Market Signal Briefing

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Rich Dad Poor Dad author Robert Kiyosaki has disclosed a multimillion-dollar bitcoin sale that unlocks fresh momentum for his next wave of cash-flow expansion, turning a headline exit into a powerful setup for greater growth.

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Crypto pundit Cobb has explained why a supply shock could be imminent for XRP. This follows the launch of two ‘33 Act XRP ETFs, including Bitwise’s fund, with more set to launch next week. 

Why XRP Could Soon Witness A Supply Shock
In an X post, Cobb declared that a supply shock is coming for XRP. This came as he noted that the market is not pricing in the impact the XRP ETFs could have, like they did with Bitcoin and Ethereum. Notably, BTC had rallied to new highs following the launch of the Bitcoin ETFs last year. ETH also saw a significant price increase this year, as Ethereum ETFs experienced a massive spike in inflows. 

Cobb’s statement came in response to crypto pundit Chad’s prediction of the funds taking in a net inflow of a billion daily, with 500 million of the altcoin sent to storage daily. He stated that the token’s price won’t remain at $2 as that happens. It is worth noting that there are currently two existing ‘33 Act spot XRP ETFs issued by Canary Capital and Bitwise. 

SoSo Value data shows that these two funds haven’t come close to recording daily net inflows. So far, their highest daily net inflows have been $245 million, which was what Canary recorded on the first day of trading. However, since then, the daily net inflows have dropped despite the launch of Bitwise’s fund earlier this week. 

The drop in net inflows for the funds comes amid the crypto market decline, which may be contributing to this development. Notably, Canary Capital CEO Steven McClurg had predicted that the funds could take in $10 billion in inflows in their first month, depending on the market conditions. 

More Funds Set To Launch
More XRP ETFs are set to launch, which could further boost the inflows into these funds as a group. Bloomberg analyst Eric Balchunas revealed that Grayscale has received approval from the NYSE Arca to launch its fund on November 24. Meanwhile, his colleague James Seyffart had earlier stated that Franklin Templeton was also likely to launch its fund next Monday. 

Asset manager 21Shares has also filed a Form 8-A for its fund and could begin trading as soon as next week once it gets certification from CBOE. Crypto pundit Chad recently claimed that the altcoin’s price could rally to as high as $220 as these funds continue to accumulate more coins. He noted that BTC’s price nearly doubled following the launch of Bitcoin ETFs and expects the impact of the funds on XRP to be far more significant. 

At the time of writing, the altcoin’s price is trading at around $1.91, down over 2% in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $1.94 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Coinbase spent 2025 positioning itself as the infrastructure layer for retail crypto access, absorbing teams and technology that could accelerate its “everything exchange” vision.

A Nov. 21 announcement that it acquired Vector.fun, Solana’s fastest-moving DEX aggregator, fit the pattern: acquire the rails, sunset the product, integrate the speed.

But the deal carved out an unusual exception.

While Coinbase takes Vector’s team and infrastructure, the Tensor Foundation retains the NFT marketplace and the TNSR token. Token holders keep their governance rights but lose the asset that justified the token’s existence.

The separation raises a question: if equity holders capture value from acquisitions while token holders get stripped of core assets with no compensation, why buy tokens from Coinbase’s platforms at all?

TNSR traded at $0.0344 on Nov. 19, down 92% year-to-date. By Nov. 20, it peaked at $0.3650, an 11-fold gain in 48 hours.

Volume spiked from months of sub-$10 million days to $735 million on Nov. 19, then $1.9 billion on Nov. 20. As of Nov. 21, TNSR dumped 37.3% in 24 hours to $0.1566, logging $960 million in selling volume.

The pattern suggests a classic front-running: someone knew, someone bought, and retail arrived late.

The logic behind stripping Vector from TensorCoinbase framed the acquisition as a bet on Solana infrastructure. Per the announcement, Solana DEX volume already topped $1 trillion in 2025, and Vector’s technology identifies new tokens the moment they launch on-chain or through major launchpads.

That speed matters for Coinbase’s DEX trading integration, which needs to compete with native Solana apps that onboard users directly into high-velocity trading.

But Vector wasn’t a standalone product. It was Tensor’s consumer-facing play, designed to drive utility for TNSR and channel liquidity back to the NFT marketplace.

Separating the two makes sense only if Coinbase wanted the infrastructure without the governance entanglements of holding or backing a token.

By leaving TNSR with the Tensor Foundation, Coinbase avoids regulatory exposure while extracting the operational layer that made Vector valuable.

Token holders are left with a governance token for a marketplace that just lost its most promising growth driver.

Omar Kanji, investor at Dragonfly, framed the disconnect bluntly:

“Some serious dissonance between Coinbase ‘coining’ everything and paying token holders ‘nothing’ in their Vector acquisition. TNSR token holders just had their best asset stripped and got ~$0 in return. If this continues, people will just stop buying tokens.”

The comment speaks to a larger friction in crypto’s dual-class system. Equity investors in Coinbase capture the upside when the company acquires technology. Meanwhile, token holders in projects like Tensor are forced to absorb asset stripping without a seat at the negotiation table.

