Kembali lagi ke spotlight, perseteruan antara Conor McGregor dan Khabib Nurmagomedov kali ini mendominasi Crypto Twitter. McGregor menuduh koleksi NFT berbasis Telegram terbaru milik Khabib menipu penggemar.

Tudingan ini memicu tanggapan cepat dari Khabib dan intervensi tajam dari penyelidik on-chain ZachXBT, yang mengalihkan perhatian ke peluncuran token kontroversial milik McGregor sendiri.

Pertikaian Kripto Muncul Setelah Peluncuran NFT Khabib

Khabib mempromosikan koleksi digital baru di Telegram minggu ini, bertema topi papakha Dagestan yang biasanya ia pakai saat UFC walkouts.

Koleksi tersebut terjual habis dengan cepat, menghasilkan sekitar US$4,4 juta dalam sehari.

Mantan juara UFC tersebut menggambarkan NFT sebagai hadiah digital budaya, bukan aset spekulatif. Dia menyoroti keterkaitannya dengan tradisi Dagestan dan menyajikannya sebagai barang yang dapat dibagikan dalam ekosistem Telegram.

Namun, McGregor secara publik menolak narasi tersebut. Dia menuduh Khabib menjalankan “skema multi-juta dollar,” dengan menyatakan bahwa postingan promosi dihapus setelah penjualan selesai. 

Komentar-komentarnya langsung memicu reaksi keras dari komunitas MMA dan kripto.

Can anybody find me a single person who bought the Khabib NFT who is claiming they have been scammed?

Can anyone show me a single shred of evidence of Khabib misrepresenting what he was selling?

The answer to both those questions are no. We get it you guys hate Muslims

— MMA Joey (@MMAJOEYC) November 26, 2025

McGregor Tingkatkan Persaingan Jangka Panjang

Postingan McGregor menghidupkan kembali perseteruan pahit yang dimulai dari UFC 229, di mana Khabib mengalahkannya pada tahun 2018. Kedua belah pihak sering saling menyerang, sering kali merujuk pada keluarga, warisan, dan kebanggaan nasional.

Kali ini, McGregor mengklaim Khabib memanfaatkan warisan ayahnya dan simbol budaya Dagestan untuk menyesatkan penggemar. Pesannya menggambarkan peluncuran ini sebagai “cara cepat” untuk mendapatkan uang yang menyamar sebagai warisan budaya. 

Tuduhan ini menyebar dengan cepat, menarik reaksi kuat di media sosial.

Khabib menanggapi dalam hitungan jam. Dia menyebut McGregor sebagai “pembohong absolut” dan menuduhnya mencoba “menghitamkan namaku” sejak kekalahan UFC 229. 

Dia menegaskan kembali bahwa NFT adalah hadiah budaya dan membantah melakukan kesalahan apa pun.

Intervensi ZachXBT Mengubah Narasi

Perseteruan ini semakin meningkat ketika penyelidik on-chain ZachXBT ikut dalam percakapan ini. Dia memposting ulang komentar McGregor tetapi mengembalikan tuduhan tersebut padanya.

There is just no way good guy McGregor used his reputation, as well as Irish culture, to scam his fans and fire sell a bunch of digital tokens’s online and then delete all of the posts after they were sold, leaving his fans robbed of their money?

There is just no way good guy… pic.twitter.com/CuUzvPGiKS

— ZachXBT (@zachxbt) November 26, 2025

ZachXBT menyoroti token REAL milik McGregor yang gagal awal tahun ini. Koin tersebut mengumpulkan jauh lebih sedikit dari target publiknya, harga turun tajam, dan kehilangan dukungan komunitas dalam beberapa minggu.

McGregor kemudian menghapus sebagian besar postingan promosi, meninggalkan proyek tersebut dan membuat investor frustrasi.

Crypto Twitter dengan cepat menyebut ini sebagai kemunafikan. Banyak yang mencatat bahwa token McGregor sendiri menunjukkan lebih banyak bendera merah dibandingkan koleksi Telegram Khabib.

Setelah reaksi keras meningkat, McGregor menghapus postingan “penipuan”-nya tentang Khabib.

Meski ada tuduhan tersebut, tidak ada laporan yang menunjukkan bahwa pembeli kehilangan akses ke NFT mereka. Barang-barang tersebut tetap berfungsi sebagai hadiah digital di dalam Telegram, tanpa utilitas yang rusak atau aset yang dibekukan.

Khabib tidak memasarkan peluncuran ini sebagai investasi finansial. 

Pasar aset kripto menunjukkan pemulihan berarti pertama setelah penjualan besar di bulan November yang berat, dan beberapa metrik kini menyerupai kondisi yang sama seperti yang terlihat saat Hari Thanksgiving pada tahun 2022 dan 2023.

Bitcoin telah pulih ke level US$91.000, ETH kembali di atas US$3.000, dan pasar yang lebih luas kembali ke warna hijau yang hati-hati. Pantulan ini terjadi saat para trader memasuki akhir pekan libur panjang AS yang secara historis menentukan nada untuk Desember.

Indikator Pasar Nampak Positif Setelah Berminggu-minggu Ketakutan

Data Fear and Greed Index menunjukkan sentimen meningkat dari 11 minggu lalu menjadi 22 hari ini, meskipun masih berada di “Ketakutan Ekstrem.”

Perubahan ini sejalan dengan kenaikan stabil dalam rata-rata RSI aset kripto, yang naik dari 38,5 tujuh hari yang lalu menjadi 58,3 hari ini. Pembacaan ini menandakan peningkatan kekuatan setelah kondisi terjual terlalu banyak yang dalam di awal bulan.

Momentum juga berbalik positif. MACD yang dinormalisasi di berbagai aset utama telah berubah positif untuk pertama kalinya sejak awal November.

Sekitar 82% dari aset kripto yang dilacak kini menunjukkan momentum tren positif. Bitcoin, Ethereum, dan Solana tampil di zona bullish pada heatmap MACD CoinMarketCap.

Aksi harga mendukung perubahan ini. Bitcoin naik 6% dalam seminggu ini. Ethereum meningkat hampir 8%. Solana naik hampir 8% dalam periode yang sama.

Kapitalisasi pasar telah tumbuh menjadi US$3,21 triliun, naik 1,1% dalam 24 jam terakhir.

Sebuah Pola Pascathanksgiving yang Dikenal Telah Muncul

Pemulihan saat ini mencerminkan struktur yang telah terlihat dua kali sebelumnya. Pada tahun 2022 dan 2023, pasar memasuki Thanksgiving setelah penurunan tajam dan kemudian stabil hingga Desember.

Pada tahun 2022, Bitcoin turun mendekati US$16.000 setelah keruntuhan FTX. Saat Thanksgiving, tekanan jual telah habis, dan pasar diperdagangkan sideways hingga Natal.

Itu adalah fase konsolidasi bear yang dalam, bukan reli.

Pada tahun 2023, Bitcoin memasuki Thanksgiving di US$37.000 setelah koreksi tajam pada bulan September-Oktober. Ekspektasi ETF yang kuat dan kondisi likuiditas yang membaik mendorong BTC ke US$43.600 saat Natal. Itu adalah reli bullish awal klasik di bulan Desember.

Tahun ini, pola tersebut kembali mengulangi satu elemen yang familiar: crash di bulan November terjadi lebih awal, dan pada saat Thanksgiving, momentum jual telah mereda.

90 hari Taker CVD Bitcoin telah bergeser dari dominasi jual yang terus-menerus ke netral, menandakan bahwa penjual agresif telah mundur. Funding rate dan data leverage mendukung interpretasi yang sama.

BREAKING: The S&P 500 closes the day +0.7% higher, adding +$2.5 trillion of market cap since last week’s low.

Happy Thanksgiving to all! pic.twitter.com/tsjKylr5UV

— The Kobeissi Letter (@KobeissiLetter) November 26, 2025

Kerugian Likuiditas Masih Mempengaruhi Siklus Saat Ini

Ketua BitMine Tom Lee menggambarkan pasar sebagai “terhuyung-huyung” setelah kejutan likuidasi pada 10 Oktober.

Dia mengatakan pembuat pasar terpaksa memperkecil neraca mereka, melemahkan kedalaman pasar di berbagai exchange. Kondisi kerentanan ini terus berlanjut hingga November.

Namun, Lee juga berpendapat bahwa Bitcoin cenderung bergerak signifikan dalam waktu singkat ketika likuiditas pulih. Dia mengharapkan reli Desember yang kuat jika Federal Reserve memberikan sinyal sikap lebih lunak.

Data on-chain sejalan dengan pandangan ini. Angka agunan Nexo menunjukkan pengguna masih lebih memilih meminjam dengan jaminan Bitcoin daripada menjualnya.

BTC menyumbang lebih dari 53% dari semua agunan di platform. Perilaku ini mengurangi tekanan jual langsung, membantu menstabilkan pasar spot. Tapi ini juga menambah leverage tersembunyi yang bisa memperbesar volatilitas di masa depan.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

Sepertinya Kita Memasuki Pola Liburan Dua Tahun

Tiga faktor sekarang tampak mirip dengan kondisi pasca-Thanksgiving tahun 2022 dan 2023:

• Kejenuhan penjual: Taker CVD yang bergeser ke netral menunjukkan akhir dari penjualan paksa untuk saat ini.
  
• Pemulihan momentum: Metrik MACD dan RSI telah berbalik tajam setelah mencapai titik terendah di awal November.
  
• Stabilisasi likuiditas: Pembuat pasar masih terluka, namun volatilitas telah mereda dan arus keluar ETF melambat.
  

Jika pola ini berlanjut, Desember bisa menghasilkan salah satu dari dua hasil berdasarkan dua tahun terakhir:

• Konsolidasi sideways seperti 2022 jika likuiditas tetap tipis.
  
• Reli singkat dan tajam seperti 2023 jika kondisi makro berbalik mendukung.
  

Faktor penentu kemungkinan besar adalah nada dari Federal Reserve awal Desember dan perilaku arus ETF Bitcoin. Likuiditas tipis berarti bahkan arus masuk yang moderat bisa menggerakkan harga dengan cepat.

#Bitcoin Testing 90k 
if it holds its the first step to a Santa Rally pic.twitter.com/QhHQNfDQPk

— RudoViljoen (@TheChartArtist) November 19, 2025

Desember Bisa Memberikan Pergerakan Besar ke Arah Mana Pun

Pasar telah memasuki fase transisi daripada tren yang jelas. Sentimen masih sangat takut, namun indikator harga dan momentum menunjukkan pemulihan. 

Posisi Bitcoin di atas US$91.000 menunjukkan pembeli bersedia mempertahankan level kunci, meski kedalaman order-book tetap lemah.

Dengan tekanan jual yang memudar dan momentum teknis yang meningkat, lingkungan saat ini menyerupai setup pasca-Thanksgiving yang menandai dua siklus akhir tahun terakhir. 

Bitcoin dominance looks weak here.

ETH/BTC is holding above the 0.03-0.032 support zone.

It seems like we could see ETH outperformance in December. pic.twitter.com/IRQS05mETi

— Ted (@TedPillows) November 27, 2025

Jika pola tersebut tetap, Desember tidak akan datar. Sepertinya akan ada pergerakan yang menentukan saat kondisi likuiditas bergeser.

Arah pergerakan, bagaimanapun, akan lebih bergantung pada sinyal makro dan permintaan ETF dalam beberapa minggu ke depan daripada narasi kripto.

Bitcoin mungkin akan menghadapi Desember yang menentukan seiring kondisi likuiditas mengetat dan metrik on-chain berubah. Ketua BitMine Tom Lee mengatakan pasarnya telah “merangkak” sejak kejutan likuidasi 10 Oktober, namun ia berargumen bahwa kondisi saat ini mendukung pergerakan besar sebelum akhir tahun.

