An on-chain whale has redirected capital from perpetual futures into the ETH spot market, purchasing 5,042 ETH worth approximately $14.26 million, according to Onchain Lens. The investor previously lost over $8 million trading ETH perpetuals but still holds about $7 million in remaining margin. This spot accumulation underscores growing confidence in Ethereum’s price outlook. Whale activity and large spot buys can tighten supply, potentially supporting bullish momentum for ETH. Traders should watch for similar on-chain signals and whale flows as indicators of market sentiment and short-term price shifts.
CryptoQuant analyst Crypto Dan warns of increased pressure on Bitcoin if BTC dips below $80,000. Short-term holders have begun panic selling and market sentiment has shifted from bullish to bearish. This mirrors previous bull-market corrections but on a smaller scale. Two scenarios emerge: the pullback could be a normal correction near the bottom, or a deeper bear cycle prolonging losses. In the near term, Bitcoin has room to rebound. However, breaching the $80K support level would present bigger challenges for BTC. Despite this, CryptoQuant sees a low probability of a 70% crash as seen in past cycles. Traders should watch BTC price action around key support and monitor on-chain metrics and sentiment indicators to guide future market trends.
According to Reuters, China Bitcoin mining has quietly rebounded since the 2021 ban, reaching a 14% global market share by the end of October 2025 and ranking third worldwide. Low electricity costs and data-centre expansion in energy-rich provinces like Xinjiang have attracted both individual and corporate miners back into the sector. Mining-rig maker Canaan reported that over 50% of its Q2 sales came from the Chinese market, underscoring renewed demand. Meanwhile, the implementation of Hong Kong’s stablecoin law and talks of an RMB-backed stablecoin point to a softer regulatory stance. CryptoQuant estimates that 15–20% of global Bitcoin hashrate still operates in China. Industry experts believe that if mining remains profitable, policy restrictions may continue to ease.
A new Bitcoin Core security advisory details several high- and medium-severity vulnerabilities affecting versions prior to 25.1. Key issues include CVE-2024-52922 and CVE-2024-52921, which allow peer-induced block propagation delays and denial of service (DoS) via malformed or mutated blocks. CVE-2024-35202 can trigger remote node crashes during compact block reconstruction, while the inv-to-send set overflow (DoS) degrades P2P performance. Older flaws such as CVE-2019-25220 exposed memory DoS via low-difficulty block header floods, now mitigated by proof-of-work checks. Integer overflow in addr message handling (CVE-2024-52919) and an infinite loop in miniupnp (CVE-2024-52917) have also been fixed since v22.0. All disclosed bugs have patches in Bitcoin Core v25.1, v26.0, or earlier. Operators are urged to upgrade immediately to maintain network reliability and protect against block propagation stalls, remote crashes, and resource exhaustion.
Korean traders once turned crypto trading into an e-sports spectacle at events like Perp-DEX Day, mirroring their culture for instant feedback and game-style ranking. However, following the 2022 LUNA crash—which wiped out TerraUSD (UST) and collapsed LUNA’s value—retail activity on Upbit plunged by 80%, and crypto trading interest, searches and community engagement sharply declined. Rather than quit speculation, young Koreans relocated their capital to the domestic stock market. In 2025, the KOSPI index surged over 70% year-to-date, with Samsung Electronics, LG Energy Solution and SK Hynix doubling or tripling in price. Brokers’ apps frequently crashed under heavy order flows as former crypto traders applied their risk appetite and leverage strategies to equities. While short-term crypto trading volumes remain depressed, analysts note these investors may return once a new high-profile narrative emerges.
A direct monetary clash is unfolding between the old financial order—centered on JPMorgan, Wall Street and the Federal Reserve—and a new regime led by the U.S. Treasury, stablecoins and Bitcoin. JPMorgan, deeply integrated with Fed settlement systems, has deployed derivative pressure, synthetic shorting and custody delays to suppress Bitcoin’s price and attack MicroStrategy (MSTR), the key bridge for institutional capital moving into BTC. Meanwhile, the Treasury is quietly shifting issuance power back from banks to itself by integrating stablecoins, programmable settlement rails and Bitcoin reserves as long-term collateral. A narrow strategic window—driven by Fed board appointments, Supreme Court and midterm election risks—underscores the urgency. This silent war signals a historic monetary transformation: programmable digital dollars and Bitcoin collateral could redefine global dollar issuance, undermining bank profits and Fed dominance. Traders should expect continued price suppression tactics amid secret accumulation, heightened volatility in BTC and MSTR, and a potential long-term bullish shift if the new monetary framework prevails.
