Из жизни альткоинов

With the recent conclusion of the government shutdown, the crypto industry is seizing the opportunity to present key regulatory requests to the White House before the year ends. 

December promises to be a pivotal month for digital assets, especially under President Donald Trump’s administration, which has shown positive momentum in advancing crypto regulations.

What The Crypto Industry Wants

In a letter released on Thursday, November 20, the Solana Policy Institute urged immediate action from the Treasury and the Internal Revenue Service (IRS) on several policy initiatives, placing the Institute at the forefront of this push.

The letter highlights that as Congress continues its legislative work, President Trump’s administration is capable of implementing significant changes that could provide quick victories for the industry.

Among the primary requests outlined in the letter is the need for tax clarity. The industry is seeking comprehensive guidance on various technical aspects, including staking, mining, airdrops, cross-chain transactions, collateral pledging, and charitable donations. 

Specifically, the crypto sector is advocating for clearer tax regulations that prevent taxation on unrealized income, promoting alignment of tax rules with economic realities. 

There’s a push for the Treasury Department to offer revisions that define staking and mining rewards as property taxed upon disposition, drawing from established tax principles governing asset sales.

Another crucial request focuses on regulatory certainty. The industry is calling for defined rules that would support developers, decentralized finance (DeFi) protocols, and self-custody of digital assets. The request includes provisions for no-action relief and safe harbors within existing regulatory frameworks.

The letter also emphasizes the need for DeFi protection and innovation. It calls for updated guidance from the Financial Crimes Enforcement Network (FinCEN) and robust cybersecurity measures to foster a thriving decentralized project ecosystem in the US. 

Additionally, there’s a proposal for the IRS to clarify that blockchain-related activities, such as cryptographic engineering and smart contract development, should qualify for research and development tax credits.

SEC’s Token Safe Harbor Framework Cited As Model

Another key point in the letter pertains to calling for justice for Tornado Cash developer Roman Storm, urging the Department of Justice to drop charges against him. 

The signatories argue that such a move would reaffirm the Administration’s commitment to protecting developers and recognize that the publication of open-source software is a form of speech protected under the First Amendment.

Furthermore, the letter articulates requests for enhancing US software development by advocating for the adoption of safe harbors and regulatory sandboxes for DeFi projects and developers. 

This would enable the launch of tokens and protocols, thus fostering digital asset innovation through the creation of user-friendly web interfaces. The industry references SEC Commissioner Hester Peirce’s Token Safe Harbor Framework as a model for such proposals.

In addition to these requests, anticipation is building around the forthcoming Market Structure bill, which aims to provide enhanced clarity in the digital asset landscape. 

Markup sessions for this important legislation are reportedly scheduled for early December, indicating that significant developments may be imminent as the year draws to a close.

Featured image from DALL-E, chart from TradingView.com 

Автор книги «Богатый папа, бедный папа» Роберт Кийосаки (Robert Kiyosaki) продал биткоины на сумму $2,25 млн. Призывавший покупать первую криптовалюту писатель заявил, что вырученные средства инвестированы ради пассивного дохода в хирургические центры и бизнес операторов наружной рекламы.

Chinese Bitcoin mining manufacturer Bitmain Technologies Ltd. has reportedly been at the center of a months-long federal investigation in the US over concerns that its products could pose risks to America’s national security.

Chinese Bitcoin Mining Giant Faces US Scrutiny

On Friday, Bloomberg reported that Bitmain, the global leader in Bitcoin mining hardware production, has been under investigation by the US Department of Homeland Security (DHS) for several months due to national security concerns.

According to a US official and six other people familiar with the matter, the investigation, allegedly known as “Operation Red Sunset,” was launched to assess whether Bitmain’s Bitcoin mining hardware could be “remotely controlled for spying or to sabotage the American power grid.”

Reportedly, federal investigators have stopped some of Bitmain’s machines at US ports to learn more about them, occasionally pulling the machines apart to test their chips and code for “malicious capabilities.” Additionally, they examined potential tariff and import tax violations. However, details of what, if anything, was found were not disclosed.

Bloomberg sources claim that the probe was accompanied by policy deliberations at the White House’s National Security Council, with talks that began under the previous government and reportedly carried over into the early months of the Trump administration.

It’s worth noting that the Beijing-based Bitcoin mining manufacturer has faced scrutiny over the past few years, with previous federal reviews raising national security concerns over the use of Bitmain’s machines near military bases in the US.

In July, a report from the US Senate Intelligence Committee alleged that the Bitcoin mining giant’s hardware could be manipulated from China and presented “several disturbing vulnerabilities” to the nation.

Additionally, members of the US House of Representatives have called for a federal investigation into Bitmain. In a September letter, Representative Zachary Nunn asked Treasury Secretary Scott Bessent to review the Chinese firm, citing potential links to foreign state actors.

Bitmain Rejects National Security Concerns

David Feith, senior fellow at the Hudson Institute and a former member of the Trump Administration’s National Security Council, told the news media outlet that “Bitmain has been a screaming challenge on national security grounds and, evidently, on law-enforcement grounds too.”

“This is something that our crypto industry and crypto policy should turn a lot more focus to,” Feith suggested. However, Bitmain rejected these concerns in a statement to Bloomberg, affirming that “it’s ‘unequivocally false’ to assert that the company can remotely control its machines from China.”

The firm stated that it “strictly complies with US and applicable laws and regulations and has never engaged in activities that pose risks to US national security,” adding that it “has no awareness of or any information at all regarding any alleged federal investigation purported to be called ‘Operation Red Sunset.’”

Moreover, the Bitcoin mining giant revealed that it was unaware of the investigation related to tariffs or import duties, noting that the detentions of its machines were due to concerns raised by the Federal Communications Commission and “nothing out of the ordinary was found.”

As Bloomberg reported, the status of the investigation remains unclear, and it could carry on for an extended period without resulting in public legal proceedings. Regarding the inquiry, a senior administration official said that “the US government is concerned about threats of this nature and are constantly and vigilantly monitoring them.”