The infrastructure that makes separation possibleAccount abstraction and modular blockchain architecture let companies slice products into components and acquire only the pieces they need.

Vector’s infrastructure sits between on-chain liquidity sources and user interfaces, routing trades across automated market makers, order books, and liquidity pools.

Coinbase can plug that routing layer into its DEX integration, rebranding the experience as native functionality while discarding Vector’s consumer app.

Solana’s sub-second finality and low transaction costs let aggregators like Vector process thousands of trades per second. That speed matters for meme token launches and NFT mints, where price discovery happens in minutes.

Coinbase now controls that speed advantage, which it can deploy to compete with Raydium, Orca, and Jupiter for retail order flow on Solana.

The Tensor Foundation keeps the NFT marketplace, a slower-moving, out-of-the-narrative, lower-margin business that Coinbase likely sees as non-core.

What breaks if this becomes the normIf token holders consistently get stripped of assets during acquisitions, the incentive to hold governance tokens collapses. Tokens become short-term bets on hype cycles rather than long-term stakes in protocol value.

Jon Charbonneau, co-founder of investment firm DBA, pointed out the reputational cost:

“Harder for Coinbase to sell their new ICO platform when they set the precedent of tokenholders getting rugged on Coinbase’s own acquisitions. As an active buyer of ICO launches right now, it gives me more questions doing due diligence on ICO tokens from them versus other platforms that walk the walk themselves.”

The front-running pattern compounds the problem. TNSR’s $1.9 billion volume spike on Nov. 20, one day before the announcement, suggests information leaked.

The largest daily volume TNSR recorded in 2025 before Nov. 19 was $83.7 million on Mar. 10. The 25-fold increase in volume doesn’t happen organically.

Someone likely bought ahead of the news, and retail traders who chased the pump absorbed the exit liquidity when the announcement hit.

Regulatory scrutiny around crypto insider trading remains inconsistent, but the optics could damage Coinbase’s positioning as the clean, compliant onramp for institutional capital.

The company spent years distancing itself from offshore exchanges that operate with looser disclosure standards. If its acquisitions now trigger the same front-running patterns that define pump-and-dump schemes, the distinction blurs.

What this means for token launches and platform credibilityCoinbase plans to expand its token listing infrastructure, positioning itself as the primary venue for new asset launches in US markets. The Vector acquisition undermines that pitch.

If developers and early investors know that Coinbase will acquire their technology while leaving token holders with depreciated governance rights, they can structure deals to favor equity over tokens.

That shifts capital formation away from decentralized models and back toward traditional venture-backed structures, where equity holders control exits and token holders provide liquidity without representation.

The alternative would require Coinbase to compensate token holders during acquisitions, either through token buybacks, equity conversion, or direct payouts. None of those options is simple.

Buybacks could trigger securities law concerns. Equity conversion would require treating tokens as investment contracts, which Coinbase avoids for regulatory reasons.

Direct payouts would set a precedent that every acquisition must include token consideration, limiting Coinbase’s flexibility to cherry-pick infrastructure without governance baggage.

Every token launch on Coinbase’s platform now carries the implicit risk that the company will later acquire the underlying project, extract the valuable assets, and leave token holders with depreciated governance rights.

If Coinbase wants to dominate token launches, it needs a better answer than “equity holders benefit, token holders don’t.” The Vector deal proves it doesn’t have one yet. The market will decide whether that matters.

Mentioned in this article

Bitcoin's recent price decline has revealed a clear divide in global trading behavior. While U.S. trading sessions continue to drive strong sell-offs, Asian markets repeatedly step in to buy the dip.

The Bitcoin-focused business intelligence firm Strategy (formerly MicroStrategy) may soon face a new wave of financial pressure. According to a recent JPMorgan report, the company could see over $2.8 billion in outflows if MSCI removes it from its global equity indices.

BlackRock’s head of digital assets, Robbie Mitchnick, said that most of the world’s largest asset managers’ clients aren’t considering Bitcoin’s use for daily payments when deciding whether to invest in the asset.

“I think for us, and most of our clients today, they’re not really underwriting to that global payment network case,” Mitchnick said during a podcast interview published to YouTube on Friday.

“That’s sort of maybe out-of-the-money-option-value upside,” Mitchnick said.

He said this doesn’t mean Bitcoin (BTC) won’t eventually achieve widespread use in payments, but he called that scenario “a little bit more speculative,” stressing that investors are far more focused on the “digital gold” or store-of-value thesis.

“A lot needs to happen” for that to change, says Mitchnick“There’s a lot that needs to happen in terms of Bitcoin scaling, Lightning, and otherwise to make that possible,” he said. In August 2024, Galaxy Research suggested that most Bitcoin layer-2 scaling networks, particularly “rollups” may not be sustainable in the long term despite their popularity as a promising method to keep Bitcoin payments cheap, fast and decentralized. 

Meanwhile, Mitchnick said that stablecoins have been “hugely successful” in the payments sector. “They do have massive product market fit as a payment instrument as a way of moving value around efficiently,” he said. 

