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TLDRSaylor Responds to MSCI ConsultationMSCI Index Impact on Bitcoin Treasury CompaniesEthereum and Solana Treasury Companies Also Under ScrutinyGet 3 Free Stock Ebooks

MSCI is consulting on whether Bitcoin, Ethereum, and Solana treasury companies should be classified as funds rather than businesses.
Michael Saylor responded by emphasizing that his company operates as a traditional business, not a fund or trust.
The MSCI’s potential reclassification could result in companies holding large crypto reserves being removed from major equity indices.
Saylor highlighted that his company innovates through a unique treasury strategy rather than simply holding assets.
The MSCI is expected to make a final decision on the reclassification of these companies by January 15, 2025.

The MSCI is currently consulting on whether companies that hold large reserves of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) should be reclassified as investment funds rather than traditional businesses. This includes companies like Michael Saylor’s Strategy, which has a strategy focused on Bitcoin treasury. Saylor has reacted to the consultation, emphasizing that his company operates as a traditional business, not a fund or trust.

Saylor Responds to MSCI Consultation
Michael Saylor has publicly addressed the MSCI’s consultation on reclassifying companies that hold substantial cryptocurrency reserves. In a recent post, Saylor made it clear that their company does not align with investment funds or trusts.

“Our business is focused on creating value through innovation, not just holding assets,” he stated.

Saylor further explained that their strategy is long-term and rooted in the belief that Bitcoin is a form of “productive capital.” He noted that the company’s mission remains focused on building the “world’s first digital monetary institution” based on sound money principles and financial innovation.

Response to MSCI Index Matter

Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

This year alone, we’ve completed…

— Michael Saylor (@saylor) November 21, 2025

The MSCI’s consultation could impact companies like Saylor’s, which hold over 50% of their reserves in cryptocurrency. If the MSCI decides that such companies should be classified as investment vehicles, they may be excluded from major equity indices like the MSCI USA and MSCI World. This would be a significant shift in how the MSCI views these companies, which are currently classified as traditional businesses.

MSCI Index Impact on Bitcoin Treasury Companies
The MSCI’s consultation may have wide-ranging effects, especially for companies like Saylor’s, which holds a substantial amount of Bitcoin in its treasury. The MSCI index typically excludes investment funds and trusts from its equity benchmarks. If the MSCI decides to reclassify companies holding crypto reserves as investment funds, these companies could face removal from the index.

Saylor emphasized that no passive fund or trust could match his company’s operations. “We are not sitting on investments; we are innovating and building a business,” he said. His company has raised billions of dollars through public offerings of digital credit securities, highlighting its active role in the financial markets.

The debate centers around the unique structure of companies like Strategy, which combines elements of software development and treasury management. These companies view Bitcoin as a tool for creating long-term value, not as a passive asset to hold. As such, they argue that their business model should not be compared to investment funds or trusts.

Ethereum and Solana Treasury Companies Also Under Scrutiny
The MSCI’s consultation could extend beyond Bitcoin treasury companies. Ethereum and Solana treasury companies, such as Tom Lee’s BitMine, may also face similar scrutiny. While these companies hold substantial crypto assets, they engage in activities like staking and running validators, which could differentiate them from traditional funds or trusts.

These activities might strengthen the case for classifying Ethereum and Solana treasury companies as businesses rather than investment vehicles. By participating in decentralized finance (DeFi) and actively managing their crypto holdings, they argue that their operations are more in line with traditional businesses than with passive investment vehicles.

However, for companies like Saylor’s, which focus on Bitcoin as their primary asset, the distinction remains more difficult to define. The MSCI’s decision will likely have a lasting impact on how the market views these unique crypto treasury strategies. The final decision from the MSCI is expected by January 15, 2025.

The MSCI’s upcoming decision on whether to reclassify Bitcoin, Ethereum, and Solana treasury companies will have significant implications. Companies like Saylor’s Strategy, which holds large Bitcoin reserves, could face exclusion from major indices if they are classified as investment funds. This development is one of the latest signs of how the cryptocurrency sector is evolving within traditional financial frameworks.

Bitcoin has been struggling under $100,000 now for a few days, and spooked retail holders have become sellers, offloading their stash to larger whales and institutional investors who analysts now believe are the only ones who can end the carnage, stabilize the markets, and perhaps even push it to a new all-time high.

Bitmain Technologies, a Beijing-based crypto mining rig firm, is under investigation over potential surveillance in the U.S.

Summary

U.S. Federal agencies have launched an investigation into China-based Bitmain
The investigation will look into whether its mining rigs can be used for espionage
DHS is concerned about Bitmain’s machines operating near critical U.S. infrastructure

Despite a pro-crypto regulatory shift in the U.S., a mining hardware provider has found itself under investigation for national security risks. On Friday, November 21, reports came out that U.S. Federal agencies are investigating Bitmain Technologies over concerns of potential espionage.

Namely, the Department of Homeland Security, the Senate Intelligence Committee, and other agencies are investigating whether Bitmain’s ASIC devices have undisclosed capabilities that could allow remote access, data leakage, or sabotage.

Reportedly, U.S. officials became concerned about the clusters of Bitmain Bitcoin (BTC) mining machines operating near sensitive infrastructure. This includes power grids, military bases, energy facilities and other crucial infrastructure.

Bitmain devices seized at ports, torn apart
In July, a report from the Senate Intelligence Committee stated that Bitmain devices could be manipulated from China. The report also mentioned “several disturbing vulnerabilities” that these devices pose to the U.S.

Bitmain was also a target of “Operation Red Sunset,” a federal investigation to determine whether its machines could be controlled for spying or sabotage. The devices were also seized at U.S. ports and pulled apart to test them for malicious capabilities. Still, investigators would not say whether anything was found.

Bitmain said it’s “unequivocally false” that it can remotely control its devices from China. They also claim they are not aware of any investigation, including “Operation Red Sunset.”

Chinese surveillance has been a significant concern for U.S. officials for years. Notably, U.S. officials targeted TikTok, banning the app on government devices in 2022. In 2024, President Joe Biden signed a law that would force TikTok to sell its U.S. business or face a nationwide ban.

10 minutes ago

The crypto exchange purchased Vector for an undisclosed amount, the latest acquisition by Coinbase in 2025 after Deribit, Echo and others.

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US-based cryptocurrency exchange Coinbase said it will buy Vector, a decentralized platform built on Solana, in the company’s latest acquisition of 2025.

