Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 9 - November 15, 2025

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Crypto Weekly Recap

Total crypto market cap: $3.21T

Crypto Fear & Greed Index: 10 (Extreme Fear)

BTC.D: 59.56%

Bitcoin:

• Weekly performance: -6.24%
• U.S. Spot BTC ETFs: -$1.11B
• Bitcoin slid from ~$107K to below $94.5K, after repeatedly failing to hold $105–107K resistance and collapsing to a $94.1K low on Nov 14, marking a -12.4% peak-to-trough drawdown.
• US spot BTC ETFs swung violently, with a +$524M inflow on Nov 11 (strongest since early October) immediately followed by a -~$870M outflow on Nov 13 (2nd-largest ever), amplifying BTC’s breakdown below $100K.
• Macro volatility stayed elevated despite the government reopening news, as delayed CPI/jobs data fed into a messy expectations reset, cutting Dec Fed rate-cut odds from ~65% to ~50%, while a weak 30-year Treasury auction at 4.694% triggered cross-asset de-risking.
• Equities started selling off sharply on Nov 13, with the S&P 500 -1.7% and Nasdaq -2.3%, while gold rallied ~5% to surpass $4,240/oz, leaving BTC as the worst performer among major macro assets during the week.
• On-chain supply stayed tight, with exchange reserves dropping to ~2.4M BTC (14% YTD decline), even as long-term holders sold ~815K BTC over 30 days and whales absorbed ~45K BTC at lower prices.
• Derivatives flushed out excess leverage, with BTC open interest falling to ~$32.1B (7-month low) and $1.1–1.36B in liquidations on Nov 14—over $1B from longs—as funding flipped negative across major perp venues.
• Liquidity conditions worsened, with BTC order-book depth shrinking from ~$766M in early Oct to ~$535M as per Kaiko data, making the $100K -> $95K move far more violent than the actual selling volume implies.
• Sentiment flipped to extreme fear, with the Fear & Greed Index dropping from 29 on Nov 10 to 10 on Nov 15, the lowest level since Feb 27.
• Strategically, BTC now trades in a $94K–$105K “prove-it zone.” JPMorgan analysts said bitcoin’s estimated production cost, which has historically acted as a floor or support price, has risen to roughly $94,000. They still project that Bitcoin could reach approximately $170,000 in the next 6 to 12 months.

Ethereum:

• Weekly performance: -8.26%   
• U.S. Spot ETH ETFs: -$728.57M
• Ether went through the week sliding through a brutal $3,660 -> $3,080 weekly range as ETF redemptions, macro stress, and leverage wipeouts stacked on each other.
• By mid-week, the shutdown-ending bill failed to stabilize sentiment for long because Fed speakers leaned hawkish.
• Spot ETH ETFs moved from “flat” to “panic”: after near-zero flows on Nov 10, redemptions spiked to ~$866.7M on Nov 13.
• Total ETF rotation favored other assets, with SOL ETFs seeing inflows for 14 consecutive days.
• Longs were structurally overloaded: a drop under $3,028 risked ~$739M in forced long liquidations, which materialized as ETH traded in the $3.03K–3.13K pocket where perp funding flipped negative.
• Compared to majors, ETH underperformed BTC, consistent with heavier ETH ETF outflows and higher leverage density concentrated around $3.2–3.5K.
• ETH exits the week bruised but not broken — deeply cleaned-out leverage, heavy ETF unwinding, rising stablecoin liquidity, and a macro landscape that is uncertain but not recessionary.

