Market Signal Briefing

Sat, 22/11/2025 - 12:35

A slew of XRP spot ETFs are expected in the days ahead, with the crypto community counting down to three filings from issuers.

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A couple of XRP ETFs are anticipated in the coming days, with the market counting down to three spot ETFs.

According to Bloomberg Intelligence analyst James Seyffart, the upcoming week might be eventful with the Grayscale and Franklin Templeton U.S. spot XRP ETFs expected to launch Nov. 24.

In a recent tweet, Bloomberg senior ETF analyst Eric Balchunas also indicated that the Grayscale XRP spot ETF is scheduled for a Monday launch. Investment management firm 21Shares posted a countdown tweet: "XRP Army, get ready." This was responded to by popular XRP Ledger explorer XRPScan saying, "what's the ticker."

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21Shares has secured approval for its XRP ETF. This approval allows the firm to move forward with launching the 21Shares XRP ETF, set to begin trading next week on the Cboe BZX exchange under the ticker symbol "TOXR."

As reported, Ripple CEO Brad Garlinghouse indicated that a "pre-thanksgiving rush" for XRP ETFs has started while reacting to Bitwise's XRP ETF launch.

XRP ETFs attract demandThis week, XRP scored another pure play 33 Act ETF in the U.S. The Bitwise XRP ETF with ticker $XRP began trading on the NYSE on Thursday, marking an impressive debut. The Bitwise XRP ETF $XRP reported $25.7 million in trading volume with $107.6 million in inflows and a 0.34% management fee, with the fee set at 0% for the first month on the first $500 million in assets.

Canary Capital’s XRPC, the first U.S. XRP spot exchange-traded fund (ETF), marked an impressive debut in the past week with $58.5 million in trading volume, which is the highest for any ETF launched this year across more than 900 fund launches.

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XRP Faces a Critical Breakdown as Bears Take Control XRP finds itself in one the most decisive phases in months after breaking below its descending channel, a move that market analyst CryptoCeek says officially places bears in control of the price action. 

Source: CryptoCeekThe breakdown marks a significant shift in momentum, raising concerns that XRP may be gearing up for a deeper correction unless bulls step in quickly.

According to CryptoCeek, the major support to watch is $1.61, a level that has historically acted as a strong demand zone and a psychological buffer for traders. 

A clean break and close below this level could trigger rapid downside movement, opening the doors to $1.27 and potentially even $1.00 in short order. Such a decline would erase a large portion of XRP’s recent gains and reinforce the bearish narrative dominating the market.

XRP’s current setup highlights a clear battle between momentum and market structure, with price hovering at $1.91. 

Despite several recent rally attempts, bulls have repeatedly failed to break above the downtrend line that has capped price throughout its multi-week correction. 

Therefore, this resistance now stands as the decisive battleground, reclaiming it would confirm buyer strength and potentially ignite a full trend reversal.

For now, XRP’s breakdown below the descending channel underscores a market under clear bearish pressure. Selling volume is rising, lower-timeframe sentiment has flipped defensive, and CryptoCeek says XRP has entered a critical ‘prove yourself’ zone, where price must show strength or risk sliding into a deeper, prolonged downtrend.

Despite bearish technicals, XRP isn’t without hope. Markets often stage fake-outs before major reversals, and traders are now watching for a decisive reclaim of the downtrend line. A breakout above this level would invalidate the current bearish structure and signal the first real momentum shift toward a sustained recovery.

For now, all eyes are on the $1.61 support, lose it, and XRP risks accelerating lower; hold it, and the market may finally stabilize. This level could define XRP’s trajectory for the rest of the quarter.

Bitwise XRP ETF Surges Out of the Gate With Strong Day 1 PerformanceThe long-awaited Bitwise XRP ETF has officially debuted, and its first day of trading delivered a powerful signal of market demand. 

According to the Bitwise XRP ETF Day 1 End-of-Day Report, the fund closed its inaugural session with $25.7 million in trading volume, $107.6 million in assets under management (AUM), and a highly competitive fee structure designed to attract both institutional and retail capital.

Notably, this performance positions the Bitwise XRP ETF among the strongest crypto ETF debuts, joining launches like the Canary XRP ETF, which recently recorded $245 million inflows, and underscores the surging demand for regulated XRP exposure. 

Long viewed as one of the most battle-tested assets for its speed, utility, and deep liquidity, XRP is now converting that reputation into real market traction as U.S. investors gain direct, compliant access through an ETF.

Bitwise’s XRP ETF posting $25.7 million in first-day volume is a standout signal of early conviction. Strong debut liquidity shows investors are eager for regulated XRP exposure, helping tighten spreads, boost price efficiency, and lay the groundwork for deeper institutional participation in the weeks ahead.

With $107.6 million in AUM, the fund makes a strong debut. These early inflows signal confidence not only in XRP but in Bitwise’s transparency, research rigor, and crypto expertise. As more institutional desks seek digital asset exposure, this early momentum could set the stage for even larger allocations.

Well, Bitwise is boosting its competitive edge with a strategic fee structure: a 0.34% management fee, waived for the first month on the initial $500M in assets. By lowering friction for early adopters, Bitwise signals an aggressive push to scale quickly, an approach poised to capture market share in a fee-sensitive industry.

Notably, Day 1 of the Bitwise XRP ETF wasn’t just a strong launch, it was a milestone for XRP’s mainstream adoption. Robust volume, $107.6M AUM, and a strategic fee structure signal a promising start for what could become a flagship investment in the XRP ecosystem.

ConclusionXRP’s drop below its descending channel puts bears in control, marking a pivotal moment for the asset. Key support at $1.61 will dictate the next move: a break could accelerate a slide to $1.27, or even $1.00, while reclaiming the downtrend line would signal a potential bullish reversal. 

On the other hand, the Bitwise XRP ETF’s impressive debut highlights rising institutional and retail demand for regulated XRP exposure. With strong trading volume, significant AUM, and a low-fee structure, the ETF cements XRP’s role in mainstream finance while paving the way for broader adoption and liquidity. This launch signals growing confidence in both XRP and the evolving crypto ETF market.

The cryptocurrency market has been under severe bearish pressure in the past week, with the price of Bitcoin falling below this year’s opening price. At the same time, other large-cap assets have struggled, registering double-digit losses over the past few days.

In recent months, conversations have swirled around the death of the typical four-year cycle and a shift in the Bitcoin market structure, with the spot exchange-traded funds (ETFs) providing fresh, consistent liquidity. However, the latest on-chain data shows that BTC ETF investors could be under pressure in the coming days.

$79,300: The Pain Threshold For BTC ETF Buyers
In a recent post on the CryptoQuant platform, IT Tech shared an insight into the current Bitcoin market dynamics and how it could affect the relatively new set of investors known as BTC ETF buyers. According to the on-chain analyst, these exchange-traded fund holders are “about to face their first real test.”

The relevant metric here is the Bitcoin US ETF Realized Price, which tracks the average purchase price of BTC held by United States-based exchange-traded funds. This indicator offers insights into the profitability of institutional investors and holders.

IT Tech, however, made an interesting assertion, calling out the idea that ETF capital inflows are “Institutional Money.” The crypto analyst noted that most value added through US-based exchange-traded funds is mostly from retail investors buying through their brokerage accounts.

Source: CryptoQuant
As observed in the chart above, the Bitcoin US Exchange-Traded Funds Realized Price currently stands around $79,300. IT Tech said that the ETF buyers often feel “smart” when above the realized price, while they feel panic (as seen with most retail investors) when below their cost basis.

According to the on-chain analyst, these ETF investors are not accustomed to Bitcoin price declines. Hence, this group of exchange-traded fund holders or “new retail,” who have not been tested before, could enter a phase of panic selling should they go underwater.

Currently, the next significant support for the market leader is marked at around $82,000, where several spot investors have their cost basis. Ultimately, this evaluation makes $79,300 another crucial level to watch should the price of Bitcoin suffer further downturn. 

Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $84,500, reflecting an over 2% decline in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by more than 11% in the past week.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView

Key Takeaways
Is Kiyosaki exiting Bitcoin entirely?
No. He still believes in Bitcoin long-term and plans to buy more later using cash flow from his new investments.

How much return will the new investments generate?
He expects around $27,500 per month tax-free starting in February, pushing his total monthly income into the hundreds of thousands.

Robert Kiyosaki, author of one of the best-selling books “Rich Dad, Poor Dad,” has cashed out a slice of his Bitcoin holdings, selling roughly $2.25 million.

What makes the move notable is not just the profit, given that he originally bought the coins at $6,000 each, but the timing of the sale.

The sale comes as Bitcoin trades around $84,567.86, down 1.12% in the past 24 hours, according to CoinMarketCap.

Why did he sell Bitcoin?
Instead of staying in crypto, Kiyosaki revealed he is redirecting the proceeds into real-world assets, including two surgery centers and a billboard business.