In a Friday blog, Coinbase said the acquisition of Vector and its team was part of the company’s strategy to become an “everything exchange.” The crypto exchange did not disclose the amount it paid for Vector, but said the move would improve activity through “DEX trading integration.” 

“We’re excited to welcome the Vector team as we keep building toward one goal: making it easy for anyone, anywhere, to trade any crypto asset,” said Coinbase.

Source: CoinbaseAcquiring Vector followed multimillion- and billion-dollar deals by Coinbase in 2025. This year, the exchange announced the purchase of blockchain-based advertising platform Spindle, online browser Roam, Liquifi, crypto options trading platform Deribit and crowdfunding platform Echo.

Coinbase is awaiting a decision on its application for a National Trust Company Charter in the US, which requires approval from the Office of the Comptroller of the Currency. The move by the crypto exchange faces opposition from many banks, which claim that Coinbase would be challenging “untested” elements of crypto custody.

Crypto companies going public in the USWhile Coinbase continues its buying spree, other US crypto companies may challenge the exchange’s market share through initial public offerings.

In the previous two weeks, Grayscale Investments and Kraken announced filings related to their plans to go public on US markets. Coinbase was one of the earliest US crypto companies to do so, launching its IPO in 2021.

Shares of Gemini, run by Cameron and Tyler Winklevoss, debuted on the Nasdaq in September, while cryptocurrency exchange operator and media company Bullish went public on the New York Stock Exchange in August.

Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise: Hunter Horsley

The digital asset nosedived to $80K early Friday morning, but a speech by the President of the New York Fed, may have just saved bitcoin from plunging further. Bitcoin's Lazarus Moment, Courtesy of the Fed John Williams is not a name many will recognize, but when he talks, markets listen, and often, they also react.

TL;DR:

Bitcoin’s 25% monthly slide has triggered aggressive downside hedging.
Traders are heavily buying $75K puts, with puts making up over 65% of weekly options activity.
Glassnode says the market shows no signs of a bottom yet, suggesting BTC could push toward the $75K region.

Bitcoin’s latest downturn is triggering a wave of defensive positioning across the derivatives market, as traders brace for a scenario few expected just weeks ago. With volatility rising and sentiment cooling, the mood around BTC has shifted into a state of uneasy watchfulness.

75K Put Premium

Short- and mid-term 75K puts have been heavily bought since BTC lost the 94K level. The options market isn’t signaling a bottom yet and is leaning toward the risk of a deeper move.https://t.co/EjNiVN7l4F pic.twitter.com/tvLWG9SVM7

— glassnode (@glassnode) November 21, 2025

Options Flow Signals Traders Are Preparing for Deeper Losses
Bitcoin has shed more than 25% this month, sliding to the $83,700 range after losing the $94,000 support earlier in the week. What’s catching the market’s attention isn’t just the price drop itself but how aggressively traders are moving to hedge against even deeper losses.

Blockchain analytics from Glassnode show that BTC traders have been heavily buying short-term $75,000 strike put options on Deribit—bets that Bitcoin will fall below that level. The setup mirrors the behavior traders displayed during the early April correction, when BTC briefly bottomed near $74,000.

Glassnode emphasized that the market isn’t flashing any signs of capitulation yet, noting that the options landscape “isn’t signaling a bottom and is instead leaning toward the risk of a deeper move.” That message adds to a growing sense that the current downturn may not be finished.

Another shift adding to the bearish tone is the dominance of the $85,000 put, which has overtaken the previously popular $140,000 call option. The rotation from high-upside calls to defensive puts is shaping the derivatives landscape into something markedly more cautious.

Over the past week, put options have accounted for more than 65% of all BTC options activity, pointing to broad downside hedging. According to Glassnode, some traders are also taking advantage of the volatility environment—selling elevated short-dated volatility and buying longer-dated contracts to capitalize on moments when the market becomes dislocated.

Taken together, the flows paint a picture of a market repositioning quickly, bracing for the possibility that Bitcoin could retest—or even fall below—the mid-$70,000 region. With no clear bottom forming in options data, caution is becoming the dominant stance among active traders.

Bitcoin has fallen sharply over the past month, more than 20%. Grayscale managing director of research Zach Pandl joins Market Catalysts to explain why he thinks prices may be close to bottoming and what could power crypto heading into 2026.

Bitcoin (BTC) fell to $80,600 on Friday, extending weekly losses to more than 10%. Its monthly drawdown has now reached 23%, the steepest decline since June 2022. The drop below $84,000 also pushed BTC to test the 100-week exponential moving average for the first time since October 2023, aligning exactly with the start of the current bull cycle.

Bitcoin one-week analysis. Source: Cointelegraph/TradingViewBitcoin futures liquidations surpassed $1 billion, underscoring the severity of this downturn, described by the Kobeissi Letter as the “fastest bear market ever.”

Key takeaways:

Crypto market cap has erased 33% since October, marking a rapid structural unwind.

A record fund outflow and negative ETF flows signal persistent institutional selling pressure.

A major macroeconomic liquidity indicator (NFCI) is trending lower, historically preceding BTC rallies by four to six weeks.

Crypto market cap collapses as “structural” selling acceleratesSince Oct. 6, the total crypto market cap has fallen from $4.2 trillion to $2.8 trillion, a 33% drawdown. The Kobeissi Letter called it “one of the fastest-moving crypto bear markets ever,” with selling intensifying across all major sectors. The newsletter added that digital asset investment products are reflecting the same stress, with crypto funds recording $2 billion in weekly outflows, the largest since February. 

Crypto asset fund flows as a % of fund AUM. Source: Kobeissi letter/XThis marked the third consecutive week of net selling, resulting in total outflows of $3.2 billion over that period. Bitcoin accounted for the bulk of the withdrawals with $1.4 billion in redemptions, while Ethereum followed with $689 million, representing some of the biggest weekly losses either asset has seen in 2025.

Average daily outflows as a share of assets under management (AUM) hit all-time highs, dragging total AUM to $191 billion, down 27% from October. Analysts classified this as a clear structural decline, not just short-term panic.

US exchange-traded fund (ETF) flows worsen the pressure. Spot BTC ETF flows remain below zero, reinforcing the sell-off. Meanwhile, BlackRock’s spot ETF is on pace for its largest weekly outflow ever, close to surpassing the $1.17B record from February 2025.

iShares Bitcoin Trust weekly netflows. Source: SoSoValueA macroeconomic shift could give Bitcoin a liquidity lead While several analysts continued to call for a Bitcoin bottom based on technical charts and onchain data, Miad Kasravi took a different approach. Kasravi carried out a decade-long backtest of 105 financial indicators, indicating that the National Financial Conditions Index (NFCI) is one of the few metrics that reliably leads Bitcoin by four to six weeks during major macroeconomic regime shifts. 

