Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 16 - November 22, 2025

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Crypto Weekly Recap

Total crypto market cap: $2.83T

Crypto Fear & Greed Index: 11 (Extreme Fear)

BTC.D: 59.04%

Bitcoin:

• Weekly performance: -12.49%
• US Spot BTC ETFs: -$1.22B
• Bitcoin dropped from ~$94.2K to near $84K at the time of writing, with the weekly high at ~$96.6K on Nov 16 and a capitulation low near ~$80.5K on Nov 21.
• The Nov 21 flush triggered extreme volatility, with multiple derivatives venues printing $80K–$81K and immediate mean-reversion back to mid-$80Ks, confirming the move was liquidation-driven rather than fundamental.
• Total November ETF redemptions reached ~$3.8B by Nov 22, shaping a macro perception that institutions were reducing beta exposure rather than abandoning Bitcoin entirely.
• Japan lit the match early in the week as its 30-year yield spiked toward 3.4%, triggering a global risk-off wave as markets priced in a potential unwind of Japan’s multi-decade ultra-loose policy — a direct hit to leverage-heavy markets like BTC.
• Nvidia’s earnings shock and tech-led selloff in U.S. equities drained risk appetite, spilling into crypto as investors trimmed high-beta exposure; BTC’s slide accelerated every time NVDA broke intraday support during Nov 18–20 sessions.
• The Fed became the third pressure point: Nov 18–20 saw Goolsbee, Hammack and others push back against rapid rate-cut expectations, while Trump’s Nov 19 threat to “fire Powell” injected political risk, tightening conditions before NY Fed’s John Williams eased tone on Nov 21.
• DAT firms contributed to the correction as market downturn forced some to sell their crypto or face unrealized losses amid falling NAV.
• On-chain indicators showed short-term holders realizing losses at FTX-era levels by Nov 21, with SOPR < 1 and nearly the entire STH cohort sitting on unrealized losses, signaling forced capitulation.
• Whale flows turned symbolic this week as early Bitcoiner Owen Gunden finished off-loading ~11,000 BTC (~$1.3B) into the November decline, aligning with Robert Kiyosaki's selloff.
• Tether stepped in counter-cyclically, deploying roughly ~$1B USDT to purchase BTC around and below ~$86K on Nov 21, after already adding ~$97M earlier in November — a direct offset to whale distribution.
• BTC ended the week ~30% below its October ATH near $120K and erased its full YTD gain, placing the market in a classic post-leverage-flush environment where recovery depends more on macro stability than crypto-native flows.

Ethereum:

• Weekly performance: -13.88%
• US Spot ETH ETFs: -$500.25M
• Ether slid from the $3,250 zone to ~$2,650 as persistent rejections at $3,300 turned into a structural breakdown early in the week.
• ETF outflows accelerated ETH’s slide below $2,900 and then further, effectively turning passive indexing products into forced supply that deepened the selloff.
• Derivatives added fuel as more than $2B in crypto liquidations hit, including ~$400–430M from ETH longs alone, triggering a mechanical cascade.
• The macro shock from Japan’s 30-year JGB yield spiking, Nvidia-driven AI/tech volatility, and Fed rate-cut odds created a zero-conviction macro regime that punished any asset requiring forward-liquidity confidence like ETH.
• Prediction markets and analysts leaned bearish short-term but constructive long-term, with ETH’s near-term targets cut toward $2,850–2,950 while 12–18 month forecasts stayed near $4,200–4,500.

