Market Signal Briefing

The XRP price has moved into a bull market after rising by over 24% from its lowest point this month. It has risen in the last three consecutive days and is now hovering at its highest level in a week. This rebound happened after the successful launch of the Grayscale XRP ETF on Monday.

The founder of Berachain has thrown cold water on a recent report suggesting that one of its lead Series B backers was granted the right to be refunded $25 million, calling the framing “incomplete” and “inaccurate.”

Unchained reported on Monday that Berachain gave Brevan Howard’s crypto-focused fund, Nova Digital, a one-year right to a refund on its $25 million investment in Berachain’s Series B round in April 2024.

Unchained also provided a side letter signed by Berachain general counsel Jonathan Ip and Nova director Carol Reynolds that said Nova can recoup “some or all” of its investment for “twelve months following” Berachain’s token generation event (TGE).

Berchain’s TGE, or token mint, took place on Feb. 6, meaning Nova could reportedly get a refund on its bet until Feb. 6, 2026.

Berachain founder: Brevan given the same terms as othersSmokey The Bera, Berachain’s anonymous founder, said on Monday that the report was “inaccurate and incomplete” and Brevan’s “investments involve several complex commercial agreements, but they participated in the Series B fundraise on the same paperwork as all investors.” 

“Brevan Howard co-led our Series B a year ago, out of their Abu Dhabi office, via Nova, a new liquid-only vehicle on the same terms as all other investors. Nova had approached Berachain to lead the round some months prior to this,” said Smokey. 

Source: Smokey The BeraNova agreed to additional arrangements, says SmokeySmokey said that Nova asked for a provision “to guard for a scenario in which Berachain failed to TGE and get listed.”

They said if that happened, the locked Berachain (BERA) tokens Nova purchased would “not be an eligible investment via Nova’s liquid strategy.”

“Thus, we entered into the side letter posted in the article and committed Nova to additional commercial arrangements, including an agreement to provide liquidity on the network, which was only possible upon launch,” Smokey added.

They said the letter wasn’t made “to close the deal with a party who otherwise would not have been interested, or to prevent against post-launch losses,” adding it also “generally has precedent.”

Smokey also stressed that Nova is one of the largest tokenholders of Berachain and is a liquidity provider, holding both locked BERA acquired in the blockchain’s Series B and additional BERA it purchased on the open market.

“They have increased their BERA exposure over time, despite running a liquid fund in a harsh alt environment,” they added.

Smokey and the Berachain Foundation were contacted for comment via X. Brevan Howard did not respond to a request for comment outside of regular business hours.

The BERA token is down 93% from its peak of $14.83, which it reached when it launched in February, and is currently trading at $1.05, up 3.2% on the day, according to CoinGecko.

Trade Secrets: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds

TLDR:

Wood expects liquidity relief by December 10 tied to Fed easing and employment data release timing impacting Bitcoin
ARK trimmed Bitcoin 2030 target to $1.2M from $1.5M due to stablecoin growth, not weak fundamentals
Crypto faces temporary macro liquidity pressure rather than deteriorating fundamental conditions
Bitcoin historically recovers first when capital flows return after liquidity drawdown periods

ARK Invest CEO Cathie Wood has pinpointed December 10 as the potential turning point for Bitcoin and crypto markets. She expects the Federal Reserve’s next easing decision to restore liquidity. 

Wood made these comments during a recent interview where she addressed concerns about risk assets. The timeline aligns with upcoming employment data that could shift market sentiment.

Liquidity Squeeze Hits Bitcoin Despite Strong Fundamentals
Wood emphasized that crypto faces a temporary liquidity crisis rather than fundamental weakness. The current downturn stems from macro conditions affecting capital flows across risk assets. 

Bitcoin remains the most sensitive to these liquidity shocks according to Wood’s assessment. She noted that ARK maintains its bullish stance on crypto despite trimming price targets.

The firm adjusted its 2030 Bitcoin projection from $1.5 million to $1.2 million. This revision reflects the growing stablecoin market rather than diminished confidence. 

Wood suggested Bitcoin could reach half of gold’s market capitalization over time. The precious metal market has doubled recently, expanding the potential addressable space.

She clarified her position following recent CNBC appearances where markets questioned ARK’s commitment. Wood stated she should have emphasized “all things equal” when discussing projections. 

The adjustment accounts for market expansion rather than reduced BTC potential. Her team views the current environment as a buying opportunity for long-term holders.

CATHIE WOOD SAYS LIQUIDITY RETURNS IN DECEMBER — YOU READY?

Cathie Wood just gave one of the clearest timelines we’ve heard: the liquidity squeeze that crushed risk assets may clear by December 10, right when she expects the Fed to ease.

She reiterated that Ark’s Bitcoin bull… https://t.co/1zahY76vOK pic.twitter.com/f83MC4ixSh

— CryptosRus (@CryptosR_Us) November 25, 2025

December Timeline Depends on Fed Action and Jobs Data
Wood identified multiple factors creating current liquidity constraints. She expects these pressures to clear before year-end as conditions normalize. 

The December 10 Fed decision represents a critical inflection point for risk appetite. Employment statistics due in early December will provide additional clarity on economic health.

Bitcoin typically leads recovery cycles when liquidity returns to markets. Wood pointed to historical patterns showing crypto’s quick response to improved conditions. 

The asset class rebounds faster than traditional investments once capital starts flowing. This sensitivity works both ways during expansion and contraction phases.

ARK’s analysis shows fundamentals remain intact despite price weakness. Wood maintains that the current bull market will continue once liquidity normalizes. 

Her firm tracks multiple indicators beyond price action to assess crypto health. The December timeline gives investors a specific window to watch for confirmation.

Market participants now have a clear date to monitor Fed policy and employment trends. Wood’s public statements provide rare specificity in timing expectations. 

The next few weeks will test whether her liquidity thesis holds. Bitcoin traders are positioning accordingly as the deadline approaches.

A major block trader placed a bold wager on Monday, signaling strong confidence in bitcoin’s year-end recovery as the cryptocurrency climbs back toward the $100,000 level. Bitcoin has bounced to roughly $88,000 after dipping near $80,000 last week, supported in part by renewed expectations of a 25-basis-point Federal Reserve rate cut in December. However, institutional inflows into spot bitcoin ETFs remain muted, with the 11 U.S. spot ETFs recording a combined net outflow of $151 million on Monday, according to SoSoValue.

Despite sluggish ETF activity, one trader executed a massive options position worth 20,000 BTC in notional value—approximately $1.76 billion—aimed at capturing bitcoin’s potential move beyond $100,000 by year-end. Deribit disclosed that the participant opened a long-dated call condor for December 2025, using strike prices of $100K, $106K, $112K, and $118K.

