Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 23 - November 29, 2025

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Crypto Weekly Recap

Total crypto market cap: $3.05T

Crypto Fear & Greed Index: 28 (Fear)

BTC.D: 59.22%

Bitcoin:

• Weekly performance: +7.55%
• US Spot BTC ETFs: +$70.05M
• Bitcoin rebounded from ~$84.7K -> ~$92.9K after bottoming in the mid-$84Ks, briefly tagging $93Ks on Fed-cut premium.
• US Spot BTC ETFs flip back to net buyers: after a –$151M hit (Nov 24) -> inflows of +~$129M (Nov 25) -> +~$4M (Nov 26) -> –~$27M (Nov 27) -> +~$71M (Nov 28), first positive reversal in weeks.
• Macro flipped risk-on — Fed-cut probability jumped to 82–87% for December (CME FedWatch), JPMorgan projected an early cut, and Beige Book signaled cooling labor/consumer demand.
• Derivatives saw a mild recovery as OI increased from $122.62B to $131.6B.
• Fear rebounded but still dominant: sentiment index averaged ~13–28 (extreme fear) even with price up 7% = recovery ignored by retail, driven by pros + spot flows, not leverage.
• CME outage Nov 28 mildly tested correlation — TradFi paused, BTC kept trading and held ~$90K, giving crypto the only functioning venue during freeze, but no volume-shock follow-through.
• Recent data indicates an 80% drop in short-term holder losses, suggesting reduced panic selling among investors: the amount of BTC sent to exchanges at a loss is around 11,600 BTC, down from a peak of 67,000 BTC.

Ethereum:

• Weekly performance: +9.50%
• US Spot ETH ETFs: +$312.62M
• Ether reclaimed $3,000 while stabilizing after the brutal mid-Nov liquidation cycle that previously erased ~45% from the top.
• Price ranged $2,720 low -> $3,094 high, with bulls defending $2.8K–$2.9K three separate times — signaling controlled accumulation rather than panic retracement.
• Reclaiming $2.8K triggered structural trend repair, as ETH flipped prior liquidation range into support, restoring market confidence that leveraged sellers had already been flushed out.
• Later-week decoupling signs emerged around $3.1K resistance, where price stalled despite equities climbing, implying crypto still needs a narrative ignition to extend.
• That catalyst is Fusaka (Dec 3) — positioned as the most accrual-positive ETH upgrade to date, with analysts branding it a fee-capture transformation, not just scaling.
• Sentiment reads cautiously bullish, not euphoric, with traders framing $3,100-$3,150 as the gateway to $3,300-$3,500, while a failed breakout risks revisiting high $2.8K support.

Others:

• US Spot SOL ETFs: +$108.34M
• US Spot XRP ETFs: +$243.94M
• US Spot DOGE ETFs: +$2.17M
• U.S. Bancorp piloted a dollar-backed stablecoin on Stellar as large banks expanded into tokenized finance.
• Polymarket secured CFTC approval while Bank of America warned of credit-driven prediction-market risk.
• Binance and CZ were sued for allegedly enabling over $1B in Hamas-linked crypto transfers.
• Vitalik Buterin funded privacy-focused messaging projects as privacy tokens rallied despite a soft market.
• A CME cooling failure halted global futures, FX, and commodities trading.
• Balancer pushed an $8M reimbursement plan after a $128M exploit.
• South Korea cut its crypto travel rule threshold to under 1M won, tightening AML controls.
• Amundi launched a €5B euro-denominated money-market fund on Ethereum.
• Rumble stock jumped after Tether purchased 1M shares.
• Brevan Howard received a $25M “refund right” tied to its Berachain allocation.
• Metaplanet borrowed another $130M against BTC to accumulate more.
• BitMine bought $44M in ETH as Tom Lee issued a bullish outlook.
• Kraken rolled out a Bitcoin rewards debit Mastercard ahead of its planned IPO.
• BONK memecoin debuted as an ETP on Switzerland’s SIX exchange.
• Animoca Brands shifted focus to stablecoins and RWAs for 2026 during U.S. IPO preparation.
• South Africa flagged crypto and stablecoins as emerging systemic risk.

XRP ETFs Surge, Dogecoin Slumps as Grayscale & Franklin Templeton Spark Altcoin ETF Battle; Solana, Zcash, IBIT Heat Up

The U.S. crypto ETF market saw major developments this week, with new product launches, institutional moves, and shifting investor sentiment. Grayscale and Franklin Templeton launched competing XRP (GXRP, XRPZ) and Dogecoin (GDOG) ETFs on Nov 24, with XRP outperforming via 63% volume surge to $6.3B and $586.8M inflows, while Dogecoin ETF inflows plunged 80% to $365K. Franklin’s Solana ETF (SOEZ) cleared SEC, following XRP ETF’s $70M debut. 21Shares' TSOL saw $34M outflows despite overall Solana ETF market gaining $58M. Nasdaq proposed raising IBIT options to 1M; BlackRock’s IBIT hit 400M shares. JPMorgan launched a 1.5x leveraged IBIT note. Zcash ETF filing emerged. Bitwise's Dogecoin ETF (BWOW) approved; Avalanche ETFs intensified. BNB ETF removed staking amid legal uncertainties.

Tether Downgraded by S&P Amid Rising Risk and Exit from $500M Uruguay Project

Tether faced significant pressure, with S&P Global Ratings downgrading USDT's stability score from 4 to 5, its lowest tier, due to increased Bitcoin (5.6%) and gold (7%) exposure, raising concerns over transparency and the thin margin for error in reserves (valued at $181.2 billion against liabilities of $174.4 billion). Tether's CEO Paolo Ardoino refuted the downgrade's validity, touting profitability and structural resilience. The company also announced its exit from a planned $500 million Uruguayan operation, attributing the decision to unresolved energy tariff disputes. Tether became the world's largest gold buyer, acquiring 26 tonnes in Q3 2025, emphasizing a pivot to hard assets.

