Из жизни альткоинов

Правительство Сальвадора приобрело еще 1098 биткоинов на $100 млн на фоне падения цены первой криптовалюты, сообщается на портале президента страны Найиба Букеле (Nayib Bukele).

В период с 8 по 15 ноября инвесторы вывели из криптофондов более $2,04 млрд. Причина — продажи криптовалют крупными держателями, сообщили аналитики инвестиционной компании CoinShares.

Crypto privacy coins have become the front-runners of the market recently, rallying even when Bitcoin and other altcoins have been on the decline. As the privacy narrative continues to run, there have been obvious winners and some that are yet to move in accordance. So, here is a list of some of the most popular privacy cryptocurrencies that could be on their way upward as investors rush to take advantage of this new narrative.

ZCash (ZEC) Leads Recovery For Crypto Privacy Coins

ZCash (ZEC) has moved up rapidly recently to become the foremost crypto privacy coin by market cap. The network, which is focused on providing privacy and anonymity for crypto users, saw the price of its native ZEC token rise by more than 40x in one month.

ZCash (ZEC) has become one of the foremost cryptocurrencies because it provides total anonymity for crypto users. This means that transactions on the network are untraceable, and users can keep their transaction history completely secret by using ZCash.

Even after rising to more than $700, expectations are that the price will continue to rally, with calls for $1,000 becoming louder on social media platforms. Currently, ZCash’s market cap is above $11 billion, putting it ahead of the likes of Litecoin (LTC).

Monero (XMR) Loses Privacy Coins Lead

Interestingly, Monero (XMR) is known as the OG privacy coin and was the first to go ‘mainstream’ when it comes to the crypto industry. It gradually became synonymous with hiding crypto transactions, and this drew a different kind of attention to the cryptocurrency.

Governments began paying attention as rumors circulated that bad actors were using Monero (XMR) to move their illicit cryptocurrencies, earning bans from various governments. This led to the delisting of Monero (XMR) from exchanges such as Binance and Kraken.

As a result of the crackdown, the Monero (XMR) price has struggled to keep up with the market. Data from CoinMarketCap puts it as the third-largest privacy coin, losing its top spot to the likes of ZCash (ZEC) and Litecoin (LTC).

Litecoin (LTC) Could Be Gearing Up For A Bounce

Out of the top 3 privacy coins listed on CoinMarketCap, the Litecoin price has performed the worst. In the last month, the ZEC price has risen by over 200%, Monero has rallied more than 35%, while Litecoin (LTC) has shown less than 10% gains for the same time period.

Given this, it is likely that attention will turn to Litecoin next as investors jump out of the likes of ZEC with their gains. Such a movement could put the Litecoin price above $150,000 in the short term if there is a breakout with momentum.

 

Количество адресов, на балансах которых хранится более 1000 BTC, достигло 1384 — это максимальное значение за последние четыре месяца, сообщили аналитики компании Glassnode.

Сооснователь Эфириума Виталик Бутерин противопоставил свой блокчейн банкротящейся криптобирже FTX, назвав централизацию злом, противоречащим принципам блокчейна.

Центробанк РФ расширит доступ к криптоинструментам для квалифицированных инвесторов, сообщили в пресс-службе регулятора.

The much-anticipated crypto Market Structure Bill, designed to enhance clarity in the digital asset landscape in the United States, is reportedly preparing for markup sessions in early December. 

Crypto Sector Anticipates Detailed Review Before Thanksgiving

In a recent report by Eleanor Terret from Crypto In America, Agriculture Committee Chair John Boozman expressed his commitment to this timeline, noting that the government shutdown had postponed his initial plans to proceed with markups earlier this week. 

Currently, there is an effort to have draft bills prepared within both the Senate Agriculture Committee and the Senate Banking Committee ahead of the markups.

Banking Committee Chairman Tim Scott, who had aimed for a Banking bill markup by the end of September, has yet to announce a date for his committee. 

The text related to this bill has not been released since it shifted to a bipartisan initiative following recent reconciliatory roundtables conducted on Capitol Hill. It remains uncertain whether the draft will be made public before the Thanksgiving holiday.

Terret asserted that if the Banking Committee delays its release, the crypto industry will have ample material to examine over the holiday season, particularly the Senate Agriculture draft. 

However, notable sections in this proposal have been left blank, specifically regarding the regulation of decentralized finance (DeFi), and other legislative language remains bracketed, indicating unresolved issues among lawmakers.

Year-End Pressures

Digital Chamber CEO Cody Carbone remarked on the need for collaboration between the two committees, stating, “Right now it’s being done in somewhat of a siloed format.” 

He anticipates that the Senate Agriculture Committee will continue to gather feedback from the industry and progress in filling in the blank sections over the next few weeks.

