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Bitcoin has fallen below the crucial $100,000 mark, now trading near $97,000 for the first time since May. The drop underscores the growing weakness in bullish momentum, as traders struggle to defend key support levels amid mounting macroeconomic uncertainty and fading risk appetite. Market sentiment has turned sharply fearful, with investors showing increased caution following a wave of liquidations and declining volume across major exchanges.

According to data shared by CryptoQuant analyst Axel Adler, Bitcoin’s performance has notably lagged behind traditional assets. Year-to-date, BTC is up just 5.5%, a gain that now risks evaporating entirely if current conditions persist. In stark contrast, gold surged 5.6% in just the last week, continuing its strong rally as investors seek safer havens amid global volatility.

While Bitcoin’s long-term structure remains intact, its short-term weakness reflects a tightening liquidity environment and growing skepticism about risk assets.

Bitcoin Faces Harsh Comparison As Traditional Markets Outperform

Axel Adler highlights how Bitcoin’s muted performance stands in sharp contrast to the impressive gains seen across traditional markets this year. His analysis paints a sobering picture of where capital has been flowing in 2025.

Gold leads the pack with a staggering 55% year-to-date (YTD) increase, driven by global uncertainty and strong institutional demand. Copper follows with +27%, benefiting from industrial expansion and supply constraints. Meanwhile, risk assets like the Nasdaq (+21%) and S&P 500 (+16%) have also delivered consistent returns, reflecting continued investor confidence in equities despite macroeconomic headwinds.

Against this backdrop, Bitcoin’s modest 5.5% YTD gain appears increasingly underwhelming. Adler notes that professional fund managers are often measured against the S&P 500 benchmark, meaning any underperformance tends to attract swift scrutiny. “If a fund manager delivers less than the S&P 500, they usually don’t stay in the job for long,” Adler remarks — a pointed reminder of how traditional assets continue to set the standard for performance.

His final comment cuts to the heart of the matter: “You don’t need a Harvard degree to buy SPY.” The implication is clear — in a market where simplicity and stability outperform speculation, Bitcoin must prove its resilience or risk losing investor attention.

Bitcoin Slips Below $100K as Selling Pressure Builds

Bitcoin’s price has fallen sharply below the psychological $100,000 mark, currently hovering around $97,300 after losing more than 2% in the past 24 hours. The daily chart reveals a clear continuation of the recent downtrend, with BTC now trading well below its 50-day and 100-day moving averages, signaling sustained weakness in short-term momentum.

The next significant support zone sits near $94,000, where Bitcoin previously consolidated in early summer. A decisive breakdown below this level could open the door to deeper retracements toward the 200-day moving average near $88,000–$90,000. On the flip side, reclaiming $100,000 as support will be crucial for any potential recovery, as that level now acts as a strong resistance barrier.

Volume data shows an uptick in sell-side activity, confirming growing pressure from profit-taking and possible liquidations. Despite the pullback, analysts suggest that the recent correction may serve as a market reset, allowing leverage to unwind and preparing for a healthier recovery phase.

Bitcoin remains in a volatile consolidation period, with macro uncertainty and exchange inflows weighing on sentiment. Bulls must defend current levels to prevent momentum from shifting decisively toward a deeper mid-cycle correction.

Featured image from ChatGPT, chart from TradingView.com

A senior VanEck executive has reignited a long-running debate over XRP’s real-world utility, questioning both the relevance of the XRP Ledger and the economic case for holding the token—just as a new spot ETF has posted the strongest launch numbers of any fund this year.

Matthew Sigel, head of digital assets research at VanEck, took direct aim at supporters on X, opening with a post that combined sarcasm and skepticism. “Dear XRP maxis,” he wrote, “I may never understand what your ‘blockchain’ actually does, but I’ll always respect the passion required to pretend it does something. So keep hustling!”

XRP Utility Debate Reignites

The tone set the stage for a thread that pushed beyond memes into pointed questions about developer activity and value accrual. In a follow-up post, Sigel asked: “Genuine question: has any developer ever woken up and said, ‘Time to build… on XRP’? Would love citations.”

Hours later, he underscored the lack of detailed responses from the community with a terse update: “Zero replies so far”. The challenge is clear. In a market where developer traction and on-chain activity are often treated as proxies for network value, Sigel is not just criticizing the narrative, but demanding evidence that ledger is actually a target platform for builders.

When an supporter pointed to Ondo Finance launching its OUSG tokenized Treasury fund on the XRP Ledger as proof the ecosystem is active, Sigel shifted the discussion to token economics.

“Cool initiative, but does any of this actually accrue value to XRP token holders? I’m not aware of any fee capture, revenue share, burn, or economic linkage. I think maybe I’m not smart enough to understand but I’ll keep trying to learn and update my views!”

The exchange also touched on the fortunes created around the token and the controversies attached to them. After one user sarcastically wrote that XRP had “funded a whole company [Ripple] on nothing and got a few billionaires out of it,” Sigel replied: “Like the one who funded Greenpeace’s ‘Change the Code’ campaign to pressure Bitcoin into abandoning PoW? Quite a legacy.”

The remark alludes to the well-known funding of Greenpeace’s anti–proof-of-work campaign by a Ripple co-founder, a move that has long polarized Bitcoin and XRP communities.

When another commenter accused him of trying to “hold ppl back” from investing in the token and dismissed Bitcoin as “completely speculative,” Sigel contrasted the two assets in terms of institutional adoption and state-level engagement.

