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Сооснователь Эфириума Виталик Бутерин сообщил, что пожертвовал $390 000 двум приватным криптовалютным мессенджерам Session и SimpleX Chat, продвигающим идеи цифровой конфиденциальности.

On-chain data shows exchange inflows related to Bitcoin and Ethereum have shot up alongside the recent downturn in the market.

Bitcoin & Ethereum Have Seen High Exchange Inflows During Past Week

In a new post on X, on-chain analytics firm CryptoQuant has discussed about the latest trend in the Exchange Inflow for Bitcoin and Ethereum. The “Exchange Inflow” here refers to an indicator that measures the total amount of a given asset (in USD) that’s entering into the wallets connected to centralized exchanges.

When the value of this metric is high, it means investors are making large deposits to these platforms. Generally, holders transfer their coins to exchanges when they want to use one of the services that they provide, which can include selling. As such, a sharp spike in the metric can be an indication that there is demand for trading away the asset.

Now, here is the chart shared by CryptoQuant that shows the trend in the combined 7-day cumulative Exchange Inflow for Bitcoin and Ethereum over the last few months:

As displayed in the above graph, the Bitcoin and Ethereum Exchange Inflow has seen its 7-day cumulative value surge above $40 billion recently. Given the price action of the past week, these deposits were likely made for distribution and contributed to the crash.

BTC and ETH aren’t the only cryptocurrencies that have seen inflows recently, however; stablecoins have also entered into exchange-associated addresses. Unlike BTC and ETH, though, these fiat-pegged coins haven’t witnessed a uniform trend across the different platforms.

In the above chart, data for the stablecoin Exchange Reserve is shown for the different centralized exchanges. This indicator keeps track of the total amount of stables that are currently sitting in exchange wallets.

It would appear that this metric has broken away from the rest for Binance recently, implying investors have been choosing to deposit their coins to the platform over any other. “Binance’s stablecoin reserves just hit a record $51.1B, the highest in its history,” noted the analytics firm.

Like for BTC and ETH, stablecoin exchange deposits also suggest that there is demand for trading away the assets, but in their case, the implication for the market is a bit different. Traders often deploy these tokens on exchanges when they want to swap them for a volatile cryptocurrency like BTC.

Thus, while Bitcoin and Ethereum inflows can be bearish for the market, stablecoin deposits can be a positive sign instead.

BTC Price

At the time of writing, Bitcoin is trading around $90,000, up more than 2% over the last week.

В течение последнего месяца биткоин отставал по динамике роста от индекса Nasdaq, отражающего акции технологических компаний в 70% сессий. Подобная ситуация наблюдалась только несколько раз с 2020 года, заявил глава отдела исследований K33 Research Ветле Лунде (Vetle Lunde).

Бывший колумнист New York Times Пол Кругман (Paul Krugman) предположил, что недавнее падение биткоина до шестимесячного минимума около $81 000 связано с президентом США Дональдом Трампом, который, по мнению экономиста, начинает утрачивать свое влияние.

Clinton Donnelly, expert in crypto taxation, recently revealed on social media platform X (formerly Twitter) that the US Treasury Department has dispatched the Crypto Asset Reporting Framework (CARF) regulations to the White House for review. 

CARF is part of a comprehensive international standard developed by the Organization for Economic Cooperation and Development (OECD), which has already garnered support from nearly 90 countries that have committed to its implementation. 

New Crypto Reporting Standards

The essence of CARF is straightforward: it requires all participating nations to mandate that crypto exchanges and service providers—referred to as Virtual Asset Service Providers (VASPs)—collect extensive data about their users. 

This includes full Know Your Customer (KYC) information, due diligence data, tax residency details, and tax identification numbers. Subsequently, each exchange must report this data to the users’ home countries at the end of every year.

For US taxpayers utilizing platforms like Binance, Kraken, Bybit, Bitstamp, or OKX—entities operating within the boundaries of CARF—the implications are clear: these crypto exchanges will automatically relay users’ activity to the Internal Revenue Service (IRS). 

Donnelly described CARF as the crypto equivalent of the Common Reporting Standard (CRS), a regulatory framework that governs how banks share account balances globally. 

While the US opted out of CRS, instead creating the Foreign Account Tax Compliance Act (FATCA), the current initiative suggests a shift toward incorporating CARF into progressive US crypto regulations.

IRS To Receive Direct CARF Reports

According to Donnelly’s assessment, the significance of CARF lies not just in reporting sales, but in tracking all transactions, including exchanges and transfers. 

Notably, CARF mandates the reporting of both sending and receiving wallet addresses for transfers. This indicates a new oversight mechanism that ensures no transaction goes unnoticed.

Donnelly emphasized a key difference in reporting: while 1099-DAs from US companies are directly sent to the taxpayer, CARF reports will not be shared with individuals. 

Instead, these reports go directly to the IRS, which will utilize advanced data analysis tools, such as those developed by Palantir, to compare reported activity against individual taxpayer submissions. 

