Gate Research: Crypto Market Sentiment Cools｜SOL Treasury Forward Industries Launches $1 Billion Buyback Plan

Crypto Market Overview

• BTC (-5.72% | Current Price: 99,875 USDT): After a brief consolidation, BTC continued its downward trend, falling below the 100,000 USD level and hitting a low of 98,951 USD. The price remains in a short-term weak consolidation zone, trading below the MA5, MA10, and MA30 averages, which are aligned bearishly—indicating sustained selling pressure. The MACD lines continue to expand downward below the zero axis, with increasing red bars showing weak momentum. If BTC fails to hold the 99,000 USD support, it may further decline toward the 97,500 USD area; conversely, a rebound above 101,000 USD could trigger a short-term technical recovery.
• ETH (-10.82% | Current Price: 3,215 USDT): ETH remains in a low-level consolidation pattern after breaking below the 3,200 USD mark. Although it attempted a short rebound, it remains capped by resistance at the MA10 level. The short-term moving averages are arranged bearishly, showing limited rebound momentum. The MACD lines stay below the zero axis, with shortening red bars but no valid bullish crossover yet. A break below 3,150 USD would expose support at 3,050 USD, while reclaiming 3,300 USD could signal a temporary recovery.
• Altcoins: Market sentiment continues to deteriorate, with the Fear & Greed Index dropping to 23, reflecting a rapid shift from neutral to fearful. Major altcoins like SOL and XRP declined between 5%–8%, as the market entered a phase of concentrated selling and emotional release. Short-term panic outflows have accelerated, amplifying downside volatility.
• Macro: On November 4, the S&P 500 fell 1.17% to 6,771.55, the Dow Jones dropped 0.53% to 47,085.24, and the Nasdaq slid 2.04% to 23,348.64. As of November 5, 02:15 AM (UTC), spot gold traded at $3,944 per ounce, up 0.78% in the past 24 hours.

Trending Tokens

JELLYJELLY jelly-my-jelly (+27.56%, Circulating Market Cap: $274M)

According to Gate market data, JELLYJELLY is currently priced at $0.26081, up approximately 27.56% in the past 24 hours. jelly-my-jelly is a decentralized multimedia platform centered on content creation and social interaction, combining short videos, music, and a community-driven token economy to build a Web3 entertainment ecosystem co-governed by creators and users. Recently, the project team launched the “JellyPhone × Cal.com” collaboration, offering users one-click tools for creating micro podcasts and short content, while partnering with crypto communities such as Wobbles to boost user engagement and visibility.

The strong rally in JELLYJELLY is likely driven by several factors: first, heightened activity across official social channels, with community topics frequently trending on X (Twitter); second, the launch of music-themed and meme interaction campaigns, sparking organic user participation and viral community growth; and third, joint airdrop and promotional events with Wobbles, which have attracted new users and short-term capital inflows. Overall, JELLYJELLY’s surge highlights how community-driven projects can experience explosive short-term momentum fueled by social hype and content-driven engagement.

AIA DeAgentAI (+140.04%, Circulating Market Cap: $280M)

According to Gate market data, AIA is trading at $2.83257, up 140.04% over the past 24 hours. DeAgentAI is a decentralized agent protocol that integrates AI and blockchain, aiming to build a verifiable and automated AI payment and service settlement network. Through its core X402 protocol, it enables autonomous machine-to-machine (Bot-to-Bot) transactions, paving the way for a decentralized machine economy.

The surge in AIA is primarily fueled by two catalysts: first, the official announcement of a partnership with Pieverse to join the Timestamping Alliance, using AIA for verifiable on-chain invoice and receipt payments—enhancing the token’s real-world utility; and second, a series of community-driven AMA sessions and task reward programs focused on the X402 protocol, which significantly boosted engagement and investor attention. Together, these developments have made AIA one of the most sought-after tokens in the AI sector.

CUDIS CUDIS (+47.25%, Circulating Market Cap: $13.35M)

According to Gate market data, CUDIS is currently trading at $0.05241, up 47.25% in the past 24 hours. CUDIS is a Web3 smart wearable ecosystem that integrates health and financial use cases, rewarding users with crypto income through its wearable devices and on-chain point system. Built around the concepts of “Walk-to-Earn” and “Health-as-an-Asset,” the platform allows users to earn tokens and accumulate points via step goals, fitness activities, or payments made with the CUDIS Card, which can later be redeemed for in-ecosystem goods or financial privileges.

