Block, Inc. shares soared almost 9% on Wednesday after revealing plans to achieve $15.8 billion in gross profit by 2028 and announcing a $5 billion share repurchase, underscoring confidence in continued profitability.
The three-year outlook, launched at the 2025 Investor Day, marks a strategic shift for the Jack Dorsey-led company. Block is moving beyond its core point-of-sale operation into consumer services, artificial intelligence tools, and Bitcoin infrastructure.
Block mapped out a roadmap targeting mid-teens percentage gross profit growth annually through 2028. The company expects adjusted operating income to rise about 30% per year, reaching $4.6 billion by 2028. Adjusted earnings per share are projected to grow by more than 30% each year, reaching $5.50 in 2028.
The event featured a rare appearance by CEO Jack Dorsey. The stock had dropped 30% earlier in 2025 due to competition in payments. However, the trading halt and subsequent announcement quickly reversed that decline.
For fiscal year 2026, Block projects gross profit rising 17% to nearly $12 billion. Adjusted operating income and earnings per share are each expected to climb by more than 30%, reaching $2.7 billion and $3.20, respectively. The new non-GAAP cash flow metric, which accounts for capital needs in lending, is forecast to get 25% of gross profit—more than $4 billion—by 2028.
Block aims to achieve the “Rule of 40” benchmark in 2026 and sustain it through 2028. This performance measure, combining revenue growth and profit margin over 40%, is a key target for software and fintech firms. Block’s official release emphasized efficiency, scale, and product innovation in its financial networks.
The expanded buyback program adds $5 billion to the $1.1 billion remaining from a previous authorization. In total, Block now has about $6.1 billion available for share repurchases, signaling confidence in cash generation.
Recent Performance Lays Out Growth Platform
Block reported mixed Q3 results, with earnings and revenue slightly missing analyst expectations. However, gross profit rose 18.3%, driven primarily by Cash App’s 24.3% increase. Square also contributed with a 9.2% gain in gross profit.
Cash App remained Block’s growth engine. Monthly active users reached 58 million, with profit per user rising 25.3%. Gross Payment Volume grew 10.9% year-over-year.
Subscription and services revenue increased 22.6%, indicating healthy recurring income streams. Bitcoin-related revenue, however, fell 19%. Despite this, Block maintains strong liquidity with ample cash reserves against manageable debt levels.
Management noted that since 2022’s investor day, gross profit has nearly doubled and adjusted EBITDA has tripled. The company now runs 26 products generating over $100 million in annual gross profit, showing healthy diversification across its portfolio.
Strategic Initiatives Broaden Block’s Reach
Block’s expansion plan includes ventures in tech and finance beyond payment processing. Its brands include Square, Cash App, Afterpay (buy-now-pay-later), TIDAL (music streaming), Bitkey (Bitcoin wallets), and Proto (Bitcoin mining products).
In October, Square launched Square Bitcoin, enabling over 4 million US merchants to accept and manage Bitcoin through existing Square systems. Merchants can accept Bitcoin at checkout, convert up to 50% of daily sales, and manage holdings on the Square Dashboard.
The Bitcoin payment program began with zero transaction fees for 1 year, starting November 10, 2025. The rollout covers all US states except New York due to regulatory limits. The 2024 pilot saw merchants accumulate 142 BTC, indicating strong interest in BNB and other cryptocurrencies among retailers.
The company is deploying artificial intelligence tools for merchants and expanding Cash App’s financial services. Management stressed technical unification and efficiency across the ecosystem. These efforts aim to reduce reliance on the core point-of-sale business, where competition from PayPal, Stripe, and traditional processors has grown.
COO and CFO Amrita Ahuja underscored Block’s focus on scale and long-term value. Leadership voiced confidence in innovation and investment as drivers of compounding growth and margin expansion through 2028.
Over its 10-year journey since its 2015 IPO, Block has transformed from a card reader provider into a diversified fintech giant. The November 19 announcements seek to chart a clear path as the company matures in core markets and pursues growth in cryptocurrency infrastructure and AI-driven services.
Nvidia surprised markets by posting fiscal third-quarter revenue of $57.01 billion, beating Wall Street estimates by almost $2 billion.
Meanwhile, Bitcoin rebounded above $91,000 after briefly dipping below $89,000, as analysts attributed much of the crypto market’s decline to growing concerns about a potential AI bubble.
Nvidia Smashes Wall Street Targets During Volatility
The chip giant reported $1.30 earnings per share and revenue of $57.01 billion for its fiscal third quarter, outperforming estimates of $1.26 EPS and $55.2 billion in revenue. Its data center business, which enables AI applications, contributed $51.2 billion—showing a sharp rise from previous periods.
CEO Jensen Huang noted ongoing strong demand for the company’s Blackwell chip architecture and cloud GPUs, reporting that products remain sold out. Nvidia’s forward guidance was also robust, with projected fiscal fourth-quarter revenue of $65 billion—beating analyst forecasts of $62 billion.
CFO Colette Kress pointed to another driver behind the firm’s results: CUDA-powered accelerators are extending hardware lifespans, boosting customer value, and solidifying Nvidia’s competitive edge in AI infrastructure. While the gaming unit drew $4.3 billion in revenue—slightly under expectations—it still delivered solid returns.
Nvidia’s market value recently surpassed $5 trillion, reinforcing its status as the world’s most valuable company. The stock has climbed 37% year-to-date and 25% over the last 12 months. Shares surged 5% following the earnings report, while chipmakers like AMD and Micron also rode the AI wave.
Bitcoin Rebounds as AI Investment Sentiment Returns
Bitcoin recovered on Thursday morning in Asia, jumping above $91,000 after testing lows below $89,000. The quick rebound implies some investors view current prices as entry opportunities despite uncertainty.
Major investors have recently shown caution toward AI stocks. Peter Thiel exited a $100 million stake in Nvidia. SoftBank sold about $5.8 billion in shares. These moves sparked debate over whether AI-driven rallies can last.
Regulators have also flagged risks. The Bank of England warned of systemic threats from widespread AI use in finance. The IMF cited bubble risks in its global stability assessments.
A Bank of America survey found 45% of fund managers see an AI bubble as the most significant market threat. Google CEO Sundar Pichai and JP Morgan’s Daniel Pinto warned of “irrationality”. Klarna’s CEO expressed concern over massive data center investments driven by AI demand.
However, Nvidia’s Q3 results revived AI investment sentiment. Nvidia defended its business model during its earnings call, while the data center’s accounting methods had been questioned. The strong results proved AI demand remains robust despite skepticism. Bitcoin prices also appeared to benefit from the renewed optimism.
Risk Correlations Deepen Across Crypto and Equities
Recent market turmoil has shown an increased correlation between cryptocurrencies and traditional risk assets. Bitcoin’s decline has mirrored declines across major stock indices such as the S&P 500, Nikkei 225, Hang Seng, and Stoxx Europe 600. Crypto-linked stocks are now more often seen as closely tied to the global risk environment.
Gold, usually considered a haven, also fell amid uncertainty. Rising US interest rates and reduced hopes for near-term Federal Reserve rate cuts have pressured both gold and cryptocurrencies. The global crypto market lost over $1 trillion in value over the last six weeks, losing a quarter of its value since October.
Technical outlooks on Bitcoin remain split. Some analysts interpret current trading as re-accumulation—long-term investors buying at lower prices. Others argue that buyer fatigue signals a possible deeper correction ahead.
Nvidia’s robust results offer some reassurance to investors amid concerns about a bubble. However, whether this can restore wider market confidence or prove to be an outlier remains uncertain as investors navigate complex signals around technology valuations and the economic outlook.
Cardano has been one of the weakest large-cap coins this month. The Cardano price has dropped almost 30% over the past 30 days and nearly 26% since November 11. This drop pushed ADA toward the lower support of its falling wedge, a structure that usually leans bullish but can turn long-term bearish if broken.
Even with this pressure, three important indicators have turned positive just as Cardano sits on its last major support.
Early Signs of Buyer Strength Near Last Support
Two indicators that track buying strength and volume behavior have shifted at the same time, right as the Cardano price reached the critical $0.45 support.
The CMF (Chaikin Money Flow) tracks whether money is flowing in or out based on price and volume. It had been falling since November 10 and even dropped under zero during Cardano’s sharp correction. But from November 16 to November 19, CMF formed a higher high while the price made a lower high. This is a bullish divergence because CMF rising while price weakens shows stronger inflows than the chart reflects.
