Solana is facing renewed bearish pressure as its price continues to slide, bringing the altcoin close to a critical support level that has not been tested in more than seven months.
The ongoing decline reflects deepening market weakness, and technical indicators suggest that further losses may be ahead unless conditions shift quickly.
Solana Investors Are Facing Heavy Losses
Solana’s exponential moving averages are signaling the potential formation of a Death Cross.
This pattern occurs when the short-term EMA crosses below the long-term EMA, often indicating the start of a prolonged downtrend. Historical behavior suggests that Solana may be repeating earlier market cycles seen in Q1 and Q2 of this year.
During those periods, SOL fell 59% from the local top before the Death Cross fully materialized.
A similar setup today would send Solana toward $98, extending its current 47% drop from the local top.
These conditions highlight weakening sentiment and reinforce concerns about continued downside risk.
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Macro momentum also appears fragile. Solana’s net realized profit/loss ratio has fallen to its lowest level since June 2023, showing that holders are facing significant realized losses following the recent decline.
This metric often reflects broader sentiment shifts as investors reassess risk during rapid market downturns.
However, there is a notable silver lining. When the net realized profit/loss ratio dips below 0.1, reversals have historically followed.
This pattern played out in March, April, and September of 2023, each time signaling the start of a recovery.
If this trend repeats, Solana could see a meaningful bounce as realized losses saturate and selling pressure stabilizes.
Solana trades at $127, holding just above the $123 support level. The altcoin is waiting for broader market stability and renewed investor confidence to fuel a rebound.
However, the indicators mentioned above suggest that the risks remain skewed to the downside.
If Solana moves closer to confirming a Death Cross, the price may continue falling, breaking below $123 and sliding to $105 or even $100.
Such a move would represent a 21.8% correction from current levels and revisit price zones last seen in March.
Hedera has suffered a sharp decline over the past week, with its price falling to $0.130 after losing more than 18%.
This drop is significant because HBAR broke below a crucial support level that had protected investors’ profits for more than a month.
Hedera Is Following The King
Hedera’s correlation with Bitcoin currently sits at 0.97, one of its highest readings in months. This near-perfect correlation signals that HBAR is heavily mirroring Bitcoin’s price movement.
Such strong alignment becomes especially problematic during periods when BTC faces substantial pressure, as seen this past week.
With Bitcoin dropping to $84,408, HBAR has moved almost in lockstep. The high correlation has erased Hedera’s ability to move independently, making BTC’s decline one of the primary drivers behind the altcoin’s latest losses.
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Macro momentum indicators reinforce the bearish picture. The Chaikin Money Flow is sitting near an eight-month low, signaling heavy capital outflows from HBAR.
CMF measures buying and selling pressure, and a deeply negative reading indicates that investors are withdrawing funds at an accelerated pace.
These persistent outflows add pressure to the already declining price trend. As liquidity exits the asset, selling intensifies and recovery efforts weaken.
Unless inflows return, HBAR may continue facing difficulty in regaining upward momentum.
XRP has fallen below the key $2 psychological support level as bearish pressure intensifies across the broader market. The altcoin’s decline has accelerated over the past week, prompting significant selling from major holders.
This shift in behavior from large investors has amplified downward momentum and weakened XRP’s short-term outlook.
XRP Whales Switch Their Stance
Whales have moved decisively from accumulation to heavy selling. Addresses holding between 10 million and 100 million XRP have dumped more than 250 million tokens in the past 48 hours alone, worth over $480 million.
This selling wave follows more than 20 consecutive days of accumulation by the same group of holders.
Such an abrupt shift signals a loss of conviction among large investors who had previously supported XRP’s rise. Their exit removes a crucial source of market strength and may prolong XRP’s decline. Without renewed confidence from whales, recovery momentum could weaken further and keep prices under pressure.
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Macro indicators also highlight growing fragility. The MVRV Long/Short Difference has slipped below zero for the first time in five months, indicating that long-term holders have lost profitability. This shift pushes profit opportunity toward short-term holders, who tend to sell quickly once prices rise.
If XRP’s price rebounds even modestly, short-term holders may capitalize on their gains by selling, which could suppress upward movement. This dynamic often keeps volatility elevated and limits breakout potential.
XRP has fallen 23% over the past 11 days and trades at $1.92, sitting just under the $1.94 resistance level. The drop below $2.00 marks a significant psychological break and reinforces the current bearish sentiment across the market.
If whale selling accelerates and macro indicators worsen, XRP could fall further toward $1.79 or even lower. Such a move would deepen losses and extend the current downtrend as market sentiment weakens.
Grayscale will introduce new exchange-traded fund products tied to Dogecoin and XRP on Nov. 24 after securing approval to list both vehicles on the New York Stock Exchange.
The Grayscale Dogecoin Trust ETF (GDOG) and the Grayscale XRP Trust ETF (GXRP) will debut as spot ETPs holding their respective underlying tokens.
Grayscale Expands ETF Lineup With Dogecoin and XRP
The firm is converting its existing private trusts into fully listed ETFs, a move that represents a major liquidity event for current investors.
GXRP will enter a market that already includes spot products from Canary Capital and Bitwise.
Those funds have drawn about $422 million in combined inflows during their first two weeks of trading, signaling early institutional interest in XRP-linked products.
XRP ETFs Daily Inflow Since Launch. Source: SoSoValue
Dogecoin, once a meme token, has grown into the ninth-largest cryptocurrency by market capitalization. Its deep retail following has made it one of the most frequently traded and discussed digital assets, a trend Grayscale expects will support ETF demand.
Considering this, Bloomberg Intelligence analyst Eric Balchunas said the product could attract as much as $11 million in volume on its first trading day.
Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday. $GLNK coming soon as well, week after I think pic.twitter.com/c6nKUeDrtI
GDOG and GXRP’s launch broadens the mix of crypto ETFs available in the US market, extending the industry’s expansion beyond Bitcoin and Ethereum products that dominated the initial wave of approvals.
Their arrival also reflects shifting regulatory conditions in Washington.
Both approvals are part of a broader acceleration in digital asset oversight under Securities and Exchange Commission (SEC) Chairman Paul Atkins.
Since taking office, Atkins has moved the agency away from a “regulation by enforcement” approach and toward a disclosure-focused framework.
Through his “Project Crypto” initiative, he has signaled that the SEC is open to reviewing compliant digital asset products, clearing the path for issuers seeking to list new ETFs.
Pi Coin’s recent upward momentum has started to cool, with the altcoin facing a 5% pullback in the past 24 hours. The rise in price earlier this week has now met short-term resistance as inflows show signs of saturation.
This shift suggests that the strong buying activity supporting the rally may slow in the near term.
Pi Coin Faces Slight Bearishness
The Chaikin Money Flow is slipping after touching the 0.15 level, signaling weakening capital inflows.
CMF tracks money entering and exiting an asset, and while 0.20 is typically viewed as a saturation point, Pi Coin’s threshold appears lower. Historically, a move above 0.15 has often led to both price reversals and netflow declines.
