Tether 1bn funding deal with Neura Robotics in AI robotics signals a major move into advanced robotics and artificial intelligence sectors.

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BitMine stock fell alongside Ethereum after Chi Tsang was appointed CEO to lead the firms ETH-focused treasury plan.

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Bybit and Block Scholes report shows crypto traders leaning bearish as BTC drops below $100K and equities lose momentum.

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The expedited SEC process could accelerate the introduction of innovative financial products, potentially boosting market competition and investor options.

The post Bitwise’s spot XRP ETF may become the next launch as SEC moves to speed filings appeared first on Crypto Briefing.

Cardone's Bitcoin purchase highlights increasing institutional adoption, potentially boosting cryptocurrency's legitimacy as a store of value.

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Bitcoin Magazine

Trump Family-Linked American Bitcoin Doubles Revenue in Q3 Amid Aggressive Mining Expansion

American Bitcoin (NASDAQ: ABTC), the cryptocurrency mining firm backed by Eric Trump and Donald Trump Jr., reported a strong third quarter.

American Bitcoin posted revenue of $64.2 million, a 453% year-over-year increase, while net income soared to $3.47 million, reversing a $576,000 loss in the same period last year. 

The Miami-based miner, which became a standalone public entity after spinning out from Hut 8 and merging with Gryphon Digital Mining, has aggressively scaled its operations. 

During Q3, American Bitcoin expanded its mining capacity roughly 2.5 times to 25 exahash per second (EH/s), with its fleet achieving an efficiency of 16.3 joules per terahash (J/TH). 

The company’s scalable, “asset-light” mining approach allowed it to generate bitcoin below market prices, while disciplined at-market purchases contributed to wider profit margins.

On the treasury front, American Bitcoin accumulated over 3,000 BTC during the quarter, ending Q3 with 3,418 BTC. As of this month, the company’s holdings grew to 4,004 BTC, equivalent to 432 satoshis per share. 

Eric Trump emphasized that the firm’s strategy focuses on both production and accumulation, reinforcing long-term value creation as market conditions fluctuate.

Eric Trump shared some of the results on X with the short message “Just getting started! @ABTC”. 

Despite strong fundamentals, ABTC shares fell more than 13% in pre-market trading Friday, reflecting a broader crypto market pullback as bitcoin dipped below $95,000. 

Nevertheless, the company’s high-profile backing and strategic expansion have drawn investor attention, positioning American Bitcoin as a noteworthy player in the digital asset ecosystem.

With a combination of growing mining output, efficient operations, and a rapidly expanding bitcoin treasury, American Bitcoin is staking a claim as one of the more institutionally oriented, growth-focused bitcoin miners in the market, even amid ongoing price turbulence.

American Bitcoin merger details

Back in September, American Bitcoin Corp., completed a stock-for-stock merger with Gryphon Digital Mining, creating a Nasdaq-listed Bitcoin accumulation platform. The company, majority-owned by Hut 8, combined mining operations with strategic Bitcoin purchases to gain a structural cost advantage. 

At the time, Eric Trump highlighted ABTC as a public vehicle giving investors direct exposure to Bitcoin while advancing U.S. leadership in the global crypto economy. The Trump family emphasized alignment with American values and leveraging public markets to scale operations efficiently. 

This post Trump Family-Linked American Bitcoin Doubles Revenue in Q3 Amid Aggressive Mining Expansion first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

‘We Are Buying’: Michael Saylor Confirms Strategy (MSTR) Is Aggressively Buying Bitcoin

Amid a wave of panic in crypto markets, rumors surfaced Friday that Strategy (MSTR) was selling its bitcoin holdings as both BTC and MSTR stock tumbled. 

Executive Chairman Michael Saylor quickly dismissed the chatter, telling CNBC, “We are buying bitcoin,” and promising that the company’s next purchases will be reported Monday. He added that Strategy is “accelerating [its] purchases” and suggested investors could be “pleasantly surprised” by recent activity.

The rumors stemmed from on-chain movements showing BTC leaving company-controlled wallets, coinciding with a brief drop in bitcoin below $95,000, its lowest level in roughly six months. 

Saylor, however, maintained confidence, saying, “There is no truth to this rumor.”

MSTR shares fell under $200 in pre-market and early trading, down nearly 35% year-to-date, prompting concerns that the company might liquidate bitcoin to stabilize its balance sheet. 

Saylor advised investors to maintain perspective amid the volatility. “Zoom out,” he said, noting that bitcoin was trading in the $55,000-$65,000 range just over a year ago. Even after recent declines, BTC at $95,000 “is still showing a pretty great return.” 

He added that Strategy has “put in a pretty strong base of support around here” and expressed comfort that bitcoin could rally from current levels.

Strategy now holds more than 641,000 BTC, valued at roughly $22.5 billion, with an average purchase price of around $74,000 per coin. The company’s market capitalization has fallen below the value of its bitcoin holdings, pushing its market-to-net-asset value (mNAV) below 1, a metric often cited as evidence that the stock may be undervalued. 

Despite these numbers, Saylor emphasized that Strategy’s balance sheet is “pretty stable” and only fractionally levered, with no imminent debt trigger points.

Bitcoin is always a good investment

On long-term prospects, Saylor remained bullish, stating, “Bitcoin is always a good investment,” provided investors are prepared for volatility and hold a time horizon of at least four years. 

He compared BTC’s performance to traditional assets, noting that bitcoin has averaged roughly 50% annual growth over the past five years, outperforming gold and the S&P. 

He also contrasted investment approaches, suggesting that those seeking exposure to digital credit instruments might prefer other products, while investors aiming for long-term ownership of “digital capital” should focus on bitcoin.

Even as market jitters continue and institutional outflows impact prices, Strategy is doubling down. “We’re always buying,” Saylor said, signaling that the firm intends to use market dips to expand its bitcoin holdings rather than sell.

Saylor: Trillions in Bitcoin 

In a wide-ranging interview with Bitcoin Magazine earlier this year, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance. 

He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral. 

From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives. 

He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin. 

Earlier this week, Strategy bought 487 BTC for about $49.9 million. At the time of announcement, Bitcoin’s price was near $106,000. The purchases, made between November 3 and 9 at an average of $102,557 per BTC, bring Strategy’s total holdings to 641,692 BTC, acquired for roughly $47.54 billion at an average price of $74,079 each, underscoring the company’s ongoing commitment to its Bitcoin treasury strategy.

At the time of writing, Bitcoin is trading at $96,815, with lows recorded near $94,000.

This post ‘We Are Buying’: Michael Saylor Confirms Strategy (MSTR) Is Aggressively Buying Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Crashes to $94,000 and New Six-Month Lows

Bitcoin price fell sharply today, sliding from an intraday high of $104,000 to $94,480, wiping out earlier gains and marking a decisive breakdown in price action.

Twelve hours ago, the Bitcoin price hit above $100,000 and then consistently bled down from the upper $101,000s to lows of $94,480.

Ethereum dropped below $3,100 at times and crypto stocks like Coinbase ($COIN) and Strategy ($MSTR) are trading in the red in pre-market trading. 

Also, the Bitcoin Fear and Greed Index has plunged to a new “Extreme Fear” low, signaling deep market anxiety even as long-term holders stay the course.

The price dropped to these levels after weeks of weakening demand, heavy long-term holder sell-offs, and persistent outflows from spot Bitcoin ETFs. More than 815,000 BTC — nearly $79 billion — were sold by long-term holders in 30 days, while ETFs saw hundreds of millions in daily outflows, draining liquidity at the worst moment. 

Futures funding have turned negative, roughly $550 million in positions have been liquidated as of November 13, and options traders rushed to buy protective puts ahead of a $4 billion expiry, reinforcing bearish momentum.

Macro pressure is adding fuel: tech stocks are sliding, key U.S. economic data is delayed, and uncertainty around the Federal Reserve’s rate path is elevating risk aversion. 

Bitcoin has broken major technical supports, including its 200-day moving average and key Fibonacci levels, with analysts warning that a decisive drop below $97,000 could open the path toward $92,000–$74,000.

According to Bitcoin Magazine Pro data, the last time Bitcoin price was near these levels (sub $94,000) was in early May.

Bitcoin price: Who is selling Bitcoin?

One possible reason why the bitcoin price is dropping is long-term holders unloading at record levels. Data from CryptoQuant shows they’ve sold about 815,000 BTC in 30 days — the most since early 2024 — while spot and ETF demand weaken. 

Institutional buying has also dropped below daily mining supply, intensifying sell pressure. Prices hover near the crucial 365-day moving average around $102,000, and failure to rebound could trigger deeper losses, according to Bitcoin Magazine Pro analysis.

Analysts at Bitfinex say the current bitcoin pullback mirrors past mid-cycle retracements, with the drop from October’s high matching the typical 22% drawdown seen throughout the 2023–2025 bull market.

“It is important to note too, that even at the $100,000 level, approximately 72 percent of the total BTC supply remains in profit,” Bitfinex analysts wrote to Bitcoin Magazine yesterday. They believe a short relief rally is likely but that a sustained recovery will require fresh demand.

According to The Block, JPMorgan analysts say bitcoin price’s current estimated production cost of $94,000 acts as a historical price floor, suggesting the bitcoin price is near the bottom now.

The analysts believe that rising network difficulty has pushed production costs higher, keeping bitcoin’s price-to-cost ratio near historical lows. The analysts maintain a bold 6–12 month upside projection of about $170,000.

Large bitcoin price swings aren’t driven by small retail investors—they’re driven by whales, institutions, and leveraged market structures. Whale wallets holding thousands of BTC can move more volume than entire exchanges, and even a single transfer can shift sentiment in low-liquidity conditions.

Meanwhile, ETF flows, hedge funds, and corporate treasuries now dominate daily market direction, with billions in inflows or outflows dictating whether Bitcoin rallies or plunges.

All this comes as the U.S. government has reopened after a record 43-day shutdown, the longest in history, following President Trump’s signing of a funding bill late Wednesday.

Under the bill Trump signed Wednesday night, funding for most federal agencies will run out at midnight on Jan. 30.

While federal operations are resuming, recovery will be slow. At the time of writing, Bitcoin’s price is $94,470.

This post Bitcoin Price Crashes to $94,000 and New Six-Month Lows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Lendasat Unveils Lendaswap: Non-Custodial Cross Blockchain Exchange for Bitcoin and Stablecoins 

Lendasat, a Bitcoin-native peer-to-peer lending platform, announced today the launch of Lendaswap, an atomic swap exchange enabling instant, non-custodial trades between Bitcoin and stablecoins across Ethereum and leading EVM-compatible chains.

Powered by the Arkade protocol, Lendaswap uses HTLC-based atomic swaps — a technology similar to that of the Lightning Network — to deliver a seamless experience for anyone looking to swap BTC and stablecoins “without giving up self-custody, creating accounts, or relying on wrapped tokens,” according to a press release shared with Bitcoin Magazine. 

Lendaswap will support Ethereum and Polygon at launch, with planned expansion to Base, Solana, Binance Smart Chain, Arbitrum, and Optimism. Swaps are executed via Arkade, the new implementation of the Ark protocol, which should deliver “instant execution” on the Bitcoin side. Trades are also expected to be possible in both directions, so users will be able to swap BTC for stablecoins and vice versa. 

“Bitcoin self-custody needs more than passive holding, it needs infrastructure,” said Philipp Hoenisch, co-founder of Lendasat, adding that “Lendaswap is a major step in unlocking more utility for BTC, and marks the first step for BitcoinFi. For the first time, anyone can move between Bitcoin and stablecoins without trusting a custodian, without wrapping, and without asking permission. This is what Bitcoin-native finance should look like.”

The startup demonstrates the power and potential of the Bitcoin scripting language, which had for years been dismissed as inferior to that of Ethereum-era blockchains. The Ark protocol used to make Lendaswap possible is an increasingly popular technology among Bitcoin enthusiasts and entrepreneurs. 