Robbie Mitchnick spoke to Natalie Brunell on the Coin Stories podcast. Source: Natalie Brunell“Stablecoins have the potential to greatly expand where they are used today, going beyond just the sort of crypto trading ecosystem and DeFi to actually doing retail remittance payments, corporate, multinational, cross-border transactions, and capital market settlement activity,” he said.

He said Bitcoin has a better chance of competing in retail remittance payments than in other areas, but isn’t ruling anything out. “At some point it is possible, but it’s a more speculative thing to underwrite at this point,” he said. 

Stablecoins are ‘scaling faster’ than expectedARK Invest CEO Cathie Wood recently stated that stablecoins “scaling faster” than expected is the reason for her recent lowering her 2030 Bitcoin price prediction.

“Stablecoins are usurping part of the role that we thought that Bitcoin would play,” she said. 

Wood explained that she previously projected Bitcoin could reach $1.5 million by 2030, but with stablecoins now serving many of the use cases she thought Bitcoin would dominate, she said it may make sense to trim that forecast by about $300,000.

“I think emerging markets are huge in this regard and we’re starting to see institutions in the United States focused on new payment rails,” she said.

Tether co-founder Reeve Collins told Cointelegraph in September that he expects “all currency” to become stablecoins by 2030 as part of a broader shift that will see all forms of finance go onchain. 

Magazine: Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express

A new piece of U.S. legislation is putting Bitcoin back in the national spotlight. Representative Warren Davidson has introduced the Bitcoin for America Act, a proposal that would allow citizens to pay federal taxes in Bitcoin while establishing a long-term Strategic Bitcoin Reserve under strict Treasury management rules.

Grayscale's report comes shortly after it filed to convert its Chainlink Trust into an exchange-traded fund (ETF) that would trade on NYSE Arca. Nov 23, 2025, 12:00 a.m.

Grayscale is positioning Chainlink as critical infrastructure for the growing market of tokenized assets, according to a new research report.

The asset manager's research arm argues that Chainlink’s suite of services, spanning real-world data feeds, compliance tooling, and blockchain interoperability, solves many of the real-world frictions that block wider adoption of blockchain-based finance.

STORY CONTINUES BELOW

Chainlink is best known for powering “oracles,” which feed off-chain data like asset prices to smart contracts. But its newer offerings go much further. The Cross-Chain Interoperability Protocol (CCIP), for instance, allows tokens and messages to move between chains, something that came into focus during a test with J.P. Morgan’s Kinexys and Ondo Finance.

Grayscale sees Chainlink’s LINK token as offering diversified exposure to crypto’s infrastructure layer, per the report. “Chainlink is the critical connective tissue between crypto and traditional finance,” the report rsaid. “It can already be considered essential infrastructure in blockchain-based finance.”

The report pegs the tokenization market at $35 billion today, still a fraction of the global asset base, but notes that Chainlink’s integration with firms like S&P Global and FTSE Russell puts it in a strong position as traditional markets explore on-chain solutions.

Currently, Grayscale added, the total market for tokenized assets represents just 0.01% of the total value of global fixed income and equity securities. The growth of the tokenized assets market, the firm added, could “imply growth” in demand for Chainlink’s offerings.

While still small relative to global capital markets, the firm expects the figure to grow as banks, asset managers, and data providers explore blockchain rails. It’s already grown from around $5 billion in early 2023 to its current figure.

The report comes at a time when Grayscale has filed to convert its $29 million Chainlink Trust into an exchange-traded fund that would trade under the ticker GLNK on NYSE Arca. If approved, it would be the first U.S.-listed Chainlink ETF and one of the first with a staking component.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Zcash (ZEC) has become one of the most surprising outperformers in the crypto market this year, rising far faster than major assets such as Bitcoin and Ethereum. But while its price has surged dramatically, onchain data suggests that user growth and network activity have not increased at the same pace.

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Bitcoin’s series of bearish swings has evidently instilled in its market participants a wave of pessimism bordering on flat-out fear. After losing almost 28% of its value this November, the flagship cryptocurrency looks set for the onset of a full bearish cycle. Interestingly, recent on-chain data has been released, which explores a few key metrics to explain the landscape of liquidity pushing Bitcoin’s price, with implied mentions of what to realistically expect in the near term.

Available Liquidity Tapers As Long-Term Demand Rises
In a QuickTake post on CryptoQuant, analytics platform Arab Chain highlights the growing divergence between Bitcoin’s seasoned investors and its ‘smart money’ market players.

The DeFi firm begins its report with readings obtained from the Total Sell-side Liquidity metric, which tracks the amount of Bitcoin available to be sold into the market, based on the behavior of parties that usually serve as liquidity sources. Per Arab Chain, this metric’s reading has recently dropped to about 975,000 BTC, indicating a decline in the amount of coins available for sale by active market participants.

Source: CryptoQuant
In tandem, the Accumulator Address Demand indicator has shown a surge above 355,000 Bitcoin. For context, this metric reveals how much persistent buying pressure is coming from reputable Bitcoin accumulation wallets over an extended period of time. A surge to 355,000 and levels above reflects a growing accumulation appetite amid the premier cryptocurrency’s strongest holders. Typically, a positive accumulation behavior displayed by market participants helps foresee a sustainable price action in the long term. 