He argued that “retail investors like University Endowments, Sovereign Wealth Funds, and today a Central Bank” are now in bitcoin, and claimed that “12 countries are now mining Bitcoin with direct government support, thanks to its synergies with the electrical grid,” before adding, “Anyway by all means, invest away in XRP. I’m not stopping you.”

The thread drew in Solana Foundation’s Vibhu Norby, who has previously clashed with the XRP community but here offered a more reconciliatory, if still critical, framing.

“XRP is a SoV coin similar to Bitcoin with cheaper fees wrapped in 13 years of payments mythology. Instead of Satoshi, the collective unconscious of the XRP Army centers around a company (which btw happens to be very well run). The XRPL has minimal usage for transactions compared to smart contract blockchains, but it is not important to its value just like Bitcoin has minimal transactions compared to smart contract blockchains but it is not important to its value,” Norby commented.

All of this unfolded against a striking market backdrop. Canary Capital’s spot ETF XRPC, began trading on November 13 and generated around $58 million in first-day volume, including $26 million in its first hour—enough to make it the biggest ETF debut of 2025 so far and narrowly surpass the launch-day volume of Bitwise’s Solana ETF, BSOL. The two funds now define the upper tier of single-asset ETF launches this year, with the next-best newcomer more than $20 million behind in day-one trading.

At press time, XRP traded at $2.27.

Bitcoin faced renewed selling pressure this week as large investment funds pulled money out at a pace not seen in months.

Reports from Farside Investors showed that spot Bitcoin ETFs recorded about $866 million in withdrawals on Thursday, a sharp move that arrived even after the US government reopened following a 43-day shutdown.

The flow of money leaving these funds caught the attention of traders who had expected a stronger reaction once political uncertainty cleared.

Heavy Withdrawals Hit Major Bitcoin Funds

According to new data, this wave of outflows marked the second straight session of losses for US-listed spot Bitcoin ETFs.

A separate reading from SoSoValue pointed to nearly $897 million leaving those products on the same day, suggesting widespread pullback from institutional players.

The shift surprised some market watchers because ETF inflows had been one of the main drivers of Bitcoin’s strong run earlier in 2025.

Those who entered Bitcoin 6 to 12 months ago have a cost basis near 94K.

Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions. pic.twitter.com/i9a5M0xnMW

— Ki Young Ju (@ki_young_ju) November 14, 2025

Ki Young Ju of CryptoQuant warned that the broader uptrend could weaken if Bitcoin falls below $94,000, which he identified as the average buying level for holders who entered during the past six to 12 months.

XRP Fund Shines Amid Market Pressure

While Bitcoin funds struggled, one new altcoin product posted an unusually strong debut. The Canary Capital XRP (XRPC) ETF reached $58 million in first-day trading volume, according to Bloomberg ETF analyst Eric Balchunas.

That figure barely topped the $57 million logged by a Solana ETF earlier this year, but it still ranked as the biggest opening among roughly 900 ETF launches in 2025.

Reports also noted that Ether ETFs faced $259 million in withdrawals on Thursday, while Solana ETFs extended a 13-day run of inflows by adding another $1.5 million.

Rate Cut Doubts Add To The Slide

Bitcoin slid under the $100,000 line on Friday and traded around $96,900 by 00:00 ET (05:00 GMT). It dipped to an intraday low of $96,650, pressured by fading hopes of a Federal Reserve rate cut in December.

Markets now price about a 45% chance of a 25 basis point cut at the December 10-11 meeting, down from 63% a week earlier.

The government shutdown created gaps in official inflation and jobs data, leaving the Fed with fewer signals to work with and keeping traders cautious about taking on risk.

Mixed Sentiment As Crypto Heads Into The Weekend

Institutional demand has been cooling, shown by repeated outflows and slowing treasury purchases. Some analysts believe the market has been in a quiet bearish phase for months.

Hunter Horsley of Bitwise said the downturn may be closer to ending than many assume, although broader risk markets have offered little support.

Others caution that continued ETF withdrawals could extend Bitcoin’s losing streak, which is now headed toward a third week.

Featured image from Unsplash, chart from TradingView

XRP investors are once again considering whether now is the right time to enter the market. New reports from analysts warn that XRP could soon become the center of a significant wealth shift, creating a rare opportunity for early adopters. They warn that acting sooner may give investors a critical advantage before broader forces and institutions jump in and limit access to the cryptocurrency. 

Early XRP Buyers To Gain Massive Edge

Time Traveler, a pseudonymous XRP commentator on X social media, has described XRP as the digital asset at the center of an upcoming financial shift. In his post, he stated that individual investors are largely inconsequential to global financial systems, representing less than 0.09% of the world population. 

According to him, roughly 8 million investors who participate in rail systems are already factored into the strategies of financial elites. This means that the actions of average investors are unlikely to sway market outcomes significantly, and any advantage comes primarily from those who position themselves ahead of larger institutional moves. 

Time Traveler argued that although crypto millionaires cannot alter existing power structures, billionaires and major players are closely watched but are largely left to operate freely as long as they stay within legal and political boundaries. The primary concern his post highlighted is the potential for the mass adoption of XRP before a major market shift. He warns that if too many people buy too quickly, it could disrupt the strategies used by those controlling the market. 