Meanwhile, the Department of Homeland Security’s spokesperson, Mike Alvarez, told the news media outlet that the DHS “does not comment on open and active investigations.”

Coinbase (COIN), the largest cryptocurrency exchange in the US, is maintaining an aggressive acquisition strategy, recently committing to acquire the Solana-based trading platform Vector.fun. 

Max Branzburg, Coinbase’s Vice President of Product Management, confirmed to Fortune that the deal is expected to close by the end of the year, although he did not disclose the specific terms of the acquisition.

Coinbase’s Ninth Acquisition Of The Year

Vector.fun operates as a decentralized exchange (DEX) on the Solana blockchain, primarily catering to users trading memecoins. The platform features unique functionalities, allowing users to track and mimic the investments of other traders. 

As part of the acquisition process, Coinbase plans to shut down Vector.fun’s mobile and desktop trading applications while absorbing its team of 13 employees.

By integrating Vector.fun’s technology, the firm reportedly aims to enhance the range of assets available for trading on its own app through decentralized exchanges. 

This initiative is distinct from Coinbase’s core centralized trading operations, as the exchange currently permits users to trade tokens primarily on platforms built atop Base, Coinbase’s proprietary blockchain. 

Branzburg emphasized that the goal of the Coinbase app is to become an “agnostic platform” that facilitates trading across all asset classes, aligning with the company’s vision to become the “everything exchange.

The acquisition of Vector.fun marks the crypto exchange’s ninth purchase in 2025, a significant uptick compared to the previous year, during which the company made just three acquisitions. 

Record-Breaking M&A Activity

Coinbase is investing considerable sums in these ventures; for instance, it agreed to acquire the crypto derivatives exchange Deribit for $2.9 billion in May and spent $375 million on the initial coin offering platform Echo in October. 

Although Coinbase explored acquiring stablecoin company BVNK for approximately $2 billion, that potential deal was mutually shelved last week.

A Coinbase representative articulated the company’s ongoing commitment to expanding its mission and product offerings, noting that opportunities arise when companies reach a certain level of maturity and technological readiness, making collaboration with Coinbase appealing.

However, Coinbase isn’t alone in its acquisition pursuits; the third quarter of 2025 recorded 96 Merger and Acquisitions (M&A) transactions in the crypto industry, totaling over $10 billion.

In its latest earnings report, the exchange surpassed analysts’ expectations, reporting transaction revenue of $1.05 billion—an impressive increase from the $572.5 million achieved during the same period last year. 

Additionally, the company recently unveiled a new platform called, PRESALE, enabling retail investors to purchase digital tokens before they officially list on the exchange.

At the time of writing, the exchange’s stock, trading under the ticker name COIN on the Nasdaq, trades slightly above the $241 line, representing a 3% recovery in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

Потери биткоин-инвесторов достигли масштабов, сравнимых с ноябрем 2022 года, когда обанкротилась одна из крупнейших американских криптобирж FTX, и цена первой криптовалюты обвалилась с $33 000 до $15 700, заявили эксперты аналитической платформы Glassnode.

Гендиректор аналитической компании CryptoQuant Ки Янг Джу (Ki Young Ju) заявил, что ситуация на крипторынке хуже, чем ожидалась, и возобновление роста биткоина возможно только через несколько месяцев.

NewsBTC reported on Thursday that Strategy, formerly known as MicroStrategy, led by Michael Saylor, is facing increased scrutiny regarding its potential exclusion from major indices, such as MSCI USA and the Nasdaq 100. This arises from the firm’s substantial exposure to Bitcoin (BTC).

While the cryptocurrency market was buoyant for much of the year, Saylor’s approach seemed to pay dividends. However, Bitcoin has now entered what could become one of its most challenging weeks since November 2022, experiencing a significant retracement of over 30% from its all-time highs.

Saylor Clarifies Strategy’s Role

As the largest public holder of Bitcoin, with over 650,000 coins, Strategy now confronts the real possibility of being removed from vital benchmark indices that have bolstered its visibility among investors. These indices are crucial for the firm as they help position it within various portfolios.

In response to the growing concerns about potential exclusion, Saylor took to social media platform X (formerly Twitter) to clarify that Strategy is not a fund, a trust, or a holding company. 

Instead, the long-time Bitcoin bull described it as a publicly traded operating entity with a $500 million software business, employing a unique treasury strategy that leverages Bitcoin as productive capital.

Saylor highlighted that in the current year alone, Strategy has executed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—totaling over $7.7 billion in notional value. 

Furthermore, the firm launched Stretch (STRC), a new Bitcoin-backed treasury credit instrument designed to generate variable USD yields for both institutional and retail investors.

He emphasized that while funds and trusts passively hold assets and holding companies simply sit on investments, Strategy actively creates, structures, issues, and operates financial products. 

According to Saylor, the company’s vision is to build a pioneering type of enterprise: a Bitcoin-backed structured finance entity capable of innovation across both capital markets and software development.

Saylor also believes that index classification should not define the firm’s identity. He reassured stakeholders that their long-term strategy remains intact, stating:

…Our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.

MSCI Proposes Excluding Digital Asset Firms 

Analysts at JPMorgan raised concerns about the potential consequences of MSCI’s upcoming decision on January 15, 2026. They suggested that exclusion could lead to Strategy-related outflows ranging from $2.8 billion to $8.8 billion. 

They noted that while active managers are not required to follow index changes, exclusion from these key indices would likely be interpreted negatively by market participants, ultimately leading to a decrease in liquidity and raised funding costs.

In its discussions with stakeholders, MSCI has indicated that some market participants view digital asset treasury firms (DATs) as operating similarly to investment funds, which would disqualify them from index inclusion. 

To reflect this perspective, MSCI is proposing to exclude companies with digital asset holdings constituting 50% or more of their total assets from its global investment market indices.

Featured image from Bloomberg, chart from TradingView.com

On-chain data shows Realized Loss has spiked on the XRP network, with investors taking the highest daily loss since April 2025.