This pattern may repeat, as Pi Coin has struggled to maintain inflows once CMF breaks above this zone.
A renewed drop in capital could pull the price lower in the coming sessions, creating short-term bearish pressure.
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Despite the slip in sentiment, macro indicators still show pockets of strength. The Relative Strength Index remains in bullish territory above the neutral line.
This means Pi Coin is managing to sustain buying interest even as broader market sentiment trends bearish. Strong RSI readings often imply underlying resilience.
One contributing factor is Pi Coin’s negative correlation with Bitcoin.
As BTC weakens, Pi Coin has avoided following the typical market trend, allowing it to maintain upward movement independently. This divergence continues to support the asset, even with inflows softening.
Pi Coin is trading at $0.241, sitting just below the $0.246 resistance level. The altcoin’s 5% drop yesterday reflects short-term bearish pressure. This has eased but not disappeared entirely. Price action suggests a cautious environment as traders wait for stronger signals.
If buying strength continues to fade, Pi Coin could slip below the $0.234 support or remain range-bound between $0.234 and $0.246.
Consolidation appears likely unless inflows strengthen again, which historically has taken time once CMF retreats.
However, if capital inflows rise again, Pi Coin may break above the $0.246 resistance.
A successful move could lift the price to $0.250 and potentially to $0.260. This would invalidate the bearish outlook and restore short-term bullish momentum.
Solana is weighing a radical shift in its economic model that would eliminate approximately 22.3 million SOL ($2.9 billion) from projected emissions over the next six years.
As a result, the proposal would aggressively fast-track the transition of the blockchain to a low-inflation environment.
Solana’s Plan to Tighten Supply Risks Squeezing Nearly 50 Validators
The measure, formally titled SIMD-0411, proposes doubling the Solana network’s annual disinflation rate from 15% to 30%.
“Doubling the disinflation rate requires modifying a single parameter, making it the simplest possible protocol change that delivers a meaningful reduction in inflation. This adjustment will not consume core developer resources. It carries minimal risk of introducing bugs or unforeseen edge cases,” the authors argued.
If passed, Solana would hit its “terminal” inflation target of 1.5% in roughly three years, ie, by 2029. Notably, that milestone was originally scheduled for 2032.
Proponents describe the current emissions schedule as a “leaky bucket” that continually dilutes holders and creates persistent sell pressure.
“Our modeling indicates that, over the next 6 years, total supply would be approximately 3.2% lower (a reduction of 22.3 million SOL) than under the current inflation schedule. At today’s SOL price, this equates to roughly $2.9 billion in reduced emissions. Excessive emissions create persistent downward price pressure, distorting market signals and hindering fair price comparison,” they wrote.
Moreover, the proposal argues that high inflation mirrors high interest rates in traditional finance, raising the “risk-free” benchmark and discouraging borrowing.
Considering this, Solana aims to push capital out of passive validation and into active liquidity provision by compressing nominal staking yields. Those yields are projected to fall from 6.41% to 2.42% by the third year.
Solana’s Staking Reward and Inflation Rate. Source: Staking Rewards
However, this “hard money” pivot carries operational risks.
The proposal estimates that up to 47 validators could become unprofitable within three years as rewards dry up. However, the authors describe this level of churn as minimal.
Still, it raises questions about whether the network will consolidate around larger, better-capitalized operators that can survive on transaction fees alone.
Despite these concerns, early backing from key ecosystem players suggests Solana is prepared to trade subsidized growth for greater stability. The shift reflects a move toward positioning the network as a more mature, scarcity-driven asset class.
US spot Bitcoin exchange-traded funds just posted their busiest trading session ever, even as the recent slide in the cryptocurrency’s price has left the average ETF investor holding losses.
The surge in activity marks a new phase in the market’s adjustment to this month’s selloff in the sector.
BlackRock’s IBIT on Top as $238 Million Inflows Return Amid Market Stress
On November 21, Bloomberg Senior ETF Analyst Eric Balchunas reported that the 12 spot Bitcoin ETFs recorded $11.5 billion in combined trading volume.
US Bitcoin ETFs Record Trading Volume. Source: Eric Balchunas
Balchunas described the spike in volume as “wild but normal,” noting that ETFs and other asset classes tend to record elevated turnover during periods of market stress.
He said such bursts of activity often signal the release of liquidity as investors reshuffle positions.
The elevated turnover reflected brisk two-way participation, with some investors cutting exposure while others took advantage of lower prices to add to positions.
BlackRock’s IBIT led the surge, generating $8 billion in turnover and accounting for more than 69% of all spot Bitcoin ETF trading that day. This was IBIT’s highest-volume session since launch, though the fund still ended the day with $122 million in outflows.
“Also, no surprise record week for Put volume in IBIT.. this is one thing that may help people stay the course, they can always buy some puts as a hedge while they stay long,” Balchunas added.
Bitcoin’s drop below that level this week pushed most holders, including those who entered the market in January 2024, into unrealized losses.
Bitcoin fell roughly 12% this week to as low as $80,000 before recovering to $84,431 as of press time. This price performance extends a month-long slide and reinforces the risk-off sentiment across digital assets.
Bitcoin’s recent drop toward $80,000 has driven most active capital in the asset into losses, signaling a shift in market conditions for the world’s largest cryptocurrency.
Bitcoin has erased nearly 35% from its October peak of about $126,000 after sinking to a seven-month low. As a result, it is now generating one of the largest waves of unrealized losses this cycle.
Over 70% of US Dollars Invested in Bitcoin is in Loss
Bitcoin analyst James Check explains that 71.2% of the network’s realized capitalization carries a cost basis of at least $86,500. This metric prices each coin in the circulating supply at the value it last moved on-chain.
This chart shows the USD value of every coin in the Bitcoin supply priced when it last transacted onchain.
Think of this as our collective invested cost basis.
Thus, it effectively represents the aggregate entry price for the market’s active investors.
So, with Bitcoin recently tumbling below that critical waterline, a flood of buyers who entered during the late-2024 and early-2025 rallies now face mounting losses. Many of these investors are effectively trapped in positions that no longer break even.
This heavy concentration of volume near the highs indicates that short-term holders are experiencing acute stress. It is forcing their Net Unrealized Profit and Loss metrics to collapse to cycle lows.
Bitcoin Market Sentiment Reaches 2-Year Low
Meanwhile, this fracture in the broader market structure is further corroborated by Glassnode data.
The firm’s Relative Unrealized Loss indicator, which tracks the dollar value of coins held below their acquisition price relative to total market capitalization, has spiked to 8.5%. In a typical, healthy bull market, this metric generally remains below 5%.
The Relative Unrealized Loss in the market is now trading at 8.5%.
So, the current breach suggests that the drawdown represents a significant “market reset” of the asset’s ownership base rather than a standard volatility correction.
While prices have staged a modest recovery to the $84,543 level at press time, the psychological damage to the retail sector appears severe.
Social media sentiment has cratered to its lowest point since December 2023, according to blockchain analytics platform Santiment.
