CoinMarketCap

Stablecoin Trading Volume Reaches $1.8 Trillion in November as Institutional Confidence Grows

The cryptocurrency market experienced notable developments in November, with stablecoins achieving record trading volumes and market capitalization while football club Watford FC strengthened its blockchain engagement. According to CCData's report, stablecoin trading volumes on centralized exchanges surged by 77.5% to $1.81 trillion as of Nov. 25, marking one of the highest monthly volumes in 2024. The total market capitalization of stablecoins rose by 9.94%, reaching an all-time high of $190 billion, surpassing the previous peak of $188 billion set in April 2022.

Tether’s USDT led the growth, increasing its market cap by 10.5% to $133 billion and securing 69.9% of the market share. Circle’s USD Coin (USDC) followed with a 12.1% rise to $38.9 billion, its highest since February 2023. Ethena Labs’ USDe stablecoin experienced significant growth, up by 42.2% to $3.86 billion, following the introduction of revenue-sharing mechanisms. Meanwhile, First Digital USD (FDUSD) and Sky Dollar (USDS) saw declines of 14.9% and 8.34%, respectively. Despite these mixed results, 38 out of 198 analyzed stablecoins reached all-time highs in November, signaling robust market activity.

Trading activity mirrored these trends, with USDT accounting for 82.7% of trading volumes. FDUSD held 9.01%, reflecting its use in Asian cross-border payments, while USDC secured an 8.09% share. Euro-denominated stablecoins saw a decline in market cap to $256 million but achieved a 52.9% increase in trading volumes, reaching $657 million. Analysts attributed this growth to optimism surrounding regulatory clarity, particularly under the MiCA framework in Europe.

In a separate development, Watford FC, an English football club, expanded its blockchain efforts through a partnership with Cointelegraph. This collaboration will feature Cointelegraph’s branding prominently at Vicarage Road stadium during the 2024-2025 EFL Championship season, while Cointelegraph will share Watford FC’s content with the crypto community. Watford’s involvement with cryptocurrency began in 2019 when it became the first Premier League club to display Bitcoin’s logo on its jerseys through a partnership with Sportsbet.io. The club also launched initiatives like a Bitcoin-themed hospitality box and proposed hosting the Crypto Cup to educate fans about blockchain technology.

Paul O’Brien, Watford’s commercial director, emphasized the importance of engaging with the crypto sector to explore new revenue streams, while Gareth Jenkinson of Cointelegraph highlighted the alignment between the two organizations in advancing the mainstream adoption of blockchain. These developments underscore the growing integration of cryptocurrencies in traditional industries and their expanding role in financial and commercial ecosystems.

Tether CEO Projects Liquidity Pool for Commodities Financing to Reach $5 Billion by 2026

Tether’s CEO, Paolo Ardoino, recently projected that the company's liquidity pool, dedicated to financing raw materials transactions, could grow to between $3 billion and $5 billion by 2026. The company has expanded its business operations into commodities lending, which follows Tether’s broader strategy to support the $10 trillion trade finance industry. This division, known as Tether Investments, was created to operate separately from Tether's main business of issuing USDT, with profits from the stablecoin used to fund investments.

Tether’s expansion into commodities was highlighted in October when the company financed a $45 million oil trade. The trade involved the transport of 670,000 barrels of Middle Eastern crude oil. Ardoino explained that Tether is working with large commodities traders, although he declined to name them for privacy reasons. The company plans to lend capital to these brokers, earning interest on temporary financing provided. Ardoino emphasized that the commodities sector is always in need of liquidity, making it a fitting area for Tether to enter.

Tether's stablecoin, USDT, is especially popular in emerging markets, where commodities like oil, natural gas, and gold are critical to economic activity. Ardoino noted that the use of USDT in commodities trading brings benefits like increased transparency and faster transaction speeds. This move into commodities reflects Tether’s broader plan to diversify into traditional financial markets, tapping into the global trade sector.

As part of its growth, Tether Investments intends to invest more than $1 billion over the next 12 months, as previously mentioned by Ardoino in an interview. Tether reported a $7.7 billion profit for the first nine months of 2024, further fueling its expansion. The company has been able to use profits from the issuance of USDT to fund its commodities ventures. Ardoino added that the commodities market is key to Tether’s strategy, especially as the company looks to increase the liquidity pool that is expected to reach between $3 billion and $5 billion by 2026.

Tether’s involvement in the commodities market marks a significant step as cryptocurrency firms increasingly look to diversify into traditional finance sectors. With its established presence in the digital currency space and growing influence in the commodities sector, Tether is positioning itself as a key player in the global financial system. The company’s liquidity pool expansion represents a critical move to further integrate its stablecoin into global trade, where it can serve both as a financing tool and as a more transparent and efficient means of conducting commodity transactions.

Pantera Capital Predicts Bitcoin Could Reach $740,000 by 2028, Fueled by Changing Regulations and Institutional Investment

Pantera Capital predicts Bitcoin could reach $740,000 by 2028, driven by regulatory shifts, institutional adoption, and its historical growth trends. The cryptocurrency, which surged approximately 120% this year, recently traded around $93,000 after nearing $100,000. CEO Dan Morehead highlighted Bitcoin’s resilience and growth potential, emphasizing that despite skepticism, it remains far from its peak value.

