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Quick Facts:

• The US market caused Bitcoin to drop over 20% in November 2024, while Asian traders kept buying the dip, highlighting a deep regional sentiment divide.
• Large long-term holders like MicroStrategy and resilient on-chain data support the view that recent price action is a bull-market correction, not a new crypto winter.
• As liquidity rotates from $BTC into higher beta assets after corrections, mine-to-earn and gamified memecoins may capture outsized upside – especially in Asian markets – relative to more established altcoins.

In late 2024, you watched something unusual play out on the Bitcoin chart.

US trading hours drove a slide of more than 20% in November, triggering the classic question: Is the crypto winter back?

Yet, Asian sessions continued to step in and buy the dip in bitcoin, creating a sharp regional split in sentiment. On-chain analyst Ki Young Ju pointed to one key structural reason the market did not unravel more deeply:

“In classic cycle theory, the market should revisit the realized price around $56K to form a cyclical bottom, but because players like MSTR are unlikely to sell and those coins are effectively off the market, I doubt we will see $56K.”

MicroStrategy now holds around 649,870 $BTC, a strategic treasury position that effectively removes a huge amount of supply from circulation and dampens the kind of capitulation past cycle theory might predict.

Fidelity Digital Assets executive Chris Kuiper framed the move as a textbook 20% to 30% correction within a broader bull structure, not the start of a new bear market.

There was no major negative news catalyst, on-chain activity remained resilient, and Asian desks continued to average in, all of which suggested a confidence gap rather than a thesis breakdown.

If you believe this is a temporary dislocation rather than a macro top, the question shifts from “will bitcoin dip again?” to “what high-upside narratives could outperform on the next leg up?”

That is where PEPENODE, a “mine‑to‑earn” memecoin experiment, enters the conversation as a speculative bet on engagement-driven token economies.

You can also delve deeper into our PEPENODE price prediction, which outlines how prices could range from $0.0014 to $0.0023 in 2025, expand to $0.0021–$0.0072 in 2026, and potentially reach $0.0123–$0.0244 by 2030, representing upside scenarios as high as 2,282%.

Asia’s Dip-Buying And The Hunt For High-Beta Plays

The divergence between US sellers and Asian buyers matters because it tells you who is willing to fund the next wave of crypto risk.

When Asia accumulates spot $BTC into a 20%+ drawdown while the US derisks, liquidity tends to rotate into higher beta altcoins once downside pressure eases.

In past cycles, that rotation flowed into narrative leaders like Dogecoin, Shiba Inu, and, more recently, Pepe, with their combined market caps frequently adding billions of dollars within weeks after major Bitcoin reversals.

These memecoins offer no hard cash flow, but they do offer asymmetric upside when liquidity, leverage, and social media attention align.

This time, the memecoin sector is colliding with “play‑to‑earn” mechanics and engaging mining models. Projects such as Notcoin on Telegram, mining-themed clickers on Solana, and speculative node ecosystems on BNB Chain are all trying to turn casual interaction into token distribution.

PEPENODE positions itself as one of these experiments, focused specifically on a virtual mining experience rather than pure meme rotation.

Visit the PEPENODE website for a closer look at the project.

Why PEPENODE’s Mine-To-Earn Memecoin is Gaining Traction

One reason interest is shifting to mine‑to‑earn concepts is that classical mining has become almost unreachable for the average retail user.

• Bitcoin ASICs cost thousands of dollars,
• Home electricity prices have climbed,
• And institutional hash power now dominates block production.

The process is capital-intensive, technical, and, frankly, boring for most people.

Gamified mining flips that model. Instead of buying hardware, you buy virtual miners or nodes and interact through a web or mobile interface.

If the design is good, you get the psychological hit of “running a farm” with visible hash stats, boosts, and upgrades, while the protocol uses smart contracts to manage emissions and rewards.

The token becomes both a meme and an in‑game resource.

$PEPENODE leans into this by branding itself as the world’s first mine‑to‑earn memecoin, making it one of the best cryptos to buy now.

Rather than promising industrial-grade yields, it focuses on a virtual mining system, a gamified dashboard, and variable-strength nodes that reward early adopters.

Compared with static meme tokens that rely solely on community hype, it attempts to hook users with ongoing gameplay and progression.

For detailed presale instructions, read our ‘How to Buy $PEPENODE guide’. Is PEPENODE the Next Crypto to Explode?

When you look under the hood, $PEPENODE runs as an ERC‑20 token on Ethereum’s proof‑of‑stake layer.

Smart contracts control staking, rewards, and ultimately governance, but the front‑end experience is framed as a mining game:

• You buy and customize Miner Nodes,
• Upgrade facilities to boost performance,
• And earn meme coin rewards, such as PEPE or Fartcoin, in the process.

The upcoming model tries to fix three issues at once:

• First, it replaces passive, hardware-heavy mining with low-friction virtual mining that uses no electricity beyond regular internet access.
• Second, it directly addresses weak early incentives by giving initial PEPENODE supporters more powerful nodes and higher reward multipliers.
• Third, it strips away technical complexity so anyone with a wallet can participate.

The project’s timing is notable.

While traders argue over the next bitcoin dip level, the $PEPENODE presale has raised $2.17M, with tokens priced at $0.0011592. The staking rewards are also too good to ignore at 593%.

If Asian desks remain net buyers of $BTC and the pullback behaves like a standard 20% to 30% correction, high-beta plays could outperform once volatility compresses.

In that scenario, $PEPENODE offers a pure sentiment and participation bet on memecoins evolving from simple jokes into interactive mining-themed economies.

Join the $PEPENODE presale for $0.0011592 before the next price surge.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment or trading advice; always do your own research.

Authored by Bogdan Patru for Bitconist – https://bitcoinist.com/asia-buys-bitcoin-dip-pepenode-mine-to-earn-memecoin

Durante la conferenza Devconnect di Buenos Aires, il co-fondatore di Ethereum, Vitalik Buterin, non ha usato mezzi termini. Al centro del suo intervento c’è una preoccupazione crescente: il dominio sempre più soffocante dei giganti istituzionali come BlackRock sul mondo delle criptovalute, con un focus particolare su Bitcoin (BTC) ed Ethereum (ETH).

Secondo Buterin, questa influenza smisurata non è solo una questione di mercato, ma una potenziale minaccia esistenziale per la natura decentralizzata di queste reti.

Il Rischio Centralizzazione: Ethereum è “catturabile”?

L’intervento di Buterin nasce da una riflessione profonda sull’impatto degli investitori istituzionali, specialmente dopo il lancio degli ETF su Bitcoin ed Ethereum da parte di BlackRock all’inizio del 2024.

La domanda che Vitalik pone alla community è cruciale: come possiamo evitare che le crypto vengano “catturate” da entità colossali come BlackRock?

Il timore è che, se questi player dovessero continuare ad accumulare quote massicce di Ethereum, la voce di chi difende la decentralizzazione finirebbe per essere marginalizzata. Il rischio concreto è uno stravolgimento dei fondamentali della rete:

• Ottimizzazione per le Istituzioni: La rete potrebbe evolversi per soddisfare le esigenze di Wall Street.
• Esclusione dell’utente comune: Diventerebbe sempre più difficile per i singoli utenti gestire un nodo, trasformando la blockchain in un club per pochi eletti.