Historically, such extreme levels of bearishness often act as a contrarian signal, suggesting that the market may be clearing out weak hands in preparation for a local bottom.
Privacy coins have taken center stage in the crypto sector throughout late 2025. Leading assets like Zcash (ZEC) have managed to outperform the market, resisting major drawdowns even as most cryptocurrencies continue to bleed.
BeInCrypto spoke to several experts to understand why privacy coins are surging now and whether it is possible to identify the next major crypto opportunity before it becomes mainstream.
Privacy Coins Maintain Lead as the Market’s Best-Performing Sector
BeInCrypto reported a month ago that privacy-centric cryptocurrencies had emerged as the best-performing sector in the market. Notably, this still holds true today, even as the broader market extends its two-month slump.
Privacy coins have surged 276.4% year-to-date, making them the strongest and one of only two sectors showing positive returns this year.
By contrast, Bitcoin (BTC) and Ethereum (ETH) have both turned negative due to their recent drawdowns. Notably, since early October, the value of ZEC has appreciated by over 700%. DASH (DASH) has also experienced a nearly 200% uptick, indicating strong momentum.
What’s Driving The Privacy Coin Rally in 2025?
According to Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, the rally is closely tied to a sharp rise in global surveillance and capital controls.
He pointed to examples such as Turkey granting its financial watchdog broader powers to freeze crypto accounts. Furthermore, regulators worldwide are tightening oversight of digital assets.
Puckrin explains that Bitcoin and Ethereum no longer embody the original “cypherpunk” ideals of privacy and censorship resistance. Instead, they have become highly traceable.
They are even easier to monitor than cash, driving renewed interest in cryptocurrencies that offer stronger privacy protections.
“There’s an ideological element coming from the early adopters, who are losing faith in the Bitcoin narrative due to the overwhelming involvement of institutions. Privacy advocates who no longer see Bitcoin as a solution. And then there’s investors looking to surf the momentum wave – for example, Zcash is up over 1,500% over the past year. It’s natural that people want a piece of that,” he said.
Jamie Elkaleh, CMO of Bitget Wallet, shares a similar view. He suggested that as regulatory clarity improves and institutional adoption accelerates, users are becoming increasingly uneasy about AI-driven surveillance and the pervasive transparency of on-chain activity.
Elkaleh stressed that this tension is reshaping expectations across the industry. Clearer rules are attracting more mainstream participants to the market, but these users are arriving with a different set of demands.
“What we’re seeing is the industry maturing: clearer rules bring more mainstream users in, and those users increasingly expect financial privacy, sovereignty, and secure tooling as baseline features, not fringe options,” he conveyed.
Meanwhile, Ray Youssef, founder and CEO of NoOnes, attributes the breakout in privacy coins to a combination of narrative rotation and macroeconomic tailwinds.
He observed that, after years marked by the institutionalization of Bitcoin and Ethereum, as well as meme-driven altcoin cycles, capital is now flowing into assets perceived as “crypto by design,” with decentralization and user-controlled privacy at their core.
Youssef added that institutional participation in crypto continues to increase. Thus, many retail traders and crypto-native users are seeking projects that restore a sense of autonomy and privacy.
Still, he stressed that this shift is not an outright rejection of institutional capital. Rather, both forces can coexist and reinforce each other when a compelling narrative gains momentum.
“The ideological thread of privacy and sovereignty supplies a strong narrative and helps committed users. The economic thread of short-, mid-, and long-term returns attracts both traders and allocators. For a cycle to sustain, the market needs to overlap, ensuring a narrative that attracts believers and metrics/flows that attract capital. What’s happening now is ideology igniting the flame and economics fueling the fire,” the executive commented.
Rob Viglione, Founder of zkVerify and CEO of Horizen Labs, emphasized that the renewed interest reflects a broader market shift. He noted that users are increasingly recognizing privacy as a core requirement for real-world usage rather than a niche feature.
He explained that the current momentum goes beyond isolated token rallies. It signals a deeper reevaluation of how privacy should function across the entire crypto stack.
“Early privacy coins were groundbreaking, but they were also isolated. They proved powerful cryptography was possible, but they lived outside the environments where most economic activity actually happens,” Viglione mentioned.
What differentiates the setup today is that privacy is now being integrated directly into Ethereum-based environments. Developers are no longer pursuing standalone privacy chains.
Instead, they are seeking privacy solutions that plug into existing ecosystems where liquidity, users, and applications already operate.
“That’s why this moment matters. The price action is just the surface-level signal of a much deeper shift: privacy is becoming an expectation, not an exception,” the CEO remarked.
Is Utility Becoming Crypto’s Next Meme-Level Trend?
The surge in privacy-focused assets has also revived another question: is this just another short-term pump cycle, akin to past meme coin rallies, or does it reflect a genuine shift toward utility-driven narratives? Analysts suggest the answer may lie somewhere in between.
Youssef stated that meme coin rallies tend to be rapid, highly speculative, and short-lived, often burning out quickly. Once that momentum fades, the market typically rotates toward narratives with more durable value.
This includes areas such as payments, privacy, real-world transaction layers, DeFi infrastructure, and more. In this context, privacy tokens are attracting renewed interest because they offer clear autonomy, protection from censorship, and the ability to transact without exposure or the risk of unilateral freezes. He shared that,
“If users and allocators conclude that these features represent lasting utility rather than short-term hype, capital flows into the sector can persist well beyond a temporary narrative rotation,”
Puckrin detailed that meme coins generally thrive during periods of market euphoria. Meanwhile, utility-driven tokens tend to perform better when investors are more cautious or looking to reposition profits.
“But the caveat here is that we aren’t seeing a broad rotation into utility tokens. There are pockets of outperformance, but most altcoins are still underperforming Bitcoin. We still haven’t seen anything like the traditional altseason, and until we do, utility tokens rallying is more of an exception than a rule,” he disclosed to BeInCrypto.
How To Spot the Next Big Crypto Narrative
As new narratives emerge faster than ever, identifying an early breakout trend has become one of the biggest challenges and opportunities for crypto investors. Puckrin explained that,
“It’s as much about luck as it is about diligence. You can look at inefficiencies in the market, or developer migration to new chains or projects. You can look at where the demand is. But ultimately, crypto narratives are often as much about speculation as they are about fundamentals, and that can be hard to call. It’s often simply about being in the right place at the right time.”
Nonetheless, the analyst outlined institutional investment trends as a good starting point for evaluating any sector.
“If I had to pick one narrative for this cycle, it would be RWAs. Institutional capital is flowing into RWA tokenization – don’t forget this sector also includes stablecoins – and we’re seeing collaborations between RWA projects and institutions. Institutional capital flows are a key indicator to watch this cycle, because it’s based on a long-term need rather than hype,” Puckrin suggested.
Youssef took a more structured view, framing the process as “pattern recognition with signal triangulation.” He outlined key signals, including real user demand, on-chain activity, protocol feature usage, and expanding market access.