He said, 

“I estimate my $2.25 million Bitcoin investment into the surgery centers and Bill Board business will be positive cash flowing aproximately.”

Kiyosaki’s decision to offload a portion of his Bitcoin [BTC] holdings comes with a clear rationale: converting digital gains into long-term, cash-flow positive assets.

According to his statement, the liquidation will allow him to generate $27,500 per month, that too tax-free, by February, adding to an already substantial income from decades of real-estate-backed businesses.

What will he do with the investment?
With this new investment, he claims his monthly cash flow will rise into the hundreds of thousands of dollars, reinforcing his core wealth philosophy of prioritizing real assets and steady returns.

Despite selling, Kiyosaki clarified that he remains bullish on Bitcoin and plans to accumulate more using future cash flow rather than existing holdings.

He framed the move as part of the same wealth-building strategy he has followed since childhood, emphasizing that while crypto plays a role, it is just one component of a broader financial plan anchored in income-generating real estate.

He also noted that his approach may not fit everyone, even acknowledging that investors like Warren Buffett or Donald Trump follow entirely different playbooks.

However, the sale comes at a time when Bitcoin’s broader market structure appears shaky.

Bitcoin dominance and the fear and greed index
The asset’s dominance has slipped to 58.99%, meaning Bitcoin now holds a smaller share of the total crypto market’s value as capital increasingly rotates into alternatives like Ethereum [ETH], Solana [SOL], and XRP.

This shift suggests waning relative strength for Bitcoin and growing appetite for altcoins, though whether this signals an emerging rotation or general market weakness remains uncertain.

Market sentiment further reflects this fragility.

The Crypto Fear & Greed Index sits at 10, indicating extreme fear as traders pull back from risk and uncertainty rises.

Such levels often accompany panic selling, a lack of confidence, and heightened volatility.

Kiyosaki’s Bitcoin predictions all year round?
Kiyosaki’s latest move fits into a long-running pattern of strategic positioning rather than abandoning Bitcoin altogether.

Earlier this year, he projected Bitcoin could climb as high as $175,000 to $350,000 in 2025, a forecast that influenced his continued accumulation before this recent sell-off.

Yet, in July, he also warned of an imminent collapse, calling it “good news” for long-term believers who could buy at lower prices.

These conflicting stances highlight his cyclical approach: embrace Bitcoin as a high-growth asset while converting gains into real-world, cash-flow-positive investments.

As the market sits in extreme fear, slipping dominance, and heavy selling pressure, his actions underscore a broader message: enduring wealth, in his view, comes not from holding volatile assets alone, but from turning them into consistent income that can weather market cycles. 

Spot Bitcoin ETFs recorded their busiest trading session ever, hitting $11.5 billion in volume as investors reshuffled positions.BlackRock’s IBIT, the largest Bitcoin investment vehicle, dominated the day's activity with more than $8 billion in turnover.The elevated trading activity comes as Bitcoin’s recent price drop has pushed most ETF holders into unrealized losses.US spot Bitcoin exchange-traded funds just posted their busiest trading session ever, even as the recent slide in the cryptocurrency’s price has left the average ETF investor holding losses.

The surge in activity marks a new phase in the market’s adjustment to this month’s selloff in the sector.

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BlackRock’s IBIT on Top as $238 Million Inflows Return Amid Market StressOn November 21, Bloomberg Senior ETF Analyst Eric Balchunas reported that the 12 spot Bitcoin ETFs recorded $11.5 billion in combined trading volume.

US Bitcoin ETFs Record Trading Volume. Source: Eric BalchunasBalchunas described the spike in volume as “wild but normal,” noting that ETFs and other asset classes tend to record elevated turnover during periods of market stress.

He said such bursts of activity often signal the release of liquidity as investors reshuffle positions.

The elevated turnover reflected brisk two-way participation, with some investors cutting exposure while others took advantage of lower prices to add to positions.

BlackRock’s IBIT led the surge, generating $8 billion in turnover and accounting for more than 69% of all spot Bitcoin ETF trading that day. This was IBIT’s highest-volume session since launch, though the fund still ended the day with $122 million in outflows.

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“Also, no surprise record week for Put volume in IBIT.. this is one thing that may help people stay the course, they can always buy some puts as a hedge while they stay long,” Balchunas added.

Meanwhile, other Bitcoin ETFs, led by Fidelity’s FBTC, posted net inflows of more than $238 million.

Despite this inflow, the 12 Bitcoin investment vehicles are on course for their worst trading month, with net outflows of more than $3.5 billion.

US Bitcoin ETFs Monthly Flows. Source: SoSoValue This substantial outflow and record session come as the average spot Bitcoin ETF holder has slipped into the red.

Data from Bianco Research shows the weighted average purchase price for spot Bitcoin ETF inflows stood at $91,725 as of November 20.

Bitcoin’s drop below that level this week pushed most holders, including those who entered the market in January 2024, into unrealized losses.

Bitcoin fell roughly 12% this week to as low as $80,000 before recovering to $84,431 as of press time. This price performance extends a month-long slide and reinforces the risk-off sentiment across digital assets.

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TLDR:

Bitcoin’s MACD hits all-time low despite only 33% price drop, signaling mechanical selling.
RSI indicates near-capitulation levels, yet no macro or ETF-driven stress exists.
Altcoins and Ethereum remain resilient despite prolonged BTC liquidation flows.
Single participant’s structural unwind drives market pressure, broader crypto cycle intact.

Bitcoin is showing unusual price behavior that experts attribute to mechanical unwinding rather than market sentiment. Since October 10, data suggests a single participant has been systematically offloading large positions. 

Key on-chain indicators point to extreme momentum without a broader market catalyst. Despite the selling, altcoins and Ethereum remain relatively resilient, and ETF demand continues to support the market.

The Bitcoin Mechanical Selling Pattern
Glassnode data, highlighted on X by the founder, Negentropic, shows the 1D MACD hitting all-time lows while Bitcoin’s price is only down around 33% from its highs. This pattern is atypical for natural market declines, which normally include volatility resets and pauses. 

The relative strength index (RSI) is near capitulation levels, yet there is no macroeconomic stress, credit shock, or ETF outflows. This indicates a rules-based, mechanical liquidation rather than a sentiment-driven sell-off.

The systematic selling appears highly constrained and consistent across timestamps and venues. Flow patterns have repeated for 21 consecutive days, showing no reflexive bids or market reactions. 

Historical comparisons suggest similar technical extremes previously coincided with 60% price drops, derivative blowouts, and negative funding, none of which are present now. ETFs remain net positive, long-term holders are removing supply methodically, and altcoins are holding their ground relative to Bitcoin and Ethereum.

Ethereum has maintained stronger price support compared to Bitcoin throughout this period. Meanwhile, Solana ETF inflows remain steady, showing investor confidence in altcoins. 

The coordinated nature of the selling points to a single liquidity provider or fund that experienced structural issues on October 10. The entity appears to be reducing exposure through a disciplined, rules-based process rather than reacting to market sentiment.

What’s happening in Bitcoin right now isn’t a narrative shift: it’s a mechanical unwind.

The data is pointing to something very specific:a forced seller that blew up around October 10 and has been offloading in a constrained, systematic way ever since.

Here’s why:

• The 1D…

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 21, 2025

Market Resilience and Broader Cycle Stability
Despite the mechanical unwind, the broader crypto market cycle remains intact. Price action continues to form higher highs and higher lows, supported by spot demand and ETF inflows. 

Key market metrics indicate that stress is isolated, affecting only one participant rather than the system as a whole. This suggests the current downturn does not represent capitulation or a trend break in Bitcoin or the wider crypto ecosystem.

Liquidity flows are structured, and the temporary pressure may create an amplified rebound once exhausted. The constrained selling contrasts with natural market declines, which usually involve reflexive buying and volatility resets. 

Altcoins’ relative stability confirms that broader investor sentiment is largely neutral to bullish. Investors monitoring Bitcoin and Ethereum should note that current stress signals reflect mechanical factors, not macro weaknesses.

Solana shows rising wallet activity despite a 49% decline, placing focus on the $130 reclaim level for a potential momentum recovery.

Izabela Anna2 min read

22 November 2025, 11:23 AM

Solana is navigating a critical moment after an intense month of selling pressure. The asset now trades near $126.50, showing a mild 0.75% daily gain but carrying a 10.22% weekly decline. The market value has dropped 49% since its September 17 peak.

Santiment data indicates stronger participation across wallets, steady growth in new addresses, and rising interactions. This contrast suggests that sentiment may not fully match price weakness. It also hints at early accumulation behavior as the market reassesses risk conditions across major assets.

Rising On-Chain Activity Counters Steep Price DeclineSolana’s circulating supply stands at 560 million tokens, valuing the network at nearly $70.7 billion. Besides the macro pressure, traders are increasingly watching on-chain strength. 