On the other hand, Arab Chain also cites a confluence of two indicators, the Liquidity Inventory Ratio and the ETF Demand. The first, which is a measurement of how long extant liquidity can sustain market activity, shows a reading of 2.74 months, thus indicating there is slower replenishment of active supply. The latter metric, which indicates the net outflows from US spot ETFs, has dropped to -51,000 BTC, indicating sustained net outflows. Taken together, both metrics point to weakening institutional demand, which stands in clear contrast to the rising on-chain accumulation seen elsewhere.

Notably, Binance data reveals that there has been a visible downturn in the price-to-net buying correlation. At the time of the DeFi firm’s report, when Bitcoin was around $83,000, the correlation had seen a decline to as low as 0.72. A weakening correlation typically signals declining inflows relative to price action, thereby implying that the market’s movement is based only on the increasingly fragile liquidity available. Historical data points out that in such conditions, a slight introduction of downward pressure could trigger an exaggerated price crash.

Bitcoin Price Overview 
As of the time of writing, Bitcoin is worth approximately $85,100, with about 1.81% lost over the past day.

BTC trading at $84,159 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

A Bitcoin miner operating with only 6 terahashes per second (TH/s) has achieved an astonishing milestone by successfully mining a full Bitcoin block — an outcome so unlikely it’s comparable to winning a lottery. The miner earned 3.146 BTC in block rewards and transaction fees, valued at roughly $265,000.

The rare event was confirmed by Solo CKpool creator Con Kolivas, who noted that a miner with just 6 TH/s has only about a 1 in 180 million chance of solving a block on any given day. With the Bitcoin network’s total hashrate recently hitting a record 855.7 exahashes per second (EH/s), the winning miner controlled a microscopic 0.0000007% of total network power.

This block marks the 308th ever mined through CKpool since its launch in 2014, and the first successful one in nearly three months. CKpool enables miners to solo mine using the pool’s infrastructure while keeping the entire block reward, minus a 2% fee—making it a popular choice for hobbyists and small-scale miners hoping to strike gold against all odds.

The miner had been submitting shares normally, but with only 6 TH/s—roughly the output of a single older-generation ASIC—they would typically expect to mine a block only once in several centuries of nonstop operation. The extremely low probability makes this one of the luckiest solo mining wins in recent Bitcoin history. For comparison, in 2022, another solo miner running 126 TH/s overcame odds of 1 in 1.3 million to mine a block, but Friday’s achievement is considered even more improbable due to the massive gap between the miner’s hashrate and the overall network power.

As Bitcoin’s hashrate continues to grow, solo mining becomes increasingly difficult. The network gains security, but small miners face shrinking chances of ever capturing a block reward—making victories like this one both remarkable and inspiring to the wider mining community.

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XRP is showing early signs of a technical rebound after an intense wave of institutional selling pushed the asset into deeply oversold territory. Over the past 48 hours, whale wallets unloaded nearly 200 million XRP—worth roughly $400 million—creating sharp supply pressure and triggering a decisive breakdown below the key $1.96 zone. The sell-off aligned with a broader market risk-off move as Bitcoin slipped under $90,000, amplifying volatility across major altcoins.

Despite the heavy distribution, institutional interest hasn’t disappeared. Bitwise’s new XRP ETF recorded an impressive $25.7 million in first-day volume and surpassed $100 million in assets under management, signaling that large investors continue to accumulate exposure even amid short-term weakness. Still, overall sentiment remains fragile as total crypto market capitalization struggles under persistent outflows.

XRP’s price action reflected this tension. The token slid from $1.96 to $1.91, marking its weakest close in three sessions, while trading volume surged 67% above average to 182.1 million—confirming aggressive sell pressure. A clear descending channel shaped the day’s structure, with intraday volatility reaching over 5%. The decline accelerated into a capitulation low at $1.895 before a modest 0.5% rebound formed late in the session. A standout bullish signal came from a final-hour volume spike to 2.76 million, breaking the multi-hour pattern of fading participation and hinting at early accumulation.

Technical indicators further support the possibility of a near-term bounce. RSI and short-term stochastic levels dipped deep into oversold territory, forming the first bullish divergence since last week’s breakdown. However, XRP’s chart remains vulnerable. Bulls must reclaim $1.96 to break the descending channel and restore positive momentum. Losing support at $1.90 would likely accelerate downside targets toward $1.82 and $1.73.

Traders should monitor ETF inflows, Bitcoin’s volatility, and whether XRP can maintain strength at the critical $1.90 level—all of which will shape the asset’s next major move.

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Bitcoin’s recent price dip is being framed as a long-term opportunity, with Eric describing the current market moment as “a great time to buy Bitcoin” and calling the cryptocurrency “the greatest asset of our time.” Speaking at a tech conference in Florida, he emphasized that despite short-term volatility, Bitcoin’s long-term trajectory remains intact. He noted that the asset was trading near $16,000 three years ago and around $36,500 two years ago before surging above $120,000 earlier this year. Even with Bitcoin falling below $100,000, he said the price still reflects strong historical growth.