Others:

• U.S. Spot SOL ETFs: +$46.34M
• U.S. Spot XRP ETFs: +$243.05M
• Rumble agreed to acquire Northern Data in a $767M all-stock deal as Tether committed $150M to accelerate its GPU-driven AI strategy.
• Lighter secured $68M at a $1.5B valuation as venture capital flowed back into perp-DEX infrastructure.
• An Argentine judge ordered a nationwide asset freeze in the $120M LIBRA memecoin scandal tied to a U.S. promoter.
• China alleged that the U.S. seized $13.2B in Bitcoin traced to a 2020 mining-pool hack.
• JPMorgan rolled out a dollar deposit token on Coinbase’s Base network for institutional clients.
• SEC Chair Paul Atkins pushed for a “token taxonomy” to clarify the crypto regulatory framework.
• Grayscale’s move toward public markets gained momentum with a new SEC filing and expanded financial disclosures.
• Tether’s billion-euro robotics investment signaled a major strategic shift for the stablecoin issuer.
• Ledger eyed a New York IPO as hardware-wallet demand climbed.
• Bybit held acquisition talks for South Korea’s Korbit exchange.
• HBAR surged after Hedera integrated with Google BigQuery for transparent data access.
• Square enabled Bitcoin payments across more than four million merchants.
• The Sui Foundation launched USDsui to support its on-chain stablecoin economy.
• Yahoo Finance tapped Polymarket as its exclusive prediction-market provider.
• Japan Exchange Group considered stricter oversight for listed firms holding crypto treasuries.
• BNY launched a money-market fund to custody reserves for U.S. stablecoin issuers.
• Harvard increased its Bitcoin ETF holdings by 257% to $443M.

Canary Capital Launches First U.S. Spot XRP ETF, XRPC, Achieving $26M in Initial Trading Volume

Canary Capital's XRPC became the first U.S. spot XRP ETF, launching on November 12, 2025. It achieved $26 million in trading volume within 30 minutes and raised over $250 million in first-day inflows. XRP's price briefly climbed to $2.40 amidst increased trading activity and whale participation, with analysts predicting first-year inflows between $3–$8 billion. Resistance levels were noted between $2.40 and $2.65. The ETF is seen as a significant step in institutional adoption of XRP, with claims of potential $10 billion demand influencing liquidity discussions. Canary plans to pause new crypto ETF filings while managing existing products.

Uniswap Proposal Introduces Protocol Fees, Sparks 44% UNI Surge Amid $500M Annual Burn Potential

Uniswap's recent proposal introduces protocol fees, aligning incentives across its ecosystem and channels revenue from its Unichain Layer-2 network, processing $100 billion in annual DEX volume. The plan could lead to $500 million in annual token burns, contributing to a 5% deflation rate for UNI’s supply. UNI surged 44% to $9.55 post-announcement, and the protocol generated $222 million in fees over the past month. The overhaul also merges the Uniswap Foundation into Uniswap Labs for streamlined governance. While optimistic, concerns remain regarding liquidity provider incentives and competitive pressures from emerging DEXs.

Czech National Bank Launches $1 Million Bitcoin Pilot to Explore Digital Assets

The Czech National Bank (CNB) announced a $1 million controlled digital-asset portfolio primarily anchored by Bitcoin, distinct from its official reserves. This pilot aims to evaluate crypto operations, custody, and compliance over 2-3 years without committing to future allocations. Governor Michl previously suggested potentially allocating up to 5% of reserves, reflecting a broader trend toward tokenization. The portfolio includes Bitcoin, a U.S. dollar-pegged stablecoin, and a tokenized deposit, emphasizing a cautious, exploratory approach amid skepticism from board members and European officials about Bitcoin's volatility and regulatory implications.

SoFi Launches In-App Crypto Trading, Becoming First National U.S. Bank to Integrate Digital Assets

SoFi announced "SoFi Crypto" on November 11, 2025, becoming the first nationally chartered U.S. bank to offer in-app crypto trading, allowing customers to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum directly within its banking app. This move follows new OCC guidance enabling banks to offer crypto services. SoFi integrates crypto into its FDIC-insured ecosystem, enhancing user convenience. With a 57% year-over-year increase in loan originations to $9.9 billion and nearly 30% of U.S. adults owning crypto, SoFi positions itself as a regulated gateway for mainstream digital asset adoption amid growing consumer demand.