XRP Blockchain Is Going Through A Capitulation Event

In a new post on X, on-chain analytics firm Glassnode has discussed about the latest trend in the Realized Loss for XRP. This indicator measures, as its name suggests, the total amount of loss that traders on the XRP network as a whole are “realizing” through their transactions.

The metric works by going through the transaction history of each token being sold to see what price it was moved at prior to this. If the last transaction price for any coin was more than the value that it’s now being moved at, then the token’s sale is realizing some net loss.

The exact amount of loss harvested in the transfer is naturally equal to the difference between the two prices. The Realized Loss sums up this value for transactions across the network to find the total situation.

Like the Realized Loss, there is also an indicator called the Realized Profit, keeping track of the transactions of the opposite type. That is, it accounts for the sales involving a cost basis lower than the latest price.

Now, here is the chart shared by Glassnode that shows the trend in the 30-day exponential moving average (EMA) XRP Realized Loss over the last few years:

As displayed in the above graph, the XRP Realized Loss has witnessed a strong surge recently, indicating investors have ramped up loss taking. This trend has emerged as the cryptocurrency’s price has gone through its crash.

The indicator’s 30-day EMA value is now sitting at around $75 million, which is the highest that it has been since April 2025. Back then, the spike in loss realization led to a bottom for the asset.

Historically, this same pattern has often appeared, with spikes in the Realized Loss coinciding with or forming near price lows. The explanation behind the pattern could be that such capitulation events result in coins moving from weak hands to more resolute entities, who hold off on selling, allowing the bearish trend to reach a state of exhaustion.

For now, the metric is still notably under the highs from earlier in the year, so it only remains to be seen whether XRP investor capitulation has been of a sufficient degree to force at least a local bottom or not.

XRP Price

Bearish momentum has continued in the cryptocurrency sector during the past day, and XRP has been no exception as its price has plummeted to the $1.89 mark. In fact, the coin has been among the worst weekly performers, sitting 17.5% down, better than only Cardano’s return among the top 20 coins by market cap.

According to reports, more than 65 crypto firms and advocacy groups have sent a joint letter to US President Donald Trump urging immediate action to clarify tax and regulatory rules for digital assets.

The groups said agencies can move now to protect US innovation without waiting for Congress, and they laid out a set of specific fixes they want applied quickly.

The letter was signed by some of the biggest names in the blockchain and crypto industry, including Coinbase, Uniswap Labs, Exodus, Pantera, the Blockchain Association, the Solana Foundation, and the Solana Policy Institute, which helped lead the effort.

Reports also say other groups such as Block, Paradigm, Multicoin Capital, and the Crypto Council for Innovation joined the call for immediate action.

1/ Today, 65+ crypto organizations, from major trade associations to builders, investors, and advocates, spoke together with one voice: it’s time for federal agencies to act.

Our letter to @POTUS outlines immediate steps @SECGov, @CFTC, @USTreasury, and @TheJusticeDept can take.… pic.twitter.com/44zY97eeXe

— Solana Policy Institute (@SolanaInstitute) November 20, 2025

Tax Rules And Developer Protections

The letter asks for clearer tax treatment for everyday crypto activity, including a call to treat staking and mining rewards as self-created property that would be taxed only when sold or converted, not when received.

The groups also proposed a “de minimis” carve-out — an example figure mentioned in coverage was $600 — to avoid taxing tiny transfers that users don’t think of as taxable events.

The signers want rules that say routine operations like bridges, forks, airdrops, collateral moves, and liquidations should not automatically trigger tax events.

Regulators Urged To Move First

Industry leaders told the White House that agencies such as the SEC, CFTC, Treasury and DOJ can grant interim guidance, “no-action” letters, or exemptive relief to give builders room to work.

Reports say the groups pressed for targeted safe harbors and regulatory sandboxes to protect developers who publish open source code and to support self-custody options for everyday users. The push is framed as a short-term administrative fix while longer rulemaking proceeds.

A Call Over A High-Profile Case

The coalition also asked the administration to urge the Department of Justice to drop or reconsider charges against Roman Storm, the developer tied to Tornado Cash, arguing that his work should be treated as publishing software rather than a criminal act.

That request reflects broader industry concern about cases that, they say, blur the line between building code and committing a crime.

Where This Fits In The White House Agenda

The letter lands in the context of an executive push on crypto that began with an order signed on January 23, 2025, which set up a Presidential Working Group on Digital Asset Markets to coordinate a whole-of-government approach.

The industry frames the new letter as a practical follow-up: these are steps agencies could take now to make the rules clearer while the working group’s longer reports and proposals move forward.

Featured image from CP Image/Policy Options, chart from TradingView

Bitcoin is back in the danger zone after plunging below $85,000, marking its lowest level since April and intensifying fears that the crypto market’s month-long downturn is far from over.

Related Reading: Total Crypto Open Interest Crashes To June Levels, Will Bitcoin Repeat The Same Trend?

The flagship crypto asset slid as much as 10% in the past 24 hours, reaching $82,172, as selling pressure from whales, ETF investors, and shaken retail participants continued to mount.

Market Suffers Deepening Sell-Off as Bitcoin Breaks Key Support

Analysts trace the latest decline to a cascading unwind that began in October, when over $19 billion in leveraged positions were wiped out in a single liquidation wave. Liquidity has struggled to recover ever since.

According to CoinShares’ James Butterfill, large holders have unloaded more than $20 billion in Bitcoin since September, turning what began as a normal correction into a structurally fragile market environment.

Volatility has been made worse by wider macro pressure, the Fed’s uncertain policy path, doubts about December rate cuts, and fading appetite for speculative assets. Wall Street’s swingy reaction to Nvidia’s earnings added another layer of instability, further weakening crypto’s ability to attract fresh bids.

ETF Outflows Hit Record Levels, Raising Liquidity Concerns

The pain is intensifying in the ETF arena. Spot Bitcoin ETFs in the U.S. recorded their largest single-day outflow ever, about $523 million, as institutional investors pulled back amid growing volatility and macro uncertainty.