The smart contract involved in the dex is open source, as well as the front end interface. Lendaswap is now live at https://swap.lendasat.com/ 

This post Lendasat Unveils Lendaswap: Non-Custodial Cross Blockchain Exchange for Bitcoin and Stablecoins  first appeared on Bitcoin Magazine and is written by Juan Galt.

Bitcoin Magazine

Bitcoin Price Crashes Below $98,000 Close to Six-Month Lows

Bitcoin price fell sharply today, sliding from an intraday high of $104,000 to $98,113, wiping out earlier gains and marking a decisive breakdown in price action. 

Starting in morning trading, the Bitcoin price consistently bled down from the upper $102,000s to lows of $97,870.

According to Bitcoin Magazine Pro data, the last time Bitcoin price was near these levels (sub $98,000) was in early May — roughly May 8 depending on time zone. Bitcoin price vaulted above $100,000 for over 40 days after that before dipping back to $98,000 in late June.

One possible reason why the bitcoin price is long-term holders that are unloading at record levels. Data from CryptoQuant shows they’ve sold about 815,000 BTC in 30 days — the most since early 2024 — while spot and ETF demand weaken. Profit-taking dominates, with $3 billion in realized gains on Nov. 7 alone. 

Institutional buying has also dropped below daily mining supply, intensifying sell pressure. Prices hover near the crucial 365-day moving average around $102,000, and failure to hold it could trigger deeper losses, according to Bitcoin Magazine Pro analysis. 

Analysts at Bitfinex say the current bitcoin pullback mirrors past mid-cycle retracements, with the drop from October’s high matching the typical 22% drawdown seen throughout the 2023–2025 bull market.

“It is important to note too, that even at the $100,000 level, approximately 72 percent of the total BTC supply remains in profit,” Bitfinex analysts wrote to Bitcoin Magazine. They believe a short relief rally is likely but that a sustained recovery will require fresh demand.

According to The Block, JPMorgan analysts say bitcoin price’s current estimated production cost of $94,000 acts as a historical price floor, suggesting limited downside.

The analysts believe that rising network difficulty has pushed production costs higher, keeping bitcoin’s price-to-cost ratio near historical lows. The analysts maintain a bold 6–12 month upside projection of about $170,000.

All this comes as the U.S. government has reopened after a record 43-day shutdown, the longest in history, following President Trump’s signing of a funding bill late Wednesday. 

While federal operations are resuming, recovery will be slow. Federal workers still await backpay, and air travel delays may persist. 

Timot Lamarre, director of market research at Unchained, described bitcoin to Bitcoin Magazine as a “canary-in-the-coal-mine for liquidity drying up in the market.” He notes that the recent government shutdown caused the Treasury General Account to swell, absorbing liquidity, and adds that with the government reopening, “more liquidity injected into the system will benefit bitcoin’s dollar price in the near term.”

Agencies like the IRS face major backlogs, and national parks struggle to recover lost revenue. The short-term funding measure only extends through January 30, leaving the threat of another shutdown looming. 

The return to normalcy will take time as the effects of the prolonged closure continue to ripple through the economy and public services.

Bitcoin price roared into October as the government shutdown began, surging to new all-time highs above $126,000. But the excitement quickly gave way to turbulence — the bitcoin price swung wildly through the rest of October and into November.

At the time of writing, Bitcoin’s price is at $98,470.

Despite an overall bullish mood in the market, the bitcoin price has continued to slide deeper into the month.

Bitcoin price and Nasdaq is the correlation that only hurts: Wintermute

Bitcoin is still closely tied to the Nasdaq, but it’s showing an unusual pattern: it reacts more strongly to stock market drops than it does to gains, according to a recent report from Wintermute.

This “negative skew”—falling harder on bad equity days than rising on good ones—is typically seen in bear markets, not when BTC is near all-time highs. It suggests that investors are somewhat fatigued, not euphoric.

Two main factors are driving this. First, attention and capital have shifted toward equities in 2025. Big tech and Nasdaq growth stocks are soaking up much of the risk appetite that might have flowed into crypto. Bitcoin moves with the market when things go wrong but doesn’t get the same lift when optimism returns, acting like a high-beta tail of macro risk.

Second, liquidity in crypto is thinner than before. Stablecoin issuance has stalled, ETF inflows have slowed, and exchange depth hasn’t fully recovered. This makes downside moves more pronounced and widens the performance gap.

That said, BTC is holding up remarkably well, according to Wintermute. Even with this persistent downside bias, it’s less than 20% below its all-time high. The pattern is unusual near tops — it usually shows up near bottoms — but it also reflects Bitcoin’s growing maturity as a macro asset.

This post Bitcoin Price Crashes Below $98,000 Close to Six-Month Lows first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Japan is advancing custody rules, Hong Kong is standardizing digitally native bond issuance, and Singapore has approved the first retail tokenized fund.

The sequence is rules, issuance, and cash-like instruments. The link to crypto is not narrative but plumbing that reduces friction for collateral and settlement near BTC and ETH venues.

Japan’s Financial Services Agency set out a pathway that brings crypto closer to Financial Instruments and Exchange Act treatment while reaffirming hardware-segregated custody as the baseline.

The agency’s English discussion paper cites more than 12 million exchange accounts and user assets exceeding ¥5 trillion held by exchanges as of January 2025, with cold wallets serving as the primary means of segregation.

It also outlines information disclosure via exchanges for non-fundraising tokens, flags growth in decentralized exchanges and non-custodial wallets, and points to future alignment on insider-trading and market rules.

According to the FSA paper, a 2025 bill to amend the Payment Services Act, including asset-location requirements and a new intermediary business category, has been submitted to the Diet.

This approach reduces legal and operational uncertainty for banks and broker-dealers that have treated custody and liability as gating risks.

If disclosures are channeled through exchanges for Type 2 tokens and conduct rules converge with the FIEA lens, distribution can expand without the need for bespoke frameworks per asset class.

The practical outlet is broader menus on regulated platforms where BTC and ETH sit within a known disclosure and custody perimeter.

Balance sheet shift sets the demand backdrop

Japan’s household balance sheet, roughly ¥2,200 trillion in financial assets, adds latent firepower as the Bank of Japan anticipates portfolio shifts from deposits to investments as rates normalize.

According to Reuters, the BOJ expects rising inflation to drive demand for new financial services, which could align with exchange distribution once the rules are settled.

Hong Kong, in parallel, has moved from pilots to programmatic issuance of digitally native bonds.

The HKSAR Government’s multi-currency HK$6 billion green bond in 2024 was issued by HSBC Orion with settlement at T+1, compared to T+5 in conventional flows, and maintained compatibility with CMU and Euroclear-style infrastructure.

According to the Hong Kong Monetary Authority, the Digital Bond Grant Scheme offsets origination and platform costs with grants up to HK$2.5 million per qualifying issuance, which lowers issuer hurdles and encourages repeat use of digital rails.

Law firm notes from Linklaters and Ashurst document the first-of-its-kind corporate digitally native notes listed on the HKEX and Bank of Communications’ digitally native bonds in late 2024 and January 2025, expanding beyond sovereign issuance.

The through-line is that DLT wallets and connectivity have moved into production finance.

When settlement compresses from T+5 to T+1 and cash handling syncs with central market utilities, treasurers and funds keep wallets live for working balances and collateral.

That adjacency matters for BTC and ETH because the same operational stack can support tokenized cash and credit lines that sit one hop away from crypto venues for hedging or treasury purposes.

Securities Finance Times’ case material on Orion highlights the counterparty and margin savings that come from time compression, which is a direct cost argument rather than a branding exercise.

Policy scaffolding around settlement assets is also widening.

Hong Kong passed a stablecoin licensing bill in May 2025, creating a path for regulated issuers and a sandbox for rollouts.

According to Reuters, the bill moves the jurisdiction closer to compliant settlement tokens that could sit alongside digitally native notes.

If HKD or USD fully reserved stablecoins operate on the same rails that link to CMU, portfolio managers gain a clean route to park and mobilize balances.

Those balances can also be held in crypto liquidity hubs without requiring excess reconciliation.

Singapore added the consumer-grade piece: retail tokenized cash.

The Monetary Authority of Singapore approved the Franklin OnChain U.S. Dollar Short-Term Money Market Fund for retail sale on May 15, 2025.

Franklin’s transfer-agency stack issues tokenized shares in a VCC structure, and distribution can flow through local channels with standard investor protections.

According to The Business Times, Singapore’s asset management industry reached S$6.07 trillion in 2024, a 12.2% increase year-over-year, providing a substantial domestic base for tokenized funds.

Reuters reports that DBS, Franklin Templeton, and Ripple subsequently teamed up to list sgBENJI on DBS Digital Exchange in September 2025, with stated plans to use tokens as collateral and to execute swaps versus Ripple’s RLUSD stablecoin.

How new tokenized rails translate into crypto-market liquidity

This set of rails affects crypto through liquidity adjacencies rather than direct allocation mandates.

If exchanges and prime brokers accept tokenized money market fund shares as collateral, users can toggle between cash-like tokens and BTC or ETH within a single operational perimeter.

That compresses the basis, deepens the spot and derivatives depth, and reduces the need to move fiat off the platform.

In Japan, exchange-held user assets exceeding ¥5 trillion represent existing custody that can be reweighted toward BTC and ETH once disclosure and market conduct rules are finalized.

In Hong Kong, recurring digitally native bond issuance with T+1 settlement keeps institutional wallets active, making it easier to scale tokenized cash pools that can interact with crypto markets.

In Singapore, retail-grade tokenized cash provides a base layer that can face banks and trading venues, moving beyond pilot-only gating.

Plausibility ranges help quantify the runway over the next 12 to 24 months.

If only 0.5% of Japan’s exchange-held assets are converted into BTC and ETH under more explicit rules, roughly ¥25 billion, or about US$165 million, would be added to spot demand.

If new NISA-related flows bring another 1% to crypto allocations, that could add US$100 million to US$200 million, placing a base case between US$250 million and US$400 million.

A cleaner legal landing that enables ETF-like wrappers could drive flows into the low single-digit billions of dollars over the next two years, consistent with the BOJ’s commentary on portfolio diversification.

Regulatory timing and issuance momentum as swing factors

If enforcement tightens around market integrity before new wrappers arrive, the impact could be flat to modestly positive.

In Hong Kong, another HKSAR batch in the HK$5 billion to HK$10 billion range, plus two to four corporate digitally native notes at HK$1 billion to HK$3 billion each, would keep institutional wallets alive.

If 1–2% of participating balances bridge into tokenized cash on the same rails, US$100 million to US$300 million could sit on-chain adjacent to crypto venues.

A stronger outcome, aided by the Digital Bond Grant Scheme and stablecoin licensing, could propel total digital bond volume above HK$20 billion within a year and increase on-chain cash above US$500 million.

If issuance momentum fades into proofs of concept, on-chain cash could remain below US$100 million with limited spillover.

In Singapore, if 0.1% of S$6.07 trillion in AUM is allocated to tokenized cash and funds, approximately S$6 billion, or US$4.4 billion, would form a tokenized base.

Even if only 2–5% of that base interacts as collateral near crypto, the effective liquidity adjacency would be about US$90 million to US$220 million.

Wider collateralization of tokenized money market funds across banks would lift that figure, and Project Guardian’s links with foreign banks would expand distribution.

A slow retail ramp, driven by suitability checks and onboarding, would push the impact below US$100 million.

The global context supports scale.

BCG and ADDX project that asset tokenization could reach approximately US$16.1 trillion by 2030, and BIS papers emphasize the importance of unified ledgers, legal certainty, and delivery-versus-payment designs that reduce settlement risk.

The value proposition that resonated in Hong Kong’s digital bonds is concrete: T+5 to T+1, lower counterparty and margin costs, and compatibility with incumbent market utilities.

Regulatory timing will dictate how quickly these rails convert into usable liquidity

As these factors are codified in rules and grants in Asia’s three hubs, wallets and tokenized cash become standard operating tools rather than experiments, and crypto markets benefit from tighter spreads and deeper collateral pools as a byproduct.