The recent rally in CUDIS is mainly attributed to the “CUDIS × UR Card Social Challenge.” The event, running from November 6–12, rewards users who complete 5,000 steps daily with a share of $3,000 USDT and CUDIS smart rings, limited to 100 winners. The campaign, coupled with the project’s KYC onboarding and UR Card linking, has expanded user participation and social engagement. Increased community interaction and the momentum from the “Leaderboard with CUDIS” reward announcement have further driven short-term capital inflows, establishing CUDIS as one of the standout move-to-earn tokens in the current market.

Alpha Insights

SOL Treasury Firm Forward Industries Launches $1 Billion Buyback Program

SOL treasury firm Forward Industries announced that it has filed a prospectus supplement with the SEC under its effective Form S-3 registration statement submitted earlier this year. The filing registers the resale of certain common shares previously issued in the September 2025 private placement (PIPE), becoming effective immediately upon submission. In essence, this move provides PIPE investors with a compliant and transparent channel for share resale and liquidity, enabling smoother secondary market circulation while potentially adding short-term selling pressure.

At the same time, the company’s board of directors approved a share repurchase program on November 3, 2025, authorizing the repurchase of up to $1 billion of outstanding common stock through September 30, 2027. The combination of a resale registration and a large-scale buyback serves two purposes: technically opening an exit route for PIPE investors, while positioning the company itself as a potential key buyer. This dual approach signals management’s confidence in the firm’s valuation and long-term fundamentals, helping offset potential market selling pressure and optimizing shareholder returns by reducing float and improving per-share metrics.

Bitcoin Long Funding Rates Plunge 60%, Reflecting Cooling Leverage Demand

According to Glassnode data, the funding rates paid by Bitcoin long traders in the perpetual futures market have dropped about 62% from their mid-August peak — falling from $338 million per month to $127 million. This indicates not only a decline in leveraged capital costs but, more importantly, a reduced appetite for maintaining long positions. Historically, falling funding rates correlate with waning short-term bullish expectations, highlighting that speculative enthusiasm is rapidly cooling from previous highs.

Structurally, the decline also reflects the active withdrawal of leveraged longs, marking a “deleveraging phase” in the derivatives market. As institutional and quantitative funds cut short-term long exposure, market volatility and leverage expansion space have both contracted, leaving prices increasingly driven by spot flows and fundamentals. If macro conditions or liquidity fail to improve, persistently low funding rates may signal a period of sideways consolidation. However, in the long run, this cooling could help the market accumulate fresh upward momentum.

Ripple Acquires Palisade to Strengthen Institutional Custody Infrastructure

Ripple announced the acquisition of digital asset wallet and custody provider Palisade, expanding its enterprise-grade crypto custody capabilities. Palisade brings advanced MPC (multi-party computation) security, zero-trust architecture, and multi-chain support, which will be directly integrated into Ripple’s payment and settlement systems. The acquisition allows Ripple to offer comprehensive asset management solutions — from long-term cold storage to high-frequency trading — to crypto-native institutions, fintech firms, and traditional enterprises.

From a capital strategy perspective, Ripple has invested approximately $4 billion into the broader crypto and financial infrastructure ecosystem through strategic investments and acquisitions. This includes targets such as Hidden Road, Rail, and GTreasury, covering trading, treasury, and liquidity management. Collectively, these moves mark Ripple’s evolution from a single payment network to a multi-layered financial infrastructure provider spanning custody, settlement, and liquidity services. By locking in high-retention institutional clients and controlling key infrastructure points, Ripple aims to solidify its position at the intersection of compliance, enterprise adoption, and decentralized finance integration.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• Businesswire, https://www.businesswire.com/news/home/20251104964973/en/Forward-Industries-Announces-Resale-Prospectus-Supplement-Board-Authorizes-New-%241-Billion-Share-Repurchase-Program
• X, https://x.com/glassnode/status/1985707930889375833
• Ripple, https://ripple.com/ripple-press/ripple-acquires-palisade-to-offer-comprehensive-digital-asset-custody-solution/

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