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Bearish sentiments continue to dominate the Bitcoin market as the leading cryptocurrency registered a decisive price break below the $100,000 psychological support zone. Following this highly volatile display, blockchain analytics firm Glassnode has noted the reaction of the BTC options market.

Bitcoin Traders Expect More Correction Ahead

The BTC options market allows traders to gain the right to buy or sell Bitcoin at a specific price or on or before a certain date. Options let traders hedge against risk, and bet on volatility, among other features, and thus are a good gauge of traders’ sentiment.

Notably, Bitcoin’s retest and fall below the $100,000 price mark were anticipated by the options market, which had been accumulating put options (BTC sell bets) as protection against bearish risk. Following this event, Glassnode notes that traders have reacted by now adjusting their positions based on higher uncertainty and fear of more downside.

In assessing several metrics that guide the options market, Glassnode notes that the ATM implied volatility is rising as the short-term market uncertainty trickles in. The 1-week IV now stands at 51% while the 6-month IV is 48% indicating that traders expect the next few days/weeks to be unstable. 

Meanwhile, the 25-delta skew, which compares demand for puts vs calls (upside bets), is strongly bearish as the 1-week and 1-month skew range around 12.4% and 10% respectively. For context, a positive skew means puts are more expensive due to high demand as traders are scared of more price drops.

The traders’ fear of further downside is also reinforced by data from the taker flow, which shows that recent flows over the past 24 hours have been dominated by put buys (38.8%). However, it’s worth noting that when dealers sell these puts, they hedge their risk by also selling BTC futures. As the spot price drops, the hedging continues, eventually creating a feedback loop that increases volatility and speeds up price decline.

Market Turns Focus On $95,000 Puts 

According to Glassnode, the price break below  $100,000 shifted option traders’ focus on the $95,000 puts, which have been heavily bid. However, while BTC still trades above this strike, the persistent demand signals expectations of further downside, as traders continue to accumulate protection against deeper losses.

At the time of writing, Bitcoin trades at $96,311 on the daily chart, reflecting a 3.86% loss in the past 24 hours. Meanwhile, trading volume is down by 12.46% and valued at $99.92 billion. 

Bitmine Immersion Technologies, the leading Ethereum treasury company, has appointed a new CEO and new board members. This move comes as the firm, which initially launched as a crypto mining company, looks to overhaul its leadership.

Chi Tsang As CEO And Board Member

In a press release on Friday, November 14, Bitmine announced Chi Tsang as the company’s new chief executive officer and a member of the board of directors, effective immediately. Tsang, founder of venture firm m1720, will be replacing Jonathan Bates, who has been CEO since 2022.

The Ethereum treasury firm also disclosed the appointment of three new independent board members, including Robert Sechan, Olivia Howe, and Jason Edgeworth. Tsang said that Bitmine is positioned to become a leading institution, thanks to its significant Ethereum holdings and strong bridge between traditional finance and cryptocurrency.

Tsang, the new Bitmine CEO, said in a statement:

The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed on telecoms and technology in the 1990s.

The appointment of vocal Ethereum investor Tom Lee as the chairman of Bitmine’s board of directors saw its strategic transition from a crypto mining firm to a digital asset treasury. Since then, BitMine has become the largest corporate Ether holder and the largest Ethereum company.

Tom Lee, Bitmine’s board chairman, said:

Our new CEO and Board members bring a unique blend of experience, insight, and leadership across technology, DeFi and financial services, enabling BitMine to further position itself as the bridge between traditional capital markets and the supercycle Ethereum ecosystem.

Bitmine has continued to expand its Ether treasury, reporting a holding of more than 3.5 million tokens (worth more than $11 billion at the current price) as of Monday, November 10. While the firm currently holds 3% of the total Ether supply, the firm plans to capture 5% of Ethereum’s free-floating tokens.