Below is a concise milestone table for reference.

According to HSBC’s digital bond case study, the operational delta is measurable in terms of time and margin, which is what scales when boards request repeatable savings.

According to the HKMA’s grant program, issuers can recover up to HK$2.5 million per issuance, which turns pilot economics into routine issuance economics.

According to the FSA, cold-wallet segregation remains the principle in Japan.

According to The Business Times, Singapore’s AUM base is at a record level. These are the anchors that connect policy to flow.

The immediate watchpoints are the FSA’s synthesis of public comments and movement on market conduct scope, the size and timing of Hong Kong’s third HKSAR batch, and DBGS uptake among corporates and SOEs, as well as the retail distribution of the Franklin fund, plus collateral acceptance beyond DBS under MAS’s Project Guardian umbrella.

Hong Kong’s third HKSAR digital bond batch is now being marketed.

The post These 3 Asian markets have switched on tokenized finance faster than the US appeared first on CryptoSlate.

Grayscale filed an S-1 form with the Securities and Exchange Commission (SEC) on Nov. 13 to list Class A common stock on the New York Stock Exchange under ticker symbol GRAY.

The firm manages approximately $35 billion across more than 40 crypto products, including spot Bitcoin and Ethereum ETFs.

As a public company, Grayscale will have to disclose more financials and face shareholder pressure, which could influence future fee decisions and product strategy.

The filing does not specify share count or pricing range for the proposed offering. Morgan Stanley, BofA Securities, Jefferies, and Cantor will serve as lead managing bookrunners.

Financial performance shows revenue pressure

Grayscale reported $318.7 million in revenue for the nine months ended Sept. 30, down from $397.9 million in the same period of 2024. The company posted net income of $203.3 million through September 2025 compared with $223.7 million a year earlier.

Operating margin reached 65.7% in the recent nine-month period.

The firm’s weighted-average management fee declined to 1.39% through September 2025 from 1.67% in the prior-year period, reflecting competitive pressure from lower-cost ETF entrants, including BlackRock and Fidelity.

Average assets under management slipped to $30.6 billion from $31.8 billion year-over-year.

Full-year 2024 results showed revenue of $506.2 million and net income of $282.1 million, down from $512.7 million and $325 million, respectively, in 2023. The company attributed the decline to reduced management fees, outflows, and distributions.

Dual-class structure preserves DCG control

The offering employs a dual-class share structure, giving Digital Currency Group, Grayscale’s parent company, 10 votes per Class B share compared with one vote per Class A share.

DCG will retain approximately 70% of total voting power after the IPO through its Class B holdings, which carry no economic rights. Each Class A share will receive one vote and full economic participation.

The structure qualifies Grayscale as a “controlled company” under NYSE rules, exempting it from certain corporate governance requirements. The Class B super-voting rights terminate when DCG’s ownership falls below 20% of total shares outstanding.

Impact on ETF holders remains indirect

The IPO does not alter the legal structure, custody arrangements, or operations of Grayscale’s existing trusts and ETFs.

Fund assets remain held by third-party custodians under separate trust agreements.

The company completed a reorganization into a Delaware holding structure earlier in 2025, which it stated would not materially affect trust operations.

Net proceeds from the offering will be used to purchase membership interests from existing owners in Grayscale Operating, rather than funding capital expenditures.

The transaction converts private ownership stakes into publicly tradable equity without requiring the injection of new capital into fund operations or altering sponsor fee arrangements.

Grayscale reserved a portion of IPO shares for eligible investors in its Bitcoin Trust ETF (GBTC) and Ethereum Trust ETF (ETHE) through a directed share program.

Participants must have held GBTC or ETHE shares as of Oct. 28 and complete pre-registration by Nov. 24. The program does not guarantee allocations, and shares purchased through it face no lock-up restrictions.

The public listing will subject Grayscale to quarterly and annual reporting requirements, providing ETF investors with increased visibility into the sponsor’s financial condition, litigation exposure, and product concentration.

The registration statement indicates that future fee decisions and product expansion plans will face scrutiny from public equity holders alongside existing competitive pressure in the ETF market.

The post How the Grayscale IPO changes the cost to hold $35 billion crypto ETF shares appeared first on CryptoSlate.

Earlier in the year, Europe’s Central Bank (ECB) President Christine Lagarde insisted that Bitcoin would not be included in the reserve portfolios of central banks under the ECB’s umbrella; the statement was intended to draw a firm boundary around sovereign engagement with digital assets.

For more than two decades, reserve cohesion has served as a marker of European stability, with eurozone institutions typically presenting a united front on monetary doctrine questions.

Yet within the same year, the Czech National Bank introduced an unexpected complication, not through debate or public dissent, but through a modest transaction that quietly expanded the technical perimeter of European reserve management.

On Nov. 13, the CNB confirmed that it had acquired roughly $1 million in Bitcoin, USD-backed stablecoins, and a tokenized deposit, placing the assets in a dedicated “test portfolio” designed to evaluate custody, valuation, compliance, and settlement procedures.

The bank’s leadership emphasized that the purchase would not be incorporated into official reserves and was not intended to signal any policy shift.

However, the act of conducting the experiment and doing so with live assets rather than laboratory models marks the first time an EU-member central bank has created and disclosed an operational framework capable of supporting Bitcoin at a sovereign scale.

That alone is enough to alter how markets interpret Bitcoin’s long-term role in the global financial system.

A test portfolio that expands the boundaries of what Bitcoin represents

The importance of the Czech pilot lies less in its size than in the infrastructure it puts into motion. Central banks regularly conduct internal analysis on new asset classes, but they rarely build a complete operational workflow unless they believe that such capabilities may eventually be required.

In this case, the CNB is examining the full suite of procedures necessary for managing digital instruments under reserve-grade scrutiny: secure key management, multi-layer approval chains, AML verification standards, crisis-response simulations, mark-to-market reconciliation, and integration with established reporting frameworks.

These processes are difficult to design and expensive to maintain, which is precisely why institutions do not establish them unless they anticipate that the underlying asset may become relevant in scenarios where preparation matters more than public signaling.

Once a central bank possesses the architecture to store and manage Bitcoin, the distinction between “test asset” and “reserve asset” becomes a matter of policy choice rather than operational feasibility.

For markets, this changes Bitcoin’s position in the sovereign selectorate. The asset shifts from being a conceptual outlier to a technically viable option whose adoption probability, however small today, is no longer zero.

Pricing models for long-duration assets respond to possibility as much as reality, and Bitcoin is particularly sensitive to changes in perceived legitimacy because a significant portion of its valuation has always reflected expectations about its future monetary relevance rather than current institutional participation.

How Prague’s move reshapes the market narrative around Bitcoin

The Czech experiment arrives at a moment when Bitcoin’s macro profile is already evolving, driven by ETF inflows, expanding liquidity, and a growing body of historical data about its correlation behavior under different rate environments.

What the CNB adds to that landscape is an entirely different form of signal: a sovereign institution treating Bitcoin as an instrument demanding operational mastery, even without committing to eventual adoption.

This reframing matters because central banks influence markets not only through their purchases but through the categories they create.

Therefore, when Bitcoin enters the realm of assets that a central bank must understand, it establishes a structural foothold in the global financial architecture.

For traders, the significance lies not in the Czech Republic suddenly accumulating a meaningful position, but in Bitcoin having crossed into the class of instruments that sovereign institutions are preparing to interact with if conditions change.

That preparation introduces what some macro analysts describe as a “sovereign option premium”: a valuation component reflecting the non-zero probability that future reserve diversification, stress-hedging, or geopolitical responses could involve digital assets.

Even if no central bank adopts Bitcoin in the near term, the act of operational testing reduces the asset’s existential risk profile and the fear that governments would remain universally hostile or permanently structurally excluded from interacting with it. In asset-pricing models, lower existential risk translates into higher long-term fair value.

This mechanism explains why a small, symbolic purchase can reshape Bitcoin’s strategic narrative without directly affecting its liquidity. Sovereign institutions rarely begin with large allocations; instead, they start with the infrastructure that enables them to act without improvisation.

Thus, the Czech step signals that Bitcoin has entered this preparatory phase, and markets tend to anticipate the implications of such transitions long before they occur.

Longer-term impact on BTC

The Czech Republic occupies a unique institutional position. It is bound by EU regulation, including MiCA, but operates outside the eurozone and thus retains full autonomy over its reserve composition.

Historically, non-Euro EU members have informally aligned with ECB reserve norms in the interest of maintaining credibility and cohesion; however, the absence of formal enforcement mechanisms has meant that such alignment has always been voluntary.

The CNB’s experiment does not constitute a break with the ECB. Yet, it demonstrates the limits of centralized guidance in an era when inflation cycles, debt dynamics, and technological change encourage reserve managers to pursue a broader palette of options.

For Bitcoin, this creates an important precedent. Europe is the world’s second-largest reserve bloc, and even minor shifts in its analytical posture can influence global perceptions of what constitutes a legitimate sovereign asset.

Suppose other non-Euro EU central banks or mid-sized institutions outside Europe, facing similar diversification pressures, replicate the Czech approach. In that case, Bitcoin’s sovereign thesis will mature more quickly than policy statements alone would suggest.

Central banks do not need to adopt Bitcoin for the asset to benefit from the operational normalization underway. They need only acknowledge that the capacity to manage it is part of their institutional toolkit.

The CNB has not signaled any intention to add Bitcoin to official reserves, and its leadership remains aligned with Europe’s cautious stance on digital assets. Even so, the act of building the infrastructure subtly changes the baseline from which future decisions will be made.

In that sense, the impact on Bitcoin is less about immediate demand and more about the narrative foundation it gains from being treated as a reserve-relevant instrument. Markets understand this dynamic well: institutional readiness is often the earliest indicator of eventual adoption, even if actual positions come years later.

Bitcoin’s long-term valuation models now incorporate the reality that at least one European central bank has decided the asset deserves operational competence rather than rhetorical dismissal.

The post EU shock Bitcoin move: A European central bank quietly bought BTC despite ECB’s hard “No” appeared first on CryptoSlate.

For months, crypto traders have timed leverage, funding, and liquidity around the monthly U.S. inflation print.

This week, those who had hoped the recent vote to reopen the government would bring new macro data were disappointed to find nothing on the tape. The Bureau of Labor Statistics said in October that

“No other releases will be rescheduled or produced until the resumption of regular government services.”

The last completed CPI report, covering September, was released late on October 24, following the shutdown’s interruption of normal operations.

The all-items index level came in at 324.80, with headline and core inflation both at 3.0% year-over-year. Trading Economics currently lists December 10 as the next scheduled date on the CPI calendar.

Why the Missing October Print Matters for Markets

There is now a gap for October that may never be filled. Because the shutdown covered the full data-collection period, field staff were unable to gather the price sample that underpins CPI. That may be collated and included in the December update, but the indication is that there will now be a gap.

White House Press Secretary blamed the gap on the Democrats, asserting,

“The Democrats may have permanently damaged the Federal Statistical System with October CPI and jobs reports likely never being released.”

Without that survey, the BLS could not post an update on Nov. 13, the standard date when markets would have received the October reading. Officials have signaled that October may not be reconstructable even after operations return to normal, as there is no primary data to benchmark against.

For crypto markets, the absence of a number mattered more than any hypothetical value. Bitcoin and Ethereum entered the week positioned for a volatility event that never materialized. Though volatility came regardless.

Spot Bitcoin fell around 6% over the session, along with a sea of red across the entire crypto market. Liquidity remains thin, and derivatives open interest edged lower, a behavior that aligns with a market waiting for macroeconomic information that did not materialize.

The missing CPI broke the usual chain that connects inflation data to crypto price action.

Normally, a softer print feeds expectations for a less restrictive Federal Reserve path. Treasury yields edge down, the dollar weakens, and risk assets, including Bitcoin, catch a bid.

A hotter print does the opposite, firming expectations for tighter policy and pressuring long-duration assets.