Carbone also highlighted that the Banking Committee is likely to take the initiative on DeFi regulations, which predominantly fall within its jurisdiction. This aspect of the legislation, which has garnered significant interest and will likely undergo substantial scrutiny, has not yet been disclosed.

If both committees can finalize their respective drafts for markup next month, the subsequent step would involve merging these documents into a singular piece of legislation for a full Senate vote. 

However, the urgency of the situation is amplified by the approaching holiday season and the year-end deadlines, with expectations that the voting process and potential enactment of the market structure bill could push into next year’s session. 

As Carbone pointed out, “We’re running out of time, not just in the calendar year, but in this Congress.” Despite these challenges, optimism remains within the industry. 

Paul Grewal, Chief Legal Officer of crypto exchange Coinbase, recognized the importance of resolving key details but expressed confidence that the bill would ultimately progress. 

“I know some people fret over the details that remain to be resolved,” he stated. “But I think we’re going to get it done, even if it feels like there are still some important obstacles that remain.”

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

Президент ЦБ Нидерландов Олаф Слейпен (Olaf Sleijpen) предупредил, что стремительное развитие стейблкоинов может вынуждать Европейский центральный банк (ЕЦБ) резко менять свою политику процентных ставок.

На протяжении почти десяти месяцев этого года решение второго уровня для сети Эфириума Starknet оставалось в тени, однако в середине октября у инвесторов проснулся неожиданный интерес к STRK. В чем же причина такой резкой перемены?

Strategy has just revealed its latest Bitcoin buy, its largest in a while and an indication that the price crash hasn’t scared away the BTC hoarder.

Strategy Has Acquired Another 8,178 Bitcoin

In a new post on X, Strategy Chairman Michael Saylor has announced the latest BTC acquisition made by the company. As is usually the case, the Monday announcement was preceded by a Sunday post with the company’s Bitcoin portfolio tracker, this time with the caption “₿ig Week.”

Saylor had also been doing other teasing for this purchase, like writing on Friday, “We bought bitcoin every day this week.” And indeed, the buy has turned out to be a big one.

In total, Strategy has added 8,178 tokens to its holdings with this purchase, spending $835.6 million. According to the filing with the US Securities and Exchange Commission (SEC), the acquisition was funded alongside $136.1 million in sales of the company’s STRF, STRC, and STRK at-the-market (ATM) stock offerings.

Strategy has been a consistent buyer of BTC in recent months, but lately, the firm was only making small purchases, making it look like its accumulation was slowing down. The latest buy, however, has broken the pattern.

It’s the largest Bitcoin acquisition that the company has completed since July 29th, when it made a monster purchase of 21,021 BTC for $2.46 billion. Back then, market conditions were completely different, with BTC having hit fresh highs just earlier that month.

The latest purchase, on the other hand, has come while the market has been facing significant bearish momentum, making it an especially bold one. So far, though, the bet hasn’t worked out, as BTC has only continued to slide lower.

The new $835 million round of accumulation occurred in the period between November 10th and 16th, and involved an average coin price of $102,171. BTC’s current value is down more than 8.5% compared to this mark.

Following the acquisition, Strategy owns a total of 649,870 BTC, with a cost basis of $48.37 billion. At the moment, the company’s treasury is worth $60.6 billion, putting it in a profit of 25%. Thus, while Bitcoin may have been going down, the firm still has room to absorb further downside.

Strategy isn’t the only large market participant that has ramped up buying recently. As analyst James Van Straten has pointed out in an X post, the large holders have been showing a slowdown in distribution.

The indicator cited by the analyst is Glassnode’s Accumulation Trend Score, which tells us whether buying or selling is dominant among Bitcoin investors. From the above chart, it’s apparent that this metric has been close to 1 for the 100 to 1,000 BTC investors recently, a sign that the so-called “sharks” have been participating in strong accumulation.

The “whales,” holders lying in the 1,000 to 10,000 BTC range, have shown more mixed behavior, but the latest trend has been that of neutrality. The 10,000+ BTC holders, often called “mega whales,” are also showing a neutral behavior right now, but in their case, the neutrality marks a shift: these investors had been in a phase of distribution since August.

BTC Price

At the time of writing, Bitcoin is floating around $92,700, down more than 12% over the last seven days.

A recent report by the International Consortium of Investigative Journalists (ICIJ), titled “The Coin Laundry,” has unveiled evidence of criminal activities conducted through major cryptocurrency exchanges, aimed at evading global regulatory scrutiny. 

The investigation alleges that money launderers, linked to drug trafficking, Southeast Asian scam centers, and North Korean hackers, have been leveraging major exchanges to facilitate their illicit operations.