Launched in 2013, Pantera’s Bitcoin Fund has achieved over 131,000% returns, despite initial doubts about the asset’s viability. At the time, Bitcoin was priced at $74. Reflecting on early challenges, Morehead remarked, “People totally thought we were crazy in 2013,” but noted that ongoing negativity around Bitcoin signals continued potential. “So many people are still negative. It’s far from being a bubble,” he said in an interview.

Morehead attributed Bitcoin’s projected rise to several factors, including increasing accessibility for investors and a growing shift in regulatory support. He noted that only 5% of global financial wealth is tied to blockchain assets, indicating significant room for expansion. According to Pantera’s projections, Bitcoin’s average annual growth rate of 88% could drive its market capitalization to $15 trillion by 2028.

Political developments are also playing a role. President-elect Donald Trump’s administration, along with a crypto-friendly Congress, is expected to foster a favorable environment for digital assets. Trump has proposed a U.S. Bitcoin reserve, an idea Morehead called “rational,” contrasting it with the traditional reliance on gold. “If they put some of that money in Bitcoin, that is a fantastic way to have a reserve currency holding,” he commented.

Pantera Capital is also exploring broader blockchain investments. Its Pantera Fund V, launched with a $1 billion target, focuses on private tokens and opportunities like locked Solana tokens from the FTX estate. The timing of the fund’s launch, just before significant downturns in 2022, allowed Pantera to capitalize on better pricing and reduced competition as many firms exited the space.

Institutional players like BlackRock and Fidelity have bolstered trust in the market, making Bitcoin more accessible to mainstream investors. Improved tools and regulations have encouraged institutional participation, supporting Bitcoin’s long-term potential. Analysts at VanEck predict Bitcoin could hit $180,000 by early 2025, with some expecting it to reach $100,000 by the end of 2024.

As blockchain adoption accelerates and regulations stabilize, Pantera Capital sees a bullish future for Bitcoin. With its strong historical growth and increasing support from major financial institutions, the cryptocurrency appears poised for significant gains in the years ahead.

Tether to Phase Out Euro-Backed Stablecoin EURT Amid Regulatory Challenges

Tether, the issuer of the USDT stablecoin, has announced it will discontinue its euro-backed stablecoin, EURT, due to regulatory challenges in Europe. EURT holders have until Nov. 25, 2025, to redeem their tokens, and no new issuance requests have been accepted since 2022. The decision aligns with Tether’s concerns about the evolving regulatory landscape, including the European Union’s Markets in Crypto-Assets (MiCA) regulation.

EURT, launched in 2016 and pegged 1:1 to the euro, has seen its market capitalization decline significantly to $27 million, a fraction of USDT's dominance. At its peak, EURT exceeded $500 million in market cap but has since been surpassed by other euro-backed stablecoins such as Stasis’ EURS and Circle’s EURC. MiCA, approved in 2023, imposes strict rules on stablecoin issuers, including compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, with full implementation expected by December 2024.

Tether has expressed its intent to focus on projects that promote innovation and financial stability. It has highlighted support for MiCA-compliant stablecoins such as EURQ and USDQ, developed by Quantoz Payments and enabled by Tether’s Hadron platform. The platform is designed to simplify stablecoin management while adhering to compliance requirements. Tether CEO Paolo Ardoino acknowledged the challenges posed by MiCA’s framework, describing them as complex and potentially risky for stablecoin issuers.

Tether’s decision comes amid broader scrutiny of stablecoins and allegations of misuse. A recent report alleged that USDT has been used by criminal organizations, including the Sinaloa cartel, for cross-border transactions. The claims cite court documents in several cases and highlight USDT’s role in facilitating transactions on blockchains like Ethereum and Solana. Despite criticism over potential misuse, USDT remains the most traded cryptocurrency, with a 24-hour trading volume of $83.7 billion.

The company has emphasized its commitment to protecting users and supporting a regulatory framework that mitigates risks. Ardoino noted that the decision to end EURT was strategic, allowing Tether to prioritize projects that meet market demands and regulatory standards. As MiCA’s regulations take hold, the stablecoin industry is adjusting, with exchanges like OKX already halting USDT services in some European regions.

Tether’s move marks a significant shift in the stablecoin landscape, as regulatory pressure reshapes the market. While EURT's exit reflects compliance challenges, Tether’s focus on MiCA-compliant initiatives signals its intent to remain a key player in the evolving cryptocurrency ecosystem.

Tornado Cash Token Soars 380% After U.S. Court Rules Against Treasury Sanctions on Immutable Smart Contracts

Tornado Cash’s native token, TORN, skyrocketed by over 380% following a landmark ruling by the U.S. Fifth Circuit Court of Appeals on Nov. 26, 2024. The court ruled that the U.S. Treasury Department overstepped its authority when it sanctioned Tornado Cash’s immutable smart contracts. This decision has triggered a surge in privacy coins, with data showing TORN briefly hitting highs of $35 before settling at around $17.17.

The ruling overturned the Treasury's 2022 decision which had claimed that Tornado Cash facilitated over $7 billion in illicit transactions, including those linked to North Korea’s Lazarus Group. The court ruled that Tornado Cash's smart contracts, which execute autonomously and cannot be modified, do not constitute "property" and are therefore not subject to the Treasury’s sanctions under the International Emergency Economic Powers Act (IEEPA).

The decision represents a significant blow to the Treasury Department’s sanctions authority and has sparked a rally in privacy-focused cryptocurrencies. Other privacy coins such as Railgun (RAIL), Zcash (ZEC) and Dash (DASH) saw substantial gains following the ruling, with Railgun increasing 36.6%, Zcash climbing 26.5%, and Dash jumping 11.4%. The ruling has been widely hailed as a victory for privacy advocates and decentralized technology, with crypto leaders celebrating the clarity it provides for the industry.