A call condor strategy involves buying calls at the lowest and highest strike prices and selling two calls at the middle strikes, all with the same expiration date. This structure allows the trader to profit if bitcoin’s price ends within a targeted range—in this case, between $106,000 and $112,000. The bullish setup reflects confidence in further gains while signaling expectations of a measured rally rather than a breakout to new all-time highs. The strategy’s capped upside at $118,000 suggests the trader does not anticipate bitcoin surging past the previous record near $126,000 this year.

Block trades of this scale, typically negotiated privately to avoid influencing market prices, highlight the growing sophistication of large investors entering the crypto options market. Instead of simply betting on direction, they are using advanced strategies to define both the expected level and the limits of bitcoin’s potential upside. This latest trade underscores rising optimism about bitcoin’s trajectory as the year progresses, even as broader institutional flows remain cautious.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

The SEC granted Fuse a no-action letter, confirming it will not recommend enforcement if the FUSE token is sold as described.

Key Takeaways
Why does the first U.S. spot Dogecoin ETF matter?
Because a $22 billion memecoin is treated as a serious asset by U.S. regulators and Wall Street.

What does this mean for crypto’s future?
Culture-driven coins — and internet communities — now influence mainstream financial markets.

The line between “serious asset” and “silly meme” has always been thinner than people liked to admit. And now, Dogecoin ETFs sit on the same shelf as blue-chip ETFs, and no one is laughing it off.

If anything, this listing is bigger than Dogecoin itself. It means that humor and speculation can coexist with legitimacy.

Perhaps that’s exactly what investors want.

From internet joke to market fixture
Dogecoin [DOGE] started in 2013 as a parody of crypto culture: a Shiba Inu, Comic Sans captions, and a community built on tips, memes, and chaos. But the joke didn’t stay small.

It quickly grew into one of the internet’s most devoted subcultures, fueled by viral Reddit threads and social media. And of course, a series of high-profile nods from Elon Musk sent its price swinging to near-cartoonish highs and lows.

What’s changed is the way the market talks about it.

The same coin is now being slotted into regulated products. It is discussed alongside Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and Ripple’s XRP [XRP] — all assets that have already crossed the ETF line.

While Dogecoin’s leap won’t erase its origins by any means, it does show how far the industry has shifted to accommodate the unexpected.

The Dogecoin ETF changes EVERYTHING
Coming off its unlikely rise, Dogecoin is now stepping into a more serious arena.

A spot ETF is simple in practice — instead of tracking futures or synthetic baskets, it holds the actual asset.

For investors, it means cleaner pricing, fewer layers, and a product that behaves much closer to owning DOGE outright.

Source: X

We’ve had Dogecoin-adjacent products before. REX Financial and Osprey Funds launched a quasi-spot ETF under the “DOJE” ticker back in September, but it never offered true spot exposure.

That’s why Grayscale’s listing today has more value. It’s the first time U.S. markets are treating Dogecoin the same way they treat crypto assets, which now have spot ETFs of their own.

AMBCrypto previously reported that the GDOG launch arrives during one of Dogecoin’s weakest quarters.

The asset is struggling to reclaim Q1 losses, even dipping to lows near $0.09. Despite the ETF landmark, the setup remains fragile.

The SEC, once openly skeptical of crypto (let alone a meme asset), is now greenlighting a product built around a Shiba Inu joke.

And it’s doing so while Dogecoin remains the ninth-largest cryptocurrency, with a $22 billion market cap at the time of writing.

Source: CoinMarketCap

With Bitwise and 21Shares also in line, even the most unconventional assets are now part of the U.S. finance roster.

When memes become markets
With Grayscale stepping in, the ripple effect goes far beyond Dogecoin itself.

The top memecoins now represent a surprisingly large slice of crypto’s market cap. Dogecoin is at $22 billion, Shiba Inu [SHIB] at $4.6 billion, MemeCore [M] at $2 billion, and Pepe [PEPE] at $1.75 billion.

Others like Official Trump [TRUMP], Bonk [BONK], and Pudgy Penguins [PENGU] sit comfortably in the $600 million-$1.2 billion range.

Source: Coinmarketcap

That’s why TradFi embracing a meme is important. This is a culture shock that’s been building for a decade.

Younger investors are growing up online. They’re an active part of communities, humor, and hyper-social markets. Now, they influence capital formation as much as analysts in suits.

A Dogecoin ETF simply acknowledges what the internet already proved: markets move where culture moves.

For institutions, this is an open door to what they’ve tiptoed around for years. A regulated path into memecoins means new liquidity, new indices, and new products built around these assets.

If finance is finally taking memes seriously, mainstream adoption is here… with its wagging tail.

Not everyone’s celebrating
One could argue that Dogecoin’s volatility, its meme-first identity, and its history of rallying on jokes make it an odd fit for a “serious” product. And they’re not wrong to flag the risks.

Memecoins can move 10-20% in a day, and regulations around these culture-driven assets are still evolving.

Whales holding 10-100 million DOGE have dumped roughly 7 billion tokens in the past month, a trend that closely tracked DOGE’s 21% slide. The market is cautious even as institutions gain new access via ETFs.

But that’s also what makes this phase a bit more interesting. If markets are now pricing in cultural value as real value, the debate is about how finance plans to keep up.

In the end, Dogecoin’s ETF debut is less about itself and more about what markets are becoming. Humor, speculation, and innovation can coexist and even create value.

So, if a joke can make it this far, what else are we underestimating?

Bitcoin is fighting to recover after one of its most difficult trading weeks in recent months, yet market signals continue to point toward caution. The world's largest cryptocurrency is trading above $86,800, showing mild progress over the last 24 hours, but weekly indicators still reveal sustained selling pressure that has not completely disappeared from the market.

The Grayscale spot DOGE ETF opened far below projections and well under expectations set by recent altcoin exchange-traded fund launches.

Summary

GDOG posted $1.41M in day-one volume versus the $11–12M forecast.
The fund launched with $1.71M in net assets, 94,700 shares outstanding, and a three-month 0% fee waiver.
GDOG is the first spot Dogecoin ETF in the U.S., converted from Grayscale’s private Dogecoin Trust.

Grayscale’s new Dogecoin ETF fund (ticker: GDOG) opened on the NYSE with softer-than-expected activity, drawing modest trading on its first day.

According to data from SoSoValue, GDOG recorded $1.41 million in first-day trading volume, with net assets of $1.71 million.