After the sharp liquidations on October 11 and November 3, the crypto market has entered a structural shift. Major market makers on centralized (CEX) and decentralized exchanges (DEX), including Hyperliquid and Perp DEX LPs, lost over half their liquidity share after YBS stablecoin failures and ADL liquidations. This blow reduces price manipulation and allows true price discovery on-chain. As CEXs develop native DEXs and protocols like Aave V4 and new Framework stablecoins launch, DeFi innovation continues beyond market-maker cycles. While EVM stays dominant, chains like Solana (SOL) and privacy networks such as Zcash (ZEC) reclaim cypherpunk roots. Traders should monitor liquidity metrics, on-chain order flow, and emerging DEX platforms. This crypto market shift promotes decentralized pricing, stabilizes volatility, and drives valuation models based on technical fundamentals and product profitability.
On-chain analytics reveal a major whale’s diversified altcoin basket has amassed about $4.06M in unrealized losses over the past week. The whale’s altcoin basket spans 22 tokens, with HYPE as the largest holding at a $4.64M valuation and a $1.303M unrealized loss. Only LINEA remains in profit, underlining its resilience amid market downturns. This performance highlights the sensitivity of mark-to-market valuations to shifting liquidity and market tone. The whale’s holdings reflect a risk-aware posture typical of major crypto exposures. Traders monitoring the altcoin basket may reassess sector rotation and risk strategies. Key metrics: basket losses $4.06M, HYPE loss $1.303M, 22 tokens, only LINEA profitable.
Bitcoin supply on exchanges has plunged to an eight-year low of 1.8 million BTC as smart money steps in. Over the past three days, 560 000 BTC left centralized platforms, with more than 630 000 BTC withdrawn in a single night. Meanwhile, whale wallets holding over 10 000 BTC reached a five-month high, signaling strong conviction beneath the surface. Recent buyers endured significant losses during a 37% retracement from $126 000 to $80 000, pushing short-term holder (STH) MVRV down from 1.09 to 0.78. Despite extreme fear—reflected in a Fear & Greed Index of 12 and Supply in Profit at 65%—Bitcoin’s swift 3% rebound off $86 000 suggests selling pressure may have peaked. The steady whale accumulation and shrinking exchange reserves point to an early supply transfer from weak hands to stronger holders. Traders should watch for a potential market bottom formation, as historical patterns show similar liquidity drains often precede sustained rallies.
This week more than $566 million in crypto tokens are set to enter circulation through major unlocks, according to CoinGecko. Projects executing significant one-time token unlocks include Hyperliquid (HYPE), Plasma (XPL), Jupiter (JUP), Kamino (KMNO), Optimism (OP), ZORA, Humanity Protocol (H), and SAHARA. Daily linear unlocks exceeding $1 million involve Solana (SOL), Official Trump (TRUMP), Worldcoin (WLD), Dogecoin (DOGE), ASTER, Avalanche (AVAX), Bittensor (TAO), Zcash (ZEC), and ETHFI. Large token unlocks increase circulating supply, potentially placing short-term downward pressure on prices if demand lags. These token unlocks combine for over $566 million, adding selling pressure during a fragile market rebound after more than $1 trillion in losses since October. Bitcoin (BTC) and Ethereum (ETH) have shown tentative gains—BTC near $87 040 and ETH around $2 842—but remain sensitive to supply shocks. Traders should monitor unlock schedules and liquidity trends closely, as token unlock events can drive volatility and influence crypto trading sentiment.
Crypto analyst CryptoSensei forecasts an XRP price surge to $150 in 30 days, $295 in 60 days, and $442 in 90 days. This forecast underlines expectations for an XRP price breakout driven by tightened supply on exchanges and robust ETF inflows. He bases these price targets on the assumption that large holders will withhold tokens at key levels. Demand will be boosted by new XRP ETFs, expanded treasury operations, regulatory progress, stablecoin growth, and rising institutional adoption. Technical upgrades such as the EVM sidechain and emerging DeFi layers may further constrain liquidity. Community reactions range from skepticism to optimism. Traders should track ETF inflows and exchange supply as key indicators of potential volatility and upward momentum.
