Gate Research: FG Nexus sells over 10,000 ETH ｜ Tether announces investment in Parfin

Crypto Market Overview

• BTC (-5.68% | Current price 86,923 USDT): In the past 24 hours, BTC has shown a clear downward trend. The price weakened all the way down from above 92,000 USD, accelerating its decline under multiple large bearish 1-hour candlesticks, hitting a low of around 86,100 USD with a significant cumulative drop. Overall, BTC displayed a structure of a sharp decline followed by weak consolidation over the past day. In the short term, it is still in a recovery range, and it remains to be seen whether it can regain the level above 90,000 USD to ease the downward momentum.
• ETH (-6.14% | Current price 2,852 USDT): Today, ETH maintained a generally weak trend, presenting an accelerated pullback structure similar to BTC. After several failed short-term rebound attempts, the price saw a sharp drop, reaching a low of around 2,790 USD. Overall, it shows a pattern of “sharp decline followed by weak consolidation.” The 2,800 USD zone has become key short-term support, and to reverse current downward pressure, the price needs to climb back to the 2,950–3,000 USD range to confirm a bottom signal.
• Altcoins: Most major altcoins continue their downward trend, while market sentiment remains mainly “neutral” or “buy.” The Fear & Greed Index reports 14 today, entering the extreme fear zone, significantly lower compared to last month’s average of 25, indicating insufficient bullish strength in the market.
• Macro: On November 20, the S&P 500 fell 1.55% to 6,538.97 points; the Dow Jones fell 0.84% to 45,752.26 points; the Nasdaq fell 2.15% to 22,078.05 points. As of 2:00 AM (UTC) on November 21, the spot gold price is 4,072 USD per ounce, down 0.13% in the past 24 hours.

Trending Tokens

TNSR – Tensor (+228.49%, Circulating Market Cap: $92.34M)

According to Gate market data, TNSR is currently priced at 0.2665 USD, up about 228.49% in the past 24 hours. Tensor (TNSR) is a professional-level NFT trading platform built on the Solana blockchain and its ecosystem token. The parent project is the Tensor Foundation, which focuses on providing NFT traders, creators, and high-frequency participants with advanced trading tools, real-time analytics, and aggregated liquidity.

Over the past 24 hours, TNSR has seen a significant price surge, driven by synchronized improvements in technical and capital factors. First, TNSR quickly broke out of a multi-day descending channel, triggering technical buying. Multiple indicators such as MACD and ADX showed buyer dominance, causing a rapid shift in market sentiment. Meanwhile, derivatives activity surged, with open interest increasing nearly 960%, indicating that funds are actively increasing leveraged exposure and pushing up trading volume and volatility.

DYM – Dymension LDO (+119.67%, Circulating Market Cap: $68.64B)

According to Gate market data, DYM is currently priced at 0.1581 USD, up 119.67% in the past 24 hours. Dymension is an L1 blockchain network built using Cosmos SDK, focusing on providing security, liquidity, and interoperability infrastructure for RollApps (modular blockchain applications).

In the past 24 hours, DYM has shown a clear upward trend, mainly driven by improved market sentiment and a strengthening technical outlook. After a period of sideways consolidation, DYM broke above a key resistance level, causing a sharp increase in trading volume. Traders generally viewed this as a short-term trend reversal signal, leading to concentrated buying and accelerating price growth. Meanwhile, positive developments such as increased RollApps deployment and enhanced cross-chain activity in the Dymension ecosystem boosted investor expectations for the project’s fundamentals and long-term potential. Social media visibility and platform activity also rose during this period, attracting more capital and driving rapid short-term gains.

GRASS – Grass (+68.72%, Circulating Market Cap: $254B)

According to Gate market data, GRASS is currently priced at 0.562 USD, up about 68.72% in the past 24 hours. Grass is a token running on the Solana ecosystem, designed to allow users to convert unused internet bandwidth into rewards. Through the Grass app or extension, users share unused bandwidth, which is used to support network data services and AI model training.

Over the past 24 hours, GRASS has seen a large price increase due to several factors: interest in the DePIN (decentralized physical infrastructure network) + AI bandwidth economic model represented by Grass has significantly increased. Users and institutions are paying more attention to this new paradigm of monetizing idle resources, and Grass is well positioned in this early-stage sector. Trading volume has surged sharply in the past day, reflecting new capital inflows and a shift in market expectations. Technically, after consolidating at low levels, GRASS broke out and buying accelerated, pushing the price higher. However, rapid gains often come with high volatility and correction risks, so investors should remain cautious.

Alpha Insights

FG Nexus sells over 10,000 ETH to raise funds for stock buyback to support share price

ETH asset management firm FG Nexus recently sold more than 10,922 ETH (about 33 million USD) to support its stock price, and combined with a 10 million USD loan, repurchased 3,400,000 shares, accounting for about 8% of circulating shares, with an average buyback price of 3.45 USD—below its net asset value of 3.94 USD per share. After the news, ETH once dropped about 2%, BTC fell about 1%, and both later partially rebounded.

This large-scale sale highlights the ongoing pressure faced by digital asset financial firms, many of whose stock prices have fallen below the net value of their crypto holdings. Last month, ETH treasury company ETHZilla also sold about 40 million USD in tokens for share buybacks. FG Nexus currently still holds about 40,000 ETH and 37 million USD in cash and USDC. The market is also concerned about how long these companies can operate while continuously liquidating core assets.

Tether announces investment in Parfin to accelerate institutional adoption of USDT in Latin America

Recently, stablecoin issuer Tether announced a strategic investment in Latin American digital asset platform Parfin to promote institutional adoption of its flagship stablecoin USDT in the region. The investment aims to improve settlement efficiency for financial institutions using blockchain, including cross-border payments, tokenization of real-world assets (RWA), trade finance, commercial receivables, and credit card receivables.

Founded in 2019, Parfin focuses on providing financial institutions with custody, tokenization, trading, and digital asset management services, and has obtained regulatory registration and compliance licenses in Brazil, Argentina, and other Latin American countries.

Fear & Greed Index falls to 15, market sentiment returns to “extreme fear”

The latest reading of the CMC Crypto Fear & Greed Index is 15, showing sentiment has plunged into “extreme fear,” down significantly from yesterday’s 16, last week’s 25, and last month’s 30. Over the past year, the index has fluctuated dramatically, falling quickly from the 2024 November yearly high of 88 and hitting extreme lows multiple times in 2025. As the index dropped, both Bitcoin’s price and trading volume declined, with sentiment and price trends weakening simultaneously, reflecting continuously decreasing willingness for capital inflow.

The overall market experienced a relatively active greedy phase from late 2024 to early 2025, but as macro and industry uncertainties increased, sentiment gradually weakened and frequently entered the fear zone in the second half of 2025. The current reading close to yearly lows indicates that market risk appetite has contracted significantly, with investors mostly adopting a wait-and-see approach, liquidity remaining insufficient, and sentiment likely to stay under pressure in the short term.


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/trade/GT_USDT
• Gate, https://www.gate.com/price
• Gate, https://www.gate.com/launchpool/PLANCK?pid=433
• Coindesk, https://www.coindesk.com/business/2025/11/20/ether-treasury-firm-fg-nexus-unloads-nearly-11k-eth-to-fund-share-buyback
• Panews, https://www.panewslab.com/zh/articles/fbeeb3e6-4a35-4462-889c-0d09055ea263
• Coinmarketcap, https://coinmarketcap.com/zh/charts/fear-and-greed-index/

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.