Tren on-chain terbaru dan data kolateral exchange menunjukkan tekanan serupa yang sedang membangun di bawah permukaan.

Kerusakan Likuiditas Masih Mendefinisikan Pasar

Lee berujar kepada CNBC bahwa kejadian bulan Oktober tersebut merusak neraca keuangan market-maker dengan signifikan. 

Ia menggambarkan perusahaan-perusahaan ini sebagai “bank sentral” kripto yang bertanggung jawab atas kedalaman, spread, dan inventori. Ketika neraca mereka menyusut, likuiditas menyusut selama berminggu-minggu.

WATCH: Tom Lee says “Bitcoin could hit a new all-time high before year-end” pic.twitter.com/13czeJdJeL

— BeInCrypto (@beincrypto) November 27, 2025

Hal ini sejalan dengan kinerja pasar sejak awal Oktober. Bitcoin telah turun hampir 30% dari puncaknya di US$126.000. 

Sementara itu, bulan November menjadi salah satu bulan terburuk baik untuk harga maupun arus ETF dalam beberapa tahun terakhir.

Market maker menarik modal risiko setelah gelombang likuidasi menghapus sekitar US$19 miliar posisi leverage. 

Kedalaman order-book turun tajam di berbagai exchange besar, menciptakan celah yang memperkuat pergerakan ke bawah. Dalam kondisi seperti ini, Bitcoin dan Ethereum cenderung merespons lebih awal terhadap tekanan makro dibandingkan ekuitas.

Meskipun mengalami kerusakan ini, Lee memperkirakan reli kuat di bulan Desember, dengan mengutip kemungkinan pergeseran dovish dari Federal Reserve.

“Bitcoin membuat pergerakan terbaiknya dalam 10 hari setiap tahun, saya pikir beberapa dari hari-hari tersebut masih akan terjadi sebelum akhir tahun,” ucap Tom Lee.

Metrix On-Chain Menunjukkan Penjual Kehilangan Kontrol

Bitcoin’s 90-day Spot Taker CVD telah berubah dari dominasi jual yang persisten menjadi posisi netral. Indikator ini melacak order pasar agresif di spot exchange.

Bar merah mendominasi dari awal September hingga pertengahan November, menunjukkan tekanan jual taker yang berkelanjutan.

Pergerakan terbaru ke posisi netral menandai jeda dalam pola tersebut. Ini menyarankan fase penjualan agresif telah habis. 

Namun, ini tidak menunjukkan dominasi pembeli yang kuat. Sebaliknya, pasar telah memasuki fase seimbang yang umum dalam pasar bear di akhir siklus.

Harga tetap jauh di bawah level Oktober, namun ketiadaan tekanan jual taker yang persisten menunjukkan stabilitas yang lebih baik. 

Perubahan ini sejalan dengan pengaturan ulang leverage yang lebih luas yang terlihat di pasar futures, di mana funding rates bergerak mendekati nol.

Tren Pinjaman Menunjukkan Tangan Kuat, tapi Leverage Rapuh

Data CryptoQuant menunjukkan pengguna Nexo lebih memilih meminjam dengan jaminan Bitcoin daripada menjualnya. BTC menyumbang 53% hingga 57% dari semua kolateral di platform. Rentang ini bertahan selama beberapa bulan meskipun ada penurunan.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

Perilaku ini mengurangi tekanan jual langsung. Ini juga menegaskan bahwa holder jangka panjang terus memperlakukan Bitcoin sebagai sumber likuiditas utama mereka. 

Namun, ini menambahkan lapisan kerentanan lain. Jika Bitcoin turun lebih jauh, posisi yang berkolateral menghadapi risiko likuidasi.

Ditambah dengan order book yang tipis, penjualan terpaksa dapat menghasilkan volatilitas yang berlebihan. Dinamika ini mencerminkan kerapuhan akhir-bear daripada kekuatan awal-bull.

Pasar Terjebak antara Kelelahan dan Likuiditas Rendah

Struktur pasar saat ini mencerminkan transisi daripada pembalikan yang bersih. Arus keluar ETF, likuiditas yang rusak, dan ketidakpastian makro terus memberi tekanan pada harga. 

Namun, penjualan on-chain telah mereda, dan holder struktural terus mempertahankan posisi.

Hasilnya adalah lingkungan di mana katalis kecil dapat menghasilkan pergerakan besar. 

🚨TOM LEE: YEAR-END RALLY IS COMING

Despite a brutal six weeks, Tom Lee says a STRONG December rally is on deck, backed by by a dovish incoming Fed pivot. pic.twitter.com/G9afNmV0RR

— Coin Bureau (@coinbureau) November 27, 2025

Sebuah pergeseran dovish dari The Fed kemungkinan akan menembus order book yang tipis dan mempercepat rebound. Kejutan makro lainnya dapat memicu pengurangan leverage baru.

Pandangan Lee sejalan dengan pengaturan ini. Pasar telah berhenti berdarah, namun tetap rapuh. Bitcoin memiliki sejarah menghasilkan pergerakan dua digit dalam periode yang terkompresi, terutama setelah likuidasi agresif.

Seiring datangnya bulan Desember, baik kondisi likuiditas maupun data on-chain menunjukkan pergerakan besar berikutnya semakin dekat. 

Arah pergerakan akan bergantung pada sinyal makro dan arus ETF, bukan hanya pada sentimen saja.

Anggaran terbaru di Inggris tidak mengubah aturan pajak kripto utama tapi memperketat lingkungan lebih luas untuk trader.

Sementara itu, HMRC menandakan pemikiran ulang besar-besaran tentang bagaimana pajaknya atas pinjaman DeFi dan penyediaan likuiditas.

Tidak Ada “Pajak Kripto” Baru, tapi Tekanan Masih Meningkat

Menteri Keuangan Rachel Reeves tidak memperkenalkan pajak spesifik kripto dalam Anggaran 2025. Tidak ada pajak baru untuk perdagangan, kepemilikan, atau penggunaan aset digital.

Namun, Anggaran memperpanjang pembekuan ambang batas pajak penghasilan selama tiga tahun lagi. Seiring naiknya upah, lebih banyak wajib pajak yang masuk ke kelompok lebih tinggi, termasuk trader kripto aktif.

Summary of the key highlights from the UK budget 👇

-The UK is fck’d and has no money

-Labour have zero idea how to fix this and instead have focused on killing productivity and raising unemployment

-As the deficit widens, it will just be monetised

-GBP will be the escape…

— LondonCryptoClub (@LDNCryptoClub) November 26, 2025

Tunjangan pajak keuntungan modal (CGT) tetap sangat rendah dibandingkan dengan tingkat sejarah. Itu berarti lebih banyak pelepasan kripto memicu keuntungan yang harus dilaporkan, bahkan untuk portofolio ritel sederhana.

Saat yang sama, Inggris terus maju dengan pembagian data global di bawah standar pelaporan baru.

Exchange dan platform akan memasok informasi pelanggan lebih rinci kepada HMRC mulai 2026.

No tax changes for crypto earnings announced in the UK budget. Seems like regulation there is likely to get stricter, but for now 🇬🇧 looks like a slightly more favorable jurisdiction for crypto than some other European countries (eg Spain & France)

— Butian | Bless (@blessbutian) November 26, 2025

HMRC Mundur dari Sikap Kerasnya terhadap DeFi

Bersamaan dengan Anggaran, HMRC menerbitkan hasil konsultasi tentang pinjaman DeFi dan staking. Itu menanggapi kritik keras terhadap panduan tahun 2022 tentang pinjaman dan bursa likuiditasnya.

Pemangku kepentingan mengatakan kepada HMRC bahwa aturan saat ini menciptakan beban administratif yang tidak proporsional. Mereka memperingatkan bahwa memperlakukan setiap langkah DeFi sebagai pelepasan tidak berkaitan dengan realitas ekonomi.

Menanggapi, HMRC telah membatalkan ide sebelumnya untuk menyalin aturan repo dan pinjaman saham. Sekarang lebih menyukai kerangka kerja berdasarkan “no gain, no loss” (NGNL) untuk banyak arus DeFi.

HMRC has published its consultation outcome in the UK regarding the taxation of DeFi activities related to lending and staking.

A particularly interesting conclusion is that when users deposit assets into Aave, the deposit itself is not treated as a disposal for capital gains…

— Stani.eth (@StaniKulechov) November 27, 2025

Pentingnya, departemen itu menerima bahwa pembuat pasar otomatis mewakili bagian besar dari aktivitas. Ini menandakan bahwa aturan baru mana pun harus secara eksplisit mencakup kolam likuiditas multi-token gaya Uniswap.

Aturan NGNL yang Diusulkan untuk Pinjaman DeFi dan Likuiditas Pool

HMRC sekarang menguraikan pendekatan NGNL potensial untuk tiga area. Ini adalah pengaturan token tunggal, peminjaman kripto, dan pembuat pasar otomatis.

Untuk pinjaman token tunggal, masuk dan keluar dari platform bisa menjadi NGNL untuk CGT. Keuntungan atau kerugian nyata baru akan terjadi saat pengguna akhirnya menjual token tersebut.

Untuk peminjaman, mengajukan jaminan dan mengeluarkan token akan diabaikan untuk CGT. Menjual token yang dipinjam dan kemudian membelinya kembali untuk membayar akan mengkristalisasi keuntungan atau kerugian tersebut.

Untuk AMM, HMRC mengusulkan perlakuan NGNL saat pengguna menyetor token untuk posisi LP. Pajak kemudian akan fokus pada perbedaan jumlah token yang diterima saat mereka keluar.

Jika pengguna menerima lebih banyak token daripada yang awalnya mereka setorkan, kelebihannya dihitung sebagai keuntungan. Namun jika mereka menerima lebih sedikit, kekurangan tersebut dianggap sebagai kerugian terhadap basis pajak mereka.

HMRC menekankan bahwa ini masih merupakan “pendekatan potensial,” bukan hukum yang diundangkan. Mereka akan melanjutkan konsultasi sebelum memutuskan apakah akan membuat undang-undang.

How is the UK approaching crypto regulation to become a global leader? 🇬🇧

In one minute, Matt Osborne, Policy Director for the UK & Europe at Ripple, explains the plan: adopt proportionate, growth-friendly rules and allow overseas stablecoins, such as $RLUSD, to be used locally.… pic.twitter.com/lsFC1SgsRA

— Ripple (@Ripple) November 26, 2025

DeFi Rewards: Tidak Ada Aturan “Semua Pendapatan” Baru – Untuk Saat Ini

Salah satu ide paling kontroversial adalah memperlakukan semua hadiah DeFi sebagai penghasilan. Para responden memperingatkan bahwa ini akan mengabaikan perbedaan antara modal dan pendapatan dan menciptakan beban pajak kering.

HMRC sekarang mengatakan bahwa mereka tidak secara aktif mengejar aturan penilaian “semua pendapatan.” Hadiah akan terus mengikuti prinsip yang ada untuk saat ini.

Apa Artinya Ini bagi Trader Kripto UK

Untuk trader spot pada centralized exchange, Anggaran tidak membawa perubahan struktural langsung. CGT masih berlaku pada setiap pelepasan, dan pajak penghasilan berlaku ketika jumlah perdagangan mencapai tahap perniagaan.

Namun, kombinasi dari ambang batas yang dibekukan dan tunjangan CGT yang rendah meningkatkan tekanan pajak yang efektif.

Trader yang lebih aktif akan melampaui ambang pelaporan dan menghadapi tarif marjinal yang lebih tinggi pada keuntungan. HMRC mengharapkan lebih banyak pengguna untuk menggunakan perangkat lunak pelacakan portofolio untuk mendukung pengajuan mereka.

Conor McGregor and Khabib Nurmagomedov’s rivalry has returned to the spotlight, this time dominating Crypto Twitter after McGregor accused Khabib’s new Telegram-based NFT collection of scamming fans.

