Crypto Market Prediction: XRP Secures Enormous Surge, Shiba Inu (SHIB) Hides 20% Recovery Potential, Ethereum (ETH) to Beat Bitcoin?

PANews reported on November 17 that the unrecognized microstate "Verdis Free Republic" has announced that it will officially accept cryptocurrencies including SOL, USDC, and VERDIS for purchasing its e-Residency and applying for citizenship. Verdis was founded in 2019 by Daniel Jackson on disputed land between Croatia and Serbia, and now claims to have over 400 citizens. Verdis' e-Residency mainly includes: Basic: €25/year Plus: €50/year can be paid in cryptocurrency. To apply for "full citizenship," several conditions must be met, including: obtaining endorsements from two citizens or submitting a DBS background check, being active on the forum for one year, being an e-resident for at least 11 months, being willing to relocate in the future, and paying a non-refundable €300 processing fee. According to the official statement, investing in cryptocurrency with Verdis can directly grant citizenship and access to policy benefits such as "land fund allocation" and "operating global business with Verdis". The founder stated that Verdis has no plans to make cryptocurrency legal tender and will continue to use the euro as the official currency, but will continue to expand crypto payment scenarios to attract investment.

PANews reported on November 17th that, according to Bloomberg data cited by The Kobeissi Letter, the 30-day correlation between Bitcoin and the Nasdaq 100 index recently rose to approximately 0.80, the highest level since 2022 and the second highest in nearly a decade. This correlation has remained positive for most of the past five years, only briefly turning negative in 2023. Currently, the 5-year average correlation between Bitcoin and the Nasdaq is 0.54, while its correlation with cash and gold is close to zero. Analysts point out that Bitcoin is increasingly exhibiting the price action of highly leveraged technology stocks.

PANews reported on November 17th that, according to SoSoValue data, from November 10th to 14th (Eastern Time), Ethereum spot ETFs saw a net outflow of $729 million in a single week, with all nine products experiencing negative inflows, marking the third-highest weekly outflow on record. Among them, BlackRock's ETHA saw an outflow of $421 million, and Grayscale's ETH ETF saw an outflow of $135 million. As of now, the total net asset value of Ethereum spot ETFs is $20 billion, representing 5.42% of the total market capitalization of Ethereum. Furthermore, from November 10th to 14th (Eastern Time), the SOL spot ETF saw a net inflow of $46.34 million, marking the third consecutive week of positive inflows. Specifically, Bitwise's BSOL saw a net inflow of $33.97 million, and Grayscale's GSOL saw a net inflow of $12.37 million. As of now, the total net asset value of the SOL spot ETF is $541 million, representing approximately 0.64% of the total market capitalization of SOL.