BitMine Share Price Drops 36% In Past Month

The price of BitMine’s stock (with the ticker BMNR) stood at around $34.4 by market close on Friday, reflecting an almost 6% decline in the past day.  Meanwhile, the BMNR stock has decreased in value by more than 36% in the past month.

This disappointing performance comes on the back of waning sentiment around digital asset treasuries in recent months. A report in October found that retail investors have lost up to $17 billion to the Bitcoin treasury hype.

The ex-CFO of a private software company has been declared guilty of wire fraud after using the company’s cash to fund a cryptocurrency side business.

Crypto Side Hustle Gone Wrong

In a recent press release, the US Attorney’s Office, Western District of Washington, announced the conviction of Nevin Shetty, who misappropriated $35 million belonging to his former employer. The 41-year-old man from Mercer Island, Washington, resumed as the CFO of an unnamed private software company in March 2021, a time during which the firm was actively fundraising.

The company established an investment policy that stated that this newly raised cash should only be invested in money market accounts and other low-risk markets, while the company continued to focus on improving current business operations. 

Despite his heavy involvement in this policy decision, Nevin Shetty moved $35 million of the company’s cash into HighTower Treasury, a cryptocurrency investment platform founded by him and another partner in February 2022. The DOJ notes this embezzlement occurred after the company raised concerns about Shetty’s performance, hinting at possible severance.

The statement read:

In March 2022, he (Shetty) was told he could not continue as CFO at his employer due to concerns about his performance. Shortly after he got this news, Shetty secretly transferred the funds out of the company’s account. Between April 1 and 12, 2022, Shetty transferred $35,000,100 of his employer’s money to an account for HighTower Treasury. No other executives or board members at the company knew of these transfers.

The now-convicted criminal apparently placed these funds in a high-yield DeFi lending protocol that had promised 20% interest, with the intention of remitting 6% to the company and HighTower Treasury retained the other 14% profit. While the idea got off to a good start, generating $133,000 in the first month, the investments began hemorrhaging in the following month, eventually reaching $0 on May 13, 2022.

Shetty was subsequently fired after he informed colleagues of this escapade. The company also reported the situation to the FBI, prompting a full-scale investigation.

Shetty Awaits Sentencing

According to the DOJ, Shetty was convicted of four counts of wire fraud on November 7, 2025, following a 10-hour jury deliberation to close a nine-day jury trial. The US District Judge Tana Lin has now scheduled sentencing for the ex-CFO for February 11, 2026, to debate the consequences of such financial misappropriation.

While each wire fraud count carries a maximum prison sentence of 20 years, that does not necessarily mean he could face 80 years. Federal sentences are not always run consecutively, and the judge will follow the US Sentencing Guidelines, which take into account factors such as loss amount, role in the fraud, and his criminal history (if any).

The US Department of Justice (DOJ) has brought to light a new digital asset fraud scheme, culminating in the sentencing of a crypto CEO to almost five years in prison. 

Travis Ford, the CEO, co-founder, and head trader of Wolf Capital Crypto Trading, was found guilty of orchestrating a crypto investment fraud conspiracy. Ford, hailing from Glenpool, Oklahoma, is said to have played a crucial role in raising $9.4 million from around 2,800 investors through false promises of high returns.

Promising Unrealistic Returns

According to the Department of Justice, Ford’s fraudulent activities spanned from January 2023 to August 2023, during which he misrepresented himself as a skilled trader capable of delivering exceptional daily returns ranging from 1% to 2% (equating to approximately 547% annually). 

Despite his guilty plea to one count of conspiracy to commit wire fraud, Ford confessed that achieving such consistent returns was implausible. 

Instead, the crypto executive and his accomplices utilized what the DOJ described as deceptive tactics to lure unsuspecting investors, misappropriating and diverting their funds for personal gain.

Simultaneously, there has been a surge in global efforts towards regulating digital assets, spearheaded by President Donald Trump’s pro-crypto stance. 