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On-Balance Volume is a simple way to see if buyers or sellers have been more active. OBV had been stuck under a downward trend line for weeks, matching the steady decline in Cardano price. But as ADA touched the $0.45 zone, OBV pushed above this trend line for the first time in a while. This usually shows buyers starting to participate again before the ADA price reacts.
When CMF and OBV improve together near a major support, it often means the market may be preparing for a short-term recovery attempt. But the Cardano price still needs validation from its on-chain behavior.
Holder Behavior Shows Strong Conviction During the Drop
The Spent Coins Age Band tracks how many tokens from different wallet age groups are being moved. When many coins move at once, it often signals fear or heavy selling. When token movement drops while prices fall, it usually shows conviction from long-term holders.
On November 1, ADA saw its spent coins activity peak with the movement of 159.01 million tokens. By November 19, the metric had dropped by roughly 27%, even though the price kept falling.
This means far fewer tokens moved during the correction. When token movement drops this sharply during a sell-off, it strengthens the idea that Cardano may be trying to save its trendline support rather than break below it. That’s the third reason pushing for the rebound angle.
Cardano Price Must Hold $0.45 or Risk a Breakdown
Cardano price is trading directly on the lower trend line of its falling wedge and its strongest support at $0.45–$0.44. If this zone holds on a daily close, ADA can attempt a rebound. Moving above $0.50–$0.52 would be the first sign of strength, but the real recovery begins only after Cardano retakes $0.60.
That level flips the short-term trend and sets up a retest of $0.69, which is the point where a full wedge breakout becomes possible. Crossing that level would mean that the Cardano price could turn its supposed rebound into a rally attempt.
If the support fails, the structure breaks. A daily close under $0.44 opens a drop toward $0.40, with the possibility of deeper dips if market sentiment weakens further. The bullish setup becomes invalid below this zone.
BMNR stock is up 4.3% today, even as it remains down more than 21% over the past five days, mostly following Ethereum’s 12% slide this week. With Q4 earnings set for November 21, early strength in the BMNR price has raised the question of whether the stock is positioning itself ahead of the market, again.
The last time this happened, BMNR moved much earlier than Ethereum. With bottoming signs flashing across crypto, traders are watching to see if history is lining up once more.
BMNR Has Front-Run Ethereum Before — And Conditions Look Similar
Between June 26 and July 3, Ethereum moved only 10%. In that same period, BitMine (BMNR) surged 3,993% from $3.91 to $160.10. It is worth noting that the Q3 results came out on July 2.
Only after BMNR’s explosion did Ethereum begin its real run, rallying more than 100% from early July to late August. BMNR had clearly priced in the move earlier, showing a pattern of reacting to expectations rather than the move itself.
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Now, with several bottoming signals forming across Bitcoin and Ethereum, traders are asking whether BMNR is again sensing a shift under the surface. The stock is stabilizing right before earnings — the same timing as its July behavior — while the broader crypto market is trying to form a base.
This brings us to what BMNR’s own indicators are signaling.
Divergence Still Supports the Uptrend, but Volume Must Confirm the Breakout
RSI (Relative Strength Index) measures price momentum. Between June 27 and November 17, BMNR made a higher low, while RSI made a lower low. That is hidden bullish divergence, which appears in assets that remain in long-term uptrends even during strong pullbacks.
But the real confirmation still rests with On-Balance Volume (OBV). OBV adds volume on up days and subtracts volume on down days to show who controls the market.
Here is what matters now:
OBV remains below a descending trend line, which has capped every attempt at recovery.
OBV is now curling upward as the result date approaches.
A break above this OBV trend line is the technical trigger that usually leads to large moves in BMNR.
There is also a long-term OBV divergence on the chart.
From September 5 to November 17, the BMNR price made a lower low, but the OBV made a higher low. This is often a sign that seller pressure is fading in the background, even if the price hasn’t reacted yet.
One more positive signal appears on the CMF. The Chaikin Money Flow tracks inflows and outflows using price and volume. CMF has now broken above its descending trend line, which means inflows are rising again right before the result date. This does not confirm a breakout on its own, but it strengthens the case that buyers are returning at the right time.
This aligns with Donald Dean’s NAV model.
$BMNR BitMine Immersion, 3.0% of ETH Supply – Updated Targets, New Net Asset Value (mNAV) Calculations
NAV Targets at 1.6x: $4,000 ETH = $71.10 BMNR $5,000 ETH = $88.06 BMNR $6,000 ETH = $105.02 BMNR
In the downtrend, near support from August. BMNR would need to get above $37… pic.twitter.com/AcPoHgIDS0
Dean uses a NAV multiple where BMNR’s value tracks ETH ownership and cash reserves.
He estimates the stock’s upside using ETH’s percentage moves. This means that if Ethereum rebounds 10%, BMNR’s fair value under Dean’s model moves well above the current range, placing the stock closer to its higher extensions. That’s close to $65, per the chart.
So the next move depends on two things: OBV breakout and Ethereum price direction. If both align near the earnings release, the BMNR price may once again outpace the crypto market.
The Federal Reserve’s newly released minutes from the October 28–29 meeting have thrown fresh uncertainty into the December policy outlook, sharpening market volatility across equities, bonds, and Bitcoin.
While the minutes reflect economic data only available at the time of the meeting, the language shift inside the document has become the latest flashpoint for analysts dissecting the Fed’s next move.
Fed Minutes Expose a Narrow Majority Against a December Rate Cut
The Fed described “many” officials as seeing a December rate cut as “likely not appropriate,” while “several” said a cut “could well be appropriate.”
In Fed-watcher parlance, the hierarchy matters. “some” > “several”, and “many” outweighs both. This indicates that a narrow majority opposed cutting rates in December at the time of the meeting.
💥BREAKING:
FOMC MINUTES:
– MANY SAW DECEMBER RATE CUT AS LIKELY NOT APPROPRIATE
Ahead of this release, markets had already de-risked, with the Bitcoin price slipping below $89,000 to a 7-month low. The sentiment spread across crypto stocks and TradFi indices.
Macro traders say the real story is the razor-thin nature of the Fed divide. The minutes indicate no firm consensus, suggesting December is shaping up to be one of the tightest policy calls since the Fed began its inflation fight.
Some officials emphasized still-elevated inflation risks; others pointed to cooling labor conditions and fading demand. With both sides arming themselves with recent post-meeting data, including softer CPI, stable jobless claims, and cooling retail activity, December could swing on the next two data prints.
For now, the market is recalibrating to a scenario where liquidity is tightening, policy uncertainty is rising, and Bitcoin sits in a structurally vulnerable zone until buyers regain initiative.
If the Fed chooses to hold in December, markets may need to brace for a longer-than-expected plateau and more volatility ahead.
OFFICIAL TRUMP has shown little movement in recent days, with price action flattening as uncertainty grows. The lack of volatility reflects cautious sentiment among holders, who are watching external developments closely.
That pressure is set to intensify after the US Senate approved the release of Epstein files, a decision likely to influence TRUMP’s short-term direction.
OFFICIAL TRUMP Could Bear The Brunt
Market sentiment is weakening as the Relative Strength Index slips below the neutral 50.0 level, signaling growing bearish momentum. A continued drop into the negative zone would confirm increasing downside pressure. With Bitcoin now trading near $90,000, overall market confidence has already eroded, creating a challenging backdrop for risk-sensitive tokens like TRUMP.
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TRUMP faces additional headwinds owing to the Epstein files discourse. The Senate approved a House-passed bill requiring the Justice Department to release documents related to Jeffrey Epstein. Donald Trump has opposed the release previously, and past images of him with Epstein may spark renewed speculation. This combination heightens uncertainty and could weigh heavily on the TRUMP price as investors reassess risk.
Macro momentum indicators confirm a deteriorating outlook. The Chaikin Money Flow has dropped to a five-month low, signaling aggressive capital outflows from TRUMP. The indicator weakened sharply over the past several days, revealing that investors are pulling liquidity and reducing exposure as concerns grow.
Heavy withdrawals indicate fading conviction among holders who fear further controversy and market instability. Sustained negative CMF readings typically point toward prolonged weakness, especially when paired with falling momentum indicators.
TRUMP trades at $7.06, holding just above the $6.89 support level that has stabilized the price for three weeks. The coin’s inability to generate upward traction increases the likelihood of a breakdown. Continued pressure could push TRUMP below this zone as sentiment worsens.
A drop under $6.89 would expose the price to deeper losses, potentially sending it toward $6.55 or $6.24. If fear surrounding the Epstein files intensifies, TRUMP could break below $6.00 for the first time in months and reach $5.86. Bearish sentiment and political uncertainty may accelerate this move.