As a result, individuals who fail to accurately disclose their crypto activities may very well find themselves facing audits. Full enforcement of the Crypto Asset Reporting Framework is set to commence in 2027, a timeline that Donnelly views as imminent.

However, for many, this could be seen as an invasion of crypto investors’ privacy. It remains to be seen whether the review by White House officials could pass without any requirements from industry leaders.

As of this writing, the market’s leading cryptocurrency, Bitcoin (BTC), has recaptured the $90,000 level following last week’s crash, which saw BTC fall all the way to $80,000 for the first time since April of this year. 

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

Крупнейшая корейская криптовалютная биржа Upbit сообщила о взломе и хищении средств пользователей в сети Solana. Злоумышленники вывели активы на сумму более $36,9 млн.

Компания Илона Маска SpaceX, производящая космическую технику, перевела 1163 биткоина стоимостью более $105,4 млн на два новых анонимных адреса, сообщили аналитики Arkham Intelligence.

Появление новых активов для торговли заставляет развиваться и аналитические команды. Специалисты вынуждены разрабатывать новые инструменты, которые будут отвечать духу времени. Один из индикаторов, которые могут успешно применяться на крипторынке — Vortex.

KakaoBank, the digital bank under South Korea’s IT giant Kakao, has reportedly started the development phase of its Won-pegged stablecoin project in preparation for the upcoming advances of key crypto-related legislation in the country.

KakaoBank’s Stablecoin Development ‘In Full Swing’

On Wednesday, local news media outlet Newspim reported that KakaoBank has advanced its “Kakao Coin” project from the review stage to the development phase of a won-pegged stablecoin.

According to the report, the South Korean IT firm is “fully committing its capabilities to execute its stablecoin strategy,” which will be centered on its affiliate KakaoBank. Financial industry sources told Newspim that the company recently started recruiting blockchain service backend developers for its new Business Service Development Team.

Notably, KakaoBank is focusing on roles such as designing new blockchain-based service architectures, managing keys, and building transaction processing systems, looking for expertise in smart contracts, token standards, and full node operation.

As the report noted, the move signals KakaoBank’s intent to build its own blockchain infrastructure and connect it to financial services, aligning with the group’s push to establish a stablecoin ecosystem.

In August, Kakao Group made its won-pegged token initiative a core future business for the company, launching a “KRW Stablecoin Joint Task Force (TF)” with its major affiliates, including Kakao, KakaoBank, and KakaoPay.

Moreover, KakaoBank previously submitted trademark applications for four names combining KRW with the abbreviation of the bank’s name, KKB, to the Korean Intellectual Property Office under three categories related to crypto-based electronic transfers and financial transactions.

Nonetheless, the project’s development recently faced judicial risks related to Kakao’s founder, Kim Beom-su. Kim faced charges of stock price manipulation linked to SM Entertainment, but was recently acquitted during the first trial.

South Korea’s Race Intensifies Despite Regulatory Uncertainty

On Tuesday, local news outlets unveiled that Naver Financial is pushing forward with its stablecoin-related projects. According to the report, the company recently completed the development phase of a stablecoin wallet project in Busan, in partnership with the Busan Digital Asset Exchange (BDAN) and venture capital firm Hashed.

The wallet project is reportedly scheduled to be officially announced and launched next month. Meanwhile, its full functionality is expected to be unlocked after the related regulation is established.

However, stablecoin legislation in South Korea risks being delayed until next year, as the Financial Services Commission (FSC) clashes with the Bank of Korea (BOK) over the role of banks in the sector.

As reported by Bitcoinist, financial authorities are looking to open the market to tech companies, while BOK insists that the financial institutions should hold at least 51% of any stablecoin issuer seeking regulatory approval.

Many industry players consider that the central bank’s proposal could stifle innovation and reduce market participation from tech companies. The FSC recently expressed concerns about BOK’s expanded powers proposal, arguing that “Virtual asset regulation should be designed consistently within the FSC’s existing legal framework.”

“Distributing inspection authority across multiple agencies could create confusion in the market,” the FSC affirmed. The reports claim that even if the ownership issue is resolved, many other regulatory rules remain uncertain, which increases the chances of a potential delay.

JPMorgan unveiled a new financial product—a leveraged structured note linked directly to BlackRock’s iShares Bitcoin Trust (IBIT). This announcement comes after intense scrutiny of the bank for allegedly targeting Strategy (formerly MicroStrategy), the Bitcoin proxy firm headed by Michael Saylor.

New IBIT-Linked Notes From JPMorgan

According to the bank’s filing with the US Securities and Exchange Commission (SEC), this structured note is strategically aligned with Bitcoin’s four-year Halving cycle, setting a maturity date for 2028. 

Investors who purchase these IBIT-linked notes can potentially realize returns through an auto-call process that activates after one year, or upon reaching the final maturity date in 2028, which coincides with the next Bitcoin Halving. 

Key features of this product include a guaranteed minimum fixed return of 16% if the IBIT exceeds certain price levels after a year. 