Eric highlighted rising ETF inflows and expanding institutional participation as key drivers of Bitcoin’s deeper global adoption. His comments came shortly after American Bitcoin reported its first quarterly earnings since going public, posting a $3.5 million net profit in Q3. The company’s mining model centers on low-cost U.S. energy, enabling production at roughly half of Bitcoin’s market price. One of its large facilities in West Texas now contributes more than 2% of global mining output.

He explained that the company measures progress using Bitcoin holdings per share, focusing on building reserves instead of reacting to short-term price swings. In Q3, the firm recorded strong revenue growth and a 56% gross margin, underscoring the efficiency of its mining operations.

Eric also addressed his family’s history with major U.S. banks, saying Capital One, JPMorgan, and Bank of America abruptly closed nearly 400 accounts tied to their businesses. He attributed the closures to political associations related to his father’s “Make America Great Again” movement. These experiences, he said, pushed his family closer to cryptocurrency.

This shift eventually contributed to the creation of World Liberty Financial, a stablecoin project offering a U.S.-anchored digital asset. Eric called it the fastest-growing stablecoin platform globally, arguing that stablecoins are helping bring more dollars into the U.S., reduce friction in transactions, and “save the dollar” by enabling fast, borderless transfers without traditional banking delays.

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Hedera (HBAR) has seen a sharp downturn this past week, sliding more than 18% and hitting $0.130. This decline is particularly significant because the altcoin fell below a key support zone around $0.162—a level that had held firm for over a month and previously helped protect investor profits. With this breakdown, downside volatility has increased, putting HBAR in a vulnerable position.

A major factor behind Hedera’s decline is its extremely high correlation with Bitcoin. Recent data shows HBAR’s correlation to BTC hovering around 0.97, one of the strongest readings in months. This near-perfect alignment means HBAR is closely shadowing Bitcoin’s every move. As Bitcoin fell to $84,408, Hedera mirrored the drop almost identically. Such tight coupling becomes risky when the broader market weakens, stripping HBAR of any ability to chart its own direction.

Market indicators also point to sustained bearish momentum. The Chaikin Money Flow (CMF) has plunged to its lowest level in roughly eight months, signaling intensified capital outflows. A negative CMF reflects rising selling pressure as liquidity exits the market, often leading to deeper price losses. Without renewed inflows, attempts at recovery become increasingly difficult.

Given current macro and technical conditions, HBAR may retest $0.120 if bearish sentiment persists. A decisive move below $0.120 could send the token toward $0.110, marking another wave of losses as sellers dominate. However, if buyers reenter the market, the first sign of stabilization would be a push above $0.133. Regaining momentum beyond $0.145 could open the door for a recovery toward $0.154, potentially reversing the bearish outlook and restoring confidence.

While Hedera faces strong headwinds, its next moves will likely depend on Bitcoin’s direction and whether market liquidity begins flowing back into altcoins.

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Whales dumped two hundred fifty million XRP, signaling fading confidence and accelerating bearish market pressure.MVRV long-short difference turns negative, showing long-term holder losses and growing volatility risk.Price risks deeper decline unless reclaiming two dollars, with recovery needing renewed accumulation and stability.XRP has fallen below the key $2 psychological support level as bearish pressure intensifies across the broader market. The altcoin’s decline has accelerated over the past week, prompting significant selling from major holders. 

This shift in behavior from large investors has amplified downward momentum and weakened XRP’s short-term outlook.

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XRP Whales Switch Their StanceWhales have moved decisively from accumulation to heavy selling. Addresses holding between 10 million and 100 million XRP have dumped more than 250 million tokens in the past 48 hours alone, worth over $480 million.

This selling wave follows more than 20 consecutive days of accumulation by the same group of holders.

Such an abrupt shift signals a loss of conviction among large investors who had previously supported XRP’s rise. Their exit removes a crucial source of market strength and may prolong XRP’s decline. Without renewed confidence from whales, recovery momentum could weaken further and keep prices under pressure.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

XRP Whale Holding. Source: SantimentMacro indicators also highlight growing fragility. The MVRV Long/Short Difference has slipped below zero for the first time in five months, indicating that long-term holders have lost profitability. This shift pushes profit opportunity toward short-term holders, who tend to sell quickly once prices rise.

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If XRP’s price rebounds even modestly, short-term holders may capitalize on their gains by selling, which could suppress upward movement. This dynamic often keeps volatility elevated and limits breakout potential. 

XRP MVRV Long/Short Difference. Source: SantimentXRP Price May Need SupportXRP has fallen 23% over the past 11 days and trades at $1.92, sitting just under the $1.94 resistance level. The drop below $2.00 marks a significant psychological break and reinforces the current bearish sentiment across the market.

If whale selling accelerates and macro indicators worsen, XRP could fall further toward $1.79 or even lower. Such a move would deepen losses and extend the current downtrend as market sentiment weakens.