November’s cumulative outflows are now nearing $3 billion, a stark reversal from the inflow-driven rally that pushed Bitcoin to near-record highs earlier this year.

JPMorgan analysts say retail traders, not institutions, are driving this exit. Nearly $4 billion has been withdrawn from Bitcoin and Ether ETFs in November alone, marking an unprecedented shift in behavior from smaller investors typically viewed as long-term holders.

The ETF retreat has wide implications like thinner liquidity, wider spreads, and heightened volatility. While advocates argue regulated funds remain a critical entry point for institutions, the current stress test highlights how quickly sentiment can flip in a leveraged ecosystem.

Critics Call for ‘Chaos’ Ahead, but Long-Term Bulls Stay Confident

Market commentator Jacob King warned that Bitcoin is entering “months of chaos,” pointing to what he says is the most unprofitable mining environment in a decade. Others argue that a liquidity crisis is spreading beyond crypto into correlated assets, echoing long-time critic Peter Schiff’s stance.

Some analysts even suggest Bitcoin may be slipping into a full bear market, noting its 32% decline from its recent all-time high. Options traders are now heavily hedging around $85,000 and $82,000, bracing for more downside.

Related Reading: Ethereum Co-Founder Highlights Threats From BlackRock’s Institutional Influence

Former U.K. Chancellor Kwasi Kwarteng shrugged off the panic, calling the pullback a “chance to stack more Bitcoin for less.” Long-term believers like investor Mike Alfred maintain that volatility is part of BTC’s natural cycle, projecting a future rebound toward $150,000–$200,000 once market conditions stabilize.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Veteran trader Peter Brandt on Thursday offered a much slower timetable for Bitcoin’s next big rally, saying the cryptocurrency may not hit $200,000 until around the third quarter 2029.

According to his post on X, Brandt remains a long-term supporter of Bitcoin but warned the climb to $200,000 will take time.

After An October Peak, A Steep Drop?

Bitcoin reached a fresh high of $125,100 on October 5. Since then it has slid more than 25%, erasing roughly $710 billion in market value.

Based on Coingecko data, the token was trading at $83,500 at one point and briefly dipped to $82,650 as markets moved. Prices have bounced and fallen again, leaving many traders uneasy about timing and risk.

Full disclosure folks Of my maximum ever Bitcoin position I still own 40%, at a price 1/20th of Saylor’s avg buy. I am a long-term bull on Bitcoin. This dumping is the best thing that could happen to Bitcoin. The next bull market in Bitcoin should take us to $200,000 or so. That…

— Peter Brandt (@PeterLBrandt) November 21, 2025

Brandt referenced past commodity patterns to make his point. He compared Bitcoin’s behavior to the 1970s soybean market, which saw a rapid top followed by a sharp fall when supply outpaced demand. In that episode, soybeans dropped about 50% after the peak, Brandt reminded followers.

Technical Signals Turn Bearish

Meanwhile, market analytics firm CryptoQuant has flagged the pullback as the most bearish phase since the current bull run began in January 2023.

Its Bull Score Index fell to 20 out of 100 last week, a level that signals weak spot demand, negative price momentum, and thinner stablecoin liquidity.

The platform also pointed out that Bitcoin slipped below its 365-day moving average, a technical mark that had held through earlier corrections in this cycle.

Still, CryptoQuant’s CEO Ki Young Ju recently suggested the market may not have officially entered bear territory, showing how readings and interpretations can differ.

Institutional Selling Adds Pressure

Capriole Investments founder Charles Edwards warned that institutional selling has been unusually heavy, saying he has “never seen this much institutional selling as a percentage of Coinbase Volume in all history.”

That flow, according to several analysts, has made the present reset deeper than prior pullbacks during the same rally.

Bitcoin has _never_ seen this much institutional selling as a percentage of Coinbase Volume in all history. pic.twitter.com/YzSzpGQmBN

— Charles Edwards (@caprioleio) November 21, 2025

Veteran Trader’s Cautious Timeline

Brandt’s outlook stands in contrast with more optimistic calls from the crypto industry. Reports have disclosed that BitMEX co-founder Arthur Hayes and market veteran Tom Lee were among those who reiterated hopes for $200,000 before the year closed.

Pullback Seen As Healthy By Some

Despite Bitcoin’s current sluggish state, Brandt described the recent dumping as beneficial. He argued a cleanse now could clear excesses and set up stronger moves later.

Other well-known figures have given much sooner targets — some expected $200,000 by year-end, and a few, including ARK Invest’s Cathie Wood and Coinbase chief Brian Armstrong, have forecasted $1 million by 2030.

Other analysts pointed to historical patterns where painful corrections were followed by renewed gains, though they added that timing those turns is difficult.

Featured image from Unsplash, chart from TradingView

Ethereum (ETH) has plunged sharply in the past 24 hours, falling more than 10% and slipping below the crucial $3,000 mark for the first time in months.

The drop mirrors the wider sell-off hammering global risk assets, from unprofitable tech stocks to high-flying AI companies, where investors are increasingly uneasy about aggressive spending and stretched valuations.

According to market data, Ethereum tumbled as much as 5.5% earlier in the session, driven primarily by a wave of fear-driven liquidation flows. ETH currently trades around $2,701, marking a steep weekly decline of over 15% and placing the asset more than 45% below its August all-time high.

Leverage Wipeout: $150M in Liquidations Accelerate the Fall

What separates Ethereum’s slide from the rest of the market is the sheer amount of leverage being unwound. Nearly $150 million in long liquidations were recorded within 24 hours, a massive spike that forced bullish positions to close automatically as prices dropped.

Thinning market depth, increased volatility, and aggressive price swings. Analysts note that leveraged perpetual futures, widely used for both hedging and speculation, are a double-edged sword. When sentiment flips, liquidations compound downward pressure, pushing prices even lower.

Technically, Ethereum is now trading inside a descending wedge, with the lower boundary near $2,930 repeatedly tested. While this structure often precedes bullish breakouts, the window for sideways consolidation is narrowing fast. Key resistance levels at $3,000 and $3,200 must be reclaimed before buyers gain momentum.