However, there is principal protection against declines of up to 30% in IBIT’s value, alongside capped maximum returns to maintain an appropriate risk-reward profile. Notably, if IBIT falls more than 30% from its initial levels, loss exposure is triggered.

This product launch reflects a renewed perspective on Bitcoin and digital assets from JPMorgan, despite CEO Jamie Dimon’s consistent skepticism regarding the cryptocurrency. 

Earlier in the week, the bank commented on the nature of crypto, suggesting it is shifting away from a venture capital-like ecosystem towards a more tradable macro asset class, supported by institutional liquidity rather than merely retail speculation. One analyst suggested that Bitcoin could reach $240,000 over the long term.

Expert Warns Of Risks In The Bank’s New Bitcoin Offering

Market expert Simon Dixon took to social media to express concerns about JPMorgan’s new offering, criticizing the product as a complex, asymmetric bet that allows JPMorgan to benefit while exposing individual investors to significant risks. 

According to Dixon, if Bitcoin were to drop by 40%, individual investors would bear the consequences, while the bank retains the benefits of liquidity and fees, positioning itself favorably in the market.

Amid these developments, reports from NewsBTC indicated that the bank had cautioned that Strategy might be removed from major equity indices, specifically the MSCI USA Index. 

Analysts at JPMorgan noted that the challenges facing Strategy extend beyond recent declines in cryptocurrency prices, which have seen Bitcoin fall over 30% from its all-time highs. 

If the anticipated MSCI decision takes place by January 15, it could trigger passive outflows estimated between $2.8 billion and $8.8 billion.

At the time of writing, Bitcoin was trading at $87,247. It has been consolidating between this level and $85,000 for the past few days, following the latest correction that saw the cryptocurrency retrace all the way down to $80,000 last Friday. 

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

Chainlink co-founder Sergey Nazarov says DeFi, or decentralized finance, is closer to the mainstream than many realize, but real hurdles remain before it can scale to match traditional finance.

According to Nazarov, DeFi is about 30% of the way to broad adoption, and clearer rules could push that figure higher.

Reports have disclosed the sector has already seen rapid growth in lending protocols this year, with cumulative total value locked rising from $53 billion at the start of 2025 to more than $127 billion.

Nazarov Sees Progress, But Gaps Remain

Nazarov said that DeFi could hit 50% global adoption once regulation and law explain why these systems can be trusted. That is a big if.

Regulators still wrestle with questions about onchain features, the role of intermediaries, and how to apply long-standing rules like KYC and AML to permissionless systems.

Curve Finance founder Michael Egorov has raised similar doubts, pointing to legal uncertainty, liquidity questions, and security risks in smart contracts.

Michael Selig, chief counsel for the crypto task force at the SEC, urged a focus on the technical details of onchain apps rather than just the buzzword DeFi.

Regulation In The US Could Trigger Others

Nazarov argues that clarity will likely start in the US and then influence other countries because many governments want compatibility with US finance.

According to analysts, that domino effect is the optimistic scenario. If US rules create a clear path for banks, funds, and custodians to place client capital into decentralized systems, institutional flows could accelerate.

Nazarov predicts that adoption could reach 70% when institutions have efficient means to move client money into DeFi. He added that full parity—where pie charts show comparable shares of institutional capital in DeFi and TradFi—might be visible by 2030.

Institutional Money Is Arriving

There are early signs that institutions are testing these waters. Stablecoins and tokenized assets have grown in prominence, and DeFi lending protocols are showing strong gains, up 72% year-to-date according to Binance Research.

That growth is helping build a capital base that proponents say will make comparisons with traditional markets more plausible. Still, mainstream use by pension funds, insurers, and global banks requires stronger custody solutions, clearer legal frameworks, and better safeguards against exploits.

What To Watch Next

For markets, the key indicators will be regulatory rulings in major jurisdictions and measurable inflows from institutional treasuries. For users, what matters most are security, transparency, and a clear chain of accountability when things go wrong.

Nazarov’s forecasts are bold. They reflect a belief among some founders that momentum plus rules will push DeFi from niche to normal.

Whether that belief becomes reality will hinge on actions taken by regulators, the pace at which institutions adopt tokenized strategies, and whether networks can prove they are safe at scale.

Featured image from Vocal Media, chart from TradingView

Has Bitcoin genuinely carved out a cycle low or just staged another reflexive bounce? After briefly threatening to lose the $80,000 level and then rebounding toward $88,000, the “bottom” debate is back in full force. On-chain analytics firm Santiment has weighed in – and its answer is cautiously skeptical.

Did Bitcoin Just Print Its Cycle Low?

The firm begins by criticizing the way market labels are thrown around. “The terms ‘bull market’, ‘bear market’, ‘topped’, or ‘bottomed’ can truly mean whatever narrative a trader, investor, or community wants it to mean,” Santiment notes, pointing out that few commentators define a clear timeframe when they call a top or bottom. This opens the door to extreme confirmation bias “after the uptrend or downtrend of prices are already well established.”