The claim triggered a swift response from Khabib and a sharp intervention from on-chain investigator ZachXBT, who redirected attention toward McGregor’s own controversial token launch.

Crypto Feud Ignites After Khabib’s NFT Launch

Khabib promoted a new digital collectibles drop on Telegram this week, themed around the Dagestani papakha hat he wore during UFC walkouts.

The collection sold out quickly, generating about $4.4 million in a single day.

The former UFC champion framed the NFTs as cultural digital gifts rather than speculative assets. He highlighted their link to Dagestani tradition and presented them as shareable items within Telegram’s ecosystem.

However, McGregor publicly rejected that narrative. He accused Khabib of running a “multi-million-dollar scam,” alleging that promotional posts were deleted after the sale. 

His comments triggered immediate backlash from both MMA and crypto communities.

Can anybody find me a single person who bought the Khabib NFT who is claiming they have been scammed?

Can anyone show me a single shred of evidence of Khabib misrepresenting what he was selling?

The answer to both those questions are no. We get it you guys hate Muslims

— MMA Joey (@MMAJOEYC) November 26, 2025

McGregor Escalates Long-Running Rivalry

McGregor’s post revived the bitter rivalry born from UFC 229, where Khabib defeated him in 2018. The pair have exchanged barbs for years, often referencing family, legacy, and national pride.

This time, McGregor suggested Khabib used his father’s legacy and Dagestani cultural symbols to mislead fans. His message framed the drop as a “cash grab” disguised as heritage. 

The accusation spread quickly, drawing strong reactions across social media.

Khabib responded within hours. He called McGregor an “absolute liar” and accused him of trying to “darken my name” since the UFC 229 loss. 

He reiterated that the NFTs are cultural gifts and denied any wrongdoing.

ZachXBT’s Intervention Shifts the Narrative

The feud escalated further when on-chain investigator ZachXBT entered the conversation. He reposted McGregor’s comments but flipped the accusation back onto him.

There is just no way good guy McGregor used his reputation, as well as Irish culture, to scam his fans and fire sell a bunch of digital tokens’s online and then delete all of the posts after they were sold, leaving his fans robbed of their money?

There is just no way good guy… pic.twitter.com/CuUzvPGiKS

— ZachXBT (@zachxbt) November 26, 2025

ZachXBT pointed to McGregor’s failed REAL token earlier this year. The coin raised far less than its public target, fell sharply in price, and lost community support within weeks.

McGregor then deleted most promotional posts, leaving the project abandoned and investors frustrated.

Crypto Twitter quickly framed this as hypocrisy. Many noted that McGregor’s own token showed more red flags than Khabib’s Telegram collectibles.

After the backlash intensified, McGregor deleted his “scam” posts about Khabib.

Despite the allegations, no reports indicate that buyers lost access to their NFTs. The items still function as digital gifts inside Telegram, with no broken utilities or frozen assets.

Khabib has not marketed the drop as a financial investment. 

The post Conor McGregor and Khabib’s UFC Rivalry Erupts Again After NFT ‘Scam’ Accusation appeared first on BeInCrypto.

The crypto market is showing its first meaningful recovery after a harsh November sell-off, and several metrics now resemble the same conditions seen around Thanksgiving in both 2022 and 2023. 

Bitcoin has reclaimed the $91,000 level, ETH is back above $3,000, and the wider market has returned to a cautious green. This bounce comes as traders enter a long US holiday weekend that has historically set the tone for December.

Market Indicators Turn Positive After Weeks of Fear

Fear and Greed Index data shows sentiment improving from 11 last week to 22 today, although it remains in “Extreme Fear.” 

This shift aligns with a steady rise in average crypto RSI, which climbed from 38.5 seven days ago to 58.3 today. The reading signals growing strength after deep oversold conditions earlier in the month.

Momentum also flipped. The normalized MACD across major assets has turned positive for the first time since early November. 

About 82% of tracked cryptocurrencies now show positive trend momentum. Bitcoin, Ethereum, and Solana appear in the bullish zone of CoinMarketCap’s MACD heatmap.

Price action supports this shift. Bitcoin is up 6% on the week. Ethereum has gained nearly 8%. Solana climbed almost 8% in the same period. 

The market cap has grown to $3.21 trillion, rising 1.1% over the last 24 hours.

A Familiar Post-Thanksgiving Setup Has Emerged

The current recovery mirrors a structure seen twice before. In both 2022 and 2023, the market entered Thanksgiving after a sharp drawdown and then stabilized into December.

In 2022, Bitcoin fell to near $16,000 following the FTX collapse. By Thanksgiving, selling pressure had exhausted, and the market traded sideways into Christmas. 

It was a deep bear consolidation phase rather than a rally.

In 2023, Bitcoin entered Thanksgiving at $37,000 after a steep September-October correction. Strong ETF expectations and improving liquidity conditions pushed BTC to $43,600 by Christmas. It was a classic early-bull December rally.

This year, the pattern again repeats one familiar element: the November crash came early, and by Thanksgiving, selling momentum had eased. 

Bitcoin’s 90-day Taker CVD has shifted from persistent sell dominance to neutral, signalling that aggressive sellers have stepped back. Funding rates and leverage data support the same interpretation.

BREAKING: The S&P 500 closes the day +0.7% higher, adding +$2.5 trillion of market cap since last week’s low.

Happy Thanksgiving to all! pic.twitter.com/tsjKylr5UV

— The Kobeissi Letter (@KobeissiLetter) November 26, 2025

Liquidity Damage Still Shapes the Current Cycle

BitMine chairman Tom Lee described the market as “limping” after the October 10 liquidation shock. 

He said market makers were forced to shrink their balance sheets, weakening market depth across exchanges. That fragility persisted through November.

However, Lee also argued that Bitcoin tends to make its biggest moves in short bursts when liquidity recovers. He expects a strong December rally if the Federal Reserve signals a softer stance.

On-chain data aligns with this view. Nexo collateral figures show users still prefer borrowing against Bitcoin rather than selling it. 

BTC makes up more than 53% of all collateral on the platform. This behavior suppresses immediate sell pressure, helping stabilize spot markets. But it also adds hidden leverage that could amplify future volatility.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

We May Be Entering a Two-Year Holiday Pattern

Three factors now look similar to the post-Thanksgiving conditions of 2022 and 2023:

• Seller exhaustion: Taker CVD shifting to neutral signals the end of forced selling for now.
  
• Momentum recovery: MACD and RSI metrics have reversed sharply after bottoming earlier in November.
  
• Liquidity stabilization: Market makers are still wounded, but volatility has cooled, and ETF outflows have slowed.
  

If this pattern continues, December could produce one of two outcomes based on the last two years:

• A sideways consolidation like 2022 if liquidity remains thin.
  
• A short, sharp rally like 2023 if macro conditions turn supportive.
  

The deciding factor will likely be the Federal Reserve’s tone in early December and the behavior of Bitcoin ETF flows. Thin liquidity means even moderate inflows could move prices quickly.

#Bitcoin Testing 90k 
if it holds its the first step to a Santa Rally pic.twitter.com/QhHQNfDQPk

— RudoViljoen (@TheChartArtist) November 19, 2025

December May Deliver a Large Move in Either Direction

The market has entered a transition phase rather than a clear trend. Sentiment is still extremely fearful, but price and momentum indicators show recovery. 

Bitcoin’s position above $91,000 suggests buyers are willing to defend key levels, yet order-book depth remains weak.

With selling pressure fading and technical momentum rising, the environment now resembles the same post-Thanksgiving setups that marked the last two end-of-year cycles. 

Bitcoin dominance looks weak here.

ETH/BTC is holding above the 0.03-0.032 support zone.

It seems like we could see ETH outperformance in December. pic.twitter.com/IRQS05mETi

— Ted (@TedPillows) November 27, 2025

If the pattern holds, December will not be flat. It will likely bring a decisive move as liquidity conditions shift.

The direction, however, will depend less on crypto narratives and more on macro signals and ETF demand in the coming weeks.

The post Crypto Market Hints at a Two-Year Post-Thanksgiving Pattern Returning appeared first on BeInCrypto.

Bitcoin may be approaching a decisive December as liquidity conditions tighten and on-chain metrics shift. BitMine Chairman Tom Lee says the market has been “limping” since the October 10 liquidation shock, but argues the setup now supports a major move before year-end. 

Recent on-chain trends and exchange-collateral data point to similar pressure building beneath the surface.

Liquidity Damage Still Defines the Market

Lee told CNBC that the October event severely damaged market-maker balance sheets. 

He described these firms as the “central banks” of crypto, responsible for depth, spreads, and inventory. When their balance sheets shrink, liquidity contracts for weeks.

WATCH: Tom Lee says “Bitcoin could hit a new all-time high before year-end” pic.twitter.com/13czeJdJeL

— BeInCrypto (@beincrypto) November 27, 2025

This matches market performance since early October. Bitcoin has dropped almost 30% from its $126,000 peak. 

Meanwhile, November has delivered one of the worst monthly performances for both price and ETF flows in years.

Market makers withdrew risk capital after the liquidation wave erased roughly $19 billion of leveraged positions. 

Order-book depth fell sharply across major exchanges, creating air pockets that amplified downside moves. Under such conditions, Bitcoin and Ethereum tend to react earlier to macro stress than equities.

Despite this damage, Lee expects a strong December rally, citing a potential dovish shift from the Federal Reserve.

“Bitcoin makes its best moves in 10 days every year, I think some of those days are still gonna happen before year end,” said Tom Lee.

On-Chain Metrics Show Sellers Losing Control

Bitcoin’s 90-day Spot Taker CVD has shifted from persistent sell dominance to a neutral stance. The indicator tracks aggressive market orders on spot exchanges. 

Red bars dominated from early September through mid-November, showing sustained taker-sell pressure.

The recent move to neutral marks a break in that pattern. It suggests the aggressive selling phase has exhausted. 

However, it does not show strong buyer dominance. Instead, the market has entered a balanced phase typical of late-cycle bear markets.

Price remains well below October levels, but the absence of persistent taker-sell pressure signals improved stability. 

The shift aligns with the broader leverage reset seen in futures markets, where funding rates have moved near zero.

Borrowing Trends Point to Strong Hands, but Fragile Leverage

CryptoQuant data shows Nexo users prefer borrowing against Bitcoin rather than selling it. BTC accounts for 53% to 57% of all collateral on the platform. That range has held for months despite the drawdown.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

This behavior reduces immediate selling pressure. It also confirms that long-term holders continue to treat Bitcoin as their primary liquidity source. 

Yet it adds another layer of vulnerability. If Bitcoin drops further, collateralized positions face liquidation risk.

Combined with thin order books, any forced selling could produce outsized volatility. This dynamic reflects late-bear fragility rather than early-bull strength.

A Market Caught Between Exhaustion and Low Liquidity

Current market structure reflects a transition rather than a clean reversal. ETF outflows, damaged liquidity, and macro uncertainty keep pressure on prices. 

However, on-chain selling has cooled, and structural holders continue to defend positions.

The result is an environment where small catalysts can produce large moves. 

🚨TOM LEE: YEAR-END RALLY IS COMING

Despite a brutal six weeks, Tom Lee says a STRONG December rally is on deck, backed by by a dovish incoming Fed pivot. pic.twitter.com/G9afNmV0RR

— Coin Bureau (@coinbureau) November 27, 2025

A dovish Fed pivot would likely hit thin order books and accelerate a rebound. Another macro shock could trigger renewed deleveraging.

Lee’s view aligns with this setup. The market has stopped bleeding, but it remains fragile. Bitcoin has a history of delivering double-digit moves in compressed periods, especially after aggressive liquidations.

As December approaches, both liquidity conditions and on-chain data suggest the next large move is near. 

The direction will depend on macro signals and ETF flows rather than sentiment alone.

The post BitMine’s Tom Lee and On-Chain Data Signal a Big December Move for Bitcoin appeared first on BeInCrypto.