Buterin ha avvertito: “Questo allontana facilmente le persone”, ribadendo la necessità di concentrarsi su quelle caratteristiche che rendono le crypto uniche: protocolli globali, permissionless (senza permessi) e resistenti alla censura.

Non a caso, proprio questa settimana BlackRock ha fatto notizia registrando in Delaware un fondo Ethereum con staking, segnalando l’intenzione di espandersi ulteriormente nel mercato degli ETF, dove il loro fondo principale gestisce già circa 10 miliardi di dollari in ETH.

La Minaccia Quantistica: Il countdown verso il 2030

Ma le preoccupazioni di Buterin non si fermano alla finanza tradizionale. All’orizzonte si profila un’altra ombra: quella del calcolo quantistico.

Recenti scoperte di Google e Microsoft (che ha svelato un nuovo chip per l’abilitazione quantistica) hanno accelerato la corsa tecnologica, accendendo i riflettori sulla sicurezza crittografica di Bitcoin ed Ethereum.

Scott Aaronson, ricercatore nel campo quantistico, ha suonato un campanello d’allarme: la potenza di questi computer potrebbe presto essere in grado di eseguire l’Algoritmo di Shor, teoricamente capace di violare gli standard di crittografia che proteggono le blockchain attuali. Secondo Aaronson, il ritmo dell’innovazione hardware è tale che potremmo vedere un computer quantistico fault-tolerant (tollerante ai guasti) persino prima delle prossime elezioni presidenziali USA.

“Non serve il panico, serve serietà”

Alex Pruden, CEO di Project 11 (società che si occupa di rischi quantistici), ha sintetizzato così la situazione: “Non dobbiamo farci prendere dal panico, ma dobbiamo iniziare a fare sul serio”. Il messaggio è chiaro: computer quantistici sufficientemente avanzati potrebbero rompere le criptovalute al loro livello più fondamentale.

La discussione si sta spostando sulla necessità di misure proattive. Gli sviluppatori di Bitcoin sono stati esortati a prepararsi per un futuro post-quantistico, che secondo alcuni esperti potrebbe materializzarsi già nel 2030.

La dichiarazione più forte arriva da Théau Peronnin, CEO di Alice & Bob, durante il Web Summit di Lisbona: gli sviluppatori devono migrare verso blockchain più robuste entro la fine del decennio per proteggersi.

Il suo avvertimento finale è lapidario:

“Avete ancora qualche buon anno davanti a voi, ma io non terrei i miei Bitcoin a lungo termine senza un aggiornamento“.

Prices across the crypto market have crashed with the recent Bitcoin price decline below $100,000, and other major metrics have followed in accordance. One metric of note that has suffered a notable decline is the crypto market open interest. The total open interest fell sharply back in September, and the decline has been the trend since then. As a result, the crypto market open interest has now fallen to levels not seen in five months.

Crypto Open Interest Dumps Below $140 Billion

Data from the Coinglass website shows that crypto market open interest has declined significantly after hitting an all-time high in early October. The $233 billion peak was recorded on October 7, coinciding with the Bitcoin price also hitting a peak above $126,000. However, the momentum has not held up since then, and as the Bitcoin price has tumbled, the crypto open interest has suffered.

Earlier in the week, the open interest fell below $140 billion for the first time in five months, marking an over 40% crash in the space of one month. The market saw the first major decline following the infamous crash in the crypto market in a matter of hours. By October 12, only 5 days after the all-time high was recorded, the open interest had crashed by more than 25%, reaching $150 billion.

The current decline is a testament to the reduced participation from investors across the market, as crypto traders have taken a more conservative stance through the month of November. Not only has the crypto open interest been gravely impacted, but the daily trading volume has suffered as well.

Just like the open interest, the crypto daily trading volume has recorded a double-digit crash, going from almost $400 billion at the start of October to less than $260 billion at the time of this report. This constitutes an around 35% crash, showing notable similarities to the open interest.

What Happened To Bitcoin The Last Time?

While the rapid decline in the crypto open interest could be a cause for alarm, it is interesting to note what happened to Bitcoin the last time this metric was this low. Looking back to June 2025, when the crypto open interest was last below $140 billion, it essentially was the bottom before the price rallied again.

A bounce following the bottom in June saw the Bitcoin price rise from around $100,000 to $126,000 over the next few months, which translates to a 26% increase. If this trend holds and the bottom is marked with the crypto market open interest below $140 billion, then the Bitcoin price could be gearing up for another rally.

Stay Ahead with the Latest Insights of Today’s Best Presales News

Check out our Live Best Presales Updates for November 21, 2025!

Of all the crypto opportunities out there, presales are often the most promising and potentially the most profitable. These early-stage projects raise funds to launch community-driven meme coins, utility-heavy projects, and even degen shitcoins.

What defines crypto presales is the opportunity to join stage zero at the lowest possible price point. It can only go up from there, which it often does.

Pepe Unchained soared 550% post-presale, to name one presale. The potential is there, and if you’re looking for the latest crypto presale updates to get in early, you’ve come to the to right place.

Quick Picks for the Best Presales Today

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We update this page regularly throughout the day with the latest insights on presales. Keep refreshing to stay ahead of the pack!

Disclaimer: No crypto investment comes without risk. Our content is for informational purposes, not financial advice. We may earn affiliate commissions at no extra cost to you.

Asia–US Bitcoin Split, Bitcoin Hyper ($HYPER) and Positioning for the Best Presales

November 21, 2025 • 10:00 UTC

US trading sessions have driven more than 20% of November’s $BTC drawdown, while Asian hours keep quietly buying the dip and cushioning price, creating a clear regional divergence in risk appetite.

At the same time, large institutional holders like Strategy, sitting on hundreds of thousands of coins, effectively cap how deep corrections can go and turn sharp sell-offs into extended accumulation zones for long-term players.

That mix of structural demand and short-term fear shifts the real asymmetry away from spot Bitcoin and toward Bitcoin-focused infrastructure that can scale usage.

Bitcoin Hyper ($HYPER) is building exactly in that lane. It’s a Layer-2 using Solana Virtual Machine tech to bridge $BTC into faster, smart-contract-enabled rails with its canonical bridge and multi-chain design.

With $28.22M already raised at a presale price of $0.013305, you get exposure to the ecosystem that benefits when those Asian buy-the-dip flows eventually demand more throughput, DeFi, and NFT rails around Bitcoin itself. 

Here’s how to buy $HYPER now.

Mid-Cycle Bitcoin Sellers, PEPENODE ($PEPENODE) and Rotating Into the Best Presales

November 21, 2025 • 10:00 UTC

VanEck’s latest on-chain report shows mid-cycle $BTC holders, whose coins last moved within five years, driving the current sell-off. Decade-plus whales keep their stacks untouched and futures positioning looks ‘washed out’ after open interest dropped roughly 20% in $BTC terms since October. 

That kind of cohort rotation usually marks a reset phase rather than a full structural breakdown. And this opens the door for you to redeploy risk from tired mid-cycle bags into new narratives with cleaner supply and community structures.

PEPENODE ($PEPENODE) leans into that shift with a ‘mine-to-earn’ memecoin model that swaps passive staking for gamified virtual mining.