Governments worldwide, including the US and China, are intensifying crackdowns on cryptocurrency-related cross-border crimes as a result, particularly targeting scam networks operating in Southeast Asia.

Crypto Fraud Hotspots

Local media reports indicate that regions bordering Thailand, Myanmar, Laos, and Cambodia have transformed into hotspots for online fraud operations. 

Syndicates operating in these areas reportedly employ various tactics to coerce victims into investing in fraudulent schemes, often involving the transfer of funds through digital assets like Bitcoin (BTC), Ethereum (ETH), or stablecoins, followed by intricate money-laundering processes.

Despite the increasing mainstream adoption of digital assets in financial sectors, the report indicated that cryptocurrencies continue to play a significant role in sophisticated criminal enterprises. 

However, recent actions, such as the seizure of $13.4 billion worth of Bitcoin from Chen Zhi, a Cambodian tycoon with Chinese origins, underscore the global efforts to combat crypto-related crimes.

Additionally, the US DOJ’s establishment of a Scam Center Strike Force signifies a pivotal initiative aimed at combating crypto investment fraud targeting Americans. 

This move marks a significant step in the US government’s vision to confront transnational criminal networks head-on, as highlighted in a report by blockchain analytics firm TRM Labs. 

The DOJ revealed that Southeast Asian scam syndicates defraud Americans of nearly $10 billion each year. This emphasizes the urgency of addressing such criminal activities, especially given the progressive US legislation promoting the growth and adoption of digital assets.

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

Crypto pundit Vincent Van Code has explained why companies shouldn’t custody their XRP holdings amid the rise in treasury companies. As part of his comments, he advocated that these companies gain the token exposure to ETFs and other regulated wrappers rather than holding the coins. 

Pundit Explains Why Companies Should Avoid XRP Custody

In an X post, Vincent Van Code stated that companies accidentally turn themselves into a bank, security firm, and a regulated financial institution overnight, the moment they decide to self-custody their XRP. He further remarked that the bill for this mistake is “massive,” as it has some repercussions. 

The crypto pundit noted that most companies think that holding their own crypto tokens is the same as holding cash in a bank account. However, he explained that they are not the same as custodying XRP is one of the “most complex, expensive, compliance-heavy things” an organization can do. Vincent Van Code then used the altcoin as a case study. 

He stated that to self-custody at a large scale, companies are not just storing a seed phrase but are now operating a regulated asset environment. The crypto pundit explained that this exposes these companies to annual audits, SOC2 controls, and cold storage infrastructure. They would also have to worry about key ceremony documentation, segregation of duties, insider threat mitigation, and round-the-clock monitoring. 

Other Implications Of Custody

Vincent Van Code further mentioned that companies looking to self-custody their XRP will need incident response teams, a compliance officer, a risk team, internal policies, board oversight, and a full suite of legal and operational safeguards that they must continually maintain. He further highlighted the cost implications of implementing such safeguards. 

The crypto pundit revealed that the annual cost for a proper crypto custody program could easily hit seven figures. He noted that external audits alone cost between $250,000 and $500,000 annually, once these companies factor in SOC2 Type II, penetration testing, cyber insurance, regulatory reporting, and chain-of-custody reviews. 

Vincent Van Code also factored in staff that these companies will need to run the self-custody of their XRP assets. Meanwhile, these companies have to bear the risk and liability when something breaks, or a regulator asks questions, or the auditor finds a gap in the accounts. 

The Best Way For Institutional Adoption

Vincent Van Code stated that the real path to large-scale, multi-billion-dollar XRP adoption is not through thousands of companies holding the token. Instead, he claimed that it is through regulated wrappers, such as spot XRP ETFs and institutional treasury firms such as Ripple-backed Evernorth. 