Crypto Money Laundering Operations Linked To Huione Group

The ICIJ’s analysis highlights that, as recently as July 2025, the Huione Group, a Cambodian financial entity flagged by US authorities as a “primary money laundering concern,” transferred approximately $1 million worth of Tether’s USDT stablecoin daily to accounts at Binance.

This flow amounted to over $408 million from Huione to Binance customer accounts between July 2024 and July 2025. Notably, these transactions allegedly occurred while Huione was under the supervision of two court-appointed monitors, established as part of Binance’s plea deal with US regulators in November 2023.

The report goes on to reveal that at least $226 million also shifted into accounts at OKX, another major crypto exchange, during the five months following OKX’s guilty plea in February for operating an unlicensed money transmitter. 

ICIJ’s report also explores a network of cash desks and courier services that operate in cities such as Hong Kong, Toronto, London, and Istanbul, allowing individuals to anonymously convert cryptocurrency outside the view of financial authorities. These locations have emerged as largely unregulated hotspots for laundering money.

In a separate investigation, ICIJ examined an alleged pyramid scheme orchestrated by Vladimir Okhotnikov, who is accused of misappropriating at least $340 million from investors between 2020 and 2022 through a fraudulent investment platform. 

Insufficient Regulatory Oversight?  

The report highlighted that these illicit transactions often traverse anonymous digital wallets and tools like “swappers,” which enable users to automatically exchange cryptocurrencies without identity verification, complicating law enforcement efforts to trace illicit activities.

A dozen former compliance employees from major exchanges, including OKX and Binance, reported to ICIJ that they struggle to keep pace with “increasingly sophisticated criminals.”

Regulators around the world are responsible for ensuring that cryptocurrency firms comply with anti-money laundering laws. However, the report asserts that the current landscape is characterized by “fragmented enforcement,” resulting in “insufficient oversight,” according to the ICIJ.

According to ICIJ’s findings, authorities have imposed at least $5.8 billion in fines and penalties against cryptocurrency exchanges. Meanwhile, consumer and business losses from crypto-related crimes are escalating. 

In the United States alone, the FBI estimates that Americans lost approximately $9.3 billion to crypto crimes in 2024, a 67% increase from the previous year.

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

An undercover investigation revealed that both registered and unregistered crypto platforms in Canada have exploited the country’s regulatory loopholes and facilitated violations of Anti-Money Laundering (AML) rules.

Canada’s Crypto-Cash Service Compliance Concerns

On Monday, CBC News shared a joint investigation with Radio-Canada, the Toronto Star, and La Presse, as part of a global reporting effort named The Coin Laundry from the Washington-based International Consortium of Investigative Journalists.

Reporters unveiled that multiple exchanges in Canada and offshore are reportedly evading local financial laws by offering crypto-to-cash services without proper registration or ID verification.

According to the news media outlet, the country’s long-standing problem with illicit funds in the traditional financial system, along with a lack of strong regulations and enforcement in the crypto sector, has opened “new frontiers for laundering and illicit finance.”

The investigation found that companies both registered and unregistered with Canada’s national watchdog, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), have facilitated transactions that violate AML rules.

In Toronto, a FINTRAC-registered company handed $1,900 in cash to an undercover reporter after receiving a 2,000 USDT deposit to a Ukraine-based crypto exchange, 001k. The employee only verified the serial number of a $5 bill to confirm it was the correct recipient for the transaction.

Meanwhile, two overseas platforms, including 001k, contacted by another undercover journalist, also proposed to deliver up to $1 million in cash to a location in Montreal in exchange for crypto, but never asked for any personal information or ID.

Under Canada’s AML law, it is illegal for a money transfer business to remit more than $1,000 to someone without registration of the recipient’s personal information and ID verification. Moreover, it is illegal for unregistered exchanges to do business with Canadians.

“One web directory lists more than 20 services for converting crypto into cash in cities across the country, from Halifax to Vancouver, none of them registered with FINTRAC. Contacted anonymously by reporters for the Toronto Star, a handful of the Toronto-based services said they wouldn’t ask for any ID,” CBC News added.

Richard Sanders, a crypto-to-cash network investigator, affirmed that “If you have this way to move money with absolutely zero checks on it, you’re facilitating an unlimited amount of crime.”

Nick Smart, Crystal Intelligence’s Chief Intelligence Officer, noted the “absolutely staggering” amount of money being pushed through crypto-to-cash services, highlighting the $2.5 billion processed in Hong Kong in 2024 alone.

FINTRAC Faces Regulatory Challenges

The Canadian watchdog did not answer the reporters’ questions about the undercover transactions or whether it was aware of the crypto-to-cash illicit services available in the country.