Others:

• US Spot SOL ETFs: +$128.2M
• US Spot XRP ETFs: +$179.60M
• Kraken’s $800M raise signaled a strategic push to bridge traditional finance with digital markets.
• Aave Labs launched a 5–9% savings app backed by $1M insurance as DeFi pushed further into mainstream finance.
• El Salvador’s $100M BTC accumulation raised transparency concerns as national reserves approached 7,500 BTC.
• Tether’s investment in Ledn marked a major move into Bitcoin-backed lending within a market projected at $60B.
• Malaysia faced a growing RM4.57B power-theft problem linked to illegal crypto mining from 2020–2025.
• Hong Kong launched a tokenized deposit pilot featuring real-value transactions.
• 21Shares added six new crypto ETPs—AAVE, ADA, LINK, DOT—on Nasdaq Stockholm.
• Grayscale’s Dogecoin and XRP ETFs were set to launch Monday after NYSE approvals.
• Numerai secured a $30M Series C at a $500M valuation for its DeFi-and-AI-focused hedge fund.
• Coinbase moved to acquire Vector.fun, the Tensor-built Solana trading platform, to support its “everything exchange” vision.
• DappRadar shut down operations.
• A Cloudflare global network outage disrupted multiple crypto front-ends in a widespread incident.

Bitcoin Drops to $80,500, Triggers $2 Billion Liquidation Amid Near-Record ETF Outflows

Bitcoin fell sharply to $80,500, triggering nearly $2 billion in liquidations and pushing the global crypto market cap below $3 trillion. This decline followed significant ETF outflows, with U.S. spot bitcoin ETFs losing $903.11 million, led by BlackRock’s IBIT. Despite this drop, Bitcoin rebounded above $85,800 after dovish comments from Federal Reserve officials revived hopes for a rate cut. The market was marked by extreme fear, with a "Crypto Fear & Greed Index" score of 11. Analysts noted retail panic selling drove the correction, while new altcoin products saw positive inflows amid broader market volatility.

Digital Asset Treasuries Face Crisis: Forced Selling, NAV Losses, and $100 Billion Market Cap Drop

The digital asset treasury sector is facing a crisis, with forced selling leading to severe NAV compression and billions in unrealized losses. A rapid $100 billion drop in market cap followed Bitcoin's 10% decline to $82,864, impacting treasuries heavily weighted in Ethereum and Solana. Over $2.24 billion in liquidations occurred within 24 hours, with DATs potentially facing $4–$6 billion in forced unwinding. Major firms, including FG Nexus and BitMine, reported stunning losses, prompting stock buybacks funded by asset sales. Regulatory issues further added to the turmoil, with broader industry confidence plummeting amidst canceled deals and declining liquidity.

21Shares and Fidelity Launch Solana ETFs Amid Crypto Downturn, Signaling Institutional Confidence

21Shares and Fidelity launched new Solana ETFs amid a broader crypto downturn, attracting significant institutional interest. 21Shares' ETF debuted on November 19, 2025, with $100 million in assets, showcasing demand even as Solana's price declined. Fidelity introduced its FSOL fund on November 18, featuring integrated staking and a waived expense ratio until May 2026. Despite a $1.2 trillion market sell-off, analysts noted Solana's ecosystem activity remained robust, positioning it as a standalone asset. The launches signal a shift in how institutions view altcoins, with Solana evolving into a recognized investment choice backed by growing infrastructure and market participation.

Robert Kiyosaki Sells $2.25M in Bitcoin, Amid Whale Liquidations and Quantum Security Concerns

Robert Kiyosaki's recent $2.25 million Bitcoin sale has sparked significant market activity, despite his long-standing bullish outlook. He sold his BTC, initially bought at $6,000, for approximately $90,000, reinvesting the funds into businesses expected to yield $27,500 monthly. Concurrently, a whale sold 11,000 BTC, leading to $900 million in market liquidations. Amid rising quantum security concerns and growing institutional ETF inflows, Kiyosaki described the market's downturn as a "dash for cash," emphasizing the enduring appeal of hard assets over fiat. Notably, Bitcoin's ETF assets reached $138.08 billion, with $1.2 billion in net inflows this month.