Consequently, the uptick in address creation offers a rare divergence during a sharp market reset. Moreover, the growth in active wallets signals continued confidence in Solana’s broader ecosystem.

Market watchers argue that this trend often appears near exhaustion points. Hence, the contrast between lower prices and rising participation is now shaping a debate among traders who monitor behavioral data.

As per comments from market analyst 0xBossman, Solana’s 51% monthly drop places the asset inside a historical support zone around $125 to $130. He noted that the location aligns with previous reaction levels. 

He also remarked that Solana remains one of the market’s most momentum-driven assets. Hence, he sees the area as a calculated entry with a strict downside limit near $120.

Reclaiming $130 Becomes Key as Momentum Stays FragileSource: X

Analyst Crypto Tony added another view centered on the lower-timeframe trend. According to his assessment, Solana needs to reclaim $130 to flip market structure. He noted that every attempt to push higher has stalled at that barrier. Moreover, he pointed out that a clean move above $130 may open the way toward $135 or even $140.

However, network activity shows a different story. However, a rejection at that point could send Solana back to $124. It may even expose $120 if sellers remain aggressive. Hence, the current zone remains a do-or-die region that demands strong confirmation.

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Izabela Anna

Izabela Anna is a knowledgeable freelance journalist, who boasts over five years of experience covering the cryptocurrency market. Her tenure has seen her navigate through the ebbs and flows of multiple market cycles, giving her a deep understanding within. Her journalistic focus lies in dissecting price action dynamics, scrutinizing the on-chain landscape, and providing insights from a technical perspective, making her a trusted voice in the realm of cryptocurrency reporting.

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Latest Solana (SOL) News Today

Grayscale's Dogecoin and XRP ETFs launch on NYSE on November 24, marking the first simultaneous altcoin ETF debut.

Newton Gitonga2 min read

22 November 2025, 11:31 AM

Grayscale has secured approval from the New York Stock Exchange to launch spot exchange-traded funds for Dogecoin and XRP, with both products set to begin trading on November 24. The NYSE Arca certified its approval for both the Grayscale XRP Trust ETF (GXRP) and the Grayscale Dogecoin Trust ETF (GDOG) through regulatory letters dated November 21.

This marks the first time two major altcoin ETFs will enter the U.S. market simultaneously. Bloomberg analyst Eric Balchunas confirmed the approvals and noted that a Grayscale Chainlink ETF may follow soon. The dual launch represents a significant expansion for Grayscale beyond its established Bitcoin and Ethereum products.

Regulatory Approval Clears Path for Mainstream AccessThe approval allows Grayscale to make shares available to investors through its regulated trust platform, enabling conventional investors to benefit from token price performance without holding digital assets directly. Both the XRP and Dogecoin ETFs will carry a 0.35% management fee. Grayscale, which oversees more than $35 billion in client assets, first launched its closed-end XRP trust in September of the previous year.

The ETF structure removes traditional barriers to entry. Investors can now access these digital assets through standard brokerage accounts and retirement portfolios. This eliminates the need for crypto exchanges, digital wallets, or custody solutions. The simplified access opens participation to institutional and retail investors who previously avoided cryptocurrency markets due to technical complexity.

Earlier this year, Grayscale filed with the SEC to convert its XRP product into an ETF, following the successful conversion of its Bitcoin and Ethereum trusts. The company continues expanding its regulated product lineup. Grayscale is preparing to go public in the United States, having filed for an IPO to list its Class A shares on the NYSE.

Trading Activity Surges Ahead of LaunchDogecoin derivatives volume increased more than 30% to reach $7.22 billion according to CoinGlass data. XRP derivatives volume surged 51% to hit $12.74 billion

Price volatility has intensified in the days before launch. At the time of writing, Dogecoin is trading at $0.1364, suggesting a 1.18% decline in the last 24 hours.

Dogecoin price chart, Source: CoinMarketCap

XRP slid sharply during early trading hours before bouncing near $1.85, with the recovery pushing prices back toward $1.90 at the time of writing.

XRP price chart, Source: CoinMarketCap

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Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Dogecoin (DOGE) News

Robert Kiyosaki has moved a chunk of his Bitcoin into businesses that pay him now. Reports have disclosed he sold roughly $2.25 million worth of Bitcoin, cashing out after years of saying he was bullish on the cryptocurrency.

He did not say he was exiting crypto; instead, he described the shift as turning paper gains into steady income.

Taking Profits For Cash Flow
According to his post on X, Kiyosaki said he first bought the coins when Bitcoin traded around $6,000. He sold the recent batch at about $90,000 per coin. He recently predicted that Bitcoin will hit a $250k price tag.

He told followers the proceeds will be used to buy two surgery centers and a billboard advertising business.

The ‘Rich Dad Poor Dad’ author says he expects those businesses to produce about $27,500/month in tax-free income by early next year. That income, he said, will be used to buy more crypto over time.

PRACTICING WHAT I TEACH:

I sold $2.25 million in Bitcoin for approximately $90,000.

I purchased the Bitcoin for $6,000

a coin years ago.

With the cash from Bitcoin I am purchasing two surgery centers and investing in a Bill Board business.

I estimate my $2.25 million…

— Robert Kiyosaki (@theRealKiyosaki) November 21, 2025

Market Context And Timing
Bitcoin’s price has been volatile. The coin briefly fell into the low $80,000 range during the same period Kiyosaki made the sale public.

Traders have been watching big names for clues about sentiment. Kiyosaki’s move came as some investors were taking profits and others were buying dips.

His message was simple: turn gains into income now, then use that income to accumulate later.

Bitcoin is currently trading at $84,103. Chart: TradingView
Why This Matters To Investors
Reports have disclosed Kiyosaki still expects higher prices over the long run. He has made bullish targets in the past, and he has said he still believes in crypto’s upside.

Yet selling part of a holding while keeping the rest sends two signals at once: confidence in future gains and a preference for predictable cash flow today.

For some investors, that dual message will seem cautious. For others, it looks like smart money management.

Business Details And Tax Notes
Kiyosaki described the new purchases as income vehicles. The claim that the monthly return will be tax-free depends on how those businesses are structured and where they are held.

Tax rules vary by country and by the legal form of the business. That means the “tax-free” outcome he mentioned may not be the same for every buyer or investor.

A Measured Reaction
Some market watchers saw the move as a routine rebalancing. Others took it as a headline that could influence sentiment in the short run.

Whether a sale of this size by a public figure will change the price permanently is unclear. Prices are driven by many factors: macro data, regulatory signals, whale moves, and investor mood.

Kiyosaki did not abandon his bullish stance. He turned a part of his crypto gains into assets that, he says, will pay him regularly and help him buy more crypto later.

Featured image from Getty Images, chart from TradingView

TLDR:

On -chain activity on major L1s drop as Solana’s active wallets fall from 32 million to 1.7 million.
BNB Chain retained 941,000 active wallets driven by Aster interest and brief meme activity.
Base activity eased to 437,000 wallets after recent growth slowed within current market conditions.
Ethereum and Polygon stayed steady at 86,000 and 252,000 wallets amid broader activity compression.

Solana’s on-chain activity has taken a sharp hit as daily active wallets slide far below last year’s peak. The latest figures show a steep drop from the chain’s September 2024 surge during the meme coin rush. 

Data shared by CryptoRank indicate that major Layer 1 networks are now experiencing broad slowdowns. The wider market appears to be entering a calmer on-chain phase as activity compresses across ecosystems.

On-Chain Activity Shows Broad Declines Across Major Networks
Solana’s collapse in active wallets marks one of the largest declines among top chains. 

Activity has fallen from nearly 32 million wallets during last year’s meme wave to about 1.7 million now, according to CryptoRank data. The shift underscores a sharp cooldown after months of heavy retail flow tied to meme trading.

Source: CryptoRank
BNB Chain has held up better than its peers in this environment. 

Current numbers show about 941,000 active wallets, supported by rising engagement around the Aster protocol and short-lived meme activity. This stability comes as most networks face slower user movement.

Base has shown a different path. 

Activity climbed earlier this year, but current conditions have slowed that growth. CryptoRank reports about 437,000 active wallets on the network, indicating a pullback after recent momentum.

Ethereum and Polygon continue to show steady patterns with less dramatic changes. 

Both networks sit close to levels recorded in past months, with Polygon at about 252,000 wallets and Ethereum near 86,000. Their stability suggests entrenched user bases even as broader activity cools.

Market Conditions Shape User Behavior Across Layer 1 Chains
The market environment appears to be driving uniform shifts across networks. 

Activity trends from CryptoRank show that user engagement has leveled off after several high-volume months. The slowdown aligns with reduced speculative trading across major ecosystems.

Solana’s drop reflects how quickly attention can move after a cycle peak.

Last year’s meme frenzy created a burst in daily wallets before fading as conditions normalized. The current numbers highlight a retracement toward pre-mania activity levels.

BNB Chain’s performance stands out in this landscape. 