However, it said in a statement that “FINTRAC is prepared to take strong action as necessary so that businesses take their responsibilities seriously,” adding that it “can include administrative monetary penalties and referrals of any non-compliance to law enforcement.”

Notably, FINTRAC imposed a $126 million fine on Vancouver-based digital assets trading platform Cryptomus in October for breaching multiple federal AML and Counter-Terrorist Financing (CTF) laws. Additionally, it is developing a comprehensive framework that aligns with global crypto regulations.

As reported by Bitcoinist, Canada’s 2025 federal budget unveiled plans to establish stablecoin-related regulations seeking to boost consumer confidence and modernize the country’s payment ecosystem.

Nonetheless, Joseph Iuso, executive director of the Canadian Money Services Business Association, told CBC News that FINTRAC faces challenges in overseeing these illicit transactions. According to Iuso, the financial watchdog doesn’t have enough resources to supervise properly the over 2,600 registered money-service businesses.

As a result, it also doesn’t have the capacity to track and act against unregistered platforms that illicitly offer services. “There’s just tons,” Iuso affirmed. “They’re all trying to circumvent the regulations. And, unfortunately, how do you police that?” he concluded.

Aave Labs, the developer behind the decentralized cryptocurrency lending platform Aave (AAVE), announced on Monday its intentions to launch a new app on Apple’s App Store.

Aave Labs Introduces Savings-Style App

According to a report from Fortune, this new product is designed to function similarly to a traditional savings account, but with higher yields than those offered by traditional finance banks. 

Users can earn a minimum interest rate of 5% on their deposits, which can be funded through bank accounts or debit cards. The app will utilize stablecoins alongside the Aave protocol to offer these financial services.

Aave has established itself as a key player in the decentralized finance (DeFi) and crypto lending sectors, boasting over $3.23 trillion in cumulative deposits, nearly $1 trillion in total originated loan volume and $ billion in total interest paid, according to the platform’s website. 

While DeFi protocols often provide users with higher interest rates compared to conventional banking, they also carry heightened risks, such as the potential for hacks and the absence of government backing. 

However, Stani Kulechov, the founder and CEO of Aave Labs, assured users of the protocol’s safety. He pointed out that Aave has never encountered an exploit in its five-year history, emphasizing the dual layers of security related to both the market economics and the software code, which has been audited by multiple companies.

Traditional Financial Giants Adopting Crypto

The forthcoming launch of the Aave app arrives at a time when the gap between traditional financial institutions and crypto-native firms is closing. Major players like BlackRock are adopting Bitcoin (BTC) through the exchange-traded fund (ETF) sector. 

Stripe has integrated stablecoins into its offerings, and JPMorgan Chase has been actively developing blockchain solutions. In response, crypto firms are increasingly focusing on attracting mainstream customers. 

The US crypto exchange Kraken, for example, has newly introduced its own payments app, while various others are working to create bank-like products using stablecoins.

Kulechov remarked, “Typically, DeFi has been accessible to very savvy, professional users. The next step for DeFi is to bring more direct access for consumers.” 

Kulechov, a figure in the DeFi movement since launching the protocol in 2020, has expanded the company’s offerings to include a crypto wallet, a decentralized stablecoin, and a protocol for social media.

In October, the firm made headlines by acquiring the stablecoin company Stable Finance for an undisclosed amount. Kulechov noted that the acquisition also enhanced their consumer-focused experience, allowing the team to move more swiftly and improve their product offerings.

While the broader crypto market continues its downtrend, the price of AAVE saw a 2% uptick following the announcement. At the time of writing, it was trading at $171.87 per token. 

Featured image from The Seattle Times, chart from TradingView.com

Bitcoin is struggling to hold above the $95,000 level as fear spreads across the market, with traders uncertain whether the recent correction marks the beginning of a broader downtrend or just a temporary shakeout. The leading cryptocurrency has been under sustained selling pressure, wiping out months of bullish momentum and pushing sentiment toward extreme caution.

Analysts remain divided on the next move. Some argue that Bitcoin could be entering the early stages of a bear market, pointing to weakening momentum and growing short-term losses among holders. Others, however, believe that this consolidation phase is setting the stage for a major recovery, with potential for a surge beyond all-time highs once market sentiment stabilizes.

Despite the volatility, on-chain data offers a glimmer of strength. Bitcoin is still trading above the ETF Realized Price, according to CryptoQuant. This means that, on average, ETF investors remain in profit — a sign that institutional demand remains resilient even amid retail fear.

ETF Investors Remain in Profit Despite Market Fear

According to top analyst Maartunn, Bitcoin’s ETF Realized Price — the average cost basis of all spot Bitcoin ETF holders — currently stands at $86,680. Despite the recent wave of volatility and fear-driven selling, Bitcoin is still trading roughly 9% above this critical level, suggesting that most ETF investors remain in profit.