You acquire Miner Nodes and Facilities, simulate hashrate and energy inside a dashboard, and earn tiered node rewards tracked by smart contracts, all without touching power-hungry hardware. 

With $2.17M already raised and the presale price at $0.0011592, you step into an early-stage ecosystem designed to reward long-term participants rather than jittery mid-cycle sellers exiting into weakness.

Join the PEPENODE presale now with our guide.

Authored by Ben Wallis, Bitcoinist — https://bitcoinist.com/best-presales-live-news-today-november-21-2025

PubKey’s Washington, DC opening yesterday would normally be filed under Bitcoin culture: a BTC-centric bar and meetup space planting a flag a few blocks from the institutions that write and enforce US financial policy. Instead, the launch became a market-relevant moment after Galaxy Digital’s head of firmwide research Alex Thorn posted photos from the event that show US Treasury Secretary Scott Bessent in attendance.

Is This The Hidden Bitcoin Bull Signal?

Thorn shared a few photos and only wrote, “PUBKEY DC IS ON THE MAP.” While Bessent has not acknowledged the visit on his own X account, the lack of an official readout keeps the episode informal. But in Washington, informality from senior officials is often where the earliest signals live.

Bitcoin-aligned commentators read the presence as overtly constructive. Analyst MacroScope (@MacroScope17) observed, “The Treasury Secretary was at tonight’s opening of PubKey DC. In this type of market, signals like this don’t matter much. Eventually traders look back and realize it mattered.”

Strive chief investment officer Ben Werkman framed it as a hindsight moment in real time, saying, “Having the Secretary of the Treasury at the Pubkey DC launch seems like a moment I could easily look back on and say ‘wow, it was all so obvious’.” Thorn replied, “agreed this is unabashedly bullish,” while Nakamoto’s vice president of investor relations Steven Lubka wrote, “The Treasury Secretary of the United States is at Pubkey. This is the sign you have been waiting for.”

None of those posts constitute policy, but they reflect a shared interpretation: a sitting Treasury Secretary showing up at a Bitcoin venue in DC is not a neutral optic in a cycle where state posture toward BTC is being repriced globally.

PubKey already carries political symbolism. On September 18, 2024, Donald Trump visited PubKey in New York City, bought cheeseburgers, and paid in BTC, becoming the first US president to transact on-chain in public.

Still No Update On The US Strategic Bitcoin Reserve

Yet the bullish optic lands amid a notable policy vacuum. President Trump’s March 6, 2025 executive order created a US Strategic Bitcoin Reserve, directing agencies to report their digital-asset holdings and transfer forfeited BTC into a reserve that “shall not be sold.”

The same order instructed Treasury and Commerce to develop “budget-neutral” strategies to acquire additional Bitcoin without new taxpayer cost. Those deadlines have passed without a public release of an audit of how much BTC the United States still controls from seizures, what portion is encumbered by restitution or legal claims, or how Treasury intends to operationalize any budget-neutral accumulation path.

Two weeks before the PubKey DC opening, Bessent surprised the community with an unusually direct Bitcoin endorsement on X: “17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down. @SenateDems could learn something from that.” The message, posted during a federal shutdown fight, was both partisan jab and institutional compliment, positioning BTC’s uptime as a governance benchmark. The PubKey appearance now extends that rhetorical posture into a physical one.

Put simply, Bessent at PubKey DC is bullish as a social signal, not as a confirmed policy pivot. It suggests that Bitcoin’s legitimacy inside the US fiscal establishment is deepening to the point where the Treasury Secretary can engage with BTC-native spaces without treating them as political risk. But until Treasury releases a full reserve accounting and clarifies whether any lawful budget-neutral acquisition route exists, the Strategic Bitcoin Reserve remains more intent than instrument. Markets can price symbolism quickly; they will ultimately need numbers.

At press time, BTC traded at $85,670

A new Glassnode report has revealed that the Bitcoin Open Interest continues to decline, a sign demand from risk-taking futures cohorts is waning.

Bitcoin Futures Open Interest Has Shown No Signs Of Growth Recently

In its latest weekly report, on-chain analytics firm Glassnode has talked about the latest trend in the Bitcoin Open Interest. This indicator measures the total amount of BTC-related perpetual futures positions that are currently active on the various centralized derivatives exchanges.

When the value of this metric rises, it means investors are opening up fresh positions on the market. Generally, the amount of leverage present in the sector goes up when new positions appear, so this kind of trend can lead to more volatility for the asset.

On the other hand, the indicator registering a drop suggests positions in the market are going down, either due to investors pulling back on risk, or exchanges enforcing forceful liquidations. Either way, the reduced leverage can result in the coin acting in a more stable manner.

Now, here is a chart that shows the trend in the Bitcoin Open Interest over the past year:

As displayed in the above graph, the Bitcoin Open Interest witnessed a huge plunge last month as the cryptocurrency’s price crash triggered a massive liquidation squeeze. Since then, the metric has continued to slide down as the BTC price has plummeted further.

The fact that the downtrend in the indicator has maintained implies that investors haven’t been opening new positions in place of the ones getting liquidated. “This absence of incremental leverage underscores a cautious stance among market participants and aligns with the broader theme of fading demand across risk-taking cohorts,” explained the report.

Bitcoin has faced another bearish blow in the past day, which has only unleashed a new wave of liquidations in the futures market. As the below table from CoinGlass shows, the cryptocurrency sector as a whole has observed $904 million in liquidations over the last 24 hours.

Prices across the market have dropped inside this window, so it makes sense that $690 million of these liquidations have come from the long contract holders alone.

In terms of the individual assets, Bitcoin and Ethereum have contributed the most toward the squeeze like usual, with $370 million and $235 million in contracts involved, respectively.

Solana has been the leader among the rest with $37 million in liquidations. Interestingly, while most of the market has dropped, SOL is among the few that still have a slight positive gain for the past day.

BTC Price

Bitcoin has returned to the $86,900 level following its latest drop.

In the past week, Bitcoin has continued to record new daily lows, culminating in a nearly eight-month low of just under $86,500 on Thursday. Market expert Shanaka Anslem, however, offers a contrarian perspective, labeling the current downturn as an “engineered collapse” and presenting a bullish argument despite the prevailing bearish sentiment.

Technical Indicators Suggest Potential Upside 

In a recent post on X (formerly Twitter), Anslem stated that while mainstream media depicts the situation as a “crypto winter,” a significant and stealthy accumulation of Bitcoin is taking place underneath the surface turmoil. He outlines several indicators that support his viewpoint.

According to Anslem, Bitcoin’s correction of nearly 30% from all-time highs has triggered widespread panic selling. However, contrary to this atmosphere of fear, the data tells a different story. 

Notably, 231 new whale wallets were created in November, indicating that fresh capital is flowing into the market rather than established wealth exiting it. 

Furthermore, the Bitcoin network’s hash rate has reached all-time highs even as the price has dropped, a sign that miners are confident in future prospects and are investing in their infrastructure.

Additionally, he contends that there has been a notable acceleration in stablecoin inflows, with $70 billion in exchange-traded fund (ETF) infrastructure ready to absorb panic selling. 

Funding rates have flipped negative for the first time since the accumulation phase commenced, suggesting that market conditions are aligning in favor of institutional investors.