Based on this perspective, accumulating early could give smaller investors an advantage before future market changes. He noted that institutions do not want everyone to buy XRP and other digital assets before the “quick switch,” as this could diminish their ability to monopolize the market and capitalize on major price movements.  

Analyst Says To Secure The Token Now

Market analyst CryptoTank has warned of an underground financial shift set to launch soon, with the altcoin positioned at the heart of the movement. He strongly urged investors and traders to start securing a stake in XRP, emphasizing the importance of accumulating as early as possible. 

CryptoTank advised acquiring the token off crypto exchanges using secure cold wallets such as D’Cent or Xaman, to ensure maximum safety and control over holdings. He stressed that buying now and holding it long term could not only position investors to benefit from the upcoming market changes but also potentially safeguard their financial future and that of their families. 

According to the analyst, the vast majority of the population remains unaware of the impending market transition, which positions the altcoin as the base settlement layer. He also warns that soon, XRP’s availability could be limited, as upcoming Exchange-Traded Funds (ETFs) and institutional buying absorb the remaining supply. 

CryptoTank also mentions the upcoming CLARITY Act as a potential catalyst for rapid market movements, signaling that once it goes live, it would be too late for investors to accumulate at current low prices. 

Kraken said it has no plans to rush into a US public listing, stressing that its current cash and risk controls give it room to wait.

According to co-CEO Arjun Sethi, the exchange is “financially sound” and holds enough capital on its balance sheet as a private company.

Kraken has raised $530 million since its 2011 founding, with a $500 million round in September that valued the firm at $15 billion.

“We have enough capital on our balance sheet as a private company,” Sethi said. “We don’t race to the door as quickly as possible.”

Company Says It Has Plenty Of Capital

Sethi told Yahoo Finance that Kraken won’t rush things up just because peers are going public. Reports have disclosed that other crypto firms have seized the moment; still, Kraken’s leaders say they prefer to set their own timetable.

A Wave Of Crypto Listings Has Shifted Investor Views

Several rival businesses have listed this year, and that has helped push investor interest in crypto firms. Circle’s IPO attracted attention after shares jumped over 160% to above $83, and a later rally briefly boosted the price past $260 before cooling back to about $82.

Grayscale filed to debut in the US as others, including Gemini, Bullish and eToro, completed listings. Custody firm BitGo also filed to go public in September.

Clues On Profitability

Sethi argued that early movers are educating investors on margins and business models. He said seeing public filings helps buyers and sellers better judge which revenue streams matter.

Market Drop Tests Exchanges’ Fortitude

Bitcoin has slid amid a wider market wobble. Based on reports, the coin fell over 4% in the past day to near $97,000, marking more than a 22% pullback from a peak above $126,000 in early October.

Crypto-related stocks also weakened. Cipher Mining sank 14%, Riot Platforms and Hut 8 each fell 13%, and MARA Holdings and Bitmine Immersion slipped over 10%.

Coinbase and Strategy dropped around 6%. The Crypto Fear & Greed Index fell to 15, hitting seven-month lows as investor mood turned cautious.

Kraken Downplays Short-Term Price Swings

Sethi did not sound alarmed by the drop, saying the long-term reasons people buy Bitcoin or Ethereum matter more than brief moves.

He emphasized looking at the “thesis” behind assets rather than chasing daily swings. That stance was presented as part of a wider company approach that favors steady risk management over reactive moves.

No Rush Despite Policy Signals And Peer Listings

Based on reports, the friendlier regulatory posture from US President Donald Trump’s administration and improving market conditions have prompted some firms to go public.

Still, Kraken’s leadership says timing should fit its own targets. Bloomberg reported earlier that the company had been lining up an IPO possibly as early as the first quarter of 2026, but Kraken’s co-CEO stressed there is no FOMO driving the decision.

Featured image from Unsplash, chart from TradingView

 

On-chain data has revealed an interesting trend among XRP investors amid certain crucial updates regarding the leading altcoin, particularly the XRP Spot Exchange-Traded Funds (ETFs). With the market shifting towards a bearish state, the current behavior of investors could play a pivotal role in shaping the token’s next trajectory.

Before Vs. After The XRP Spot ETFs Update

XRP’s market dynamic has entered a decisive new chapter, as holders make key moves in the market. A recent report from CryptoQuant, a leading on-chain data analytics platform, has broken down the actions of investors before and after the announcement of XRP Spot ETFs, revealing a notable trend.

In the quick-take post, Woominkyu, a market expert and author, highlighted that whale investors acted prior to the spot ETFs announcement, but retail investors only arrived after the crucial update. This trend ended up changing the asset’s market setup. 

Once the ETF confirmation was released, sentiment transformed almost immediately. Before the news about XRP Spot ETFs broke, on-chain data unveiled that futures data demonstrated a clear rise in whale-sized orders. Such a steady acquisition indicates early strategic positioning by high-net-worth players while the price of the token was still compressed and moving sideways. 

However, the most important development is the retail investors’ orders, which were being observed following the spot ETFs news. The stark difference between pre-announcement caution and post-announcement confidence highlights how revolutionary this milestone will be for XRP and its ecosystem.

Woominkyu stated that this pattern, whales first, retail last, is typical and frequently indicates a change in the state of the cryptocurrency market. As sentiment begins to mix with earlier informed movements, the market typically becomes more erratic and unpredictable after retail investors arrive late. 