XRP Price Analysis. Source: TradingViewHowever, if investor support stabilizes or broader market conditions improve, XRP may be able to reclaim $2.00 as support.

A successful recovery could lift the price toward $2.14 and higher, helping reverse recent losses and invalidating the bearish thesis.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

2 hours ago

The Cardano blockchain network suffered a temporary chain split on Friday due to an old software bug triggered by an abnormal transaction.

1163

The Cardano network suffered a temporary chain split on Friday, due to a “malformed” delegation transaction, transactions to delegate ADA (ADA) to a staking pool, which are valid on the protocol level but can cause code malfunctions that affect network functionality.

This “malformed” transaction exploited an old code bug in the underlying software library used by the Cardano blockchain, resulting in a network partition due to a disagreement in how nodes processed the transaction, according to an incident report from Cardano ecosystem organization Intersect.

Staking pool operators were directed to download the latest version of the node software to fix the issue and reconstitute the split chain into a single blockchain history. 

However, the split has led to concerns about orphaned transactions and potential ADA double-spends that have caused economic damage to some users.

Source: Homer JThe exploit was caused by an ADA staking pool operator known as Homer J, who used AI-generated code to push the transaction and has accepted responsibility for causing the network partition. 

The temporary split caused a debate within the Cardano community, with some arguing that Homer J’s actions helped expose critical bugs and others, like Cardano founder Charles Hoskinson, calling it an attack on the Cardano network.

Charles Hoskinson says the FBI is now investigating, but markets barely noticed the splitThe US Federal Bureau of Investigation (FBI) was contacted and is investigating the incident, according to Hoskinson. In a separate video statement, Hoskinson said:

“This kicked a hornet's nest, and in many jurisdictions, this is a felony — a very serious one. It's tampering with and damaging a digital network. Maybe it's shits and giggles, and they think it's just fun and games — ‘oh, look, we kicked Charles's toy.’  Cardano founder Charles Hoskinson provides an update after Friday’s incident that caused a temporary chain split. Source: Charles HoskinsonBut these things impact the lives, money, and commerce of millions of people. It's like trying to shut down an economy and conduct a cyberattack on a nation-state,” he continued. 

A chain split or any network disruptions are typically significant events for blockchain protocols that negatively impact the price of their native tokens.

However, the price of ADA recorded modest declines during and after the incident, dropping from $0.44 on Friday to about $0.40 at the time of this writing.

ADA declined by a modest amount despite the software bug that caused the temporary Cardano network partition. Source: TradingViewThe modest price decline came amid a broad crypto market downturn that began in October when a historic flash crash led to a $20 billion cascade of crypto liquidations — the largest single-day liquidation in crypto history.

No one noticed Cardano’s network partition, “because nobody uses it,” one user said in response to Friday’s incident.

Magazine: Charles Hoskinson, Cardano and Ethereum – for the record

The value of Bitcoin (CRYPTO: BTC) has dropped below $80,000, trapping over 70% of active capital in unrealized losses, a clear indication of significant market stress.

What Happened: Bitcoin’s value has seen a sharp decline of nearly 35% from its October peak of $126,000. This has put investors, who entered the market during the late-2024 and early-2025 rallies, in a precarious situation.

According to the Checkonchain’s on-chain data, 71.2% of Bitcoin’s realized capitalization is now below its entry price.

The significant drop in price has led to a concentration of Bitcoin holdings at higher levels, causing severe stress for short-term holders. As Bitcoin struggles to maintain its value at lower levels, many are now facing substantial losses.

Other data from Glassnode support the notion that the Bitcoin market is experiencing a reset. The Relative Unrealized Loss indicator, which measures the dollar value of coins held below their acquisition price, has risen to 8.5%.

The current market conditions are compelling short-term holders to sell their positions as losses continue to increase. This trend is reflected in the sharp decline in Bitcoin's market sentiment, with retail traders beginning to capitulate.

Despite the grim market conditions, some analysts believe that the extreme levels of bearish sentiment could indicate a potential local bottom for Bitcoin. The combination of high unrealized losses and weak retail sentiment could be clearing out "weak hands," potentially setting the stage for a recovery in the near future.

Why It Matters: Bitcoin's climb back to $84,543 has revived hopes that the downturn may be easing, but any real shift will depend on how the market handles the latest sell-off.

Even with momentum still pointing lower, traders are keeping a close eye on whether the token can steady itself and build toward a stronger recovery.

Image: Shutterstock/Quality Stock Arts

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Bitcoin's Plunge Brings Strategy's Holdings to Near Breakeven, but Key Test Lies 18 Months AheadMichael Saylor's company's balance sheet isn't at imminent risk of collapse, but further capital-raising efforts could surely be hindered unless conditions improve. Nov 22, 2025, 9:00 p.m.

Liquidation calls from the sidelines are growing louder for Strategy (MSTR) as bitcoin tumbles and the company's common stock has plunged nearly 70% from last year's peak, calling into question — for some — the firm's ability to continue to meet its obligations.

Throughout 2025, Strategy has relied on perpetual preferred stock as its primary financing vehicle for bitcoin purchases, while mostly using at-the-market (ATM) common share issuance mainly to cover its preferred dividend obligations.