“The math does not lie,” Anslem emphasized, referencing various technical indicators that collectively indicate potential upside. The Pi Cycle remains green, and none of the thirty historical signals indicating market tops have been triggered. 

Meanwhile, the Market Value to Realized Value (MVRV) ratio sits in mid-range territory, with on-chain metrics reflecting a classic mid-cycle shakeout.

Bitcoin Could Soar To $320,000 By Late 2026

Anslem stated that this situation bears a striking resemblance to the market conditions in 2018, just before Bitcoin skyrocketed from $3,200 to $69,000. He argued that this time around, institutional infrastructure exists that wasn’t available back then.

He suggests that market participants have “artificially” thinned liquidity by 50%, triggering a cascade effect designed to maximize fear among retail investors. 

The fear and greed index currently stands at 15, indicating extreme fear. Historically, such levels have marked significant buying opportunities for long-term investors. 

Anslem projects that this setup could lead to historical rallies ranging from 150% to 400% as the market moves toward its cycles’ peaks, with targets set between $220,000 and $320,000 by late 2026.

The reality, he asserts, is that the post-Halving supply shock, coupled with increasing institutional demand, creates an asymmetric market setup. According to Anslem, while retail investors are selling off their positions in fear, institutional players are discreetly accumulating Bitcoin.

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

An analyst has revealed how 2025 has been the year of OG Bitcoin whales, with hands older than seven years spending more than ever before.

OG Bitcoin Whales Have Maintained A High Selling Baseline This Year

In a new post on X, Capriole Investments founder Charles Edwards has talked about the trend in the Bitcoin distribution from the “OG whales.” These are the investors who have been holding onto their BTC since more than seven years ago, without having transferred or sold the tokens once.

Below is the chart shared by Edwards that shows how the spending from Bitcoin holders of this age has looked over the past decade.

As is visible in the graph, Bitcoin OG whales have shown several spending spikes of a significant scale in 2025 so far, with one spike being particularly massive. But even during low-spending phases, selling from 7+ years old investors has remained at a notable level.

This stands out in the red-shaded chart, which shows the OG whale distribution as a percentage of the cryptocurrency’s market cap. This metric has consistently registered a value higher than 0.05%, which is a historically high level. The analyst has noted that the recent trend reflects “more selling than any other Bitcoin cycle.”

One reason behind this cycle’s distribution outweighing previous cycles could simply be the fact that Bitcoin is only getting older with each cycle, so there is a bigger part of the asset’s history today that now qualifies for that 7-year cutoff.

As for why these investors have been selling, it’s possible that the bull run profits have been high enough for them to cash in. Something to keep in mind is that while entities with a long holding time are considered “resolute,” the same may not actually apply to these “OG” whales.

This is because when coins cross the 7-year threshold, there crops up a real possibility that they have reached their long age by being lost, rather than through high-conviction “HODLing.” The spending this year may simply be a result of lost addresses being rediscovered, either by the original investor or someone who happened to obtain the wallet keys.

That said, some of these investors waking up to sell now would indeed be stalwart diamond hands who were silently biding their time until now. In past cycles, Bitcoin usually hit a top when selling from these investors became extreme. Whether the same pattern will follow this time around only remains to be seen, but the latest bearish trajectory could be a hint.

BTC Price

Bitcoin dropped under $89,000 on Wednesday, but it appears the coin has already bounced back as its price is now trading around $91,800.

A major legal showdown in the crypto world has taken a sharp turn after the Grand Court of the Cayman Islands granted Core Foundation an injunction blocking Maple Finance from launching syrupBTC, its upcoming Bitcoin yield product.

Related Reading: XRP Just ‘Flash-Wicked’ To $90 On Kraken — Expert Reveals Why

The ruling marks a significant escalation in a dispute centered on allegations of breached confidentiality, violated exclusivity agreements, and improper handling of lender assets.

Court Sides With Core Amid Confidentiality and Exclusivity Dispute

The injunction comes after Core Foundation argued that Maple Finance misused confidential information and internal work developed during their joint creation of lstBTC, a liquid-staked Bitcoin product unveiled in early 2025.

According to filings, Core invested heavily in technical development, ecosystem support, and go-to-market efforts, helping Maple attract more than $150 million in Bitcoin from clients earlier this year.

Core claims that from mid-2025, Maple began building a competing offering, syrupBTC, while still drawing on Core’s funding, engineering resources, and proprietary insights. The two were bound by a 24-month exclusivity clause, which Core says Maple knowingly violated.

Justice Jalil Asif KC determined that there are “serious issues to be tried,” ruling that financial damages alone would be insufficient. The judge highlighted two key risks, Maple potentially shedding or dealing in CORE tokens and the competitive head start it would gain by launching syrupBTC ahead of arbitration.

As a result, Maple is now prohibited from launching or promoting the product and from handling CORE tokens without written approval from Core Foundation.

Lender Asset Concerns Raise Further Questions

The conflict intensified after Maple informed lenders of potential impairments affecting millions of dollars in Bitcoin held through the existing Bitcoin Yield program.

Core Foundation disputes Maple’s claim, noting that Maple previously assured lenders funds were held in bankruptcy-remote structures with licensed custodians, meaning assets should have remained segregated and fully retrievable.

Core argues the impairment announcement contradicts those assurances and raises broader concerns about Maple’s asset management practices. Maple, however, denies all allegations, insisting the dispute affects only a pilot program and asserting that its wider operations remain unaffected.

A Case With Industry-Wide Implications

Beyond the courtroom, this clash highlights the increasing sensitivity of co-development partnerships in the maturing DeFi ecosystem.

As liquid staking and tokenized Bitcoin products become more competitive, the injunction sets a powerful precedent on enforcing exclusivity, protecting intellectual property, and clarifying legal obligations within decentralized finance.

Related Reading: Bitwise CIO Anticipates Crypto ‘ETF Palooza’: Over 100 New Funds Expected To Launch In 2026

With arbitration still ahead, the outcome could reshape how future crypto collaborations are negotiated, and how far courts will go to protect shared innovation.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Ethereum is barely holding above the critical $3,000 level as the broader crypto market battles intense selling pressure. Fear remains elevated, liquidity is thinning, and investors are bracing for more volatility. Yet despite the drawdown, some analysts argue that this environment is beginning to look like a classic oversold setup, one that has historically offered strong accumulation opportunities for long-term players.

Adding to the intrigue, new data from Lookonchain reveals unusual on-chain activity involving a wallet potentially linked to SharpLink Gaming. The move has sparked intense speculation across the market, as large OTC transactions often signal strategic repositioning by institutional players rather than panic selling.

This activity stands out at a moment when Ethereum is testing major support levels and sentiment is overwhelmingly bearish. The fact that significant OTC flows are still occurring suggests that smart money is active beneath the surface—even as retail panic dominates public markets.

SharpLink-Linked Wallet Sparks Sell-Off Speculation

According to new data from Lookonchain, a wallet potentially linked to SharpLink Gaming (address 0x70Dd) has executed a series of large transactions that are drawing attention across the Ethereum market. Over the past two days, the wallet transferred 10,975 ETH, worth roughly $33.5 million, to a Galaxy Digital OTC wallet. Shortly after, it received 10 million USDC back from the same OTC address, raising questions about the nature of the move.