National Financial Conditions Index (NFCI) data. Source: XThis dynamic was evident in October 2022, when easing financial conditions preceded a 94% rally, and again in July 2024, when tightening conditions signaled stress several weeks before Bitcoin surged from $50,000 to $107,000.

At the moment, NFCI sits at -0.52 and is trending lower. Historically, every 0.10 point decline in the index has aligned with roughly 15–20% upside in Bitcoin, with a deeper move toward -0.60 typically marking an acceleration phase. December also introduces a key catalyst: the Federal Reserve’s plan to rotate mortgage-backed securities into Treasury bills. 

Kasravi noted that although it is not labeled Quantitative Easing (QE), the operation could inject liquidity in a similar way to the 2019 “not-QE” event that preceded a 40% Bitcoin rally.

If the NFCI continues to decline into mid-December, it would signal the early stages of a new liquidity expansion window. Based on the index’s consistent four-to–six week lead time during past regime shifts, Bitcoin’s next major cyclical move would align with early to mid-December 2025, offering a potentially significant inflection point for market participants tracking macroeconomic conditions.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

In a dramatic turn of events, the cryptocurrency market has been rattled as bitcoin's price nosedived to $82,000, leading to over $2 billion in liquidations. The total cryptocurrency market capitalization has now fallen below $2.9 trillion, raising concerns among investors and analysts alike.

Privacy coins lead 2025 as surveillance fears and capital controls drive renewed demand.Utility-focused sectors gain interest, but broad altseason rotation has not yet arrived.Experts outline key signals for spotting future narratives early, from capital flows to real usage.Privacy coins have taken center stage in the crypto sector throughout late 2025. Leading assets like Zcash (ZEC) have managed to outperform the market, resisting major drawdowns even as most cryptocurrencies continue to bleed.

BeInCrypto spoke to several experts to understand why privacy coins are surging now and whether it is possible to identify the next major crypto opportunity before it becomes mainstream.

Privacy Coins Maintain Lead as the Market’s Best-Performing SectorBeInCrypto reported a month ago that privacy-centric cryptocurrencies had emerged as the best-performing sector in the market. Notably, this still holds true today, even as the broader market extends its two-month slump. 

Privacy coins have surged 276.4% year-to-date, making them the strongest and one of only two sectors showing positive returns this year. 

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Crypto Sector’s Performance. Source: ArtemisBy contrast, Bitcoin (BTC) and Ethereum (ETH) have both turned negative due to their recent drawdowns. Notably, since early October, the value of ZEC has appreciated by over 700%. DASH (DASH) has also experienced a nearly 200% uptick, indicating strong momentum.

What’s Driving The Privacy Coin Rally in 2025?According to Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, the rally is closely tied to a sharp rise in global surveillance and capital controls. 

He pointed to examples such as Turkey granting its financial watchdog broader powers to freeze crypto accounts. Furthermore, regulators worldwide are tightening oversight of digital assets.

Puckrin explains that Bitcoin and Ethereum no longer embody the original “cypherpunk” ideals of privacy and censorship resistance. Instead, they have become highly traceable.

They are even easier to monitor than cash, driving renewed interest in cryptocurrencies that offer stronger privacy protections.

“There’s an ideological element coming from the early adopters, who are losing faith in the Bitcoin narrative due to the overwhelming involvement of institutions. Privacy advocates who no longer see Bitcoin as a solution. And then there’s investors looking to surf the momentum wave – for example, Zcash is up over 1,500% over the past year. It’s natural that people want a piece of that,” he said.

Jamie Elkaleh, CMO of Bitget Wallet, shares a similar view. He suggested that as regulatory clarity improves and institutional adoption accelerates, users are becoming increasingly uneasy about AI-driven surveillance and the pervasive transparency of on-chain activity.

Elkaleh stressed that this tension is reshaping expectations across the industry. Clearer rules are attracting more mainstream participants to the market, but these users are arriving with a different set of demands. 

“What we’re seeing is the industry maturing: clearer rules bring more mainstream users in, and those users increasingly expect financial privacy, sovereignty, and secure tooling as baseline features, not fringe options,” he conveyed.

Meanwhile, Ray Youssef, founder and CEO of NoOnes, attributes the breakout in privacy coins to a combination of narrative rotation and macroeconomic tailwinds. 

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He observed that, after years marked by the institutionalization of Bitcoin and Ethereum, as well as meme-driven altcoin cycles, capital is now flowing into assets perceived as “crypto by design,” with decentralization and user-controlled privacy at their core. 

Youssef added that institutional participation in crypto continues to increase. Thus, many retail traders and crypto-native users are seeking projects that restore a sense of autonomy and privacy. 

Still, he stressed that this shift is not an outright rejection of institutional capital. Rather, both forces can coexist and reinforce each other when a compelling narrative gains momentum.

“The ideological thread of privacy and sovereignty supplies a strong narrative and helps committed users. The economic thread of short-, mid-, and long-term returns attracts both traders and allocators. For a cycle to sustain, the market needs to overlap, ensuring a narrative that attracts believers and metrics/flows that attract capital. What’s happening now is ideology igniting the flame and economics fueling the fire,” the executive commented.

Rob Viglione, Founder of zkVerify and CEO of Horizen Labs, emphasized that the renewed interest reflects a broader market shift. He noted that users are increasingly recognizing privacy as a core requirement for real-world usage rather than a niche feature. 

He explained that the current momentum goes beyond isolated token rallies. It signals a deeper reevaluation of how privacy should function across the entire crypto stack.

“Early privacy coins were groundbreaking, but they were also isolated. They proved powerful cryptography was possible, but they lived outside the environments where most economic activity actually happens,” Viglione mentioned.

What differentiates the setup today is that privacy is now being integrated directly into Ethereum-based environments. Developers are no longer pursuing standalone privacy chains. 

Instead, they are seeking privacy solutions that plug into existing ecosystems where liquidity, users, and applications already operate.

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“That’s why this moment matters. The price action is just the surface-level signal of a much deeper shift: privacy is becoming an expectation, not an exception,” the CEO remarked.

Is Utility Becoming Crypto’s Next Meme-Level Trend? The surge in privacy-focused assets has also revived another question: is this just another short-term pump cycle, akin to past meme coin rallies, or does it reflect a genuine shift toward utility-driven narratives? Analysts suggest the answer may lie somewhere in between.