Still, the recent move off sub-$80,000 levels has been enough for some to argue that forced selling is behind us. Santiment acknowledges that “content that covers whether the ‘bottom’ has been established will always get some anxious traders excited again,” but stresses that price alone is not sufficient evidence.

On sentiment, the data looks contrarian-constructive. Santiment highlights “how far traders’ optimism regarding Bitcoin (as an investment) can fall after monthly gains are no longer a guarantee.” Its social metrics show an uptick in declarations that crypto is in a bear market and a rise in bearish commentary.

“The uptick in declaration of crypto being in a bear market, and rise of bearish sentiment are both clearly great signs,” the firm writes, reminding readers that “most major turnarounds occur when retail’s hope is mainly lost.” The open question: “Is the crowd’s hopes and dreams of getting their lambos really truly gone?”

Bearish Arguments Still Predominant

Derivatives positioning adds nuance. Aggregated funding rates show meaningful short exposure, but not yet at the extremes seen after the October 6 all-time high. “When we see many shorts like this […] it often stops the downtrend in its tracks,” Santiment explains, recalling how “many shorted about a week after the October 6th all-time high, and there was a temporary relief rally in late October as a result.” For now, though, “we’re not seeing quite the level of bets against the price of Bitcoin […] just yet anyways.”

Profitability metrics paint a similar picture. Both 30-day and 365-day MVRV remain negative, indicating the average holder sits on unrealized losses. Santiment underlines that MVRV “shows the ratio between the current price and the average price of every token acquired,” and that as it rises, “more market participants become willing sellers.” With MVRV still depressed, the firm argues that “a rebound above $90K again soon wouldn’t be a major surprise at all.”

The more concerning signals come from network fundamentals and holder structure. “If we look at the overall utility of Bitcoin, however, things look a bit dicey,” Santiment warns. Weekly new addresses have fallen from over 3.37 million at a mid-December 2023 peak to about 2.21 million now. Weekly active addresses are down from more than 963,900 to roughly 729,200. That underscores “declining utility” at a time when a durable bottom would typically coincide with stabilization or re-acceleration in network use.

Even more problematic is the whale-to-retail shift. Santiment calls this “one other major elephant in the room that should bring you a bit of hesitance that ‘the bottom is in’.” Addresses holding 10–10,000 BTC “continue to shrink their collective supply held,” while wallets with less than 0.1 BTC “continue to grow theirs.”

The firm is blunt: “This is the wrong combination to mark a bottom.” Since COVID-19, “institutionals have driven up just about every bull rally,” and this 10–10,000 BTC cohort “had a lot to do with the October 6th all-time high.” Yet “by October 8th […] [they] began to flat-line their holdings, and have been shrinking them for about six weeks straight now,” while “small wallets […] are the ones scooping up dips in hopes that they ‘catch the falling knife’.”

The verdict is split across timeframes. “Overall, data points to the most likely scenario being a short-term bounce,” backed by negative MVRV and vocal retail panic. But “Bitcoin clawing its way all the way to six figures looks like a stretch when […] whale bags are continuously appearing to be in ‘sell mode’.”

Santiment concludes that “the long-term direction is still pointing to down” as long as “declining utility and declining whale and shark holdings” persist – while reminding investors that “crypto markets could be full of surprises” as the New Year approaches.

At press time, Bitcoin traded at $86,884.

Stablecoins will soon find their way into US Bancorp’s systems as the lender has begun testing a bank-backed digital currency on the Stellar public blockchain, according to announcements made this week.

The effort is being run with help from the Stellar Development Foundation and consulting firm PwC, and it is being described as an experiment in how a mainstream bank might move dollars on a public ledger.

Stablecoins: Pilot Includes PwC And Stellar Support

According to the bank and project partners, the pilot examines features that matter to regulated finance, such as the ability to freeze an asset or unwind a transaction when needed.

Mike Villano, who leads digital-assets work at US Bancorp, said these controls are a major reason the bank is testing Stellar rather than an alternative chain.

Reports have disclosed that the work was discussed publicly during a Money 20/20 podcast featuring executives from US Bancorp, PwC and the Stellar Development Foundation.

Stellar Offers Quick, Low-Cost Settlements

Based on Stellar’s own technical notes, transactions on the network confirm in about three–five seconds on average.

The network also advertises very small fees — the average cost per operation is listed as roughly $0.000005 — and built-in account controls that let issuers add KYC, freeze and clawback options.

Those properties are exactly what US Bancorp says it wants to test for regulated payments and custody use cases.

Bank Expands Its Digital-Assets Unit

US Bancorp has already moved to put more resources behind crypto and token work. Last month the bank announced a dedicated unit focused on stablecoins and money movement, a signal that stablecoin trials are part of a broader push to build on-chain services.

Reports tie some of the momentum in the sector to warmer political winds from US President Donald Trump and other developments that have made executives more willing to explore tokenized cash and securities.

The bank has not named a rollout date or said whether the pilot is for institutional partners only or for a wider set of customers.

Stablecoins: What This Means For Customers And Markets

Based on reports and the technical detail published by Stellar, the pilot is set up more as a compliance-first test than a bet on speculative trading.