The UK’s latest Budget leaves headline crypto tax rules unchanged but tightens the wider environment for traders.

Meanwhile, HMRC signals a major rethink on how it taxes DeFi lending and liquidity provision.

No New “Crypto Tax,” But Pressure Still Rises

Chancellor Rachel Reeves did not introduce any crypto-specific tax in the 2025 Budget. There is no new levy on trading, holding, or spending digital assets.

However, the Budget extends income-tax threshold freezes for three more years. As wages rise, more taxpayers drift into higher bands, including active crypto traders.

Summary of the key highlights from the UK budget 👇

-The UK is fck’d and has no money

-Labour have zero idea how to fix this and instead have focused on killing productivity and raising unemployment

-As the deficit widens, it will just be monetised

-GBP will be the escape…

— LondonCryptoClub (@LDNCryptoClub) November 26, 2025

The capital gains tax (CGT) allowance remains very low compared to historic levels. That means more crypto disposals trigger reportable gains, even for modest retail portfolios.

At the same time, the UK is pushing ahead with global data-sharing under new reporting standards. 

Exchanges and platforms will supply more detailed customer information to HMRC from 2026.

No tax changes for crypto earnings announced in the UK budget. Seems like regulation there is likely to get stricter, but for now 🇬🇧 looks like a slightly more favorable jurisdiction for crypto than some other European countries (eg Spain & France)

— Butian | Bless (@blessbutian) November 26, 2025

HMRC Backs Away From Its Hard Line on DeFi

Alongside the Budget, HMRC published a consultation outcome on DeFi lending and staking. It responds to strong criticism of its 2022 guidance on loans and liquidity pools.

Stakeholders told HMRC that current rules create disproportionate administrative burdens. They warned that treating every DeFi move as a disposal bears little relation to economic reality.

In response, HMRC has dropped its earlier idea of copying repo and stock lending rules. It now prefers a framework based on “no gain, no loss” (NGNL) for many DeFi flows.

HMRC has published its consultation outcome in the UK regarding the taxation of DeFi activities related to lending and staking.

A particularly interesting conclusion is that when users deposit assets into Aave, the deposit itself is not treated as a disposal for capital gains…

— Stani.eth (@StaniKulechov) November 27, 2025

Crucially, the department accepts that automated market makers represent a major share of activity. It signals that any new rules should explicitly cover Uniswap-style multi-token liquidity pools.

Proposed NGNL Rules for DeFi Loans and Liquidity Pools

HMRC now outlines a potential NGNL approach for three areas. These are single-token arrangements, crypto borrowing, and automated market makers.

For single-token lending, entering and exiting a platform could be NGNL for CGT. The real gain or loss would arise only when the user finally sells the token.

For borrowing, posting collateral and taking out tokens would be ignored for CGT. Selling borrowed tokens and later buying them back to repay would crystallise the gain or loss.

For AMMs, HMRC proposes NGNL treatment when users deposit tokens for LP positions. Tax would then focus on differences in the number of tokens received when they exit.

If users receive more of a token than they originally deposited, the extra counts as a gain. But if they receive fewer, the shortfall is treated as a loss against their tax base.

HMRC stresses that this is still a “potential approach,” not enacted law. It will continue consultations before deciding whether to legislate.

How is the UK approaching crypto regulation to become a global leader? 🇬🇧

In one minute, Matt Osborne, Policy Director for the UK & Europe at Ripple, explains the plan: adopt proportionate, growth-friendly rules and allow overseas stablecoins, such as $RLUSD, to be used locally.… pic.twitter.com/lsFC1SgsRA

— Ripple (@Ripple) November 26, 2025

DeFi Rewards: No New “All Income” Rule – For Now

One of the most controversial ideas was to treat all DeFi rewards as income. Respondents warned that this would ignore capital versus revenue distinctions and create dry tax charges.

HMRC now says it is not actively pursuing an “all revenue” deeming rule. Rewards will continue to follow existing principles for now.

What This Means for UK Crypto Traders

For spot traders on centralised exchanges, the Budget brings no direct structural change. CGT still applies on each disposal, and income tax applies where trading amounts to a trade.

However, the combination of frozen thresholds and low CGT allowances increases effective tax pressure.

More active traders will breach reporting thresholds and face higher marginal rates on gains. HMRC expects more users to use portfolio tracking software to support their filings.

The post What The Latest UK Budget Means For Crypto Tax and DeFi Access appeared first on BeInCrypto.

Premium pasar MicroStrategy dibandingkan dengan kepemilikan Bitcoinnya telah menyempit mendekati paritas, menimbulkan pertanyaan tentang masa depan model Bitcoin berleveraged Michael Saylor.

Pengungkapan terbaru menunjukkan perusahaan memegang 649.870 BTC dengan biaya sekitar US$48,4 miliar, namun ekuitasnya tidak lagi diperdagangkan pada kelipatan yang tinggi yang mendukung ekspansi sebelumnya.

Premi yang Anjlok dan Tekanan Modal yang Meningkat

mNAV perusahaan turun di bawah 1x pada bulan November. mNAV, atau nilai pasar terhadap aset bersih, mengukur seberapa besar investor bersedia membayar di atas (atau di bawah) nilai Bitcoin yang mendasari Strategy.

Hal ini penting karena seluruh strategi akumulasi Strategy bergantung pada penerbitan ekuitas dengan premi—memungkinkan setiap saham baru yang dijual meningkatkan Bitcoin per saham untuk holder yang ada.

Pembalikan mNAV yang tajam ini mengikuti penurunan pasar yang lebih luas. Bitcoin jatuh lebih dari 30% dari puncaknya di bulan Oktober, turun di bawah US$90.000.

Sementara itu, saham Strategy jatuh lebih cepat, mencerminkan kekhawatiran tentang ketergantungan perusahaan pada pasar modal dan meningkatnya biaya saham preferen.

Struktur modal Strategy telah menjadi isu sentral. Perusahaan hanya memiliki uang tunai US$54 juta dan berhutang lebih dari US$640 juta dalam dividen preferen tahunan.

Bisnis perangkat lunak perusahaan tetap negatif arus kas untuk tahun 2025, memperlebar kesenjangan antara kewajiban dan likuiditas internal.

Akibatnya, Strategy bergantung pada pasar modal. Mereka mengumpulkan sekitar US$20 miliar dalam sembilan bulan pertama tahun 2025 melalui konvertibel, saham preferen, dan ekuitas di pasar.

Pendanaan ini menjaga akumulasi Bitcoin tetap berjalan sambil melayani instrumen lama dengan kupon tinggi dan meningkat.

Namun, mekanisme yang dulu membuat model ini menguntungkan telah melemah. Ketika Strategy diperdagangkan pada premi tinggi terhadap nilai aset bersih, penerbitan saham meningkatkan Bitcoin per saham bagi holder.

Efek itu menghilang ketika premi runtuh. Penerbitan saham mendekati NAV berisiko dilusi daripada menguntungkan.

Tekanan meningkat seiring kenaikan biaya modal. Saham preferen STRC perusahaan menaikkan dividen dari 9% pada Juli menjadi 10,5% pada November untuk mempertahankan nilai par.

Penawaran preferen baru memiliki kupon di atas 10%, dengan tarif penalti hingga 18% jika tidak dibayar. Ketentuan ini meningkatkan beban tahunan dan memperkuat kekhawatiran investor tentang keberlanjutan.

Likuiditas Pasar, Risiko MSCI, dan Masa Depan Premi

Kepercayaan pasar semakin memburuk setelah keruntuhan 10 Oktober. Bitcoin turun sekitar 17% karena likuidasi terleveraged melebihi US$19 miliar. Kedalaman buku pesanan runtuh di seluruh exchange, menyoroti kelemahan likuiditas selama stres.

Bagi holder yang memiliki lebih dari 3% pasokan Bitcoin, episode ini memperkuat kekhawatiran tentang potensi penjualan terpaksa.

Ancaman inklusi indeks memperparah masalah. MSCI berkonsultasi tentang mengecualikan perusahaan dengan lebih dari 50% aset dalam mata uang digital dari indeksnya.

THE $48 BILLION MATH ERROR

Strategy Inc. just disclosed something extraordinary. They own 649,870 Bitcoin. That is 3.26 percent of every Bitcoin that will ever exist. Total cost: $48.37 billion.

They also disclosed the numbers that prove this cannot survive the next 90 days.… pic.twitter.com/SIEI6njNyB

— Shanaka Anslem Perera ⚡ (@shanaka86) November 23, 2025

Strategy mendekati 77% Bitcoin berdasarkan porsi aset. JPMorgan memperkirakan pengecualian semacam itu dapat memicu sekitar US$2,8 miliar dalam arus keluar pasif, dengan hingga US$8,8 miliar mungkin terjadi jika penyedia indeks lain mengikuti.

Jika indeks melanjutkan pengecualian pada Februari 2026, mNAV MicroStrategy dapat semakin menyusut. Premi yang lebih rendah mengurangi kelayakan penerbitan ekuitas, yang telah digunakan Strategy untuk mengelola kewajibannya dan melanjutkan akumulasi.

Diskon yang berlanjut akan mempersulit pembiayaan ulang dan melemahkan kemampuan perusahaan untuk mempertahankan struktur modalnya.

very important week coming up for $MSTR (and markets overall). @MicroStrategy is currently trading below NAV (ie its market cap is lower than the value of its $BTC holdings).

no treasury company has ever traded below its NAV for an extended period of time.

the model only…

— Dom Kwok | EasyA (@dom_kwok) November 16, 2025

Strategy menegaskan bahwa neraca keuangannya menawarkan kekuatan jangka panjang. Baru-baru ini, mereka mengklaim “71 tahun” cakupan dividen berdasarkan nilai pasar saat ini dari Bitcoinnya.

Namun, perhitungan itu mengasumsikan penjualan tanpa hambatan, tidak ada dampak harga, dan tidak ada kewajiban pajak. Keruntuhan Oktober menunjukkan seberapa cepat likuiditas bisa hilang di bawah stres.

Apakah Premium Bitcoin MicroStrategy Akan Kembali?

Penurunan mNAV mencerminkan penilaian ulang pasar terhadap leverage, likuiditas, dan risiko. Investor tampaknya kurang bersedia membayar lebih untuk eksposur yang kini bisa diakses melalui exchange-traded fund (ETF) Bitcoin spot tanpa lapisan utang perusahaan dan saham preferen.

Premi mungkin kembali jika Bitcoin reli tajam atau jika penyedia indeks melunak. Namum, tekanan struktural tetap ada. 

Kewajiban dividen yang meningkat, arus kas operasi negatif, dan melemahnya premi ekuitas membuat Strategi lebih rentan dari sebelumnya.

Hingga tekanan tersebut mereda, pesan pasar jelas. Investor tidak lagi membayar lebih untuk model Strategi, dan masa penerbitan yang meningkat dengan mudah nampaknya telah berakhir. 

Apakah premi kembali sekarang bergantung pada kekuatan Bitcoin, keputusan indeks, dan kemampuan Strategi untuk menghadapi periode tersulitnya sejauh ini.

Token MON dari Monad terus reli setelah peluncuran mainnet yang telah lama dinantikan, menentang penurunan tajam pasca-airdrop yang mendominasi tahun 2025. Token ini naik lebih dari 70% di atas harga penjualannya di Coinbase padahal pasar kripto secara umum sedang menghadapi tekanan berat. 

Data dari aktivitas on-chain, arus exchange, dan distribusi token memberikan penjelasan yang jelas untuk kinerja yang lebih baik ini — dan mengungkapkan seberapa lama reli ini mungkin bisa bertahan secara realistis.

Performa Kuat Hari Pertama Menjadi Acuan

Monad meluncurkan mainnet publik dan token MON-nya pada 24 November dengan sekitar 10–11% dari pasokan 100 miliar token terbuka. 