Lookonchain openly asks the question circulating among analysts: Is SharpLink Gaming selling ETH? While the transactions resemble a structured OTC sale—where large holders offload assets without impacting public order books—there is still no confirmation that the funds belong directly to the company. However, the timing of the transfer is notable. Ethereum is trading near a crucial support zone around $3,000, and liquidity across the market is tightening as panic-driven selling accelerates.

Large OTC flows like this often signal strategic repositioning rather than emotional selling, yet they can still shape market sentiment. If this was indeed a sale, it adds to the narrative of institutions reducing exposure during the correction. If it was simply a treasury reshuffle, the impact may be far less bearish than it appears. For now, the market is watching closely.

Testing the $3,000 Support as Momentum Weakens

Ethereum is hovering just above the critical $3,000 support zone, a level that has become the battleground between buyers trying to defend the trend and sellers pressing for deeper downside. The daily chart shows a clear and persistent downtrend that began after ETH failed to reclaim the $4,000 region in late October. Since then, lower highs and lower lows have defined price action, with ETH unable to break above the 50-day moving average — a sign of weakening momentum.

The 100-day and 200-day moving averages are also trending downward, reinforcing bearish market structure. Price is currently sitting below all major moving averages, often a precursor to extended corrective phases in past cycles. However, the $3,000–$2,950 range has acted as a strong demand zone multiple times throughout the year, and buyers are once again attempting to defend it.

The candles show long lower wicks forming around this level, suggesting that some dip buyers are stepping in, though conviction remains limited. If ETH loses $3,000 decisively, the next notable support sits around $2,750–$2,800. On the flip side, reclaiming the 50-day MA near $3,400 would be the first sign of a potential momentum shift after weeks of selling.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin Core, the reference implementation that underpins the majority of the BTC network, has undergone what Brink describes as the first-ever public, third-party security audit of its codebase. The assessment was carried out by security firm Quarkslab, coordinated by the Open Source Technology Improvement Fund (OSTIF) and funded by Brink with support from its donors.

Bitcoin Core Undergoes Historic Security Audit

Announcing the results, Mike Schmidt, co-founder and executive director of Brink, said the audit largely confirms the community’s long-held view of the project’s engineering standards. In his words, “The results confirm what long-time contributors and users already know: Bitcoin Core is a mature, conservatively engineered, and exceptionally well-tested codebase. Independent review only strengthens that confidence. This security assessment is a checkpoint in the mission to further secure Bitcoin, not a destination.”

Brink emphasized that this is the first public, external security review of Bitcoin Core. The organization stated that “as part of Brink’s mission to ensure the safety and robustness of the open-source Bitcoin Core software, we recently sponsored an independent security audit of the Core codebase. This represents the first public, third-party audit of Bitcoin Core.”

The motivation, according to Brink, is that “the project has a strong security track record, but it has never undergone an external security assessment. We wanted to provide an additional layer of assurance for developers, node operators, holders, and businesses who rely on Bitcoin Core every day.”

The scope of the audit focused explicitly on the most security-sensitive parts of the system. Brink explained that “the focus was on the most security-critical components of the software, including the peer-to-peer networking layer, mempool, chain management, and consensus logic.” To interrogate these areas, Quarkslab used “manual code review, static and dynamic analysis, [and] advanced fuzz testing.”

On findings, the result is unusually clear. Brink reported that “the auditors at Quarkslab reported no critical, high, or medium-severity issues. They identified two low-severity findings and thirteen informational recommendations, none of which were classified as security vulnerabilities under Core’s criteria.” That framing is deliberate: the issues are treated as hardening and quality improvements rather than vulnerabilities that could directly endanger funds or consensus.

Schmidt was careful not to present the report as a declaration that the software is bug-free. He wrote that “that isn’t to say there aren’t still bugs lurking in the software. More improvements still need to be made. But this audit is a nice step along the way to help ensure Bitcoin doesn’t break and continues to serve the world as a secure, reliable monetary network.”

Brink also highlighted the collaborative structure of the effort. The organization noted that “the assessment was conducted by Quarkslab (@quarkslab) and was coordinated with the help of the Open Source Technology Improvement Fund (OSTIF @OSTIFofficial). Funding was provided by Brink with the support of our donors, with technical collaboration from Niklas Gögge and Antoine Poinsot.” It publicly thanked “Quarkslab, the OSTIF, Niklas, and Antoine for their work on this project,” and made the full report freely available.

In its summary of the initiative, Brink tied the audit back to Bitcoin’s broader reliability guarantees. “Funding independent reviews like this is just one way we help ensure Bitcoin doesn’t break and continues to serve the world as a secure, reliable monetary network,” the organization said, repeating that “independent review only strengthens that confidence.”

At press time, BTC traded at $91,764.

Bitcoin is attempting to regain its footing near $95,000 after a turbulent week that sent the world’s largest crypto sliding below the $90,000 threshold. The sharp retreat, part of a broader risk-off wave triggered by shifting macro expectations, has rattled investors who just weeks ago watched BTC hit an ATH of $126,000.

Yet amid the volatility, institutional activity is quietly shaping a more nuanced picture. BlackRock’s recent $62.23 million Bitcoin purchase has reignited debate on whether large-scale buyers can provide a stabilizing force as markets attempt to reset.

Institutional Moves Offer a Pinch of Confidence

BlackRock’s acquisition, made through its subsidiaries, signals a deliberate and long-term approach to digital assets rather than a short-term speculative bet.

While $62 million is small compared to the firm’s massive global portfolio, the symbolism is powerful. Institutional interest, especially from a firm of BlackRock’s stature, often boosts confidence across the market and can attract additional inflows from other large players.

Analysts argue that such participation improves market depth, enhances legitimacy, and can soften the blow during periods of extreme volatility. Long-term holders, particularly on exchanges, continue to accumulate even as prices whipsaw, suggesting that conviction in Bitcoin’s long-term value proposition remains intact.

A Market Under Pressure: Macro, Liquidity, and ETF Outflows

But institutional buying alone hasn’t been enough to fully counteract the recent cascading sell-off.

Bitcoin plunged to the $88,000 range after a combination of collapsing expectations for a December Federal Reserve rate cut, deteriorating liquidity, and persistent outflows from Bitcoin ETFs. More than $559 million in leveraged crypto positions were liquidated within 24 hours, amplifying the downward move.

Fed uncertainty has also weighed on risk appetite. Minutes from the central bank’s latest meeting showed deep division on rate policy, while delays in crucial U.S. labor-market data have clouded macro visibility. This has left Bitcoin vulnerable at a time when broader markets are leaning defensive.

Can Bitcoin Rebound, or Is More Pain Ahead?

Technically, Bitcoin’s RSI has dipped toward oversold territory, hinting that selling pressure may be slowing, but indicators still point to weak momentum. Analysts from QCP Capital warn that unless Bitcoin reclaims the $94,000–$96,000 zone, the trend remains decisively bearish.

For now, Bitcoin’s stability above $92,000 is fragile. Fresh economic data and clarity from the Fed are likely to dictate the next major move.

And while BlackRock’s purchase underscores enduring institutional confidence, the question remains: is it enough to halt the decline, or merely a bright spot in a market still searching for footing?