Grayscale launches the first U.S. spot DOGE ETF
The ETF debuted on NYSE Arca on Nov. 24, becoming the first spot DOGE exchange-traded product available to U.S. investors. The fund is a conversion of Grayscale’s private Dogecoin (DOGE) Trust, which launched earlier this year for accredited participants.

Investors can obtain exposure without managing wallets or custody thanks to GDOG, which holds physical DOGE and monitors the token’s spot price. Coinbase Custody is the asset custodian, and BNY is the administrator for the ETF, which uses cash creation and redemption.

At launch, the fund held 11.1 million DOGE across 94,700 shares, with DOGE per share set at 117.58. Grayscale is temporarily waiving fees, offering a 0% expense ratio for either the first three months or until assets reach $1 billion; afterward, the fee rises to 0.35%.

The rollout drew wide attention as another milestone linking meme-driven digital assets to regulated markets. But despite strong anticipation, early activity landed well below forecasts. Bloomberg ETF analyst Eric Balchunas had predicted  $10–12 million in day one volume.

Muted debut contrasts with DOGE price bump
GDOG’s first-day total of $1.41 million was far from projections and well behind recent altcoin ETF openings. Some market watchers described the debut as a cautious start rather than a setback, noting that meme-aligned products may attract steady flows over time instead of flash surges.

Dogecoin itself reacted with a mild rally. DOGE traded around $0.152 after a 3-5% rise, with global spot and derivatives activity reaching $1.93 billion in 24-hour turnover. While not a major breakout, the move suggested traders were monitoring the ETF even if institutional desk participation remained thin.

Looking ahead, Grayscale is preparing for a Chainlink (LINK) ETF, framing it as a future bridge for tokenized RWA markets and cross-chain settlement. The firm says the lineup aims to give investors clear access to digital assets as the asset class matures.

XRP price started a steady increase above $2.20. The price is now consolidating gains and might aim for another increase if it stays above the $2.180 level.

XRP price started a fresh increase above the $2.120 zone.
The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move up if it clears $2.280.

XRP Price Gains Momentum
XRP price started a decent upward move above $2.020 and $2.050, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $2.120 resistance.

Besides, there was a break above a key bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair. The pair even surpassed the $2.20 barrier. A high was formed at $2.286 and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading above $2.20 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.280 level. The first major resistance is near the $2.320 level, above which the price could rise and test $2.350.

Source: XRPUSD on TradingView.com
A clear move above the $2.350 resistance might send the price toward the $2.4620 resistance. Any more gains might send the price toward the $2.50 resistance. The next major hurdle for the bulls might be near $2.550.

Another Decline?
If XRP fails to clear the $2.280 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.180 level. The next major support is near the $2.080 level.

If there is a downside break and a close below the $2.080 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.020 zone, below which the price could continue lower toward $1.9250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.180 and $2.080.

Major Resistance Levels – $2.280 and $2.320.

Follow up to the hour updates on what is happening in crypto today, November 25. Market movements, crypto news, and more!

A crypto rally is happening today, Nov. 25, with Bitcoin and most altcoins being in the green. Bitcoin price jumped to $87,625, while top altcoins like Bonk, Kaspa, Sui, XRP, and Ethebna were up by over 5% in the last 24 hours. The market cap of all coins jumped to over $3 trillion.

The cryptocurrency market has experienced a brief rebound, rising by over 1.8% in the past 24 hours. Bitcoin (BTC), along with the majority of the top 20 cryptocurrencies, is in green.

However, analysts are warning that the current relief rally could be a classic dead cat bounce, which is a short-lived, temporary price recovery during a larger downward trend.

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Technical Analysts Flag Dead Cat Bounce Pattern In BitcoinAccording to BeInCrypto Markets data, Bitcoin rebounded to a high of $89,000 on Monday, following a weekend recovery. At the time of writing, the price had adjusted to $87,755. This represented modest gains of 0.23% over the past day.

Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsStill, technical analysts remain wary. Crypto analyst Elja analyzed Bitcoin’s technical setup on the weekly chart after the dip to $82,000.

He stressed that short-term rallies after steep declines often give traders false hope of a bull market return. According to Elja’s analysis, $98,000 has become a vital level for Bitcoin’s immediate direction.

“After a major drop, you often see a quick relief rally, like a ‘dead cat bounce,’ and this doesn’t mean the bull market will immediately return. Keep an eye on the $98,000 level. It used to be support and could now turn into resistance,” the analyst said.

Elja also warned that failing to close above $98,000 would likely confirm a bearish trend. If that happens, Bitcoin could fall further toward the $75,000 support area.

However, a weekly candle closing above $98,000 could counter the dead cat bounce theory and suggest renewed bullish momentum.

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Weekly BTC/USDT Chart. Source: X/EljaboomMarket analyst Ted Pillows characterized the latest price uptick as a “relief bounce” rather than a meaningful shift in sentiment. He noted that brief rebounds often spark renewed optimism among traders.

However, this tends to fade quickly in a firmly negative market structure. Pillows emphasized that the broader trend still points downward.

Market commentator Titan of Crypto noted that Bitcoin is exhibiting a strong reaction at the Senkou Span B (SSB), the lower boundary of the bullish Ichimoku Kumo cloud. He warned that even if a rise happens, it is “likely to be a dead cat bounce,” similar to patterns seen in 2022. Titan added that the bearish scenario would be invalidated only if Bitcoin fully reclaims the entire cloud and holds above it.

At the same time, another market watcher highlighted the emergence of a possible head-and-shoulders formation on BTC’s monthly chart. This is a classic bearish pattern that often signals trend exhaustion and the potential for a deeper reversal if the neckline breaks.

Nonetheless, not all analysts agree with this narrative. Analyst Peter Anthony believes traders will continue to label every rebound as a “dead cat bounce,” even as Bitcoin advances toward the $100,000 region.

He acknowledged the possibility of a correction on the way back toward the highs but believes the bearish calls will prove misplaced.

“The deadcat bounce will be fake and many will then fomo one BTC hits $115,000+. This means most took maximum losses selling into last week and will wait to buy once recovery has been completed,” Anthony remarked.

BeInCrypto also reported that many analysts have been calling a bottom, noting that the worst may be over for the largest cryptocurrency. Thus, the next few weeks will be crucial for Bitcoin’s market direction. Whether Bitcoin’s rise continues or it dips further remains in focus.