Airdrop dan penjualan publik menyediakan likuiditas, sementara lebih dari 50,6% pasokan (tim, investor, kas) tetap terkunci hingga 2029.

Peluncuran ini menarik perhatian langsung. MON turun sekitar 15% pada perdagangan awal, mencapai US$0,02 saat penjual airdrop keluar. 

Pembeli segera menyerap arus tersebut. Dalam 24 jam, MON diperdagangkan di sekitar US$0,03–0,035, dan sekarang berada di sekitar US$0,04, lebih dari 50–70% di atas harga penjualan publiknya sebesar US$0,025.

Kekuatan ini menonjol di pasar saat Bitcoin turun di bawah US$90.000 dan total kapitalisasi pasar kripto telah jatuh lebih dari satu triliun US$ sejak Oktober.

Airdrop dan Penjualan Token Menciptakan Basis Holder Stabil

Monad mendistribusikan sekitar 4,73 miliar MON dalam airdrop kepada 289.000 akun yang memenuhi syarat, dengan 3,33 miliar akhirnya diklaim. Desain ini menargetkan pengguna DeFi tingkat tinggi, trader NFT, kontributor testnet, dan peserta DAO daripada petani pencarian.

Penjualan token di Coinbase, yang mengumpulkan US$269 juta dari sekitar 85.820 peserta, menambahkan kelompok kedua dari holder yang berkomitmen. Para pembeli ini berpegang pada harga penjualan US$0,025 dan kurang antusias untuk menjual pada peluncuran.

Karena pihak dalam tetap terkunci, penjual awal kebanyakan adalah penerima airdrop. Dinamika ini membantu mencegah cascadian berat yang menghancurkan banyak airdrop tahun 2025.

my monad airdrop is worth $14,000?

what the actual fuck

hello wtf pic.twitter.com/zHkEdQQsIT

— Loshmi (@loshmi) November 25, 2025

Cakupan Exchange yang Kuat Melindungi MON dari Volatilitas

MON terdaftar di berbagai exchange utama pada hari pertama, termasuk Coinbase, Upbit, Bithumb, Kraken, Bybit, Bitget, Crypto.com, dan MEXC. Derivatif terbuka di beberapa tempat, memberikan trader opsi lindung nilai.

Buku pesanan yang dalam menyerap penjualan airdrop. Pembuat pasar mempersempit spread, dan likuiditas lintas tempat mengurangi fragmentasi. Trader dapat short, long, atau hedge tanpa membanjiri pasar spot.

Cakupan luas ini sangat kontras dengan peluncuran L1 sebelumnya yang bergantung pada pool likuiditas tipis dan pasar terfragmentasi, yang sering memicu crash 50-80% seketika.

Huge respect to @monad for not paying the Binance cartel listing fee.

Probably not a coincidence that the price is going up.

No serious project should waste millions of dollars for nothing (study Binance TGEs this cycle).

gMonad

— Aylo (@alpha_pls) November 25, 2025

Aktivitas On-Chain Mengejutkan Pasar

24 jam pertama Monad memberikan daya tarik on-chain yang jarang terjadi untuk L1 baru. Nansen mencatat:

• 3,7 juta transaksi
  
• 153.000 alamat aktif
  
• 18.000 deployment kontrak

Angka-angka ini melampaui apa yang dicapai banyak blockchain dalam tahun pertama mereka. Angka ini menunjukkan penggunaan nyata awal dari bot, arbitrer, pengembang, dan program likuiditas.

.@Monad went live less than 24 hours ago

It already cleared:
– 3.7M daily txns
– 153K active addresses
– 18K contract deployments

That’s higher day-one activity than most chains in their first year

🧵 👇 pic.twitter.com/ggUwfOyjx7

— Nansen 🧭 (@nansen_ai) November 25, 2025

TVL mencapai ~US$90 juta, dengan Uniswap, Gearbox, Curve, dan dApps asli diluncurkan dalam hitungan jam. Volume DEX melampaui US$70 juta, didorong oleh pool likuiditas terkonsentrasi dan insentif pertanian.

Aktivitas awal ini memperkuat persepsi bahwa Monad diluncurkan sebagai ekosistem yang berfungsi, bukan sebagai token spekulatif yang menunggu pengembangan di masa depan.

Permainan Rare Relative-Strength Monad dalam Pasar Lemah

Reli MON menonjol karena pasar lainnya tetap rapuh. Penurunan Bitcoin di bawah US$90.000 memicu arus keluar ritel dan mendorong indikator sentimen ke dalam ketakutan ekstrem.

Trader beralih ke MON karena kekuatannya yang relatif. Token baru dengan metrik yang dapat dipercaya sering menarik modal momentum ketika aset utama sedang berjuang.

Aliran refleksif ini — kekuatan menarik lebih banyak modal — menambah bahan bakar untuk reli tersebut.

Arthur Hayes Bertaruh Besar-Besaran

Arthur Hayes memberikan komentar sarkastik yang menangkap suasana pasar.

Just what this bull market needs another low float , high FDV useless L1. But obvi I aped. It’s a bull market bitches!$MON to $10 pic.twitter.com/UMSDWWmp5a

— Arthur Hayes (@CryptoHayes) November 25, 2025

Dia menyoroti floating rendah dan FDV (fully diluted valuation) tinggi dari MON. Dengan hanya sekitar 10% pasokan yang beredar dan FDV mendekati US$3–4 miliar, MON cocok dengan pola low-float yang mendominasi aksi harga tahap awal.

Namun Hayes mengakui dia tetap membelinya. Ucapannya mencerminkan bagaimana trader memperlakukan token L1 awal: secara fundamental berisiko, namun menarik untuk spekulasi jangka pendek.

Berapa Lama Reli Monad Bisa Bertahan?

Data dan pola saat ini menunjukkan tiga rentang waktu yang membentuk prospek MON.

Jangka Pendek: Reli Dapat Bertahan

Monad telah menyerap penguncian awal terbesar. Likuiditas tetap dalam, dan penggunaan on-chain meningkat. Program insentif mulai diluncurkan, dan aliran perdagangan tetap kuat.

Dalam kondisi ini, MON dapat mempertahankan momentum ke atas selama berhari-hari atau berminggu-minggu.

Jangka Menengah: Tekanan Unlock Meningkat

Dalam beberapa bulan ke depan, pasokan beredar akan meningkat seiring tranche vesting terbuka. Bahkan distribusi orang dalam yang disiplin menambah tekanan jual struktural.

Aktivitas bisa saja normal kembali setelah insentif awal memudar. Jika TVL mendatar atau mulai berkurang, naratif dapat berubah.

Jangka Panjang: Fundamental Eksekusi Penting

FDV MON menempatkan ekspektasi tinggi pada chain. Pertumbuhan berkelanjutan dalam TVL, aplikasi nyata, dan daya tarik pengembang akan menentukan ketahanan jangka panjang.

Tanpa ekspansi yang terus-menerus, kompresi valuasi menjadi mungkin saat pasokan bertambah.

In 2017 $ADA went from $3B → $30B in less than a month$MON just launched at $3B

Imagine the smell 💜 @monad pic.twitter.com/9LEg9WXNW9

— zac.eth 🧙🏻‍♂️♦️ (@zacxbt) November 24, 2025

Prospek Token Monad

Reli Monad berasal dari kombinasi langka antara desain distribusi yang kuat, likuiditas exchange yang dalam, penggunaan awal yang tinggi, serta kinerja menonjol selama pasar yang lemah.

Penyelarasan ini membuat MON menjadi salah satu dari sedikit token airdrop 2025 yang menentang jatuhnya harga tipikal pasca peluncuran.

Reli dapat berlanjut dalam jangka pendek asalkan permintaan on-chain tetap kuat dan likuiditas tetap mendukung. Namun, FDV yang tinggi dan jadwal vesting yang panjang memperkenalkan risiko jangka menengah yang jelas.

Untuk saat ini, MON tetap menjadi aset ber-momentum tinggi yang didorong oleh fundamental awal dan aliran spekulatif.

Namun, keberlanjutan momentum tersebut akan bergantung pada apakah Monad dapat mengubah 48 jam pertama yang kuat menjadi pertumbuhan ekosistem yang berkelanjutan.

MicroStrategy’s market premium over its Bitcoin holdings has narrowed to near parity, raising questions about the future of Michael Saylor’s levered Bitcoin model. 

The latest disclosures show the company holding 649,870 BTC at a cost of roughly $48.4 billion, yet its equity no longer trades at the high multiples that powered earlier expansion.

A Collapsing Premium and Rising Capital Pressures

The company’s mNAV fell below 1x in November. mNAV, or market-to-net-asset value, measures how much investors are willing to pay above (or below) the value of Strategy’s underlying Bitcoin. 

It matters because Strategy’s entire accumulation strategy depends on issuing equity at a premium—allowing each new share sold to increase Bitcoin per share for existing holders.

This sharp mNAV reversal follows a broader market downturn. Bitcoin fell more than 30% from its October peak, dropping below $90,000. 

Meanwhile, Strategy shares fell faster, reflecting concerns about the company’s reliance on capital markets and rising preferred stock costs.

Strategy’s capital structure has become a central issue. The firm holds only $54 million in cash and owes more than $640 million in annual preferred dividends. 

The company’s software business remains cash-flow negative for 2025, widening the gap between obligations and internal liquidity.

As a result, Strategy has leaned on capital markets. It raised about $20 billion in the first nine months of 2025 across convertibles, preferred stock, and at-the-market equity. 

That funding kept its Bitcoin accumulation going while servicing older instruments with high and rising coupons.

However, the mechanics that once made this model accretive have weakened. When Strategy traded at large premiums to net asset value, issuing shares increased Bitcoin per share for holders. 

That effect disappears when the premium collapses. Issuing stock near NAV risks dilution rather than accretion.

Pressure increased as the cost of capital climbed. The company’s STRC preferred shares raised their dividend from 9% in July to 10.5% in November to maintain par value. 

New preferred offerings carry coupons above 10%, with penalty rates up to 18% if unpaid. These terms increase the annual burden and reinforce investor concerns about sustainability.

Market Liquidity, MSCI Risks, and the Future of the Premium

Market confidence further deteriorated after the October 10 crash. Bitcoin dropped about 17% as leveraged liquidations exceeded $19 billion. Order-book depth collapsed across exchanges, highlighting the fragility of liquidity during stress. 

For a holder of more than 3% of Bitcoin’s supply, this episode amplified fears about potential forced selling.

The index-inclusion threat compounds the problem. MSCI is consulting on excluding companies with more than 50% of assets in digital currencies from its indices. 

THE $48 BILLION MATH ERROR

Strategy Inc. just disclosed something extraordinary. They own 649,870 Bitcoin. That is 3.26 percent of every Bitcoin that will ever exist. Total cost: $48.37 billion.

They also disclosed the numbers that prove this cannot survive the next 90 days.… pic.twitter.com/SIEI6njNyB

— Shanaka Anslem Perera ⚡ (@shanaka86) November 23, 2025

Strategy sits near 77% Bitcoin by asset share. JPMorgan estimates such an exclusion could trigger around $2.8 billion in passive outflows, with up to $8.8 billion possible if other index providers follow.

If indices proceed with exclusion in February 2026, MicroStrategy’s mNAV could compress further. Lower premiums reduce the viability of equity issuance, which Strategy has used to manage its obligations and continue accumulation. 

A persistent discount would complicate refinancing and weaken the company’s ability to defend its capital structure.

very important week coming up for $MSTR (and markets overall). @MicroStrategy is currently trading below NAV (ie its market cap is lower than the value of its $BTC holdings).

no treasury company has ever traded below its NAV for an extended period of time.

the model only…

— Dom Kwok | EasyA (@dom_kwok) November 16, 2025

Strategy maintains that its balance sheet offers long-term strength. It recently claimed “71 years” of dividend coverage based on the current market value of its Bitcoin. 