Cover image from ChatGPT, BTCUSD chart from Tradingview

A new crypto bill was introduced in Washington on Thursday, focusing on the potential for utilizing Bitcoin (BTC) in federal tax transactions. Republican Representative Warren Davidson has aligned with the vision of making America the “crypto capital of the world,” as previously articulated by President Donald Trump. 

Davidson’s proposed Bitcoin for America Act aims to enable American citizens to pay their federal taxes using Bitcoin, channeling these payments into a newly established Strategic Bitcoin Reserve.

Understanding The Bitcoin For America Act

Rep. Davidson believes that this measure could significantly enhance the nation’s long-term financial resilience and secure a leadership position for the US in the digital assets sector. He stated:

The Bitcoin for America Act marks an important step toward modernizing our financial systems and embracing the innovation that millions of Americans already use every day.

By allowing taxes to be paid in Bitcoin and directing the revenues into the Strategic Bitcoin Reserve, the legislation plans to create a tangible asset that appreciates over time, contrasting sharply with the declining purchasing power of the US dollar under inflationary pressures.

The proposed bill aims to provide taxpayers with more flexibility in how they settle their tax obligations, while simultaneously strengthening the financial foundation of the US government. 

Davidson emphasized that BTC, unaffected by traditional monetary policies such as quantitative easing (QE), presents a more stable alternative for wealth preservation. 

The lawmaker also asserted that the establishment of a Strategic Bitcoin Reserve could serve to mitigate the risks associated with fiat currency devaluation, thereby maintaining economic strength in a progressively digital global economy.

Additionally, the Bitcoin for America Act posits that BTC’s inherent scarcity and growing adoption will likely increase its value, meaning that revenues deposited into the Strategic Bitcoin Reserve are expected to appreciate. This would facilitate a self-sustaining fiscal mechanism, reducing dependency on debt financing and improving the nation’s balance sheet.

What Are The Long-Term Plans? 

The Act also stipulates that no taxable gain or loss is to be recognized by a taxpayer upon transferring Bitcoin to the US government in satisfaction of their tax obligations. 

Any BTC received under this arrangement would be deposited into the Strategic Reserve, as managed by the Secretary of the Treasury. The Secretary is granted the authority to accept, hold, and manage BTC received via federal law or acquired through lawful means.

The legislation outlines that the Secretary will establish appropriate custody and security measures for the reserve, which could include cold storage methods and geographically distributed facilities to ensure the safety of the assets. 

Furthermore, BTC held in the reserve is expected to be retained for the long term, with restrictions on the amount that can be disposed of each year, ensuring that its value remains preserved for the nation’s benefit.

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

Bitcoin is struggling to reclaim higher levels as the market faces its strongest wave of selling pressure in months. After losing key support zones, price action has remained weak, fueling a growing divide among analysts. A large portion of the market now believes Bitcoin has entered the early stages of a bear market, citing weakening momentum, macro uncertainty, and aggressive sell-side flows from major players.

Yet, on the other side of the debate, optimistic investors view this downturn as a rare buying opportunity — the kind that often appears during deep corrections within broader bullish cycles.

Adding to the uncertainty, fresh on-chain data from Lookonchain reveals that the Bitcoin mining firm MARA recently deposited a significant amount of BTC onto exchanges, a move typically interpreted as preparation for selling.

Such activity tends to increase short-term supply pressure and can accelerate downward momentum, especially when market sentiment is already fragile. These miner flows have caught the attention of traders who fear additional sell-offs could push Bitcoin into a more extended correction.

MARA’s Latest BTC Deposits Raise Questions

According to new data shared by Lookonchain, Bitcoin mining firm MARA has deposited another 644 BTC, worth roughly $58.7 million, to FalconX and Coinbase Prime. This move signals yet another instance of miners sending coins to exchanges — an action typically associated with potential selling pressure. In a market already dominated by fear, every new batch of miner deposits tends to draw immediate attention from traders who worry that fresh supply could deepen the current correction.

However, several analysts argue that this particular transfer may not be as alarming as it appears. They point out that MARA has executed far larger sell-side movements in the past — often moving thousands of BTC at once — and the current 644 BTC represents a relatively small portion of the miner’s reserves. From this perspective, the latest deposit might simply reflect routine treasury management rather than an aggressive selling strategy.

Some market observers even note that during major corrections, miner flows tend to look more dramatic than they truly are because sentiment is already fragile. In this case, the MARA deposit may contribute to short-term volatility but is unlikely to be the driving force behind Bitcoin’s broader price weakness.

Testing Critical Weekly Support as Selling Pressure Persists

Bitcoin’s weekly chart shows the market locked in a critical battle around the $91,000–$92,000 zone, a level that has become the line separating a controlled correction from a deeper trend shift. After losing momentum near the $120,000 range earlier in the year, BTC has now retraced toward the 50-week moving average, which is acting as the main support structure. Historically, this moving average has served as a mid-cycle support during bull markets, and Bitcoin is once again testing its resilience there.

The recent candles reflect sustained selling pressure, with long-bodied red candles revealing strong downside momentum in recent weeks. Volume has also increased on down-moves, an indication that the correction is driven by forced selling — from short-term holders, miners, and market participants exiting positions in fear.

However, despite the weakness, Bitcoin has not yet broken below the green 100-week moving average, which remains well below current price and continues to slope upward — a structural sign that the long-term trend hasn’t flipped bearish. If BTC manages to hold above $90K and stabilize, this area could mark a local bottom similar to mid-cycle pullbacks seen in previous bull markets.

Featured image from ChatGPT, chart from TradingView.com

Persistent, programmatic selling across major crypto assets has sparked fresh speculation that the market is still digesting cascading liquidations from October 10 — and that at least one large player is being unwound in the background.

On November 19, Multicoin Capital co-founder Tushar Jain wrote on X that “it feels like a big forced seller is in the market,” adding that “we are seeing systematic selling during specific hours.” He linked the pattern directly to the October 10 liquidation shock, calling it “probably a consequence of 10/10 liquidations” and concluding: “Hard to imagine this scale of forced selling continues for much longer.”

Jain has framed the current tape through the lens of his experience in 2022. On October 11, one day after the 10/10 flush, he warned that “it takes some time for all the bankruptcies to reveal themselves after a big liquidation flush like this.” According to him, in such episodes “big trading shops are running around trying to figure out what their exposure to insolvent counterparties is and that takes time.” When asked how long this process can last, he answered that “sometimes it takes weeks. Sometimes it takes months. It depends on what people do to try and patch the holes.”

That delayed discovery of losses is central to the emerging “forced seller” narrative. Rather than a single cathartic event, the 10/10 wipeout is being treated by professionals as the starting point of a longer adjustment, where risk is reduced gradually as lenders, counterparties and risk desks work through opaque exposures.

Systematic Sell Pressure Points To Forced Crypto Seller

Other market participants are publicly describing a similar pattern. LondonCryptoClub wrote that it “increasingly feels like someone out there being forced to liquidate a portfolio,” highlighting the “constant mechanical nature of the selling (in US hours).” Drawing on their foreign-exchange background, they compared this to periods in FX where unexplained flows later turned out to be related to large corporate or M&A-driven mandates, summarizing the current environment as a “flow driven market” and concluding: “A dead body will probably float to the surface soon.”