In particular, the court’s decision emphasized that immutable smart contracts cannot be owned or controlled, thus exempting them from sanctions. This is a key distinction because the Treasury Department had initially argued that Tornado Cash, as a crypto mixing service, enabled money laundering by bad actors. The court, however, found that sanctions could not be applied to the software itself, only to individuals or entities involved in illicit activities.

The surge in TORN’s price, which briefly shot up by over 500%, reflects the market’s positive response to the ruling. TORN, which had been trading below $10 in August 2022 after the sanctions were imposed, saw its market cap grow significantly in a short time. Despite the rally, TORN remains far from its all-time high of $436, recorded in February 2021.

Privacy advocates have widely celebrated the ruling. Coinbase Chief Legal Officer Paul Grewal called it a "historic win" for crypto and privacy, while Uniswap Labs CEO Hayden Adams remarked that it demonstrated how decentralized technology is gaining ground in U.S. courts. The ruling also signals a broader trend of crypto protocols seeking more legal recognition and challenging government overreach.

Trump Administration May Shift Crypto Regulation to CFTC

Reports indicate that President-elect Donald Trump’s incoming administration is considering a significant shift in crypto regulation, potentially empowering the Commodity Futures Trading Commission (CFTC) to oversee certain digital assets.

According to Fox Business, this move could dilute the authority of the Securities and Exchange Commission (SEC) in the realm of cryptocurrency regulation.

The CFTC may be tasked with regulating crypto exchanges and spot markets for digital assets classified as commodities, including well-known cryptocurrencies like Bitcoin and Ethereum. This change could reshape the regulatory landscape for the burgeoning cryptocurrency market.

Outgoing SEC Chair Gary Gensler has previously expressed support for the CFTC's increased role, particularly regarding Bitcoin, which he has classified as a commodity.

This perspective aligns with a broader understanding within the industry that certain digital assets do not fall under the SEC's jurisdiction.

In a March complaint against the crypto exchange Kucoin, the CFTC identified Ethereum as a commodity, further solidifying its stance on the classification of digital assets. The potential shift in regulatory authority comes amidst ongoing discussions about how best to manage the rapidly evolving cryptocurrency environment.

Sources familiar with the matter suggest that the Trump administration is keen to streamline oversight and create a more favorable regulatory framework for digital assets.

Oracle Corporation Sues Crypto Firm for Trademark Infringement

Oracle Corporation has initiated legal action against Crypto Oracle LLC and its owner, Louis Kerner, in a California federal court, alleging violations of trademark rights and a prior settlement agreement.

The lawsuit, filed on Nov. 25, accuses the defendants of “egregiously and flagrantly” disregarding a court-issued injunction from a previous case.

The ongoing dispute traces back to 2019 when Oracle first sued the crypto startup for using its trademark in the brand name “CryptoOracle.” The software giant claimed this branding misled consumers and infringed upon Oracle’s established trademark, particularly among its customer base in the tech sector.

In 2020, the two parties reached a confidential settlement, which included a permanent injunction barring Crypto Oracle from utilizing the “CryptoOracle” name or any similar variations.

However, Oracle has now claimed that the defendants have resumed using the infringing name and have expanded their operations under the “CryptoOracle Collective” brand.

The current lawsuit alleges multiple violations, including trademark infringement, unfair competition, and breach of the previous settlement agreement. Oracle is seeking a range of legal remedies including monetary damages, statutory penalties, and the removal of infringing domain names.

The legal landscape surrounding trademarks in the cryptocurrency sector has seen multiple notable cases in recent years. For example, in early 2023, NanoLabs filed a lawsuit against Coinbase over trademark infringement related to its futures contracts.

Similarly, in 2022, the Dfinity Foundation, which supports the Internet Computer blockchain, sued Meta Platforms for alleged trademark violations involving its infinity logo.

Bitcoin Drops to $92K as Long-Term Holders Drive Sell-Off During Market Volatility

Bitcoin's price has fallen sharply, dropping over 5.6% to $92,774 as of Nov. 26, following a historic high of $99,000 on Nov. 22. Analysts note this decline stems from activity by long-term holders rather than exchange-traded funds (ETFs) or institutional investors. Eric Balchunas, a senior ETF analyst at Bloomberg, explained, "I see a lot of CT baffled/frustrated as to how Saylor can buy $5B of BTC but price doesn’t move up—which is same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long-term holders.”

On-chain data supports these findings, showing that long-term holders sold 128,000 BTC while U.S. spot ETFs absorbed 90% of the selling pressure. Kyle du Plessis, a crypto trader, remarked on X, “Strong institutional demand is fueling BTC’s rally, bringing it closer to the $100K milestone.”

Broader market trends have also exerted pressure. Donald Trump’s tariff hikes targeting China, Mexico and Canada have strengthened the U.S. dollar, putting downward pressure on both Bitcoin and equity markets. Altcoins like Ethereum, Solana, XRP and Dogecoin have also faced steep corrections, dropping between 5% and 10% in the past 24 hours.

Despite the downturn, Bitcoin remains in a bullish phase. Metrics such as the Market Value to Realized Value (MVRV) and Puell Multiple indicate continued upward potential, according to CryptoQuant data. Independent analyst MAC_D noted, “This correction occurred due to leverage overheating, as open interest and estimated leverage ratio reached annual highs. Therefore, a 10-20% correction can be seen as a natural phenomenon.” The estimated leverage ratio across all exchanges stands at 0.24, a high not seen since August 2023, underscoring the need for potential deleveraging.