US Bancorp is treating the stablecoins pilot as an extension of payments and custody services, not a retail crypto product for consumers right now.

Market participants will watch whether the trial shows that a public blockchain can meet bank rules without losing the ability to correct mistakes or follow court orders.

Featured image from Global Finance Magazine, chart from TradingView

The market downturn has hit Solana hard as a majority of its supply is now underwater. Here’s how Bitcoin, XRP, and Ethereum compare.

Bitcoin, XRP, And Ethereum Are Currently Far Below Solana In Loss Supply

In a new post on X, on-chain analytics firm Glassnode has talked about how some of the top assets in the cryptocurrency sector compare in terms of the Percent Supply in Loss. This indicator measures, as its name suggests, the percentage of a given asset’s circulating supply that’s currently being held at a loss.

The metric works by going through the transaction history of each coin in circulation to see what price it was last moved at. If the last transfer price was more than the current spot price for any token, then that particular token is considered to be in a state of net unrealized loss.

The Percent Supply in Loss adds up all coins of this type and determines what part of the supply they make up. Like this indicator, there also exists the Percent Supply in Profit, which tracks the supply of the opposite type. Since the total supply should add up to 100%, only one of these metrics needs to be known; the other can simply be found by subtracting it from 100.

Now, here is the chart shared by Glassnode that shows how the Percent Supply in Profit has changed for Bitcoin, XRP, Ethereum, and Solana over the last few months:

As displayed in the above graph, the Percent Supply in Profit has plummeted for all of these cryptocurrencies recently. In other words, the Percent Supply in Loss has shot up. This shift in investor profitability has come as a result of the bearish momentum that the various assets have faced. It’s visible in the chart, however, that the change hasn’t been proportionate for all of the coins.

While XRP, Ethereum, and Bitcoin have shown similar trajectories, Solana has broken away with a much steeper decline in the indicator. Today, the Percent Supply in Profit is sitting at a value of 25.16%. This means that almost 75% of the cryptocurrency’s supply is underwater now.

In contrast, the Percent Supply in Loss remains at 34.91%, 38.37%, and 36.70% for Bitcoin, Ethereum, and XRP, respectively. Thus, despite the market downturn, a majority of the supply is still in the green for the three largest coins in the sector (excluding stablecoins).

Typically, a high value on the Percent Supply in Loss corresponds to market conditions where not many profit-sellers are left anymore. Considering this, Solana having most of its supply underwater could, in theory, imply that it’s closer to seller exhaustion than Bitcoin and company.

SOL Price

Solana has shown some recovery over the past few days as its price has climbed back to the $137 level.

Bitcoin is struggling to find support as selling pressure accelerates and uncertainty spreads across the crypto market. After hitting its all-time high near $126,000 in early October, BTC has now lost more than 35% of its value, shaking investor confidence and fueling growing calls that the current bull cycle has ended. Market sentiment has shifted rapidly, with traders, analysts, and long-term participants reassessing expectations as price volatility intensifies and liquidity thins across major exchanges.

What makes the current phase even more concerning is the behavior of short-term holders, who historically act as the most reactive segment of the market. According to key data shared by On-Chain Mind, short-term holders are now locking in the biggest realized losses in Bitcoin’s entire history. This level of loss realization surpasses the capitulation seen during the China mining ban, the FTX collapse, and even the COVID crash, marking an extreme phase of market distress.

This unprecedented level of capitulation suggests that panic has taken control, with newer entrants exiting positions at steep losses. While some analysts argue that such events have historically preceded major reversals, others believe it signals the beginning of a prolonged downtrend. The coming days may determine which narrative takes hold.

Short-Term Holders Face Record Losses as Market Capitulates

On-Chain Mind reports that short-term holders are locking in more than $900 million in losses per day. This extreme level of loss realization reflects a phase of true capitulation.

Short-term holders are historically the most sensitive to sharp price swings, and when they begin exiting at such magnitude, it often signals a breaking point in market sentiment. The data suggests that panic selling has reached levels never seen before, even when compared to major historical shock events.

During the COVID crash, the China mining ban, and the FTX implosion, realized losses spiked sharply, yet none of those events reached the current scale. This places the present correction in a category of its own and raises questions about the structural stability of the market over the coming weeks. Some analysts argue that this marks the definitive beginning of a bear cycle, where confidence erodes and capital rotates out of risk assets.

However, there remains a smaller group of optimistic voices who note that extreme capitulation has often preceded powerful recoveries. If Bitcoin stabilizes and buyers return, this could form a major macro bottom. The next move will likely define the market’s trajectory.

BTC Tests Weekly Support After Sharp Reversal

Bitcoin’s weekly chart shows a steep reversal from the all-time high near $126,000, with price now trading around $86,900 after a rapid decline. The drawdown has positioned BTC back toward the key 100-week moving average, which is currently sitting just above $83,000 and acting as an important structural support level.