STORY CONTINUES BELOW

Led by Executive Chairman Michael Saylor, the company issued four U.S.-listed preferred series during the year: Strike (STRK) pays an 8% fixed dividend and is convertible into common stock at $1,000 per share. Strife (STRF) carries a 10% fixed non cumulative dividend and ranks as the most senior of the preferreds. STRD$0.05493 also pays 10% but on cumulative terms and sits junior in the structure. Stretch (STRC), the newest series, debuted in August at $90 with a 10.5% fixed cumulative dividend and now trades just above its offer price.

As of Nov. 21 STRK trades near $73, an 11.1% current yield, with a 10% decline since issuance. STRD has been the weakest performer, falling to about $66 for a 15.2% yield and a 22% total return loss. STRF is the only series still above issue, trading around $94 and delivering roughly an 11% gain, reflecting its senior standing.

Nearly back to breakevenBitcoin's plunge over the past weeks has market participants focusing on the roughly $74,400 level at which Strategy — after more than five years of accumulation — would actually be in the red on its bitcoin holdings.

While that's surely an important level for talking points, a decline below $74,400 surely does not mean the company would face a margin call or need to engage in forced sales of any part of its BTC stack.

The nearest structural pressure point is almost two years out on September 15 2027, when holders of the $1 billion 0.625% convertible senior notes receive their first put option.

The notes were priced when MSTR traded at $130.85 and carry a conversion price of $183.19. With the stock now at about $168, holders would be unlikely to convert and would probably seek cash repayment, potentially requiring Strategy to raise or liquidate assets unless the share price rises meaningfully before 2027.

Multiple levers remainEven if the MSTR share valuation premium to bitcoin holdings (the mNAV) collapses further and maybe even goes to a discount, Strategy still has a clear path to cover the annual preferred dividend bill.

The company can continue to issue common shares via ATM offerings, or sell small slices of its bitcoin treasury, or even pay dividends in-kind with newly issued stock.

This isn't to say all is well. While preferred dividends are not at immediate risk, use of any of the above options would surely dent investor confidence in Strategy even further, likely putting to an end — for at least a temporary time — any efforts to raise additional capital for more bitcoin purchases.

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In November 2025, Bitcoin miners are grappling with a significant financial squeeze as Bitcoin's market value has dropped over 20% this month alone. This sharp decline in price has led to a plunging hashprice, hitting levels that haven't been witnessed in several years.

Coinbase initiated a movement to transfer its internal Bitcoin and Ethereum wallets, a process the exchange described as part of its ongoing security strategy aimed at reducing the long-term exposure of digital assets. The company reported that the transfers recorded as high-volume movements on-chain were maintenance operations that had been planned long in advance.

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Strategy, a business intelligence company founded by Michael Saylor, has released new data outlining how its Bitcoin (BTC) position holds up under current market conditions. This disclosure raises the question of whether the company could ever be forced to sell its $54.59 billion in Bitcoin holdings. Its latest internal projections, shared publicly, highlight the firm’s expectations for long-term sustainability while also inviting scrutiny of its historic aggressive accumulation strategy. 

Strategy Confirms BTC Reserves Cover Dividends For Decades
The Strategy team stated on X this Thursday that with Bitcoin trading below $85,000, the company has more than enough coverage to maintain its dividend obligations for 71 years even if the price remains flat. Additionally, if Bitcoin’s price grows by more than 1.41% annually, that growth alone would completely neutralize the firm’s dividends without requiring additional funds.  

Strategy shared its internal credit dashboard, which tracks details such as debt maturities, durations, interest exposure, and Bitcoin risk. The report shows a total debt of $8,214 and a matching cumulative national value. Most of this comes from the company’s Bitcoin-linked preferred instruments, including various STR-series tranches, totaling $7,779 and with a combined notional value of $15,993. 

Durations across these instruments range from under 2 years to nearly 10, with BTC risk concentrated in the low single digits. Overall, the combined debt and preferred structure totals $15,993. The company’s model also assumes a Bitcoin price of $87,300, a volatility of 45%, and an expected annual return of 30%. 

According to Strategy, these numbers indicate that the firm has plenty of financial flexibility. The company has shown that its dividend security does not rely on aggressive Bitcoin price growth. Although its balance sheet is tied to BTC’s market performance, Strategy’s internal credit analysis suggests it can withstand extended periods of sideways price action without liquidating its core holdings. 

BTCUSD currently trading at $83,998. Chart: TradingView
Saylor Faces Criticism For Persistent Bitcoin Buys
In a separate update, Strategy highlighted its actions during the 2022 crypto winter, which was marked by a widespread market collapse. When the price of Bitcoin dropped to $16,000, roughly 50% of Strategy’s then-average cost basis of $30,000, the firm increased its position rather than pulling back. 

This reminder resurfaced longstanding criticisms from market participants who argue that the company’s approach relies too heavily on constant averaging up. The CEO of SwanDesk, Jacob King, criticized Saylor, claiming that the Strategy founder has not shown any real investment ability. 