Whale Behavior and On-Chain Metrics Signal More Weakness

Adding to the worries, Ethereum whales have slowed accumulation. Large addresses holding between 1 million and 10 million ETH, previously net buyers, have paused their purchases, suggesting fading confidence in a near-term recovery.

On-chain metrics reinforce the bearish undertone. The MVRV Long/Short Difference has dropped to a four-month low, indicating that long-term holders are losing profitability. If they begin offloading to protect remaining gains, Ethereum’s decline could deepen further.

For now, ETH faces critical downside levels at $2,650 and $2,606. A rebound back above $3,000 would be the first sign of strength, but without renewed whale support and an easing of liquidation pressures, the market may remain fragile.

As liquidity resets and volatility spikes, traders are watching closely, because this move may only be the beginning.

Cover image from ChatGPT, ETHUSD chart from Tradingview

Bitcoin has officially lost the critical $85,000 level, triggering a wave of panic across the market as price briefly tagged the $81,000 zone. This breakdown has pushed the entire crypto ecosystem into a deep corrective phase, with fear escalating and liquidity rapidly evaporating. Analysts warn that the market is now entering full capitulation territory — a stage where short-term holders (STHs) are forced to realize heavy losses, often accelerating downward momentum.

On-chain data confirms the severity of the move. According to CoinGlass, the Coinbase Bitcoin Premium Index has remained negative for 21 consecutive days, marking the longest sustained sell streak of this cycle. A negative premium means US spot-based traders — historically among the strongest demand segments — are selling more aggressively than global markets. This persistent pressure confirms that sentiment among US investors has flipped decisively bearish.

With STHs capitulating and major spot venues showing sustained sell dominance, the market structure reflects a classic late-stage correction. Historically, similar conditions have appeared during significant macro washouts — moments that either precede deeper breakdowns or set the foundation for powerful recoveries. For now, Bitcoin must reclaim higher levels quickly to avoid sliding into a prolonged bear phase.

Understanding the 21-Day Negative Coinbase Premium

A 21-day streak of negative Coinbase Premium is not just another datapoint — it is a clear signal that US-based spot demand has flipped aggressively bearish. The premium compares Bitcoin’s price on Coinbase to global exchanges; when it turns negative for this long, it means American investors are consistently selling at a discount, exerting persistent downward pressure.

Historically, prolonged negative readings have coincided with market stress, liquidity withdrawals, and risk-off behavior — all of which fit the current environment.

This trend also reflects how deeply short-term holders have capitulated. With many sitting on losses, even small price drops trigger panic selling, reinforcing a feedback loop that pushes prices lower. Under these conditions, Bitcoin must hold current levels to avoid a deeper structural breakdown. If the price fails to stabilize, the market could enter a prolonged bear phase as confidence erodes and liquidity thins further.

Still, not everyone agrees on the bearish outcome. Some analysts argue that capitulation events like this — especially when aligned with extreme negative premiums — often mark late-cycle cleanses rather than beginnings of a bear market. They believe that if Bitcoin manages a fast recovery, the broader bull cycle could remain intact. But for now, the burden is on BTC to reclaim higher levels before sentiment deteriorates beyond repair.

Weekly Chart Signals a Critical Breakdown

Bitcoin’s weekly chart shows a sharp and decisive breakdown, with BTC falling to $82,571 after losing the $85K level. This move marks one of the strongest weekly sell-offs of the cycle, with the latest candle dropping more than 12% and closing well below the 50-week moving average. The rejection from the $110K–$120K zone has now escalated into a full breakdown, and momentum has flipped aggressively bearish.

Volume confirms the shift. The past two weeks show clear selling dominance, with red candles expanding as the price accelerates downward. This suggests distribution rather than a temporary shakeout. The 100-week moving average — currently near $80K — now becomes the next major line of defense. A weekly close below this area could open the door to a deeper flush toward the 200-week moving average, a historically powerful support level.

Structurally, BTC has broken below a year-long uptrend structure, invalidating higher-timeframe bullish setups and signaling that buyers have lost control. However, this area also aligns with the prior consolidation zone from late 2024, meaning it could become a key battleground for a potential bottom.

To regain strength, Bitcoin needs to reclaim $90K quickly. Otherwise, sentiment may deteriorate further as more holders move into loss and capitulation deepens.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin price action has shifted into a high-volatility zone, and a well-known crypto trader is reinforcing a bearish outlook that is unfolding almost exactly as he projected. Doctor Profit—who previously pinpointed the $68,000 peak in 2021 and this cycle’s $125,000 top—is now mapping out further downside, framing the current correction as only the first stage of a much deeper decline.

Crypto Trader Reveals Bitcoin Price Targets After $125,000 Peak

Bitcoin price has entered a pronounced downward cycle, registering losses of 8.4% in the past 24 hours and more than 17% over the last two weeks. Doctor Profit noted on X (formerly Twitter) that Bitcoin’s drop from $125,000 marks the first stage of a larger bear-market trend. He frames the current environment as a transitional zone marked by brief consolidation rather than true stabilization. Under his model, the next major move points toward a deeper retracement, with the Bitcoin price ultimately gravitating toward the $60,000 region as the cycle’s next critical target.

This call aligns with his historical cycle predictions. In earlier cycles, he anticipated the 2021 top near $68,000, projected a collapse toward $18,000, and then switched bullish at that bottom to forecast the rally toward $120,000. With the latest reversal forming directly at the levels he flagged months in advance, his bearish thesis has gained renewed credibility.

He also pointed back to a September warning that the crypto market was set for a 30% contraction. With about 25% already wiped out, he views the downturn as a broad repricing rather than a simple correction.

Grayscale And BlackRock Accelerate Massive Bitcoin Price Dump

In a separate post, Doctor Profit highlights unusually large outflows from top asset managers, framing the activity as aggressive bearish positioning rather than panic. On-chain data supports this, as transfer logs show deep, continuous outflows from Grayscale-linked wallets into Coinbase Prime. These transactions include batches ranging from roughly 14 BTC to nearly 500 BTC per transfer, with multiple consecutive sends above $47 million each. The sequencing indicates coordinated offloading rather than isolated reallocations.