TLDR:

Circle deployed USDC natively on Monad as the 29th blockchain supporting the regulated stablecoin
CCTP enables cross-chain transfers between Monad and 17 other networks without liquidity locks
Thirteen DeFi applications launched day-one including Curve Finance, Coinbase, and Wormhole
Circle bundled Wallets and Contracts developer tools alongside stablecoin infrastructure

Circle has deployed USDC and its Cross-Chain Transfer Protocol on Monad, marking the 29th blockchain to support the regulated stablecoin natively. The payments company announced the integration alongside Circle Wallets and Circle Contracts through a blog post. 

Monad developers now have access to institutional-grade infrastructure for building DeFi applications. Thirteen applications went live at launch, including Curve Finance, Coinbase, and Wormhole.

USDC Goes Native on Monad’s EVM-Compatible Chain
The stablecoin issuer released USDC at mainnet address 0x754704Bc059F8C67012fEd69BC8A327a5aafb603 for production use. 

Testnet deployment sits at address 0x534b2f3A21130d7a60830c2Df862319e593943A3 for developer experimentation. Circle made testnet funds available through its faucet service for developers testing payment flows.

USDC, CCTP, Wallets, and Contracts are now live on @monad!

Access the world’s largest regulated stablecoin and core Circle Developer Services for secure, capital-efficient DeFi, trading, and payments on Monad’s high-performance blockchain.

Day 1 apps: @AccountableData,… pic.twitter.com/CY0YVB9AU1

— Circle (@circle) November 24, 2025

Monad operates as a Layer-1 blockchain built for high throughput while maintaining full Ethereum Virtual Machine compatibility. 

The network combines low transaction fees with Ethereum-level security standards. Developers can port existing Solidity smart contracts without modification.

CCTP now connects Monad to 17 other blockchain networks without requiring liquidity locks. 

The protocol burns USDC on the source chain and mints an equivalent amount on the destination chain. This approach eliminates the capital inefficiency of traditional bridge models that lock funds in smart contracts.

Circle positioned the integration as more than just stablecoin deployment. The company bundled four developer products in the launch package. Each service targets specific use cases across decentralized finance and enterprise applications.

Developer Tools Enable Cross-Chain Apps and Enterprise Integration
Circle Wallets provides programmable wallet infrastructure with customizable key management and compliance tooling. 

The service includes Gas Station functionality to sponsor network fees for end users. Businesses can create in-app wallets without handling complex cryptographic operations directly.

Circle Contracts offers templated smart contract deployment through a curated library of audited code. 

The tooling accelerates tokenization projects and loyalty program implementations. Developers access end-to-end infrastructure for managing contract lifecycles.

Day-one applications span multiple categories including bridges, decentralized exchanges, and lending protocols. 

Accountable, Across Protocol, and Bungee Exchange launched bridge functionality at mainnet activation. Kuru Exchange, Crystal, and Monday Trade deployed trading interfaces using USDC as a settlement asset.

Market makers can now deploy capital across Monad venues using native USDC. 

The stablecoin serves as collateral in lending markets and as a base pair in liquidity pools. Fintech platforms gain access to real-time settlement infrastructure through Circle Mint for eligible institutional users.

CCTP brings the total number of chains supporting native USDC movement to 18 networks. The protocol maintains 1-to-1 redemption against US dollar reserves held by Circle. Cross-chain transfers complete without third-party custody or wrapped token intermediaries.

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aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
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The Franklin Crypto Index ETF will add XRP, Solana, and Dogecoin to its investment portfolio. It already includes Ethereum and Bitcoin as it looks to give investors more options.

Franklin Crypto Index ETF Expands Portfolio
In a recent SEC filing, Franklin Templeton announced that, from December 1, 2025, its crypto index ETF will track more digital assets. This includes XRP, Solana, Dogecoin, Cardano, Stellar, and Chainlink.

That change came about due to the new rules adopted by the Cboe exchange which were approved by the SEC. The rule allows crypto-linked funds to hold a much broader basket of tokens. This is as long as those tokens appear in their underlying benchmarks.

“The fund is permitted to hold additional digital assets that are constituents of the Underlying Index, rather than being limited to Bitcoin and Ether,” the filing read.

These tokens will be maintained at quantities equal to the calculations by the index provider. Up until this point, the ETF had only consisted of Bitcoin and Ethereum.

The crypto index ETF will continue to change every three months. That means constituents can change due to market conditions or because of the rules of the index. Franklin Templeton also announced that authorized participants can now create and redeem ETF units using actual securities rather than through cash.

The announcement of the expansion comes less than 24 hours after Franklin Templeton launched its spot XRP fund. The Franklin XRP Trust now trades under the ticker XRPZ with an annual sponsor fee of 0.19% of NAV.

David Mann, Head of ETF Product and Capital Markets at Franklin Templeton, referred to XRP as a key part of international settlement systems.

XRP Reacts To Multiple ETF Launches
XRP price has finally seen some reaction after the series of ETF launches. The token has gained more than 7% in price to $2.24 as Franklin Templeton and Grayscale released their spot XRP ETFs on the same day.

Source: TradingView; XRP Price Chart
With Franklin joining Bitwise, Canary Capital, and Grayscale, the number of approved XRP investment vehicles in the U.S. has grown greatly.

Yesterday also saw the launch of the new GXRP fund from Grayscale. This comes just a week after Bitwise launched its own XRP ETF. The fund saw $25 million in trading volume on its first day. The firm’s CEO Hunter Horsley confirmed that inflows reached $118 million in its first full week.

Canary Capital was the first to launch earlier in the month. Its fund raised over $250 million on the first day. Since then, other asset managers are also pushing for their funds to launch.

Dogecoin started a recovery wave above the $0.1420 zone against the US Dollar. DOGE is now facing hurdles near $0.1540 and might struggle to continue higher.

DOGE price started a decent upward move above $0.140 and $0.1420.
The price is trading above the $0.1450 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1530 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.1530 and $0.1540.

Dogecoin Price Faces Hurdles
Dogecoin price started a recovery wave from the $0.1330 zone, like Bitcoin and Ethereum. DOGE climbed above the $0.1320 and $0.140 resistance levels.

There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1330 low. However, the bears seem to be active near the $0.1530 and $0.1540 levels. Besides, there is a bearish trend line forming with resistance at $0.1530 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.150 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1530 level. The first major resistance for the bulls could be near the $0.1540 level, the trend line, and the 76.4% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1330 low.

Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1590 level. A close above the $0.1590 resistance might send the price toward the $0.1650 resistance. Any more gains might send the price toward the $0.1720 level. The next major stop for the bulls might be $0.180.

Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1540 level, it could continue to move down. Initial support on the downside is near the $0.1460 level. The next major support is near the $0.1420 level.