King pointed out that since Saylor’s first BTC purchase at around $11,000, the cryptocurrency has surged roughly 1,000%. In contrast, Strategy has generated only a 22% return over five years, equating to about 4.4% per year. King described this performance as “horrible,” attributing it to the firm’s seemingly flawed strategy of persistently buying Bitcoin at higher prices. 

The SwanDesk CEO also highlighted Saylor’s history in the tech sector, noting that he had wiped out nearly 99% of his net worth during the dot-com era by chasing underperforming tech stocks and restating the firm’s financials under the scrutiny of the US SEC. 

Featured image from Getty Images, chart from TradingView

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In brief
Bitcoin ATM operator Crypto Dispensers says it's considering a $100 million sale of the company.
Both the company and founder and CEO Firas Isa were charged in an alleged $10 million money laundering scheme earlier this week.
Crypto Dispensers and Isa pleaded not guilty to the charges.
Crypto Dispensers (aka Virtual Assets LLC), a Chicago-based operator of ATMs that let users buy and send Bitcoin and other cryptocurrencies, said Friday that it is weighing a potential sale valued around $100 million.

The announcement came just days after the U.S. Department of Justice filed charges against both the company and founder and CEO Firas Isa, alleging that they perpetrated a $10 million money laundering scheme.

Crypto Dispensers and Isa have pleaded not guilty to the single money-laundering conspiracy charge against each, which holds a maximum sentence of 20 years in federal prison.

The DOJ filing alleged that Isa and his company received funds from victims and criminals through Bitcoin ATMs. Despite know-your-customer (KYC) requirements meant to prevent money laundering, prosecutors claim Isa converted these illicit funds into cryptocurrency and transferred them to other wallets.

If convicted, Isa and his company would face asset forfeiture, including all property involved in the alleged money laundering, with the government able to pursue substitute assets if necessary.

Crypto Dispensers said Friday that it is “evaluating a potential sale valued at approximately $100 million,” and that it has “retained advisors to support the review as consolidation accelerates across the cash-to-crypto and digital asset infrastructure sector.”

“This review is about understanding the next stage of growth and determining which path creates the most value for the platform we have built,” Isa said in a statement.

Decrypt reached out to Crypto Dispensers to clarify whether the firm has lined up a potential buyer or is rather announcing its openness to a deal. Decrypt also sought comment regarding the U.S. charges, but did not immediately receive a response to the queries.

Crypto Dispensers’ potential sale comes as markets have crashed following a huge upswing over the first 10 months of the year. Bitcoin fell to nearly $81,000 early Friday, notching its lowest price since April. BTC set a record high of $126,000 in early October. 

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After a bruising week of historic outflows, the exchange-traded fund (ETF) market finally took a breath. Bitcoin, ether, and solana ETFs all closed Friday in the green, signaling a welcome shift in sentiment.

Bitcoin is now sitting at one of its most critical junctures of the entire cycle. A rising-wedge breakdown has driven price straight into a key support zone just as BTC prints its first major post-ATH drawdown of over 33%, a level that has historically signaled prolonged weakness and heightened volatility. With technical pressure colliding with a historically significant threshold, the market now faces a decisive moment.

Rising Wedge Break Sends Bitcoin Lower Into Key Support Zone
Crypto analyst The Boss, in a recent breakdown of Bitcoin’s daily chart, highlighted the formation of a rising wedge pattern. As expected, Bitcoin has broken down from this wedge, sending the price sliding into what is considered a strong support zone. This level has historically acted as a turning point, making its current test a crucial moment for the market.

According to the analyst, this area could trigger a potential upward reaction, as buyers often step in when the price reaches such well-established support levels. However, the possibility of a rebound is not guaranteed. The structure must show early signs of strength before any meaningful recovery can be considered reliable. 

BTC holding support at $84,000 | Source: Chart from The Boss on X
Momentum indicators paint a cautious picture as they remain notably weak, showing no clear signal of bullish pressure returning to the market. At the same time, trading volume remains lower than necessary for a confident reversal, suggesting that buyers have yet to step in. Without stronger participation, any bounce may be shallow or short-lived.

Due to these factors, the analyst emphasized that Bitcoin’s current level must be closely monitored. While a short-term reaction from support is possible, a failure to hold this zone would open the door to further downside and potentially expose deeper support areas. 

BTC Hits 33% Drawdown Threshold: A Historically Significant Signal
According to a recent update shared by Crypto Patel, Bitcoin has now recorded a 33% drawdown from its all-time high, marking a correction significant enough to grab the market’s full attention. This is more than a routine pullback; it represents a level of decline that has historically signaled deeper shifts in market sentiment.

Looking back through previous cycles, every instance where BTC retraced beyond 33% after a peak has been followed by prolonged periods of weakness, increased volatility, and continued downside pressure. These drawdowns often served as transitional phases, where momentum reset before the next major trend could establish itself. 

The market now sits in a critical phase, with traders and analysts watching closely to see whether Bitcoin repeats its well-known historical behavior or breaks the cycle with a stronger-than-expected recovery.

BTC trading at $84,211 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com