Similarly, BlackRock’s IBIT vehicles executed a string of 300 BTC transfers repeatedly into the same exchange infrastructure, alongside other batches such as the 135.351 BTC movement captured in the logs. Each 300-BTC tranche reflects roughly $27–28 million in flow at recent prices.

Analysts observing these flows reported that more than $3 billion in Bitcoin hit exchanges within just 45 minutes on November 20, one of the most aggressive sell-offs of the cycle. As institutional selling grows and his cycle model tracks prices closely, the market is adjusting expectations. Bitcoin could stay well above the next predicted levels, keeping attention on the path from $125,000 down to his $60,000 target.

Ethereum has broken through major demand levels, sliding to the $2,660 zone, its lowest point in months. The drop signals a clear loss of bullish control as fear ripples through the market. Traders who once expected a strong recovery are now reassessing their positions, and sentiment across social and on-chain indicators has shifted sharply into panic. Yet, even in the middle of this capitulation-driven environment, early signs of potential resilience are starting to emerge.

According to Lookonchain, one of the most closely watched Ethereum whales — known as “66kETHBorrow” — has aggressively doubled down on his strategy. First, he accumulated 57,725 ETH worth $162.77 million, a move that caught analysts’ attention during the heaviest sell-off. Just hours later, he added another 7,837 ETH ($21.9 million) to his position, showing unwavering conviction despite market turbulence.

This aggressive accumulation stands in stark contrast to the broader fear dominating Ethereum holders. While retail traders are capitulating and leveraged positions are being flushed out, strategic buyers appear to be stepping in. For many analysts, this type of behavior has historically hinted at the early formation of local bottoms.

Whale Accumulation Signals Conviction Amid Ethereum’s Bearish Slide

According to fresh data from Lookonchain, the whale known as “66kETHBorrow” has now amassed an extraordinary 440,558 ETH, worth roughly $1.23 billion. This makes him one of the largest individual Ethereum holders actively accumulating during the current downturn — and the scale of his position is sending a powerful signal to the market.

While Ethereum’s price continues to struggle below key support levels, this whale’s behavior stands in sharp contrast to the fear-driven selling dominating retail traders. Instead of reducing exposure, he is adding aggressively, even as ETH charts show a steady downtrend and sentiment hits extreme bearishness. Historically, this kind of deep-pocketed accumulation during panic phases has often aligned with early stages of trend reversals or the formation of local bottoms.

The reason is simple: large players typically operate on long-term conviction, not short-term volatility. Their willingness to increase exposure at a time when most investors are capitulating is often interpreted as a strong vote of confidence in Ethereum’s fundamentals and future valuation.

ETH Breaking Down Below Key Levels

Ethereum has broken through key support levels, sliding toward the $2,660 zone in a decisive display of market weakness. The chart shows a clear downtrend forming over the past several weeks, with ETH consistently printing lower highs and lower lows as selling pressure accelerates. The 50-day and 100-day moving averages have crossed below the 200-day moving average, forming a bearish alignment that signals prolonged downside momentum.

Volume spikes during sell-offs highlight increasing liquidation pressure, confirming that the decline is being driven by aggressive sellers rather than passive drift. Ethereum attempted minor rebounds throughout November, but each bounce was rejected at descending resistance levels, showing a clear lack of bullish conviction.

As of now, price is struggling to hold the $2,700 region — a critical psychological level that previously acted as support during earlier corrections.

A positive sign, however, is the emergence of notable buying interest from large players. Despite the bearish structure, volume patterns show occasional accumulation on deeper dips, suggesting early attempts to form a local bottom. Still, ETH remains vulnerable unless it can reclaim the 50-day moving average and stabilize above $3,000.

Featured image from ChatGPT, chart from TradingView.com

XRP is now moving into a new chapter marked by the arrival of Spot XRP ETFs, and Ripple CEO Brad Garlinghouse believes this is about to cause a rush toward the asset.

Garlinghouse’s latest comment about an incoming rush to XRP arrives at a moment when the cryptocurrency has been struggling with bearish price action. The cryptocurrency has spent the past several days trading in a downtrend, even as market participants continue to digest the recent launch of the Bitwise Spot XRP ETF on the New York Stock Exchange. 

Ripple CEO’s XRP ETF Rush Message

The market is still adjusting to the launch of Bitwise’s Spot XRP ETF on the New York Stock Exchange, a listing that marks a significant step forward for institutional access to the asset. Bitwise’s product now sits alongside Canary’s XRPC ETF on the NASDAQ, making it the second US-based Spot XRP ETF to go live. 

This expansion of regulated XRP investment vehicles has pushed XRP into a much smaller category of cryptocurrencies that have secured full exchange-listed status in the United States.

The arrival of a second fully regulated product is being viewed as an early sign that the XRP ETF surrounding is just beginning to take shape. It also signals that issuers are becoming more confident in the regulatory footing surrounding XRP, especially after years of uncertainty.

Responding to Bitwise’s launch on the social media platform X, Ripple CEO Brad Garlinghouse described this moment as a turning point that could open the door to a rush of new interest in XRP ETFs. 

Ripple CEO’s message was a mix of congratulations for Bitwise and a hint that more activity may follow, and this is only the start of a much larger movement in the XRP investment landscape. “The pre-thanksgiving rush (shall we say, ‘turkey trot’!?) for XRP ETFs starts now,” he said.

What The Rush Could Mean For XRP Going Forward

The question now is how this new ETF environment will influence XRP’s market performance. Bitwise’s XRP ETF first trading saw $105.36 million in inflows, bringing the cumulative total net inflow of XRP ETFs to $410.76 million.

So far, the token has not responded with the kind of explosive rally that some expected around the ETF launches. Price action is somewhat restrained, having broken below the $2 price level despite the new investment access points.