The main support sits at $0.1330. If there is a downside break below the $0.1330 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1120 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1460 and $0.1420.

Major Resistance Levels – $0.1540 and $0.1590.

Anthony Pompliano said that Bitcoin has weathered more than twenty major drawdowns in the past decade, and argued that the current slump is simply part of its historical rhythm. Meanwhile, Arthur Hayes believes the correction is nearing its end, and said that $80,000 should hold as support as the Federal Reserve prepares to halt quantitative tightening, a shift he says could reignite liquidity across risk assets. 

New Investors Are PanickingBitcoin’s latest bout of volatility rattled newer institutional investors, but long-time holders argue that the recent drawdown is just part of the asset’s natural rhythm. On CNBC’s Squawk Box on Monday, crypto entrepreneur Anthony Pompliano said seasoned Bitcoiners are unfazed by the correction, as the asset has experienced 30% declines more than twenty times over the past decade. According to him, Bitcoin historically undergoes a big drawdown roughly every 18 months, making the current slump well within expectations for those familiar with its market cycles.

Pompliano argued that the anxiety is coming largely from newcomers entering the space from traditional finance, where sharp swings are rare. He said many Wall Street-based investors are now grappling with year-end concerns, portfolio reviews, and bonus calculations, which may be motivating them to reduce exposure. That uncertainty, he added, contributed to the downward pressure on Bitcoin’s price as some of these investors question their initial enthusiasm.

VanEck’s head of digital asset research, Matthew Sigel, offered a similar perspective on Monday, and explained that the recent sell-off was “overwhelmingly a US-session phenomenon.” He pointed to tightening liquidity conditions in the United States and widening credit spreads as key drivers of the decline. These pressures are emerging at the same time that markets are digesting the scale of corporate capital expenditures tied to artificial intelligence, creating a more fragile funding environment.

Despite the turbulence, analysts argue that volatility is still a central feature of Bitcoin’s long-term growth. Jeff Park, a market analyst at Bitwise, said that Bitcoin’s volatility index climbed back toward 60 over the past few weeks, creating the potential for more dramatic price swings in either direction. 

Pompliano believes that volatility is not a sign of weakness but a necessary ingredient for Bitcoin’s long-term appreciation. He warned that a lack of volatility would be far more concerning because it would suggest stagnation.

Pompliano also mentioned Bitcoin’s historical performance, and pointed out that the asset has risen 240x over the past decade — equivalent to roughly a 70% annualized growth rate. While he warned that those extraordinary gains are unlikely to repeat, he believes even a more modest 20% to 35% annual growth rate over the next ten years will still allow Bitcoin to outperform equities. 

Bitcoin Will Hold $80K Support?On the bright side, Bitcoin may be nearing the end of its correction. This is according to Arthur Hayes, the former BitMEX CEO who believes the $80,000 level will hold as a key support zone. 

Hayes argued on X that shifting US liquidity conditions could strengthen the crypto market, setting the stage for a recovery after Bitcoin’s more than 35% pullback from its all-time highs. The core of his outlook centers on the Federal Reserve’s expected move to end its current phase of quantitative tightening next month. With the Fed’s balance sheet no longer shrinking, Hayes expects fresh liquidity to flow back into markets, which will benefit both Bitcoin and risk assets. He also pointed to an uptick in US bank lending in November as another early sign that liquidity is beginning to turn.

Hayes stayed bullish throughout Bitcoin’s decline from its October peak, and repeatedly said that meaningful relief for the crypto market requires a return to quantitative easing. While he acknowledged the possibility of one more dip into the lower $80,000 range, he stuck to his belief that $80,000 should remain intact as a support level. 

BTC’s price action over the past month (Source: CoinMarketCap)

Hayes also suggested that a deeper sell-off in major US tech stocks, especially AI-related names, may be necessary before the Federal Reserve shifts decisively toward a more accommodative stance. He described the current environment as one where investors are essentially “playing for more money printing,” a condition he believes is ultimately bullish for Bitcoin.

Meanwhile, expectations surrounding the Federal Reserve’s next interest-rate decision have swung dramatically. The recent US government shutdown disrupted the flow of economic data, which fueled volatility in rate forecasts. Just a week ago, markets assigned less than a 50% probability to another December rate cut. Those odds have now surged to almost 80%, according to CME Group’s FedWatch Tool. 

This sharp shift caught the attention of economists like Mohamed El-Erian, who criticized the lack of stability in market expectations. El-Erian believes that the volatility stems from disrupted data, uncertainties around the Fed’s leadership, and the absence of a clear long-term policy framework — factors that have created an unpredictable macro backdrop for investors.

A consortium led by private-equity firm KKR KKR -0.69%decrease; red down pointing triangle & Co. has sold its holdings in a Hyatt Regency luxury hotel in Tokyo for over $800.0 million to an unidentified buyer, people familiar with the situation said.

The sale of the high-end hotel in the Japanese capital was completed in August this year, one of the people said.

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Security Benefit takes a quick profit on Figs after opening and closing a position in the company within three quarters.

Security Benefit Life Insurance Co. exited its position in FIGS, Inc., selling 565,560 shares, which represents an estimated $3.19 million change.

What happenedAccording to a filing published Nov. 12, 2025, Security Benefit Life Insurance completely exited its stake in Figs (FIGS 0.83%) during the third quarter.

The firm sold all 565,560 shares previously held, thereby eliminating a position that accounted for 1.51% of assets under management as of the end of the prior quarter.

What else to knowSecurity Benefit sold out of Figs and now holds no shares of the company.

Top five holdings after the filing: 

Accelerant Holdings (ARX +5.79%): $81 million (32.3% of AUM)Eldridge AAA CLO ETF (CLOX +0.06%): $58 million (23.1% of AUM)Eldridge BBB-B CLO ETF (CLOZ +0.19%): $44 million (17.4% of AUM)Vivid Seats (SEAT 4.29%): $36 million (14.6% of AUM)iShares 20+ Year Treasury Bond ETF (TLT +0.57%): $10 million (3.9% of AUM)As of Nov. 24, 2025, FIGS shares were priced at $9.59, up 103% over the past year, outperforming the S&P 500 by 87 percentage points.

Company OverviewMetricValueRevenue (TTM)$581.03 millionNet Income (TTM)$17.63 millionPrice (as of market close 2025-11-24)$9.59One-Year Price Change103%Company SnapshotFigs:

Offers healthcare apparel and related products, including scrubs, lab coats, outerwear, activewear, and accessories.Operates a direct-to-consumer digital platform, generating revenue primarily through online sales of proprietary apparel and lifestyle goods.Targets healthcare professionals in the United States as its primary customer base.FIGS, Inc. is a healthcare apparel company focused on the direct-to-consumer segment, leveraging a digital-first approach to reach medical professionals.