Accumulation by major holders persists, bolstering the long-term outlook. Santiment reported that wallets holding at least 10 BTC accumulated an additional 63,922 coins in November, worth approximately $6.06 billion. The firm stated that any price dip will likely be temporary as long as these large investors maintain their positions. Additionally, popular crypto analyst Ali Martinez highlighted that Bitcoin’s Relative Strength Index (RSI) indicates a bullish divergence, suggesting a potential rebound to $95,000-$96,000 in the short term.

While Bitcoin’s path to $100,000 remains intact, analysts predict volatility ahead. Bitcoin custody firm Theya’s head of growth, Joe Consorti, noted that Bitcoin has closely mirrored global liquidity trends with a 70-day lag, suggesting a potential 20-25% correction may still occur. However, these fluctuations are seen as part of the broader market cycle, with analysts emphasizing the importance of accumulation during such corrections.

Bitcoin Faces Critical $92,500 Support Level After $500 Million in Liquidations, Traders Brace for Potential Sell-Off

Bitcoin's price is teetering on a critical support level as it navigates recent market turbulence. On Nov. 26, Bitcoin saw a modest recovery after a severe sell-off which liquidated over $500 million in long positions. Despite this bounce, traders remain cautious, focusing on the $92,500 mark which has become pivotal for Bitcoin’s next direction. A failure to hold this level could lead to further downside, while a solid defense could set the stage for a potential rally.

The recent price drop saw Bitcoin fall to a local low around $92,600 on Bitstamp. Although the price rebounded, there is still uncertainty in the market. Keith Alan, co-founder of Material Indicators, suggested that the recovery might not be sustainable, describing the current price action as lacking the confirmation of a solid support level. He warned that the bounce could be a trap for long positions, pointing out that the chart didn’t show a strong validation of support for Bitcoin at these levels.

Prominent trader Skew also highlighted the importance of the $92,500-$92,000 zone, noting that losing this area could trigger a broader sell-off across the market. He described this price range as a key point between a potential upward movement and a deeper correction. The current pullback from the recent highs of $93,500 mirrors the percentage drop seen during Bitcoin's earlier retracement in November, reinforcing the significance of holding the $92.5K region.

Meanwhile, data from CoinGlass showed that over $525 million in crypto positions were liquidated in just 24 hours, illustrating the continued volatility in the market. Sina, co-founder of 21st Capital, pointed out that the liquidation of leveraged long positions has removed much of the upward pressure for now. He suggested that if Bitcoin's price begins rising again, it could trigger a short squeeze, particularly if the price approaches the $97,000 mark, where $1.5 billion in short positions could be liquidated.

However, caution remains as leverage levels in the market remain high despite the liquidation event. Axel Adler Jr. from CryptoQuant warned that the liquidation of long positions around $93,000 allows bears an opportunity to profit if Bitcoin approaches that level again. With traders still holding substantial leveraged positions, the risk of more volatility persists, and Bitcoin's price remains vulnerable to further fluctuations.

The next few days are crucial for determining whether the cryptocurrency can hold the $92,500 support level or if it will face deeper declines.

Dogecoin and Solana Lead Double-Digit Losses as Crypto Market Faces Sharp Downturn

The cryptocurrency market has experienced a significant downturn, with major digital assets posting notable losses. Dogecoin (DOGE) and Cardano (ADA) have been among the biggest losers, with DOGE down 12% and ADA dropping 14.7%. Solana (SOL) also saw a decline of 10%, trading at $227, while XRP fell 10.7% to $1.33. Even Bitcoin (BTC) and Ethereum (ETH) were not spared, losing 6.1% and 4.5%, respectively. Overall, the market capitalization of cryptocurrencies has decreased by 5% in the past 24 hours, falling to $3.2 trillion.

Dogecoin saw an increase in network activity, with 60.9 billion tokens transacted within a day and a 41.2% rise in large transactions. However, this activity failed to support its price, which currently trades at $0.3756, down 9.7%. Trading volumes for DOGE rose by 23.7%, but selling pressure has overshadowed any signs of recovery.

Solana (SOL) also faced a sharp decline. Trading at $230, the token’s price has been affected by market-wide corrections and technical indicators suggesting overbought conditions. The total market capitalization of Solana-based tokens dropped from $347.8 billion to $228.8 billion within a day, with trading volume increasing by 43.2% as sell-offs intensified.

The broader market downturn has resulted in extensive liquidations. Data from CoinGlass revealed that over $691 million in crypto positions were liquidated, with Bitcoin accounting for $150 million of these losses. The largest single liquidation involved a Binance trader, losing $4.67 million on a long position. In total, more than 180,000 accounts were affected by the liquidations.

QCP Capital attributed the declines to excessive leverage in the market, describing the situation as a necessary correction. Bitcoin’s price drop coincided with outflows from spot ETFs, totaling $435 million on Monday and ending a streak of net inflows. Analysts suggest that the market could stabilize as leverage resets.

Upcoming economic developments could further influence the market. The Federal Reserve’s meeting minutes are expected to offer clues about future monetary policy, following a recent interest rate cut. Additionally, PCE data due before Thanksgiving may indicate rising inflation, which could impact decisions on rate adjustments in December.