However, if Donald Trump avoids controversy after the approval of the files’ release, OFFICIAL TRUMP may find room to recover. A bounce from $6.89 could lift the price to $7.35. A break above that level would open the path toward $8.00. This would invalidate the bearish thesis and restore short-term confidence.
In the past 60 minutes, over $112 million longs have been liquidated as traders de-risk in anticipation of the FOMC minutes.
Bitcoin slipped below the $90,000 psychological levels, blowing millions in long positions out of the water.
$115 Million Longs Wiped Out Amid FOMC Minutes Jitters
Data on Coinglass shows that over $112 million in long positions have been liquidated over the past hour. These positions were flushed out as the Bitcoin price dipped below the $90,000 psychological level, testing a seven-month low.
This drop comes barely an hour before the October FOMC minutes release, with sentiment already reflected on social media.
Amid the anticipation, US President Trump said Fed chair Jerome Powell is “grossly incompetent,” citing too high interest rates.
Meanwhile, the Bureau of Labor Statistics has also revealed that it will not publish the October Jobs report. This gap likely steps from the recently concluded US government shutdown, which saw authorities run basically blind.
“After the September jobs report (out Thursday), there won’t be another jobs report until after the Dec. 9-10 FOMC meeting BLS: The October jobs report is cancelled. The November report won’t land until December 16. Sept JOLTS is also cancelled. October JOLTS will be published December 9,” wrote Nick Timiraos.
Based on this gap in the October Jobs report, December Fed rate cut bets have dwindled, with nearly 70% anticipating policymakers will hold interest rates steady.
This is seen with ETF outflows from the likes of BlackRock, which the asset manager posting record negative flows of on Tuesday.
“BlackRock Dumps Record $523M in Bitcoin as BTC Slips Further in Bear Market. They sold $523M in Bitcoin, the largest single-day outflow IBIT has EVER recorded. Wall Street entered, profited, and exited. Bitcoiners got played hard,” analyst Jacob King remarked.
Even as the Bitcoin price continues to drop, some analysts say the downside potential remains very much alive, potentially as low as $70,000 in the near term, or worse.
Below $98,650, the next key Bitcoin $BTC levels are:
XRP price trades near $2.15 today after dropping over 18% since November 10. The token has spent the past month moving inside a bearish channel. And the latest structure now shows weakening volume, rising long-term selling, and the price sitting close to a key support.
If buyers fail to defend one level, the XRP price could slide into a deeper leg of its downtrend.
Falling Channel and Volume Breakdown Strengthen the Bearish Setup
XRP continues to move inside a descending channel that has guided every bounce and rejection for more than a month. This pattern is a bearish continuation structure, and the recent candles show that each recovery attempt is getting weaker.
This weakness is most visible in the On-Balance Volume (OBV) indicator. OBV adds volume on green days and subtracts it on red days to show whether buying or selling pressure is dominating. Between November 4 and 9, OBV briefly moved above the descending trend line connecting its lower highs. The XRP price responded with a quick short-term bounce.
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But once OBV slipped back below the trend line on November 12, the tone changed. The indicator has stayed below that trend line since, showing that market-wide buying pressure has continued to weaken. This aligns perfectly with the price action: XRP began its 18.6% decline on November 10, the same window in which OBV started curling downward again.
The lack of volume strength means buyers are not stepping in with conviction. That sets the stage for the next metric.
Long-Term Holders Are Increasing Their Selling
Glassnode’s Hodler Net Position Change tracks how much long-term holder supply is entering or leaving exchanges and wallets. It is one of the clearest measures of long-term conviction.
Over the past few days, long-term holders have sharply increased their selling again after dipping to the lowest fortnightly level on November 16:
Nov 16: –63.57 million XRP
Nov 18: –94.50 million XRP
Now, that’s a 48.6% rise in long-term outflows in just two days.
This confirms that the pressure shown on OBV is not random noise. It comes at the same time that long-term holders are reducing their positions more aggressively. When long-term seller activity rises while volume weakens, it typically signals a market that has not found its bottom yet. And that view keeps every nearby support level at risk.
Together, OBV and Hodler Net Position Change point to the same idea: buyers are not absorbing the increased selling pressure.
XRP Price Levels That Matter Most
The XRP price now sits close to the most important support on the chart: $2.10. This level has acted as a reaction zone multiple times inside the falling channel. If the daily candle closes below $2.10, XRP could extend its move toward $1.77, the long-term channel floor.
On the upside, the level that must be reclaimed to invalidate this bearish setup is $2.41. Clearing $2.41 would show that buyers have regained strength and would open the path toward $2.58. Only a daily close above $2.58 would flip the short-term trend back to bullish.
Right now, the structure still leans negative. Volume is weakening. Long-term holders are selling faster. And the XRP price remains inside a falling channel. Unless XRP reclaims $2.41, all eyes stay on $2.10. This fragile floor decides whether XRP stabilizes or enters a deeper slide.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee and settle in. This week, Bitcoin’s movements have traders talking, analysts scratching their heads, and even some familiar voices hinting that not everything is as it seems. Amid dips, recoveries, and cryptic warnings, one question lingers: who—or what—might really be pulling the strings behind the scenes?
Crypto News of the Day: Behind Bitcoin’s Strength—A Cabal? Jim Cramer Thinks So
Jim Cramer has once again sparked a wave of speculation across Crypto Twitter and trading desks, after suggesting that unseen forces may be at work to keep Bitcoin elevated despite mounting macroeconomic pressure.
“Almost feels like a cabal is trying to keep Bitcoin above $90,000. I like Bitcoin, but I do not like any of the derivatives created to play it, game it, or mine it,” he stated.
The remark landed at a sensitive moment for the market. Bitcoin dipped below $90,000 earlier in the week before recovering, prompting traders to dissect Cramer’s choice of words.
His reference to a “cabal,” even if rhetorical, was enough to spark theories ranging from ETF market makers defending key levels to institutional buyers accumulating quietly as liquidity thins.
Cramer doubled down hours later with another pointed message: “Even after all of this destruction, we are not oversold!!!”
To many traders, this sounded less like caution and more like classic Cramer timing, historically notorious for aligning with market inflection points in the opposite direction.
That instantly fed the Inverse Cramer narrative: when Cramer turns bearish or warning-heavy, some traders look for a bottom instead.
However, analysts argue that the market’s recent behavior has far more to do with macroeconomic forces than memes.
Macro Forces, Not Memes: What’s Really Driving Bitcoin’s Recent Volatility
According to QCP, Bitcoin’s brief break below the $90,000 threshold reflected the asset’s growing sensitivity to shifts in liquidity and interest-rate expectations.
“Markets have sharply repriced Fed expectations, cutting December rate cut odds from ‘near certain’ to ‘even,’” QCP noted, emphasizing how such macro adjustments disproportionately affect duration-sensitive assets like Bitcoin.
Meanwhile, equities have remained relatively resilient thanks to blockbuster earnings from AI-driven hyperscalers. Big Tech’s strength has left crypto trailing behind, amplifying volatility as liquidity thins.
Now that the US government has reopened and economic data releases are resuming, traders are bracing for a critical week.
Labor-market indicators and the Conference Board’s Leading Economic Index, updated with new vacancy metrics, are expected to shape market expectations as we enter 2026.
These data points will help define whether the Fed leans toward caution on inflation or acknowledges signs of cooling.
Fed Chair Jerome Powell’s recent reminder that a December cut is “not guaranteed” has reinforced the cautious mood.
For Bitcoin, the question is whether recent turbulence represents a standard positioning shakeout or the opening act of broader risk-off dynamics.
Cramer’s “cabal” comment may have dominated the headlines, but the real driver may still be the macro tide, and whether it turns against crypto or slowly back in its favor.
Crypto exchange Kraken has taken a concrete step toward going public by submitting a confidential draft registration statement to the US Securities and Exchange Commission (SEC) in advance of a planned initial public offering (IPO).
It completes Ark Invest’s earlier prediction that US President Trump’s administration would open a gateway for firms like Circle to go public.
Kraken Takes First Step Toward Public Listing
According to an official press release, the San Francisco–based crypto exchange has confidentially submitted a draft registration statement on Form S‑1 with the US SEC for a proposed initial public offering of its common stock.
While the number of shares and pricing have not yet been determined, the IPO is expected to proceed once the SEC completes its review, subject to market conditions.
The move marks a significant step in Kraken’s growth and reflects the increasing intersection of crypto and traditional finance, as investors await further details on the exchange’s public debut.
It comes only months after Circle’s public listing, with the latest development effectively marking the fruiting of Cathie Wood’s Ark Invest’s prediction.