Cardano’s blockchain experienced a network split on Nov. 21 after a crafted delegation transaction exploited a software vulnerability first reported in 2022. The malformed transaction was accepted by updated node software but rejected by older nodes, creating divergent ledger states. Cardano core teams deployed an emergency patch within three hours, restoring consensus across the network the following day. During the disruption, major exchanges including Coinbase and Upbit suspended ADA deposits and withdrawals, and transaction confirmation times spiked amid inconsistent block data. Founder Charles Hoskinson likened the incident to a planned attack, and federal authorities opened an investigation after the responsible developer confessed and resigned from Input Output Global. The ADA token slumped sharply on the news before partially recovering as network operations normalized. The episode underscores ongoing security and governance challenges within blockchain ecosystems.
This week’s wave of US economic indicators — including Tuesday’s Producer Price Index (PPI), Wednesday’s initial jobless claims and the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index — is set to drive volatility across traditional and cryptocurrency markets. Reduced liquidity around the Thanksgiving holiday may amplify price swings in Bitcoin and other digital assets. A higher PPI could reinforce expectations of tighter Federal Reserve monetary policy, while softer inflation and rising jobless claims could fuel speculation about potential rate cuts in early 2026. Market participants will closely monitor PCE outcomes to gauge Federal Reserve rate-path projections and adjust short-term trading strategies accordingly.
Neutral
Federal ReserveEconomic DataMarket VolatilityCryptocurrency TradingInflation Indicators
On November 21, via CKpool software, a solo miner defied record-high difficulty and 855.7 EH/s network hash rate to mine Bitcoin block #924,569, illustrating the high stakes of solo mining. Initial reports cited a 1.2 TH/s hashrate with 1-in-1.2 million daily odds, but CKpool developer Con Kolivas later confirmed 6 TH/s and 1-in-180 million odds. The miner claimed the full 3.125 BTC block reward (~$262,800) plus 0.021 BTC fees (~$1,800), totaling 3.146 BTC (~$264,600). This marks CKpool’s 308th solo block and first success in three months, highlighting 2025’s surge in hobbyist solo mining wins. Beyond the $260K payoff, solo mining enhances network decentralization by enabling small-scale participants. Traders should note solo mining’s unpredictable, high-risk nature against potential full-block rewards.
A recent data report from Aiidai reveals that a basket trading strategy long on 22 altcoins has accumulated an unrealized loss of $4.06 million. Out of the 22 tokens, only the Layer-2 project LINEA’s token (LINEA) remains in positive territory. The heaviest position, HYPE, with a capital allocation of $4.64 million, shows the largest unrealized loss of $1.303 million. This altcoin basket strategy loss underscores mounting selling pressure across most altcoins, while LINEA’s relative strength stands out. Traders should watch for potential deleveraging events, as significant unrealized losses in altcoins may trigger further market correction.
Thailand’s largest cryptocurrency exchange Bitkub is reportedly considering an initial public offering (IPO) in Hong Kong. According to sources, the IPO could take place next year, with a projected post-IPO valuation ranging from $1 billion to $3 billion. Market watchers view the move as a strategic step for Bitkub to expand its capital base, enhance corporate governance, and boost regional presence. The proposed IPO aligns with growing regulatory clarity in Asia’s leading financial hub and mirrors similar listings by other exchanges seeking to tap global investors. Traders and investors will closely monitor formal filings and timing details, which could influence market sentiment and reflect deeper institutional adoption in Southeast Asia’s crypto sector.
Blockchain privacy is entering a new renaissance as demand shifts to data sovereignty and selective transparency. Pantera Capital’s Paul Veradittakit cites new protocols—Zama (FHE), Canton and StarkWare (zk-STARKs, Validium)—that deliver compliant privacy on public ledgers. Zama enables encrypted computation with selective disclosure, while StarkWare’s S-Two prover scales zero-knowledge proofs.
Early projects like Zcash and Tornado Cash proved the need for protocol-level privacy but lacked regulatory features. Today’s blockchain privacy architectures blend confidentiality and transparency to unlock institutional DeFi, cross-border payments and real-world asset tokenization. This privacy renaissance could fuel a bullish cycle for privacy-focused crypto assets.
South Korea’s Financial Intelligence Unit (FIU) is ramping up anti-money laundering (AML) compliance with on-site inspections of Korbit, Gopax, Bithumb and Coinone since 2023. After fining Dunamu (Upbit operator) 35.2 billion KRW under the Virtual Asset User Protection Act in 2024, the FIU will apply a first-in, first-out system to impose institutional and personal sanctions—ranging from heavy fines to disciplinary actions—potentially totaling hundreds of billions of won. Sanctions are now expected by mid-2025, earlier than initially projected, as part of a broader regulatory push to strengthen AML and KYC checks, protect investors and enhance cross-border transaction monitoring. Traders should monitor rising compliance costs, tighter business limits and possible trading volume impacts as this AML crackdown intensifies.