“For privacy, look for a shielded tx adoption, exchange accessibility, wallet integrations, and regulatory headlines. For DePIN, watch the device deployment rates, partnerships with infra players, real-world data feeds, and revenue per device. As for AI and on-chain models, the developer integrations, API demand, and token capture of value play a significant role. For DeFi / RWA, its TVL, yield sustainability, quality of counterparties, and custody structures have the potential to drive the next cycle. Bottom line is, across all sectors, investors should watch tokenomics durability, security history, and check for real usage,” he elaborated.
The executive also revealed that regulatory sentiment plays a crucial role. New narratives gain traction far more easily when the environment is favorable. Finally, capital flows, whether from retail traders, whales, or institutional allocators, could also be a signal.
“If these traits are moving together, we’re probably looking at a nascent meta,” he stressed.
Lastly, Elkaleh believes that identifying emerging metas starts with tracking early indicators, such as developer activity, new exchange listings, and social momentum on platforms like X. Low-cap tokens with solid fundamentals often provide the earliest signs of narrative formation.
He asserted that investors who blend behavioral signals with fundamental analysis gain the clearest view of where traction is building before it becomes visible to the broader market. Elkaleh specified that,
“The strongest signals today are institutional inflows, sector-level market cap expansion, and the early convergence of categories like RWA, DePIN, AI, and DeFi. These verticals are delivering tangible utility — from real-world infrastructure to AI-enabled financial automation — which positions them as credible candidates for leading the next cycle. For privacy coins specifically, the breakthrough will come from integrating zero-knowledge and privacy tooling directly into everyday wallets and DeFi products, making privacy effortless rather than optional.”
While these indicators don’t guarantee success, they offer a useful framework for spotting early momentum. When user demand, developer activity, regulation, and capital flows begin to align, a new narrative may be forming, long before it becomes mainstream.
The altcoins are suffering owing to the drop in Bitcoin’s price below $90,000, and as the weekend approaches, this decline could extend further. Nevertheless, some crypto tokens have managed to find a way out of relying on BTC by depending on other factors to note a price rise.
BeInCrypto has analysed three such altcoins that could note a shift this weekend, be it for the better or the worse.
Starknet (STRK)
STRK has surged 66% over the past week after Anchorage Digital enabled Bitcoin staking on Starknet, attracting strong investor interest. The move increased demand for STRK and signaled rising confidence.
The EMAs indicate that STRK is approaching a Golden Cross, a historically bullish signal. If confirmed, this pattern could spark a fresh rally, allowing the price to break above the $0.252 resistance. Continued momentum may then carry STRK toward the $0.300 level as buying pressure strengthens.
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If investors begin taking profits and bullish momentum fades, STRK may lose its upward trajectory. A decline could send the price toward $0.195 or even $0.136, invalidating the bullish outlook. Weakening demand and shifting sentiment would increase the risk of a deeper correction.
Soon (SOON)
SOON has dropped 67% this week and now trades at $0.88 after losing the crucial $1.00 support level. Bearish pressure is rising as 15.21 million SOON worth more than $13.4 million are set to unlock this weekend, increasing supply and weighing on sentiment.
This incoming supply, combined with the Parabolic SAR signaling a downtrend, may intensify selling pressure. If momentum weakens further, SOON could fall below $0.76 and slide toward $0.47. Such a drop would deepen losses and highlight fragile market conditions for the altcoin.
If investors view the decline as a buying opportunity, SOON may rebound from the $0.76 support zone. A recovery could push the price above $1.04 and extend toward $1.39 or higher. This move would help reverse recent losses and invalidate the bearish outlook.
Wiki Cat (WKC)
WKC has emerged as one of the strongest-performing meme coins this week, trading at $0.000000000103. Despite its tiny price, the token maintains a $51 million market cap and more than 151,600 holders, signaling strong community support and sustained network engagement.
WKC has climbed 52% over the past week, supported by improving fundamentals. The Squeeze Momentum Indicator is forming a squeeze as bullish momentum builds. A volatility breakout could push the price above the $0.000000000126 resistance and drive a rally toward $0.000000000151 if buyers maintain control.
If bullish momentum weakens, WKC may fail to hold its gains. A drop below the $0.000000000099 support could send the price toward $0.000000000076. Such a move would invalidate the bullish setup and erase a significant portion of the recent growth.
MicroStrategy CEO Michael Saylor fired back at MSCI’s review of the company’s classification, framing his firm as a hybrid operating business, not an investment fund.
The clarification comes amid a formal consultation on how digital asset treasury companies (DATs) should be treated in flagship equity indexes, a decision that could have major market consequences for MSTR.
Michael Saylor Draws the Line: “MicroStrategy Is Not a Fund or Trust” Amid MSCI Scrutiny
In a detailed post on X (Twitter), Saylor emphasized MicroStrategy is not a fund, not a trust, and not a holding company.
“We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital,” he articulated.
The statement positions MicroStrategy as more than a Bitcoin holder, with Saylor noting that funds and trusts hold assets passively.
“Holding companies sit on investments. We create, structure, issue, and operate,” Saylor added, highlighting the company’s active role in digital finance.
This year, MicroStrategy completed five public offerings of digital credit securities: STRK, STRF, STRD, STRC, and STRE. These total more than $7.7 billion in notional value.
Notably, Stretch (STRC) is a Bitcoin-backed treasury instrument that offers variable monthly USD yields to both institutional and retail investors.
Saylor describes MicroStrategy as a Bitcoin-backed structured finance company that operates at the intersection of capital markets and software innovation.
“No passive vehicle or holding company could do what we’re doing,” he said, stressing that index classification does not define the company.
Why MSCI’s Decision Matters
MSCI’s consultation could reclassify firms like MicroStrategy as investment funds, making them ineligible for key indexes such as MSCI USA and MSCI World.
Exclusion could trigger billions in passive outflows and heighten volatility in $MSTR, which is already down roughly 70% from its all-time high.
The stakes extend beyond MicroStrategy. Saylor’s defense challenges traditional finance (TradFi) norms, asking whether Bitcoin-driven operating companies can maintain access to passive capital without being labeled as funds.
MicroStrategy holds 649,870 Bitcoin, with an average cost of $74,430 per coin. Its enterprise value stands at $66 billion, and the company has relied on equity and structured debt offerings to fund its Bitcoin accumulation strategy.
The MSCI ruling, expected by January 15, 2026, could test the viability of such hybrid treasury models in public markets.
Phemex, a user-first crypto exchange, announces a month-long anniversary campaign featuring $6 million in rewards, running from November 19 to December 19, 2025. The celebration follows a milestone year in which the platform expanded from 6 million to over 10 million users and completed a full rebrand, underscoring its growth into a diversified crypto trading ecosystem.
The campaign spans five core venues, each offering tailored rewards for different trading behaviors. Prizes range from Rolex watches and iPhone 17 Pro Max devices to broad-based reward pools distributed across everyday trading activities.