This metric serves as an important gauge of institutional sentiment. The fact that Bitcoin continues to trade above ETF investors’ cost basis indicates that institutional demand remains resilient, even as retail sentiment turns bearish. Historically, when Bitcoin holds above key realized price levels during corrections, it signals underlying strength and reduces the likelihood of a prolonged bear phase.

Moreover, ETF inflows have remained stable, showing that long-term holders are not panic-selling despite price weakness. These investors tend to view market dips as opportunities to accumulate rather than liquidate positions — a stark contrast to short-term traders who often react emotionally to volatility.

If Bitcoin can sustain its position above the ETF Realized Price, it would reinforce this structural support and could serve as the launchpad for a recovery once broader market sentiment shifts from fear to cautious optimism.

Bitcoin Finds Support Amid Heightened Market Fear

The weekly Bitcoin chart shows the cryptocurrency hovering just above $95,000, attempting to stabilize after weeks of consistent selling pressure. This marks the first time since May that BTC has revisited this zone, which now acts as a crucial support level both technically and psychologically. The decline from the recent highs near $120,000 has been sharp, reflecting a shift in sentiment as fear and uncertainty dominate the market.

The 50-week moving average currently sits near $94,000, and Bitcoin’s ability to remain above it could define the next market phase. Historically, this moving average has been a reliable support line during mid-cycle corrections, often signaling accumulation zones rather than the start of prolonged bear markets. Meanwhile, the 200-week moving average — a long-term structural floor — remains far below near $70,000, highlighting that Bitcoin’s macro trend remains intact.

Volume data also suggests a potential capitulation phase, with recent sell pressure accompanied by rising trading activity, indicating stronger hands may be absorbing weak supply. If Bitcoin holds this range, a rebound toward $100,000–$105,000 could follow. However, losing $95K would expose the market to further downside, potentially testing lower supports before stability returns.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin’s drop back into the mid-$90,000s has reignited the debate: is this the start of a true bear market, or a sharp reset inside an ongoing uptrend? Analysts are converging on the same battleground levels but differ on what they imply.

Has The Bitcoin Bear Market Arrived?

Macro swing-trader “The Great Mattsby” (@matthughes13) argues that, structurally, Bitcoin is still tracking a familiar pattern. He reminds followers that: “Back in 2024, BTC consolidated for 7 months in the $70k-$50k zone before breaking out.”

Using monthly Fibonacci retracements from the March 2024 high to the November 2022 low, he notes that Bitcoin previously tagged the 0.618 retracement at $51,518, “even wicked below, then bounced.” On a fresh set of fibs drawn from the October 2025 top to the August 2024 low, that same key level now sits at $96,975. Price is currently trading slightly below it, similar to the 2024 wick.

With two weeks left in November, Mattsby stresses that the close matters more than the intramonth volatility: “If BTC holds this $96-$97k zone for a monthly candle close in November, this could mirror last year’s setup: a couple more months retesting this zone, then a run to new all-time highs would be possible.”

On the weekly timeframe, however, market analyst Rekt Capital is less comfortable with the latest breakdown. For him, the 50-week exponential moving average has been a core “bullish structure” of this cycle. He writes: “Bear Markets confirm when the bullish structures that supported continued bullish momentum start to fail.”

His chart shows the current weekly candle pushing decisively below the 50-week EMA, which has previously acted as support. He sees “a high probability the Weekly Candle Closes below the 50-week EMA,” adding that the reaction in the coming weeks will be “macro trend-defining.”

The key question, in his view: “Can BTC produce enough upside in the coming weeks to invalidate this Weekly Close below the 50 EMA and reclaim the EMA as support?”

What Bitcoin On-Chain Data Says

On-chain data sends a different signal. Analyst Frank (@FrankAFetter) shared Checkonchain’s Short-Term Holder MVRV chart, which tracks the profitability of recent buyers relative to their cost basis with standard-deviation bands. Bitcoin’s latest flush has driven the metric to the lower, negative-one-standard-deviation band, a zone previously tagged near $49,000 and $74,000 before meaningful bounces.

Frank’s approach is straightforward: “I’m a buyer of standard deviation moves to the downside; they don’t come often, but they tend to be excellent opportunities.”

Is The CryptoQuant CEO Right Again?

CryptoQuant founder Ki Young Ju focuses on who is selling this dip. He characterizes the move as internal rotation among long-term players rather than broad distribution: “This dip is just long-term holders rotating among themselves. Old Bitcoiners are selling to tradfi players, who will also hold for the long run.”