In late 2024, Ark Invest stated that it viewed the then-prospective Trump administration as favorable for crypto, potentially opening up IPO opportunities for firms like Circle and Kraken. As BeInCrypto reported, Ark Invest cited pro-crypto policies and SEC reforms easing regulatory constraints for the sector.
“Among the possibilities are…the re-opening of the initial public offering (IPO) window for late-stage digital asset companies like Circle and Kraken…,” a paragraph in the newsletter read.
Consequently, this establishes a precedent demonstrating that crypto firms can transition to becoming publicly traded companies in the country.
In July, Kraken revealed plans to raise $500 million at a $15 billion valuation in its planned IPO. The plan succeeded in September, with the trading platform expanding into TradFi with xStocks platform and NinjaTrader acquisition. Hours ago, Kraken CEO Arjun Sethi revealed that the exchange had raised $800 million.
Once Kraken officially goes public, its stock, potentially ‘KRAK’ would join Coinbase’s COIN in the open market, which is already listed on stock exchanges.
SACHI, the next-generation Web3 immersive gaming universe built on Unreal Engine 5, has entered a dynamic partnership to expand the boundaries of virtual worldbuilding with TokaCity, a leading innovator in iGaming and blockchain-integrated casino content.
The SACHI-TokaCity collaboration plans to build the infrastructure for players to engage in an interconnected digital universe where entertainment, technology, and digital ownership leveraging SACHI’s dynamic, real-time universe and TokaCity’s creative footprint in social-casino and skill-based gaming.
Under the partnership, TokaCity’s established catalogue of casino and skill-based titles will be integrated into the SACHIverse, meaning players will be able to access premium casino experiences within SACHI’s visually rich, browser-based, instantly-accessible world – no downloads or high-end hardware required.
“TokaCity has been part of our journey from day one,” said Jonas Martisius, CEO of SACHI. “They bring decades of iGaming experience, proven performance, and an instinct for what players love. Now, we’re delighted to see them feature prominently in our future, where we’re building digital universes, integrating games, influencing social play, and reimagining the future of digital entertainment together.”
SACHI’s Ecosystem Expands with Entertainment Partner
SACHI entered its partnership with TokaCity with a vision to merge its immersive blockchain-based gaming ecosystem with a market-renowned provider of content infrastructure and operational expertise.
The long-term plan of the relationship is to tap the expertise of a reliable partner in SACHI’s vision to build, interoperable worlds that reward exploration and community participation.
SACHI also expands its ecosystem, adding to a formidable complementary cast that already draws on collaborations with Microsoft Azure, Aethir, and Solana-based projects ahead of its upcoming BETA Game Launch.
The integration of TokaCity into the SACHI ecosystem marks a major step toward creating a connected entertainment universe – one that combines the thrill of iGaming with cloud-accessibility and blockchain-driven ownership.
About SACHI
SACHI is an immersive Web3 gaming universe combining AAA gameplay, social interaction, and blockchain economies. Built on Unreal Engine 5 and powered by pixel streaming, SACHI delivers console-quality gaming instantly on any device – uniting play, culture, and community in a single world of entertainment and innovation.
About TokaCity
TokaCity is a visionary iGaming company redefining social casino experiences through immersive, blockchain-powered content. With deep expertise in gaming operations and virtual world design, TokaCity is shaping the next generation of connected entertainment where gameplay, creativity, and community thrive together.
TokaCity and SACHI are building the future of iGaming, immersive, social, and instantly accessible.
Be part of it, register now for the Game Launch countdown:https://sachi.game/
Follow SACHI’s journey:
Visit our website: https://sachi.game/
Follow the movement on X (formerly Twitter): @join_sachi
Prediction markets, once niche experiments, have evolved into significant financial instruments. These platforms, where participants trade on the outcomes of future events, have attracted significant attention due to their demonstrated ability to be more accurate than traditional polls and commentators, particularly concerning critical political and economic results. Their rise is further fueled by the desire for individuals to leverage their knowledge for profit and a broader cultural obsession with real-time data and future outcomes, leading to hundreds of millions, and sometimes billions, of dollars flowing through these markets weekly.
The industry’s success has validated a multi-billion dollar demand. The current environment is primarily shaped by a duopoly, Kalshi and Polymarket. These two platforms, while seemingly in direct competition, represent two different approaches to the same market. Kalshi is positioned as a regulated exchange, while Polymarket is the leading decentralized, crypto-native marketplace. A new contender, Rain, has recently emerged, built with a distinctly different, permissionless architecture aimed at addressing the structural limitations of the incumbents.
This comparison examines these three notable platforms, Kalshi, Polymarket, and Rain, focusing on four core areas: scalability and liquidity, outcome resolution and trust, user experience and accessibility, and the fundamental tension between decentralization and centralization.
The Central Constraint: Market Creation Liquidity
While the prediction market industry often focuses on metrics like trading volume and active users, the true barrier to massive growth is a structural bottleneck known as “Market-Creation Liquidity”. This refers to the speed, cost, and accessibility for any user to create a new, tradable market. The current dominant models Kalshi and Polymarket operate under a “publisher” model, acting as gatekeepers, which limits their ability to fully scale.
Kalshi: The Regulatory Bottleneck
Kalshi’s market position is defined by its compliance-first approach. As a centralized, US-based platform, it is fully regulated by the CFTC as a Designated Contract Market. This regulatory clarity grants it access to traditional financial institutions, institutional hedgers, and fiat-based retail users who prioritize certainty.
However, this regulatory framework imposes a “Regulatory Bottleneck”. The process for listing new market types is a protracted legal function, not merely an engineering one, because its model is fundamentally permissioned by regulators. A notable example is the CFTC’s initial denial of Kalshi’s proposal for election-based contracts, deeming them “gaming,” which led to an expensive lawsuit against its own regulator to eventually list the markets.
As a result, Kalshi is structurally limited to listing a small number of high-volume, mass-market events, the “head” of the demand curve. Its focus is restricted to markets lucrative enough to justify the immense legal and lobbying costs, such as major sports or economic data. The platform’s growth is demonstrably throttled by the pace of the court system, as it navigates ongoing legal battles over its sports contracts in various U.S. states. Its Market-Creation Liquidity is near-zero, as it is permissioned by law.
Polymarket: The Human Bottleneck
Polymarket, representing the decentralized ethos, is the world’s largest crypto-native prediction market. It is known for on-chain transparency, self-custody of funds, and generating massive volume on political, cultural, and crypto events.
Despite its decentralized branding and on-chain mechanics, Polymarket is architecturally a “permissioned service,” not a fully permissionless protocol. Its official documentation confirms that markets are created by its internal team with community input, revealing a “Human Bottleneck”. Its success hinges on its editorial judgment, operating more like a media company.
This model is inherently unscalable; scaling the number of markets requires a proportionate scaling of its curation staff. While impressive volume (38,270 new markets in a peak month) is generated by a centralized team, it is a statistical fraction of the potential of a truly user-generated, permissionless system. Polymarket’s Market-Creation Liquidity is considered low and curated, as it is permissioned by a team.
Rain: The Permissionless Platform Approach
Rain, built with scalability in mind via an automated market-maker (AMM) design and cross-chain primitives , is a newer protocol designed explicitly to solve the “Market-Creation Liquidity Crisis”. Its architecture represents a shift from a “publisher” to a true “platform” model.
Rain’s defining feature is the permissionless primitive: any user can create a market. This aims to capture the “Long Tail of Probability,” a concept where the aggregate value of millions of niche, low-demand products rivals the value of a few “hits”. While incumbents battle over the “head” (e.g., presidential elections, major sports), Rain targets the near-infinite universe of niche events that matter to specific communities or businesses, such as project deadlines, GitHub issues, or internal DAO votes. The platform’s value is intended to be derived from the aggregate trading volume of millions of niche markets that are impossible to create on incumbent platforms.
This architecture also introduces two distinct market types: Public Markets (visible to all) and Private Markets (requiring a code to enter). This Private Market capability is positioned as a new product category, transforming prediction markets into an active, corporate coordination tool. For example, a CEO could create a private, financially-backed incentive market for an engineering team’s product shipment deadline, a B2B market that Kalshi and Polymarket are unable to service.
Trust and Outcome Resolution
Outcome resolution, the mechanism for determining a real-world result, is the most critical trust variable for prediction markets.
Centralized Adjudication (Kalshi)
Kalshi relies on traditional, centralized adjudication, consistent with exchange rules and regulatory oversight. Its internal team, bound by CFTC rules, acts as the “centralized arbiter” or oracle. This approach offers clarity, speed, and legal recourse for users.