Despite the setbacks, some remain optimistic. Raoul Pal of Real Vision suggested that Dogecoin might outperform Bitcoin, while analyst Ali Martinez forecasted DOGE’s potential breakout to $0.82. However, immediate concerns about market corrections and leverage overheating dominate the outlook.

Bitcoin Will Face Decline Before Surging to $100,000, Standard Chartered Analysts Remain Optimistic

Bitcoin recently dropped below $92,000 after briefly approaching $100,000, prompting a mix of concerns and optimism among analysts. Geoff Kendrick, a digital assets strategist at Standard Chartered, pointed out that the drop could be linked to U.S. Treasury term premiums, which have reduced Bitcoin's role as a hedge against traditional financial markets. Kendrick predicts a further decline to about $88,700 before Bitcoin begins recovering. His forecast includes a year-end target of $125,000 and a rise to $200,000 by 2025.

A significant factor influencing Bitcoin's recent decline is the expiry of options. A large portion of open interest is concentrated between the $85,000 and $100,000 strike prices, with expectations that Bitcoin may test levels between $85,000 and $88,700. Despite this, institutional interest in Bitcoin remains strong, with Bitcoin ETFs experiencing considerable inflows. Additionally, MicroStrategy has increased its Bitcoin holdings, reflecting ongoing institutional confidence in the cryptocurrency.

The price drop follows a brief period of rapid growth, where Bitcoin surged to $99,645. Bitcoin’s recent pullback highlights the volatility of digital assets, but analysts like Kendrick remain optimistic. He suggests that the current decline could be a temporary correction in an otherwise bullish market.

Meanwhile, the approval of spot Ethereum ETFs by the U.S. SEC has generated expectations that other digital assets, like Solana and XRP, might soon follow a similar path, boosting the cryptocurrency market overall. MicroStrategy’s Michael Saylor has also expressed his belief that Bitcoin's market cap could reach $250 trillion by 2045, with each Bitcoin valued at $13 million. This forecast is part of a broader vision of Bitcoin’s role in the global financial landscape.

Despite the correction, Kendrick maintains a positive long-term outlook for Bitcoin, noting that short-term headwinds, including the Treasury term premiums and options expirations, are likely to pass, allowing Bitcoin's growth to resume. Market participants are closely monitoring Bitcoin’s movements, particularly after the significant correction.

With continued institutional investment and increasing mainstream acceptance, Bitcoin's role in global finance seems poised for further evolution. The ongoing fluctuations, though challenging for some traders, may represent a healthy market correction. Bitcoin's future remains tied to developments in digital asset adoption and regulatory approval in traditional financial markets.

U.S. Bitcoin ETFs Experience $438 Million Outflows as Bitcoin Drops Below $94,000, While Ethereum Funds See Modest Inflows

U.S. spot Bitcoin ETFs saw significant outflows on Monday, totaling $438 million, marking the end of a five-day period of inflows that had brought in nearly $3.4 billion. The outflows occurred after Bitcoin's price fell below $94,000, dipping from nearly $100,000 last week. By Monday, Bitcoin was trading at $94,515, down 3.55% in the last 24 hours.

Bitwise’s BITB saw the largest outflow, with over $280 million withdrawn, followed by Grayscale’s GBTC, which lost $158.2 million. Other funds that experienced redemptions included Fidelity’s FBTC, which lost $134.7 million, and ARKB, from Ark and 21Shares, which saw $110.9 million in outflows. Invesco, Valkyrie and VanEck also experienced negative flows. However, BlackRock’s IBIT, the largest spot Bitcoin ETF, had inflows of $267.8 million, accounting for most of the day’s positive activity. Grayscale’s Mini Bitcoin Trust also saw small inflows of $420,460.

In contrast, Ethereum ETFs experienced more modest activity, with $2.8 million in net inflows. Bitwise, Fidelity and VanEck saw positive flows, while 21Shares and two Grayscale ETFs experienced net outflows. Total trading volume for Ethereum ETFs reached $711.2 million on Monday—a notable increase from the $373.9 million seen on Friday. Meanwhile, total trading volume for Bitcoin ETFs stood at $5.6 billion, slightly higher than the previous day’s $5.4 billion.

Bitcoin’s price has been fluctuating, dipping below $92,000 and sparking concerns among investors. Around 461,000 BTC have been sold since its peak, contributing to the bearish sentiment in the market. Some technical analysts believe Bitcoin may find support at $85,000, though others predict the cryptocurrency might attempt another rally.

Despite Bitcoin’s declining price, interest in altcoins like Solana is on the rise. Solana recorded $16 million in inflows, suggesting that investor interest is diversifying. Ethereum ETFs have shown that investor sentiment is divided between the two leading cryptocurrencies, as their inflows remain modest.

The Bitcoin ETF market remains strong overall, with BlackRock’s IBIT continuing to perform well and showing significant institutional backing. MicroStrategy’s recent $5.4 billion purchase of 55,500 BTC demonstrates ongoing institutional interest in the space, further cementing the role of major players like BlackRock and MicroStrategy in driving the market’s performance.

MicroStrategy Makes Record-Breaking Bitcoin Purchase, Bolstering Its Holdings to Over $37 Billion

MicroStrategy has made headlines with its largest Bitcoin purchase to date, acquiring 55,500 BTC between Nov. 18 and 24 for $5.4 billion. The purchase, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), was made at an average price of $97,862 per Bitcoin. This move elevates the company’s total holdings to 386,700 BTC, valued at approximately $37.6 billion.