He recalls that his earlier top call was driven by “OG whales … dumping hard,” but argues that the landscape has shifted: “ETFs, MSTR, and other new channels kept injecting fresh liquidity. Onchain inflows are still strong. This dip is basically OG whales dragging the market.”

Looking ahead, he points to “sovereign funds, pension funds, multi-asset funds, and corporate treasuries” as building even larger, persistent liquidity channels and concludes: “The cycle theory is dead until these liquidity channels stop running.” Notably, Ki Young Ju correctly predicted in March this year that Bitcoin could see a “6–12 months of bearish or sideways price action.”

In short, the technical picture has clearly weakened, with the 50-week EMA and the $96,000–$97,000 monthly Fibonacci zone now acting as critical lines in the sand. If Bitcoin can reclaim the weekly EMA and secure a monthly close above that 0.618 retracement, the case for this being a deep but standard consolidation remains credible.

A sustained failure at these levels, by contrast, would lend significant weight to the bear-market argument. For now, the verdict hinges on how the next few weekly and monthly candles close, not on the intraday noise.

At press time, BTC traded at $93,938.

Bitcoin continues to trade below the $100,000 mark, struggling to find direction amid growing indecision and persistent selling pressure. After briefly dipping toward $95,000, the market is attempting to hold this key support level as sentiment remains fragile. Traders and investors are closely watching whether Bitcoin can stabilize here or if further downside is imminent.

According to top analyst Darkfost, the situation has become increasingly challenging for short-term holders (STHs) — those who acquired Bitcoin within the past few months. Their average cost basis now sits near $110,500, meaning that the majority of this cohort has been underwater for about a month. This signals widespread unrealized losses among newer market participants, often a precursor to emotional or panic-driven selling.

For context, during the March correction, short-term holders faced similar conditions for roughly two months before the market eventually recovered. Whether history will repeat itself remains to be seen, but the prolonged pressure on STHs is contributing to heightened volatility. As whales and long-term investors remain more stable, market resilience will likely depend on how this reactive segment behaves around the $95K–$100K range in the coming days.

Short-Term Holders Show Signs of Capitulation as Losses Mount

Short-term holders (STHs) are facing intense stress as selling pressure accelerates across the market. The STH Spent Output Profit Ratio (SOPR) on a 30-day moving average has remained below 1, currently sitting at 0.993, which means that on average, STHs are realizing losses of around 7% when they move their coins. Historically, this type of behavior has coincided with the final stage of market corrections, as weak hands capitulate and stronger players quietly accumulate.

Darkfost notes that STHs are particularly reactive to price swings, often exiting positions in panic once losses deepen. This has been evident in recent weeks — on November 15, over 65,000 BTC were sent to exchanges at a loss, creating an estimated $6 billion in sell pressure. Earlier in the month, realized losses peaked at $812 million on November 9, confirming sustained capitulation activity.

Despite the negative sentiment, this dynamic has historically signaled market exhaustion rather than continuation. Each spike in realized losses throughout this cycle has marked the end of a correction, suggesting that while the current environment remains volatile, Bitcoin could be approaching the late stages of this downturn before rebounding.

Bitcoin Attempts to Stabilize Near $95K After Steep Sell-Off

Bitcoin’s recent price action shows a clear attempt to stabilize near $95,000 following a sharp decline that pushed it below the psychological $100,000 level. The chart illustrates that BTC has broken below both its 50-day and 100-day moving averages, signaling that short-term momentum remains bearish. However, the price is now finding temporary support around the $93,000–$95,000 zone — an area that coincides with prior consolidation in May and June.

The selling pressure that dominated last week has started to ease, as indicated by the slightly lower volume on recent candles. This suggests that sellers may be getting exhausted after a significant drawdown. Still, bulls are struggling to regain control, and a decisive close above $100,000 would be needed to reestablish confidence.

If the $95K level fails to hold, the next potential support sits near $90,000, aligning with the 200-day moving average — a historically critical line separating bullish from bearish phases. On the upside, reclaiming the 100K–105K zone could trigger renewed momentum toward $110K. For now, Bitcoin remains in a consolidation phase, with investors watching closely to see whether this area becomes a bottoming zone or the prelude to a deeper correction.

Featured image from ChatGPT, chart from TradingView.com

US President Donald Trump granted a pardon in late October to Changpeng “CZ” Zhao, the founder of Binance, touching off a fresh round of questions about whether business deals and political favors were linked to the clemency.

The move has split opinion: some lawmakers call for probes, while CZ’s legal team insists the pardon was lawful and not for sale.

Binance And The Trump-Linked Venture

According to reporting, Binance played a role in supporting a crypto company tied to the Trump family, World Liberty Financial, as that venture rolled out a stablecoin called USD1.