Meanwhile, news regarding the spot ETFs bolstered this transition by attracting traders who were not available during the buildup. This does not imply that the move is finished, but it does indicate that the market has arrived at a stage where retail and whale behavior collide. A trend of this kind makes it difficult for traders to read the next market direction.

Several Spot ETFs Set For Launch

As anticipation builds in the sector, Ripple Bull Winkle, a researcher and host of The Crypto Blitz Show, has outlined a potential timeframe for several XRP spot ETFs to go live. Ripple Bull Winkle declared that 7 of the funds are officially set to launch in just 12 days, marking one of the most significant countdowns in the altcoin’s history.

According to the expert, these funds will trade on Nasdaq, CBOE, and NYSE at the same time when they secure approval from the US SEC. Following years of waiting, XRP is about to enter the global ETF market, allowing direct institutional access to the altcoin.

“Institutions aren’t gambling, they’re positioning before the next leg,” the expert stated. Thus, the expert believes that the token’s move is already being orchestrated underneath the surface.

Sentiment across the cryptocurrency market has sunk to its weakest point since February after a sharp sell-off pushed Bitcoin below the $100,000 psychological support level. 

The downturn has fed directly into investor emotions, dragging the Fear & Greed Index to 15, a reading deep within the Extreme Fear zone. The entire crypto market is now down by about 6% in the past 24 hours, creating one of the most emotionally compressed trading environments seen this year.

Crypto Fear & Greed Index Plunges To 15

The entire crypto market has been faced with a series of liquidations and selling pressure in the past 24 hours that have seen many cryptocurrencies lose major support levels. The most important of the bunch is Bitcoin, which is now trading below $100,000 for the first time since early May, according to data from CoinGecko. 

Bitcoin’s break below $100,000 was accompanied by a cascade of forced liquidations that wiped out a large share of leveraged long positions across the industry. CoinGlass data shows that $1.10 billion worth of crypto positions were liquidated in the past 24 hours alone, with $968.51 million of that total coming from longs.

This rapid unwinding of bullish leverage intensified the bearish sentiment in the market, especially among traders who had expected Bitcoin to defend the $100,000 support more convincingly.

The chain reaction was not isolated to Bitcoin. Ethereum and other major cryptocurrencies followed the drop, and data from CoinGecko reveals that the entire crypto market capitalization has fallen by 6% in 24 hours, the largest single-day drop in quite some time. 

These synchronized weaknesses have worked together to pull the Fear & Greed Index toward extreme readings. According to the Fear & Greed Index published by Alternative.me, the score dropped to as low as 15 in the past 24 hours, which is well below the “Extreme Fear” category. This is also interesting, because it marks the lowest level of crypto market sentiment recorded since March 4, 2025.

What Comes Next For Bitcoin And The Crypto Market?

The coming days will depend on whether Bitcoin can reclaim lost ground and reestablish itself above the six-figure threshold at $100,000.

If the Bitcoin price continues to trade below $100,000, the market may remain in a defensive posture. However, if stability begins to form and there’s enough buying pressure to push above $100,000 again, the sentiment could gradually recover to ease the Extreme Fear reading.

Earlier in the year, when the index last touched similar levels, Bitcoin eventually stabilized and entered a steady recovery phase. This does not guarantee an immediate turnaround in this case, but it indicates that many short-term traders and weak hands have already been removed from the market.

At the time of writing, Bitcoin is trading at $97,080, down by 6.5% in the past 24 hours. The entire crypto market cap is at  $3.368 trillion, down by 6.2% in the same timeframe.

Bitcoin holders have been watching the market closely since Donald Trump returned to the White House, and initial bullishness surrounding Trump’s election has been quickly eroded by his policies. Over the first 300 days of Trump’s presidency, the market has been in a bearish environment, and the Bitcoin price has struggled to rise, as Trump moves back and forth with tariffs, especially with China.

Bitcoin Price Struggles Early In Trump’s Term: Weak Momentum And Deep Dips

According to the chart, Bitcoin lost its footing almost immediately after Trump took office. Within the first 40 days, the price fell below the 0% mark and continued sliding toward –10% and then –20%. This decline was triggered by the tariff announcements that came at the start of Trump’s administration, signalling the start of what has been a bearish administration so far despite Trump’s pro-crypto stance.

Instead of stabilizing quickly, Bitcoin remained stuck in this lower range for weeks. From approximately Day 40 to Day 90, the price traded mainly between –10% and –20%, indicating a market lacking confidence and little upward momentum. There were small upward pushes, but none created a breakout or a lasting trend.

By the time Bitcoin reached Day 100, the market still looked undecided. Small recoveries kept bringing the price close to the neutral line, only for it to fall back again. The repeated swings around 0% suggest the market was not ready to commit to a strong rally.

Some Recovery, But No Real Strength Through The Mid-Term

The Bitcoin price saw a recovery through, as the trade wars began to ease off, eventually hitting a new all-time high above $126,000. However, this uptrend did not last long, with the US government shutdown bringing the market down once again.

Now, even with the shutdown ending and the US government expected to resume, as well as Donald Trump announcing a $2,000 rebate check for Americans, the Bitcoin price is still struggling, and has now fallen below the $100,000 psychological level for the second time this month, crashing sentiment with it.

So far, the data suggests that Bitcoin has been moving in a weak, cautious market environment since Trump became president. Instead of strong rallies or sustained growth, the chart reveals extended periods of negative performance, brief and small recoveries, declining momentum after each attempt to rise, and no clear upward trend over 300 days. 