Aster protocol enthusiasm and brief meme-driven movements have kept activity more stable. This has positioned BNB as one of the steadier networks during current market shifts.

Base now appears to be easing from its earlier growth streak. 

User activity gained momentum before slowing with the broader pullback. The latest readings from CryptoRank indicate cooling interest as conditions shift across chains.

Bitcoin traders turn optimistic as Fed rate cut odds jump to 69% in 24 hours. Analysts debate whether the December policy shift could spark a massive rally.

Newton Gitonga2 min read

22 November 2025, 09:47 AM

Bitcoin traders have adopted a more positive outlook following a sharp increase in expectations for a December interest rate cut by the US Federal Reserve. The probability of a rate reduction nearly doubled in 24 hours, reaching 69.40% on Friday from just 39.10% the previous day, according to the CME FedWatch Tool.

Target Rate Probabilities, Source: CME FedWatch Tool

The digital asset is currently trading around $85,083, reflecting a decline of more than 12.14% over the past week, according to CoinMarketCap data. Market participants believe a potential policy shift could provide support for Bitcoin after weeks of downward pressure.

The surge in rate cut expectations stemmed from remarks by New York Federal Reserve President John Williams. He indicated the central bank could reduce rates "in the near term" without undermining inflation control efforts. Markets interpreted his statements as a dovish signal.

Bloomberg analyst Joe Weisenthal attributed the dramatic shift in odds primarily to Williams' comments. Social media discussions among cryptocurrency traders quickly turned optimistic. Crypto analyst Moritz questioned whether the increased probability would help Bitcoin establish a price floor.

Some market observers expressed strong bullish sentiment. Mister Crypto noted that such developments typically favor risk assets, though debate continues about the actual impact. Crypto commentator Jesse Eckel described the setup as extremely favorable, highlighting the economy's transition from monetary tightening to potential easing. Analyst Curb predicted that cryptocurrency markets could experience a significant rally.

Contrasting Views on Market ImplicationsNot all experts share the enthusiasm. Veteran economist Mohamed El-Erian cautioned against overreacting to a single speech. He warned traders might be extracting too much meaning from Williams' remarks.

Rate cuts generally drive investors toward assets like Bitcoin as traditional fixed-income yields decline. Several analysts argue that the macroeconomic environment now supports a potential reversal in cryptocurrency prices.

Coinbase Institutional released an analysis on Friday suggesting futures markets have underestimated the likelihood of a rate reduction. The firm stated: "We believe the odds for a rate cut are actually mispriced." Their assessment considered new tariff research, private-sector economic data, and real-time inflation monitoring.

According to Coinbase, traders initially anticipated a 25 basis point cut but revised expectations after inflation reports earlier this quarter raised concerns. The firm noted that tariff effects typically reduce inflation and increase unemployment in the short term. These factors create demand constraints that strengthen the argument for rate cuts.

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Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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TL;DR

Pendle’s Innovation: The protocol unlocks yield-bearing assets by separating principal and future yield, creating new opportunities in DeFi.
Price Predictions: Forecasts from 2026 to 2032 show ranges from modest gains near $2.46 to ambitious highs above $81.98.
Long-Term Outlook: Adoption, regulation, and market maturity could drive resilience, positioning Pendle as a strong player in the decentralized finance sector.

Pendle is a decentralized finance (DeFi) protocol designed to unlock the full potential of yield-bearing assets. By allowing users to tokenize and trade future yield, Pendle introduces a new layer of flexibility to DeFi markets. This innovation enables investors to separate the principal value of an asset from its yield, creating opportunities for hedging, speculation, and more efficient capital management.

The Role of the PENDLE Token
At the heart of the ecosystem lies the native token, PENDLE, which powers governance and incentivizes participation. Holders of PENDLE can vote on protocol upgrades, liquidity incentives, and strategic decisions, ensuring a community-driven approach to growth. Additionally, the token plays a crucial role in liquidity provision, rewarding users who contribute to the protocol’s stability and expansion. Its dual utility, governance, and incentives positions PENDLE as a cornerstone of the platform’s long-term sustainability.

Looking Ahead
As decentralized finance continues to evolve, Pendle stands out for its unique approach to yield management. By bridging traditional financial concepts with blockchain innovation, it has carved a niche in the competitive DeFi landscape. With Pendle’s foundation and utility established, the next logical step is to examine how its native token could behave in the coming years.

Understanding the broader market context, adoption trends, and technological developments will provide a framework for evaluating potential scenarios. This sets the stage for a deeper exploration of Pendle’s price predictions between 2026 and 2032.

Pendle Market Outlook for 2026
According to projections highlighted by CoinCodex, the cryptocurrency is expected to trade within a relatively narrow range between $2.44 and $2.46 during 2026. This modest movement would represent a slight increase of 0.72% if the asset reaches the upper target of $2.46.

Other analyses point to a more dynamic scenario, where the coin could sustain its bullish trajectory if it manages to hold above the $5.00 support level. In this case, continuation patterns such as bull flags or pennants might emerge, paving the way for gradual advances toward $6.80.

Evaluating Pendle’s Potential in 2027

CoinDataFlow’s experimental forecasting model indicates that the cryptocurrency could see an increase of 21.95%, potentially reaching $3.00 in the best-case scenario. For the year, the projected trading range is between $1.14 and $3.00, suggesting both upward potential and the possibility of volatility.

An alternative, highly optimistic scenario envisions 2027 as a correction year, with temporary dips followed by recovery. In this case, the coin’s lowest price is projected at $6.57, with an average level around $8.70 and a peak reaching $10.82. Despite the anticipated fluctuations, maintaining an average near $8.70 would signal resilience and sustained investor confidence.

Pendle Token Performance Insights for 2028
According to data from DigitalCoinPrice, there is a strong possibility that the cryptocurrency could nearly double in value during 2028. Forecasts suggest an all-time high between $10.76 and $11.17, though reaching the upper target may prove challenging.

A more moderate outlook envisions the asset testing the $8.20 zone, aligning with measured channel extensions rather than a full breakout. In this scenario, growth in DeFi integrations and steady on-chain activity could help maintain an average near $6.40, with $4.80 serving as a critical support to preserve the broader uptrend.

Anticipated Market Trends Around Pendle in 2029

Insights from Changelly’s crypto experts suggest the asset could trade within a band stretching from $22.18 to $27.55 during 2029. The average level is projected near $23.00, pointing to a year of relative stability with potential for moderate appreciation. This scenario reflects confidence in the ecosystem.

Another projection outlines a different path, with values fluctuating between a low of $8.12 and a high close to $15.93. Under this view, the average price is expected to hover around $11.28, driven by steady cryptocurrency adoption and clearer regulatory frameworks. While less aggressive than Changelly’s forecast, this outlook emphasizes resilience and gradual progress.

Pendle Long-Term Value Considerations for 2030
Forecasts suggest that by 2030, the cryptocurrency could trade within a range between $5.51 and $11.04. If the upper target is achieved, this would represent a gain of approximately 366.21%, underscoring the potential for significant appreciation compared to earlier years.

Another perspective envisions the asset approaching a major valuation zone near $9.50, with market maturity and broader adoption helping sustain an average price around $7.60. In this scenario, support near $5.80 is expected to act as a long-term floor.

Pendle Ecosystem Growth and Price Context in 2031

Findings from the latest experimental forecasting model suggest the asset could experience a rise of 311.17%, potentially reaching $10.11 in the most optimistic scenario for 2031. Throughout the year, values are expected to fluctuate within a range between $4.13 and $10.11, reflecting both upside potential and the possibility of corrective phases.

A more aggressive technical analysis envisions the coin starting 2031 near $17.95 and maintaining that level by year’s end, with additional peaks projected around $16.58. This scenario underscores the significance of the 2025–2031 period as a transformative phase for growth, suggesting that broader adoption and structural developments could elevate the digital asset into higher valuation zones.

Pendle Future Scenarios and Market Position in 2032
Analysts project that by 2032, the asset could reach a maximum valuation of $81.98, while the lower boundary may fall near $67.38. The expected average trading level is around $69.86, suggesting a year defined by strong market positioning and higher valuations compared to prior cycles.

On the other hand, simulation-based models present a more conservative outlook, anticipating a rise of 600.18% with values ranging between $6.94 and $17.22 throughout the year. In this case, the highest potential price is capped at $17.22, pointing to a less aggressive trajectory but still highlighting significant upside relative to earlier benchmarks.

Conclusion
Pendle’s evolving role in DeFi highlights both its innovative yield management and the potential volatility of its asset. Price forecasts from 2026 to 2032 reveal diverse scenarios, ranging from modest gains to ambitious highs. Together, they underscore Pendle’s resilience, adaptability, and long-term relevance in the digital finance landscape.

The Price Predictions published in this article are based on estimates made by industry professionals; they are not investment recommendations, and it should be understood that these predictions may not occur as described.