However, that calculation assumes frictionless sales, no price impact, and no tax obligations. The October crash demonstrated how quickly liquidity can evaporate under stress.

Will MicroStrategy’s Bitcoin Premium Return?

The narrowing mNAV reflects a market reassessment of leverage, liquidity, and risk. Investors appear less willing to pay a premium for exposure they can now access through spot Bitcoin ETFs without corporate debt and preferred stock layers.

The premium may return if Bitcoin rallies sharply or if index providers soften their stance. Yet the structural pressures remain. 

Rising dividend obligations, negative operating cash flow, and a weakening equity premium leave Strategy more exposed than before. 

Until those pressures ease, the market’s message is clear. Investors are no longer paying extra for the Strategy model, and the days of easy accretive issuance appear to be over. 

Whether the premium returns now depends on Bitcoin strength, index decisions, and Strategy’s ability to navigate its most difficult period yet.

The post Is MicroStrategy’s mNAV Premium Gone for Good? appeared first on BeInCrypto.

Monad’s MON token continues to rally after its long-anticipated mainnet launch, defying the steep post-airdrop declines that dominated 2025. The token has climbed more than 70% above its Coinbase sale price while the broader crypto market trades under heavy pressure. 

Data from on-chain activity, exchange flows, and token distribution offer a clear explanation for the outperformance — and reveal how long the rally may realistically last.

Strong Day-One Performance Sets the Tone

Monad launched its public mainnet and MON token on November 24 with roughly 10–11% of its 100 billion supply unlocked. 

The airdrop and public sale provided liquidity, while more than 50.6% of the supply (team, investors, treasury) remained locked through 2029.

The launch attracted immediate attention. MON dipped about 15% in early trading, hitting $0.02 as airdrop sellers exited. 

Buyers quickly absorbed the flow. Within 24 hours, MON traded near $0.03–0.035, and now sits around $0.04, more than 50–70% above its $0.025 public sale price.

This strength stands out in a market where Bitcoin has dropped below $90,000 and total crypto market capitalization has fallen by more than a trillion dollars since October.

Airdrop and Token Sale Created a Stable Holder Base

Monad distributed roughly 4.73 billion MON in airdrops to 289,000 eligible accounts, with 3.33 billion ultimately claimed. The design targeted DeFi power-users, NFT traders, testnet contributors, and DAO participants rather than quest farmers.

The Coinbase token sale, which raised $269 million from about 85,820 participants, added a second cohort of committed holders. These buyers anchored around the $0.025 sale price and proved less eager to dump at launch.

Because insiders remain locked, early sellers were mostly airdrop recipients. This dynamic helped prevent the heavy cascades that crushed many 2025 airdrops.

my monad airdrop is worth $14,000?

what the actual fuck

hello wtf pic.twitter.com/zHkEdQQsIT

— Loshmi (@loshmi) November 25, 2025

Heavy Exchange Coverage Shielded MON From Volatility

MON was listed across major exchanges on day one, including Coinbase, Upbit, Bithumb, Kraken, Bybit, Bitget, Crypto.com, and MEXC. Derivatives opened on multiple venues, giving traders hedging options.

Deep order books absorbed airdrop selling. Market makers tightened spreads, and cross-venue liquidity reduced fragmentation. Traders could short, long, or hedge without flooding spot markets.

This broad coverage sharply contrasts with earlier L1 launches that relied on thin liquidity pools and fragmented markets, often triggering immediate 50–80% crashes.

Huge respect to @monad for not paying the Binance cartel listing fee.

Probably not a coincidence that the price is going up.

No serious project should waste millions of dollars for nothing (study Binance TGEs this cycle).

gMonad

— Aylo (@alpha_pls) November 25, 2025

On-Chain Activity Surprised the Market

Monad’s first 24 hours delivered rare on-chain traction for a new L1. Nansen recorded:

• 3.7 million transactions
  
• 153,000 active addresses
  
• 18,000 contract deployments

These figures exceed what many blockchains achieve in their first year. They show early real usage from bots, arbitrageurs, developers, and liquidity programs.

.@Monad went live less than 24 hours ago

It already cleared:
– 3.7M daily txns
– 153K active addresses
– 18K contract deployments

That’s higher day-one activity than most chains in their first year

🧵 👇 pic.twitter.com/ggUwfOyjx7

— Nansen 🧭 (@nansen_ai) November 25, 2025

TVL reached ~$90 million, with Uniswap, Gearbox, Curve, and native dApps launching within hours. DEX volume crossed $70 million, driven by concentrated liquidity pools and farming incentives.

This early activity reinforced the perception that Monad launched as a functioning ecosystem, not as a speculative token awaiting future development.

Monad’s Rare Relative-Strength Play in a Weak Market

MON’s rally stands out because the rest of the market remains fragile. Bitcoin’s slide under $90,000 triggered retail outflows and pushed sentiment indicators into extreme fear.

Traders rotated into MON due to its relative strength. New tokens with credible metrics often attract momentum capital when major assets struggle.

This reflexive flow — strength attracting more capital — added fuel to the rally.

Arthur Hayes Goes All-In

Arthur Hayes weighed in with a sarcastic comment that captured the market mood. 

Just what this bull market needs another low float , high FDV useless L1. But obvi I aped. It’s a bull market bitches!$MON to $10 pic.twitter.com/UMSDWWmp5a

— Arthur Hayes (@CryptoHayes) November 25, 2025

He highlighted MON’s low float and high FDV (fully diluted valuation). With only around 10% of supply circulating and FDV near $3–4 billion, MON fits the low-float pattern that dominates early-stage price action.

Yet Hayes admitted he bought anyway. His remark reflects how traders treat early L1 tokens: fundamentally risky, but attractive for short-term speculation.

How Long Can the Monad Rally Last?

The current data and patterns point to three time horizons that shape MON’s outlook.

Short Term: Rally Can Sustain

Monad has absorbed its largest early unlocks. Liquidity remains deep, and on-chain usage is rising. Incentive programs are launching, and trading flows remain strong. 

Under these conditions, MON can maintain upward momentum for days or weeks.

Medium Term: Unlock Pressure Builds

Over the next several months, the circulating supply will rise as vesting tranches unlock. Even disciplined insider distribution adds structural sell pressure. 

Activity may normalize after early incentives fade. If TVL flattens or starts slipping, the narrative could shift.

Longer Term: Fundamental Execution Matters

MON’s FDV places high expectations on the chain. Sustained growth in TVL, real applications, and developer traction will determine long-run resilience. 

Without continued expansion, valuation compression becomes likely as supply expands.

In 2017 $ADA went from $3B → $30B in less than a month$MON just launched at $3B

Imagine the smell 💜 @monad pic.twitter.com/9LEg9WXNW9

— zac.eth 🧙🏻‍♂️♦️ (@zacxbt) November 24, 2025

Monad Token Outlook

Monad’s rally stems from a rare combination of strong distribution design, deep exchange liquidity, high early usage, and standout performance during a weak market. 

This alignment makes MON one of the few 2025 airdrop tokens to defy the typical post-launch collapse.

The rally can continue in the short term as long as on-chain demand holds and liquidity remains supportive. However, the token’s high FDV and long vesting schedule introduce clear medium-term risks.

For now, MON remains a high-momentum asset driven by early fundamentals and speculative flows. 

However, the durability of that momentum will depend on whether Monad converts its powerful first 48 hours into sustained ecosystem growth.

The post Monad Is Still Rallying, But How Long Will It Last? appeared first on BeInCrypto.

Pada November 2025, pasar aset kripto kehilangan lebih dari US$1,3 triliun dalam nilai. Bitcoin turun dari US$126.000 menjadi di bawah US$85.000 dalam beberapa minggu.

Namun, bagaimana perbandingannya dengan kehancuran yang dipicu oleh FTX pada tahun 2022, yang mengguncang dasar dunia aset digital?

Kerugian Kapitalisasi Pasar dan Penurunan Harga

Analis pasar kini memperdebatkan apakah pembalikan tajam tahun ini lebih merugikan dibandingkan kehancuran seluruh industri yang dipicu kebangkrutan FTX tiga tahun silam.

Secara teori, penjualan bulan ini sangat besar. Secara praktis, ini lebih merupakan koreksi tajam daripada krisis sistemik.

Bitcoin's weekly RSI just hit levels lower than the FTX collapse and the covid crash.

Does that mean the bottom is near?

h/t @Sykodelic_ @gammichan pic.twitter.com/wL4vfJkunH

— Lark Davis (@TheCryptoLark) November 24, 2025

Antara Oktober dan November 2025, total kapitalisasi pasar kripto turun sekitar 30%, dari rekor US$4,2 triliun menjadi di bawah US$3 triliun. Bitcoin kehilangan hampir 32% nilainya, sementara Ethereum kehilangan lebih dari 40%.

Namun, angka-angka ini tidak sebanding dengan skala tahun 2022.

Setelah kehancuran FTX, pasar anjlok 73% dari puncaknya tahun 2021. Bitcoin mencapai titik terendah di US$15.500, kehilangan lebih dari tiga perempat nilainya. Ethereum turun lebih dari 80% menjadi di bawah US$900.

Likuidasi dan Perilaku Trading

Likuidasi pada tahun 2025 melampaui rekor sebelumnya. Pada bulan Oktober, lebih dari US$19 miliar dalam posisi kripto dengan leverage dihapus dalam satu hari. Itu hampir sepuluh kali lipat dari hari terburuk selama crash tahun 2022.

Namun, pada tahun 2022, trader juga menghadapi kejutan sistemik. Kegagalan FTX, Celsius, Voyager, dan 3AC memicu gelombang panggilan margin dan dana yang dibekukan.

Walaupun tahun 2025 melihat lebih banyak likuidasi, dampaknya sebagian besar terbatas pada volatilitas harga dan tidak menimbulkan kebangkrutan platform yang meluas.

165,000 Bitcoin taken off Coinbase over the weekend!
Cause TBD. But the last comparable plunge was just after FTX collapsed. Bitcoin was $16K pic.twitter.com/W3DQWDkzht

— Charles Edwards (@caprioleio) November 24, 2025

Dampak Pasar Institusional dan Publik

Kehancuran FTX menghancurkan kepercayaan di seluruh industri. Core Scientific mengajukan kebangkrutan. Pemberi pinjaman kripto menghilang. Perusahaan publik seperti MicroStrategy dan Coinbase kehilangan lebih dari 80% nilai sahamnya.

Sebaliknya, crash kripto terbaru ini tidak menyebabkan kebangkrutan besar di antara perusahaan tercatat. ETF memang mengalami arus keluar yang memecahkan rekor—lebih dari US$3,7 miliar sejak bulan Oktober. Tapi mereka tetap berfungsi.

Perusahaan seperti MicroStrategy bahkan menambah holdings mereka, menandakan kepercayaan daripada krisis.

Sentimen dan Latar Belakang Ekonomi Makro

Kedua periode memicu ketakutan ekstrem. Pada November 2025, indeks sentimen jatuh ke level terendah setahun terakhir. Namun, investor tidak terkejut mendadak.

Pada tahun 2022, kejatuhan FTX datang sebagai kejutan. Miliar dolar aset pelanggan menghilang. Ketakutan yang dihasilkan lebih dalam dan lebih merusak. Investor institusi menghentikan aktivitas. Regulator meluncurkan tindakan keras global.

Sementara itu, bulan ini, investor mundur—tapi tetap terlibat. Arus keluar ETF berlangsung tertib. Hedge fund berjaga-jaga daripada melarikan diri. Kondisi regulasi, meskipun tidak pasti, tidak didorong krisis.

The Crypto Spring Is Compressed. Window Is Closing…

Yes, the cycle has been difficult…

Even people who've been through multiple cycles start questioning everything.