With no data, rates desks had no fresh input for real yields or breakeven inflation. The Fed outlook shifts to a trade on speeches, market-based inflation swaps, and secondary indicators.

That macro vacuum pushed crypto further into its role as a proxy for expectations about future policy rather than a simple high-beta extension of equities.

Without CPI, desks leaned more on liquidity, ETF flows, and options positioning. Funding rates on major futures pairs compressed as new directional leverage stayed on the sidelines.

All of this redirects attention to Dec. 10, the next date on the CPI calendar. Trading Economics lists that day as the “next release,” although the value field is empty, emphasizing that it is a placeholder rather than a confirmed dataset.

The Market Impact of October’s Unfillable CPI Gap

Markets now have to price three broad paths for what that date could bring.

One path is for the BLS to manage the reconstruction of some form of October CPI using partial samples, imputation, or model-based estimates.

If that happens, traders may treat the number as lower quality than a normal print, since the underlying survey would not follow the standard methodology. Reaction in crypto could be modest.

If the headline monthly change lands at 0.2% or below, consistent with a controlled disinflation trend, the usual pattern would be dollar softness, a pullback in yields, and a Bitcoin bounce.

Ethereum is likely to outperform over the next one to two days as traders re-engage with higher-beta risk. Smaller altcoins tend to follow, often moving in the 5–12% range once liquidity shifts down the risk curve.

If the reconstructed number or a clean November print falls in a “sticky” zone around 0.3–0.4% month-on-month, the message for policy becomes less clear.

Yields may move in a narrow range, and crypto could end the day close to where it started. Bitcoin may trade flat, with altcoins underperforming as traders cut marginal risk.

Funding rates in perpetual futures could slide into slightly negative territory as short-term hedging flows dominate.

A third path is that inflation data comes in hot at 0.5% or above. That outcome would strengthen expectations that the Fed needs to keep policy tight for longer, pulling the dollar higher and pushing Treasury yields up across the curve.

In previous episodes, such combinations have been associated with a 3–6% intraday drop in Bitcoin, sharper moves in Ethereum, and a broad deleveraging in altcoins.

Liquidation volumes in such washouts often run two to four times above recent norms as overleveraged positions are forced out.

How the CPI Void Reshapes Short-Term Macro Trading

The more unusual scenario is that Dec. 10 arrives with no October CPI at all because the BLS decides the missing survey cannot be credibly reconstructed or additional delays occur in the pipeline.

In that world, the next clean reading would reflect November conditions, and the gap between hard inflation data points would stretch to almost two months.

Treasuries would need to lean more heavily on breakeven markets and inflation swaps to anchor expectations. The term’ premium across the curve’ could embed a fatter risk buffer for the uncertainty surrounding true price dynamics.

Trading Economics currently forecasts continued inflation pressure into next year, with CPI rising month-on-month.

For digital assets, a world with unreliable or irregular inflation data introduces a new kind of macro regime.

Crypto becomes more of a “macro-smoothed” asset class, trading on slower-moving forces such as ETF flows, structural demand from long-only allocators, corporate balance sheet decisions, and the plumbing of dollar liquidity.

Short-term volatility driven by scheduled data would fall, replaced by longer episodes of uncertainty punctuated by policy communication and idiosyncratic crypto events.

That regime would likely reinforce Bitcoin’s status as the sector’s benchmark. When macroeconomic uncertainty is high but data are sparse, traders have a lower appetite for tokens farther out on the risk spectrum.

Capital tends to consolidate into assets with deeper liquidity, clearer narratives, and more developed derivatives markets. Altcoins that rely on high leverage or speculative momentum for price support may find these conditions scarce until regular macroeconomic releases resume.

The CPI gap also elevates the importance of alternative data sources and nowcasting models that attempt to infer inflation from high-frequency inputs such as card spending, freight rates, or online prices.

Traditional macro desks already track those indicators, but without a monthly BLS checkpoint, they carry more weight.

Crypto traders may have to incorporate such tools more systematically if the formal inflation pipeline remains unstable.

For now, the CPI story is not about an upside or downside surprise but about an empty line in the macro calendar.

The last confirmed reading shows a 324.80 index level for September with 3.0% inflation on both headline and core measures.

The next entry is a blank field on Dec. 10 that may or may not contain October’s missing data. Crypto markets are trading around this absence, waiting to see whether the world’s most-watched inflation gauge reappears or whether the macro vacuum persists.

The post US inflation data goes dark: Shutdown wipes out October CPI, leaving Bitcoin hanging appeared first on CryptoSlate.

Bitcoin has done what many bulls dreaded: it plunged below six figures, crashed through $100,000, and even tumbled past $98,000 in a wave of liquidations not seen since May.

As reported by CryptoSlate, BTC fell to $98,550, triggering $190 million in long liquidations in one hour and $655 million in 24 hours as spot ETFs saw a $278 million net outflow on Nov. 12 and $961 million for the month so far.

This event shifted a slow decline into a sharp drop, clearing leveraged longs and forcing the market to face the on-chain support below the price.

On-chain data reveals shifting market structure beneath $100k

Coinbase data showed the extent of the move in the US after liquidations began. Bitcoin peaked at $103,988 before falling to $95,900, last closing near $96,940: barely 2% above $95,000, the on-chain HODLers Wall. The market fell from a 5% cushion above the wall to nearly touching it.

The on-chain wall’s structure remains, but price behavior has changed. Cost-basis distribution shows that approximately 65% of all invested USD in Bitcoin is above $95,000, with every short-term holder’s coin priced there or higher, and 30% of the long-term holder supply in the same range.

This isn’t the thin, speculative air of 2017’s top or the initial 2021 peak. It’s similar to the denser “second-wind” structure of late 2021, where seasoned holders and new entrants shared the topping zone, and resolution took months.

That density explains why spot has dragged for so long. The US election rally last year pulled a broad swath of buyers into the $95k–$115k range and trapped them through a year of sideways trading.

With the short-term holder cost basis already breached at about $112,000, every failed attempt to recover that level trapped more recent buyers underwater while long-term holders sat on a layered cost-basis ladder just below the highs.

Futures unwind and ETF outflows reveal a thinning support zone

The latest cascade exposed that structure: once futures longs started to unwind, there was very little fresh demand between the $106k-$118k resistance area that Glassnode flagged and the psychological $100k handle, and ETF demand was no longer strong enough to absorb forced selling.

The key difference now is who’s selling. In 2017 and 2021, supply near the top was mostly from short-term holders. After those peaks, older, in-profit coins rotated out. Then, unrealized losses reached 15% of the market cap within six weeks, filling old air pockets.

In 2025, unrealized losses are about half what they were in January 2022, despite BTC trading under $100k and touching the wall.

Glassnode data shows STHs have been underwater against their $111,900 cost basis since October. Their realized profit-loss ratio fell below 0.21 near $98,000, meaning over 80% of the value they moved there was sold at a loss.

This is classic capitulation by top buyers, not a broad LTH exit. Checkonchain confirms: almost half the coins recently sold came from high-entry, recent buyers exiting as the market hovers near the wall.

That’s why $95k still matters. It was a theoretical bull cycle “fail point”; now the price nears it. New Coinbase data shows that BTC’s $95,900 low places it deep within the long-term holder zone, where most coins remain unmoved. If this group stays firm, the wall can absorb forced STH and derivatives selling.

However, if Bitcoin cleanly loses $95,000, the roadmap is reasonably clear. The first shelf sits around $85,000, the “tariff tantrum” low, where spot hammered out a local bottom during earlier policy jitters and briefly refilled part of last year’s air pocket.

Below that is the True Market Mean at $82,000, which sits directly over the residual gap from the US election pump and would be a natural magnet for a deeper flush. Only beyond those levels does the large, older demand band between $50,000 and $75,000 re-enter the conversation.

How this cycle’s risk profile differs from 2022

There is another key difference from 2022 that the current price action has not undone.

Back then, the loss of the $45k base of that cycle’s HODLers Wall was swift and brutal: STH cost basis gave way at $54k, the wall at $45k offered almost no support, and the market spilled straight down to the True Market Mean around $36k, intersecting a multi-year air-pocket that went all the way back to the start of the cycle.

In this cycle, the potential fall from the wall to the mean is much shorter, and the underlying demand from the 2024 range is closer in price. A move from $95k to the low-$80ks would hurt, but it would not recreate the kind of deep, multi-year bear that followed the 2021 peaks.

The short-term backdrop remains fragile. ETF flows tilt negative, redemptions replacing the steady inflows that supported Bitcoin for most of the year. Perpetual funding and open interest have declined since October’s leverage flush. Options markets now pay an 11% implied volatility premium for puts over calls, signaling traders are hedging for downside.

What happens next depends less on short-term traders than on the holders who own the bulk of the supply above and just below $95k.

If they hold their nerve, the wall can continue to act as a floor, giving the market time to rebuild demand. If they crack, the path through $85k and down toward the $82k mean is already drawn on the on-chain chart.

The post Bitcoin tests the $95k HODL wall after cascade knocks out $655M from bulls appeared first on CryptoSlate.

XRP Chart Analysis: The $2.20 Support Remains the Battleground

• $XRP touched the $2.20 level at least four times, each time producing a strong bounce.
• Several fakeouts occurred — price briefly dipped under $2.20 but immediately recovered, showing buyers aggressively defending the support.
• The most recent candle once again shows bullish reaction from this zone, confirming its significance.
• The upper resistance remains at $2.50, the level XRP has failed to break multiple times.

XRP/USD 4-hour chart - TradingView

This forms a range between $2.20 and $2.50, with higher volatility expected as Bitcoin continues to influence market direction.

Bitcoin Crash Puts XRP at Risk: Why XRP Is Still a Lagger

Even during positive market moments, XRP tends to move late compared to other altcoins — a well-known characteristic.
But when Bitcoin crashes, XRP often follows with amplified delay.

Currently:

• Bitcoin broke below $95,000, triggering heavy liquidations.
• Depth charts are showing thin liquidity.
• Market panic remains high.
• Altcoins are bleeding across the board.

XRP’s resilience at $2.20 is notable — but historically, when Bitcoin makes a violent move, XRP eventually reacts.

That means the real question becomes:

👉 What happens if Bitcoin continues falling toward $90K?

Bearish Scenario: What Happens if XRP Breaks Below $2.20?

If Bitcoin drops to $90,000, the probability of XRP losing its support increases sharply.

If $2.20 breaks:

• First target: $2.05–$2.10 (minor demand zone)
• Stronger downside target: $2.00 psychological support
• Worst-case wick: $1.90, matching prior consolidation areas

The market has shown multiple fakeouts below $2.20, but the structure suggests weakening demand — especially if external pressure (Bitcoin) intensifies.

XRP/USD 4-hour chart - TradingView

Bullish Scenario: Can XRP Rebound Toward $2.50 Again?

A successful rebound (as we see on the chart) can lead to:

• Retesting $2.35–$2.40
• A potential breakout toward $2.50, the range high
• If Bitcoin stabilizes above $100K again, volatility in altcoins should cool down, giving XRP space to climb

However, as long as Bitcoin remains unstable, XRP’s upside stays limited.

XRP Price Prediction: Short-Term Outlook

Given current chart signals, the $2.20 support remains the critical line for determining the next move.

Bitcoin is facing one of its sharpest drops in weeks after breaking below the critical $95,000 support level, triggering widespread panic across the crypto market. Major altcoins are tumbling even harder as liquidity evaporates and traders rush to derisk. However, a major macro catalyst is now on the horizon: the U.S. Treasury is preparing a liquidity injection expected within 2–3 days, with JP Morgan projecting nearly $300 billion in system-wide inflows by mid-December.

The combination of market fear and potential liquidity relief sets the stage for a pivotal moment in crypto.

Bitcoin Breaks Down Hard

Bitcoin’s decline has been fast and aggressive, slicing through support zones that previously held for weeks:

$100K → Lost

$98K → Lost

$96K → Lost

$95K → Broken decisively

BTC briefly touched the mid-$94K range, with increasing sell volume and weak spot bid support. Depth data suggests that the next meaningful demand zone sits around $92K–$90K, followed by stronger structural support near $88K and $85K.