Youssef stated that meme coin rallies tend to be rapid, highly speculative, and short-lived, often burning out quickly. Once that momentum fades, the market typically rotates toward narratives with more durable value. 

This includes areas such as payments, privacy, real-world transaction layers, DeFi infrastructure, and more. In this context, privacy tokens are attracting renewed interest because they offer clear autonomy, protection from censorship, and the ability to transact without exposure or the risk of unilateral freezes. He shared that,

“If users and allocators conclude that these features represent lasting utility rather than short-term hype, capital flows into the sector can persist well beyond a temporary narrative rotation,”

Puckrin detailed that meme coins generally thrive during periods of market euphoria. Meanwhile, utility-driven tokens tend to perform better when investors are more cautious or looking to reposition profits. 

“But the caveat here is that we aren’t seeing a broad rotation into utility tokens. There are pockets of outperformance, but most altcoins are still underperforming Bitcoin. We still haven’t seen anything like the traditional altseason, and until we do, utility tokens rallying is more of an exception than a rule,” he disclosed to BeInCrypto.

How To Spot the Next Big Crypto NarrativeAs new narratives emerge faster than ever, identifying an early breakout trend has become one of the biggest challenges and opportunities for crypto investors. Puckrin explained that,

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“It’s as much about luck as it is about diligence. You can look at inefficiencies in the market, or developer migration to new chains or projects. You can look at where the demand is. But ultimately, crypto narratives are often as much about speculation as they are about fundamentals, and that can be hard to call. It’s often simply about being in the right place at the right time.”

Nonetheless, the analyst outlined institutional investment trends as a good starting point for evaluating any sector.

“If I had to pick one narrative for this cycle, it would be RWAs. Institutional capital is flowing into RWA tokenization – don’t forget this sector also includes stablecoins – and we’re seeing collaborations between RWA projects and institutions. Institutional capital flows are a key indicator to watch this cycle, because it’s based on a long-term need rather than hype,” Puckrin suggested.

Youssef took a more structured view, framing the process as “pattern recognition with signal triangulation.” He outlined key signals, including real user demand, on-chain activity, protocol feature usage, and expanding market access.

“For privacy, look for a shielded tx adoption, exchange accessibility, wallet integrations, and regulatory headlines. For DePIN, watch the device deployment rates, partnerships with infra players, real-world data feeds, and revenue per device. As for AI and on-chain models, the developer integrations, API demand, and token capture of value play a significant role. For DeFi / RWA, its TVL, yield sustainability, quality of counterparties, and custody structures have the potential to drive the next cycle. Bottom line is, across all sectors, investors should watch tokenomics durability, security history, and check for real usage,” he elaborated.

The executive also revealed that regulatory sentiment plays a crucial role. New narratives gain traction far more easily when the environment is favorable. Finally, capital flows, whether from retail traders, whales, or institutional allocators, could also be a signal.

“If these traits are moving together, we’re probably looking at a nascent meta,” he stressed.

Lastly, Elkaleh believes that identifying emerging metas starts with tracking early indicators, such as developer activity, new exchange listings, and social momentum on platforms like X. Low-cap tokens with solid fundamentals often provide the earliest signs of narrative formation.

He asserted that investors who blend behavioral signals with fundamental analysis gain the clearest view of where traction is building before it becomes visible to the broader market. Elkaleh specified that,

“The strongest signals today are institutional inflows, sector-level market cap expansion, and the early convergence of categories like RWA, DePIN, AI, and DeFi. These verticals are delivering tangible utility — from real-world infrastructure to AI-enabled financial automation — which positions them as credible candidates for leading the next cycle. For privacy coins specifically, the breakthrough will come from integrating zero-knowledge and privacy tooling directly into everyday wallets and DeFi products, making privacy effortless rather than optional.”

While these indicators don’t guarantee success, they offer a useful framework for spotting early momentum. When user demand, developer activity, regulation, and capital flows begin to align, a new narrative may be forming, long before it becomes mainstream.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

The XRP price has spent the past week struggling with bearish momentum, and the latest dip below the $2 price level has further added to the bearish sentiment. The cryptocurrency briefly slid under this psychological level in the past 24 hours, continuing a multi-week sequence of lower highs and lower lows. 

Despite this pullback, one crypto analyst on X proposes that the current movement is not as alarming as it appears. His price chart, which maps XRP’s weekly candles, shows the XRP price falling to a familiar support area inside a larger descending channel.

XRP Price Still Trading Inside A Year-Long Range
XRP’s break below $2 might be the final blow for many bullish traders, but some are still holding on. In his breakdown, the analyst reminded followers that XRP has been moving within the same broad range between $1.90 and $3.50 for nearly a year. According to him, the recent drop to the lower boundary of this range is simply the market revisiting an already-established zone. 

He highlighted the green support region around $1.90, which has repeatedly prevented a deeper collapse throughout late 2024 and early 2025. The chart he shared shows XRP’s weekly candles inching toward that support, touching the edge of the descending yellow channel that has shaped price action since the last major rejection near the red resistance band above $3.

Keeping this price action and the price range in mind, the analyst noted that nothing meaningful changes unless XRP breaks below $1.90 A breakdown beneath this area, in his words, would send XRP “back to McDonald’s,” which is a far more severe retracement.  However, as long as the green support is in place, the ongoing decline can be categorized as noise inside a larger consolidation phase. 

On the opposite end of the chart sits the $3.60 resistance. The red zone marking this area was tested earlier in the year but rejected strongly, creating the broad range XRP has been stuck in ever since. Clearing this ceiling, the analyst said, would unlock what he called “the road to Valhalla.”

XRP Price Chart. Source: @stedas On X

The Road To Valhalla: What Comes After A Break Above $3.6
If XRP manages to break through the $3.60barrier, the analyst believes the path opens toward aggressive upside targets. His post listed potential milestones at $7, $12, and potentially even $25 if momentum expands into a full-scale rally. The yellow upward projection line in the chart illustrates how quickly XRP could move once that resistance is flipped into support.

These price targets are consistent with mid-scale predictions by other analysts. XRP price predictions on the high end range from three digits at $100, up until $1,000. At the time of writing, XRP is trading at $1.96, down by 8% in the past 24 hours.