The price performance reflects a market dominated by uncertainty and caution. Traders may be hesitant to take significant risks, and the Bitcoin price, currently trading 20% below its all-time high, has not displayed the strong, rapid growth many anticipated. Without a major market catalyst, this slow and unstable trend is likely to persist.

In a surprising twist, Bitcoin’s current dynamics appear to be taking a different path from the one generally believed or seen in the market. While the surface is all shaky and volatile, what’s interesting is the trend forming underneath the visible pattern and action of investors.

The True Condition Of Bitcoin’s Market Exposed

Bitcoin’s price has been experiencing sharp pullbacks in the past few weeks, even falling below the key $100,000 support level on Thursday. However, beneath the daily fluctuations in Bitcoin’s price, a subtle but significant change is transforming the fundamental structure of the market.

Instead of the widely conceived OG Whales dumping or BTC’s silent IPO, on-chain data presents a completely different picture: One of profound liquidity redistribution, new long-term demand trends, and changing holder behavior that have the potential to completely change the course of Bitcoin. 

This underlying trend is being reported by Glassnode, a leading financial and on-chain data analytics provider, on the social media platform X. Glassnode began by outlining the renewed bullish action among long-term BTC holders. After a thorough examination of the Bitcoin Cumulative LTH Realized Profit, the platform revealed that long-term holders have been making profits throughout this cycle. 

Historically, this long-term holders’ pattern has emerged in every previous bull market cycle, underscoring the significance of their presence. By late August, seasoned investors’ gains after breaking the All-Time High (ATH) increased to levels that were entirely consistent with previous cycle peaks. The platform claims that this is not an anomaly,” and it is not specifically OG whales dumping, but a normal bull market behavior.

To further delve into the market’s underlying structure, Glassnode has examined the BTC Spent Volume by Age metric. Presently, the monthly average spending by long-term holders shows a clear trend, with outflows climbing from roughly 12,500 BTC daily in early July to 26,500 BTC daily today.

This consistent increase in outflows is a result of growing distribution pressure of older investor cohorts. Such a trend is fond of late-cycle profit-taking rather than an abrupt exodus of whales. 

What Are The OG Whale Investors Up To?

Using the OG Whale Spending Events metric, the platform has made a compelling revelation about the current actions of these investors.  Despite isolating over 7-year-old whale wallet addresses spending more than 1,000 BTC per hour, the data still tells a story of consistency.

According to Glassnode, these high-magnitude spends were not crucial to the ongoing market cycle. However, it is worth noting that the spending took place in every major bull phase in the past. While OG whales’ spending has grown, what sticks out currently is their frequency. 

Bitcoin OG whale holding at least 1,000 BTC’s spending events were more frequently and uniformly distributed. This development points to a steady staggered distribution, and not a sudden coordinated OG dump. At the time of writing, the price of BTC was trading at $99,505, demonstrating a more than 2% decline in the past day.

Canary’s XRP ETF has gotten off to a good start following its launch on November 13. The fund’s first-day trading volume beat estimates, a development that has shocked even the community. 

Canary’s XRP ETF Records $58 Million In Day One Trading Volume

In an X post, Bloomberg analyst Eric Balchunas revealed that Canary’s XRP ETF (XRPC) recorded $58 million in day one trading volume. He further noted that this is the most of any ETF launched this year, among the 900 launched. With this, the fund also edged Bitwise’s Solana ETF, which recorded $57 million in day-one trading volume. 

The Bloomberg analyst added that the two of them are in a league of their own, as the third-best launch this year is $20 million away. Meanwhile, Canary’s XRP ETF beat estimates, with Balachunas predicting $17 million in day-one trading volume and his colleague James Seyffart predicting $34 million. 

Canary Capital’s CEO Steven McClurg had joined in on the conversation, asserting that the fund was going to record way over $34 million in trading volume, which eventually happened. Seyffart had admitted that it was possible, stating that “XRP army is real and no joke,” thereby crediting the community’s effort for such performance. 

Commenting on this development for the fund, market expert Nate Geraci noted that almost every single spot crypto ETF launch has significantly exceeded TradFi’s expectations. He declared that there is a lesson in that, as there is still significant skepticism from the old guard in TradFi. However, he added that investors who are voting with their money are what matter and that the top ETF launches in the last 2 years have been dominated by crypto.  

Canary’s Fund Records $245 Million in Net Inflows

Canary Capital revealed that its XRP ETF recorded $245 million in net inflows. This also topped Bitwise’s Solana ETF, which recorded almost $70 million in first-day inflows. Geraci explained that the inflows are way higher than the trading volume because of in-kind creations, which don’t show up in trading volume. In-kind creations allow the issuer to create shares with the token instead of cash. 

Meanwhile, Bitwise CIO Matt Hougan also commented on the success of the fund. He noted that the median opinion of a crypto asset does not determine an ETF’s success. He further remarked that one would rather have 20% of people love an asset than 80% of people who vaguely like it. Hougan added that ETFs die from apathy, not disagreement. The Bitwise CIO made this comment because the token is believed to be one of the most ‘hated’ crypto assets. 

At the time of writing, the XRP price is trading at around $2.28, down over 7% in the last 24 hours, according to data from CoinMarketCap.

Elon Musk has again pushed his “everything app” vision for X into the spotlight, telling users that a native payments layer, X Money, is now close to launch – and reigniting questions over whether Dogecoin, Bitcoin or crypto at large will be part of it.