The firm’s cumulative Bitcoin investment now totals $21.9 billion, with an average acquisition cost of $56,761 per Bitcoin. The latest acquisition was funded through a $3 billion debt offering, netting $2.97 billion, alongside $2.46 billion raised from the sale of 5.6 million shares.

MicroStrategy’s recent Bitcoin activity reflects an intensification of its investment strategy. Earlier this month, the company purchased 51,780 BTC for $4.6 billion, following a $2 billion acquisition just weeks before. These aggressive buys coincide with Bitcoin’s price surge, nearing the $100,000 milestone.

Michael Saylor, MicroStrategy’s executive chairman, highlighted the company's growing stake via social media, pointing out its year-to-date Bitcoin yield of 59.3%. This proprietary metric tracks the increase in Bitcoin holdings against share dilution.

Despite its ambitious Bitcoin strategy, MicroStrategy’s stock has faced volatility. While shares surged by 4% during pre-market trading on Nov. 25, they closed the day down 1% at $418. The stock has risen 500% year-to-date, driven by Bitcoin’s record-setting rally.

However, the company has faced skepticism. Citron Research recently announced a short position against MicroStrategy, citing concerns over its valuation. The stock trades at a 2.5x premium relative to its Bitcoin holdings, which some analysts believe is unsustainable.

MicroStrategy has bold plans to raise $42 billion over the next three years via equity and fixed-income securities to fund additional Bitcoin acquisitions. Analysts at Bernstein estimate the firm could own 4% of Bitcoin’s total supply by 2033, potentially accumulating 830,000 BTC valued at $830 billion, assuming Bitcoin reaches $1 million per coin.

This month alone, MicroStrategy added 134,480 Bitcoin, valued at $13 billion—a volume it previously took three years to acquire. Other firms are following its lead; Semler Scientific, a medical device maker, recently announced the purchase of 297 Bitcoin, bringing its total holdings to 1,570 BTC.

As Bitcoin’s price rallies, MicroStrategy’s position as the largest corporate Bitcoin holder solidifies. The company’s strategy underscores its confidence in Bitcoin as a key asset for the long term.

Chill Guy Meme Coin Surges 50% to $461 Million Amid Legal Dispute Over Intellectual Property

The meme coin Chill Guy ($CHILLGUY), based on a popular internet character, has seen a massive surge since its launch on Nov. 15. The coin’s market cap jumped from $10 million to $500 million, with a 60% increase in just 24 hours, although it has since retraced to about $440 million. The coin’s rise is largely attributed to the viral success of its mascot, an anthropomorphic dog in casual attire, which has resonated with Gen Z on platforms like TikTok.

The character’s popularity has been further fueled by its endorsement from notable figures, including El Salvador's president, Nayib Bukele, who posted the meme on his official social media account. This led to widespread speculation that Chill Guy could soon be listed on Binance, which would likely increase its liquidity and accessibility to a larger audience.

In the last 24 hours, Chill Guy outperformed major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), becoming a hot topic in the crypto market. The coin’s rapid rise has also led to substantial profits for early investors, with reports of one trader turning a $1,000 investment into over $1 million.

However, the rapid growth of Chill Guy has not come without controversy. Philip Banks, the creator of the Chill Guy character, has raised concerns over the unauthorized use of his intellectual property, particularly the commercial exploitation of the character through merchandise and for-profit ventures. On Nov. 21, Banks announced on X (formerly Twitter) that Chill Guy is copyrighted, stating he would take legal action against those profiting from his work without permission.

Despite this, Chill Guy's value continues to climb and remains a prominent topic in the meme coin space. Its rise mirrors the success of other meme-based cryptocurrencies, such as Floki (FLOKI) and Peanut the Squirrel (PNUT), which have experienced explosive market growth in recent months. However, experts warn that meme coins, known for their volatile nature, come with significant risks. While they can yield substantial profits, they also have the potential for sharp losses, making them high-risk investments.

As of now, Chill Guy’s market cap stands at around $440 million, with continued interest from both investors and internet meme enthusiasts. The ongoing legal dispute between Banks and those using the character for commercial purposes will likely play a key role in the coin’s future.

Ethereum Surges to $3,500, Marking a Four-Month High Amid Market Recovery

Ethereum (ETH) surged to $3,500 on Monday, marking its highest price since July 21, before slipping slightly to $3,475. The cryptocurrency saw a daily increase of 3.6% and an 11.4% rise over the past week, making it the strongest gainer among the top five digital assets by market capitalization. In the same 24-hour period, $24.6 million in Ethereum short positions were liquidated, reflecting intensified market activity.

The rally follows renewed interest in Ethereum exchange-traded funds (ETFs), which recorded $91.3 million in inflows last Friday. This comes after six consecutive days of outflows totaling $222.7 million. Despite the recovery, Ethereum remains 28.4% below its all-time high of $4,878, reached in 2021.

Ethereum’s performance contrasts with its peers, as it has grown 49% since the beginning of the year, trailing Bitcoin's 133% and Solana's 150%. Still, the recent price movement marks a significant shift, with Ethereum outperforming its competitors over the past week.

Political developments have played a role in shaping the cryptocurrency market. Donald Trump’s election as the 47th President of the United States has fueled optimism in the sector, driven by his promises to create a strategic Bitcoin reserve and ease regulatory pressure from the U.S. Securities and Exchange Commission (SEC).