Price moves lower as sell-offs continue | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

The Daily: Crypto selloff deepens, JPMorgan blames retail BTC and ETH ETF outflows, 24-hour liquidations top $2 billion, and moreMarkets
• November 21, 2025, 2:00PM EST

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Quick Take
Bitcoin is trading near $84,000, recovering after plunging to new local lows of approximately $80,500 earlier on Friday, triggered by stronger-than-expected U.S. jobs data.
JPMorgan analysts said the latest crypto correction is being driven mainly by retail outflows from spot Bitcoin and Ethereum ETFs, with about $4 billion pulled from the funds so far in November.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! The ongoing crypto sell-off may be relentless, but we'll try to keep things upbeat as we dive into the latest news.

In today's market crash special, bitcoin plunges further as U.S. jobs data dampens rate cut hopes, JPMorgan says the correction appears to be driven by retail selling of BTC and ETH ETFs, crypto liquidations top $2 billion in 24 hours, and more.

Meanwhile, U.S. officials probe Chinese bitcoin-mining machine giant Bitmain over national security concerns.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Bitcoin plunges toward $80K as US jobs data dampens rate cut hopesBitcoin is trading near $84,000, recovering after plunging to new local lows of approximately $80,500 earlier on Friday, triggered by stronger-than-expected U.S. jobs data.

The delayed September payrolls report showed 119,000 new jobs versus the 50,000 estimate, reinforcing inflation concerns and weakening hopes for a December rate cut, Kronos Research CIO Vincent Liu said.
Liu added that thin liquidity and short-term profit-taking are amplifying the drop as traders recalibrate risk around shifting macro expectations.
Even if the Fed cuts in December, Liu argued that bitcoin needs fresh capital, renewed onchain demand, and a halt in quantitative tightening to sustain any meaningful rebound.
The Crypto Fear & Greed Index now sits at 11 — comparable to the 2022 bear market lows — signaling extreme fear as the broader crypto market cap slid below $3 trillion for the first time since May.
However, LVRG Research Director Nick Ruck said the pullback reflects a healthy repricing of overextended positioning, with onchain metrics hinting that capitulation may be nearing completion.
JPMorgan says correction appears driven by retail selling of BTC and ETH ETFsJPMorgan analysts said the latest crypto correction is being driven mainly by retail outflows from spot Bitcoin and Ethereum ETFs, with about $4 billion pulled from the funds so far in November.

Retail investors have simultaneously poured roughly $96 billion into equity ETFs this month, showing the crypto sell-off isn't part of a broader retreat from risk, they argued.
The analysts noted that while crypto-native deleveraging has stabilized since October, more traditional retail investors have shown this split before — selling crypto ETFs while buying equities.
"It would thus be a mistake to extrapolate the selling of crypto ETFs as a signal that retail investors are turning bearish on risk assets more broadly including equities," they wrote.
Spot Bitcoin ETFs see near-record outflows of $903 millionContinuing on the ETF theme, U.S. spot Bitcoin ETFs logged $903 million in net outflows on Thursday — their second-largest daily drawdown ever — marking a sharp sentiment reversal from earlier this month.

BlackRock's IBIT, Grayscale's GBTC, and Fidelity's FBTC led the exodus as Nvidia's accounts receivable scare hit both tech and crypto, BTC Markets analyst Rachael Lucas noted.
However, cumulative inflows into the funds still total $57.4 billion, with $113 billion in AUM, suggesting participants are trimming exposure rather than abandoning bitcoin outright, Lucas said.
Spot Ethereum ETFs saw $261.6 million in daily outflows, while newly launched altcoin ETFs bucked the trend with strong inflows led by $105.4 million into Bitwise's XRP fund and modest gains across Solana and HBAR products.
Crypto liquidations top $2 billion in 24 hoursOver $2 billion in leveraged crypto positions were wiped out in the past 24 hours amid bitcoin's latest plunge, triggering one of the largest liquidation waves of the year and the biggest since Oct. 10.

CoinGlass data shows that around 400,000 traders were wiped out, with the single-largest order — a $36.8 million BTC-USD position — taken out on Hyperliquid.
However, it's important to note that liquidation data is imperfect, with partial reporting from some crypto exchanges meaning headline totals likely understate the true scale of forced unwinds.
BRN Head of Research Timothy Misir said bitcoin is entering a capitulation zone, with short-term holders realizing losses at cycle-level extremes, and a failure to reclaim $88,000 to $90,000 risks a further slide toward $78,000.
Meanwhile, Bitwise's Andre Dragosch said bitcoin is nearing a potential "max-pain" reset, with institutional cost bases clustered around $84,000 and $73,000 — zones where forced sellers historically exhaust and recoveries often begin.
Crypto treasury firms buckle as crash erodes nearly half of combined market capsDigital asset treasury firms are taking heavy damage, with their combined market caps nearly halving from a $176 billion peak in July to about $99 billion today, tracking the sharp decline in crypto prices.

The combined value of crypto holdings held by DATs has also fallen from $141 billion when bitcoin made an all-time high on Oct. 6 to $104 billion as of Nov. 21, according to The Block's data dashboard.
Strategy, Bitmine, and Forward Industries are all seeing steep stock drawdowns as their respective BTC, ETH, and SOL positions unwind, and although Michael Saylor's firm remains above water, many DATs are now sitting on deep unrealized losses.
Meanwhile, Saylor said Friday that Strategy's conviction in bitcoin is "unwavering," pushing back against the idea it may be removed from MSCI indexes amid the stock's sell-off.
Looking ahead to next week
U.S. PPI data are out on Tuesday. U.S. jobless claims, PCE, and GDP figures follow on Wednesday, alongside the UK budget statement.
ECB President Christine Lagarde will speak on Monday.
Tornado Cash, Euler, Monad, Blast, and Wormhole are among the crypto projects set for token unlocks.
Devconnect concludes in Buenos Aires. The Australian Crypto Convention gets underway.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR James Hunt is a Senior Reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected]. See More

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Tom Lee's BitMine to begin offering annual dividend as ETH treasury mNAV dips

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Quick Take
BitMine posted its fiscal year results on Friday, showing $328 million in net income or $13.39 in fully diluted earnings per share.
The largest ETH-focused digital asset treasury has seen its mNAV dip below 1x amid a weakening crypto market.
BMNR, down nearly 50% over the past 30 days, though up significantly year-to-date, will offer a dividend of $0.01 per share.
The largest Ethereum treasury company, BitMine Immersion Technologies, said it will become "the first large-cap crypto company to declare an annual dividend," as the firm posts its first earnings report since the crypto market pullback in the second half of the year that has seen digital asset treasuries struggle.

BitMine will offer an annual dividend of $0.01 per BMNR share. The stock is trading around $26.49, up slightly on the day, but down significantly from a yearly high watermark of $135 set in early July, shortly after the firm announced its ETH acquisition strategy, according to The Block’s price page.