The rapid breakdown shows clear signs of capitulation, especially as traders exit leveraged positions and liquidity thins across major exchanges.

Altcoins Drop Sharply as Fear Spreads

The broader market reacted violently to Bitcoin's fall:

• Ethereum down more than 10%
• Solana down 11%
• XRP down over 8%
• DOGE, ADA, LINK all down 8–12%

This type of synchronized sell-off indicates a full risk-off environment where liquidity leaves the entire market, not just Bitcoin. Technical indicators across leading altcoins show strong bearish momentum, with multiple majors nearing multi-week lows.

Sentiment Hits Extreme Fear

Market sentiment flipped instantly into extreme fear following the breakdown. Visuals circulating online emphasize the “HODL through the chaos” mindset, reflecting the emotional shock many traders are experiencing.

Historically, such sudden sentiment collapses often occur near short-term bottoms — but only if external liquidity improves.

And that’s where today’s macro news becomes critical.

Liquidity Lifeline: U.S. Treasury Steps In

New financial data indicates that the U.S. Treasury is preparing a short-term liquidity injection expected to begin within the next 48–72 hours. This includes:

• TGA drawdowns
• Funding releases to the banking system
• Increased liquidity operations typically aimed at stabilizing markets

Risk assets — including crypto — often respond sharply to such inflows.

JP Morgan Projects $300 Billion in Liquidity by Mid-December

According to new projections, system-wide liquidity could rise by up to $300B by the middle of December. Historically, periods of rising liquidity align with:

• Stronger Bitcoin recoveries
• Reduced downside volatility
• Renewed inflows into altcoins
• A shift from fear to speculative momentum

With the crypto market already at peak fear, this liquidity boost could become a turning point.

What Comes Next? Key Scenarios

1. Bullish Scenario: Liquidity Saves the Market
   If the liquidity injection arrives quickly, Bitcoin could stabilize above $95K and potentially reclaim $97K–$100K, triggering fast rebounds in oversold altcoins.
2. Neutral Scenario: Volatility Before Recovery
   BTC may retest $92K–$90K before any relief rally begins. This would align with typical liquidity crunch behavior before a macro reversal.
3. Bearish Scenario: Deeper Capitulation
   If sentiment worsens and buy-side liquidity doesn’t increase, Bitcoin could slide toward $88K or even $85K, dragging alts down sharply.

Conclusion

Bitcoin’s drop below $95,000 has sent shockwaves through the entire crypto ecosystem. Markets are clearly in a high-fear, low-liquidity environment, with support levels failing rapidly. However, the upcoming U.S. Treasury liquidity injection — along with JP Morgan’s $300B projection — may provide the fuel needed for a stabilization or even a significant rebound.

The next 72 hours will be crucial. Liquidity will determine whether this crash becomes a long-term correction or the setup for a major recovery.

Strategy’s Market Cap Falls Below Its Bitcoin Holdings

$Strategy stock price has been in freefall for nearly a year. After peaking at $543 on November 21, 2024, the share price has collapsed to around $220, representing a staggering 60% decline.

$Bitcoin, in contrast, has held up relatively well — but Strategy has massively underperformed $BTC.

Strategy vs Bitcoin performance - TradingView

A Break in the Correlation

For years, Strategy traded almost in lockstep with Bitcoin. But in recent months, that correlation has cracked:

• Strategy shares dropped sharply
• Bitcoin stayed relatively stable
• Strategy’s performance fell dramatically behind BTC

This divergence has now created an unprecedented situation:

👉 Strategy’s market capitalization is now lower than the value of the Bitcoin it holds.

Current numbers:

• Market Cap: ~$63.5 billion
• Bitcoin Holdings: 641,692 BTC
• BTC Value: ~$65.5 billion

👉 Meaning: The market values the entire company at less than its Bitcoin balance.

Why mNAV Still Sits Above 1.0 — And Why It Matters

The most important metric for Bitcoin treasury companies is the multiple Net Asset Value (mNAV).

mNAV = Enterprise Value ÷ Bitcoin Holdings Value

To calculate Enterprise Value, liabilities must be included:

• Market Cap: ~$63.5B
• Convertible Notes: ~$8.25B
• Preferred Shares: ~$6.75B

Enterprise Value: ~$78.5B
mNAV: ~1.2×

So, despite the falling share price, Strategy still trades slightly above its Bitcoin-adjusted valuation once debts are included.

Why Strategy Is Struggling: Slowing BTC Purchases and Heavy Obligations

1. Slower Bitcoin Accumulation

Strategy has drastically reduced its BTC purchases:

• Past 12 months: >400,000 BTC acquired
• Since August 11: Only 12,746 BTC purchased

This slowdown signals increasing difficulty raising capital.

Bitcoin accumulation by Strategy

2. Dependence on Preferred Shares

To keep accumulating Bitcoin, Strategy turned heavily to preferred shares, which require dividend payments.

So far in 2025:

• Capital raised via preferred shares: ~$6B
• New Europe-focused STRE issuance: ~$700M
• Annual dividend obligations: >$700M

To pay these dividends, Strategy must often issue new common shares, which causes shareholder dilution — especially problematic when share prices are low.

Why the mNAV Problem Can Get Worse

A persistently low valuation creates a dangerous loop:

🔹 Lower share price = more dilution: Strategy must issue more shares to raise the same amount of capital.

🔹 Higher obligations = higher dilution pressure: Dividends and interest obligations continue rising.

🔹 Rising leverage = higher risk: If Strategy cannot issue shares efficiently, buying more BTC requires higher leverage — increasing risk.

🔹 Convertible debt deadlines approaching: More than $8B in convertible notes start coming due in 2028.

If the stock price is too low to convert debt into shares, Strategy may be forced to raise cash, refinance, or, in the worst case, liquidate assets.

Could Strategy Be Forced to Sell Bitcoin?

Not necessarily.

Strategy survived the 2022 bear market, during which:

• mNAV fell below 1.0
• The balance sheet was far more fragile
• Yet the company avoided selling BTC

mNAV later rebounded to 4.0×, restoring financial flexibility.

So while the situation is dangerous, it is not existential yet.
But the longer the valuation remains depressed, the greater the structural pressure becomes.

Strategy stock price - TradingView

Outlook: Can Shareholders Lose Even More?

Short-term risks

• Continued share dilution
• Declining ability to finance BTC purchases
• Mounting dividend obligations
• Debt maturities getting closer
• Underperformance vs. Bitcoin intensifying

Medium-term risks

• Leverage may need to increase
• Convertible debt may not convert
• Market may price in higher default risk

Long-term perspective

Strategy’s model only works when the stock trades at a healthy premium to its Bitcoin holdings. If the valuation stays compressed, the company’s ability to sustain its BTC-buying strategy weakens significantly.

Shareholders are not guaranteed to lose everything — but the structural risks are rising, and the path forward is narrower than at any point since 2020.

The bitcoin market just took another heavy hit. U.S. spot bitcoin ETFs recorded $869.9 million in outflows on Thursday, making it the second-largest daily exit since these products launched. That kind of number doesn’t happen quietly. It rippled through the entire market, dragged prices lower, and sparked fresh questions about whether this is fear taking over or simply a reset before the next leg up.

Why Did Spot Bitcoin ETFs Suddenly See Such Big Outflows?

Thursday’s mass exit wasn’t an accident. According to SoSoValue data, several major funds were hit hard. Grayscale’s Bitcoin Mini Trust saw the biggest drain at $318.2 million. BlockRock’s IBIT wasn’t far behind with $256.6 million slipping out, while Fidelity’s FBTC lost $119.9 million. Even GBTC and funds from Ark, 21Shares, Bitwise, VanEck, Invesco, Valkyrie, and Franklin Templeton were in the red.

This move ranks just behind the all-time record set on February 25, 2025, when investors pulled $1.14 billion in a day.

So what’s going on? The institutional flows tend to move together. When macro conditions start feeling shaky, these players reduce risk in clusters.

Vincent Liu, CIO of Kronos Research, summed it up well. Large outflows reflect a risk-off turn, he said. Institutions are stepping back as macro noise builds, but he doesn’t see it as a collapse in long-term demand. Instead, he views these drops as part of an oversold setup that long-term buyers might soon take advantage of.

What’s Triggering This Risk-Off Mood?

Markets aren’t reacting to a single shock. It’s more of a pile-up of small but worrying signals.

Min Jung of Presto Research noted that investors are rotating out of higher-beta assets and moving toward safety. The uncertainty around the Fed is a big piece of this. Weak ADP and NFIB readings point to a softening labor market. That feeds into expectations that the Fed is preparing to ease, but with caution. And traders hate uncertainty more than bad news.

Fed rate-cut odds for December have now slipped to 50.4 % according to the CME FedWatch Tool. When central bank direction becomes fuzzy, money tends to retreat from volatile assets first. Bitcoin is always at the front of that line.

How Did Bitcoin Price React to the Bitcoin ETFs Outflows?

The Bitcoin price action was quick and sharp. Bitcoin price dropped 6.4% over the past 24 hours, touching $96,956 early Friday.

Liu described the sell-off as a liquidity let-down. With cascading liquidations and fewer buyers in the order book, every drop hits harder. According to him, demand is clustering between $92,000 and $95,000, which could act as a cushion if selling continues.

Justin d’Anethan from Arctic Digital echoed the same idea. He pointed out that if bitcoin dips into the lower $90Ks, plenty of sidelined investors will view that zone as an opportunity. Not long ago, BTC was climbing past the mid-$120Ks. Many missed that move and are waiting for a deeper reset.

Is There a Bigger Trend Behind the Sell-Off?

Sometimes a crash has a clear trigger. This wasn’t one of those days. Jung noted that the pullback didn’t come from a single event. Instead, it was a blend of macro uncertainty, weakening risk appetite, and jittery flows ahead of the next FOMC meeting.

When the market feels unsure, even neutral data gets interpreted negatively. That’s the kind of environment bitcoin is dealing with right now.

What Happens Next?

The story isn’t over. The next few sessions will show whether the $92K to $95K range can hold. If it does, $BTC might see a relief bounce as liquidity stabilizes and buyers return. If it breaks, the lower $90Ks could come into focus quickly.

Here’s what matters most right now:

• Bitcoin ETF outflows are a reflection of macro anxiety, not a collapse in bitcoin’s long-term story.
• Liquidity is thin, so volatility stays elevated.
• Support zones are nearby, and long-term buyers are watching closely.

This is the kind of environment where panic selling and strategic accumulation happen at the same time. The next bounce will reveal which side is in control.

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The Trump family-backed American Bitcoin mining firm shared quarterly results on Friday, adding more volatility to its stock's performance.

2Wai’s new “HoloAvatar” tool turns minutes of footage into lifelike replicas of deceased loved ones, igniting ethical alarms over consent, privacy, and the commercialization of grief.

Strategy's co-founder and executive chairman described the company's hunger for Bitcoin as insatiable, while denying rumors of a recent sale.

A year prior to his death, the sex offender attempted to influence the Trump administration's crypto policy through Steve Bannon.

Travis Ford pleaded guilty to conspiracy to commit wire fraud in January, in a case involving millions in investor losses.

Bitcoin miners are under severe pressure despite using efficient hardware

The Bitwise XRP ETF may be the next XRP ETF to launch, and it might launch sooner than the expected November 19 date as the SEC fast-tracks the process upon resumption.

BlackRock's BUIDL, the world's biggest tokenized RWA fund, lands on BNB Chain as integration with Binance is announced.

Shibarium has triggered new hope for the SHIB community with a sudden transaction spike.

Bitcoin saw a crash below $95,000 for the first time since May this year; Tether CEO reacts to Bitcoin crash, which wiped out $676 million in BTC liquidations.