The Trump family’s involvement in cryptocurrency has also drawn attention. World Liberty Financial, an Ethereum-based borrowing and lending platform associated with the Trump brand, recently raised $14 million in an initial token sale. The project plans to introduce a stablecoin pegged to the U.S. dollar. While Donald Trump and his family are featured prominently in the branding, the project’s website clarifies that they do not hold official positions within the organization.

Ethereum’s recent gains come amid broader critiques of its performance. Over the past year, many in the crypto community have ridiculed its comparatively modest returns. Despite the jokes, the cryptocurrency’s current rally highlights its potential to regain market strength. However, analysts caution that Ethereum must address ongoing challenges, including scalability and transaction costs, to maintain its momentum.

As Ethereum charts its recovery, its latest rally underscores the shifting dynamics within the cryptocurrency landscape. Investors are watching closely to see if the asset can sustain its upward trajectory and compete more effectively with other major tokens.

Bitcoin ETFs Attract Record $3.13 Billion in Weekly Inflows Amid $100K Price Surge Hopes

Bitcoin investment products experienced a surge in net inflows, reaching $3.12 billion between Nov. 18 and 22, according to CoinShares. This marks a 102% increase compared to the $1.67 billion from the prior week and extends the streak of positive inflows to seven weeks. Spot Bitcoin ETFs in the United States played a pivotal role in this growth, signaling heightened investor interest.

BlackRock’s iShares Bitcoin Trust (IBIT) leads the market with $48.95 billion in net assets and $31.33 billion in cumulative inflows as of Nov. 22. In contrast, the Grayscale Bitcoin Trust ETF holds $21.61 billion in assets but has faced outflows exceeding $20 billion since its inception. Year-to-date inflows for all digital asset investment products have hit $37 billion, significantly surpassing the first-year inflows of gold ETFs, which totaled $309 million.

Globally, the picture is mixed. Markets in Germany, Sweden, and Switzerland recorded outflows of $40 million, $84 million, and $17 million, respectively. Conversely, Australia, Canada, and Hong Kong showed optimism, with combined inflows of $70 million. Additionally, $10 million flowed into short-Bitcoin products, indicating some investors are hedging against potential price drops.

Bitcoin’s price reached an all-time high of $99,655.50 on Nov. 22, just shy of the $100,000 milestone. It has since retreated slightly and currently trades at $93,836. The broader momentum underscores rising investor confidence and has pushed total assets under management for digital investment products to a record $138 billion. CoinShares noted that Bitcoin inflows this year have reached unprecedented levels in the crypto sector.

Altcoins also saw activity, particularly in European markets. Solana-linked funds received $16 million, while Ethereum-focused products attracted $2.8 million. This diversification reflects growing interest across the digital asset landscape.

Former President Donald Trump’s Nov. 5 second election victory may also have influenced the surge in inflows. His pro-crypto campaign rhetoric and promises to support the digital asset industry appear to have positively impacted market sentiment.

Analysts see the week’s robust inflows as a testament to increased market interest, positioning Bitcoin closer to breaching the $100,000 threshold. As inflows continue, driven by a mix of institutional and retail demand, the outlook for Bitcoin and related investment products remains positive. The recent trends suggest sustained momentum, with investors responding to favorable market dynamics and strategic opportunities in the digital asset space.

WisdomTree Files for XRP ETF as Ripple-Backed Coin Reaches 3-Year High of $1.60

WisdomTree, a prominent New York-based asset management firm overseeing $113 billion in assets, has filed for an XRP exchange-traded fund (ETF) with Delaware authorities. This filing adds the company to a growing list of firms aiming to bring an XRP ETF to the U.S. market, signaling heightened interest in the cryptocurrency despite ongoing regulatory uncertainties.

XRP, currently the sixth-largest cryptocurrency by market capitalization, has seen renewed attention following a dramatic price surge. The token recently reached a three-year high of $1.60 before stabilizing around $1.46. Market enthusiasm stems from the potential for a regulatory shift, with the expected departure of Securities and Exchange Commission (SEC) Chair Gary Gensler in early 2025. Many investors anticipate that the incoming administration will take a more favorable stance on cryptocurrencies.

In addition to WisdomTree, several major players are pursuing XRP ETFs. Asset management company 21Shares recently filed with the SEC for the 21Shares Core XRP Trust, which would enable U.S. investors to trade XRP-based shares. Other firms such as Bitwise, Grayscale and Canary Capital have also shown interest in the XRP ETF market, reflecting the growing demand for such financial products.

Despite the flurry of filings, the SEC has yet to approve any XRP ETFs. The regulatory body remains entangled in a legal battle with Ripple, the issuer of XRP. Since 2020, the SEC has alleged that Ripple raised $1.3 billion through unregistered securities sales. While Ripple achieved a partial legal victory in July 2023—when a court ruled XRP is not a security in retail sales—the case was appealed and remains unresolved, creating ongoing challenges for ETF approvals.

WisdomTree’s experience with cryptocurrency exchange-traded products (ETPs) in Europe, including offerings for XRP and Ethereum, positions the firm as a strong contender in this competitive market. Meanwhile, BlackRock’s iShares Bitcoin ETF has already revealed a strong appetite for digital asset investment products in the U.S., paving the way for other crypto ETFs.

Legal experts and crypto advocates continue to voice optimism about XRP’s resilience. Attorney John Deaton recently described XRP as “the most resilient crypto asset,” emphasizing its ability to weather regulatory challenges and maintain market relevance.

The broader cryptocurrency market has also been buoyed by political developments. The Trump administration’s return is expected to foster blockchain innovation, potentially creating a more favorable environment for the approval of XRP ETFs.