Historically, this moving average has defined the boundary between bull-phase retracements and full macro trend breakdowns. A clean weekly close below it would strengthen the bear-market narrative that many analysts are now beginning to promote.

Despite the severity of the decline, price is beginning to stabilize, forming a small reaction wick suggesting early attempts at demand absorption around the $80,000–$85,000 zone. This region coincides with prior consolidation from early in the cycle, making it a logical area for buyers to defend.

However, momentum indicators remain pointed downward, and the distance from the 50-week moving average highlights the loss of trend strength.

For the bullish case to re-emerge, Bitcoin would need to reclaim the $95,000–$100,000 band, where broken support now acts as resistance. Until then, uncertainty remains elevated, and the weekly structure leans cautiously bearish.

Featured image from ChatGPT, chart from TradingView.com

U.S. Bancorp’s entry into the stablecoin arena has injected fresh excitement into the Stellar ecosystem, marking a significant shift as major financial institutions begin leveraging public blockchains for real-world money movement.

Related Reading: Hoskinson Claims Cardano Revival Starts Now: Here’s What’s Coming

The fifth-largest U.S. bank is piloting a dollar-backed stablecoin on Stellar, an initiative that could accelerate institutional adoption and strengthen market confidence in XLM heading into year-end.

U.S. Bancorp Selects Stellar for Bank-Grade Stablecoin Infrastructure

The Minneapolis-based banking giant has partnered with PwC and the Stellar Development Foundation (SDF) to test programmable deposits and stablecoin payments on Stellar’s public blockchain.

What sets Stellar apart, according to U.S. Bank’s digital assets head Mike Villano, is its built-in ability to freeze assets, unwind transactions, and enforce compliance at the protocol level.

These capabilities are essential for regulated banks that must adhere to KYC, AML, and consumer protection standards. Unlike traditional “business logic” solutions, Stellar offers these controls directly at the blockchain layer, giving banks the confidence needed to explore tokenized finance.

The pilot arrives amid a resurgence of institutional interest. Banks, including Citi, Goldman Sachs, and Bank of America, have begun designing stablecoin frameworks. U.S. Bank recently relaunched its digital assets division to tap into opportunities in custody, tokenisation, and blockchain-based payments.

Institutional Momentum Could Drive Mainstream Stablecoin Adoption

If successful, U.S. Bancorp’s trial could pave the way for fully regulated, deposit-backed stablecoins issued directly by banks, unlocking new efficiencies for cross-border transfers, treasury operations, and global settlements.

With projections suggesting that stablecoin payments could reach $1 trillion annually by 2030, banks are racing to claim their share of the digital payments market.

Stellar’s high uptime, low-cost settlement, and remittance-focused architecture make it an appealing choice for real-world financial applications. As institutions embrace public blockchains, Stellar stands positioned as one of the few networks offering both decentralization and the regulatory controls banks require.

XLM Price Outlook: Analyst Targets Signal 24–36% Upside

The U.S. Bancorp announcement has arrived at a pivotal time for Stellar’s native token, XLM. Trading near $0.25, the asset is showing early signs of bullish momentum, supported by:

• MACD bullish divergence
• Neutral RSI at 42, offering room to climb
• Price sitting on 20-EMA support
• Breakout potential above $0.28–$0.31

Analysts expect XLM to target the $0.31–$0.34 range within the next 2–4 weeks, a potential 24–36% upside, if volume expands and the broader crypto market remains stable. A break below $0.22 would invalidate the bullish thesis.

Related Reading: South Korea Risks Stablecoin Legislation Delay As Financial Authorities Clash With BOK

As Wall Street experiments with Stellar’s blockchain, institutional utility could become a significant driver for XLM’s long-term valuation. With new banking-grade use cases emerging, Stellar’s relevance in the digital-asset ecosystem continues to grow, positioning XLM for potential year-end strength.

Cover image from ChatGPT, XLMUSD chart from Tradingview

The Dogecoin ETF has delivered a rather disappointing debut, falling far short of market expectations and trailing behind the launch performance of both the XRP and Solana ETFs. Despite Dogecoin’s popularity and dedicated community, the ETF has struggled to generate significant inflows and attract strong institutional demand. Early trading numbers also came nowhere near the initial projections from top ETF analysts.   

Dogecoin ETF Launches With Muted Results

Dogecoin’s much-anticipated ETF debut has gotten off to a slow start, with initial trading figures falling well below projections. Currently, only the Grayscale Dogecoin ETF (GDOG) has been successfully launched. Despite being the second-largest Bitcoin fund and managing one of the top Ethereum ETFs, Grayscale has failed to attract significant institutional or retail interest in its Dogecoin ETF. 

According to data from SoSoValue, Grayscale’s Dogecoin ETF recorded a first-day trading volume of just $1.41 million, with cumulative net inflow totaling $1.8 million. Even more surprisingly, investor enthusiasm cooled quickly: the second day of trading on November 25 saw inflows drop sharply to $381,650, a roughly 73% decrease from the previous day. 