TLDR

• BlackRock has launched its BUIDL Fund on BNB Chain, expanding access to tokenized U.S. dollar yields for investors.
• The expansion introduces a new share class on BNB Chain, offering faster settlement and lower fees for qualified investors.
• Binance has approved BUIDL as off-exchange collateral, enabling firms to trade tokenized Treasuries without transferring custody.
• Securitize and Wormhole are the core infrastructure providers supporting BlackRock’s expansion on the BNB Chain network.
• The launch marks a significant step in integrating regulated real-world assets with decentralized finance on BNB Chain.

BlackRock’s BUIDL Fund has launched on BNB Chain, offering investors new opportunities to gain exposure to tokenized U.S. dollar yields. The expansion introduces a new share class on the network, enabling faster settlement, lower fees, and continuous peer-to-peer transfer options. The move brings the largest tokenized real-world asset to one of the most active blockchain ecosystems globally.

Securitize and Wormhole Power the Expansion

Securitize and Wormhole are the two infrastructure providers facilitating BlackRock’s expansion on BNB Chain. According to the official announcement, Securitize plays a crucial role by providing the regulatory and technical foundation for the on-chain offering. The company manages over $4 billion in assets and specializes in tokenization, transfer agency services, and fund administration.

“We are excited to extend BUIDL to BNB Chain, unlocking new financial opportunities for tokenized real-world assets,” said a spokesperson from Securitize.

The launch of the new share class on BNB Chain represents a step forward in integrating traditional finance with decentralized finance.

Binance has approved the BUIDL Fund as off-exchange collateral for institutional trading, enabling firms to back trading positions with tokenized U.S. Treasuries without transferring custody to the exchange. The approval comes as part of Binance’s broader strategy to provide secure access to digital assets for institutional investors.

Binance emphasized that this development strengthens its commitment to secure, controlled, and efficient access to blockchain-based assets. This new option allows firms to manage risk while leveraging the potential of regulated U.S. dollar yields in their trading strategies.

The approval marks a key milestone in the evolution of tokenized finance. Institutions can now use tokenized Treasuries to support trading positions directly through Binance, enhancing capital efficiency and streamlining the process for investors.

BNB Chain Supports Broader Capital Efficiency and Institutional Growth

BNB Chain’s expansion of the BUIDL Fund showcases the growing intersection of traditional finance and blockchain technology. By enabling tokenized Treasuries and real-world assets to function within decentralized systems, BNB Chain is enhancing the programmability of financial instruments.

This development follows a broader trend in the blockchain space, with networks like XRPL also boosting programmability amid growing activity around tokenized assets. BNB Chain’s role in this shift demonstrates its continued importance in the digital asset ecosystem, offering new utility and efficiency for both retail and institutional investors.

This launch positions BNB Chain as a leading network for integrating real-world financial instruments with decentralized applications. As blockchain technology continues to grow, BNB Chain’s adoption of tokenized assets is set to drive further innovation in the financial sector.

The post Binance Approves BUIDL Fund as Collateral: What’s Next for BNB Chain? appeared first on Blockonomi.

TLDR

• Michael Saylor denies rumors that Strategy is selling its Bitcoin holdings amid market volatility.
• Saylor confirms that Strategy will continue purchasing Bitcoin and will report new buys on Monday morning.
• Speculation about Bitcoin sales arose from on-chain activity and data suggesting that Strategy may be using Coinbase as a custodian.
• Strategy’s Bitcoin purchases have been accelerating despite the asset’s recent price dip below $100,000.
• Saylor asserts that the company will never willingly sell its Bitcoin, except in highly unlikely circumstances.

Michael Saylor, co-founder and Executive Chairman of Strategy, dismissed rumors claiming that the firm was selling its Bitcoin holdings. In a Friday interview with CNBC, he emphasized that Strategy remains committed to increasing its Bitcoin stockpile. He called the firm’s appetite for Bitcoin “insatiable” and reassured investors that it would continue to buy the digital asset despite its recent decline below $100,000.

Saylor stated,

“We are buying Bitcoin, and we’ll report our next buys on Monday morning. People will be pleasantly surprised.”

He added that the company has been accelerating its Bitcoin purchases and would not be deterred by short-term price fluctuations.

Bitcoin Purchase Speculation Amid On-Chain Movements

The rumors about Strategy selling Bitcoin stemmed from on-chain data indicating unusual activity in the company’s wallet. Crypto intelligence platform Arkham Analytics noted that these transactions could indicate that Strategy is using Coinbase as its custodian.

This raised concerns among some market observers, who speculated that the firm might be liquidating some of its Bitcoin. The prediction market Myriad reflected this uncertainty, with traders assigning an 8% chance that Strategy would sell Bitcoin in 2025. Earlier in the day, those odds had reached 14%, further fueling the speculation.

Despite the market speculation, Saylor was firm in his stance that Strategy would not sell its Bitcoin holdings. TD Cowen Analyst Lance Vitanza supported this view, noting that the company has consistently maintained its commitment to holding Bitcoin.

Saylor reiterated that there are only improbable conditions under which Strategy might be forced to sell. For example, he acknowledged that a significant decline in Bitcoin’s price or debt-related issues could impact Strategy’s strategy, but these situations were rare.

The firm’s confidence in Bitcoin remains high, with Saylor expressing comfort with its current price. He also mentioned that the recent dip in Bitcoin’s price could lay the foundation for future gains.

Financial Stability and Future Plans for Bitcoin Acquisition

Saylor outlined that Strategy’s balance sheet remains strong, with ample collateral to support its debt obligations. He added that even if Bitcoin’s price fell by 80%, the company would still be over collateralized in relation to its debt. As of Friday, Strategy had raised $8.2 billion through convertible bonds.

Saylor’s statements came as Strategy faced challenges with its stock price, which had dropped 32% over the past month. The company’s stock price stood at around $204, even as its Bitcoin holdings were valued at $62.3 billion.

In addition to common stock, Strategy has utilized convertible bonds and preferred shares to fund its Bitcoin acquisitions. Saylor highlighted that preferred share dividends are determined by the board, ensuring there is no default at present.

Concerns Over Dividend Payments and Share Issuance

Despite Saylor’s assurances, critics have questioned Strategy’s ability to maintain its business model, especially given its reliance on issuing preferred shares. The company carries an annual dividend burden of $735 million.

Vitanza suggested that while Strategy is not legally required to pay dividends, skipping or deferring them could hinder future fundraising efforts. He emphasized, however, that it is unlikely this issue will arise, given the company’s financial structure.

The company’s market cap of $59 billion, combined with its $62.3 billion in Bitcoin holdings, leaves it with a multiple-to-net asset value (mNAV) close to 0.95x. This valuation underscores the firm’s ongoing confidence in Bitcoin, despite market volatility.

The post Is Strategy Selling Bitcoin? Saylor Addresses Growing Speculation appeared first on Blockonomi.

TLDR

• Tether has extended $1.5 billion in credit to commodity traders, providing financing in both USDT and cash.
• The company plans to dramatically expand its presence in commodity lending, targeting agricultural products and oil.
• Tether’s Trade Finance unit focuses on short-term credit to facilitate global supply chains and commodity trades.
• Despite some reluctance from traders to borrow in USDT, Tether’s growing financial influence is expected to overcome these concerns.
• Tether has also seen success with its tokenized gold product, Tether Gold, and holds more than 100 tons of physical gold.

Tether has entered the commodity lending market, with $1.5 billion already extended to traders. The stablecoin issuer is providing both cash and its USDT stablecoin for financing. CEO Paolo Ardoino announced plans for significant expansion in this sector.

Tether’s Trade Finance Unit and Focus on Commodities

Tether’s Trade Finance unit is driving its venture into commodity lending. The unit focuses on short-term credit to facilitate global supply chains. It aids traders in purchasing, transporting, and delivering goods, including agricultural products and oil.

Ardoino confirmed that Tether has already extended $1.5 billion in credit. He emphasized the firm’s strategy to “expand dramatically” in the coming months. This expansion follows Tether’s strong financial position, with nearly $184 billion worth of USDT in circulation.

Tether aims to serve traditional commodity traders by providing the liquidity they need. The company believes it can offer an attractive financing option compared to conventional banks. This move further solidifies Tether’s role in the global financial landscape.

Challenges in Borrowing USDT for Commodity Trades

Some traders remain hesitant to borrow in USDT rather than traditional dollars. This reluctance stems from concerns about stablecoin volatility and regulatory uncertainties. However, Tether’s growing influence in the market may soon overcome these concerns.

Despite these hesitations, Tether’s growing financial power is gaining attention. With its deep liquidity, Tether can offer favorable lending terms for traders. Ardoino’s comments reflect the company’s determination to increase its involvement in the commodities market.

As more businesses explore digital finance solutions, Tether is positioning itself as a key player. The company’s expansion into trade finance could change the way commodities are financed. Its stablecoin, USDT, has already gained popularity in various financial markets.

Tether has already made waves with its tokenized gold product, Tether Gold. This offering has seen significant growth amid surging gold prices. The company also holds more than 100 tons of physical gold.

This diversification into commodities aligns with Tether’s broader strategy. Ardoino pointed out that the success of USDt is helping fund the company’s new ventures. Tether is leveraging its dominance in the stablecoin market to expand into industries such as trade finance and commodities.

The post Tether Expands into Commodity Lending, Extends $1.5 Billion in Credit appeared first on Blockonomi.

TLDR

• Bitcoin’s realized capitalization has reached $1.1 trillion, a new high that signals continued market growth.
• CryptoQuant CEO Ki Young Ju argues that Bitcoin is not in a bear market as long as capital inflows remain steady.
• The rise in Bitcoin’s realized cap reflects ongoing accumulation rather than a market downturn.
• Despite a price drop from $127,000 to $95,000 in October, Bitcoin’s long-term outlook remains positive.
• Large holders’ selling has created short-term market pressure, but this trend could ease as macro sentiment improves.

Bitcoin continues to show resilience amid market uncertainty. Despite a price drop from $127,000 in October to $95,000, the inflows into Bitcoin remain steady. CryptoQuant CEO Ki Young Ju insists Bitcoin is not in a bear market yet, as long as capital inflows persist.

Bitcoin’s Realized Cap Hits $1.1 Trillion

Ki Young Ju recently shared a chart revealing Bitcoin’s realized capitalization has reached a new high of $1.1 trillion. The metric highlights the ongoing accumulation of capital, suggesting that Bitcoin’s market strength remains solid. According to Ju, this rise in the realized cap contradicts the notion of a bear market, despite the recent price decline.

The realized cap metric calculates the value of coins based on their last traded price. It provides a clearer view of the capital in the market compared to the spot price alone. The continuous rise in Bitcoin’s realized cap points to an expanding market rather than contraction.

Ju compared the current rise in realized cap to past market trends. During the 2017 bull market, Bitcoin’s realized cap surged but remained far below the current level. He highlighted that, despite price declines in recent years, capital flowing into Bitcoin has steadily increased.

Despite the overall positive trends, Ju acknowledged that some large holders are selling their Bitcoin. This behavior has created short-term pressure on the market, affecting price momentum. However, Ju believes this selling will ease if these holders slow down and broader market sentiment improves.

While the long-term outlook appears positive, Ju pointed out that the actions of early large holders are influencing short-term volatility. He emphasized that as long as the selling trend slows, Bitcoin could avoid a deeper price correction. The market remains influenced by both large holders’ decisions and macroeconomic factors.

Long-Term Outlook and Whale Activity

An on-chain analyst provided a contrasting view, suggesting the rise in realized cap might be due to long-term holders taking profits. This indicates the market is seeing profit-taking rather than fresh capital inflows. They also noted a decline in long-term holder supply, which is unusual during weak price periods.

DeFi Planet echoed similar concerns, warning that renewed selling from large holders could put further downward pressure on the market. Whale sell-offs often outweigh retail buying, increasing market volatility. As smaller investors add exposure, larger movements from major holders remain influential in driving price changes.