ETF analyst James Seyffart responded to Jain’s post by asking whether anyone had “any theories or guesses on who it could be if this were true,” underscoring that there is, so far, no credible public attribution.

Rumors about structural damage surfaced almost immediately after the October event. On October 12, The Rollup Co founder Andy Klages wrote that the “rumor mill [is] currently saying two large trading firms were liquidated to zero,” describing a setup where they allegedly “owned a book of top 100 mcap tokens which were collateralized against each other in size ($1B+) & became forced market sellers of their entire book.”

Related Reading: Hyperliquid At Risk In Democrats’ Crypto Crackdown? ZachXBT Warns Of Potential Risks

No firm fitting that description has publicly confirmed such a loss, but the structure Klages outlines matches what many professionals see as a key fragility: cross-collateralized altcoin books used as funding and margin.

Fundstrat’s and Bitmine’s Tom Lee independently argued on November 15 that the price action “has all the signs of a market maker (or two) with a major ‘hole’ in their balance sheet,” describing “sharks circling to trigger a liquidation / dumping of prices BTC.” He characterized the resulting pain as short-term and explicitly stated that it “does not” change his view on “the ETH supercycle of Wall Street building on blockchain.”

To me, the weakness in crypto has the all the signs

– of a market maker (or two) with a major “hole” in their balance sheet

Sharks circling to trigger a liquidation / dumping of prices $BTC

Is this pain short-term? Yes

Does this change the $ETH supercycle of Wall Street… pic.twitter.com/0jfkXYnfv9

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 15, 2025

For now, there is no “dead body” on the surface: no major market maker or trading shop has publicly disclosed insolvency linked to October 10, and the identity of any alleged forced seller remains unknown.

But the consistency of the reports — systematic US-hours sell programs, rumors of cross-collateralized books blown out, and references to hidden balance-sheet holes — suggests that, weeks after the 10/10 shock, crypto markets may still be trading under the weight of positions that are being unwound because they have to be, not because anyone wants them to be.

At press time, the total crypto market cap stood at $3.1 trillion.

The XRP community may have reason to be excited, as a Ripple Engineer announces that the ecosystem could soon undergo a transformative development. J. Ayo Akinyele, Head of Engineering at RippleX, has shared insights into the next evolution of XRP, suggesting that the crypto network might explore native staking. While the details of the new development are still under discussion, the announcement points to significant innovation aimed at enhancing XRP’s role in institutional finance and asset settlement.

Ripple Eyes Native Staking As Next Step For XRP

In a recent thread on X, Akinyele described how XRP has grown and changed over time. First, it started as a fast and efficient payment network, but it has evolved into a platform capable of handling tokenized assets and providing real-time liquidity. 

According to the RippleX Engineer, the launch of Canary’s first XRP Spot ETF represents a key milestone in institutional adoption, highlighting the growing acceptance of XRP within traditional financial markets. He also stated that the XRP ecosystem is clearly entering a new phase of growth, particularly as institutions embrace digital products such as tokenized treasuries and Money Market Funds (MMFs). 

Akinyele noted that all of these significant developments have led him and Ripple’s Chief Technology Officer (CTO), David Schwartz, to mentally explore and discuss the potential support of native staking on the XRP Ledger (XRPL) in the future and what it could look like in practice. The Ripple Engineer noted that, unlike many blockchain networks that rely on staking to incentivize validators, XRP operates differently.

He explained that, on the XRP network, transaction fees are burned rather than redistributed, and validators retain equal voting power regardless of the amount of XRP they hold. This unique approach prioritizes network stability and trust over rewards. He also highlighted that XRP is designed to settle any asset quickly, efficiently, and at a low cost. Building on this foundation, Akinyele explores how native staking could be introduced to complement this existing model. 

Challenges And Considerations In Introducing Native Staking

While the concept of native staking for XRP is intriguing, Akinyele emphasized that its implementation would require careful planning and consideration. He noted that any staking mechanism would need a clear source of rewards and a method to distribute them fairly across the XRP network. According to him, these changes could fundamentally alter how value flows within the XRP Ledger.

Notably, Akinyele has emphasized that the idea of a native staking is still being explored and discussed. Currently, the primary focus is to assess how this feature can shape the future of XRP, evaluating which aspects of the ecosystem can evolve and which should remain constant. The Ripple Engineer has invited the community to share their thoughts as they consider how native staking might affect XRP’s design and value flow. 

Ripple’s latest massive on-chain movement has once again stirred the broader crypto market, raising questions about the digital asset company’s intentions as a major XRP holder. A recent blockchain record shows millions of XRP leaving a wallet linked to Ripple, prompting speculation about whether this could signal a broader sell-off. With the price currently in a downtrend, showing no signs of a recovery in weeks, the transfer only adds to the growing unease in the community. 

Ripple Transfers 200 Million XRP To Unknown Destination

New reports from a popular blockchain monitoring system, Whale Alert has revealed that 200 million XRP, valued at approximately $445 million was recently moved from a wallet associated with Ripple. The large-scale transaction immediately caught the attention of the market, given both its size and origin, as Ripple Labs remains the largest single holder of XRP, controlling roughly 42% of its total supply. 

Notably, the transaction occurred on November 18, 2025, at 16:22:00 UTC and was sent from a Ripple-linked wallet address to an unknown destination. The transfer itself was inexpensive, incurring a minimal fee of just 0.00004 XRP. The movement also took place while XRP was still trading at approximately $2.22 per token. 

Considering Ripple’s influence on the altcoin, any significant outbound transfer tends to spark immediate reactions from its community about intent. Some market participants interpreted the transaction as a potential precursor of a sell-off, suggesting that it may be time to exit positions. 

However, other observers note that large wallets often redistribute holdings ahead of expected volatility, emphasizing that such internal rotations do not necessarily correlate with selling pressure. They argue that broader accumulation trends provide a more accurate picture than reactions to an isolated transfer. In addition, another commentator emphasized that Ripple has a long history of making large-scale movements for more treasury management, liquidity operations, or over-the-counter transactions—none of which translate directly into immediate market dumps. 

Whales Quietly Accumulate Billions

While Ripple’s 200 million XRP transfer has ignited speculation, new data from Santiment has highlighted  a significant uptick in whale activity. According to on-chain data, large holders have acquired more than $2.36 billion worth of XRP within a single week, pushing their combined balance to 9.74 billion XRP. This marks one of the strongest accumulations recorded recently, suggesting that whales may be positioning for the long-term rather than selling off. 

The increase in whale holdings comes at a time where the market is experiencing a notable downtrend. If these movements were distribution rather than accumulation, they could put additional pressure on the already weak price action. However, as more whales continue to buy XRP at lower price levels, it could provide underlying support for the cryptocurrency, potentially stabilizing the market. 

Cardano’s price action has been trending downwards alongside the rest of the crypto market, but the on-chain side of things shows the blockchain activity is failing to keep pace with expectations for a top-tier blockchain. 

Recent weeks have shown sluggish participation across key network indicators, and the stagnation has increased the long-standing ghost chain narrative. An example of this criticism came from a crypto observer on X, who added a more blunt assessment of why the network appears to be underperforming, calling it a “ghost chain.”