The content of this article should only be taken as a guide, and you should always carry out your own analysis before making any investment.

The XRP price has faced one of its toughest months in recent history, with November delivering sharp market-wide declines. As XRP price today hovers near $1.91 after steep losses, traders are closely watching technical signals and fresh catalysts that may influence the next major move on the XRP price chart.

XRP Slides as Market Suffers Its Harshest MonthThe broader cryptocurrency market has endured severe double-digit declines in November, and XRP crypto has been no exception. Over the past week alone, the XRP price USD dropped more than 15% and briefly fell below $1.90. 

This correction has now pulled the token nearly 50% lower from its July all-time high. Despite the weakness, the market structure remains closely monitored due to emerging technical and fundamental developments that could shift the trend.

TD Sequential Flashes Buy SignalInterestingly, the TD Sequential indicator has flashed a buy signal. This historical behavior is now drawing traders’ attention as the XRP price prediction narrative evolves. 

Adding to this setup, 1.80 billion XRP was previously accumulated around the $1.75 level, forming a major support zone where buyers may attempt to defend the trend.

Now, the XRP price forecast now depends heavily on whether the token can maintain stability above this critical range.

XRP Price To React Big as Spot XRP ETF Launch NearsAnother element adding potential upside pressure is the launch of Grayscale’s spot $XRP ETF (GXRP), which is scheduled to go live on Monday. 

Market observers believe this development could inject fresh bullish sentiment and attract institutional inflows if early demand appears strong. 

For traders tracking the XRP price chart, this milestone aligns with a period where market confidence is needed.

XRP Price Shows Exact Pattern Previously HighlightedAdding more intrigue, the current pullback aligns directly with an older projection that expected XRP to drop to $1.90 before any rally attempt. This setup has now materialized precisely as outlined two weeks ago by Ali Martinez, contributing to renewed optimism. 

If the broader bull cycle continues, the XRP price has been highlighted as potentially offering a buying opportunity at $1.90 before targeting higher levels, with the speculative upside reaching toward $6 under ideal conditions.

Although these scenarios remain dependent on market momentum, technical alignment, and the XRP ETF catalyst, the XRP price now sits at a level many traders believe may shape the next directional phase.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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November, typically one of the bullish months of the year, has been covered in red, as Bitcoin has fallen sharply.

But in the middle of this chaos, altcoins are acting in a way no one expected. Well-known analyst Bull Theory says altcoins are not crashing with Bitcoin, they are actually holding up better. 

This rare behaviour may be the first sign that the market is getting ready for a new phase.

Altcoins Refuse to Collapse, While Bitcoin BleedsCrypto analyst Bull Theory highlighted a major change occurring quietly on the charts. While Bitcoin has fallen more than 24% in November, the ALT/BTC ratio has increased by nearly 9.5%. 

Normally, when Bitcoin falls this much, altcoins fall even harder. But this time, they are holding up instead of breaking down.

According to the analyst, this typically occurs only after a strong wave of altcoin seller exhaustion, when most holders have already sold, leaving little selling pressure behind. 

However, the ALT/BTC chart supports this view, showing that altcoins faced heavy selling in October, but from early November they slowly started to rise, even as Bitcoin continued to fall.

60% of Binance Volume Goes to AltcoinsBacking this view, CryptoQuant analyst Maartunn pointed out a big shift in trading activity on Binance. He noted that altcoins now make up around 60% of all trading, the highest level seen since early 2025. 

In comparison, Bitcoin and Ethereum together account for only about 20%.

This kind of trading split has often appeared during periods when traders become more active and take more risks.

Bitcoin Reaches Oversold LevelsWhile altcoins are showing unexpected strength, Bitcoin is hitting some of its most oversold levels in years. The daily RSI has dropped to its lowest point in two years, and the weekly RSI is now back to where it was in January 2023.

On top of that, the daily MACD is at its lowest reading ever recorded. These kinds of signals usually appear when a sell-off is close to ending, not when a new downtrend is just starting.

These signs usually show up when a big fall is almost done, not when a new crash is starting. This means Bitcoin might be close to finding a short-term bottom soon.

As of now, bitcoin is trading around $83,953, reflecting a jump of 2.5% seen in the last 24 hours. 

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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11h26 ▪
3
min read ▪ by
Evans S.

Summarize this article with:

The Bitcoin Core audit everyone was demanding has finally taken place and it found almost nothing to criticize. For software securing a network worth hundreds of billions, this is no small detail. It is a strong signal, both for cypherpunks and institutional desks accumulating BTC behind the scenes.

In brief

The independent Bitcoin Core audit revealed no major flaws, confirming the high maturity and robustness of its code.
Debates around Bitcoin Core v30 and Bitcoin Knots mainly concern the presence of non-financial data on the blockchain, between protocol neutrality and filtering intentions.
For users as well as institutions, this audit reinforces the idea that BTC relies on a serious software infrastructure that is hard to attack from a security standpoint.

A Bitcoin Core audit passed with flying colors
For 104 days, Quarkslab audited Bitcoin Core for OSTIF, funded by Brink: a historic first public audit. The goal was to verify if the software that runs the majority of BTC nodes truly deserves the trust it has been given for years.

The scope was no cosmetic detail. Auditors focused on the most sensitive parts: peer-to-peer layer (P2P), block validation logic, chain state management, reorganization scenarios. In short, everything that, in case of a subtle bug, could destabilize the entire network.

Result: no critical, high, or even medium vulnerabilities. Only two minor issues were detected, with some recommendations targeting fuzzing tools and improving test coverage. These points do not affect consensus, DoS attack resistance, or transaction validation. For more than 200,000 lines of C++ and 1,200 tests, auditors praise a codebase among the most mature.

P2P, mempool, reorganizations: the network’s core examined closely
The Bitcoin Core audit focused on the P2P layer, where blocks, transactions, and peer discovery transit. Each node can handle about 125 connections, turning this network into a gigantic propagation web. The auditors explored workaround paths, trying to bypass validation and bans of malicious peers in Bitcoin Core. They found none exploitable.

Then, attention was placed on the mempool, chain state transitions, and reorganization management. These critical areas can cause chain divergences, temporary desynchronizations, or open the way to sophisticated attacks. Here again, the audit revealed no practical attack vectors that could be exploited on the real network.

Above all, Quarkslab did not just check boxes. The team recommended expanding fuzzing with new scenarios, notably on block connection and reorganizations. This already translates into new fuzzing harnesses, better file system management to speed up tests, and tools to detect performance regressions over time. In short, the audit does not just state that it is solid today, but strengthens Bitcoin Core’s ability to remain robust tomorrow.

While the Bitcoin Core audit ended with no flaws, another storm was brewing in the community. In October, the Bitcoin Core v30 update, described by some as a change that threatens network unity, reignited tensions between supporters of Bitcoin Core and those of Bitcoin Knots.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

17 minutes ago

A solo Bitcoin miner earned 3.146 BTC worth $266,000 with a computing power of only 1.2 TH/s, beating massive odds.

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A solo Bitcoin miner hit the jackpot on Friday, earning 3.146 BTC, worth roughly $266,000, after solving block 924,569 with only a tiny fraction of the computational power typically needed to win a block reward.

The miner, who is believed to be operating a hobby-grade machine, struck gold with a hash rate of roughly 1.2 terahashes per second (TH/s), which is a speck of dust in an industry dominated by industrial-scale operations producing exahashes (one quintillion hashes per second).

CKpool creator Con Kolivas announced the win on X, congratulating the “extremely lucky” miner and noting just how improbable the event was. He estimated that the odds translate to about 1.2 million to one per day at the miner’s reported hash rate.

The miner received 3.125 Bitcoin (BTC) from the block subsidy plus 0.021 BTC in transaction fees, bringing the total to just over 3.146 BTC, according to onchain data.

CKpool creator announces win on X. Source: Dr ckSolo Bitcoin miners see more wins in 2025Despite the industrial mining landscape, 2025 has become an impressive year for solo miners. According to Mempool Space, 13 solo-mined blocks have been found through CKpool this year, averaging just over one a month.

Last month, a solo Bitcoin miner secured a $347,455 reward after independently solving block 920,440, earning 3.125 BTC plus fees entirely on their own.

Earlier in July, another miner with just 2.3 petahashes of power claimed a full block reward, while similar wins were recorded in June, March and back in February.

Bitcoin miners pivot toward AIMajor miners are seeking new revenue sources beyond Bitcoin mining, especially after the latest halving tightened their margins.

CleanSpark has already begun shifting into AI-focused data center infrastructure, a move that sent its stock up 13% after the expansion was first announced in October.

TeraWulf also plans to raise $500 million through a convertible note offering to help finance the construction of a new data center campus in Abernathy, Texas.

Magazine: 2026 is the year of pragmatic privacy in crypto — Canton, Zcash and more

The story of corporate Bitcoin adoption is often told as a parade of logos. New CFO decides to be bold. Board nods. Treasury buys coin. Number go up.