Reports say Binance engineers helped build parts of the project and that a major investor agreed to put roughly $2 billion into the venture, with some payments reportedly arranged in USD1 tokens.

DL News reports that CZ’s lawyer Teresa Goody Guillen denied any ‘pay-to-play’ arrangement behind President Trump’s October pardon of Changpeng Zhao, telling the Pomp Podcast there was no deal. She also refuted media claims that ties among Binance, World Liberty Financial and the… pic.twitter.com/lLq52dt6fF

— Ashir (@roomchanger2) November 17, 2025

CZ’s past conviction has sharpened scrutiny. He pleaded guilty in 2023 to charges tied to failures in stopping illicit use of the exchange.

He served four months behind bars before later receiving the presidential pardon in October. Those facts have been widely reported and are cited by critics who argue the timing and business ties merit a closer look.

Lawyer’s Denial On The Pomp Podcast

CZ’s attorney, Teresa Goody Guillén, has publicly rejected claims that the pardon was tied to any “pay-to-play” arrangement.

Based on reports of her Pomp Podcast appearance, she described the allegations as a “pile up of a lot of false statements” and said she has seen no proof that the pardon was traded for cash or crypto.

Guillén also challenged characterizations that World Liberty Financial is simply “the Trump family’s company.”

 

Binance itself has pushed back. Company statements and reporting attribute the large USD1-related investment decision to an investor group rather than to Binance directly, and Binance leaders have denied negotiating a pardon in exchange for business support.

That denial has not ended calls from some lawmakers for fuller transparency about meetings, agreements, and transfers tied to the USD1 rollout.

Lawmakers And Watchdogs Respond

Based on congressional comments and news coverage, critics including some senators have urged investigations to determine whether the pardon followed improper influence or conflicts of interest.

They point to the scale of the reported $2 billion deal and to meetings between business figures and Trump associates as reasons to seek documents and sworn testimony.

At the same time, defenders of the pardon argue the legal case against CZ was narrow, limited to compliance failures rather than fraud.

Featured image from Getty Images, chart from TradingView

Fresh on-chain data reveal that 121 billion Shiba Inu (SHIB) coins were moved from crypto exchanges in 24 hours, extending a series of large withdrawals recorded throughout this month. The movement occurs at a time when the SHIB price is struggling, which may indicate that holders are either preparing for long-term storage or anticipating a major shift in the market. 

Where 121 Billion SHIB Are Headed As Prices Fall

CryptoQuant has revealed that approximately 121,256,104,299 SHIB exited crypto exchanges on November 15. This latest transfer continues a pattern that has defined the entire month. Earlier, on November 14, over 234.7 billion tokens were withdrawn from exchanges, marking one of the largest single-day outflows in recent months. Four days later, another 84.7 billion was left, followed by an additional 195.9 billion on November 11. Altogether, these transfers account for well over 600 billion SHIB being moved into cold storage in just over two weeks. 

This movement could be an indication of shifting sentiment among SHIB holders who may be positioning for long-term custody as market volatility rises and prices decline. November’s transfers reflect a clear accumulation pattern despite the downturn in SHIB’s price, suggesting that investors are buying the dip. 

While exchanges have seen billions of tokens exit recently, the last two days saw a reversal in flow direction. CryptoQuant data shows that 59.8 billion SHIB returned to exchanges on November 16, followed by another 36.7 billion at the time of writing. This brings the total inflow to over 96.5 billion, partially offsetting the 121 billion tokens removed on November 15. Such inflows typically indicate profit-taking or short-term repositioning, creating uncertainty about whether holders plan to re-enter the market or respond to further price volatility. 

Shiba Inu Records Year-Long Price Drop

The broader trend of shrinking exchange reserves coincides with a significant decline in SHIB’s valuation. CoinMarketCap reports that Shiba Inu is down more than 63% this year, reflecting a persistent bearish pressure. Over the past week alone, the meme coin has declined by approximately 10% and remains in negative territory, trading at around $0.000009. Notably, this downward momentum has continued to weigh on market sentiment.

Crypto analyst Jack noted that, amidst the decline in exchange reserves and rising burn rates, buyers are stepping in at every price dip to accumulate SHIB tokens. He says these developments are creating the perfect recipe for a supply shock, which could set the stage for a potential recovery.

Jack emphasized that Shiba Inu is still holding a key demand zone, with momentum indicators like the Relative Strength Index (RSI) starting to show strength. If these conditions persist and momentum kicks in, he believes that SHIB may finally break out of its current range. He points to $0.000010, $0.000011, and $0.000013 as the next resistance levels and bullish targets. 

Data reveals a majority of the Ethereum treasury companies are trading below mNAV, showcasing the effect of the latest price crash.