The dividend, payable on Dec. 29, is BitMine's latest attempt to return shareholder value through traditional equities engineering. In July, the firm became one of the first DATs to approve a share buyback plan to supplement its ongoing ETH purchases.

Backed by leading investors including ARK's Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera, and individual investors like Wall Street titans Bill Miller III and Tom Lee, BitMine is the second-largest crypto treasury firm after Strategy, and by far the largest public ETH-focused DAT.

The firm recorded $328 million in net income for its fiscal year ending Aug. 31, equating to $13.39 in fully diluted earnings per share, according to Friday's release. It holds nearly $10 billion worth of ETH — 3.55 million tokens purchased at an average price of around $3,120.

Negative mNAVETH is trading around $2,730 on Friday, according to The Block's data, indicating BitMine’s multiple to Net Asset Value (mNAV) has fallen below 1.0x. With ETH sitting near multi-month lows, the company sits on an unrealized loss of roughly $4.52 billion.

A representative for a competing ETH treasury firm, the Ether Machine, told The Block that the outlook for crypto DATs that acquired tokens via at-the-money issuances is "grim."

"The way in which BitMine (BMNR) and Sharplink (SBET) have raised over $10B to buy more ETH over the last 6 months is a capital lever that breaks under the market conditions we find ourselves in now, leaving retail shareholders effectively exposed to a greater loss than if they just purchased ETH," the representative said.

According to Ether Machine’s calculations, "an August BMNR purchaser is down ~73%, compared to an outright ETH purchaser during that time frame, who would be down ~30%," considering that ETH was above $4,000 for much of that month.

Of course, BitMine is far from the only DAT to decline in value amid a weakening crypto market. The Block reportedly earlier Friday that the combined market capitalization of crypto treasury firms has plunged from $176 billion in July to roughly $99 billion today.

Despite BMNR’s performance, BitMine Chairman Tom Lee said the firm is "well positioned in 2026." BMNR is down nearly 50% over the past 30 days, though still up about 258% year-to-date.

The firm’s staking solution — dubbed the Made in America Validator Network, or MAVAN — will debut in the first quarter, boosting the firm’s mining operations. BitMine noted it operates Bitcoin mining operations in Trinidad and Texas.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More

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BitMine Immersion Inc. (NASDAQ:BMNR) is staring at a $4.21 billion Ethereum (CRYPTO: ETH) portfolio loss — a blow so large that BMNR has crashed back into its last major support zone.

Bitmine's ETH Holdings Sink As Portfolio Value Drops $4.21BDropstab data shows that Bitmine invested about $14.01 billion into its ETH Strategy Portfolio, accumulating 3.51 million ETH at an average cost of $3,997 per token. 

With Ethereum now trading around $2,790, the position has shifted deep into unrealized losses.

The portfolio's value sits near $9.81 billion, putting Bitmine down roughly $4.21 billion, or about 30% from its cost basis. 

The decline is fully mark-to-market — the firm has generated zero realized profit, confirming that none of the ETH has been sold.

The past week alone added pressure. 

The portfolio fell about $1.50 billion in seven days, tracking Ethereum's 12.33% weekly slide. 

The move shows how sensitive Bitmine's position is to even moderate ETH weakness due to the massive size of its exposure.

BitMine Immersion Stock Slips Toward Critical Support

BMNR Price Action (Source: TradingView)

Shares of BMNR have dropped sharply over the past two months after the stock failed to hold the mid-$40s in early October. 

Price is now sitting inside the $25–$27 support zone, the same area that acted as the base for the entire summer move.

The trend is still down as every bounce since September has been weaker than the one before it, and the stock continues to trade under short-term moving averages — a simple sign that demand has faded and sellers are still in control.

The key level is $25. If this floor holds, BMNR can attempt a basic rebound toward the low $30s. 

If it breaks, the stock falls back into the $20–$25 range that existed before the July rally.

For buyers to take back control, BMNR needs to break the downtrend from September and push above $33–$35. Until that happens, the chart favors downside risk.

Ethereum Weakness Keeps Pressure On Bitmine Exposure

ETH Price Dynamics (Source: TradingView)

Ethereum dropped almost 7% earlier in the session before bouncing slightly, but the overall trend is still down. 

ETH remains below all major moving averages, and the 20-day and 50-day EMAs continue to act as firm resistance on every rebound attempt.

A clean downtrend from the November high is still rejecting price. 

ETH already lost the $2,900 support band and is now sitting on the $2,750 demand zone. 

If this level breaks, the next major area sits much lower between $2,450–$2,300.

The Parabolic SAR is still above price, which simply means sellers are in control. 

For bulls to regain any traction, ETH needs to reclaim $3,050. 

Until that happens, the pressure on Bitmine's massive ETH position — and on BMNR sentiment, will stay heavy.

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As expected by the XRP community, the spot XRP ETF issued by Bitwise, which launched yesterday, has achieved an impressive first day inflow, according to a recent post from Bitwise’s CEO, Hunter Horsley.

According to Horsley, $XRP has met the expectations of analysts, pulling in a massive $107 million in inflows on its first day of trading despite the broad crypto market slowdown.

While this marks a successful launch for the Bitwise XRP ETF despite the prolonged crypto market downturn, it has also emerged as one of the notable and strongest ETF launches this year.

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With this impressive first day performance, it appears that the demand for spot exposure to XRP among institutional investors has continued to grow.

$XRP hits $25.7 million in first day trading volumeThe launch report showcased by the firm also shows that the fund recorded an impressive $25.7 million in trading volume on day one of its trading.

Notably, this strong trading activity follows massive total assets under management, which reached $107.6 million by the close of the session.

While this strong first day performance has been attributed to the hype and optimism surrounding the fund even before its official launch, the fund’s friendly fee structure appears to have also contributed to the large trading volume.

Notably, the firm only requires investors to pay a zero percent management fee for the first month on the first $500 million in assets. 

While the move seeks to accelerate adoption and attract both retail and institutional capital during its early trading phase, it has helped the fund amass notable first day inflows and trading volume.

Bitwise’s XRP ETF flips BSOLWith a massive $107,000,000 in inflows on its first day of trading, the Bitwise XRP ETF has nearly doubled the record inflows of $69.5 million achieved by the Bitwise Solana ETF on its first day.

This unmatched performance suggests that U.S. investors are more interested in gaining exposure to Ripple’s associated cryptocurrency, XRP, than in Solana.