Despite these concerns, Binance’s Changpeng Zhao reassured traders to stay calm during market dips. Zhao reminded investors that corrections are a natural part of market cycles. He encouraged a long-term view, noting that the market will continue to evolve.

In conclusion, while Bitcoin faces short-term selling pressure, its long-term capital inflows and rising realized cap suggest continued market strength.

The post CryptoQuant CEO: Bitcoin Not in Bear Market as Inflows Continue appeared first on Blockonomi.

TLDR

• BitMine has appointed Chi Tsang as its new CEO and board member, succeeding Jonathan Bates.
• Tsang was previously the founder of venture fund m1720 and spent a decade at HSBC.
• The company also added Robert Sechan, Olivia Howe, and Jason Edgeworth to its board.
• Tsang emphasized BitMine’s position to lead the financial sector with its substantial Ethereum holdings.
• BitMine’s stock has fallen nearly 34% in the past month due to declining cryptocurrency prices.
• The company holds over 3.5 million ETH, valued at around $11.2 billion, making it the largest corporate holder of Ethereum.

BitMine Immersion Technologies, the leading Ethereum treasury company with over $11 billion in cryptocurrency holdings, announced on Friday that Chi Tsang has been appointed as the new CEO and board member. Tsang takes over from Jonathan Bates, the former CEO. The company also introduced Robert Sechan, Olivia Howe, and Jason Edgeworth as new members of its board.

Chi Tsang’s Appointment as CEO

Tsang, the founder and Managing Partner of the venture fund m1720, brings extensive financial experience. Before joining BitMine, he spent a decade at HSBC, where he was the Head of Asia and TMT Global Banking. Tsang’s leadership comes at a time when the company aims to strengthen its position in the rapidly evolving blockchain and Ethereum sectors.

In his statement, Tsang highlighted the parallels between the current transformation in financial markets and the disruption brought by mobile phones and the internet in the 1990s. He noted that BitMine’s substantial Ethereum holdings and its credibility with both Wall Street and the Ethereum community uniquely position it to lead in the financial industry. “With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” Tsang said.

Along with the CEO change, BitMine has also strengthened its leadership team by adding three new board members. Robert Sechan, Olivia Howe, and Jason Edgeworth bring diverse skills in technology, decentralized finance (DeFi), and financial services. According to BitMine Chairman Tom Lee, the new appointees will play a key role in shaping the company’s future strategy.

Lee also emphasized the importance of these changes as BitMine positions itself as a bridge between traditional financial markets and the Ethereum ecosystem. “The new appointments bring a unique blend of experience, insight, and leadership, enabling BitMine further to position itself as the bridge between traditional capital markets and the supercycle Ethereum ecosystem,” Lee said in a statement.

BitMine’s Financial Performance and Ethereum Holdings

Despite the leadership changes, BitMine faces a challenging market environment. The company’s stock, listed under the ticker BMNR, is down about 4% on the day. The stock has fallen nearly 34% in the past month, reflecting the broader downturn in cryptocurrency prices.

As of Monday, BitMine holds more than 3.5 million ETH, valued at approximately $11.2 billion. This makes BitMine the largest corporate holder of Ethereum by far, outpacing its closest competitor, SharpLink Gaming, which holds $2.75 billion worth of ETH. Ethereum itself has also seen a significant decline, dropping by 5.5% in the last 24 hours, bringing its 30-day decline to over 20%.

Despite these challenges, Myriad, a prediction market platform operated by Dastan, reports that users remain optimistic about Ethereum’s future. Myriad users gave a nearly 53% chance that Ethereum will rise to $4,000 next, up from 77% earlier in the week.

The post BitMine Names Chi Tsang as CEO, Adds Three New Members to Board appeared first on Blockonomi.

Ethereum has now broken back below the $3,200 mark after failing to hold the 100-day moving average. Despite the broader downtrend playing out over the past few weeks, the on-chain supply dynamic remains interesting. But technically, the buyers are losing ground fast as momentum shifts further in favor of the sellers.

Technical Analysis

By Shayan

The Daily Chart

On the daily timeframe, ETH is holding just above a key support zone around $3,000. The price has dropped below the $3,800 level and the 100-day moving average, located around the $3,400 mark, flipping both levels into resistance. The 200-day MA is also gradually sloping down now, reflecting weakening medium-term trend strength.

The RSI has also dropped to around 33, which shows bearish momentum but also brings ETH closer to oversold territory. If the asset fails to hold above $3,000, the next major support sits around the $2,500 zone, which also aligns with a previous demand area from early Q3. If buyers want to regain control, they need to reclaim $3,800 with strong volume and flip the 100-day and 200-day moving averages again.

The 4-Hour Chart

On the 4-hour chart, ETH broke the bearish flag to the downside and confirmed a continuation lower. After failing to reclaim the $3,600 resistance area, the price sold off hard and is now testing the demand zone at $3,000. The structure remains bearish with clear lower highs and lower lows forming since early October.

Momentum also remains weak. The RSI is hovering around 33 on this timeframe too, showing potential for further downside. If the $3,000 support zone breaks, the $2,600 area becomes the next key level to watch. Short-term bounces toward $3,300 or even $3,400 may simply offer sell opportunities unless accompanied by a volume spike and a clean breakout above the $3,800 resistance zone.

On-Chain Analysis

Exchange Reserve

Exchange reserves for Ethereum continue to drop and are now at multi-year lows. With just over 15 million ETH sitting on centralized exchanges, this is a structurally bullish sign over the long run, which indicates a continued trend of accumulation and self-custody.

However, despite this bullish supply trend, the recent price action shows that demand isn’t strong enough to absorb current spot selling. In other words, the supply is low, but buyers aren’t stepping in aggressively enough, which allows corrections like the one being witnessed now. Until demand picks up meaningfully, the price may stay under pressure even with positive on-chain flows.

The post Ethereum Price Analysis: Is ETH Heading for $2.5K as Bearish Momentum Remains Strong? appeared first on CryptoPotato.

Bitcoin tumbled 7% in the past 24 hours, dropping to $96,000 during early Asian trading on Friday, leaving investors scrambling for explanations.

But Dragonfly Managing Partner Haseeb Qureshi struck a confident tone.

Crypto Downturn Overhyped?

In a post on X, he argued that the current downturn is mild compared to the brutal conditions of 2022, while reminding investors of a period marked by cascading collapses, from Terra’s implosion to the failures of 3AC, FTX, Genesis, BlockFi, and even major NFT ecosystems.

Qureshi noted that after the industry-wide wipeout, the contagion even spread to the banking sector, stablecoins briefly lost their peg, and regulators intensified efforts to clamp down on crypto companies. Against that backdrop, Qureshi described today’s pullback as “the easiest bear market” he has ever experienced. Despite price weakness, he added that crypto asset’s core fundamentals remain strong and the ecosystem continues to function as intended.

“Prices have gone down, yeah, whatever. Fundamentals are great. Crypto is working. So relax, get something to eat. Lock in. We’ll be fine.”

Looking at on-chain flows, data shared by Swissblock shows a sharp rise in stablecoin dominance as Bitcoin slipped below $100,000, which means that capital is not exiting the market but moving to the sidelines. The platform noted that there has been no panic rotation into BTC; instead, buying power is accumulating in stablecoins, which reflected a classic “dry powder” buildup ahead of potential deployment.

Bitcoin is currently attempting to defend the crucial $97,000-$98,500 range. According to Swissblock, sidelined liquidity typically moves back into BTC under two conditions: a capitulation sweep toward the $95,000 level, or a clear stabilization phase in which Bitcoin reclaims and holds above the $100,000 threshold.

First Major Support

Focusing on the downside risk, however, crypto analyst Doctor Profit’s earlier warning about Bitcoin’s key “Golden Line” near $99,200 looks accurate as BTC trades around $96,800. He had said that a weekly close below this level could signal a loss of bullish momentum, though strong selling pressure would be needed.

After the recent dip, Doctor Profit tweeted that the first target in the $90,000-$94,000 range is “about to be hit,” which indicates that more downside could come.

The post Bitcoin (BTC) Crash Is ‘Breezy’ Compared to 2022 Carnage, Claims Dragonfly’s Qureshi appeared first on CryptoPotato.

What happens when a beloved TV gang steps into blockchain battles or interstellar looter shooters, let players own every looted gun as an NFT? Both gamers and investors are wondering whether Web3 titles will finally break into the mainstream in 2026. These projects are based on tested IPs, developed ecosystems, and new mechanics designed to break conventional gaming norms.

Web3 gaming combines blockchain technology with player-owned assets, realistic economies, and cryptocurrency rewards within virtual worlds. To facilitate the trading of NFTs, token incomes, and decentralized marketplaces, developers construct blockchain networks such as Ethereum, Avalanche, and Ronin. Axie Infinity developers state,  “more than 225,000 active users and 364,000 active users monthly and daily, respectively, in Origins and Classic mode lifetime transactions.”

At peak, the game hit 2.8 million daily users in 2021. Such figures “not only” highlight how in-game item adoption players treat them like investments.  With presales like EV2 drawing early funds and MMOs like Atia’s Legacy planning guild wars, 2026 could see Web3 games retain millions through ownership and cross-platform play.

Earth Version 2 (EV2): Looter-Shooter with Avalanche-Powered Ownership

EV2 deploys as a free-to-play sci-fi looter shooter on Avalanche C-Chain, emphasizing player-owned NFTs for weapons, gear, and cosmetics. Players select from five suits: Brute, Cloaker, Pathfinder, Mag, or Valkyrie, enhanced by El’Dar cores for abilities like immunity or flight. Combat involves crafting modular weapons with stats for DPS, range, RPM, and elements.

Game modes span PvP (6v6 Control, 3v3 Elimination, 25-player Fracture relic hunts), PvE raids, open world exploration across five maps, and PvEvP Rift Clash. Rewards include EV2, TICO, and SUPER tokens based on performance. Batteries power jetpacks and skills; inventory holds 200 slots, upgradable with tokens.

Funtico supports the presale, live at $0.01 via their Launchpad using ETH, USDT, BNB, AVAX or BUSD. Total supply: 2.88 billion tokens, of which 40% are reserved for the presale. Deflationary burns cause a reduction in supply without identification of the sources. Bonuses will include Mystery Boxes for NFTs, such as Ewerbeest editions, and provide whitelists.

The audit of the contract by Coinsult at 0x683…8504 confirmed without honeypot, taxes or minting. Top holders control significant portions, like 40% in one wallet.

Detailed presale phases begin on December 1, 2025: Phase 1 at $0.01 (20% bonus, Founder Skin), Phase 2 at $0.015, Phase 3 at $0.018, with the launch price set at $0.02. Tokens fund wagering, battle passes, hardware for storing and selling goods, future staking, and even governance, planned for later down the line.

Axie Infinity: Atia’s Legacy – Lunacia’s Massive Rebirth

Sky Mavis unveils Axie Infinity: Atia’s Legacy, an MMO for PC and mobile set in Lunacia. Players explore ruins, forests, and dream realms, building homes, towns, and armies while uncovering creatures. Squads fight the real-time fights; after advancing, the abilities and equips become Common through to Legendary.

It has features such as PvE missions, resource crafting, town hubs to socialize and to engage in guild wars in nightmare realms. Land and Mystic Axie NFTs integrate deeply. Development started in May 2024; the trailer uses Unity with the Axie art style.

Pre-registration at axieinfinity.com offers AXS rewards through referrals (a 25,000 AXS pool for the top 200), content creation (3 Origin Axies, 45 Japanese Axies, and 450 AXS), and Bounty Board tickets. Playtests target summer and year-end 2025. Principles emphasize cross-platform mobile, social coordination, friends, and player-owned assets.

Lessons from past titles shape it: real-time battles from the 2018 auto-battler, economic stakes from Classic, social features from Project K and Homeland, and token economy balance from Origins.

PGA Tour Rise: Golf’s Digital Frontier Awaits Details

PGA Tour participates in gaming licensed under the title, but details of the presale of the title, PGA Tour Rise, do not appear in the records. The PGA TOUR Pro Golf mobile game launched on Apple Arcade earlier in 2025 as the official licensed title. Anticipation rises for PGA Tour 2K iterations after discussions over 2024.