On Spot, users gain access to 0-fee trading and Candy Drop token rewards. Futures participants can enter a trading competition, open lucky boxes, and compete for premium prizes. In Earn, users can explore flexible and fixed products with competitive APYs. Fiat users benefit from zero-fee card deposits throughout the period, while Referral missions provide additional bonuses for community-driven participation.
Federico Variola, CEO of Phemex, commented: “Our platform now serves traders with distinct habits and goals, so our anniversary campaign is designed in the same way—multiple venues, real utility, and rewards that match how people actually use Phemex. It reflects the broader strategy behind our ecosystem expansion.”
As Phemex enters its seventh year, the exchange will continue rolling out seasonal events, trading festivals, product upgrades, and global community programs. The 6th anniversary campaign marks only the beginning of a broader series of initiatives designed to strengthen user connection while making the platform more interactive, rewarding, and fun. More updates and celebrations will be announced throughout the season.
About Phemex
Founded in 2019, Phemex is a user-first crypto exchange trusted by over 10 million traders worldwide. The platform offers spot and derivatives trading, copy trading, and wealth management products designed to prioritize user experience, transparency, and innovation. With a forward-thinking approach and a commitment to user empowerment, Phemex delivers reliable tools, inclusive access, and evolving opportunities for traders at every level to grow and succeed.
Nvidia is one of the biggest winners of the AI boom. Its latest quarterly results showed $57 billion in revenue and $31.9 billion in profit, record numbers by any measure.
But instead of celebrating, the stock swung wildly: up 5% after earnings, then down again within 18 hours. Investors, algorithms, and market watchers are now asking a critical question: Is Nvidia’s AI growth as solid as it looks on paper?
NVIDIA’s Financing Model Draws Scrutiny as Big-Name Investors Bet Against It
The first warning sign is money that has not actually been paid. Nvidia has $33.4 billion in unpaid customer bills, nearly double what it had a year ago. On average, customers are taking 53 days to pay, up from 46 days.
Meanwhile, the company is sitting on $19.8 billion of unsold chips, yet management says demand is through the roof.
“Both cannot be true…Either customers aren’t buying or they’re buying without cash. The cash flow tells the real story,” said Shanaka Perera in a post.
Another red flag is the gap between profits and actual cash. Nvidia reported $19.3 billion in profit, but it generated only $14.5 billion in cash. That means $4.8 billion of its “profit” has not actually appeared in the bank.
For comparison, other chipmakers like TSMC and AMD turn almost all of their profits into cash. Nvidia’s lower rate raises questions about how much of its growth is real.
“Healthy chip companies like TSMC and AMD convert over 95% of profits to cash. Nvidia converts 75%. That’s distress level,” Perera added.
Things get even more complicated when you look at how AI companies buy from each other. Nvidia sells chips to firms like xAI, Microsoft, OpenAI, and Oracle. Many of these deals are funded by loans or credits from the same companies, meaning the same money is counted multiple times as revenue.
Michael Burry Sounds the Alarm on Nvidia’s Revenue and Demand
Michael Burry, the investor famous for predicting the 2008 crash, refers to this “suspicious revenue recognition,” warning that the actual demand from end-users may be very small.
Every company listed below has suspicious revenue recognition. The actual chart with ALL the give-and-take deals would be unreadable. The future will regard this a picture of fraud, not a flywheel. True end demand is ridiculously small. Almost all customers are funded by their… pic.twitter.com/0XyGQ8FjuE
Burry also pointed out that Nvidia’s stock buybacks may be hiding another risk. Since 2018, the company has spent $112.5 billion on buybacks, while still issuing new shares.
That effectively dilutes existing shareholders. He also questioned whether older GPUs, which use far more electricity than newer models, are really as valuable as the company claims.
“Just because something is being used doesn’t mean it’s profitable,” he said.
Some big investors seem to agree. Peter Thiel reportedly sold all of his Nvidia shares, and SoftBank sold $5.8 billion worth on November 11. Michael Burry bought put options betting Nvidia would crash to $140 by March 2026.
Peter Thiel reportedly sold his entire position of 537,742 shares in Nivdia.
Why? It’s a bubble, they all know it & are cashing out.
– Nvidia ALONE = 15% of US GDP. -OpenAi wants a govt bailout. – US Growth is .01% when you remove AI sector. pic.twitter.com/mk3Nc6yBpk
At the same time, AI-linked speculation appears to be affecting crypto markets. Bitcoin has dropped nearly 30% since October, partly because AI startups hold $26.8 billion in Bitcoin as collateral, which could be sold if Nvidia’s stock falls further.
Nvidia, $NVDA, CEO Jensen Huang told staff 'the whole world would've fallen apart' if Nvidia delivered a bad quarter, per BI
Not everyone is worried. Supporters argue that Nvidia has $23.8 billion in cash flow, huge orders from companies like Microsoft and Meta, and that some of the inter-company deals are standard in the tech industry.
Still, a recent survey by Bank of America shows that 45% of fund managers view AI as a major market bubble risk, a concern echoed by global regulators, including the IMF and Bank of England.
The next few months may be critical. Analysts are watching Nvidia’s fourth-quarter results in February 2026, possible credit downgrades in March, and any restatements in April.
How the company performs could decide whether the AI boom continues or if the recent market panic signals the start of a broader slowdown. Either way, the Nvidia story is now the test case for the AI-driven tech era.
The Zcash price traded flat over the past 24 hours, even as almost $2 billion in crypto positions were liquidated during the sell-off. This makes ZEC one of the few coins that held ground amid the broader market’s decline.
It is still up more than 27% week-on-week, but the next breakout is not guaranteed yet, unless the price clears one important hurdle.
Momentum Signals Reveal The Sell-Off Win, but Risks Are Not Gone
On the 12-hour chart, Zcash continues to move inside a rising channel. The upper trend line has only two touch points, so it can break easily if momentum improves. But the breakout theory did run into some issues during the sell-off, primarily led by three key indicators.
On-Balance Volume (OBV) shows if real demand is supporting the price. Between November 19 and 20, the price made a higher low, but OBV made a lower low.
That kind of bearish divergence weakens a trend. OBV touched the channel support on November 20 and bounced, avoiding a deeper breakdown. But ZEC needs OBV to move above 10.09 million to confirm stronger demand.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Chaikin Money Flow (CMF), which tracks large wallet inflows, has been falling since November 7, which explains why ZEC failed to break the top of the rising channel.
CMF briefly crossed above zero on November 14 and helped trigger a mid-rally bump. The indicator is now back above the zero line. Yet, a move above 0.02 would be a stronger confirmation that money flow has recovered.
The Relative Strength Index (RSI), the momentum indicator, however, added the main risk.
Between November 10 and 16, the Zcash price made a higher high, but RSI made a lower high. That bearish divergence showed momentum fading while the Zcash price rose.
RSI Hitting Zcash Price In The First Place: TradingView
This is also when bears briefly took control, and it matches the OBV and CMF weakness. Now RSI is moving with the price again, showing momentum support coming back. That is why Zcash “barely” beat the sell-off instead of flipping into a deeper reversal.