The primary risk, however, is a catastrophic “single point of failure”. Power over the final say rests with the operator and its regulatory counterparties. This is not merely a technical risk but an existential political one, as the platform’s authority is delegated by the CFTC and could be revoked by a new political administration or court ruling, potentially freezing capital. For institutional users, this trade-off is often acceptable, but for others, it raises fears of centralized entity abuse. Furthermore, this human-in-the-loop model reinforces the platform’s constraints and is unscalable for the “long tail” of markets.
Decentralized Oracles (Polymarket)
Polymarket leverages blockchain transparency, decentralized oracles, and dispute protocols to make outcomes auditable. Its core resolution mechanism relies on UMA’s Optimistic Oracle, a “trust-by-default” model where an answer is proposed and assumed true unless disputed. This system reduces opacity but requires robust oracle design and has been vulnerable to manipulation in low-liquidity scenarios.
A high-profile incident exposed a vulnerability where an attacker with a large holding of $UMA tokens successfully manipulated a governance vote to force a factually incorrect outcome. This incident revealed a conflict of interest where token-holders (voters) can also be market participants (bettors). In response, UMA’s transition to a new model involves abandoning permissionless resolution and creating a “whitelist of experienced proposers,” effectively re-centralizing the resolution mechanism. This move trades the governance attack vector for a new centralization and collusion risk.
The AI-Augmented Hybrid (Rain)
Rain’s model aims to marry transparency with speed by removing human gatekeepers. Its pitch for fair outcomes leverages AI for added transparency while maintaining decentralization. The system concentrates on automated, on-chain resolution augmented by algorithmic oracles, a consensus system of several AI models.
Rain’s multi-stage hybrid system is designed for both scalability and security.
Initial Resolution. For Public Markets, the creator or the AI Oracle can be chosen as the initial resolver. The AI Oracle is designed for low-cost, impartial, data-driven results. For Private Markets, the creator resolves the outcome (e.g., the CEO resolving their internal company market).
Dispute Mechanism. Following the initial resolution, a “Dispute Window” opens. Any participant can file a dispute by posting collateral, an economic stake that prevents abuse. An AI judge then investigates the dispute and can change the resolution. If the losing side escalates the dispute further, it is checked by “decentralized human oracles” for a final, binding decision.
This architecture provides a scalable, automated way to resolve the millions of public “long tail” markets via the AI oracle. The dispute system acts as an economically-incentivized backstop, similar to an optimistic system but with a robust, decentralized human backstop, rather than a token-vote that has been shown to be gameable.
Conclusion
The prediction market industry has been validated by the “Old Guard” of Kalshi and Polymarket, proving a multi-billion dollar demand while simultaneously exposing their structural ceilings. They function as services and publishers, constrained by legal and human gatekeepers, respectively. The 1000x growth opportunity in this sector will not be found in fighting over the same few “head” markets. Instead, it will be found in the permissionless innovation of the “Long Tail of Probability”. The real value lies not in forecasting the one presidential election, but in forecasting the ten million project deadlines, supply chain arrivals, and community votes that form the undiscovered “long tail” of our economy. Capturing this future requires a protocol built on three pillars: permissionless creation, scalable resolution via mechanisms like AI-augmented oracles, and long-tail-native features such as private markets. The evolution of this space marks a transition beyond being just another trading venue, it is the platformization of prediction itself.
The US Bitcoin exchange-traded funds (ETFs) keep flowing out as the crypto Fear and Greed Index dropped to 11, reflecting extreme fear.
Retail investors have stayed out of the market during this downturn, while data shows that whales are the primary buyers amid the selloff.
ETF Outflows and Retail Absence Signal Market Shift
US Bitcoin spot ETFs have experienced persistent capital flight, with holdings declining from 441,000 BTC on October 10 to about 271,000 BTC by mid-November. This marks a sharp reversal from institutional support earlier this year.
According to Farside Investors data, Bitcoin ETFs have now logged four consecutive days of outflows, extending the defensive tone that has dominated the month. Earlier in the period, redemptions peaked at well over $800 million in a single day, highlighting how sharply sentiment had soured. The latest figure shows a much smaller outflow of around $60 million, but still signals that buyers remain cautious and momentum has yet to turn.
Spot average order size metrics show that retail traders are not returning, even as Bitcoin has dropped almost 27% from its October 6 all-time high of $126,272.76. Exchange data from Binance, Coinbase, Kraken, and OKX indicates larger order sizes, highlighting whale activity rather than small-scale retail buyers.
The Fear and Greed Index plummeted to 11, underscoring extreme market fear. Historically, such levels correlate with market bottoms, but retail investors remain cautious and reluctant to engage. In the morning hours in Asia, Bitcoin traded at somewhere between $91,000 and $92,000, down more than 3% in 24 hours and 13-14% for the week. Ethereum briefly slipped below $3,000, and Solana was at around $130, declining over 5% in 24 hours and 21% over the week.
Whale Accumulation amid Market Weakness
As retail investors sit on the sidelines, large players continue to accumulate aggressively. A whale purchased 10,275 ETH at $3,032 for $31.16 million USDT within 24 hours before November 17, based on on-chain monitoring by OnchainLens. Between November 12 and November 17, this address acquired a total of 13,612 ETH for $41.89 million USDT, at an average price of $3,077.
Nansen transaction log showing whale’s $31.16M ETH purchase over 24 hours. Source: OnchainLens
Permanent Bitcoin holders—wallets that have never recorded outflows—are supporting what CryptoQuant describes as the largest accumulation surge in recent selloffs. Permanent holder demand rose from 159,000 BTC to 345,000 BTC, marking the biggest absorption in several cycles. This substantial accumulation occurred even as the price fell, highlighting a stark divergence between long-term and short-term market behaviors.
This divergence between whale accumulation and retail caution highlights a shift in market dynamics. However, CryptoQuant CEO Ki Young Ju notes that the current dip involves long-term holders rotating coins among themselves rather than new money entering the market. This suggests the drawdown does not mark the start of a new bear market, though current conditions may not present the classic buy-the-dip moment sought by retail.
30-day permanent holder demand showing record accumulation during price selloff. Source: CryptoQuant
Structural Changes and Institutional Dynamics
This selloff differs from past crypto winters. Major financial institutions, including JPMorgan, now accept Bitcoin as collateral for loans despite its price weakness. This evolving infrastructure offers more support compared to previous bearish cycles. Deeper liquidity is available, helping to steady the market.
Technical signals remain bearish for now. Bitcoin has dropped more than 20% from its record high; recently, its 50-day moving average fell below its 200-day moving average—a “death cross.”
Macroeconomic factors add more pressure. The Federal Reserve delayed interest rate cuts, and global central banks maintain tightening. Falling Treasury liquidity creates headwinds for risk assets. Still, analysts see longer-term macro trends—such as high sovereign debt and ongoing geopolitical tensions—as supportive for Bitcoin in the future.
Mining firms are adjusting accordingly. Frank Holmes, executive chairman of HIVE Digital Technologies, emphasized that his company will continue mining and holding Bitcoin, unlike competitors who are pivoting to high-performance computing. He contends that building Tier 3 data centers for GPU work is both costly and complex, so his mine-and-hold strategy will continue despite volatility.
This year, the crypto market has seen a revival of older tokens as utility-based narratives gained renewed traction. Despite this momentum, DePIN has struggled to keep pace, slipping out of the spotlight.
BeInCrypto spoke with several experts to understand why one of crypto’s most fundamentally useful sectors still can’t capture sustained market attention, and what might come next for it.
Understanding DePIN
DePIN, short for Decentralized Physical Infrastructure Networks, refers to blockchain-based systems that coordinate, fund, and operate real-world infrastructure through decentralized incentives.
Instead of relying on traditional companies to build networks like wireless coverage, storage, sensors, or energy grids, DePIN distributes the work across individuals and small operators who contribute hardware and earn tokens in return.
This model reduces upfront costs, expands global access, and unlocks previously difficult-to-scale infrastructure. By aligning incentives with actual demand, DePIN aims to build more resilient and efficient systems.
Why is DePIN Still Struggling in 2025?
Nonetheless, the space has continued to face challenges. According to Artemis data, it ranks among the top 10 worst-performing sectors this year. The DePIN market has declined by over 74% in 2025.
But why is this happening? Sami Kassab, Managing Partner at Unsupervised Capital, told BeInCrypto that the weakness across the altcoin market has naturally affected DePIN as well.
According to him, macro conditions explain part of the sector’s slowdown, but not all of it. The deeper issue, he said, is that there has not been a “breakout DePIN yet.”