The company differentiates itself through product innovation, brand loyalty, and a vertically integrated business model that enables efficient distribution and customer engagement.

With a scalable platform and a strong presence in the U.S. healthcare market, FIGS aims to maintain its leadership in the premium medical apparel space.

Foolish takeJust two quarters after opening a position in Figs around $4.60 a share, Security Benefit liquidated its stake in the company at around $6, taking a quick profit.

However, since the end of September, Figs' stock has soared to $9 per share, more than doubling in just the last year.

From an idea perspective, there is a lot to like about Figs. Customers love its premium scrubs and apparel for healthcare workers. Furthermore, most of its products are items that need to be continually replaced as they are used, creating a nice repeat base of sales.

That said, the company and its stock haven't really hit their stride (until recently) on the publicly traded markets.

In its last quarter, Figs grew sales by a reasonable 8% -- but this was its highest figure in two years. That is not a lot of growth for a young company like Figs, especially considering its valuation.

Even if we assume the company grows to develop a 15% net income margin over time -- comparable to quasi-peer Lululemon (LULU +0.81%) -- it would still trade at roughly 20 times earnings. This is cheap, but not blatantly so for an apparel company.

Worse yet, Figs' current net income margin is only 6%, so it has plenty of work ahead of it just to reach this theoretical valuation.

Ultimately, I think Figs is a very interesting business and a benefit to those it serves -- but its stock isn't as interesting to me at the moment.

That said, Figs only gets roughly 14% of its sales from international markets, where it has a market share of less than 1%. If it continues to increase revenue by double-digit rates in these markets, it could grow into its valuation.

GlossaryAssets Under Management (AUM): The total market value of investments managed by a fund or institution.
13F Reportable Assets: Securities holdings that institutional investment managers must disclose quarterly to the SEC if above a certain threshold.
Exited Position: When an investor sells all shares of a particular security, fully closing out their investment.
Stake: The ownership interest or amount of shares held in a particular company or asset.
Direct-to-Consumer: A business model where products are sold directly to customers, bypassing traditional retailers or intermediaries.
Vertically Integrated: A company that controls multiple stages of its supply chain, from production to sales.
Premium: Higher-priced products or services positioned as higher quality or value compared to standard offerings.
Proprietary: Products or technologies owned and controlled by a company, not available from competitors.
Outperforming: Achieving better returns or results than a benchmark or peer group.
TTM: The 12 months ending with the most recent quarterly report.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of AXAHY, AXAHF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Published: Nov 25, 2025, 04:29 GMT+00:00

Oil prices dropped amid concerns about a potential surplus, despite ongoing geopolitical tensions, while natural gas prices remain bullish above key support levels.

Oil prices consolidate on Tuesday after slight gains on Monday, as market focus shifts from Russian supply risks to growing concerns about a global surplus. Brent crude oil (BCO) dropped to $63.20, while WTI crude oil (CL) slipped to $58.71. This decline reflects investor hesitation, as geopolitical tensions are weighed against bearish supply forecasts.

Despite ongoing sanctions and no breakthrough in Ukraine-Russia peace talks, expectations for a 2026 oil surplus are weighing heavily on prices. However, the downside pressure is cushioned by hopes of a U.S. interest rate cut in December. Federal Reserve officials are signalling support for easing, which could boost economic activity and lift oil demand. This macro factor is helping limit losses and may temporarily support crude prices despite the bearish supply outlook.

WTI Crude Oil (CL) Technical Analysis
WTI Oil Daily Chart – Negative Trend
The daily chart for WTI crude oil shows strong bearish pressure below the 50-day and 200-day SMAs. The $60 level now acts as key short-term resistance, confirmed by the 50-day SMA. As long as the price stays below this level, WTI crude oil may continue to move lower. Additionally, the RSI is consolidating below the mid-level, adding to the downside pressure in the oil market.

This is also confirmed by the weekly chart, which shows long-term consolidation around the key $55 support area. A break below $55 would trigger strong selling pressure in the oil market. However, a breakout above $70 could signal further upside toward the $80 region.

WTI Oil 4-Hour Chart – Negative Price Action
The 4-hour chart for WTI crude shows strong consolidation below the $62 level, indicating persistent bearish pressure in the oil market. A breakout above $62 could trigger a strong rally toward the $65 area. However, a break below $55 would likely lead to renewed selling pressure.

Natural Gas (NG) Technical Analysis
Natural Gas Daily Chart – Bullish Momentum
The daily chart for natural gas (NG) shows strong consolidation between the $4.30 and $4.70 levels, defined by the black dotted trendline. This range-bound movement increases the likelihood of an upside breakout above the $4.70 region.

A break above $4.70 could trigger a strong rally in natural gas prices, while a drop below $4.20 may lead to further downside, potentially reaching the $3.80 to $4.00 zone. Despite the consolidation, the overall price action remains bullish, and the probability of upward momentum is higher. Moreover, the 50-day SMA has crossed above the 200-day SMA, reinforcing the potential for continued upside in natural gas prices.

Natural Gas 4-Hour Chart – Bullish Momentum
The 4-hour chart for natural gas shows strong consolidation above the $4.10 level, with the price attempting to break above $4.70. A breakout above $4.70 would likely trigger another strong rally in natural gas prices. The emergence of multiple bullish patterns confirms strong upward momentum. A breakout from the black dotted trendline near $3.50 further increases the likelihood of continued upside.

US Dollar Index (DXY) Technical Analysis
US Dollar Daily Chart – Consolidation
The daily chart for the U.S. Dollar Index shows strong consolidation below the 100.50 level, increasing short-term uncertainty. A break above 100.50 would indicate further upside toward the 102 level. However, a break below 90.80 could lead to another decline in the index.

The 50-day SMA remains below the 200-day SMA. However, the 50-day SMA begins to rise towards the 200-day SMA, which adds to the short-term uncertainty. A break below 96.50 is needed to maintain bearish pressure on the dollar. If the dollar fails to drop near this level, the likelihood of upward momentum will increase.

US Dollar 4-Hour Chart – Consolidation
The 4-hour chart for the U.S. Dollar Index shows strong consolidation between the 96.50 and 100.50 levels since June 2025. A breakout above 100.50 could push the index toward the 102 level. However, a drop below 98 may lead to a decline toward the 96.50 support zone.