That parade has not shown up for two months. According to BitBo’s treasuries tracker, the last fresh company to join the BTC-on-balance-sheet club was GD Culture Group on September 18. Since then, it’s been nothing new, and the “new entities” table just sits there with that same date at the top.

That doesn’t mean there’s no corporate demand. It just means that it looks different. The net bids are dominated by the same cast of repeat accumulators, with Strategy the poster child for tradfi’s thirst for Bitcoin.

On Nov. 17, the company added 8,665 BTC in a single shot, a reminder that the most consistent buyers are already in the pool. The market might not be onboarding new swimmers, but it sure is watching the veterans do extra laps.

To understand why the pattern changed and what it means for the next leg of adoption, we must dive deep into the numbers.

The empty on-rampLet’s start with the absence.

BitBo’s “Newly Added Treasury Entities” log is a rolling register of first-time holders. The lines before Sep.18 read like a bull-cycle scrapbook, with small public companies testing the waters, a few private names, and even some municipal experiments.

After GD Culture Group’s acquisition on Sep.18, the list goes quiet until Nov. 21. In a market that’s built on momentum, you can’t ignore two months of stillness. This lack of activity shows us that onboarding has a cadence, and right now, the cadence is slow.

Table showing the last 10 newly added treasury entities on Nov. 21, 2025 (Source: BitBo)So, why the quiet period? There are a few plausible culprits.

First, accounting and governance. Even after the move to fair value accounting in the US, many boards still treat BTC like a spicy footnote rather than a core treasury asset. Policy templates and audit comfort take time to propagate. No amount of keynote speeches instantly rewires board risk committees.

Second, substitution by proxy. Spot Bitcoin ETFs solved a pain point for institutions that wanted Bitcoin exposure without custody and policy overhead. If your board can buy IBIT or FBTC through the same brokerage stack that holds your bond ETF, the perceived need for raw coin on the balance sheet drops.

BitBo’s “Latest Changes” feed is now a daily ledger of ETF inventory shuffling, which is great for liquidity but does not add a logo to the corporate treasuries wall.

Third, attention allocation. This year has so far felt like a choose-your-own-adventure between AI capex and digital asset policy. But, CFOs have finite focus, and if the marginal dollar is being routed to GPUs or debt paydown, the “buy BTC” memo tends to land lower in the stack.

As a result, new corporate entrants have paused, and repeat buyers are powering the headline prints. Case in point: Strategy’s November acquisition. If you care about market structure rather than narratives, this concentration matters more than the absence of fresh logos. (Bitbo)

Who is selling into the quiet?Now we turn to the other side of the ledger. The same BitBo change log that shows Strategy’s bulk purchase also shows a run of meaningful disposals and restructurings among miners and small caps.

HIVE Digital is the most striking example because the percentage change jumps off the page. On Sep. 30, HIVE’s reported BTC balance moved from 2,201 to 210, a reduction of 1,991 coins, roughly a 90% drawdown. HIVE’s management explained the split: as of Sep. 30, there were 210 BTC unencumbered in treasury and 1,992 BTC pledged.

This means that a big stack exists, but much of it is tied up to finance expansion rather than sitting as free liquid collateral. While the headline number shrank, the economic exposure didn’t vanish. However, that nuance is easy to miss if you only skim a table.

Look beyond HIVE and you see more pragmatic balance sheet choices. Argo Blockchain’s BTC line declined about 82% between snapshots; Cathedra’s was down roughly 74%. Miners live inside a three-variable equation of hashprice, energy cost, and capital availability.

When electricity is volatile and investors prefer self-funding over equity taps, selling inventory or pledging it to back equipment becomes the rational choice.

You also see aggressive accumulation by miners that can. Bitdeer’s entries show steady increases through November, while Hut 8’s balance rose by over 3,400 BTC between quarter-end snapshots as integration and treasury strategy evolved. The “miners are selling” headline is too simple. Some are, that’s true, but some are also not, and the spread illustrates their cost structures and access to financing.

Why this lull mattersIf new corporate entrants aren’t arriving and repeat whales are setting the tone, the shape of corporate demand changes, and concentration rises. Liquidity depends on a handful of buyers and a handful of professional sellers. That’s not inherently bad.

However, it means volatility around announcements becomes more theatrical. When Strategy posts an 8,665 BTC add on a slow news day, the narrative vacuum basically fills itself. The more silent the onboarding pipeline, the louder the whales sound.

There is also a supply signal hidden in the miners’ column. Pledged coins are not the same as coins ready to market. HIVE’s update is the cleanest example because management laid out the tally on the record: 210 unencumbered, 1,992 pledged.

This is a clear split between liquid and financed exposure. The pledged slice is functionally collateral for capex, and it may convert back to liquid inventory later. Until then, we shouldn’t double-count it as “available to sell.”

Add the ETF presence to the picture, and you have a triangle. ETFs transform demand from a corporate treasury decision into a portfolio allocation decision, which siphons some would-be corporate first-timers into fund units.

The corporate logo board stops growing, but the pool of addressable buyers gets deeper through brokerage rails. The BitBo feed now looks like a morning newsletter for ETF inventory and miner housekeeping. It’s boring if you want logos, but a blast if you want to find out what the market’s microstructure looks like.

What would restart the parade of new corporate treasuries?

There are a few realistic triggers.

Clearer peer examples in specific sectors, as sector clusters often move together. If one mid-cap software vendor outlines a sleepy, boring BTC treasury policy that passes audit with minimal fuss, three more will follow inside two quarters.

A stable price regime that lowers perceived headline risk. Paradoxically, melt-ups can slow adoption because boards hate buying tops. A quarter or two of rangebound trading after capitulation could make BTC look like a working capital hedge rather than a moonshot.

Cheaper financing and easier power for miners. If your cost of carry drops, you hold more inventory and pledge less. That reduces forced selling and nudges the corporate share of on-chain supply toward patient hands.

None of these require new regulation or a celebrity bellwether, just time and a handful of plain vanilla case studies.

The bigger pictureCorporate Bitcoin adoption has never been a straight line. It moves in waves that rhyme with the cycle, the cost of capital, and the convenience of substitutes.

The 2025 version of that rhyme includes ETFs that make it effortless to add exposure without rewriting treasury policies, miners that act like industrial businesses rather than mascots, and one publicly traded software firm that treats BTC like a second headquarters.

To explain why there have been no new logos in the past two months, you just need a calendar and a basic grasp of how CFOs make decisions. They watch peers. They prefer boring processes. They hate surprises.

The takeaway for readers is practical: don’t judge corporate adoption by the count of press releases alone. Watch who is actually moving size, and why. Separate liquid treasury coins from pledged collateral.

And maybe keep an eye on the whales. When the onboarding ramp is quiet, the veterans tend to own the pool. On Nov.17, one of them swam another 8,665 meters.

Whether the next lap belongs to a new entrant or the same buyer is the question that will decide how this phase of the market prices liquidity. The table will tell you when the parade starts again.

Mentioned in this article

Journalist

Posted: November 22, 2025

Key Takeaways
Why does BMNR’s $0.01 dividend matter?
It officially classifies BMNR as a dividend-paying company, opening access to institutional capital without slowing Ethereum accumulation.

How does Bitmine’s strategy position it amid MSCI scrutiny?
The move puts Bitmine in a safer regulatory lane and differentiates it from peers like MSTR, setting the stage for long-term ETH staking returns.

The entire Digital Asset Treasury (DAT) ecosystem has become a double-edged sword for risk assets. The recent MSCI review has further shaken shareholder confidence, pushing these DATs deeper into the red.

BitMine Immersion Technologies (BMNR) isn’t escaping the fallout. For context, BMNR holds one of the largest Ethereum [ETH] treasuries: 3.5 million ETH, which makes up about 99.83% of its entire balance sheet.

That kind of concentration puts BMNR directly in MSCI’s crosshairs. For context, MSCI is proposing that any crypto company holding 50%+ of its balance sheet in a single crypto asset can be excluded from passive indexes.

Source: TradingView (BMNR/USD)

The market reaction has been pretty one-sided.

Technically, BMNR has plunged more than 50% in Q4, wiping out all of its Q3 gains when the stock briefly pushed above $50. That means anyone who bought near the highs is now sitting deep underwater.

With that setup, MSCI’s review really couldn’t have landed at a worse time. 

Volatility has drained risk appetite across the board. That said, BMNR’s latest fiscal report highlights a key strategic adjustment the company is making. The question is: Will that move be enough to shift market sentiment?

BMNR turns a $0.01 move into a reclassification moment
In its FY25 report, BMNR outlined several key developments. 

BitMine posted $328.2 million in net income, announced the launch of its Made-in-America Validator Network (MAVAN) for Ethereum staking, and confirmed that staking operations will begin in early 2026.

But the headline move in BMNR’s filing was its $0.01 annual dividend, making it the first large-cap crypto company in history to do so. Market participants are already calling the decision a strategic masterstroke.