Zcash Price Levels Show the Breakout War Still Ahead
The Zcash price levels now decide whether bulls can take control of the breakout war.
The first major barrier is $766, the first breakout target. This is the trend-based extension zone before which ZEC stalled earlier. Clearing $766 would show the first real shift in momentum.
If ZEC breaks $766, the next key target is $978. That level also represents the breakout possibility of the rising channel itself. A clean move above $978 would open the path toward four-digit prices.
On the downside, $635 is the first support. Losing it exposes $555. A drop under $555 would push ZEC out of the rising channel and turn the trend neutral. This is where the bull-bear power indicator matters.
The bull-bear power indicator compares price to a basic trend value to show who is controlling short-term strength. Post the RSI divergence (10–16 November), bears briefly took control, matching the mid-channel pullback.
But the indicator has flipped back into the positive zone now, which means bulls are in control again. Because bulls now lead on the bull-bear power indicator, the breakout war intensifies above $766. If the Zcash price breaks $766 while bull-bear power stays positive, Zcash gets a real chance to attack $978, the key breakout level that would decide the next leg of the trend.
While the total market cap has entered its fourth consecutive week of decline and the market has lost nearly $1 trillion in November, data reveal a notable divergence in how investors are withdrawing capital. Mid- and low-cap assets show a surprisingly positive signal.
What is this signal, and what does it mean in the current context? The following report provides a detailed explanation.
3 Positive Signals for Altcoins as the Market Becomes Most Pessimistic
The market sentiment index has stayed in “extreme fear” for most of November. Even so, several positive signals still emerge, acting as glimmers of hope for altcoins.
First, a report from CryptoQuant compares the market-cap performance of Bitcoin, large caps, and mid- and small-cap altcoins. It shows significant resilience in the lower-cap segment.
BTC vs. Altcoin Market Cap Comparison. Source: CryptoQuant.
According to the comparative market-cap chart, Bitcoin experienced the sharpest drop in November. Large caps, which include the top 20 altcoins, also fell, but to a lesser extent. Mid- and small-cap altcoins declined only slightly and suffered less damage.
“Large caps are struggling, but not as much as BTC, while mid–small caps are showing real resilience,” analyst Darkfost noted.
In fact, the chart shows that only the market caps of Bitcoin and large caps have formed new all-time highs. Mid- and low-cap assets have yet to return to their late-2024 peaks. From a psychological perspective, once altcoins drop too deeply — often losing 80–90% of value — holders tend to view their assets as “already lost.” They then have little motivation to panic sell.
This leads to the second notable factor: a divergence between Bitcoin Dominance and OTHERS Dominance.
Bitcoin Dominance (BTC.D) measures Bitcoin’s share of the total market cap. OTHERS Dominance (OTHERS.D) measures the share held by all altcoins excluding the top 10.
Bitcoin Dominance and OTHERS Dominance. Source: TradingView
The chart shows that in November, OTHERS.D rose from 6.6% to 7.4%. Meanwhile, BTC.D dropped from 61% to 58.8%.
This divergence implies that altcoin investors are no longer as easily panic-selling, even while sitting on losses. Instead, they are holding their positions and waiting for a recovery.
Analyst Maartunn believes this data highlights where actual trading activity is happening. Currently, activity is concentrated heavily outside major cryptocurrencies. Altcoins have once again become highly popular trading vehicles on Binance.
“Historically, an increased share of altcoin trading volume often coincides with increased speculation in the market,” maartunn said.
In summary, mid- and low-cap altcoins are receiving strong liquidity inflows. They also exhibit better price performance and higher market share ratios. These factors indicate that altcoin holders hold strong expectations for a recovery from the bottom region.
The XRP price trades near $1.90, down about 9% over the past 24 hours and extending its 30-day decline to around 19%. A few bottoming signals have appeared, especially from short-term holders.
But the XRP price still looks far from a recovery. This piece explains why the bounce has not happened yet.
Short-Term Capitulation Has Appeared, but the Recovery Is Missing
The short-term holder NUPL, which measures net unrealized profit or loss, has dropped to –0.30, its lowest reading this year. This level marks capitulation, a phase where most recent buyers are holding losses and are either forced to exit or emotionally flushed out.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
This time, despite a deeper capitulation reading, XRP is still sliding. The missing element comes from the spent coins data.
Spent Coins Show Peak Capitulation Has Not Fully Played Out
The spent coins age band metric shows how many XRP coins from different age groups are being moved. When spent coins rise while price falls, it shows real capitulation pressure. This metric doesn’t only include the short-term holders and might also show how aggressively the long-term and mid-term holders are moving XRP.
A strong example came earlier this month.
Between November 2 and November 5, the price dropped from $2.54 to $2.15. During the same period, spent coins increased from 20.32 million to 104.85 million. This was a rise of about 416%, which marked a clear capitulation event. That ensured a local bottom formation on November 5.
The current structure, coins moving while the price corrects, is similar but much smaller.
Between November 17 and now, the XRP price dropped from $2.27 to $1.96. Spent coins increased from 45.87 million to 97.31 million, a rise of about 112%.
Since 112% is far below the earlier 416% spike, the washout phase may not be complete. If spent coins continue rising toward early-November levels, the XRP price may see more downside before the final bottom forms.
This incomplete washout explains why the short-term capitulation reading has not triggered a recovery yet. And why some more XRP price downside could be waiting.
XRP Price Levels Suggest One More Downside Zone
XRP sits close $1.95, an important support. Losing this level exposes the next zone near $1.57, which could highlight the final XRP bottom if capitulation continues. The price is currently under the support, but for a breakdown confirmation, it needs a clean daily close under $1.95.
One more risk is building on the chart. The 100-day exponential moving average (EMA) is moving closer to the 200-day average. If the 100 moves below the 200, traders treat it as a bearish crossover. And that could be a bigger short-term correction catalyst.
An exponential moving average (EMA) gives more weight to recent prices, so it reacts faster than a simple moving average and helps confirm short-term pressure.
For the XRP price to show early strength, it must first reclaim $2.08, followed by $2.26. That would invalidate the near-term bearish trend.
In November, NEAR Intents’ daily fee revenue reached an all-time high. At the same time, its daily trading volume increased tenfold compared to the previous quarter. However, NEAR’s price continued to show weak performance and remained stuck in its 2025 accumulation range.
These positive metrics sparked expectations that investors may secure strong entry positions before overall market fear fades and fundamentals begin to take effect.
How NEAR Intents Became a Late-2025 Catalyst for NEAR’s Price
The protocol removes the need for users to perform complex manual actions. These include bridging tokens, managing gas fees across multiple networks, or handling intermediate steps. NEAR Intents allows users—or AI agents—to express an “intent” for the desired outcome. The protocol then automates the entire process, delivering a smooth and efficient experience.
According to Dune Analytics, NEAR Intents’ daily fee revenue reached a record level of more than $400,000. This pushed total cumulative fees above $10 million. Meanwhile, daily trading volume consistently remained above $150 million, representing a tenfold increase from the previous quarter.