“The other side of the coin is that DePINs are building real infrastructure and real businesses. That takes a long time, which the crypto market isn’t wired for. Investors are used to fast-moving narratives and overnight successes,” Kassab added.
Leo Fan, Co-Founder of Cysic, revealed that DePIN’s main obstacle is the mismatch between infrastructure build cycles and the crypto market’s short attention span. While non-fungible tokens (NFTs), meme coins, and major altcoins thrive on culture, identity, and hype, DePIN functions as an infrastructure layer that most users struggle to connect with emotionally.
Its value grows quietly through hardware deployments and real compute capacity — progress that isn’t immediately visible or profitable. Fan noted that,
“Most investors still view token value as the only metric for success, which does not apply to infrastructure systems. DePIN networks create tangible value through services like compute power and data delivery. Their performance is measured by usage, speed and reliability, rather than short-term volatility. Because this model does not mirror traditional crypto dynamics, it remains outside the comfort zone of most market participants.”
Maria Carola, CEO of StealthEx, shared a similar outlook. She stated that most investors remain drawn to assets they can quickly trade rather than sectors that require deeper understanding.
“Within crypto cycles, speculation will always dominate, and DePIN’s complex approach doesn’t help its position either. Most of the investors never fully grasp how token incentives drive data collection, storage, or connectivity, and how that translates into revenue. If we’re talking about traditional markets, the infrastructure side is always the least glamorous, yet it’s still the most essential. DePIN is the crypto’s version of that,” she mentioned to BeInCrypto.
However, Vinayak Kurup, Investment and Research Partner at Escape Velocity Crypto (EV3), pointed out that DePIN’s slowdown isn’t just about market perception — it’s the difficulty of building real-world networks that require hardware, manufacturing, and physical deployment.
“They are often compared directly to existing large-scale network providers; the challenge for DePIN operators is to provide a comparably reliable and simple user-experience for a fraction of the capital while operating within sectors where user stickiness is high. Combined, these factors dampen the DePIN mindshare,” Kurup highlighted.
Usage Surges, Prices Sink: Experts Explain DePIN’s Widening Fundamentals Gap
Despite the sector’s underperformance, usage metrics are painting a different picture. Fees surged to a record high in October even as the broader market continued to decline.
October set a record for DePIN fees at $2.5 million.
This suggests a growing disconnect between falling token prices and rising real-world usage. According to Kassab,
“Fees are trending upward, but they’re still small compared to the value of emissions spent since inception or the revenue of the incumbents these networks aim to disrupt.”
Carola said this disconnect is typical of emerging infrastructure sectors, where fundamentals can strengthen long before prices. She explained that sentiment often swings independently of utility: investors may rotate out of risk during uncertain markets, even while real activity continues to grow.
“Rising fees and network activity during a down market instead show that real users continue to find value in these services, whether for storage or computing. In the long term, these are the metrics that will matter more than short-term token performance, once revenues eventually pour in with usage, just like in the early days of the internet,” she remarked.
Fan also emphasized that speculation and actual usage have clearly decoupled. He said the price action largely reflects investor mood — what he called “Wall Street sentiment” — while fee growth captures genuine demand for the networks. When fees increase in a bearish environment, it signals that DePIN’s core services are gaining traction regardless of market cycles.
“Such divergence is common in early infrastructure cycles. The networks are being used more, but the market has not yet priced that in because investors still treat DePIN tokens as speculative assets,” the executive disclosed to BeInCrypto.
Could DePIN Be the Next Sector to Break Out After Privacy Coins?
It’s clear that DePIN is seeing real market demand, which raises an important question: could the sector finally experience a breakout similar to the one privacy coins saw this year?
Carola believes the answer leans toward yes. She noted that crypto cycles tend to shift from narrative-driven speculation to phases where utility and real adoption take center stage.
According to her, if privacy coins reflected a push toward digital sovereignty this year, DePIN may be positioned for a similar rise — one grounded in measurable output. She commented,
“DePIN could have tangible productivity by next year. Whether for physical infrastructure or decentralized data, network builders are laying the groundwork, expecting and preparing for when the market starts valuing cash flow and adoption over memes. When that shift happens, DePIN will be the sector that can show a measurable, real-world traction.”
Fan echoed this outlook. He suggested that once the market rotates back toward sectors with clear utility, DePIN stands out as a natural beneficiary. He pointed to concrete on-chain indicators that are already trending upward.
“Network fees are rising, node participation is expanding, and operational performance continues to strengthen. Should these data points become standard reference metrics, DePIN might be recognised as the quiet builder of trading infrastructure,” he forecasted.
Kurup offered a broader perspective. While acknowledging the uncertainty of broader market conditions, he said investor preferences are gradually shifting toward projects with recurring cash flows and strong fundamentals — an environment that plays directly to DePIN’s strengths.
“But it’s also likely a tailwind from other shifts in the market. 2026 will be the year of DePIN’s resurgence,” he declared.
Why Enterprises Could Unlock DePIN’s Next Phase
Experts also pointed to several catalysts that could spark a major shift for the sector, with both Carola and Fan agreeing that enterprise adoption may be the key driver.
“Enterprise adoption is the strongest driver. Regulation and investor sentiment will follow proof of adoption. Once enterprises begin integrating decentralised infrastructure into existing systems, confidence in the model will rise. DePIN’s credibility depends on measurable performance, and enterprise engagement provides exactly that,” the Cysic co-founder explained.
Kurup stressed that multiple factors will likely converge to drive a turnaround. Investor psychology remains critical, he said, but growing visibility and mainstream presence could accelerate that shift.
“Now, I see Helium advertising their free phone plan in the New York subways– compared to their Web2 counterparts, it’s only recently that DePINs have been well capitalized enough to enter the mainstream,” Kurup shared.
What Role Will DePIN Play in Crypto’s Future?
As optimism for the sector’s trajectory remains strong, it’s still worth wondering where DePIN truly fits in the broader crypto ecosystem. Will DePIN remain a niche bet, or is it poised to become crypto’s bridge to the real economy once markets catch up?
The StealthEx CEO argued that DePIN already functions as that bridge — the market just hasn’t fully recognized it yet. As blockchain shifts from abstract financial experimentation to practical, real-world use cases, she believes DePIN will anchor many of those transitions.
“Whether it’s powering smart cities, distributed AI compute, or IoT networks, these systems make crypto tangible. So while it might feel like a limited niche today, it’s already foundational. When people finally start interacting with decentralized infrastructures without realizing it’s crypto, it is when DePIN will have truly won,” Carola conveyed to BeInCrypto.
Fan pointed to developments in 2025, especially the rise of real-world asset (RWA) tokenization and increasing institutional adoption, as signs that the real economy already sees value in decentralized systems. In his view, DePIN is well-positioned to become the infrastructure layer connecting DeFi to enterprise use cases.
“I do believe that DePIN will be one of crypto’s bridges into TradFi as the sector matures, serving as the infrastructure layer that anchors DeFi in a real-world capacity. As institutions look for verifiable, cost-efficient infrastructure to support secure settlement, DePIN will move from a niche experiment to the fundamental layer of digital finance.”
Whether the market realizes it now or years from now, the experts agree on one point: DePIN’s long-term value lies not in speculation, but in becoming the invisible infrastructure powering crypto’s real-world impact.
With the crypto market facing a decline, very few coins have managed to leave a mark on the investors this week. Meme coins were surprisingly among some of the better-performing crypto tokens.
BeInCrypto has analysed three such meme coins that the investors should watch, considering their recent performance.
Banana For Scale (BANANAS31)
BANANAS31 has become one of the week’s strongest-performing meme coins, gaining more than 75% in seven days. The token now trades at $0.004773, reflecting rising demand and renewed attention from traders.
The uptrend may continue as the Chaikin Money Flow shows a clear uptick. This signals increasing capital inflows and growing investor confidence. Sustained buying pressure could push BANANAS31 above $0.005093 and toward $0.006000, strengthening its short-term bullish structure.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
If investor support fades, BANANAS31 may lose its $0.004566 support level. A breakdown could trigger a deeper decline toward $0.003818 or even $0.003111. Such a move would invalidate the bullish thesis and highlight the volatility typical of meme coins.
哈基米 (Hajimi) (哈基米)
哈基米 has surged 44% in the past seven days and now trades at $0.00002675, holding firmly above the $0.00002627 support. Growing investor interest has fueled this momentum, placing the meme coin among the stronger performers in the current market environment.
