Gate Research: U.S. Treasury Open Interest Hits All-Time High｜AVAX One Purchases 9.37M AVAX for Approximately $110 Million

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. The MA5, MA10, and MA30 have formed a bullish alignment, while renewed expectations of rate cuts appear to be the main driver behind the bounce. However, trading volume has contracted significantly during this move, indicating that market liquidity has not meaningfully improved. Investor sentiment remains cautious, and it is still uncertain whether Bitcoin can truly find a solid footing following this pullback. Unlike previous retail-driven sharp declines, this year’s correction has occurred against a backdrop of rising institutional participation, accelerating policy shifts, and heightened macro volatility. Bitcoin ETFs saw net outflows of $3.5 billion in November, signaling a clear shift from institutional net buying to net selling. If Bitcoin can hold firmly above the critical $96,000 support level, it may attempt another test of the $100,000 – $104,000 range. Conversely, failure to reclaim this zone could send the price back into a lower consolidation band around $80,000 – $83,000.
• ETH (+5.70% | Current Price: 2,961 USDT): After several days of consolidation within the $2,700 – $2,800 range, Ethereum began a rebound on Tuesday, rising 5.7% over the past 24 hours. The market’s key question now is whether ETH can firmly hold above this critical zone or if it will slip back into a downward trend. Despite ongoing sell pressure, institutions including BitMine have accumulated 70,000 ETH, signaling a clear bet that Ethereum is entering a new accumulation phase. If ETH can reclaim the $3,000 level in the near term, it may extend its move toward the $3,100 – $3,200 range. Conversely, failure to do so could see the price retreat back toward the $2,800 area to seek support.
• Altcoin: Over the past 24 hours, altcoins broadly moved higher, with XRP up 8.8%, SOL rising 5.7%, and STETH gaining 5.3%. The Altcoin Season Index currently sits at 23, indicating that overall risk appetite remains very subdued.
• Macro: On November 24, the S&P 500 rose 1.55% to 6,705.12, the Dow Jones added 0.44% to 46,448.27, and the Nasdaq gained 2.69% to 22,872.01. As of 12:00 AM (UTC) on November 25, spot gold was trading at $4,139 per ounce, up 0.11% over the past 24 hours.

Top Trending Tokens

PIPPIN Pippin (+103.36%, Circulating Market Cap: $60.54 million)

According to Gate market data, the PIPPIN token is currently trading at $0.0603, soaring 103.36% over the past 24 hours. Pippin is an SVG-rendered unicorn character generated from the latest ChatGPT-4o LLM benchmarks, created by Yohei Nakajima, a prominent innovator and thought leader in the AI VC space.

The recent surge in PIPPIN can be largely attributed to renewed interest in its AI-themed narrative and meme-driven storyline, which has once again gained traction within trader communities. As a low market cap token with high speculative leverage, it is increasingly viewed as a potential high-beta play. However, meme coins rely heavily on community engagement and typically exhibit low liquidity, leading to sharp price swings. Whether the current rally can continue will depend on sustained momentum across social media; if online discussion fades, a wave of profit-taking could be triggered at any time.

L3 Layer3 (+82.58%, Circulating Market Cap: $22.78 million)

According to Gate market data, the L3 token is currently trading at $0.02065, representing an 82.58% increase over the past 24 hours. Layer3 is a Web3 platform focused on boosting on-chain user engagement through task-based and interactive experiences. By leveraging quests, points, and incentives tied to on-chain activity, it helps protocols attract genuine users while enabling participants to build composable on-chain identities and behavioral records. The L3 token serves as the ecosystem’s core asset, providing platform access, enabling the minting of digital assets, and rewarding user participation.

The recent rally in L3 has been driven primarily by its token scarcity model. As of November 2025, more than 11 million L3 have been staked for access to the Builder platform, representing around 12% of the circulating supply and meaningfully reducing the amount of tradable tokens. In addition, users are required to spend L3 when minting non-transferable CUBEs, and these tokens are permanently burned. The total amount burned has now reached 23 million L3, creating structural demand and adding sustained deflationary pressure.