Michael Saylor's Strategy Faces Debt Crisis as Bitcoin Rumors Trigger Market Chaos

Michael Saylor's firm, Strategy (formerly MicroStrategy), faced turmoil after false reports claimed it sold $4.6 billion in Bitcoin, causing sharp market fluctuations. Despite denial of sales and reaffirmation of ongoing purchases, Strategy's debt now surpasses the value of its Bitcoin holdings for the first time, marking a critical financial shift. The company's stock fell over 17% in a week to $205.38, while Bitcoin dropped to approximately $95,562. With around 640,000 BTC held at an average cost of $74,064 per coin, Strategy's leveraged approach faces increasing scrutiny amid declining crypto prices and market pressure.

BlackRock's2.5B BUIDL Fund Expands with Binance, Launching on BNB Chain Amid Institutional Demand

BlackRock’s $2.5 billion BUIDL fund has expanded its presence in the cryptocurrency ecosystem by integrating with Binance and launching a share class on BNB Chain, enhancing institutional access to a regulated, yield-bearing Treasury fund. This off-exchange collateral model allows institutions to utilize tokenized shares without transferring assets. The fund aims to streamline traditional finance components within blockchain markets, offering around 3.7% annualized returns. With its multi-chain footprint across various platforms and 93 on-chain holders, BUIDL’s development highlights the growing market for real-world asset tokenization, now valued at over $36 billion, amid rising crypto market engagement.

Coinbase Launches Token-Sale Platform, Offering Monad’s MON Token to U.S. Retail Investors for First Time Since 2018

Coinbase is launching token-sale platform, starting with Monad’s MON token from Nov. 17-22, providing U.S. retail investors access to early-stage crypto offerings for the first time since 2018. The sale allocates 7.5% of the 100 billion MON supply at $0.025 per token, potentially raising $187.5 million. Settlement will be in USD Coin (USDC) with a six-month lock-up for issuers. The mainnet launch is scheduled for Nov. 24, coinciding with an airdrop to 225,000 eligible users. The initiative aims to create a transparent, regulated fundraising process, promoting fair distribution and long-term investments.

BitMine Expands Ethereum Holdings to $13.4B; Strategy Inc. Boosts Bitcoin to 641K BTC Amid Market Challenges

BitMine has expanded its Ethereum holdings to 3.3 million ETH, valued at approximately $13.4 billion, aiming for 5% of Ethereum's supply. The firm recently purchased 27,316 ETH for $113 million amid market downturns. Concurrently, Strategy Inc. increased its Bitcoin holdings to over 641,000 BTC, worth near $64.6 billion, by issuing $50 million in euro-denominated preferred shares. While BitMine's strategy mirrors that of Strategy Inc., it focuses on Ethereum and diversification through tech investments. Both companies face investor concerns over dilution and valuation risks, reshaping corporate capital deployment in the evolving digital asset landscape.

Circle Unveils Plans for Native Token on Arc Blockchain; Visa Launches USDC Payout Pilot

Circle's Q3 2025 report outlines plans for a native token on its new Arc blockchain, coinciding with a remarkable 108% year-over-year surge in USDC supply to $73.7 billion and total revenue of $740 million, a 66% increase. The Arc Network launched its public testnet with over 100 participants focused on programmable finance using USDC. Concurrently, Visa initiated a stablecoin payout pilot with USDC to enhance global payment access. Stablecoin supply now totals $217 billion, up 46%. Together, these developments signal a transformative era for on-chain finance, as both companies adapt to a regulated digital economy amid tightening interest rates.

Price Manipulation Losses Hit $42M in 2025 Amid Popcat Crash, Revealing DeFi Vulnerabilities

In 2025, price manipulation losses reached $42 million across 51 incidents, with 19 occurring in Q4 alone, highlighting vulnerabilities in DeFi markets. The Popcat crash on November 12, which involved a strategic liquidity trap and led to a 43% price drop, exemplified how thin liquidity and high leverage can destabilize decentralized exchanges (DEX). Major victims included Resupply ($9.6M), OdinFun ($7M), and Loopscale ($5.8M). The incident sparked discussions on the need for protective measures like circuit breakers, as manipulation attacks thrive on structural weaknesses rather than technical exploits, raising concerns over market integrity in an increasingly leveraged environment.