Related Articles

Natural Gas Price Forecast: Low of Day Tests 20-Day & Internal Trendline SupportSilver (XAGUSD) Price Forecast: Hammer Breakout Off 50-Day – Targets $52.47–$54.39Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Prices Rebound As Traders Stay Focused On Ukraine Peace Talks

Muhammad Umair is a finance MBA and engineering PhD. As a seasoned financial analyst specializing in currencies and precious metals, he combines his multidisciplinary academic background to deliver a data-driven, contrarian perspective. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies.

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James Ding
Nov 25, 2025 03:05

Monad unveils its mainnet with Wormhole-powered Native Bridge, enhancing connectivity between its high-speed blockchain and Ethereum, offering seamless asset transfers.

The Monad blockchain has officially launched its mainnet, featuring a Native Bridge powered by Wormhole, according to Wormhole. This development connects Monad's innovative 10,000 transactions per second (TPS) Layer 1 blockchain to Ethereum, enabling efficient asset transfers.

Seamless Asset Transfers
The Monad Native Bridge utilizes Wormhole's Native Token Transfers (NTT) standard and Axelar's General Message Passing, creating a robust infrastructure for transferring assets like MON and ETH between Monad and Ethereum. This bridge facilitates immediate use across decentralized finance (DeFi) protocols without the complexities of wrapped assets.

Performance Breakthroughs
Monad's architecture represents a significant advancement in blockchain technology, offering 800ms finality and near-zero gas fees while maintaining full Ethereum Virtual Machine (EVM) compatibility. Unlike Layer 2 solutions, Monad is built from the ground up with optimistic parallel execution and custom consensus mechanisms, enabling a truly decentralized network supported by consumer-grade nodes.

Infrastructure and Integration
The collaboration with Wormhole allows Monad to leverage a comprehensive multichain infrastructure. Wormhole's solutions, including Wormhole Settlement, NTT, Connect, and Messaging, enhance Monad's connectivity and utility, facilitating fast and secure multichain operations.

Addressing the Blockchain Trilemma
Monad's integration with Wormhole addresses the blockchain trilemma of scalability, security, and decentralization. While Ethereum and EVM rollups offer limited TPS, Monad delivers 10,000 TPS with minimal hardware requirements, promoting widespread node participation. This integration enables the development of sophisticated multichain applications and strategies, benefiting institutional investors, DeFi protocols, and consumer applications.

About Monad
Monad is a Layer 1 blockchain offering EVM compatibility, high throughput, and decentralization. With its innovative design, Monad addresses scalability and security challenges, providing a robust platform for diverse blockchain applications. More information can be found on their website.

About Wormhole
Wormhole is a leading interoperability platform supporting multichain applications and bridges. It connects over 40 blockchain networks, facilitating diverse use cases across DeFi and governance. Trusted by major entities, Wormhole has enabled over 70 billion dollars in cross-chain transfers.

Image source: Shutterstock

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Jessie A Ellis
Nov 25, 2025 03:19

Wormhole's Portal Earn introduces the Monad Migration incentive program, offering enhanced XP rewards for transfers to the Monad blockchain. Learn more about the program's benefits and how to participate.

The Monad Migration incentive program has officially launched on Wormhole's Portal Earn platform, offering users enhanced experience points (XP) rewards for transferring assets to the Monad blockchain. This initiative aims to encourage engagement with Monad by providing up to 10 XP for every dollar transferred, as reported by Wormhole.

Understanding Portal Earn
Portal Earn is a loyalty program within Wormhole's multichain transfer application, which has facilitated over $56 billion in volume for more than a million users. By participating in Portal Earn, users can accumulate XP through their transfers, enhancing their loyalty benefits.

Introducing Monad
Monad is a Layer 1 blockchain that boasts impressive capabilities, such as processing 10,000 transactions per second (TPS) with full Ethereum Virtual Machine (EVM) compatibility, sub-second finality, and minimal gas fees. The network launched on November 24, 2025, with a robust infrastructure, including Wormhole's Native Token Transfers (NTT) standard and Axelar's General Message Passing technology.

The launch of Monad has been met with significant anticipation, as evidenced by its strong social media following and the involvement of over 200 projects, including leading DeFi protocols and infrastructure providers.

The Monad Migration Program
The Monad Migration program is a targeted incentive campaign designed to reward users for transferring assets to the Monad blockchain. Participants can benefit from increased XP rewards, with the program offering 10 XP per USD for Wrapped Ether (WETH) transfers and 5 XP per USD for other token transfers, excluding stablecoin-to-stablecoin transactions.

These rewards are in addition to other Portal Earn multipliers, such as volume bonuses and status tiers, allowing active users to maximize their XP accumulation through various mechanisms.

Participating in Monad Migration
Users interested in joining the Monad Migration incentive program can start earning XP immediately by transferring assets to Monad through the Wormhole Portal. The program's boosted rates provide a significant incentive for users to engage with Monad's ecosystem from its inception.

About Wormhole
Wormhole is a prominent interoperability platform that supports multichain applications and bridges on a large scale. It enables developers to access liquidity and users from over 40 leading blockchain networks, fostering use cases across DeFi, governance, and more. The platform has handled over $65 billion in transfers through more than one billion cross-chain messages.

Image source: Shutterstock

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The Cardano ecosystem witnessed one of its most disruptive events to date on Friday after a malfunctioning transaction caused the blockchain to fracture into two separate chains — a scenario that has never occurred in the network's eight years of operation.

This little altcoin deserves a bit more attention.

Polkadot (DOT +0.62%) has disappointed most of its investors over the past five years. The little altcoin started trading at $2.69 per token after its mainnet launch in August 2020, briefly soared to a record high of $54.98 on Nov. 4, 2021, but now trades at about $2.80.

Like many altcoins, Polkadot's price skyrocketed during the indiscriminate buying frenzy in cryptocurrencies and other speculative investments in 2021. That rally was fueled by low interest rates, free trading platforms, social media buzz, and an infectious fear of missing out.

Image source: Getty Images.

But as interest rates rose in 2022 and 2023, Polkadot and other altcoins lost their luster as investors pivoted back toward more conservative investments. Unlike the bigger blue chip cryptocurrencies such as Bitcoin (BTC +0.44%) and Ether (ETH +3.06%), Polkadot didn't bounce back as the Federal Reserve cut its benchmark rates five times in 2024 and 2025.

Therefore, it might seem smarter to simply stick with the bigger cryptocurrencies than to bet on Polkadot's potential recovery in this choppy market. But if we can tune out the near-term noise, we can spot four reasons Polkadot might be worth buying before the end of the year.