The next phase could arrive sooner than expected because several additional XRP ETFs are positioned to launch in the coming days. 

One of the most closely watched is the Grayscale XRP Trust ETF, which Bloomberg Intelligence analyst James Seyffart confirmed is scheduled to begin trading as early as Monday, November 24th, alongside Grayscale’s Dogecoin ETF. Seyffart also highlighted that Franklin Templeton’s XRP ETF may debut on the same day. The clustering of these launches, arriving just days apart, reflects the wave of products Garlinghouse referred to as the “pre-Thanksgiving rush for XRP ETFs.”

At the Midnight Summit, Cardano founder and Input Output Global CEO Charles Hoskinson set out a staged rollout for Midnight, a privacy-and-identity network he describes as crypto’s next generational layer. In a Dapp Central interview, he positioned Midnight as an extender of existing ecosystems rather than a competitor: “We’re here to make your life easier and allow you to do new things your network doesn’t do… and you can pay in that network’s token,” pointing to interoperability with major chains such as Ethereum, Solana, Bitcoin and XRP.

Cardano Sidechain Launches In Four Stages

Hoskinson’s deployment plan is a four-gate launch intended to move from distribution to full decentralization through sequential upgrades. The first gate is liquidity and token delivery. The Cardano founder said NIGHT claims and initial market trading begin on December 8, 2025, the point at which Midnight becomes price-discoverable: “They get the tokens, they can trade them on exchanges and DEXes… it creates a price signal […] it’s on CoinMarketCap, it’s a real thing.” He tied this to the Glacier Drop and Scavenger Mine funnels, estimating participation at “well more than a million users,” while acknowledging wallet counts don’t map cleanly to individuals.

The second gate is a federated mainnet targeted for Q1 2026. Hoskinson described a production environment with mixed operators—some nodes run by IOG and some by external enterprises, including a Fortune 500 participant—so Midnight’s builder base can deploy applications with real users before final decentralization. He cited more than 100 partners already building for Midnight, and summit materials likewise list federated mainnet as the next milestone after NIGHT liquidity.

The third gate is an incentivized testnet to onboard stake pool operators and validate Midnight’s final consensus protocol. Hoskinson said the protocol has formal liveness and safety proofs and targets roughly 5,000 transactions per second with sub-second blocks, but has never been deployed on Substrate. “It would be irresponsible just to kind of launch that out,” he said, arguing that both the algorithm and operator tooling must be proven under incentives before mainnet adoption.

The fourth gate follows once the incentivized testnet is stable: a hard fork into the final mainnet consensus and a completed end-to-end network. The Cardano founder expects this phase to coincide with broad exchange access and a transition from Cardano-adjacent rollout to general cross-chain privacy services: “Midnight wakes up… to a Midnight-Ethereum, Midnight-Solana, Midnight-Bitcoin […] Midnight-XRP.” In his framing, this is when Midnight becomes a neutral privacy layer that other ecosystems consume rather than a single-community product.

Midnight’s adoption strategy hinges on dual-token economics. NIGHT holders generate DUST, a consumable fuel for computation. Through a “capacity exchange,” DUST can be sold for other chains’ tokens or delegated by DApp builders so users can interact without first buying crypto.

Hoskinson framed this as importing Web2’s frictionless payment expectation into Web3: “If you have NIGHT […] your users […] can use your DApp for free without having a token […] That’s an entirely new thing in the cryptocurrency space.”

Hoskinson also argued that AI makes privacy economically existential. He said models are “hoovering up… your likeness and your output,” enabling uncompensated digital replicas and accelerating job displacement: “People realize this is existential now […] it’s I no longer have a job.”

In response, Midnight’s selective-disclosure stack is meant to let users reclaim data ownership and use zero-knowledge proofs to verify properties—such as humanity or eligibility—without revealing identity, countering what he described as bot-heavy online participation.

Governance is presented as a correction to Cardano’s institutional friction. Hoskinson said Midnight’s code governance will be housed at the Linux Foundation and executed by a KPI-driven Midnight Foundation, aiming for clearer accountability and faster delivery.

Hoskinson summarized the endpoint as a “crypto triumvirate”: “Bitcoin is the trust and value layer […] Cardano the computation layer […] Midnight the privacy and identity layer.” If the four gates land as described—December 8 liquidity, Q1 2026 federated mainnet, Q2 2026 incentivized testnet, then a final mainnet hard fork—Midnight’s cross-ecosystem privacy thesis will move from roadmap to live infrastructure through 2026.

At press time, the Cardano (ADA) token traded at $0.3898.

Market expert and software engineer Vincent Van Code has issued a direct warning that investors may soon lose the ability to buy native XRP through direct traditional retail channels. He outlined an upcoming shift in how the cryptocurrency will be accessed, pointing to a future where the altcoin is obtained only through institutional products. 

Why Buying XRP Could Become Impossible In The Future

On Thursday, Van Code announced via an X post that XRP is on track to become inaccessible for direct retail purchase as the market transitions toward institutionally controlled vehicles. He predicts that within a couple of years, major custodians will hold nearly all native XRP, leaving retail investors to gain exposure only through ETFs or bank-managed market marker style products. 

The market expert ties this outlook to a broader 15-year roadmap he believes is steadily unfolding and expected to reach completion by 2030. He described a future in which XRP would eventually be held mainly by major custodians acting on behalf of banks, fund managers, and other large financial entities. According to him, retail investors would interact with XRP only through products managed by these institutions rather than holding the asset in their own wallets. 

Van Code also projected that the altcoin could become a wholesale token used strictly for settlement, custody, and transfers between financial institutions. In this model, the majority of retail market participation could shift away from the cryptocurrency itself, instead relying on ETF products that track its performance without granting direct ownership.

He referred to this potential evolution as the endgame for both the XRP Ledger and its native token, XRP. He also stressed that many holders have not fully grasped the scale of this potentially ongoing transition or the significance of the token they hold. 