Texas Launches First U.S. Strategic Bitcoin Reserve with $5M Purchase

Texas has confirmed a $5 million Bitcoin purchase, marking the launch of the U.S.'s first Strategic Bitcoin Reserve. The purchase, made via BlackRock’s IBIT ETF at an average price of $87,000 per coin on November 20, represents half of the $10 million allocation approved by lawmakers. Texas plans to transition from ETF exposure to full self-custody as it develops a secure governance framework. This initiative is part of a broader strategy to integrate digital assets into traditional treasury operations and reflects a growing trend among states to manage decentralized assets amid evolving macroeconomic discussions.

Upbit Hack Results in $30.4M Loss; Users Reimbursed $26.4M, Company Faces $4M Hit

Upbit experienced a $30.4 million hack on November 27, 2025, affecting its Solana hot wallet. The exchange has reimbursed users $26.4 million from corporate reserves, resulting in a net loss of approximately $4 million for Upbit. A total of $1.57 million was successfully frozen during ongoing investigations, with South Korea’s Financial Supervisory Service conducting an on-site review through December 5. The incident has raised questions about hot-wallet security, particularly as it coincides with Upbit’s recent corporate alignment with Naver Financial. Investigators are exploring potential links to North Korea's Lazarus Group amid increasing regulatory pressures.

KuCoin Secures MiCA Authorization in Austria, Expanding Regulated Access Across 29 EU/EEA States

On November 28, 2025, KuCoin EU Exchange GmbH received full MiCA authorization from Austria, enabling it to operate across 29 EU/EEA states under a unified regulatory framework. This license allows for services including trading, custody, and asset transfers, marking a significant shift towards regulated operations. Based in Vienna, KuCoin aims to enhance trust and compliance, led by experienced executives. Existing EU accounts will transition to the regulated platform, reflecting a strategic move to establish a competitive advantage as unlicensed entities exit. KuCoin's compliance sets a foundation for potential growth amidst evolving regulatory landscapes in the crypto market.

JPMorgan Under Fire for Debanking Crypto Figures Amid Market Volatility and Security Breach

JPMorgan faces intensified scrutiny for de-banking crypto figures, highlighted by its account closure of Strike CEO Jack Mallers, raising allegations of bias against the digital-asset sector. Political backlash includes concerns over MSCI index exclusions, potentially causing $2.8 billion in forced outflows. Additionally, JPMorgan sold $134 million in shares of digital-asset-linked Strategy during market downturns, fueling perceptions of institutional skepticism. A recent data breach involving major banks further questions the security of traditional finance. This convergence of events emphasizes the widening rift between traditional finance and crypto advocates amid a volatile market environment and policy uncertainty.

Monad Launches Mainnet with $269M Token Sale, 50.6% Supply Locked, and Mixed Trading Reaction

Monad's mainnet launched on November 24, 2025, following a $269M token sale, featuring 50.6% of its 100 billion tokens locked until mid-2026. The sale, which ran from November 17-22, attracted 85,820 buyers and was oversubscribed, achieving a 1.43× ratio. Initially priced at $0.025 per token, MON experienced a sharp dip but rebounded 46% post-allocation. The Layer-1 chain, focused on high-speed execution and EVM compatibility, aims to foster developer engagement and community distribution. The project’s future will depend on unlocking strategy, validator distribution, and real-world performance as it navigates market scrutiny.

Coinbase Ventures Unveils 2026 Crypto Trends: Focus on Perpetuals, DeFi Innovations, and AI Integration

Coinbase Ventures forecasts four key crypto trends for 2026: real-world asset perpetuals, specialized exchange infrastructure, next-gen DeFi, and AI-integrated on-chain identity. The firm emphasizes “perpification of everything”, allowing exposure to assets without traditional tokenization. In Q3 2025, venture capital surged 290% to approximately $4.65 billion, reflecting enhanced liquidity and institutional interest. The second trend focuses on proprietary automated market makers and advanced prediction markets. Lastly, Coinbase envisions unsecured on-chain credit and privacy-enhancing technologies will transform DeFi, alongside AI's intersection with crypto, aiming for a future where machines and markets operate collaboratively.

Do Kwon Seeks Maximum 5-Year Sentence After $40B Terra Collapse Ahead of December 11 Hearing

Do Kwon, cofounder of Terraform Labs, is requesting a maximum five-year prison sentence ahead of his December 11 hearing following the $40 billion collapse of TerraUSD and LUNA. His plea agreement has reduced initial charges from nine to two—wire fraud and conspiracy. Although U.S. guidelines allow up to 25 years, Kwon’s cooperation could limit sentencing to 12 years. He plans to forfeit over $19 million tied to his schemes. Prosecutors describe the Terra collapse as one of the largest frauds in digital asset history, highlighting systemic risks in crypto markets and Kwon's misrepresentation of UST's stability.

Robinhood Acquires MIAXdx, Kalshi Valuation Soars to $11B Amid Legal Challenges, and Polymarket Eyes U.S. Re-entry

Robinhood's acquisition of a 90% stake in MIAXdx positions it to compete with Kalshi and Polymarket in event-based trading, responding to high customer demand with plans to launch derivatives in 2026. Kalshi's valuation has soared to ~$11 billion, driven by a $1 billion funding event, while processing a record $3.68 billion in weekly prediction-market volume. Polymarket aims for U.S. re-entry amid legal challenges over its operations. Kalshi faces a lawsuit alleging it operates an unlicensed sportsbook, highlighting regulatory risks. The competition reflects a blending of fintech and gambling, with significant implications for market growth.