PARTI Particle Network (+36.32%, Circulating Market Cap: $32.38 million)

According to Gate market data, the PARTI token is currently trading at $0.14006, representing a 36.32% increase over the past 24 hours. Particle Network is a leading chain-abstraction infrastructure project in the Web3 space. Its core technology, Universal Accounts, addresses the fragmentation of users, data, and liquidity across multiple blockchains by providing a unified account and balance system that operates seamlessly across all chains.

The latest rally has been driven primarily by ongoing ecosystem expansion. On November 24, Particle announced a partnership with the Timestamping Alliance, enabling cross-chain invoice payments using PARTI and materially enhancing the token’s real-world utility. Developer adoption is also steadily rising—with more than 90 teams already integrating its tooling—indicating strengthening long-term demand for its modular Layer-1 infrastructure. Together, these developments have provided meaningful support for PARTI’s recent price appreciation.

Alpha Insights

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

The Nasdaq-listed AVAX treasury company AVAX One disclosed that it spent approximately $110 million to acquire 9,377,475 AVAX between November 5 and November 23, 2025, at an average purchase price of $11.73. This latest accumulation brings its total AVAX holdings to more than 13.8 million tokens. The company also noted that it continues to hold over $35 million in cash, earmarked for potential future stock buybacks or additional AVAX purchases, reinforcing its long-term positioning as a digital asset treasury platform.

This move indicates that a publicly listed company is proactively making large-scale allocations to blockchain assets, enhancing the credibility and visibility of the AVAX ecosystem from an institutional standpoint. It also reinforces AVAX’s position as a reference case for “treasury asset deployment + ecosystem value capture.” However, the high concentration of holdings, combined with the company’s stated intention to conduct future buybacks, may introduce liquidity and concentration risks. Should market demand for AVAX soften or price volatility rise, both the company’s equity and its token holdings could face amplified, correlated returns or downside exposures.

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

Nasdaq-listed biopharmaceutical company Enlivex plans to raise $212 million through a PIPE offering to establish its Digital Asset Treasury (DAT), centered on the RAIN prediction-market token. This would make Enlivex the first publicly traded company to develop a treasury reserve strategy built specifically around a prediction-market asset. Enlivex noted that this open and permissionless architecture aligns with its long-term growth vision, viewing RAIN as an infrastructure layer. The company plans to allocate the majority of proceeds toward acquiring unlocked RAIN tokens. To help support the entry price, the RAIN Foundation will provide grants and give Enlivex an option to purchase additional large allocations of RAIN at a fixed price over the next 12 months.

RAIN is a fully decentralized prediction market protocol built on the Arbitrum network, allowing users to create and trade markets tied to real-world events. Its native token features a buyback-and-burn mechanism. This fundraising round marks the first time a publicly listed company has made a large-scale allocation to a prediction-market token as a treasury asset—an important milestone that reinforces the legitimacy and viability of the Digital Asset Treasury (DAT) model. The move is expected to strengthen market confidence in tokenized assets and on-chain treasury management.

CME U.S. Treasury Futures Open Interest Reaches 35 Million Contracts, a Record High

CME Group announced today that open interest in its highly liquid U.S. treasury futures and options reached a record 35,120,066 contracts on November 20. In addition, trading volume across CME’s interest rate futures and options totaled 44,839,732 contracts on November 21, marking the second-highest single-day volume in the exchange’s history.

Amid uncertainty around economic growth and the timing of rate cuts, the buildup of U.S. Treasury rate-risk exposure suggests that capital is accelerating into interest-rate and Treasury-derivatives markets for hedging and arbitrage purposes. At the same time, the extremely elevated open interest increases the market’s vulnerability to rate-sensitive shocks. Should macro data or policy outcomes surprise to the upside or downside, large-scale unwinding or repositioning could drive a spike in rate volatility, with potential spillover effects on 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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