He explained that these vehicles absorb the compliance load, audit burden, operational risk, and infrastructure costs. Vincent Van Code further remarked that they allow companies to hold XRP exposure without becoming a bank. The crypto pundit added that if mainstream enterprises are going to adopt the token globally, it will be through these structures and not DIY custody operations that could collapse under their complexity.

Securitize and Binance have jointly announced on Friday that the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) will now be accepted as off-exchange collateral for trading on Binance. 

BlackRock’s BUIDL Gains Momentum

Fortune reported that the collaboration with Binance is expected to boost the popularity of BUIDL, a token launched by the world’s largest asset manager, BlackRock, last year. Since its inception, BUIDL has witnessed significant growth, with its market capitalization exceeding $2.5 billion. 

Functioning akin to a stablecoin, BUIDL is commonly utilized as collateral for trading cryptocurrency derivatives, catering primarily to large institutional investors like private equity firms and hedge funds that make a minimum investment of $5 million into the BlackRock BUIDL fund. 

What sets BUIDL apart from traditional stablecoins like Tether (USDT) and Circle (USDC) is its unique feature of distributing the yield collected from its reserves to investors. 

Currently offering a yield of around 4%, BlackRock imposes a management fee ranging from 0.2% to 0.5% on the token. To bring BUIDL into existence, BlackRock collaborates with Securitize, a company specializing in issuing digital assets. 

Securitize’s CEO, Carlos Domingo, highlighted the growing popularity of tokenized assets due to their ability to facilitate quick and efficient trade settlements. 

Domingo emphasized the “antiquated nature” of current capital market ledgers, often built on outdated software, contrasting this with the “agile and near-instant settlement capabilities” of blockchain technology. 

Binance Responds To Demand

Catherine Chen, Binance’s Head of VIP & Institutional, noted that the addition of BUIDL was driven partly by customer demand. She noted in the statement: 

Integrating BUIDL with our banking triparty partners and our crypto-native custody partner, Ceffu, meets their needs and enables our clients to confidently scale allocation while meeting compliance requirements.

Concurrently, BUIDL is set to introduce a new share class on the BNB Chain network, enhancing investor reach and interoperability with other blockchain financial applications.

Launched in March 2024, BUIDL marked BlackRock’s inaugural tokenized fund on a public blockchain, tokenized by Securitize, offering qualified investors access to U.S. dollar yields with flexible custody, daily dividend payouts, and seamless peer-to-peer transfers.

This integration builds upon BUIDL’s presence across networks like Arbitrum (ARB), Aptos (APT), Avalanche (AVAX), Ethereum (ETH), Optimism (OP), Polygon (POL), and Solana (SOL), further enhancing its accessibility and utility within the blockchain ecosystem.

When writing, Binance’s native token, BNB, trades at $931.60, recording losses exceeding 20% in the past 30 days. This positions Binance Coin 32% below all-time high levels of $1,369 reached back in October of this year. 

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

Bitcoin has dropped below the $100,000 mark for the first time since May, igniting renewed anxiety across the crypto market. The flagship cryptocurrency is currently trading near $97,000, with traders and investors facing growing uncertainty amid persistent selling pressure and waning momentum. Fear levels have surged as many market participants begin to question whether this breakdown marks the start of a new bear market phase or simply a deeper correction within the ongoing cycle.

Some analysts warn that the recent loss of key psychological support could trigger further downside if buyers fail to defend lower levels. Historical patterns show that once BTC breaks below major round numbers, volatility tends to accelerate before finding a stable base.

However, others remain cautiously optimistic. Ki Young Ju, CEO of CryptoQuant, noted that it is still too early to confirm a full-scale bear market. He argues that on-chain data — including exchange flows, miner behavior, and long-term holder activity — does not yet reflect the kind of structural weakness typically seen during cycle tops. Instead, he suggests that the market may be entering a prolonged consolidation phase, where volatility cools before Bitcoin prepares for its next directional move.