Ethereum Treasury Firms Are Looking Unhealthy

In a new thread on X, Capriole Investments founder Charles Edwards has discussed some metrics related to Ethereum treasury companies. A treasury firm refers to a public corporation that has adopted a digital asset like Bitcoin or Ethereum as its reserve strategy.

The idea was popularized by Michael Saylor’s Strategy (formerly MicroStrategy), which pivoted to being a BTC treasury firm back in 2020. Since then, the company has grown into by far the largest corporate digital asset holder, with a whopping $47.54 billion invested.

Earlier, companies were looking at only the number one cryptocurrency as a viable reserve asset, but this year, there has been a rise in holders of ETH, the coin ranked just behind BTC.

The Ethereum treasury frenzy peaked in August, but since then, the growth rate attached to them has witnessed a slowdown, as the chart below shared by Edwards shows.

From the graph, it’s clear that the rate of change for Ethereum treasuries is positive even after the slowdown, suggesting that companies remain in net accumulation. This has meant that, despite the outflows that the spot exchange-traded funds (ETFs) have witnessed recently, institutional buying still remains above the cryptocurrency’s supply growth, although only just.

While corporate accumulation continues, the ETH treasury business model may not be working for a lot of the firms. As the analyst has pointed out, the majority of companies have an mNAV value less than 1.

mNAV, standing for Multiple of Net Asset Value, is a metric that compares the market cap of a treasury firm against the total value of its reserve assets. The indicator being below the 1 mark naturally implies the firm’s valuation is less than its treasury’s worth.

About 64.3% of all Ethereum treasury firms currently fall into this zone. “That means the treasury company picture is a lot more unhealthy for ETH than Bitcoin,” explained Edwards.

Clearly, ETH treasuries are coming under pressure, so are any of them reacting by selling? Data suggests not many, as the net buy/sell ratio related to them still remains strong.

That said, while almost all Ethereum corporate holders are still net buyers, the buy/sell ratio has started to show a decline as the asset’s price has experienced its recent bearish shift.

ETH Price

Ethereum plunged toward $3,000 on Sunday, but the coin has since seen a small jump back to $3,200.

According to comments from longtime researcher and computer scientist Nick Szabo, Bitcoin and other cryptocurrencies are trust-minimized, not trustless, and that difference matters for how states and private actors can push back.

Szabo warned that while the layer one of a strong trust-minimized system can endure many kinds of interference, legal routes remain a meaningful vulnerability.

He said financial rules are one set of risks the ecosystem has learned to handle, helped by developers and an expanding legal profession focused on crypto, but that laws tied to arbitrary data create a much wider and less predictable attack surface.

Trust Minimized Not Trustless

Szabo told readers that the technical design reduces the need to trust single parties, yet it does not eliminate the need for trust entirely.

According to his view, losing the phrase “trustless” and using “trust-minimized” is important because it points to real limits. Developers must keep the protocol informed by careful choices.

Anarcho-capitalism is a wonderfully abstract ideal that can inspire innovation. It helped inspire me to help invent cryptocurrency.

But real-world cryptocurrencies are not trustless — they are trust-minimized. Each cryptocurrency has a legal attack surface, representing the…

— Nick Szabo (@NickSzabo4) November 16, 2025

Lawyers have become part of the defense too, he said, and that legal work has made financial law attacks manageable in many cases.

The claim is not that Bitcoin is fragile; it is that the threats are not only technical — they are real, legal, and those threats change with new laws and court decisions.

Regulators Face Practical Limits

Not everyone agrees. One critic, Chris Seedor, who runs a Bitcoin seed storage company called Seedor, pushed back and called some legal fears “boogeymen.”

Based on reports of his remarks, Seedor argued that states can try to use law to stop tools and protocols, but history shows limits.

Respectfully, I think you’re giving too much weight to speculative legal boogeymen.

Bitcoin’s resilience was never about predicting every possible domain of law – it was about minimizing technical points where coercion can bite. If regulators could shut down general-purpose data…

— Coinjoined Chris (@coinjoined) November 16, 2025

He pointed to PGP and Tor as two technologies that have been unpopular with some regulators yet remain available. His point: when code lacks central points of control, courts and agencies have less practical leverage to fully shut it down.

Arguments From Different Angles

The debate is partly about emphasis. Szabo focuses on open legal questions and new kinds of laws that could be used to target content or arbitrary data placed on-chain. Seedor highlights how technical design can remove the lever points that make enforcement easy.

Both are talking about the same problem from different directions: one looks at the legal map and sees many untested routes; the other looks at past enforcement and sees that states rarely win against widely distributed protocols.

Featured image from Yagi Studio/Flavio Coelho/Getty Images, chart from TradingView