Source: X

Amid the MSCI review, this step positions BMNR in a safer regulatory lane.

Notably, the move makes BitMine a dividend-paying company, opening the door to institutional capital. Plus, the team is focused on rolling out MAVAN.

Ultimately, significant returns will begin once ETH starts generating yield.

In this context, the $0.01 dividend is a smart, strategic move. With the MSCI review still two months out, BMNR’s approach could set it apart, especially “bullish” given that Strategy [MSTR] is the one most exposed.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

NewsBTC reported on Thursday that Strategy, formerly known as MicroStrategy, led by Michael Saylor, is facing increased scrutiny regarding its potential exclusion from major indices, such as MSCI USA and the Nasdaq 100. This arises from the firm’s substantial exposure to Bitcoin (BTC).

While the cryptocurrency market was buoyant for much of the year, Saylor’s approach seemed to pay dividends. However, Bitcoin has now entered what could become one of its most challenging weeks since November 2022, experiencing a significant retracement of over 30% from its all-time highs.

Saylor Clarifies Strategy’s Role
As the largest public holder of Bitcoin, with over 650,000 coins, Strategy now confronts the real possibility of being removed from vital benchmark indices that have bolstered its visibility among investors. These indices are crucial for the firm as they help position it within various portfolios.

In response to the growing concerns about potential exclusion, Saylor took to social media platform X (formerly Twitter) to clarify that Strategy is not a fund, a trust, or a holding company. 

Instead, the long-time Bitcoin bull described it as a publicly traded operating entity with a $500 million software business, employing a unique treasury strategy that leverages Bitcoin as productive capital.

Saylor highlighted that in the current year alone, Strategy has executed five public offerings of digital credit securities—STRK, STRF, STRD, STRC, and STRE—totaling over $7.7 billion in notional value. 

Furthermore, the firm launched Stretch (STRC), a new Bitcoin-backed treasury credit instrument designed to generate variable USD yields for both institutional and retail investors.

He emphasized that while funds and trusts passively hold assets and holding companies simply sit on investments, Strategy actively creates, structures, issues, and operates financial products. 

According to Saylor, the company’s vision is to build a pioneering type of enterprise: a Bitcoin-backed structured finance entity capable of innovation across both capital markets and software development.

Saylor also believes that index classification should not define the firm’s identity. He reassured stakeholders that their long-term strategy remains intact, stating:

…Our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation.

MSCI Proposes Excluding Digital Asset Firms 
Analysts at JPMorgan raised concerns about the potential consequences of MSCI’s upcoming decision on January 15, 2026. They suggested that exclusion could lead to Strategy-related outflows ranging from $2.8 billion to $8.8 billion. 

They noted that while active managers are not required to follow index changes, exclusion from these key indices would likely be interpreted negatively by market participants, ultimately leading to a decrease in liquidity and raised funding costs.

In its discussions with stakeholders, MSCI has indicated that some market participants view digital asset treasury firms (DATs) as operating similarly to investment funds, which would disqualify them from index inclusion. 

To reflect this perspective, MSCI is proposing to exclude companies with digital asset holdings constituting 50% or more of their total assets from its global investment market indices.

The daily chart shows MSTR’s valuation trending downwards, mirroring BTC’s price action. Source: BTCUSDT on TradingView.com
Featured image from Bloomberg, chart from TradingView.com

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The crypto market is going through one of its toughest periods in over the past weeks, wiping out roughly $1 trillion from the market. Prices are falling fast, traders are panicking, and rumors about weakened market makers are adding more fear to the fire. 

But while the drop looks scary, macro investor Raoul Pal believes this kind of heavy shake-out has happened before and often leads to strong recoveries.

Bitcoin’s Historical Pattern Repeating AgainIn his post, Pal shared a striking long-term Bitcoin chart, comparing today’s drop with the shocking crash of 2021. Back then, Bitcoin fell 56% in just one month, Ethereum dropped 62%, and Solana plunged 68%. 

Everyone panicked, and then the market suddenly flipped, and crypto exploded to new all-time highs.

That wasn’t the only time. From 2019 to 2020, Bitcoin fell 72% before bouncing back stronger. Between 2016 and 2017, Bitcoin saw seven drops of more than 30% each, yet the overall trend remained upward. 

Each time, altcoins fell even harder. Each time, fear won in the short term, and patience won in the long term.

Pal’s View: Pain Now, Opportunity LaterDespite the chaos, Pal remains calm. He says he is adding to his positions during this drop because he sees the long-term trend as strong. However, he also reminds everyone that each person’s risk level and time horizon are different.

Pal also shared an important price point to watch. According to him, if Bitcoin can break above the $85,000 level and turn it into a strong support, the next target would be $89,326. He believes this zone could act as the next step before Bitcoin decides its bigger move.

Bitcoin Could Drop to $58KWhile some analysts expect a recovery, veteran trader Peter Brandt is warning that Bitcoin could still see a deeper drop.

According to him, Bitcoin made a small breakout on November 11, but instead of building strength, the price kept falling for eight straight days, creating “lower highs.” This shows that sellers are still in control and buyers are not able to push the price up.

Based on his analysis, he sees $81,000 and $58,000 as important levels Bitcoin could revisit if the selling continues. A drop to $58,000, he said, could trigger strong panic among traders.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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TLDR:

Bitcoin fell below $90K, marking its largest correction since 2017 and a six-month low hitting meme coins hard.
Meme coin market cap dropped 12% to $44.3B, with volumes down 7% to $5.5B.
Grayscale aims to list DOGE ETF on NYSE, pending SEC approval in 20 days.
Pump.fun created 15,000+ tokens in 24 hours, far outpacing all competitors combined.

Bitcoin slid below $90,000 this week, marking its steepest correction since 2017 and hitting a six-month low. The cryptocurrency recently bounced slightly to $91,700 but remains 27% below its all-time high. At press time, the token holds around $84K.

Meme coins mirrored this weakness, with the sector’s market cap falling 12% to $44.3 billion. Volumes declined 7% to $5.5 billion as traders remained cautious amid macro uncertainty.

Meme Coins Face Steep Losses and Launchpad Activity
Leading meme coins continued their downtrend following October’s historic crash. Only two of the top 20 meme coins posted weekly gains, while the rest suffered double-digit declines, according to CoinMarketCap data. 

Solana-based meme tokens slid, including BONK, which fell 17%, while Ethereum’s Shiba Inu dropped 12%. Binance Smart Chain also saw mixed performance, with BUILDon rising 9% and 币安人生 falling 15%.

The meme coin launchpad ecosystem remained active. 

Pump.fun created over 15,000 new tokens in 24 hours, outpacing competitors combined, per Dune dashboard data shared by Adam_tehc. This surge in token creation did not prevent overall sector losses, reflecting ongoing deleveraging by traders. 

Meme coins climbed from ninth to sixth place on DeFiLlama’s narrative tracker, signaling rising narrative attention despite the downturn.

Legal and market developments also affected sentiment. Haliey Welch, known as “Hawk Tuah” girl, was added to a lawsuit over a failed meme coin launch, allegedly receiving $325,000 to promote a token engineered to crash. 

Such incidents amplified caution in the sector as investors reassess risk exposure.

🚀 Week in Meme Coins: Bitcoin Massacres Meme Coins Despite DOGE ETF News

Mama Meme-a! Bitcoin crashed below $90K, worst correction since 2017! This marked a six-month low before bouncing to $91.7K. The sector climbed from 9th to 6th on @DefiLlama's narrative tracker.

Let's… pic.twitter.com/aryyz52HAV

— CoinMarketCap (@CoinMarketCap) November 21, 2025

Market Drivers Include DOGE ETF, Macro Shifts, and Capital Rotation
The broader crypto market experienced macro-driven volatility this week. 

Rate cut odds for December’s Federal Open Market Committee meeting fell to 33%, adding pressure to altcoins and meme tokens. Bitcoin’s correction below $90K reflected this risk-off environment, intensifying sector-wide selling.

Meanwhile, Grayscale aims to convert its DOGE trust into a tradable ETF, potentially listing on the NYSE as early as Monday, pending SEC review within the 20-day window. Market participants are closely watching the launch, which could affect DOGE and related meme coins.

Capital rotation was also notable. Libra-linked wallets withdrew $4 million from meme coins and moved $61.5 million into Solana, capitalizing on dip opportunities. Such movements highlight shifting trader focus amid ongoing deleveraging cycles.

Biggest weekly meme coin gainers included The Official 67 Coin (+987%), Wiki Cat (+56%), SKYAI (+21%), PePeonTron (+16%), and Banana For Scale (+15%). Decliners included sudeng (-84%), Rekt (-49%), and Jelly-My-Jelly (-49%).

Traders are advised to enter positions with clear setups, reduce leverage, and monitor macro developments to manage risk during sharp market swings.