The Parabolic SAR sits below the candlesticks, signaling an active uptrend. This indicator suggests 哈基米 could continue climbing toward $0.00003950. Sustained bullish pressure may even lift the price to $0.00005173, strengthening the case for further upside.
If investors begin booking profits, 哈基米 could lose its key support at $0.00002627. A breakdown may send the price toward $0.00001767. This would invalidate the bullish outlook and signal a shift toward heightened volatility.
401jK (401JK)
401JK trades at $0.0221 and has remained stuck below the $0.0235 resistance for a full week. The meme coin shows steady interest, but buyers need stronger momentum to force a breakout and establish a clearer short-term direction.
The token’s correlation with Bitcoin sits at -0.80, which benefits 401JK as BTC trends downward. Moving against Bitcoin’s decline could help the altcoin break $0.0235, climb toward $0.0300, and potentially reach $0.0355 if bullish demand strengthens.
If selling pressure emerges, 401JK may lose the $0.0184 support level. A breakdown could send the price toward $0.0092. This would invalidate the bullish thesis and erase the recent gains accumulated during the past week.
DappRadar, the leading blockchain analytics platform tracking decentralized applications since 2018, will permanently shut down due to ongoing financial challenges that made continued operations unsustainable.
Founded during the CryptoKitties boom, DappRadar became essential for millions of users and thousands of developers seeking blockchain insights. The company will address matters regarding its DAO and RADAR token separately, as stated in its closure notice.
Seven-Year Journey Ends Amid Financial Pressures
The closure of DappRadar marks the end of an influential era for blockchain data analytics. Starting in 2018, DappRadar capitalized on the momentum of CryptoKitties, showcasing the versatility of blockchain applications. At its peak, it delivered analytics for hundreds of blockchains, covering key data points such as transaction volumes, trades, and user activity.
The platform became a go-to resource for developers, investors, and analysts. DappRadar aggregated real-time data across more than 50 blockchains, spanning decentralized finance, gaming, and NFTs. Its analytics empowered users to track trends and assess the performance of blockchain networks.
DappRadar’s official shutdown announcement after seven years of operations. Source: DappRadar
Despite these successes, financial realities outpaced DappRadar’s expansion. In their official announcement, the co-founders, Skirmantas and Dragos, highlighted financial unsustainability as the key factor behind the shutdown. Their decision spotlights broader challenges for blockchain analytics platforms in 2025, amid increased market volatility and shifting user interests.
The European Central Bank reported a drop in crypto market capitalization to $2.8 trillion by March 2025, emphasizing the volatility affecting crypto businesses. Blockchain analytics services also face mounting technical hurdles, including data accessibility, scalability, and tracking the rapidly increasing number of blockchain networks.
Wind-Down Process and Token Considerations
DappRadar’s shutdown affects multiple stakeholders: users, developers dependent on its data feeds, and RADAR token holders. RADAR price plunged 38% after the company’s announcement, which clarified that DAO and token matters will be communicated separately. While specifics remain unclear, this careful approach suggests a commitment to responsible management.
The founders reiterated their dedication to transparency throughout the wind-down process. By inviting community feedback, they recognized DappRadar’s influence among millions of users seeking dependable blockchain analytics. The shutdown may prompt developers and analysts to seek alternative solutions, potentially disrupting data workflows.
DappRadar’s exit leaves a gap among analytics providers. While competitors like Chainalysis and blockchain-specific explorers remain, DappRadar was unique in offering a cross-chain view of decentralized applications and markets.
Industry Context and Future Outlook
The closure comes at a time of rapid transformation in the cryptocurrency sector. Despite the broader digital asset market exceeding $4 trillion in 2025, individual firms confronted persistent profitability concerns. Analytics companies in particular struggle with rising infrastructure costs and with generating sustainable revenue.
Research from Global Market Insights estimates the crypto trading platform market at $27 billion in 2024, with an annual growth rate of 12.6% through 2034. Notably, most of this growth centers around trading, not analytics, underscoring the revenue challenges analytics providers face. Monetization models favor trading and financial services, making sustainability difficult for analytics-driven firms.
Blockchain analytics platforms also navigate technical complexities. Issues with data quality arise from chain forks and stale blocks, while interoperability between blockchains complicates unified analytics. As a result, operational costs remain high, with few revenue offsets, especially as more free tools become available.
DappRadar’s closure raises questions about the long-term viability of multi-chain analytics platforms. Will new competitors fill this gap, or will the market fragment into smaller, niche services? Although uncertain, DappRadar’s seven-year run demonstrates both the promise and difficulty of building foundational blockchain infrastructure in a rapidly evolving market.
Bitcoin plunged to a six-month low of $91,545 on Tuesday morning in Asia, breaching key support. Ethereum also slipped below $3,000, highlighting widespread market weakness.
The crypto downturn aligned with traditional markets, which endured their worst session in a month.
Market Plunge Erases Weeks of Gains
Bitcoin lost 3.21% on November 17, bringing its value down by 27% from its October all-time high. Ethereum posted a deeper 4.22% fall to $2,978. Major altcoins also saw sharp weekly declines. Solana tumbled 22.51%, XRP slid 16.73%, and Cardano fell 22.12% over the seven-day period.
Losses extended beyond crypto. The S&P 500 dropped 61.70 points to 6,672.41, and the Nasdaq fell 192.51 points to 22,708.07. Both closed below their 50-day moving averages, ending streaks not seen since 2007 and 1995.
Bitcoin lost 3.21% on November 17. Source: BeInCrypto
The Dow Jones Industrial Average fell by more than 550 points as investors anticipated Nvidia’s earnings. Technical analysts saw the breaks as short-term bearish, focusing on the 200-day average as support. Money moved into healthcare and energy while retail investors reduced risk.
Bitcoin CME Gap Closes After Seven-Month Overhang
A major technical event unfolded as Bitcoin filled the last large CME futures gap near $92,000. The gap, open since April 2025, resulted from the CME’s weekend closure while spot exchanges continued trading. These price gaps typically get filled, removing technical overhang, though this does not guarantee a price reversal.
Cryptocurrency trader DaanCryptoTrades confirmed the closure on social media, noting that the risk had been eliminated. Despite removing a downside target, weak demand could still lead to further declines. The technical picture remains fragile.
Bitcoin CME Gap closure confirmed. Source: DaanCrypto
Traders are now at a crossroads. With the gap closed, there is less immediate risk below, but price action is still weak. Volatility and liquidity responses in upcoming sessions will determine whether Bitcoin loses momentum to slide lower or forms a base.
Macro Headwinds and Fed Rate Cut Uncertainty
Broader economic signals added to market stress. The Empire State Manufacturing Index surged to 18.7, up 8 points from the previous month. This strong result reduced the odds of a Federal Reserve rate cut in December. Market probabilities shifted: Polymarket put the chance of no cut at 55%, while CME Group data pointed to a 60% chance of an unchanged policy.
Polymarket put the chance of no cut at 55%. Source: Polymarket
Research firm 10X Research said new buyer activity stalled around October 10. The Fed’s more hawkish signals added pressure. Their analysis warned that conditions remain vulnerable to further liquidations.
The industry’s sentiment index neared recent lows, reflecting shaken market psychology. Option data highlighted a switch: put volume exceeded call volume in the last day, even as calls typically dominate. This shift signals traders bracing for more downside or betting on a drop.
Option data highlighted a switch: put volume exceeded call volume in the last day. Source: Coinglass
On-Chain Signals Point to Capitulation Phase
On-chain analytics from Glassnode and Bitfinex showed that realized losses were stabilizing, suggesting that short-term holders are capitulating. History indicates that market bottoms often follow waves of selling by those who bought at recent highs. A lasting recovery, however, requires long-term accumulation.
Analyst Benjamin Cowen suggestedBitcoin could test the 200-week exponential moving average between $60,000 and $70,000. However, he also noted that a relief rally is possible first. Analyst forecasts vary, reflecting ongoing uncertainty and the potential for a short-term bounce amid notable technical damage.
While I think Bitcoin will go to the 200W SMA ($60k-$70k) in 2026, there is a high probability it will have a bounce back to the 200D SMA before going that low.
All prior cycle bear markets were confirmed by a macro lower high at the 200D SMA. pic.twitter.com/1S477LVLhf
Bearish projections surfaced on social media. Roman Trading cited $76,000 as the next support level, citing broken patterns and weakening momentum. While these are individual opinions, they show traders are wary of more downside.
The coming days will reveal if Bitcoin can hold above $90,000 or if sellers increase pressure. Economic data, central bank remarks, and institutional flows will likely steer the direction. For now, risk remains elevated as both bulls and bears wait for clearer signals.