Earlier this year, the ETFs for DOGE, Solana, and XRP were among the most highly anticipated launches for investors. On November 21, the US Securities and Exchange Commission (SEC) confirmed the approval of the Dogecoin ETF. Despite the initial excitement over the approval and the subsequent rebound in DOGE’s price, the Dogecoin ETF failed to attract strong inflows.  

Even top ETF analyst Eric Balchunas initially predicted that the Grayscale Dogecoin ETF could attract $11 million in inflows on its debut day, later revising the estimate to $12 million on the day GDOG went live. With just $1.41 million in inflows, the ETF’s performance has disappointed both investors and analysts.

DOGE ETF Lag Behind Solana And XRP ETFs

The Grayscale Dogecoin ETF’s performance stands in stark contrast to the recent debut of the XRP ETF, which recorded an explosive $243.05 million in daily net inflows on its first day of trading on November 14. This represents a dramatic increase compared to GDOG’s first-day volume, highlighting the level of market excitement surrounding XRP. 

Notably, the XRP ETF has recorded almost 10 consecutive days of inflows, totaling $622.1 million in cumulative net inflows. This strong performance was spearheaded by Canary Capital’s XRP ETF, which made a historic debut by hitting $58 million in trading volume. 

On the other hand, Solana ETF inflows have also outperformed that of DOGE. When the Solana ETF launched in late October, it attracted over $64 million on its first day of trading. While this initial figure was not as explosive as XRP’s early numbers, it still dwarfed GDOG’s debut by more than 4,439%. Currently, Solana ETFs have maintained steady inflows since their launch, resulting in cumulative net inflows of $621.32 million. 

The crypto market is entering a decisive moment as Bitcoin and most major altcoins continue to face intense selling pressure, with investors increasingly capitulating and locking in losses. Short-term holders are realizing losses at historic levels, while liquidity thins across spot and derivatives markets. Yet, amid this downturn, a new development from Japan introduces a potential long-term catalyst for structural growth within the digital asset ecosystem.

A report from CryptoQuant reveals that Japan’s Financial Services Agency (FSA) has finalized its 2025 Working Group on crypto-asset reform, outlining a sweeping redesign of the nation’s regulatory framework. The reforms reflect a clear acknowledgement that crypto assets have evolved into mainstream investment instruments, while risks—ranging from fraud to opaque trading venues—have expanded alongside adoption.

The core shift transitions crypto oversight away from the Payment Services Act and into the Financial Instruments and Exchange Act, strengthening investor protection through standardized disclosures, unfair-trading controls, clearer issuer-risk communication, and enhanced technical and security transparency.

The framework also targets unregistered offshore platforms, explores a regulatory category for decentralized exchanges, and introduces reserve-fund requirements to protect users against hacks.

Japan’s Regulatory Shift Could Unlock a New Wave of Crypto Demand

The report by XWIN Research Japan highlights that, from an on-chain perspective, Japan currently appears to play a limited role in crypto activity. Estimates suggest that only 20,000 to 40,000 unique active Bitcoin addresses per day originate from Japan, compared with a global range of 450,000 to 800,000. Measured solely through address activity, Japan seems to be a marginal participant in worldwide on-chain demand, especially when compared with the US, Europe, and emerging Asian markets.

However, the report emphasizes that address counts dramatically underestimate Japan’s potential influence. The country holds one of the largest pools of household financial assets in the world, with trillions in savings sitting in conservative instruments.

If the new regulatory framework opens access to Bitcoin and digital assets through ETFs, institution-managed products, retirement accounts, and compliant investment platforms, capital inflows could rise sharply. Under these conditions, Japan could evolve into a major driver of market demand, far exceeding what current blockchain activity implies.

These reforms represent a foundational shift toward a transparent, secure, and institution-ready crypto environment. As investor protections increase and access barriers fall, large asset managers may enter the space with confidence. In the long term, this could apply meaningful upward pressure on Bitcoin’s supply-demand balance and reshape regional participation dynamics within the global crypto market.

Crypto Market Pullback Reaches Key Support Zone

The total crypto market cap is showing clear signs of stress as it pulls back sharply from the $4 trillion region and now trades around $2.96 trillion. The weekly chart reveals a decisive breakdown from the prior consolidation range, with momentum shifting downward as sellers dominate. This decline has erased months of gains and taken the market back to levels not seen since early summer, reflecting the intensity of the correction across Bitcoin, Ethereum, and major altcoins.

Price is currently sitting near the 100-week moving average, a historically important dynamic support level that has acted as a springboard during previous market recoveries. If this level holds, the market could establish a temporary bottom and attempt a rebound toward the $3.2T–$3.4T zone.

However, if the market cap falls below the 100-week MA with conviction, the next major area of support stands near the 200-week moving average around $2 trillion, which would imply significantly deeper downside.

Trading volume has increased during the decline, signaling strong participation in the selloff rather than a low-liquidity drift lower. This reflects fear-driven capitulation rather than gradual correction. For sentiment to shift, buyers must step in and defend current levels with consistency.