But then you zoom out:

– Realized losses now match FTX collapse levels

– QT ending in days after harshest… pic.twitter.com/loLdSCtHQe

— Dan Gambardello (@dangambardello) November 24, 2025

Keruntuhan FTX Masih Menjadi Raja dari Semua Pasar Bear Kripto

Crash kripto tahun 2025 tajam, tapi terkendali. Nilainya menghilangkan lebih dari satu triliun dolar dan memicu likuidasi rekor. Namun, struktur pasar tetap bertahan.

Kehancuran tahun 2022 lebih dalam, lebih lama, dan merusak secara sistemik. Itu menghancurkan perusahaan rapuh, membekukan aset pelanggan, dan hampir meruntuhkan kepercayaan institusional.

Walaupun menyakitkan, November 2025 tidak lebih buruk daripada kejatuhan era FTX. Itu adalah koreksi berisiko tinggi—bukan krisis mendasar.

Token MON Monad melonjak lebih dari 35% dalam 24 jam setelah peluncuran, menentang pasar airdrop yang dingin dan penjualan besar-besaran aset digital pada bulan November.

MON diperdagangkan sekitar US$0,035 pada hari Senin, naik dari kisaran awal dekat US$0,025 saat likuiditas menyebar di berbagai exchange utama.

Monad Bersinar Terang di Tengah Bear Market

Pergeseran ini menonjol di tengah pasar di mana sebagian besar airdrop kesulitan. Penelitian industri terbaru menunjukkan hampir 90% token airdrop mengalami penurunan dalam beberapa hari, dipengaruhi oleh likuiditas tipis, FDVs tinggi, dan penjualan agresif dari penerima.

Namun, MON justru naik kuat meskipun lebih dari 10,8 miliar token memasuki sirkulasi melalui klaim airdrop dan penjualan token publik.

$MON TGE today.

Simplest Monad airdrop play is still liquid staking. Stake and forget while farming points.

If Monad does well, one of the $MON LSTs will be Lido of ETH and Jupiter for Solana.

Question is which.

I look for:

– Exclusive to Monad
– No TGEd yet
– Already…

— Ignas | DeFi (@DefiIgnas) November 24, 2025

Token ini diluncurkan pada 24 November bersamaan dengan peluncuran mainnet Monad. Sekitar 76,000 wallet mengklaim 3,33 miliar MON dari airdrop 4,73 miliar token, sementara 7,5 miliar lainnya terbuka dari penjualan token Coinbase.

Airdrop itu sendiri bernilai sekitar US$105 juta pada harga perdagangan awal.

Kinerja MON juga bertolak belakang dengan penurunan pasar yang lebih luas. Bitcoin jatuh di bawah US$90,000 minggu lalu setelah holder jangka panjang menjual lebih dari 815,000 BTC selama 30 hari.

Total nilai pasar kripto telah jatuh lebih dari US$1 triliun sejak Oktober, dan sentimen berada di wilayah ketakutan ekstrim.

Namun, permintaan perdagangan MON tetap kuat. Harganya pulih dari tekanan awal penjualan dan naik perlahan melalui sesi sore.

Sebagian besar exchange besar melisting token saat peluncuran, termasuk Coinbase, Kraken, Bybit, KuCoin, Bitget, Gate.io, dan Upbit, yang mendukung likuiditas lebih dalam.

Analis mengaitkan pergerakan ini dengan minat yang tertanam dalam desain L1 berperforma tinggi Monad dan struktur peluncuran yang menghindari inflasi tajam yang terlihat dalam airdrop lain tahun ini.

People really gravedancing on Monad right before a 4 hour 50% up candle at the most obvious support on planet earth

Man I love this game

— DonAlt (@CryptoDonAlt) November 24, 2025

Proyek ini memberikan salah satu distribusi terbesar tahun 2025 tetapi menjaga pasokan yang beredar nyata difokuskan pada pengguna awal dan peserta penjualan publik daripada petani spekulatif.

Reli MON muncul sebagai pengecualian langka dalam siklus bear November. Kekuatan awalnya kini menempatkan token ini sebagai salah satu airdrop sedikit yang mencatatkan keuntungan segera tahun ini alih-alih penurunan tajam.

Coinbase menyatakan pada 24 November bahwa mereka akan membuka perdagangan spot untuk Fluid (FLUID) dan World Mobile Token (WMTX) pada 25 November 2025.

Pengumuman ini muncul di tengah salah satu penurunan terparah tahun 2025, dan kedua token ini mengalami pemulihan intraday yang kecil namun terlihat setelah berminggu-minggu mengalami tekanan.

Listing Coinbase Berikan Beberapa Optimisme untuk Altcoin Ini

Pasar yang lebih luas tetap dalam sentimen negatif yang dalam. Bitcoin masih berkisar di pertengahan US$80.000, dan altcoin utama terus mengalami penurunan sepanjang November. 

Di tengah latar belakang tersebut, bahkan reaksi kecil ke atas terlihat menonjol. 

Baik FLUID dan WMTX membukukan rebound ringan pada 24 November setelah pengumuman dari Coinbase. Pergerakan harga ini jauh dari reli breakout, tapi cukup untuk mematahkan tren penurunan selama beberapa hari yang terlihat pada grafik 24 jam mereka.

Spot trading for Fluid (FLUID) and World Mobile Token (WMTX) will go live on 25 November 2025. The opening of our FLUID-USD and WMTX-USD trading pairs will begin on or after 9AM PT, if liquidity conditions are met, in regions where trading is supported. pic.twitter.com/niDFzmMxay

— Coinbase Markets 🛡️ (@CoinbaseMarkets) November 24, 2025

Fluid (FLUID), yang sebelumnya dikenal sebagai Instadapp (INST), mendukung protokol DeFi yang menggabungkan pinjaman, peminjaman, dan perdagangan dalam satu sistem likuiditas terpadu. 

Token ini berada di bawah tekanan jual yang berkelanjutan sejak awal November, meskipun protokolnya memiliki lebih dari US$1,4 miliar dalam TVL. 

Fluid highlights: pic.twitter.com/6LFTDlZgp8

— Fluid 🌊 (@0xfluid) October 7, 2025

Sementara itu, World Mobile Token (WMTX) mendukung World Mobile Chain, proyek infrastruktur telekomunikasi terdesentralisasi yang dibangun di sekitar node nirkabel fisik. Proyek ini berada dalam sektor DePIN, yang menggabungkan blockchain dengan infrastruktur dunia nyata.

WMTX diperdagangkan dengan berat sepanjang bulan November karena sentimen risk-off menghantam altcoin dengan kapitalisasi menengah. Pasokan beredarnya jauh lebih besar dibanding FLUID—sekitar 794 juta—membuat pergerakan harga lebih lembut selama periode likuiditas rendah. 

Pengumuman listing Coinbase mendorong WMTX naik dari basis US$0,096 menuju US$0,102. Meskipun peningkatannya kecil, ini memecahkan pola datar selama beberapa hari dan menunjukkan tanda-tanda awal minat pembeli yang baru.

Sinyal Kecil Tapi Menonjol di Bulan Bearish

Listing di Coinbase tidak lagi memicu lonjakan harga yang eksplosif dalam banyak kasus, terutama selama penurunan yang digerakkan oleh makro dan sentimen. Namun, bulan November ditandai dengan arus keluar besar-besaran, penurunan likuiditas, dan percepatan penjualan oleh holder jangka panjang di seluruh pasar. 

Dalam konteks tersebut, reaksi dari FLUID dan WMTX—dua token yang terkait dengan narasi DeFi yang digerakkan oleh infrastruktur dan DePIN—menawarkan sinyal positif yang jarang terjadi.

Kedua proyek tetap aktif terlibat, dan trader nampaknya memonitor bagaimana listing ini dapat mempengaruhi likuiditas setelah pasar AS mendapatkan akses spot langsung.

The cryptocurrency market lost over $1.3 trillion in value by November 2025. Bitcoin dropped from $126,000 to below $85,000 in a few weeks. 

But how does this compare to the FTX-driven meltdown of 2022, which shook the foundation of the digital asset space?

Market Cap Losses and Price Drawdowns

Market analysts now debate whether this year’s sharp reversal is more damaging than the industry-wide collapse triggered by FTX’s bankruptcy three years ago. 

On paper, this month’s sell-off is massive. In practice, it’s more of a sharp correction than a systemic crisis.

Bitcoin's weekly RSI just hit levels lower than the FTX collapse and the covid crash.

Does that mean the bottom is near?

h/t @Sykodelic_ @gammichan pic.twitter.com/wL4vfJkunH

— Lark Davis (@TheCryptoLark) November 24, 2025

Between October and November 2025, crypto’s total market cap dropped about 30%, falling from a record $4.2 trillion to under $3 trillion. Bitcoin shed nearly 32% in value, while Ethereum lost over 40%.

However, these numbers don’t match the scale of 2022. 

After FTX’s implosion, the market plunged 73% from its 2021 highs. Bitcoin bottomed out at $15,500, losing over three-quarters of its value. Ethereum fell more than 80% to below $900.

Liquidations and Trading Behavior

Liquidations in 2025 surpassed previous records. In October, over $19 billion in leveraged crypto positions were wiped out in a single day. That’s nearly ten times more than the worst day during the 2022 crash.

Yet, in 2022, traders also faced systemic shocks. The failure of FTX, Celsius, Voyager, and 3AC triggered a cascade of margin calls and frozen funds. 

Although 2025 saw more liquidations, the impact was largely confined to price volatility and didn’t trigger platform-wide insolvencies.

165,000 Bitcoin taken off Coinbase over the weekend!
Cause TBD. But the last comparable plunge was just after FTX collapsed. Bitcoin was $16K pic.twitter.com/W3DQWDkzht

— Charles Edwards (@caprioleio) November 24, 2025

Institutional and Public Market Impact

The FTX collapse shattered trust across the industry. Core Scientific filed for bankruptcy. Crypto lenders vanished. Public companies like MicroStrategy and Coinbase lost over 80% of their stock value.

By contrast, the latest crypto crash has seen no major bankruptcies among listed firms. ETFs did suffer record outflows—over $3.7 billion since October. But they remained functional. 

Companies like MicroStrategy even added to their holdings, signaling confidence rather than crisis.

Sentiment and Macro Backdrop

Both periods triggered extreme fear. In November 2025, sentiment indices dropped to their lowest levels in a year. However, investors weren’t blindsided.

In 2022, the FTX collapse came as a shock. Billions in customer assets vanished. The resulting fear was deeper and more corrosive. Institutional investors froze activity. Regulators launched global crackdowns.

Meanwhile, this month, investors pulled back—but stayed engaged. ETF outflows were orderly. Hedge funds hedged rather than fled. Regulatory conditions, while uncertain, were not crisis-driven.

The Crypto Spring Is Compressed. Window Is Closing…

Yes, the cycle has been difficult…

Even people who've been through multiple cycles start questioning everything.

But then you zoom out:

– Realized losses now match FTX collapse levels

– QT ending in days after harshest… pic.twitter.com/loLdSCtHQe

— Dan Gambardello (@dangambardello) November 24, 2025

FTX Collapse Remains the King of All Crypto Bear Markets

The 2025 crypto crash is sharp, but contained. It erased over a trillion dollars in value and triggered record liquidations. However, the market structure held.

The 2022 collapse was deeper, longer, and systemically damaging. It wiped out fragile firms, froze customer assets, and nearly broke institutional trust.

While painful, November 2025 is not worse than the FTX-era collapse. It’s a high-stakes correction—not a foundational crisis.

The post Is the November 2025 Crypto Crash Worse Than the FTX-Era Bear Market? appeared first on BeInCrypto.

Monad’s MON token surged more than 35% within 24 hours of launch, defying both a cold airdrop market and a deep November sell-off across digital assets. 

MON traded around $0.035 on Monday, rising from an early range near $0.025 as liquidity spread across major exchanges.

Monad Shines Bright Amid the Bear Market

The move stands out against a market where most airdrops have struggled. Recent industry research shows nearly 90% of airdropped tokens decline within days, driven by thin liquidity, high FDVs, and aggressive selling from recipients. 