Daily Volume & Fee on NEAR Intents. Source: Dune.
NEAR Protocol also reported that its 30-day cumulative trading volume recently surpassed $3 billion.
Additionally, a Bitwise report noted that NEAR Intents recorded $969 million in trading volume for the week beginning November 10, 2025. Bitwise predicted that NEAR Intents will expand weekly trading volume more than tenfold and reach $10 billion by June 2026.
This growth will naturally have a positive impact on the NEAR token.
“NEAR’s token model is designed to capture value from AI-native activity. This includes intent-routing fees, infrastructure services, and model execution, extending beyond traditional blockspace monetisation,” Bitwise stated.
As a result, investors have increasingly turned to NEAR Intents. Trading in ZEC now accounts for about 10% of the protocol’s daily volume, averaging $15 million per day.
NEAR’s Price Remains Stuck in the 2025 Accumulation Range
Despite these developments, NEAR’s price remains trapped in its 2025 accumulation zone. TradingView data shows NEAR moving between $1.90 and $3.10 since the beginning of the year.
Analyst Vespamatic attributed this stagnation to Bitcoin’s price decline. This pressure could cause altcoins to drop even further, even when their fundamentals remain strong.
“NEAR has a risk of falling to $0.6, especially if Bitcoin falls to $84,000. In a bear market, almost 99% of altcoins can be destroyed, even though they have strong fundamentals,” Vespamatic predicted.
However, analysts also noted that NEAR’s current price near $1.9 aligns with the year’s strongest support. Combined with recent positive catalysts, this level may set the stage for a potential price rebound.
2025 marks the inaugural year of The BeInCrypto 100 Awards, a global recognition program honoring the people, products and projects shaping the next era of Web3. In partnership with Binance Square, the awards will culminate in a virtual ceremony on December 10, 2025, at 12 PM UTC, uniting the global crypto community to honor excellence.
The judge panel features leading figures such as Geoffrey Kendrick (Global Head of Digital Assets Research, Standard Chartered), Michael Walsh (INED & Chair, Zodia Markets and Kraken), Samantha Yap (Founder & CEO, YAP Global), James Butterfill (Head of Research, CoinShares), Rauan Khassan (CCO, TradingView), and other top industry leaders across global, LATAM and APAC regions.
“As a journalist, I’ve watched crypto grow from fringe forums to global headlines,” shared Brian McGleenon, Global Head of News at BeInCrypto.
“The industry has matured beyond speculation into one driven by accountability, transparency, and real-world impact. 2025 marks the inaugural edition of The BeInCrypto 100, and it couldn’t come at a better time. This is a perfect moment to recognize the people and projects setting new standards of excellence as Web3 enters its most credible era.”
Introducing the Judge Panel
Global Judges
Geoffrey Kendrick – Global Head of Digital Assets Research, Standard Chartered
Michael Walsh – INED & Chair, Zodia Markets; Kraken
Paris Rouzati – VP of Marketing, Aave Labs
James Butterfill – Head of Research, CoinShares
Joseph Chalom – Co-CEO, SharpLink
Samantha Yap – Founder & CEO, YAP Global
Rauan Khassan – CCO, TradingView
Daniel Slutzkin – Head of UK, Gemini
Dr. Jez Mohideen – Co-Founder & CEO, Laser Digital
Zhong Yang Chan – Head of Research, CoinGecko
Vugar Usi Zade – COO, Bitget
Latin America Judges
Thamilla Talarico – Director On-Chain Finance Brazil, Polygon Labs
Thomaz Teixeira – CEO, BRL1
Afonso Belice – President, Ethereum Brasil
Antonio Neto – Growth Lead, Solana LATAM
Asia-Pacific Judges
Cecilia Hsueh – CSO, MEXC
Shukyee Ma – CSO, Plume Network
Daniel Kim – CEO, Tiger Research
Dimas Surya Alfaruq – President Director & Co-Founder, Bitcoin Indonesia
The BeInCrypto 100 Awards feature a transparent, community and expert-led selection process as follows:
Judge Review: Our expert judges will carefully review submissions and curate the shortlist of finalists until November 10, 2025 (UTC).
Public Voting: The global community casts the vote to decide the community favorites across all categories from November 12, 2025, until December 1, 2025 (UTC).
Winners Announcement: At the virtual awards ceremony on Binance Square, December 10, 2025, at 12 PM (UTC).
Want to follow the journey and see who makes the BeInCrypto 100?
For years, the crypto industry has said the right things about onboarding the next billion users. We’ve talked about scalability, security, decentralization, and user sovereignty (and yes, these all matter). But ask any everyday person why they stopped mid-way through a crypto transaction, and you’ll hear the same frustrating story: “It wouldn’t let me complete the transaction because I didn’t have enough gas.”
This issue may sound trivial to crypto veterans, but for mainstream users, it’s one of the biggest and most confusing roadblocks. You might already own the token you want to trade. You might be trying to send funds to a friend. Yet the system halts everything because you don’t hold the native gas token – e.g. BNB, SOL, ETH, or others – even when you have more than enough value in your wallet to cover the action you’re trying to take.
In any other consumer product category, this kind of UX failure would be unacceptable. Imagine your banking app refusing a payment because you don’t happen to have the right currency or “fee token” in your account. This is what turns users away from apps.
This is the gap Gas Sponsorship closes.
The Most Invisible Barrier in Web3
In Web3, gas fees aren’t just a cost, they’re a cognitive burden.
Users must:
Understand what gas fees are
Know which token each blockchain uses for gas
Keep small amounts of each token in reserve
Top up the right chain at the right time
Hope they don’t run out mid-transaction
This is not how mainstream technology works. It’s not how it should work.
At Trust Wallet, we’ve long believed that self-custody doesn’t have to mean complexity. So on November 12, we announced a new feature calledGas Sponsorship, which automatically covers the gas fees for token transactions (swaps, and transfers coming soon) on supported blockchains. First starting with BNB Chain and Solana, and expanding soon to Ethereum and other major networks.
If a user initiates a transaction without sufficient gas, Trust Wallet steps in and pays it instantly.
This is one of the most meaningful UX improvements self-custody has seen in years.
Frictionless UX Is What Brings the Next Billion Users
We often talk about the need for better infrastructure, better interoperability, better regulation. But what consumers care about is simple: Does this product just work?
Crypto wallets have evolved dramatically. They now support hundreds of blockchains, tens of millions of assets, native swaps, staking, NFTs, and dApps all inside a mobile interface. But none of that matters if the first transaction a new user attempts fails due to an obscure gas fee requirement.
Gas Sponsorship transforms that experience:
No more keeping multiple native tokens on hand
No more guessing whether you have enough gas
No more failed swaps or stuck transactions
No more “crypto is too complicated” moments
When we remove friction, we remove doubt.
When we remove doubt, we unlock participation.
This is what “frictionless crypto” looks like in practice.