1. Its Polkadot 2.0 upgrades
Polkadot was created by Gavin Wood, one of the co-founders of Ethereum. Like Ethereum, Polkadot uses the energy-efficient proof of stake (PoS) blockchain to validate its transactions, so its tokens can only be staked (locked for interest-like rewards) instead of mined. Polkadot's core Relay Chain only handles its blockchain's security, validation, and cross-chain communication services. That chain serves as a bedrock for its parachains -- which operate independently of one another with their own logic, governance, and tokenomics features. Therefore, the Relay Chain is like the federal government, while its parachains are comparable to individual states.

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Polkadot's parachains support a wider range of features than other monolithic PoS blockchains. For example, some parachains support EVM (Ethereum virtual machine) smart contracts for developing decentralized apps (dApps), non-fungible tokens (NFTs), and other tokenized assets, while others might be specifically designed for decentralized finance (DeFi) apps. That flexibility makes it a popular choice for developers of cross-chain applications.

Over the past year, Polkadot launched a series of "Polkadot 2.0" upgrades -- which reduce its parachain block times, grant more dynamic access to that block space instead of relying on rigid auctions, and give parachains access to multiple cores to speed up their tasks. This December, it plans to launch the "Polkadot Hub," a system-level parachain for smart contracts which doesn't require auctions or coretime payments like its other EVM parachains.

That streamlined approach, which will replace and simplify many functions on its Relay Chain, could draw more developers to its ecosystem and boost the value of its native token. Last year, Polkadot had 17,123 total commits (updates) on the popular developer platform Github. That only put it slightly behind Cardano (ADA +2.52%), with 21,143 commits, and Ethereum, with 20,752. Therefore, Polkadot 2.0's full rollout might help it overtake Cardano and Ethereum in 2026 and beyond.

2. Its new supply cap
In the past, Polkadot increased its supply by about 10% every year without setting a maximum limit. Therefore, it couldn't be valued by its scarcity like Bitcoin, which has a fixed supply cap of 21 million tokens. But this September, Polkadot set a hard cap of 2.1 billion tokens on its existing supply. With a total circulating supply of 1.6 billion tokens, more than three-quarters of its tokens have already been mined. That fixed scarcity could make it more comparable to Bitcoin or gold.

3. The JAM transition
Polkadot expect its 2.0 upgrades to set its foundations for JAM (join-accumulate machine), its plan to replace its relay chain with a fully decentralized "supercomputer" over the next few years. It expects to hold a governance referendum on its JAM transition in early 2026, and that clearer long-term roadmap might stabilize Polkadot's price.

4. The broader crypto market could heat up again
The Fed's interest rate cuts in 2024 and 2025 drove more investors to blue chip tokens such as Bitcoin and Ether, but they didn't immediately boost the prices of Polkadot and other smaller altcoins. That's mainly because Treasury yields -- which are usually inversely related to the market's enthusiasm for more speculative investments -- stayed stubbornly high as investors fretted over sticky inflation, a potential recession, and the issuance of more debt to cover fiscal deficits.

But if Treasury yields finally decline as the macro environment stabilizes, more investors should rotate back toward Polkadot, which has clearer foundational strengths than many other smaller altcoins. So while Polkadot might still be a highly speculative cryptocurrency, it might be worth accumulating before 2026 starts.

Ethereum is fighting to hold the $2,800 level after a brutal correction that has erased more than 45% of its value since late August. The sharp decline has flipped market sentiment decisively bearish, with many traders fearing that ETH has entered a prolonged downtrend. Bulls are struggling to establish a reliable support level, and the lack of strong buy-side reaction so far has only intensified uncertainty. Liquidity continues to thin out across major exchanges, reinforcing the narrative that the market is still deep in a risk-off phase.

Yet, despite the heavy selling pressure and underwhelming price performance, not all major players are stepping back. In fact, some are doubling down. Fresh on-chain data from Lookonchain reveals that Tom Lee’s Bitmine — a well-known crypto-focused investment operation—continues to buy ETH aggressively at current prices. Bitmine has been one of the few entities consistently adding to its position during the downturn, signaling strong conviction that Ethereum remains undervalued in the long term.

This divergence between retail fear and whale accumulation is becoming increasingly notable. As ETH hovers around a critical psychological level, the coming days may determine whether this whale’s confidence translates into broader market stabilization or remains an isolated bet against the prevailing trend.

Bitmine’s Aggressive Accumulation Signals Confidence
According to Lookonchain, Tom Lee’s Bitmine has continued its aggressive accumulation, purchasing another 28,625 ETH worth $82.11 million. This move reinforces the growing narrative that some of the market’s most sophisticated players are positioning for a rebound despite the prevailing fear and relentless selling pressure. Large-scale buying during deep corrections has historically aligned with early reversal zones, and Bitmine’s conviction adds weight to the idea that Ethereum may be approaching a significant turning point.

Bitmine buys 28.625K Ethereum | Source: Lookonchain
Still, a recovery is far from guaranteed. ETH remains trapped near the $2,800 zone, a level that has acted as a fragile line of defense during this downturn. For momentum to shift, Ethereum must not only hold this area but also reclaim the $3,000 mark, which has now flipped into an important resistance zone. A decisive move above this level would signal that buyers are finally stepping back in with strength, potentially setting the stage for a broader trend reversal.

Until then, the situation remains delicate. Bitmine’s accumulation offers a bullish signal, but without confirmation from price structure, Ethereum continues to walk a tightrope. A failure to hold current levels could invite another wave of capitulation, but stability here may spark the rebound whales seem to be anticipating.

Testing a Major Weekly Support Zone
Ethereum’s weekly chart shows the asset sitting on a critical support zone after a steep decline from the $4,800 region. Price has now pulled back to around $2,800, a level that aligns closely with the 200-week moving average—a historically important area where ETH has often found long-term support. This zone previously acted as a launchpad during major market reversals in both 2022 and mid-2023, making its defense crucial for maintaining broader structural strength.

ETH testing key demand level | Source: ETHUSDT chart on TradingView
The recent breakdown below the 50- and 100-week moving averages highlights the intensity of the current selloff. Momentum clearly shifted in favor of bears over the past weeks, with several large red candles confirming aggressive distribution. However, ETH’s current stabilization attempt above the 200-week MA signals that buyers are finally stepping in, preventing a deeper slide toward $2,400.

If Ethereum can hold above this support area and reclaim the psychological $3,000 level, a recovery structure could begin to form. But if the 200-week MA breaks convincingly, the market could face a more prolonged correction.

Featured image from ChatGPT, chart from TradingView.com