Harsh Critiques Point To Liquidity And Usage Weakness

A closer look at Cardano’s liquidity profile revealed gaps that are difficult to ignore. Its stablecoin supply of just over $30 million is exceptionally small for a blockchain with a market value in the tens of billions, making Cardano’s DeFi economy shallow compared to both its peers and even smaller networks. 

A crypto observer known as hantengri on X summarized the situation in a pointed breakdown, stating that Cardano raised $62 million, generates zero revenue, processes only about one transaction per second, and hosts an ecosystem that is described as basically one DEX and one lending protocol that maybe seven people use per day. 

The account went further, arguing that the chain operates like a ghost network guarded by a fanatical community despite sitting at a fully diluted valuation of $21 billion.

He also highlighted concerns about supply mechanics, noting that although ADA is labeled as having a fixed supply, roughly 18% is still not in circulation, and staking rewards along with treasury emissions continue to enter the market without any burn mechanism. To him, these factors reinforce the idea that no one is using the chain in a meaningful way.

A More Practical Way To View The Ghost Chain Debate

The idea of Cardano being a ghost chain is not as straightforward as a simple yes or no. The label comes from doubts about whether the network’s growth matches the scale of its ambitions and the size of its market capitalization. 

When the conversation is framed purely around visible activity, such as the total value locked in its DeFi protocols, active applications, or stablecoin liquidity, Cardano does fall behind faster-moving competitors like Solana and Avalanche. Those surface-level metrics make the ecosystem appear quieter than what one would expect from a top-tier chain.

Interestingly, Cardano founder Charles Hoskinson had addressed this disparity, noting this is due to a lack of DeFi engagement from the 1.3 million users who are actively participating in Cardano staking.

According to data from DeFiLlama, the Cardano network currently has the 25th largest TVL, with only about $215.51 million in 61 protocols. 

At the time of writing, Cardano (ADA) is trading at $0.1581, down by 0.5% in the past 24 hours. The cryptocurrency is down by 10% and 18% in the larger seven-day and 30-day timeframes. Charles Hoskinson recently appealed to the community to avoid reacting emotionally and to refrain from panic selling.

After days of trading above the $90,000 price mark, Bitcoin has officially lost this key support level as the market turns increasingly volatile on Wednesday. While the price of BTC continues its downward trend, the ongoing selling pressure from long-term holders does not seem to be slowing down.

Long-Term Bitcoin Holders Extend Their Selling Trend

A persistent negative action from key investors is meeting Bitcoin’s current price pullback. Long-term Bitcoin holders, who are usually the most steadfast and resilient players in the cryptocurrency market, are increasingly showing signs of strain and uncertainty.

Related Reading: Veteran Whales Blamed For Bitcoin’s Sharp Slide, Crypto Boss Says

After examining the Net Position Change in BTC, Swissblock, an investment pioneer and on-chain data analytics platform, detected a continued selling pressure among long-term BTC holders. The cohort has continued to sell off sizable chunks of their holdings even as the flagship crypto asset battles to find stability.

This steady selling pressure from seasoned investors outlines a rising sense of caution and fear, pointing to weakening confidence in the current market structure. With these key investors persistently selling off their holdings, BTC’s price outlook becomes increasingly complicated, triggering crucial questions about where true market conviction currently resides.

During BTC corrections, the platform highlighted that long-term holders typically halt their distribution and slowly go into accumulation mode. However, the current trend is shifting away from this dynamic as selling pressure from the cohort is not fading. 

According to the investment pioneer, these shifting market dynamics are pointing to additional downside in price before long-term holders return to accumulation mode. When this happens, the price of Bitcoin is likely to undergo a rebound and possibly restore the bull market.

BTC Supply In Loss Is Steadily Increasing

With Bitcoin’s price dropping, it is starting to leave a deeper imprint beneath the surface. Darkfost, an author at the CryptoQuant platform, reports that the portion of BTC supply held at a loss has increased following the recent market pullback.

Related Reading: Bitcoin Current Downward Trend Fails To Shake Long-Term Holder Profitability – Here’s What To Know

The development indicates increasing pressure on the network as a whole, especially among investors who entered close to recent highs. A steady increase in BTC supply in loss puts the market in a more precarious state, which might influence the asset’s next major move.

In the report shared on X, the market expert revealed that more than 6.96 million BTC accumulated by investors are currently positioned at a loss as of Wednesday. Data from the BTC Supply in Profit/Loss metric shows that this is the largest level of unrealized loss since January 2024. 

What makes this so interesting is that the ongoing correction is still below the deepest drawdown of this market cycle. This implies that a significant amount of Bitcoin was recently amassed when it was trading close to its prior ATH, which helps to explain some of the panic selling, particularly from short-term BTC holders.

However, Darkfost noted that this kind of increase in unrealized loss levels during a bullish trend has historically created strong buying opportunities. According to the expert, this is the moment when the famous change of hands narrative, which is highly discussed in the sector, often takes place.

A new WhatsApp worm is sweeping through Brazil, stealing bank logins and crypto keys from ordinary users, security firms warn.

Victims get a message that looks familiar — a delivery note, a government alert, or an invite to a group — and one click can let the threat spread through their contacts while a hidden trojan strips data from their machines.

How The Worm Spreads

According to security reports, attackers send ZIP files over WhatsApp that contain a malicious .LNK shortcut. When opened, that shortcut runs deceptive commands which load more code into memory so little is written to the hard drive.

This “fileless” step helps the malware avoid some antivirus tools. Based on reports, the infection also hijacks WhatsApp Web sessions to send the same bait to the victim’s friends, making the attack behave like a worm.

One analyst group said more than 400 “customer environments” and over 1,000 endpoints showed signs of compromise, while another firm blocked roughly 62,000 infection attempts in the first 10 days of October.

Targets And Techniques

Reports have disclosed two main strains that are active in Brazil. One is a banking trojan called Eternidade Stealer that uses a Gmail account as a hidden command channel.

The other, known as Maverick, relies on automation tools such as WPPConnect to operate WhatsApp Web and to push malicious messages from infected accounts.

The threats look for local settings before fully activating, checking timezone and language so the code runs mainly on machines set to Brazil.

Security researchers say the malware can snapshot screens, log keystrokes, and overlay fake login pages on banking or exchange websites.

The list of targets is wide: it includes 26 Brazilian banks, six crypto exchanges, and one payment platform.

Smart Filtering Makes It Worse

The attackers appear to avoid business or group contacts. That choice seems designed to keep messages within small personal circles and to reduce early detection.

Once a contact family or friend opens the link, the same cycle can repeat. Because the worm spreads by using trusted accounts, people are more likely to fall for the bait.

The use of widely available services like Gmail for control instructions makes it harder for defenders to block a single command server.

What To Do If You’re Exposed

According to security experts, if funds are at risk, act fast. Freeze or lock accounts when possible, alert your exchange or bank, and report the incident to local authorities.

Enable strong multi-factor authentication on every financial account and use withdrawal whitelists where offered. According to experts, do not open ZIP or .LNK files from WhatsApp, even from known contacts, without verifying by a separate message or a phone call.

Brazil At No. 5

Chainalysis figures show Brazil sits at the top of Latin America in crypto use, and the country holds the fifth spot in the platform’s 2025 Global Crypto Adoption Index Top 20.

Featured image from Gemini, chart from TradingView