The market uptrend sparked by Donald Trump’s November 5 US presidential election victory has entered its third week. Increased trading activity has pushed many major cryptocurrencies to new all-time highs, while lower-cap tokens have seen sharp value spikes, delivering significant gains to traders.

Crypto whales have also taken notice, increasing their accumulation of select assets. This week, their purchases included Dogecoin (DOGE), Ethereum (ETH), and Shiba Inu (SHIB).

Dogecoin (DOGE)

Leading meme coin Dogecoin is one of the altcoins crypto whales bought this week. The spike in its large holders’ netflow during the review period confirms this. According to IntoTheBlock’s data, this has skyrocketed by 112% over the past seven days. 

Large holders refer to whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and the amount they sell over a specific period. When this rises, whale addresses buy more coins. This is a bullish signal that suggests the likelihood of a sustained rally.

Ethereum (ETH)

Ethereum is another crypto asset that has caught the attention of the whales this week. This has happened despite its consolidation between the $3,396 and $3,043 price range over the past 14 days. 

BeInCrypto’s assessment of ETH’s supply distribution reveals that, over the past seven days, whale addresses holding between 100,000 and 1,000,000 ETH have accumulated an additional 380,000 ETH, valued at $1.27 billion at current market prices.

As of this writing, the altcoin trades at $3,342. If the whales continue to pour money into this altcoin, its price may rally toward $3,500 in the near term.

Shiba Inu (SHIB)

Shiba Inu whales also showed up this week. According to Santiment, on November 14, the balance of addresses holding between 10,000 and 1,000,000 SHIB was 127 billion SHIB. 

As of this writing, this figure has rocketed to 129 billion SHIB. This means that this cohort of SHIB holders bought 2 billion SHIB during the seven-day period in review. If accumulation persists, the meme coin’s value may trend higher. 

Cboe Global Markets Inc. announced plans to introduce the first cash-settled index options tied to Bitcoin’s spot price. 

Cboe’s Bitcoin ETF options will debut on December 2 and will be based on its ETF Index, which tracks a group of US-listed spot Bitcoin exchange-traded funds.

Bitcoin ETFs Options Continue to See Interest from Institutional Investors

This development comes shortly after Nasdaq listed Bitcoin ETF options, allowing investors to speculate on Bitcoin’s price movement or manage risk through derivatives.

Crypto derivatives, including options and futures, have traditionally been traded outside the United States due to regulatory hurdles. 

However, increasing demand and a favorable stance toward cryptocurrency adoption have encouraged major U.S. exchanges to expand their offerings in the sector.

“We expect the unique benefits of cash-settlement, combined with the availability of various index sizes and FLEX options, will give customers more flexibility in their trading strategies,” Cboe stated in its press release. 

Earlier this week, Grayscale joined the trend by starting options trading for its GBTC and BTC Mini ETFs. Meanwhile, BlackRock’s IBIT options trading set a record on its first day, with over $425 million in trades.

Overall, spot Bitcoin ETFs continue to gain significant traction, now accounting for 5.33% of all mined Bitcoin. Bitcoin price peaks in March and November coincided with $4 billion in ETF inflows, highlighting a strong connection between ETF demand and price accumulation.

“Options are expanding the ecosystem, bringing more traders involved, and bringing more liquidity. And liquidity is big fish bait. So, you should see more institutions using not only options but the ETF itself because of the advent of options being available,” ETF analyst Eric Balchunas said in a recent podcast. 

Bitcoin ETF trading volumes exceeded $7.22 billion earlier this month, driven by optimism surrounding regulatory clarity. Ethereum ETFs also recorded inflows of $295 million, fueled by institutional interest led by firms like BlackRock and Fidelity.

BlackRock’s Bitcoin ETF has further cemented its dominance by reaching $40 billion in assets under management (AUM). This rapid growth places IBIT among the top 1% of ETFs globally by AUM. 

BlackRock’s aggressive acquisition of nearly 9,000 Bitcoin in a single day has further boosted its ETF’s position in the market.

This series of developments signals a growing acceptance of cryptocurrency products within traditional financial markets, with institutional interest driving unprecedented growth in Bitcoin and Ethereum ETFs.

Polymarket, a decentralized prediction platform, has restricted access for French traders following an investigation into its compliance with gambling laws by France’s national gaming authority, the ANJ. 

Reports emerged Friday that French users attempting to access the platform via a VPN encountered access blocks. This ban has yet to be formally added to Polymarket’s terms of service.  

Polymarket Continues to Face Strong Regulatory Scrutiny

The scrutiny comes from a French trader’s large bets on Donald Trump winning the 2024 US Presidential election, raising concerns about the platform’s operations in France. 

A French journalist on social media highlighted the restriction, sparking further attention to Polymarket’s legal challenges.  

The platform, which allows cryptocurrency-based betting on political events, sports, and other outcomes, became popular during the US presidential race. 

“Even if Polymarket uses cryptocurrencies in its operation, it remains a betting activity and this is not legal in France – a source close to the National Gaming Authority (ANJ), the gambling regulator, explained to me,” French journalist Grégory Raymond wrote on X (formerly Twitter). 

Reports claim users wagered over $3.2 billion during the election period. The platform saw a record trading volume of $294 million on November 5.  Ahead of the results, Trump held a 67% probability on Polymarket for securing a win. 

However, later research suggested that 30% of the platform’s trading activity could be linked to wash trading. The platform was allegedly used for repetitive buying and selling to inflate perceived market activity. 

Such practices can distort public sentiment and encourage further betting.  

Also, the platform reportedly paid out significant sums to top bettors following the election. Three high-value traders collectively earned $47 million. The largest single payout amounted to $20.4 million.  

In a post-election development, the FBI confiscated Polymarket CEO Shayne Coplan’s electronic devices. Sources allege the raid is tied to market manipulation accusations. No formal charges or arrests have been made.  

Despite these regulatory challenges, the platform recently reported plans for launching its own token. The platform is seemingly trying to keep its popularity alive beyond the election hype. However, more regulatory hurdles are expected.