MON instead climbed strongly despite more than 10.8 billion tokens entering circulation from airdrop claims and a public token sale.

$MON TGE today.

Simplest Monad airdrop play is still liquid staking. Stake and forget while farming points.

If Monad does well, one of the $MON LSTs will be Lido of ETH and Jupiter for Solana.

Question is which.

I look for:

– Exclusive to Monad
– No TGEd yet
– Already…

— Ignas | DeFi (@DefiIgnas) November 24, 2025

The token launched on November 24 alongside Monad’s mainnet. Around 76,000 wallets claimed 3.33 billion MON from a 4.73 billion-token airdrop, while 7.5 billion more unlocked from Coinbase’s token sale. 

The airdrop alone was valued near $105 million at early trading prices.

MON’s performance also contrasts with the broader market downturn. Bitcoin fell below $90,000 last week after long-term holders sold more than 815,000 BTC over 30 days. 

Total crypto market value has dropped by over $1 trillion since October, and sentiment sits in extreme fear territory.

However, MON’s trading demand remained resilient. Its price recovered from initial selling pressure and climbed steadily through the afternoon session. 

Most large exchanges listed the token at launch, including Coinbase, Kraken, Bybit, KuCoin, Bitget, Gate.io, and Upbit, supporting deeper liquidity.

Analysts attribute the move to pent-up interest in Monad’s high-performance L1 design and a launch structure that avoided the steep inflation seen in other airdrops this year.

People really gravedancing on Monad right before a 4 hour 50% up candle at the most obvious support on planet earth

Man I love this game

— DonAlt (@CryptoDonAlt) November 24, 2025

The project delivered one of 2025’s largest distributions but kept real circulating supply focused on early users and public sale participants rather than speculative farmers.

MON’s rally comes as a rare outlier in November’s bear cycle. Its early strength now positions the token as one of the few airdrops this year to post immediate gains instead of sharp declines.

The post Monad Token Defies Market Rout With Sharp Post-Launch Rally appeared first on BeInCrypto.

Coinbase said on November 24 that it will open spot trading for Fluid (FLUID) and World Mobile Token (WMTX) on November 25, 2025.

The announcement arrives during one of the harshest drawdowns of 2025, and both tokens saw modest but noticeable intraday recoveries after weeks of pressure.

Coinbase Listing Gives Some Optimism To These Altcoins

The broader market remains deep in negative sentiment. Bitcoin is still hovering in the mid-$80,000s, and major altcoins have continued to bleed throughout November. 

Against that backdrop, even small upside reactions stand out. 

Both FLUID and WMTX posted mild rebounds on November 24 following Coinbase’s announcement. The price movements are far from breakout rallies, but enough to break multi-day downtrends visible on their 24-hour charts.

Spot trading for Fluid (FLUID) and World Mobile Token (WMTX) will go live on 25 November 2025. The opening of our FLUID-USD and WMTX-USD trading pairs will begin on or after 9AM PT, if liquidity conditions are met, in regions where trading is supported. pic.twitter.com/niDFzmMxay

— Coinbase Markets 🛡️ (@CoinbaseMarkets) November 24, 2025

Fluid (FLUID), formerly Instadapp (INST), underpins a DeFi protocol that merges lending, borrowing, and trading into a unified liquidity system. 

The token has been under sustained selling pressure since early November, despite the protocol holding more than $1.4 billion in TVL. 

Fluid highlights: pic.twitter.com/6LFTDlZgp8

— Fluid 🌊 (@0xfluid) October 7, 2025

Meanwhile, World Mobile Token (WMTX) powers the World Mobile Chain, a decentralised telecom infrastructure project built around physical wireless nodes. The project sits in the DePIN sector, which blends blockchain with real-world infrastructure.

WMTX has traded heavily throughout November as risk-off sentiment hit mid-cap altcoins. Its circulating supply is far larger than FLUID’s—around 794 million—making price moves more muted during low-liquidity periods. 

The Coinbase listing announcement helped push WMTX off its $0.096 base and toward $0.102. Even though the uptick is small, it breaks a flat multi-day pattern and introduces early signs of renewed buyer interest.

A Small But Notable Signal In a Bearish Month

Coinbase listings no longer trigger explosive price spikes in most cases, especially during a macro and sentiment-driven downturn. But November has been defined by heavy outflows, declining liquidity, and accelerated long-term holder selling across the market. 

In that context, the reaction from FLUID and WMTX—two tokens tied to infrastructure-driven DeFi and DePIN narratives—offers a rare positive signal.

Both projects remain actively engaged, and traders appear to be monitoring how the listings may impact liquidity once US markets gain direct spot access.

The post Coinbase Lists Two DeFi Tokens In November’s Bear Market appeared first on BeInCrypto.

Bitcoin has dropped below $100,000 for the second time in a week, losing 12% in a month. The overall crypto market has lost over $700 billion in the past month, as the Fear and Greed Index has fallen to ‘extreme fear’. 

So, do all of these market indicators signal a bear market? Let’s analyze the technical and historical data. 

Sentiment Signals Are at Bear-Market Levels

The Fear & Greed Index at 10 reflects extreme fear comparable to early 2022 and June 2022, both confirmed bear-market phases.

• Yesterday: 16
  
• Last week: 20
  
• Last month: 28
  

The trend shows accelerating fear, not stabilizing sentiment. Bear runs usually begin with this kind of persistent fear compression.

However, sentiment alone does not confirm a bear market — it only signals capitulation or exhaustion.

Bitcoin Has Broken Its Most Important Bull-Market Support

The 365-day moving average is the long-term structural pivot.

Current situation:

• The 365-day MA is near $102,000.
  
• Bitcoin is trading below it.
  
• The breakdown mirrors December 2021, when price lost the same MA and the bear market started.
  

Historically:

Cycle	MA Lost?	Outcome
2018	Yes	Full bear market
2021	Yes	Full bear market
2025	Yes (now)	Bear-phase risk rising

Failing to reclaim this level quickly often confirms a cycle regime shift. This is one of the strongest technical arguments for a bear-market transition.

Bitcoin "Death Cross" Just Flashed!

The Death Cross (An ironically BULLISH indicator) has just triggered, EXACTLY timed with BTC tagging the lower boundary of the megaphone pattern it's in.

Several weeks ago we predicted this would happen around mid-November. Well, here we are.… https://t.co/quqAs4qhXn pic.twitter.com/xBDjoMFnrL

— 𝙲𝚘𝚕𝚒𝚗 𝚃𝚊𝚕𝚔𝚜 𝙲𝚛𝚢𝚙𝚝𝚘 🪙 (@ColinTCrypto) November 15, 2025

On-Chain Cost Basis Shows Early Capitulation, Not Distribution Top

The 6–12 month UTXO (Unspent Transaction Output) realized price now sits around $94,600. Bitcoin price currently stands slightly above this level.

This matters because:

• These holders bought during the ETF rally.
  
• They represent “bull-cycle conviction buyers.”
  
• When their position enters loss, market structure weakens.
  

In 2021, Bitcoin price falling below this cohort’s cost basis was one of the final signals before the extended downtrend. This is the first time that cost-basis stress has reappeared since 2022.

This supports the idea of a mid-cycle break, not yet a full macro bear trend.

BULL MARKETS DON’T END LIKE THIS!

I’ve been around for multiple bull/bear markets,
2001 dotcom, 2008 housing, 2017 crypto , 2021 crypto etc etc.

When bull markets end , either something breaks or belief in the asset/ market crumbles.

In 2001, people really doubted the…

— Ran Neuner (@cryptomanran) November 15, 2025

RSI Shows Oversold Conditions, Typical of Mid-Cycle Crashes

Market-wide RSI readings:

• Average crypto RSI: 43.09
  
• BTC RSI is among the lowest in large caps
  
• Only 2.5% of assets are overbought
  
• Most are in oversold territory
  

This resembles May–July 2021, August 2023, and August 2024. Each was a mid-cycle correction, not an end-of-cycle bear. When RSI stays deeply oversold for weeks, bearish momentum confirms.

Right now, RSI shows stress but not yet trend reversal.

MACD Shows Strong Divergence Across the Market

The average normalized MACD is currently 0.02. This indicates weak bullish momentum returning. Also, 58% of the market assets have positive momentum. 

Bitcoin, however, sits deep in the negative zone while altcoins are mixed.

When BTC has negative MACD but the market still has 50%+ positive momentum, the market is in a transition phase rather than a full bear trend.

In full bear markets, 90%+ of assets show negative MACD simultaneously. Right now, that is not the case.

So, Is This a Bear Market?

The crypto market is not in a confirmed bear market — it is in a mid-cycle breakdown with a rising probability of becoming a bear market if two conditions are met.

These are the three conditions that would confirm a bear run:

1. Bitcoin remains below the 365-day MA for 4–6 weeks. This triggered every bear market in 2014, 2018, and 2022.
2. Long-term holders continue heavy distribution. If LTH (long-term holder) selling exceeds 1M BTC over 60 days, the cycle top is in.
3. MACD flips fully negative across the entire market. We are not there yet.

TBH this is the easiest bear market I've ever seen.

Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs–pretty much everything felt like a house of cards.

And then after all that stuff collapsed, the… https://t.co/DUwOZCBG3K

— Haseeb ＞|＜ (@hosseeb) November 14, 2025

Overall, crypto is not yet in a bear market, but the current breakdown puts the market in a high-risk zone where a bear market could form if Bitcoin fails to reclaim long-term support soon.

The post Is Crypto in a Bear Market Now? A Full Market Structure Assessment  appeared first on BeInCrypto.

Aster moved to calm its community after a miscommunication on CoinMarketCap (CMC) led users to believe the project had quietly changed its token unlock schedule. 

The team said the tokenomics remain unchanged and blamed an update on CMC for creating the confusion.

ASTER Token Unlock Confusion

The clarification came hours after Aster community members noticed major upcoming unlocks listed on CMC — including one for December 2025 and two massive releases scheduled for 2035. 

This contradicts earlier statements from the exchange about delaying 2025 unlocks to mid-2026.

A recent update to the tokenomics of ASTER on CoinMarketCap (CMC) has caused confusion within the community. This confusion stemmed from a miscommunication, and we sincerely apologize for the inconvenience caused. We want to clarify that the ASTER tokenomics remain unchanged.…

— Aster (@Aster_DEX) November 15, 2025

The uncertainty started when updated CMC data showed 200 million ASTER scheduled to unlock on December 15, 2025, followed by 3.86 billion ASTER and 1.6 billion ASTER unlocks in 2035. 

Those figures implied that 75% of the token supply was still locked, with 24% currently circulating.

Aster said the CMC update was meant to correct circulating supply information and clarify how unused ecosystem tokens were being treated. 

The team said the tokens that unlock monthly under the ecosystem allocation have never entered circulation and have remained untouched in a locked address since TGE.

To avoid further confusion, Aster will now transfer these unlocked-but-unused tokens to a public, dedicated unlock address to separate them from operational wallets. 

The team said it has no plans to spend from this address.

Why This Matters for ASTER Holders

The episode highlights a recurring issue in crypto markets. Inconsistent or unclear circulating supply data can influence price action, investor expectations, and perceived dilution risk.

Aster’s circulating supply sits around 2.017 billion ASTER, with 6.06 billion still locked. Market cap is roughly $2.28 billion, while the fully diluted value exceeds $9 billion.

A sudden interpretation that large unlocks were imminent may have fueled speculation about dilution, especially as the project recently saw heavy trading volume and rising volatility.

Despite the confusion, ASTER traded higher on the day, moving around $1.14, up about 8% in 24 hours. The price has fluctuated between $1.02–$1.15, stabilizing after an early-morning sell-off.

The post Aster Clarifies Tokenomics After Confusion Over Token Unlock Delays appeared first on BeInCrypto.