In a post on Nov. 13, Musk announced a major technical milestone for the platform: “X just rolled out an entire new communications stack with encrypted messages, audio/video calls and file transfer. X Money comes out soon. Join us if you want to build cool products. X will be the everything app.”

Will X Money Integrate Dogecoin?

That line caps a multi-year effort to rebuild X’s back-end as a super-app spine. Earlier, Musk described the new XChat layer as “built on Rust with (Bitcoin style) encryption, whole new architecture,” tying the messaging stack explicitly to the cryptographic model popularized by Bitcoin, even though no on-chain component has been announced.

On the payments side, X Money is no longer just a concept. The service has entered limited beta, offering peer-to-peer transfers, a digital wallet and bank or debit-card connections, with settlement handled through Visa Direct. X has secured dozens of US money-transmitter licences, though key jurisdictions such as New York remain pending, which continues to delay a full nationwide rollout.

So far, all official product descriptions put X Money firmly in the fiat camp at launch: a Venmo- or Cash App-style wallet inside X, backed by Visa, focused on traditional payment rails. Neither Musk nor X has committed publicly to integrating crypto in the first release.

Yet the crypto signals around Musk have intensified in parallel with the X Money messaging. On Oct. 14, in response to a discussion about monetary debasement, he declared:“Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.”

The remark was read widely as a renewed endorsement of Bitcoin’s “hard money” properties after years of relative silence, and it aligns with Musk’s broader narrative that fiat currencies are structurally fragile.

Earlier this month, Musk has once again put Dogecoin back at the centre of social-media attention. On Nov. 3, Dogecoin community member DogeDesigner reposted the slogan “No Highs, No Lows, Only DOGE” alongside a screenshot of Musk’s 2021 vow that “SpaceX is going to put a literal Dogecoin on the literal moon.” Musk replied with just two words: “It’s time.”

That minimalist update was enough to ignite trading frenzies in DOGE-linked instruments. A DOGE-1 memecoin tied to the lunar mission surged roughly 300–350% in the days after the post, while derivatives volumes in Dogecoin itself spiked by orders of magnitude on some venues, even as spot price action remained more muted.

The pattern is familiar. For years, Dogecoin has traded as a high-beta bet on Musk’s product roadmap and memes. Double-digit intraday moves in DOGE following earlier Musk posts such as “One word: Doge” or his “people’s crypto” comments were common for years.

Crucially, however, there is still no explicit link between Dogecoin and X Money in any official communication. X’s payments documentation and third-party reporting consistently describe a product that launches as a fiat wallet and P2P system. The crypto layer – whether BTC, Dogecoin or stablecoins – remains in the realm of possibility rather than confirmation.

Musk has, if anything, narrowed the scope in one important respect. In response to waves of “X token” rumours, he has repeatedly insisted that none of his companies will issue a native coin, writing in late 2023 that “none of my companies will ever create a crypto token.” That means any eventual crypto support inside X Money would almost certainly rely on existing assets rather than a proprietary token.

Taken together, Musk’s recent posts sketch a clear but incomplete picture. On one side is a rapidly evolving infrastructure: encrypted messaging in Rust, a Visa-backed wallet, and money-transmitter licences across much of the US. On the other is an increasingly loud set of ideological and cultural signals: Bitcoin as an energy-anchored antidote to “fake fiat,” and Dogecoin as the meme-driven transactional asset most closely tied to Musk’s public persona.

At press time, Dogecoin traded at $0.16325.

The Office of the Comptroller of the Currency (OCC) has been pressured to turn down Sony Bank’s bid to enter US crypto banking. According to reports, letters from banking and community groups filed in early November have raised sharp opposition about the plan and its possible effects.

Sony’s Bank Plan

Sony Bank filed to form a national trust bank called Connectia Trust, according to filings and public reports. The plan would allow Connectia to manage reserves for a US dollar-pegged stablecoin and offer custody and asset-management services for digital tokens.

The OCC issued Interpretive Letter 1183 in March 2025, which clarified that national banks may perform certain crypto activities when they meet risk controls. Trust banks, however, do not take FDIC-insured deposits, and that difference is central to the debate.

Advocates say the structure fits within the narrow scope the OCC laid out in Letter 1183. Critics say it does not.

Questions include how reserves would be composed, how redemptions would work in stress, and what would happen to custody holdings if the trust were placed into receivership.

Community bank groups and consumer advocates want clearer, more public explanations of those mechanics.

Banking Groups Push Back

On November 6, 2025, the Independent Community Bankers of America (ICBA) sent a formal letter urging the OCC to reject the application.

ICBA’s main point is that a trust charter could let a large corporate owner offer a product that looks like a deposit but lacks deposit insurance and typical bank obligations.

They called this a form of regulatory arbitrage and warned it could create unfair competition for smaller banks. The National Community Reinvestment Coalition also filed opposition, arguing the OCC lacks authority to treat a stablecoin issuer like a traditional bank and calling for stronger consumer protections.

Those groups have focused on three practical concerns: consumer confusion about what is and is not insured, unclear reserve transparency, and the lack of tested tools to resolve a trust bank that holds crypto assets.

The letters stress the potential consequences of a run on a large stablecoin and the difficulty of unwinding token custody in a crisis.

Systemic And Consumer Risks

If a federally chartered trust issues a widely used stablecoin, it could set a legal precedent that other tech firms or financial firms might follow.