$94K Becomes the Line in the Sand for Bitcoin’s Bull Case

According to Ki Young Ju, CEO of CryptoQuant, the key level that could determine Bitcoin’s next major trend lies around $94,000. On-chain data shows that investors who entered the market between six to twelve months ago have an average cost basis near this level, meaning it represents a crucial psychological and structural support zone.

Ju explains that while Bitcoin’s drop below $100,000 has triggered widespread concern, the market hasn’t yet confirmed a full-blown bear cycle. He notes that price action would need to sustain a breakdown below $94,000 before signaling a significant shift in sentiment and long-term trend structure. “Personally, I do not think the bear cycle is confirmed unless we lose that level,” Ju said, emphasizing the importance of patience amid heightened volatility.

He adds that overreacting to short-term fluctuations often leads to poor decision-making during periods of market stress. For now, the best course of action may be to wait rather than jump to conclusions. If $94,000 holds as support, it could serve as the foundation for a potential recovery. Conversely, a decisive breakdown below that threshold would mark a clear warning sign that the bull phase has likely ended.

Bitcoin Drops Below $100K, Testing Long-Term Support Levels

Bitcoin’s weekly chart paints a concerning picture as the cryptocurrency trades around $96,900, marking its first sustained move below the $100,000 level since May. The breakdown represents a 7.4% decline over the last week, with selling volume increasing significantly — a clear sign that market participants are de-risking amid fear and uncertainty.

The most notable feature on the chart is Bitcoin’s test of the 50-week moving average (blue line), which currently sits near $95,000. Historically, this level has acted as a key support zone during mid-cycle corrections, helping to stabilize price before major recoveries. A confirmed weekly close below this moving average, however, could shift momentum firmly in favor of the bears, opening the door for a potential retest of the $88,000–$90,000 region near the 100-week MA (green line).

Despite the bearish tone, there’s also evidence of potential accumulation. Volume spikes during declines often indicate that larger players are stepping in to absorb selling pressure. If Bitcoin can hold above $95,000 and reclaim $100,000 in the coming weeks, it could form a solid base for recovery. Conversely, failure to defend this area would reinforce the narrative that the market is entering a deeper correction phase.

Featured image from ChatGPT, chart from TradingView.com

While the European Union (EU) authorities are pushing to shift oversight of key financial markets, including crypto, to a centralized supervisory authority, some industry players have shared multiple concerns about the proposal.

EU’s Plan For Crypto Oversight Shift Raises Concerns

On Friday, Bloomberg affirmed that the European Commission (EC) is pressing to advance its proposal to transfer regulatory supervision of the crypto businesses from national authorities to the bloc’s market watchdog, the European Securities and Markets Authority (ESMA).

As reported by Bitcoinist, ESMA’s Chair, Verena Ross, stated last month that the EU’s executive arm was preparing rules to give new powers to the regional watchdog to push for a “more integrated and globally competitive” capital market in Europe.

Ross argued that “while we are doing a lot of work to try to make sure the implementation of MiCA is aligned, it clearly takes a lot of effort from us and the national supervisors to achieve that.”

“It also means that people had to build up specific new resources and expertise 27 times in different national supervisors, which could have been done more efficiently once at a European level,” she continued.

According to the Friday report, draft plans circulated by EU officials propose that the bloc’s market watchdog be responsible for authorizing new businesses and the main supervisor for all Crypto Asset Service Providers (CASP). This was initially suggested during the development of the Markets in Crypto-Assets Regulation (MiCA).

Nonetheless, some consider that the move could overturn the work that national watchdogs and businesses have done over the past few years to regulate the industry and implement the bloc’s comprehensive framework for digital assets.

Robert Kopitsch, secretary general of Blockchain for Europe, an organization that represents international Blockchain industry players in the EU, told Bloomberg that “reopening MiCA at this stage would introduce legal uncertainty, risk delaying the authorization process, and divert attention and resources from the practical task of consistent implementation.”

