vision, viewing RAIN as a core infrastructure layer. Enlivex plans to allocate most of the proceeds toward purchasing unlocked RAIN tokens. To support the entry price, the RAIN Foundation will provide grants and give Enlivex the option to buy large amounts of RAIN at a fixed price over the next 12 months.

RAIN is a fully decentralized prediction-market protocol built on Arbitrum, enabling users to create and trade markets on real-world events, with a built-in buyback-and-burn mechanism. This financing marks the first instance of a listed company allocating large amounts of capital into a prediction-market token as a treasury asset, further validating the DAT model and potentially boosting market confidence in tokenized assets and on-chain treasury management.

CME U.S. Treasury Open Interest Surges to Record 35 Million Contracts

CME Group announced that open interest (OI) in its high-liquidity U.S. Treasury futures and options reached an all-time high of 35,120,066 contracts on November 20. Meanwhile, CME’s interest-rate futures and options recorded 44,839,732 contracts traded on November 21, the second-highest single-day volume in history.

Against a backdrop of uncertain economic growth and unclear timing of future rate cuts, the surge in Treasury OI reflects a significant increase in hedging and positioning around interest-rate risk. At the same time, such elevated open-interest levels may heighten the market’s sensitivity to macro surprises—unexpected data or policy shifts could trigger rapid unwinding or repositioning, amplifying rate volatility and affecting liquidity and price efficiency across bond, equity, and derivatives markets.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• TheBlock, https://www.theblock.co/post/380139/enlivex-plans-212-million-fundraise-rain-token-treasury-prediction-markets-dat
• PR Newswire, https://www.prnewswire.com/news-releases/avax-ones-treasury-holdings-reach-over-13-8-million-avax-as-of-november-23—2025—302624238.html
• PR Newswire, https://www.prnewswire.com/news-releases/cme-group-us-treasury-open-interest-hits-record-of-35-million-contracts-302624722.html

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