That is why some filings argue the OCC should move slowly and demand stricter conditions. Reports have disclosed worries that retail users could treat the token like a bank deposit, when it would not carry FDIC protection.

The risks are not just theoretical. Under stress, reserve assets might be sold quickly, and digital holdings could be hard to transfer within a receivership framework that was built for traditional assets.

Featured image from Wikimedia Commons, chart from TradingView

At Bitcoin Amsterdam on 13 November, Alderney politician Edward Hill delivered a direct pitch to the BTC community: help turn his tiny Channel Island into a Bitcoin-first jurisdiction, anchored in renewable energy and a pro-BTC regulatory stance.

Hill opened by situating Alderney politically and geographically. “I’m from the little island of Alderney, which you may know are sister islands, Jersey and Guernsey that are traditional finance centers,” he said. “We are a Channel Island, but we are semi-independent. We are part of the Bailiwick of Guernsey and we’re located 8 miles from France. We are a self-governing jurisdiction. We’re [a] British crown dependency, but we’re in partial fiscal union with our sister island in the Bailiwick of Guernsey.”

The Next Bitcoin Island?

From there, he moved quickly to why Alderney is now courting Bitcoin. Hill stressed that the government is actively seeking a strategic partner from within the ecosystem: “Why do we think Alderney could be attractive for potential Bitcoin entrepreneurs? We’re looking for somebody to take us on this journey.” He added later, “We are not Bitcoin specialists. I am from the government of the States of Alderney, but we are here to listen and learn.”

A core part of his pitch is that Alderney already knows how to build digital industries under regulation. “Most importantly, we already have an established e-gaming industry which produces a GDP around about 84 billion million,” he said, tying that to an institutional template: “We want to mirror all these success in e-gaming where we have our own e-gaming commission and we have professional staff who handle that […] and ditto we’ve done the same with our renewables as well. So what we’re looking to do is extend that to Bitcoin.”

Hill repeatedly framed Alderney as a flexible, low-friction jurisdiction for BTC companies and individuals. “We’re small and [a] stable government and we have a big appetite to diversify our economy,” he said. “We have an open canvas for you to match the business lifestyle requirements that we know that you’re looking for and have been unable to find without having to travel probably thousands of miles to more remote offshore centers.”

He hammered home Alderney’s fiscal offer in plain terms. “We’re also very attractive from a tax point of view. No corporation tax, no capital gains tax, no VAT, no inheritance tax, and personal income tax of only 20%. I’m sure you all like that.” On top of that, the island imposes no wealth-based hurdles for newcomers: “We have no financial entry requirements for residency or house purchase. So you can come, you can buy a house. You do not have to pay vast fortunes in early buying expensive houses.”

The most distinctive element, however, was energy. Hill linked Alderney’s major natural asset directly to Bitcoin mining: “Our island is located in one of the strongest tidal flows in the world and we are looking to at some stage with our exceptional tidal flow […] to link Bitcoin mining with renewable energy.” He added a striking visual twist by pointing to Alderney’s Victorian coastal defences: “These Victorian forts are already waiting for somebody to come and maybe set up some kind of Bitcoin community entrepreneur and also potentially to store Bitcoin mining systems.”

On regulation, Hill emphasised that Alderney sits under Guernsey oversight but is actively engaging to make the regime fit BTC better. “We also are regulated by the Guernsey Financial Service Commission and they’re open to engage with us and with you about making the regulatory framework more usable for Bitcoin.” He drew a clear boundary around the initiative: “We will only be working with Bitcoin, no other asset.”

He then outlined the scope of what Alderney is looking to build with the right partner: “Attracting new Bitcoin businesses to our island […] establishment of [a] Bitcoin research engineering campus, some kind of business park, a potential neo bank.” Education and values are part of that package. Hill said the island wants “public and government Bitcoin education to teach our community all about what you’re really about to dispel some of the skepticisms and rumors.”

For that, he insisted, Alderney needs a deeply involved counterpart, not just registrations. “We’re looking for a production of some kind of strategic document… someone who could implement a plan and provide local education in Bitcoin and capacity building and also execute that plan with mutual agreement from ourselves as the States of Alderney.”

Alderney’s gambit also places it in a small but growing club of islands that have tried to brand around BTC: the Isle of Man has long been marketed as “Bitcoin Island” as it attracted exchanges and payment startups under a bespoke regulatory regime, while Boracay in the Philippines has been promoted as “BTC Island” on the back of Lightning-based merchant adoption.

Malta, for its part, styled itself as the “Blockchain Island,” and Madeira has leaned into its reputation as one of Europe’s most Bitcoin-friendly islands—context that Alderney now aims to update with its own, explicitly Bitcoin-only, renewables-driven twist.

At press time, BTC traded at $96,799.

Юристы GMT Legal сомневаются в эффективности предложенного законодателями механизма изъятия цифровых активов в рамках уголовных дел. Причина: отсутствие государственных или легальных частных российских кастодианов, объяснил основатель компании Андрей Тугарин.

Сорокатрехдневный шатдаун госорганов США подошел к концу, деньги на работу чиновников нашлись. Положительная для самого крупного крипторынка мира новость не вызвала энтузиазма криптоинвесторов. Аппетит к риску не вернулся, криптовалюты падают. Это надолго?