Dogecoin price has broken through several major support levels, with price action turning sharply bearish and a new yearly low at $0.08 now at risk if sellers continue to dominate.

Summary

Market confidence in DOGE continues to fade as sellers dominate
Trading behaviour reflects growing uncertainty across meme-asset markets
Investor sentiment remains cautious with limited signs of recovery so far

Dogecoin’s (DOGE) market structure has deteriorated significantly after losing the $0.16 support region. This level aligned with the value area low and had acted as a structural base throughout much of 2025. With price now trading inside a zone that has not seen meaningful activity for an extended period, sellers remain firmly in control.

This breakdown has raised concerns that Dogecoin may be on track to revisit its yearly low, even as services like Oak Mining promote simple mobile cloud mining to earn daily BTC and DOGE, highlighting the disconnect between falling market prices and rising retail interest.

Dogecoin price key technical points

Dogecoin breaks below $0.16, losing a major structural support
Price now trades in an untested region with no clear support levels
Downside target sits at the yearly low of $0.08

ETHUSDT (1D) Chart, Source: TradingView
Dogecoin’s loss of the $0.16 level marks a critical shift in momentum. This region previously acted as the value area low and provided support across most of the price action during 2025. Breaking below it indicates a decisive rejection from prior structure and suggests that the market is now searching for new demand zones.

Price has entered a region that has remained untouched for a long period, and thin support in this area increases the probability of a continued decline.

The current technical outlook remains bearish as Dogecoin consistently prints strong bearish engulfing candles. These signals show ongoing aggressive sell-side pressure, with sellers absorbing any attempt at relief. The market structure confirms this weakness, as no meaningful higher lows have been established, and all prior support levels have failed to hold.

With price now in a vacuum-like zone, the next major area of interest lies at $0.08, which marks the yearly low created during the capitulation on Friday, October 10th. If the market continues to trade lower and takes out this level, Dogecoin will establish a fresh yearly low, further reinforcing the bearish trend.

A break of this magnitude would also suggest that the broader market remains in risk-off mode, with liquidity thinning across speculative assets.

For Dogecoin to invalidate the bearish breakdown, the first step would be reclaiming the $0.16 resistance level. However, the current price action does not support this scenario. Momentum indicators, candle structure, and volume flow all point toward sustained downside unless a major shift occurs, especially as Dogecoin continues to fall amid the Federal Reserve’s ongoing hawkish rate stance. Until then, the risk of deeper capitulation remains elevated.

What to expect in the coming price action
As long as Dogecoin trades below $0.16, the likelihood of a move toward the $0.08 yearly low remains high. Failure to reclaim resistance will keep the bearish structure intact. Only a strong reversal in market structure would challenge the downside trajectory.

In brief
Michael Saylor addressed the prospect of Strategy’s removal from stock indices.
He said the company isn’t something that purely resembles an investment fund.
JPMorgan highlighted MSCI’s consultation of crypto-buying firms in a report.
Strategy co-founder and Executive Chairman Michael Saylor downplayed concerns on Friday that the company could be excluded from certain equity indices next year, highlighting aspects of the firm’s business model, as its shares wavered close to a 13-month low.

On X, Saylor contrasted Strategy’s business model against investment funds, following a report from JPMorgan that highlighted how crypto-buying firms with similar qualities could be removed in February from index provider MSCI’s products, which guide activity among investment professionals. 

“Strategy is not a fund, not a trust, and not a holding company,” Saylor said. “We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.”

Over the past month, Strategy’s shares have plunged 42% to $175, while outpacing Bitcoin’s decline from record highs, according to Yahoo Finance. Meanwhile, Strategy’s market cap has slipped below the value of its Bitcoin holdings, complicating its ability to raise funding.

On Oct. 10, MSCI said that it was debating its treatment of crypto treasury firms, “including cases where capital-raising activities are primarily used to fund digital asset accumulation,” and companies “whose digital asset holdings represent 50% or more of their total assets.”

Historically, Strategy has issued common shares to add to its Bitcoin stockpile, but as that move has grown less lucrative, Strategy has embraced preferred shares offering dividend payments. MSCI is set to announce a decision on Jan 15.

On X, Saylor highlighted the products that Strategy has introduced this year, and how that reflects how the company is building “a Bitcoin-backed structured finance company with the ability to innovate in both capital markets and software.”

What’s more, Saylor said the company’s commitment to Bitcoin is unwavering, and “index classification doesn’t define" the world’s largest corporate holder of Bitcoin.

On Friday, Strategy’s stockpile was worth $55 billion. At its peak, Strategy’s Bitcoin was worth nearly $80 billion on Oct. 7, according to Bitcoin Treasuries.

Strategy was added to the tech-heavy Nasdaq-100 late last year. Around that time, Bloomberg ETF Analyst James Seyffart estimated that the milestone would result in $2.1 billion worth of net buying for Strategy’s shares.

In September, Strategy had qualified for inclusion in the S&P 500, but the Bitcoin buying firm was passed over. Robinhood joined Coinbase, which was added in May.

In a Myriad prediction market, just 6% of respondents believe that Strategy will sell Bitcoin this year. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Compliance pays: Pi coin is set to debut on top European exchanges soon, based on this new whitepaper.

Former BitMEX CEO Arthur Hayes has opined that Bitcoin might be close to bottoming out following a truly violent sell-off that took place earlier this week. 

That said, Hayes has cautioned traders not to buy the dip prematurely, claiming that they have to wait for a steeper sell-off in the stock market.

A "weathervane" for liquidity  In a Nov. 17 blog post, Hayes explicitly attributed the cryptocurrency market plunge to reduced US dollar liquidity, which is the amount of money circulating in the system. 

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According to him, Bitcoin’s price primarily reflects expectations about future USD liquidity.

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Earlier this year, the cryptocurrency managed to rally to all-time highs due to a combination of strong ETF inflows, liquidity-positive rhetoric, as well as treasury companies buying a lot of coins.

Now, however, liquidity is contracting once again, and Strategy's premium has collapsed. Hence, Michael Saylor's company is no longer capable of raising capital efficiently.  

Will the Fed change course? Bitcoin's plunge has coincided with the fading odds of the Fed implementing another rate cut this year.  

However, Hayes is convinced that a significant stock market correction could potentially restart QE-like liquidity injections. 

Once money printing resumes, Bitcoin could potentially surge all the way to $200,000.

Fundstrat's Tom Lee recently predicted that the BTC price could reach the aforementioned as early as January 2026 despite the severity of the ongoing sell-off.  