Final decisions on pending XRP ETF applications, including those from WisdomTree and 21Shares, are anticipated in 2025. The outcomes will likely set critical precedents for the integration of cryptocurrency into mainstream financial markets.

Solana Achieves Record DEX Volume Exceeding $100 Billion in November

The Solana network reported over $109 billion in decentralized exchange (DEX) trading volume for November 2023, marking the first time it has surpassed the $100 billion threshold.

This figure nearly doubles the Ethereum mainnet's DEX volume of approximately $55 billion for the same month.

Data from DefiLlama reveals that Solana's DEX trading volume significantly increased over 100% compared to October's total of $52.5 billion. The surge in trading activity is attributed to a combination of factors, including a growing interest in meme coins and the network's low transaction fees, which enhance user experience.

Eden Au, Research Director at The Block, noted that the recent uptick in volume will likely attract more retail investors, particularly as the cryptocurrency market appears poised for a potential bull run in 2025.

Retail speculators are expected to seek opportunities in the meme coin sector as liquidity from larger markets begins to flow downwards.

Additionally, Solana-based token platforms such as Pump.fun and Raydium have seen significant increases in monthly fees, reaching record highs of $71.5 million and $182 million respectively, according to DefiLlama data.

The Block's data dashboard also indicates that Solana's monthly active address count has reached 107.5 million, with the potential to surpass October's record of 123 million by the end of November.

Meanwhile, the price of Solana’s native cryptocurrency, SOL, is currently trading at $255, following a recent market rally that saw it exceed its previous all-time high of $263 set in 2021.

Singapore Gulf Bank Targets $50 Million Investment for Stablecoin Acquisition

Singapore Gulf Bank is reportedly aiming to raise at least $50 million to fund its acquisition of a stablecoin payments company by 2025.

According to sources familiar with the situation, the bank plans to sell a 10% equity stake to secure the necessary capital, as reported by Bloomberg on Nov. 25.

The bank, which operates under the Whampoa Group, a family office based in Singapore, has recently received operational license approval in Bahrain. It is currently in discussions with a Middle Eastern sovereign wealth fund and other investors regarding the equity sale.

The funds raised will be directed toward product development, enhancing the bank's payment network, and recruiting talent. The planned acquisition aims to bolster the bank's capabilities in the growing market for stablecoin payments, with a target date set for the first quarter of 2025.

The Middle East has seen increased investment activity in the Web3 ecosystem, with significant participation from investors based in Bahrain, Dubai and Abu Dhabi.

A recent Chainalysis report highlighted that the Middle East and North Africa (MENA) region accounts for 7.5% of global cryptocurrency transactions.

Notably, the report indicated that approximately 93% of these transactions involve $10,000 or more, suggesting a market dominated by larger investors rather than small retail participants, who represent only 1.8% of transaction volume.

Bitcoin ETFs Attract $2.4B in Inflows as China ETFs Face Historic $2B Outflows Amid Economic Turmoil

Bitcoin exchange-traded funds (ETFs) saw significant inflows during the week of Nov. 18-22, as investors moved $2.42 billion into spot Bitcoin ETFs. This marks the fourth-largest weekly inflow since Bitcoin ETFs launched in January. The surge in Bitcoin investments coincided with a substantial rise in Bitcoin’s price, which soared to $99,800 on Nov. 22, reflecting the growing appeal of Bitcoin as a store of value amid global financial uncertainty.

At the same time, China-based ETFs faced an unprecedented outflow of $2 billion, marking the largest withdrawal in the country’s ETF history. The iShares China Large-Cap ETF (FXI) experienced $984 million in withdrawals, continuing a streak of negative flows for the fifth consecutive week. Despite large-scale economic stimulus from the Chinese government, investor sentiment remains weak. Data shows that China’s consumer confidence has plummeted by nearly 50 points over the last three years, raising concerns about a prolonged economic downturn.

Bitcoin’s recent rally is seen as a response to growing economic instability, a trend that has historically benefited the cryptocurrency. Past crises, such as the 2023 U.S. banking collapse, have helped propel Bitcoin’s growth, positioning it as a hedge against traditional financial market risks. The latest rally, which pushed Bitcoin’s price up by 48% in November, is also tied to the U.S. presidential election results, which sparked a surge of investor optimism.

While Bitcoin’s price is breaking records, its rapid rise is not without skepticism. Some analysts, including Kris Marszalek, CEO of Crypto.com, caution that the cryptocurrency market may need a period of deleveraging before Bitcoin can surpass $100,000. Despite this, the continued flow of institutional and retail investments into Bitcoin ETFs reflects a growing interest in the cryptocurrency as a decentralized alternative to traditional financial assets.

Bitcoin ETFs have now surpassed $100 billion in net assets, further solidifying their place in the global investment landscape. The recent surge in ETF inflows, combined with the ongoing rally in Bitcoin’s price, underscores the changing dynamics in the investment world. With stablecoin inflows to exchanges nearing $9.7 billion this month, analysts are split on whether Bitcoin will breach the $100,000 threshold by the end of November.

Meanwhile, China’s economic woes continue to weigh heavily on investor confidence. Despite government efforts to stimulate the economy, the Chinese market remains under pressure, translating into massive outflows from the nation’s ETFs. With consumer sentiment at an all-time low, the outlook for China’s financial markets remains uncertain, as investors increasingly turn to alternative assets like Bitcoin.