Bitwise Launches XRP ETF Amid Market Pullback, Eyes 100+ New Crypto ETFs by 2026

Bitwise launched its spot XRP ETF on November 20, 2025, on the NYSE with a 0.34% fee, waiving it temporarily for the first month on the first $500 million in assets. This debut comes amid XRP's weak Q4 performance, with prices falling 25% and market sentiment risk-averse. The XRP Ledger boasts over 4 billion transactions and claims rapid settlement capabilities, targeting the $250 trillion cross-border payments market. Despite subdued immediate price reactions, Bitwise's CIO forecasts over 100 new crypto ETFs by 2026, reflecting growing institutional demand for regulated crypto investments and index-based products.

U.S. Lawmakers Push Bills to Establish Bitcoin as a Strategic National Asset

U.S. lawmakers are advancing multiple bills to position Bitcoin as a strategic national asset, aiming to allow tax payments in BTC and establish a Strategic Bitcoin Reserve. Forecasts suggest the U.S. could accumulate over 2.6 million BTC by 2030 with just 1% taxpayer participation. The “Bitcoin for America Act,” introduced by Rep. Warren Davidson, would channel collected BTC into the reserve, emphasizing its potential as a long-term asset. Parallel Senate efforts propose purchasing 1 million BTC over five years, framing Bitcoin as a geopolitical hedge similar to gold. This marks a significant shift in the U.S. approach to digital assets.

Kalshi’s Valuation Soars to $11B After $1B Funding Round 

Kalshi's valuation soared from $5B to $11B following a $1B funding round led by Sequoia and CapitalG, reinforcing its status as a regulated leader in prediction markets. Conversely, Polymarket seeks to regain U.S. access and explore a valuation range of $12B–$15B after acquiring a derivatives exchange. Kalshi commands 62% of global trading volume with annualized metrics nearing $50B, up from $300M last year. Both firms exemplify distinct approaches: Kalshi prioritizes regulatory approval, while Polymarket focuses on decentralized architecture, as the prediction-market sector shifts towards becoming a mainstream financial instrument.

Cboe to Launch Perpetual Bitcoin and Ethereum Futures Amid Rising Short-Term Holder Losses

Cboe plans to launch perpetual-style Bitcoin and Ethereum futures on December 15, 2025, featuring near-24/7 trading and daily cash adjustments, responding to institutional demand. However, Bitcoin's short-term holders face significant stress, with 99% of BTC bought in the last 155 days now at a loss, similar to levels during the 2022 FTX collapse. Approximately 815,000 BTC were sold in the past month, marking intense distribution. This highlights a divide between institutional traders gaining regulated exposure and retail investors grappling with unrealized losses, indicating potential volatility and shifting market dynamics as institutionalization of the crypto market progresses.

Japan Plans 20% Flat Tax on Crypto Gains, Reclassifying 105 Cryptocurrencies as Financial Products

Japan is set to reclassify 105 cryptocurrencies, including Bitcoin and Ethereum, as “financial products,” transitioning from a 55% progressive tax to a flat 20% on crypto gains. This regulatory overhaul by the Financial Services Agency aims to align crypto with equities, enhance domestic trading, and improve liquidity. Proposed measures include stricter disclosure rules and insider-trading regulations. The move could pave the way for crypto exchange-traded funds (ETFs) by 2027, spurred by rising adoption and global competition. However, only 105 coins will be affected, leaving many outside this beneficial framework, reflecting ongoing challenges in the market.

U.S. Intensifies Security Probe into Bitmain's Bitcoin Mining Hardware Amid Infrastructure Risks

Federal scrutiny on Bitmain’s Bitcoin mining hardware intensifies under Operation Red Sunset, investigating potential risks to U.S. energy grids. Concerns stem from identified vulnerabilities in foreign-made ASIC rigs, particularly near military sites. Bitmain, holding over 80% of the global Bitcoin ASIC market, denies allegations of covert access but faces potential import restrictions. The probe redefines mining equipment as critical infrastructure, likening it to telecommunications and energy systems. U.S. miners are re-evaluating procurement strategies and diversifying suppliers amid fears of tighter regulations. This investigation underscores the intersection of cryptocurrency and national security in operational planning.