The effect of Bitcoin sliding on the daily chart, hitting $95,000 over the last 24 hours, is visible on the altcoins as well. While some tokens have declined sharply, others have managed to counter the bearish effect to some extent.
BeInCrypto has analysed three altcoins that could hit a new all-time high if the market conditions improve in the coming week.
Undead Games (UDS)
UDS is trading at $2.13 and remains below the $2.17 resistance level. The token sits 36% away from its all-time high of $2.90, signaling room for a potential rally if buyers regain control and push momentum back into bullish territory.
For UDS to move higher, it must flip $2.29 into support. A successful breakout could drive the price toward $2.48 and beyond. Clearing the $2.59 resistance would strengthen bullish sentiment and set the stage for a broader upside move.
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If conditions weaken, UDS may fail to hold current levels. A decline to $2.00 or even $1.90 would invalidate the bullish setup and indicate fading investor confidence. This would expose the meme coin to deeper losses.
Memecore (M)
M trades at $2.15 and continues to hold above the $2.12 support level. The token remains 39% below its all-time high of $2.99. This highlights the need for stronger investor participation to drive momentum and support a sustained recovery.
The Ichimoku Cloud signals a bullish trajectory for Memecore. Breaking above $2.26 and converting $2.50 into support could lift the price to $2.71. A successful move beyond that level would position M to retest the $2.99 all-time high.
However, this outlook depends on improved market conditions or the start of an altcoin season. Without broader support, M could lose the $2.12 level and slide toward $1.88. This would invalidate the bullish thesis and signal renewed downward pressure.
BNB
BNB remains one of the few major altcoins still within visible range of its all-time high, despite trading 47% below the $1,375 peak. Its relative strength highlights continued investor interest, even as broader market conditions remain uncertain.
BNB is seeing a rise in inflows as the Chaikin Money Flow crosses above the zero line. This shift suggests growing confidence, which could help the token break past the $1,000 resistance. A successful move would invalidate the month-long downtrend and open the path toward $1,136.
If BNB fails to build upward momentum, it risks remaining trapped in the downtrend. A decline below the $902 support may trigger further losses, potentially pushing the price toward $854 or lower. Such a move would invalidate the bullish outlook and signal renewed selling pressure.
Pi Coin has been one of the more resilient tokens this month. While the broader market slipped 1.1% today, Pi Coin price still gained 0.8% and is up 11.5% over the past month. Keeping PI’s price history in mind, the 11.5% move isn’t anything less than a rally.
It recently failed a breakout that could have taken it higher, but the trend hasn’t flipped bearish. Several early signs show buyers still holding control, and the rally may not be done yet.
Early Trend Still Points To A Price Rebound
Pi Coin’s first bullish signal comes from the 4-hour chart, which helps spot early trend changes. On this timeframe, the 20-period EMA is closing in on the 50-period EMA. An EMA (Exponential Moving Average) tracks price over time with more weight on recent candles. A bullish crossover happens when the short-term EMA moves above the long-term EMA, often marking a momentum shift.
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A similar crossover attempt happened on November 11, but sellers stepped in before the lines crossed, forcing the move to fail. If bulls hold price steady this time, the crossover could complete and give Pi Coin its next push.
On the daily chart, the Bull-Bear Power indicator supports this idea. The indicator tracks the gap between buying pressure and selling pressure. Despite the failed breakout at $0.229, Bull-Bear Power has flipped firmly into bullish territory, showing buyers are still in control.
Bulls Are Still In Control Despite The Failed Breakout: TradingView
If this strength continues, the EMA crossover is less likely to fail like it did on November 11.
Pi Coin Price Action And Money Flow Hold The Key
The Pi Coin price continues to struggle with $0.229, which has rejected every breakout attempt so far in the near-term. If a daily close forms above this level, the next target becomes $0.236 (another strong resistance), followed by a possible move toward $0.266, the upper resistance zone.
The failed breakout earlier this week lined up with a drop in Chaikin Money Flow (CMF). CMF measures whether big wallets are adding or removing capital. Pi Coin saw inflows between November 15–16, but money quickly exited afterward, falling back toward the trendline.
As long as CMF stays above its rising trendline, buyers still have a path to regain control. A break back above the zero line would confirm big money returning, strengthening the bullish case and supporting the EMA crossover from the 4-hour chart.
If CMF falls under the trendline, the downside opens up. In that case, Pi Coin could revisit $0.201, and under deeper market stress, even lower levels.
For now, Pi Coin needs only a 0.48% push to close above $0.229. If the crossover completes and CMF turns back up, Pi Coin may finally clear this barrier and extend its month-long rally.
Grayscale’s Dogecoin ETF could launch as soon as November 24, following a 20-day SEC review clock triggered after its registration filing. Bitwise also seeks automatic approval, marking a significant step in the institutionalization of meme coins.
These filings indicate a significant shift in regulatory oversight as Multiple asset managers now compete to bring Dogecoin into traditional portfolios through tax-efficient and regulated vehicles.
SEC Review Process Accelerates Approval Timeline
This faster timeline stems from Section 8(a) of the Securities Act of 1933. The provision allows registration statements to automatically become effective 20 days after filing, unless the SEC takes action.
Grayscale and Bitwise are using this to skip the more complex 19b-4 exchange rule procedure usually needed for ETF launches.
The official SEC guidance confirms that registration statements gain automatic effectiveness under Section 8(a) after 20 days. This shortcut has expedited product launches as institutional interest in cryptocurrency investment grows.
Bitwise filed its application on November 7. This could set the stage for a late November launch. Meanwhile, Balchunas predicts a November 24 launch for Grayscale, though he cautioned that confirmation depends on official exchange notice.
The SEC has acknowledged both filings, kicking off the regulatory review and public comment period.
Based on 20 day clock I believe Grayscale will be out with first Doge ETF in a week, 11/24. We'll see, won't be 100% till exchange notice, but based on SEC guidance it looks good. pic.twitter.com/mvlGsNyNVG
Grayscale launched its Dogecoin Trust on January 31, 2025, as a precursor to the ETF application. The Trust enables investors to gain Dogecoin exposure without direct ownership, addressing custody and security concerns that have deterred many institutions.
This classification helps sidestep the legal issues that have slowed Solana and XRP ETF efforts, where securities status remains disputed.
The Federal Register filing for NYSE Arca’s proposed rule change directly references Dogecoin under Rule 8.201-E, which covers “Commodity-Based Trust Shares.”
This aligns with the Commodity Exchange Act and signals that both exchanges and the SEC consider Dogecoin a commodity fit for an ETF structure.
Bloomberg analysts predict a 90% chance of Dogecoin ETF approval, versus 95% for XRP. These estimates reflect rising confidence in the SEC’s openness to altcoin ETFs, following Solana ETF decisions earlier this year.
However, the process still requires a 240-day review window after publication in the Federal Register. During this window, public input can shape the SEC’s final decision. The Commission may delay, request amendments, or issue stop orders if investor protection or market integrity is compromised.
Industry-Wide Institutional Push Gains Momentum
Meanwhile, the race for a Dogecoin ETF now extends beyond Grayscale and Bitwise. Leading asset managers, such as 21Shares, Rex Shares, and Osprey Funds, have filed similar applications, signaling an industry-wide consensus that meme coins are growing into institutional-grade investment products.
21Shares filed its Dogecoin ETF registration on April 9, 2025, detailing custody with Coinbase Custody Trust Company. Using independent, regulated custodians answers SEC demands for secure storage and institutional compliance, removing a major barrier for traditional finance.
ETFs offer clear advantages over direct crypto holdings.
In-kind creation and redemption allow tax efficiency.
Regulated frameworks boost transparency and investor protection, features that spot trading lacks.
These benefits appeal to pension funds, endowments, and registered investment advisors with fiduciary obligations.
Industry observers predict that more than 200 crypto ETF approvals will be made by mid-2026. This trend could drive massive institutional capital flows and lower volatility, moving the market away from retail-dominated activity and closer to mainstream acceptance.
Despite this growing momentum, Dogecoin’s price has dropped, down 0.4499% in the last 24 hours. As of this writing, DOGE traded for $0.1543.
This suggests that ETF approvals may not deliver immediate gains, but steady institutional demand could eventually drive sustained growth.
The coming weeks will reveal whether regulatory timelines align with market expectations. Should Grayscale and Bitwise succeed in launching before year-end, Dogecoin would join Bitcoin, Ethereum, and Solana among the few cryptocurrencies available through US-regulated ETFs. Such a turnout would strengthen its status within the digital asset space.
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