Bearish
South Korea FIUAML compliancecrypto exchangesregulatory sanctionsinvestor protection
On November 21, a malformed delegation transaction exploited a legacy bug in Cardano’s core node library, triggering a brief Cardano chain split as nodes disagreed on ledger state. The Intersect group quickly pinpointed the flaw and urged stake pool operators to upgrade to the latest node version. Within hours, the software update restored consensus, merged the split ledgers and prevented any double-spend losses. The user ‘Homer J’ admitted using AI-generated code for the faulty transaction. Cardano founder Charles Hoskinson confirmed that the FBI has been notified to investigate the incident as a potential criminal act. This episode highlights the critical importance of regular software audits and timely node updates to maintain blockchain security and network stability. Traders should watch for minor, short-lived ADA volatility but can view the incident as a neutral catalyst given the swift resolution of the chain split.
Since the Department of Government Efficiency (DOGE) was formed, US debt has risen by $2.1 trillion in 326 days—an average of $6.5 billion per day. DOGE set out to curb wasteful spending by $1–2 trillion, but it realised only $160–214 billion in savings through cuts to discretionary budgets, including contracts, grants and leases. Mandatory programmes—Social Security, Medicare and Medicaid—and increasing interest payments now absorb over half of the federal budget, diluting the impact of these cuts. With the 2025 budget forecast to exceed $7 trillion and President Trump shutting down DOGE, experts warn that debt control must target entitlement reforms and rising debt-servicing costs.
Neutral
US DebtGovernment EfficiencyBudget CutsMandatory SpendingInterest Payments
Spot Bitcoin ETFs posted their fourth straight week of net outflows, shedding $1.22 billion in the week ending Nov 21 and bringing total losses to $4.34 billion. Despite $75.5 million and $238.5 million inflows on Wednesday and Friday, redemptions dominated other sessions. BlackRock’s IBIT led outflows with $1.09 billion redeemed, including a $523 million single-day outflow on Nov 19 amid Bitcoin’s drop from $95,600 to $82,200. Bitcoin has since rebounded to around $87,350 but remains in a fragile $85,000–$90,000 consolidation, according to Kronos Research CIO Vincent Liu. Meanwhile, Spot Ethereum ETFs saw a third week of outflows totaling $500.3 million. In contrast, Solana ETFs attracted $128.2 million and XRP ETFs drew $179.6 million, signaling investors’ shift toward alternative crypto ETFs amid heightened volatility. This trend in Spot Bitcoin ETFs reflects broader risk diversification across the crypto ETF market.
GrowThePie data shows Ethereum TPS averaged 364.52 over seven days, peaking intraday at 24,192. Layer-2 solutions now handle 95.35% of all transactions, underscoring the mass migration off-chain. Within the L2 landscape, Perp DEX Lighter led throughput at 5,035 TPS. This surge in Ethereum TPS reflects growing demand and the maturity of Layer-2 solutions. Traders can expect improved execution certainty, tighter fee dynamics, and expanded arbitrage opportunities as scalability advances. The dominant L2 share signals cost-effective, high-speed settlement, influencing liquidity provision and risk management across spot and derivatives markets.
Chainlink (LINK) is trading near its key $11 support level after forming a narrowing long-term consolidation pattern on the daily chart. Trading volume has declined by roughly 20%, while the Relative Strength Index (RSI) sits around the neutral 50 mark and the Moving Average Convergence Divergence (MACD) shows little directional momentum. Technical indicators point to a symmetrical triangle, with resistance around $15 and support at $11. A rebound off this level could drive LINK toward $13–$14, whereas a decisive break below $11 might open the door to a drop toward $9. Market participants are watching on-chain metrics—such as active addresses and network growth—for early signs of renewed buying interest. Traders should monitor price action around $11 and shifts in open interest or volatility for clues on the next directional move.
Since Dogecoin’s December 2013 launch, US debt has surged by $2.1 trillion, climbing from $17.2 trillion to $19.3 trillion. Despite the debt increase, the debt-to-GDP ratio rose only marginally, and annual economic growth has remained stable around 2%. Economists point to fiscal stimulus, infrastructure spending and COVID-19 relief packages as key drivers. The data suggest this uptick in US debt has had limited impact on macroeconomic stability or market confidence, indicating the cryptocurrency’s birth aligns with broader fiscal trends rather than causing major growth shifts.