Kopitsch affirmed that a shift to a more centralized supervisory model should happen in the future, based on “concrete experience and evidence gathered from MiCA’s first years of implementation,” noting that local regulators have had closer day-to-day engagement with firms.

Meanwhile, Andrew Whitworth, founder of Global Policy Ltd., a consulting firm that works with crypto companies and regulators, believes that digital assets could be a good test for ESMA’s ability to take on more responsibilities. However, it would require additional resources to handle the workload currently managed by local regulators.

He emphasized that the change would be difficult at the time, “given where we’re at with implementation for the goalposts to change.”

‘Institutional Standoff’ To Undermine MiCA?

Notably, smaller EU nations, including Luxembourg, Ireland, and Malta, have also questioned the proposal and ESMA’s ability to oversee the rapidly growing crypto market, claiming it could weaken their financial sectors.

Recently, Judith Arnal, associate senior research fellow at the Centre for European Credit Research Institute (ECRI) and board member at the Bank of Spain, affirmed that the ongoing “institutional standoff has created regulatory paralysis with far-reaching consequences.”

Arnal has argued that the recent attempts to already amend the bloc’s crypto rules, particularly in the stablecoins sector, risk “undermining MiCA’s credibility as a coherent and globally influential regulatory framework.”

Earlier this week, the European Banking Authority (EBA) addressed the European Central Bank (ECB) and the European Systemic Risk Board (ESRB)’s concerns about financial instability risk related to stablecoins.

The ECB has recently been calling for stricter regulations, including a ban on multi-issuance stablecoins in the bloc and other jurisdictions. However, the region’s banking supervisor defended the framework, arguing that MiCA already has safeguards against risks posed by stablecoins.

On-chain data shows Ethereum investors with a holding time greater than three years have ramped up their selling to levels not seen since 2021.

Seasoned Ethereum Holders Are Increasing Their Distribution

As explained by on-chain analytics firm Glassnode in a new post on X, the 3 to 10 years old Ethereum holders have notably raised their spending recently. These investors belong to a broader group known as the long-term holder (LTH) cohort, which has a holding time cutoff of 155 days.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell them at any point. As such, the LTHs as a whole can be considered diamond hands.

Since the 3 to 10 years old ETH investors would be old even by the standard of the LTHs, they may be assumed to include the most stalwart of HODLers. Given this stature of the cohort, the behavior of its investors may be worth keeping an eye on, for selling from them could be a sign that market conditions have forced even the most seasoned hands into exiting.

One way to track the behavior of the group is through the Spent Volume by Age indicator, which tracks the transactions that the various investor age bands are making on the blockchain. Below is the chart for the metric shared by Glassnode that shows the trend in its 90-day moving average (MA) for Ethereum over the last few years.

As displayed in the graph, the Spent Volume by Age has shot up for the investors belonging in the 3 to 10 years holding time bracket since late-August. At present, the 90-day MA is sitting above 45,000 ETH, meaning the veterans of the market are selling tokens worth $139 million every day.

“This marks the highest spending level by seasoned investors since Feb 2021,” noted the analytics firm. Besides the selloff in February, this group also participated in almost the same level of distribution alongside the bull run top in the second half of that year.

As the latest wave of selling has arrived, Ethereum has witnessed bearish momentum. It only remains to be seen whether this decline in the price would lead into another bear market like in late 2021, or if the bull run will regain its footing as in February 2021.

LTH selling isn’t the only bearish factor that ETH has had to deal with recently. As the chart shared by CryptoQuant community analyst Maartunn shows, the Ethereum spot exchange-traded funds (ETFs) have witnessed significant outflows over the past month.

From the above chart, it’s apparent that Ethereum spot ETFs are seeing a negative 30-day netflow of $1.21 billion, while Bitcoin has had it even worse with $2.80 billion in net outflows.

ETH Price

At the time of writing, Ethereum is trading around $3,100, down over 4% in the last week.

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.