Weekly on-chain 13.11

Last week, the price of Bitcoin reached local highs and pulled back after information about the Ethereum ETF surfaced. This accelerated the rotation of capital into altcoins and opened up the potential for an altcoin season. Now we are witnessing altcoins’ ecosystems popping up one after another.

Solana remains one of the main drivers of the altcoin rally, but the TVL is already too big to lead the charts. While Kujira isn’t, it has been rising constantly since March and is now leading the chart. The network has absorbed the best of what’s left of the dead Terra; the team has been building throughout the entire bear market and is now reaping the benefits. It is followed by Sui, which has already surpassed its twin network, Aptos, in TVL by a factor of two.

Injective was the only one to see an impressive drop in TVL last week. At the same time, the price of INJ token practically did not suffer, which once again shows that there is no strong correlation between TVL and token price. Last week, Injective celebrated the 2nd anniversary of its mainnet launch.

Bitcoin ETFs may culminate in November. Most likely, altcoin teams have prepared their steepest announcements for this event to let their tokens join the party. Also, the market is betting that Layer 0 airdrops tokens this year. Thus, the market probably remains hot till the end of November, unless something bad happens.