Dogecoin and Shiba Inu have not seen the best performances over the last few years, but this has not deterred other meme coins from going on major rallies. The likes of PEPE and BONK have emerged with great potential, building strong communities and contending with the likes of Dogecoin and Shiba Inu for the top spot. This report takes a look at these meme coins with potential as the market starts to pick up once again.

USELESS Joins The Ranks Of The Greats

Useless Coin (USELESS) is one of the Solana meme coins that emerged in 2025, running on the premise of “nothing.” The coin is a satirical token that essentially makes fun of other utility-based cryptocurrencies that have been at the forefront of the market. Its entire brand is focused on the fact that the coin is completely “useless,” meaning it has no utility, and is a purely hype-driven cryptocurrency.

USELESS offers investors no form of use case, unlike many others, and the only avenue for revenue generation is the fees generated from liquidity provision. The coin, which was launched on the LetsBonk.Fun has become the most successful launch from the launchpad since its inception back in early 2025, and boasts one of the best communities so far. It has also been one of the best performers with each market recovery, rising double-digits on days where the crypto market moves back into the green.

FARTCOIN Is The AI Play Of Meme Coins

Unlike USELESS, FARTCOIN’s value proposition lies in the fact that it is an Artificial Intelligence (AI) play, running to over $2 billion market cap off of this. The meme coin has garnered over 160,000 holders already and is climbing.

FARTCOIN is not yet in the top 10 meme coins by market cap, which makes it a good choice for investment over larger counterparts such as Dogecoin and Shiba Inu. At less than $300 million market and over $100 average daily trading volume, there is still a value proposition here for the cryptocurrency.

FLOKI Gets Boosted With Elon Musk’s Support Of Dogecoin

Among meme coins with good value propositions, FLOKI ranks high due to its proximity to billionaire Elon Musk. The coin was formed when Musk first posted his Shiba Inu dog named Floki, and each time Musk tweeted about his dog, the FLOKI price tends to soar.

The most recent example of this is when Musk posted Floki on his X page and the FLOKI price rose by more than 20%, making it the highest gainer among meme coins for that week. Given the billionaire’s propensity to talk about his dog, it could only be a matter of time until another X post sends the FLOKI price surging again.

Министр энергетики Дагестана Марат Шихалиев заявил, что с начала года в этой российской республике зафиксированы 73 случая незаконного потребления электричества майнерами. Общий объем ущерба от добычи криптоактивов с января по ноябрь дагестанские чиновники оценили в 85,7 млн рублей.

The unveiling of the anticipated draft of the crypto-centric Market Structure Bill has stirred a wave of reactions and demands for key enhancements from industry stakeholders. 

Crypto Market Structure Bill Draft Under Scrutiny

According to Crypto In America, the long-awaited market structure discussion draft presented by the Senate Agriculture Committee this week has left many in the industry expressing the need for substantial improvements before extending their complete backing. 

Led by Chairman John Boozman and Senator Cory Booker, the draft draws inspiration from the CLARITY Act, aiming to delineate the definition of a digital commodity while accentuating aspects related to customer protections, oversight by the Commodity Futures Trading Commission (CFTC), and self-custody protocols. 

However, the presence of blockchain-related language enclosed in brackets signifies ongoing deliberations among lawmakers, with significant sections pertaining to decentralized finance (DeFi) and anti-money laundering (AML) left vacant.

A figure from a leading crypto trade association articulated that while the bill marks a positive initiation, further amendments are requisite for industry-wide support. 

Notably, discussions suggest that the Senate Agriculture Committee may be awaiting deliberations from their Senate Banking counterparts, particularly concerning DeFi components falling under the purview of the Blockchain Regulatory Certainty Act (BRCA).

Expressing hope for clarity in the DeFi domain, DeFi Education Fund Executive Director Amanda Tuminelli emphasized the necessity for robust developer protections that distinctly differentiate centralized intermediaries from software developers devoid of custody and financial control over external assets. 

Acknowledging the iterative nature of a discussion draft, industry participants have demonstrated willingness to engage with legislators in refining the regulatory process.

December Markup For Merging Market Structure Drafts 

Anticipating positive collaborations, Digital Chamber CEO Cody Carbone conveyed eagerness to collaborate in advancing the legislative agenda. 

Concurrently, the Senate Banking Committee has disclosed two market structure drafts, primarily led by the GOP, with ongoing bipartisan negotiations hinting at a potential merger of the drafts upon mutual satisfaction. 

Chairman Boozman has articulated a commitment to an early December markup session, underscoring the legislative trajectory aimed at integrating both draft versions into a cohesive framework.

An unresolved clause in the Senate Ag draft proposes that the CFTC should nominate at least two commissioners post-consultation with the committee’s minority faction, potentially solidifying the necessity for minority seats within the commission. 

Key deliberations are scheduled, including the nomination hearing for Mike Selig, Trump’s nominee for the CFTC chair position. While the agency anticipates further nominations, the process remains underway without definitive names put forth for additional commissioner roles.

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

Основатели американской криптобиржи Gemini Кэмерон и Тайлер Уинклвоссы (Cameron & Tyler Winklevoss) ждут, что биткоин подорожает до $1 млн и станет фундаментом для развития мировой экономики на ближайшие 500 лет.

Генеральный директор платформы Real Vision Рауль Пал (Raoul Pal) заявил, что рост ликвидности, приток средств в следующие два месяца поможет реанимировать стагнирующий крипторынок.