Earlier today, Bitcoin briefly plunged below $81,000 on the Bitstamp exchange before paring some losses. 

Kraken's customers have until December 12 to transfer their Luna Classic holdings elsewhere. Another dip coming?

TL;DR

Polygon will carry out a deep network upgrade that requires a temporary pause of deposits and withdrawals on Binance to ensure stability.
Users will be able to continue trading normally on the exchange, although they will not be able to move funds on-chain while the network adjusts its validation logic.
The upgrade will activate at block 80,084,800 and will introduce a hard fork with improvements in performance, security, and capacity for high-volume applications.

Polygon is preparing a network upgrade that modifies the internal structure of the protocol and requires a temporary pause of deposits and withdrawals on Binance.

Users will continue operating without restrictions, buying and selling Polygon-linked assets as if it were a normal trading day, but they will not be able to move funds on-chain during the intervention. The interruption aims to protect balances and prevent stuck transactions while the network adjusts its validation logic.

Binance will halt deposits and withdrawals on December 9 at 11:00 AM. Service will automatically resume once the network confirms stability after the synchronization process. There will be no emails, messages, or additional confirmations. Users will not need to approve migrations, backups, or actions related to their wallets. The exchange will handle the upgrade, patch nodes, and verify that the network is once again processing blocks normally.

Polygon Prepares Its Infrastructure to Support High-Volume Applications
Polygon will deploy the upgrade when block 80,084,800 is finalized. It includes a hard fork and internal modifications that will improve overall performance, offering greater processing capacity, lower latency, and a stronger security framework. The goal is to build a more efficient network for developers and high-transaction applications, something that requires deep interventions and a controlled environment.

Fortunately, infrastructure upgrades are no longer rare events that bring the ecosystem to a halt for days. Blockchains evolve while fully operational, and exchanges that safeguard assets and move liquidity act as buffers that shield users from technical complexity. An exchange that anticipates an upgrade of this scale reduces the operational risk of sending funds at a time when the network is reconfiguring its block order and is not yet fully stabilized.

Polygon is building a more robust infrastructure, and Binance is ensuring that the market continues functioning without distortion while the network rebuilds its internal components.

The cryptocurrency market has entered a tense phase this week, and XRP is one of the assets under the spotlight. After maintaining strength through most of 2025, the coin has now shifted into a retracement phase, losing nearly 19% of its value since October 27.

Bitcoin (CRYPTO: BTC) isn't failing as a hedge — it was never meant to be one, argues industry veteran Samson Mow, who says the market still misunderstands what Bitcoin actually is.

What Happened: Mow explained that Bitcoin's current fiat-denominated price looks irrational only because the world continues to treat BTC like a tech stock or a risk asset.

Even above $110,000, Bitcoin was only modestly outpacing inflation, and at current levels he believes it is deeply oversold relative to fundamentals.

According to Mow, nothing has changed about the long-term thesis: Bitcoin is still on its path toward becoming a global reserve asset.

The macro backdrop, rising liquidity, expanding fiat supply, fixed issuance, halving-driven supply squeeze, and growing corporate and nation-state adoption, continues to support that trajectory. Merchant acceptance and Lightning Network integration are also steadily increasing.

Also Read: Bitcoin Down Over $40,000 From Its Peak: Is Now The Time To Start Buying?

Why It Matters: Mow emphasized that the fiat system is structurally unsound, weighed down by runaway debt and unchecked government spending. This is why major accumulators like Strategy (NASDAQ:MSTR) continue to buy aggressively: they believe the window to accumulate cheap BTC is closing fast.

Mow's conclusion was blunt: "Bitcoin is not a protective hedge. It's the final destination, the endgame."

He added that Bitcoin has never been this close to true mass adoption and urged investors to prepare accordingly.

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Crypto pundit Jake Claver recently drew XRP investors‘ attention to important tax information he believes could help them protect their wealth. Claver also offered a solution, which he indicated could help these investors even as they watch XRP potentially appreciate to as high as $100. 

Crypto Pundit Draws XRP Investors’ Attention To Important Tax Information
In an X post, Claver alluded to tax information from his company, Digital Ascension Group (DAG), which he said would become very important for XRP holders to understand. DAG explained how the IRS’s classification of crypto as property in 2014 changed everything for crypto wealth. 

The company stated that most people holding six or seven figures in XRP do not understand the implications. DAG noted that, because crypto is classified as property, every wallet is vulnerable to court orders, and that any incident relating to one’s personal life can warrant a judge ordering holders to hand over the keys to their wallets. 

 However, on the other hand, DAG stated that crypto’s classification as property also unlocked every wealth strategy that real estate families have used for centuries. This creates a step-up basis at death, allowing the heirs of XRP holders to inherit the crypto at its current market value with no capital gains owed. The company stated that this way, investors can buy XRP at $0.50, die when it hits $100, and their heirs get it at $100, with the entire capital gains eliminated. 

Meanwhile, DAG revealed that XRP holders can borrow against their holdings without selling their XRP. The company explained that these holders can take a loan at a reasonable interest rate and keep the asset while they avoid the tax bill and still have liquidity. The firm added that this was how Elon Musk bought Twitter with $40 billion borrowed against Tesla. As such, this will be the same playbook, though it is for crypto this time. 

Other Ways To Protect One’s XRP Holdings
DAG also proposed the transfer of one’s XRP holdings into a Wyoming LLC as a way to protect their crypto wealth. Investors transfer their coins into an LLC and then gain charging order protection, which means that creditors can’t touch their assets. The company explained that these creditors would have to get in line for distributions that investors never have to make, as the corporate veil protects these investors. 

Furthermore, DAG stated that investors could gift up to $13.6 million to family members without a gift tax by filing Form 709. These investors can also move their wealth out of the taxable estate while they are alive. Couples can transfer up to $27.2 million while avoiding the gift tax. 

The company also explained that investors would have to put the LLC into a revocable living trust, in which one’s spouse becomes trustee upon death and can skip the headache of probate. This eliminates the 6 to 24 months court delay and the 3% to 7% probate fees, while there won’t be public records showing what crypto assets were owned. 

DAG declared that retail investors are still treating crypto like lottery tickets while high-net-worth families are treating it exactly like commercial real estate. They are said to structure it, shield it, borrow against it, and never sell appreciating assets. The company added that property classification is the foundation for generational wealth if one actually understands what it unlocks. 

At the time of writing, the XRP price is trading at around $1.98, down over 7% in the last 24 hours, according to data from CoinMarketCap.

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

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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