Where To Store Your Coins Ahead Of The Transition

Following Van Code’s prediction, a crypto community member asked where XRP should be held ahead of these potential market changes, noting conflicting advice on exchanges, cold wallets, and possible bank custody. Van Code responded by outlining the strengths and weaknesses of each option. 

He stated that crypto exchanges offer simplicity for users with limited technical knowledge but require trust that the platform remains solvent. On the other hand, cold wallets provide complete control and ownership of private keys but introduce higher risks of user error, permanent loss, and estate-planning complications.

Van Code noted that ETFs are likely the safest option from a security and inheritance standpoint because they rely on established stock-register infrastructure with bank-grade protection and compliance. However, they come with fees, may not allow conversion back to native XRP, and could trigger capital gain taxes if a holder sells their existing tokens to buy into an ETF. 

Ultimately, the market expert explained that the best place to store XRP depends on the holders’ comfort level, technical knowledge, discipline in managing seed phrases, and the amount of tokens held. He warned against buying secondhand cold storage devices and emphasized the importance of verifying authenticity before adding value to the wallet. 

The latest Bitcoin (BTC) price crash has brought renewed focus to alarming forecasts, including one from pseudonymous crypto market expert Symbiote. After exiting his BTC positions at $102,000, the analyst is now predicting a potential crash to $40,000. His bearish outlook comes as the leading cryptocurrency continues to weaken, recently falling below $85,000. 

A $40,000 Bitcoin Crash And A Massive Altcoin Season

After making headlines for selling his BTC at $102,000 in December 2024, Symbiote is now projecting a sharp market downturn, with Bitcoin potentially retracing to $40,000. Currently, the cryptocurrency is trading above $82,000, meaning a decline to this bearish level would eliminate more than 50% of its value. 

Symbiote predicts that the next significant buying opportunity could emerge near $40,000, highlighting a disciplined strategy of profit-taking over chasing the market top. He emphasized that selling his BTC at $102,000 may have seemed early to some, considering its price reached an ATH above $126,000 in October this year. However, exiting at that level allowed him to avoid risking a large portion of gains for an extra 20% profit—a mistake that often traps new investors. 

According to the analyst, new traders tend to enter the market with rigid targets, expecting Bitcoin or Ethereum to sell at extreme highs. This strategy often results in losses, as the market rarely follows perfectly predictable patterns. Rather than waiting for the top, Symbiote advises traders to take profits as prices gradually rise, helping them secure gains while reducing exposure to sudden downturns. 

Looking forward, the analyst expects two major trends to define the crypto market in the near term. Firstly, Bitcoin’s potential crash to $40,000, which the analyst initially forecasted in 2024. Secondly, Symbiote predicts the biggest altcoin season could trigger widespread rallies even as Bitcoin faces significant downward pressure. 

BTC Remains Under Pressure As Support Breaks

Bitcoin has broken its previous support level around $85,000 and is now trading more than 34% below its all-time high of over $126,000. Crypto analyst Ted Pillows highlights that over the past few weeks, Bitcoin has pierced major support zones with little consolidation, exposing deeper pockets of liquidity between $81,000 and $88,000.

He has identified $81,000 as the next critical support, warning that Bitcoin must reclaim $88,000 soon to prevent a continuation of its downtrend toward April lows. His chart outlines potential recovery paths from each red support band and shows the downside risk if the price fails to bounce. 

The lowest support band lies between $78,400 and $79,800, suggesting a potential correction area if the price continues to fall. On the bright side, if Bitcoin can recover and breach $98,000, the next upside target is around $101,972.

Even with the ongoing waning action in the price of Ethereum, interest and demand for the leading altcoin do not seem to be slowing down. Several investors are currently exhibiting heightened willingness to stake a portion of their ETH holdings, reaching one of its highest periods ever.

Record Ethereum Still Locked In Staking Contracts

Over the past month, Ethereum’s price has experienced significant volatility, resulting in a sharp decline. Despite the prolonged bearish movement, one thing is certain: there has been a steady increase in the amount of ETH being staked. 

Leon Waidmann, the head of research at On-Chain Foundation, has delved into the network’s performance over time, revealing a sustained willingness among investors to stake part of their ETH holdings. According to the market expert, ETH staking activity is showcasing strength, reaching a new all-time high. 

After hitting a new all-time high, Ethereum’s staking ecosystem has remained steadfast at the levels in the face of price swings, liquidity shifts, and shifting investor sentiment. Data shared by the expert shows that over 35 million is currently locked in validators, and the chart has barely experienced a decrease in the past few months.

In addition to remaining robust, staking participation is now emerging as one of the most powerful structural pillars bolstering Ethereum’s economic base. This large amount of ETH locked in staking contracts indicates that long-term holders, institutional validators, and infrastructure providers continue to exhibit confidence in the network’s security and reward model. 

ETH staking is not the only area witnessing heightened adoption and participation. There has also been a rise in accumulation among big or institutional investors. Large corporate firms such as Bitmine Digital continue to purchase the top altcoin at a significant rate and scale.

As of Wednesday, a wallet address linked to the treasury company was detected scooping up thousands of ETH. Executed in a single transaction, Bitmine Digital acquired more than 24,827 ETH valued at approximately $72.5 million. This massive acquisition, believed to be a strategic repositioning, suggests growing conviction in the altcoin’s long-term potential.

ETH Is Making Its Entry Into The Institutional Era

Given the heightened interest from corporate firms, Ethereum appears to be transitioning into a new era. Joseph Chalom, the Co-Chief Executive Officer (Co-CEO) of SharpLink Gaming, has commented on the current outlook of the asset, declaring that ETH is entering its institutional super cycle.

Chalom’s bold statement hinges on the fact that ETH is highly productive, yield-bearing, and increasingly becoming the backbone of finance. In the meantime, Chalom and the publicly traded company are actively working on this narrative by helping to push the transition forward.

According to the CEO, this institutional supercycle does not refer to the price, but rather to the adoption curve. One of the ways this super cycle is playing out is the tokenization of fiat currency into stablecoins, as evidenced by the substantial growth in Tether’s USDT and Circle’s USDC.