Sat, 22/11/2025 - 9:24

The amount of XRP in its circulating supply has continued to shrink amid rising adoption from institutions, but its price has remained in deep lows.

Cover image via U.Today

All eyes have been on XRP, considering its high price volatility despite the major ETF launch that happened this week. With all attention on the asset, XRP has made a noticeable increase in its on-chain activity, sparking discussions across the market.

According to data showcased by XRPSCAN, the amount of XRP burned as fees has seen a decent increase of 33.9% as of Nov. 21, printing a bullish outlook amid the growing uncertainty.

XRP on-chain activity spikes amid ETF buzzThe data shows that XRP has witnessed a decent rise in the quantity of XRP tokens burned as fees in the past day, surging from the 604 tokens it recorded on Nov. 20 to a sharp 808.8 tokens the next day.

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While XRP is still witnessing the longest correction phase it has seen so far this year with its price currently trading below $2, the mild resurgence in its on-chain activity is finally flashing hopes of recovery as it appears to be headed toward the four-figure range.

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Usually, increases in the rate of burned XRP like this are often a clear indication of increased network-wide transaction activity, suggesting that more users are actively utilizing the blockchain.

As such, the sharp resurgence in the metric despite XRP’s price decline has been attributable to growing demand from institutional investors amid the major ETF launch that happened this week.

XRP adoption soarsThe XRP ecosystem has been buzzing with hype and high optimism spurred by the launch of the Bitwise XRP ETF that happened on Thursday. Notably, the fund emerged as one of the strongest ETF launches so far this year, recording a first day inflow of over $107 million.

With more major XRP ETFs expected to launch in the coming week, combined with the surging network activity, confidence is finally returning to the XRP ecosystem as the metric flashes hopes of a possible recovery soon.

Thus, the unexpected increase in the XRP burn rate may be a sign for a potential price retracement, as the growing usage appears to be connected with the surging institutional demand.

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“Rich Dad, Poor Dad” author Robert Kiyosaki sold $2.25M in BTC and moved the profits into two surgery centers and a billboard business.

Bitcoin has plunged more than 33% from it’s all-time high of $126K and is now trading around $84K, after briefly dipping to $81K. The recent price declines, combined with growing outflows from Bitcoin ETFs, are raising concerns that it could see further drops. 

Bitcoin ETFs See $1 Billion In Outflows According to a report from Bloomberg, investors recently pulled nearly $1 billion from Bitcoin ETFs, marking the second-largest daily outflow for the group of 12 funds. BlackRock’s IBIT led the sell-off with $355 million withdrawn, while Grayscale’s GBTC and Fidelity’s FBTC each saw nearly $200 million in outflows. 

These funds are also on pace for their worst weekly outflow since February, which highlights the growing volatility in the market.

Over the past month, investors have pulled nearly $4 billion from these ETFs, and Bitcoin has dropped about 30% in the same period. Both retail and institutional traders are watching these flows as key signals for managing risk.

According to an analysis by Alex Saunders at Citi Research, every $1 billion withdrawn from Bitcoin ETFs roughly equals to a 3.4% drop in Bitcoin. While inflows can boost Bitcoin’s price, the outflows can also worsen the price drops.

The analyst notes that with long-term investors staying cautious and new investors not in a hurry to buy, the inflows could remain slow. Bitcoin ETFs recorded over $238 million in inflows yesterday.

Record Volume Amid Market StressIn a recent update, Bloomberg analyst Eric Balchunas highlighted a massive surge in Bitcoin ETF trading volume, reaching a record $11.5 billion in a single day. BlackRock’s IBIT fund alone accounted for $8 billion, marking its own record. 

ERUPTION in volume for the bitcoin ETFs.. all time record set today with $11.5b as a group. $IBIT was $8b of that, which was all time record for it. Wild but also normal- whenever an ETF or category is 'going through it' volume is elevated. ETFs are liq release valves. pic.twitter.com/DpK7frfWjr

— Eric Balchunas (@EricBalchunas) November 21, 2025 He explains that while the spike looks wild, it is normal during periods of stress. ETFs often act as “liquidity release valves,” where investors actively adjust positions.

Retail Investors Dominate Crypto markets came under pressure after a massive liquidation event wiped out billions in leveraged positions.

Before October, investors rushed into crypto in hopes that the Trump administration would continue to help integrate the industry into mainstream finance. While institutions are now more involved in crypto than ever, retail investors still dominate the market. They hold about 75% of spot-Bitcoin ETF assets, according to Bernstein.

However, the recent outflows from Bitcoin ETFs are still small compared to their $113 billion in total assets. The interest has still not faded as ETF issuers are launching new crypto funds, with 17 ETFs debuting since October 10, with more awaiting SEC approval.

Bitcoin Faces Continued Pressure CryptoQuant analysts note that whale activity in Bitcoin futures remains absent, and even retail trading, which has been the main driver recently, is thinning. Trading volumes are low, and liquidity is also weakening. 

So, unless institutional demand returns or retail participation picks up, Bitcoin is likely to remain under pressure, with little chance of a strong near-term rebound.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Grayscale Research has released a new report arguing that Chainlink’s technology now sits at the center of efforts to connect public blockchains with traditional financial infrastructure. The paper, titled “The LINK Between Worlds,” describes Chainlink as “critical connective tissue” between on-chain and off-chain systems and says its software could be essential for tokenization and decentralized finance (DeFi).

Chainlink Positioned as Core Plumbing for TokenizationIn the report, Grayscale analysts say public blockchains cannot support large-scale finance unless they reliably talk to real-world data and existing institutions. Chainlink’s tools, they argue, provide that missing connection layer for everything from asset prices to settlement events.

Chainlink Tokenization Bridge. Source: Grayscale  on X

The research notes that most financial assets still live off-chain today. Tokenized versions account for only about 0.01% of the combined value of global equity and bond markets, leaving “enormous” room for expansion as more instruments move onto blockchains.

Tokenized Assets Market Comparison. Source: Grayscale Research

Because of this gap, Grayscale frames Chainlink’s role in tokenization as primarily infrastructure. The network’s data feeds, automation tools and cross-chain messaging are presented as the rails that can let banks, asset managers and market utilities interact with public blockchains while keeping existing processes and controls.

From ‘Oracle’ to Modular MiddlewareThe report pushes back on the idea of Chainlink as only a price-feed “oracle.” Instead, Grayscale describes it as modular middleware that lets smart-contract applications safely pull in outside information, talk to other blockchains and meet compliance requirements.

Under this framing, Chainlink’s oracle networks are one component of a broader stack. The paper highlights features such as cross-chain communication, which can move messages and value between different networks, and services that can help institutions meet reporting or audit needs when they interact with DeFi protocols.

According to Grayscale, this middleware approach means developers and financial firms do not need to rebuild their systems from scratch. Instead, they can plug existing workflows into Chainlink-enabled applications that run on multiple blockchains, while the middleware handles connectivity and verification in the background.

LINK Token Presented as Broad Crypto-Market ExposureThe research also focuses on the LINK token’s place inside Grayscale’s sector framework. It classifies LINK as the largest asset in the “Utilities & Services” crypto sector by market value and the biggest non-Layer 1 token in the market when stablecoins are excluded.

LINK Price Chart. Source: Artemis / Grayscale Research

Because Chainlink supports many blockchains rather than a single network, the report says LINK offers exposure to activity across the wider crypto economy. In that view, demand for LINK could track usage of Chainlink services on Ethereum, layer-2 networks and non-EVM chains that rely on its middleware.

Grayscale concludes that this combination of cross-chain reach, tokenization focus and infrastructure usage makes LINK a candidate for diversified crypto portfolios, placing it alongside larger assets such as bitcoin and ether in the firm’s internal sector analysis.

Trader Flags $11.65 as Critical LINK Support ZoneMeanwhile, Rick Barber says Chainlink has dropped into what he views as the macro support line and bottom of his buy range. In his post, he notes that this level has acted as support since 2024 and that several indicators now cluster around the same area, giving him confluence for a potential bottom. He adds that, for his spot position, the key risk would be a daily close below roughly $11.65.

Chainlink Macro Support Zone. Source: Rick Barber on X

On the 4-hour chart, LINK trades near 12 dollars inside a highlighted green demand zone, with price pressing against horizontal support and a dense volume profile band just above. Meanwhile, oscillators such as RSI and MACD sit near the lower end of their recent ranges, reflecting extended downside pressure after a steady series of lower highs. The chart also shows price trading below major moving averages, underlining that the short-term trend remains weak even as it approaches support.

On the daily timeframe, Barber’s chart extends that zone back through prior reactions, with LINK again testing the same band that previously acted as a base for rallies. In addition, a rising trendline from earlier lows runs just beneath the current range, reinforcing the idea of a long-term support cluster. However, the daily RSI continues to trend down, and Barber warns that a decisive break and close under the $11.65 area would invalidate his support thesis and raise concern about further downside.