Neutral
US DebtDogecoinEconomic GrowthFiscal PolicyCrypto Market
A busy, holiday-shortened US economic week ahead hinges on key inflation and growth reports that could sway crypto markets. The delayed September Producer Price Index (PPI) and retail sales data on Tuesday, along with consumer confidence and pending home sales, offer fresh inflation insights. Midweek brings Q3 GDP and September Personal Consumption Expenditures (PCE) reports, critical for Federal Reserve policy. These releases follow a government shutdown delay. Last week, crypto markets dipped with AI and tech stocks amid reduced December rate cut odds dropping to below 70%, after a strong US jobs report. Bitcoin rebounded from $82,000 to $88,000, recovering part of last fortnight’s losses, while Ethereum struggled to surpass $2,850. Total market value remains around $3 trillion, down 32% from October peaks. Traders will watch these US data points for signals on Fed rate cuts and inflation, key drivers for crypto markets in the coming days.
Deribit’s $80,000 Bitcoin put option now leads the Bitcoin options market with over $2 billion in open interest. This surpasses last week’s top $85,000 put at $1.97 billion in the Bitcoin options market. Meanwhile, $140,000 call open interest on Deribit fell to $1.56 billion. Traders are reallocating to protective puts amid rising volatility. Institutions and professionals are restructuring portfolios to hedge downside. The surge in $80K put open interest signals growing bearish sentiment and anticipates a test of the $80,000 support level. These shifts highlight short-term downside risks but could stabilize if key support holds.
Hong Kong has solidified its role as a global safe haven, with bank deposits surging over 10% year-to-date to exceed HK$19 trillion. According to Financial Secretary Paul Chan, increased geopolitical and economic uncertainties have prompted investors to reallocate assets to Hong Kong. The city leads global IPO fundraising and its wealth management sector is thriving, while international institutions plan headcount expansion. This Hong Kong safe haven status is further strengthened by enhanced stablecoin regulation, permitting only fiat-collateralized variants under strict capital, asset management, redemption and audit requirements. Additionally, licensed virtual asset services are expanding: LiquidityTech’s LTP HK obtained an upgraded Type 1 license, enabling comprehensive VA-in/VA-out operations under SFC oversight. These measures reinforce Hong Kong’s position as a leading financial hub and Web3 centre, offering traders diversified asset allocation and a transparent, efficient environment for crypto and virtual asset services.
Bullish
Global FinanceSafe HavenStablecoin RegulationVirtual Asset ServicesHong Kong Banking
Bitcoin’s four-year halving cycle has long guided traders through predictable bull and bear phases. However, since the April 2024 halving, price action has felt muted. Bitcoin peaked at $125,000 in October 2025—within the typical 12–18 month window post-halving—but lacked the blow-off top seen in 2017 and 2021. Limited altcoin rotation and a swift 25% drop back below $90,000 highlight restrained market sentiment. Institutional flows via Bitcoin spot ETFs have smoothed volatility and altered trading dynamics, with average ETF entry costs around $89,000. On-chain metrics—MVRV, SOPR, RHODL—still track historical cycles but reflect lower amplitude highs and diminishing marginal returns per halving. Emerging market narratives have also fragmented into rapid rotations across ETFs, inscriptions, Solana, crypto AI, and niche DeFi variants, diluting a unified market rhythm.
Experts remain divided: some see institutional dominance as redefining cycles, while others argue supply-driven halving fundamentals persist. Traders should monitor ETF flow reversals, on-chain profit-taking signals, and support at prevailing cost-basis levels. Given the potentially ended late-stage rally and higher thresholds for new highs, a defensive stance with capital preservation is prudent until clear signs of renewed accumulation emerge.
Hedera price has rebounded 9% in 24 hours as HBAR futures open interest climbs 13% and the long/short ratio nears parity, signaling growing bullish sentiment. HBAR has been in a downtrend since July, falling 51% from its peak amid slowing on-chain activity, underperforming ETF inflows compared to Solana, and a DeFi TVL drop to $157.9 million. Technical analysis reveals a descending channel on the daily chart, now poised for a breakout above the upper trendline. A triple bottom pattern around $0.123 with a neckline at $0.228 sets a potential 98% upside target. Momentum indicators—an imminent MACD bullish crossover and an RSI recovery from oversold—support a reversal scenario. A fall below $0.123 would invalidate the setup.