Related events include the reboot of “The Skins Game,” scheduled for November 28, 2025, and broadcast on Prime Video. Tommy Fleetwood, Justin Thomas, Xander Schauffele, and Keegan Bradley compete at Panther National in a reverse purse format starting at $1 million each. Traditional Skin structure carries over values with ties that escalate stakes. Pro Shop, PGA TOUR Studios, and Propagate Content produce, fusing history with modern twists.

Pikamoon: Deflationary Tokens Fuel Pikaverse Adventures

Pikamoon centers on Pikaverse, a play-to-earn metaverse where users collect, train, and battle beasts to earn PIKA tokens and NFTs. Gamers exchange in-game assets and rewards for fiat via an integrated marketplace powered by Transak technology. Energy boosts for avatars require PIKA payments, while successful activities yield crypto rewards.

The PIKA token has several functions: rewards for winning games, buying, and selling on the market. It is an Ethereum-based project that can be scaled with NFT support as more users are added. The circulating supply of PIKA tokens is 17.45 billion, and the market cap is estimated at approximately $1 million. The trading volumes are average, and the price history demonstrates a considerable decrease, falling by 70 percent during the last year.

A bullish forecast may be to the price of up to $0.0040 by 2040 in case of price stability in the economy, retention of players, liquidity in the marketplace, and tokenomics.

Coinsult and SharkTeam audited the contract, and the team can be found on the official site.

Peaky Blinders Blockchain Game: 1920s Gang Wars Go On-Chain

Anonymous Labs is developing the Peaky Blinders Blockchain Game in partnership with Banijay Rights, the global distributor of the TV series. This AAA-quality game, set to be released in 2026, will place players in the post-World War I era of Birmingham. Cryptocurrency income, owning assets, and tokenizing fan interactions are made possible through interactive missions, digital collectibles, and blockchain functionality.

The game combines narration and action scenes, as well as in-game cryptocurrency in player economies. David Christopher of Banijay Rights made the deal after purchasing the production company. Anonymous Labs previously launched a token for Simon’s Cat, which dropped 89% from its high four months ago.

A related experience, “Peaky Blinders: Garrison Lane,” launched in The Sandbox’s Season 6. It includes missions, NFTs, and mechanics like dashing and gliding. Past non-crypto games include the 2023 VR title “Peaky Blinders: The King’s Ransom,” which received mixed Steam reviews, and the discontinued 2020 puzzle game “Peaky Blinders: Mastermind.” Recent tie-ins feature themed content in World of Tanks.

The reason why Blockchain Gaming Gathers a Sustaining Wave.

The blockchain gaming industry remains impressive as we approach 2026, with continued growth and versatility. Indeed, according to the latest reports from DappRadar, even though the market becomes volatile, gaming remains a leading force in the Web3 ecosystem.

In October 2025, blockchain gaming (as a proportion of all user activity) represented 27.9% of the total number of users, and some of its most popular games, such as Pikamoon and Axie Infinity, had outstanding active wallets and trading volumes. This is a testament to the industry’s potential in terms of financial remuneration and the operational capabilities of its players.

The introduction of NFTs, deflationary tokenomics, and player economies into projects like EV2, Peaky Blinders, and the Legacy of Atia creates a base for a more sustainable and immersive future of gaming. As investments in blockchain gaming continue to increase despite regulatory issues, 2026 is expected to become a year of massive growth.

EV2 Presale

Website: https://ev2.funtico.com/

Telegram: https://t.me/EV2_Official

Twitter/X: https://x.com/EV2_Official

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The post Best ICO Crypto Games for 2026: EV2 Presale Draws Attention Next to Pikamoon and Atia’s Legacy appeared first on CryptoPotato.

While Pi Network’s native token has been on a major decline over the last several months, some community members believe a rebound may soon replace the free fall.

One analyst who supports that thesis outlined a vital condition that must be met for this to happen.

75% Pump Incoming?

PI has resonated with the broader crypto market crash, with its price slipping by 5% daily to $0.21 (per CoinGecko’s data). While its current valuation represents a massive 92% decline compared to the all-time high of $3 reached in February, the X user Marzell saw some encouraging signals.

In a recent post, he opined that PI “is holding firm above the $0.21 support, showing clear signs of accumulation.” According to the analyst, a move beyond $0.26 could open the door to an ascent to $0.37 (a level last observed towards the end of September).

The X user PiNetwork DEX expressed a similar viewpoint. They claimed PI has stabilized at the $0.20 – $0.22 range and could be headed toward $0.29.

It is worth mentioning that some bearish factors, such as the multi-million token unlocks, may prevent such a rally. Over 150 million PI are scheduled for release in the next 30 days: a development which will give investors the chance to sell coins they have been waiting for some time.

In addition, the amount of tokens stored on centralized cryptocurrency exchanges remains substantial. Data shows that the figure is approximately 424 million, with more than half of that located on Gate.io.

Recent Pi Network Developments

PI’s price collapse has occurred despite the numerous developments surrounding the project behind the token. Towards the end of October, Pi Network Ventures, an entity within the ecosystem that invests in startups and businesses across multiple industries, made its first investment in the AI sector. It collaborated with OpenMind, a company developing an operating system for robots “to think, learn, and work together – like Android for robots.”

A few days later, Pi Network surpassed the milestone of 100 million downloads. In comparison, the applications of industry leaders like Coinbase and Crypto.com lag behind with approximately 50 million and 10 million downloads, respectively.

Towards the end of last week, Pi Network’s team announced a new update for the Pi Node, upgrading it to version 0.5.4. Its ultimate goal is to improve accessibility, reliability, and address issues raised by the Pioneers.

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The cryptocurrency presale market is abuzz with new opportunities, each competing against the others to attract investor attention. With the cryptocurrency world still evolving, several projects are gaining momentum with their innovative approaches. Amongst them, Earth Version 2 (EV2) is one of the most thrilling presales of 2025. With its attractive blockchain gaming and high growth prospects, EV2 has become a subject of considerable attention.

With the presale continuing to gather momentum, investors are seeking early access points before the price increases and the project goes mainstream. This article explores the top 5 presales of 2025, examining the reasons behind the popularity of Earth Version 2 (EV2) and its ranking as one of the best crypto presales to watch.

1. Earth Version 2 (EV2) – Open-World PvX Looter Shooter Built on Avalanche

Earth Version 2 (EV2) has generated considerable buzz among the crypto presale audience. As a fresh open-world PvX-looter shooter built around the Avalanche network, EV2 blends quick-paced gameplay with ownership managed by blockchain technology, which offers players a one-of-a-kind experience. Players will be able to earn tokens by accomplishing tasks and participating in tournaments, and spend their own earned tokens on in-game assets. The project leverages NFTs to provide players with real ownership of in-game items, adding value to the experience. Additionally, the project offers the ability to sell and buy assets in various marketplaces.

EV2 has already sold more than 13 million tokens in its presale, and at the current price of 0.01 per token, it offers a great opportunity to early investors. The economy within the game, combined with its incorporation of blockchain technology, differentiates it from traditional gaming projects. The reason is that people are flocking to EV2 not only because it is a potentially promising game, but also because it can bridge the distance between gaming and asset ownership based on blockchain.

The presale is organized in phases, and the price will increase in the next stage. And it is the right moment to join. The developers are also concerned with ensuring the low cost of transactions and high performance, which are critical factors to the success of an open-world PvX game. Earth Version 2 (EV2), as one of the most successful crypto presales, is rapidly becoming a project to follow in 2025.

2. Best Wallet (BEST) – A DeFi Superapp for Secure Personal Finance

Best Wallet is positioning itself as one of the most innovative DeFi tools available in the market. It is not only a multichain wallet but also a full-fledged personal finance solution in Web3. Best Wallet provides customers with built-in analytics, private mode, and asset management features, enabling them to view and manage their portfolios in real-time.

What makes Best Wallet unique is that it aims to simplify the experience of decentralized finance for beginners and provide more advanced developers with premium features. These are token swaps, phishing filters, and smart portfolio segmentation.

The presale, which has already surpassed $17 million, has experienced high demand because the platform consolidates multiple DeFi features into a single, seamless hub. Best Wallet is one of the most promising crypto presales of 2025, with the support of more than 60 blockchains to transform the way users engage with decentralized assets.

3. BlockchainFX (BFX) – A Global Trading Super App

BlockchainFX is already making waves in the presale market, not only due to its innovative trading concept but also due to its official international trading license granted by the Anjouan Offshore Finance Authority (AOFA). This difference puts BlockchainFX a step ahead of its competitors, who are still unregulated, and it has a considerable market advantage. In a single ecosystem, traders can access more than 500 assets, including cryptocurrencies, stocks, commodities, ETFs, and bonds.

This size and universal availability make BlockchainFX a serious candidate to command the trading space in the long run. Besides its advanced trading features, the platform will provide significant rewards to users, including daily rewards and the redistribution of up to 70% of trading fees to the community.

At a presale price of $0.030, early entrants can get additional tokens at promotional prices. BlockchainFX has generated considerable curiosity in the markets, and with its regulatory support, it is emerging as one of the most interesting presales of 2025.

4: Based Eggman (GGs) – Building Culture into Crypto Presales

Based Eggman (GGs) is a token disguised as a meme at the core of a fast-growing Web3 ecosystem launched on Base, the Layer 2 network of Coinbase. The difference between Based Eggman and other similar products lies in the fact that the product is both culturally relevant and useful. The project is inspired by the gaming community, where ‘GG’ is a short form of ‘good game,’ a global phrase. This immediate recognition enables the project to make a significant impact on a vast audience, particularly within the gaming community.

In contrast to other presale tokens that offer a limited range of applications, GGs is designed to function in various spheres, including liquidity, gameplay, minting, payment systems, and even gas charges in smart contracts. Having already sold over 14 million tokens and having raised an excess of $110,000, the presale has already taken off.

The platform aims to unify gaming, streaming, and trading within a single ecosystem, which will later be expanded to encompass Ethereum, BSC, and Solana networks beyond Base. Based Eggman is currently preselling at $0.006389, and it aims to be one of the top crypto presales in 2025.

5. BITCOIN HYPER (HYPER)—Fast Payments with Lower Costs

BITCOIN HYPER is a high-speed payment project that aims to transform how people typically conduct their daily activities. The system is designed with faster confirmations and reduced network expenses; thus, it best suits smaller payments and microtransactions. BITCOIN HYPER will offer fast settlement times with a lightweight architecture that is vital in the emerging needs of efficient payment systems.

The Bitcoin Hyper presale has been a massive success, raising close to $17 million. The token price line will increase after a few days, allowing early customers to acquire the token at a lower price.

The merchant integration roadmap makes the project useful to businesses, and the team has allocated 10% of the token supply to liquidity pools, keeping track of liquid trading in the future after the token is listed on a DEX. BITCOIN HYPER has solid potential for investors who seek a quick and scalable payment solution.

A Growing Interest in the Presale Market

The presale market is still expanding because people are more interested in other projects, such as the Earth Version 2 (EV2). Investors are flocking to presales, as they offer early access to tokens at reduced prices and can yield significant returns once the projects gain mainstream traction.

As blockchain-based games, DeFi tools, and sophisticated trading tools become increasingly prevalent, the crypto presale market is becoming a more appealing option for individuals interested in diversifying their portfolios. One of the most interesting bets for early investors in 2025 is Earth Version 2 (EV2), due to its innovative gaming and blockchain technology.

Conclusion

With the crypto presale market on the rise, there is no doubt that Earth Version 2 (EV2) is one of the top projects to keep an eye on.

With a powerful development team and an innovative approach to blockchain games and NFTs, EV2 can establish itself as a leading player in the space and it is undoubtedly a project to consider:

EV2 Presale

Website: https://ev2.funtico.com/

Telegram: https://t.me/EV2_Official

X: https://x.com/EV2_Official

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