Featured image from ChatGPT, chart from TradingView.com

The Federal Reserve is now days away from halting its multi-year balance-sheet reduction, and the shift is beginning to ripple through Bitcoin and crypto discussions. The approaching end of Quantitative Tightening (QT) is a clear turn in monetary policy, and analysts are already pointing to historical parallels from the last time QT stopped. One particular analysis highlights how the previous transition from QT to liquidity expansion correlated with an altseason, leading to expectations that the same thing could happen again.

QT’s Final Days And Why It Means For Bitcoin And Crypto

Quantitative tightening has applied steady pressure on liquidity since 2022. But in its most recent policy decision (late October 2025), the US Fed decided to stop the balance-sheet runoff and cease QT as of December 1, 2025.

The end of quantitative tightening means a transition into a more accommodative environment, one where liquidity stops shrinking and investor confidence gradually returns. This is especially important for the crypto sector, which tends to flourish when monetary conditions loosen and capital becomes more fluid. 

The QT will officially end in seven days, and this will be the end of the most restrictive monetary phase in years. As seen in previous cycles, the conclusion of QT in late 2019 was the start of an intense rally across the altcoin market. As it stands, altcoins have endured several years of underperformance as investors favored Bitcoin and even gold. The macro environment has been unfriendly to high-risk assets, and this has suppressed volatility and inflows. 

However, this is expected to end once the QT is over. The premise is based on the last time QT ended, when the market witnessed many tokens rising between 10x and 100x in a matter of months. 

The same setup is forming again in November 2025, and from here we might see many leading altcoins like XRP and Dogecoin starting to outperform Bitcoin in December 2025, and many medium- to low-market-cap altcoins going on 10x and 100x rallies within the first few months of 2026.

OTHERS/BTC Chart. Source: @CryptoReviewing On X

The OTHERS/BTC Chart And Signs Of A Breakout

A significant part of this outlook is based on the OTHERS/BTC chart, which is a market-wide comparison between Bitcoin and the rest of the crypto market outside of the top 10 cryptocurrencies. As shown in the chart above, from the last time quantitative tightening ended, the altcoin market outperformed Bitcoin by almost 630% over the course of 845 days. 

Right now, the OTHERS/BTC action is playing out in what looks like a falling wedge pattern with a series of lower highs and lower lows. This pattern is known to be mostly bullish, and the prediction here is a bullish breakout from the upper resistance trendline. 

The chart projects another 845-day expansion period, matching the previous cycle, once QT officially ends. The estimated potential gain is more than 300% for the OTHERS/BTC ratio if a similar pattern unfolds.

Institutional investors last week dumped Bitcoin, Ethereum, and Solana for XRP. This came as BTC, ETH, and SOL recorded major outflows while XRP bucked the trend, with significant inflows. 

Institutions Offload Bitcoin, Ethereum, Solana For XRP

A CoinShares report showed that Bitcoin, Ethereum, and Solana funds saw outflows of $1.27 billion, $589 million, and $156 million, respectively. Meanwhile, the XRP funds recorded net inflows of $89.3 million last week. Notably, XRP was one of the few altcoins to see inflows, as crypto funds as a group posted total outflows of $1.94 billion last week. 

This marked the 4th consecutive week of outflows for crypto funds, totaling $4.92 billion and representing 2.9% of total assets under management (AuM). The CoinShares report also noted that this is the 3rd largest run of outflows since 2018, only topped by March 2025 and February 2018. Despite these outflows, the total inflows into Bitcoin, Ethereum, Solana, XRP, and other crypto funds this year remain high at $44.4 billion. 

It is worth noting that the U.S. spot XRP ETFs were launched just recently, which could explain why they are attracting the most attention from institutions over Bitcoin, Ethereum, and Solana. SoSo Value data shows that U.S. spot XRP funds recorded net inflows of $199.45 million last week, which is why XRP saw net inflows despite outflows across the board. 

Inflows into the XRP funds have come despite the crypto market’s downtrend. Bitcoin, Ethereum, Solana, XRP, and other coins have also suffered significant price crashes during this period. However, the inflows into the U.S. XRP ETFs have provided a boost for the XRP price, which has again climbed above the psychological $2 level after dropping to as low as 1.8 last week. 

XRP Funds Continue To Lead The Way This Week

SoSo Value data shows that XRP funds continue to lead the way this week in terms of inflows, ahead of Bitcoin, Ethereum, and Solana. The U.S. spot XRP ETFs as a group have seen a net inflow of $199.45 million over the first two trading days of this week. Specifically, they recorded a net inflow of $164.04 million on November 24, thanks to the launch of the Grayscale and Franklin Templeton XRP ETFs. 

Grayscale and Franklin Templeton’s XRP ETFs saw inflows of $67.4 million and $62.6 million, respectively. It is worth mentioning that 21Shares, CoinShares, and WisdomTree are yet to launch their XRP funds. As such, the inflows into these funds as a group could still increase significantly when they launch. Canary Capital CEO Steven McClurg had earlier predicted that these funds could take in $10 billion in inflows in their first month of trading.