A Step Toward Mainstream Self-Custody
For Trust Wallet, this feature reflects a deeper goal: making self-custody feel as simple and empowering as any mainstream financial app.
Today, we support over 100 blockchains, more than 10 million assets, and have surpassed 220 million downloads globally. But numbers alone don’t build trust, experience does. That’s why we’ve invested heavily in making crypto be and feel effortless. Every feature that removes friction is another step toward broad, safe, user-driven adoption.
Gas Sponsorship is not the final step of course, but it’s a foundational one.
We envision a future where:
Users interact with Web3 without thinking about gas, slippage, or cross-chain routing
Wallets abstract away blockchain complexity
Self-custody is as intuitive as online banking
Billions can participate in global finance with no gatekeepers
This isn’t about hiding Web3’s mechanics. It’s about letting users succeed without needing a technical manual.
Why This Matters Now
The next wave of crypto adoption will not be driven by speculation, it will be driven by usability.
As we continuously move into a world of RWAs, cross-chain applications, AI agents, and programmable money, user experience becomes the make-or-break factor. A frictionless wallet experience will be the entry point for each of these innovations.
Gas Sponsorship moves the industry closer to Web2-level smoothness while preserving Web3-level autonomy. It proves that self-custody and simplicity are not mutually exclusive, they are essential partners.
And as we continue expanding Gas Sponsorship to more chains and more transaction types, we hope the industry follows suit.
The Bottom Line
Crypto doesn’t need to reinvent UX standards. It needs to meet them. The next billion users will arrive because we finally made crypto intuitive.
Gas Sponsorship is a major leap forward in doing exactly that; and with over $100 million in swap volumes sponsored, the impact is real, measurable, and just getting started.
Frictionless crypto isn’t a slogan. It’s a roadmap.
And this is just the beginning.
By Nick DiSisto, Business Development Associate at Trust Wallet
At Trust Wallet, Nick leads strategic initiatives and ecosystem partnerships that are central to the platform’s growth and user experience. His work spans key areas such as DeFi integrations, fiat on/off-ramps, MEV mitigation, and core infrastructure partnerships — all aimed at making crypto more accessible, secure, and scalable for millions of users globally. He collaborates cross-functionally with product, security, engineering, and marketing teams to drive innovation at the intersection of user experience and blockchain technology. With a focus on turning code into real-world utility, Nick is helping shape the future of self-custody wallets as financial powerhouses.
DeFi has spent years optimizing AMM curves, fee models and routing logic, yet one fundamental issue has remained largely untouched: most liquidity in automated market makers does not actually work. The majority of capital deposited into pools sits unused, fragmented across dozens of pairs and protocols. At Devconnect Buenos Aires, 1inch unveiled Aqua, a protocol designed to challenge that limitation directly.
Instead of locking assets into separate pools, Aqua enables a single wallet balance to support multiple strategies simultaneously. It introduces a shared-liquidity architecture that could reshape how capital efficiency and yield generation function across the ecosystem. With developers, researchers and protocol builders gathered in Buenos Aires, the timing was deliberate.
In this interview, we speak with Sergej Kunz, co-founder of 1inch, about what Aqua is, how it works, and why it represents one of the most significant shifts in liquidity design since 1inch introduced aggregation in 2019.
Why did you choose Devconnect Buenos Aires as the moment to introduce Aqua?
Sergej Kunz: Devconnect gathers a technical audience that understands what goes into building and securing a protocol. Aqua needs exactly that level of scrutiny. Presenting it here allows us to talk directly to developers, researchers, and security experts who can challenge the model, test it and eventually build on it.
The choice makes sense. Aqua isn’t a marketing product ; it’s infrastructure, and Devconnect is one of the few events where infrastructure launches truly land with the right crowd.
For readers who haven’t followed the announcement closely: what is Aqua? And why this approach?
Sergej Kunz: Aqua addresses a core problem in DeFi: around 80 to 90 percent of capital sitting in liquidity pools isn’t actually working. It’s there to support the AMM curve, but it does not actively generate value. With Aqua, users don’t have to lock assets in separate pools. Assets stay in the wallet and can support multiple strategies at the same time. Think of it as a virtual DEX engine running inside your wallet, while remaining fully self-custodial.
In other words, Aqua changes the assumption that liquidity must be fragmented across dozens of pools. It lets one balance behave like several without compromising security.
So how does that translate into higher capital efficiency?
Sergej Kunz: With traditional AMMs, if you want to support several trading pairs, you divide your liquidity into multiple buckets. That reduces utilization. With Aqua, the full amount of an asset can work across multiple AIMM strategies in parallel. The result is higher liquidity depth and significantly higher yield. Our backtests show returns increasing five times or more, and shared liquidity can push that effect up to fifteen times compared to legacy AMMs.
This is where Aqua becomes more than a conceptual improvement: it directly affects LP earnings.
Who is Aqua intended for at this stage?
Sergej Kunz: Right now, this release is for developers, security experts and researchers. They’re the ones who will probe the protocol. When the production version goes live, it will target liquidity providers who want higher yield with less fragmentation.
What was the reaction like at Devconnect?
Sergej Kunz: The community here is extremely engaged. Many developers visited the booth wanting to understand how one liquidity position can operate across several strategies. Even very technical attendees were surprised this approach hadn’t been implemented before. Their feedback already helped us sharpen how we explain Aqua ahead of my upcoming talk.
The engagement shows that shared liquidity is still unfamiliar territory but also that the demand for a more efficient model is clear.
Is there anything comparable to Aqua in today’s market?
Sergej Kunz: No. This is a new architectural model in DeFi. In 2019, 1inch solved fragmentation for takers with aggregation. Aqua solves fragmentation for makers, the liquidity providers. Some projects explored similar ideas, but no one delivered a working shared-liquidity system with such simple integration. Developers can use it with just a few lines of code.
What should the ecosystem expect from 1inch going into 2026?
Sergej Kunz: This year was intense. We introduced Solana support for intent-based swaps, rolled out cross-chain capabilities and rebranded to reflect our shift toward serving not only Web3 but also traditional companies. We believe every future business will rely on Web3 infrastructure the same way every modern business relies on the internet. Aqua’s full production release is planned for the end of this year or early next year, along with an interface and third-party builders already preparing integrations. And yes, there are additional protocols in the pipeline.
What is your key takeaway from Devconnect this year?
Sergej Kunz: Many teams believe they compete with each other, but in reality we build different pieces of the same infrastructure. Several developers approached us concerned that Aqua might disrupt their work. My message to everyone is that we are all partners. If we focus on solving foundational problems, the ecosystem becomes easier to use for traditional industries as well.
Conclusion
Aqua marks a meaningful shift in how DeFi thinks about liquidity design. For years, protocols have competed on curve optimizations, fees and routing mechanisms while quietly accepting that most liquidity sits inactive. By introducing a shared-liquidity architecture that allows one balance to serve multiple strategies, 1inch is pushing the conversation toward a more efficient and more composable future.
The timing is notable. As the industry moves deeper into intent-based execution, cross-chain liquidity and institutional-grade infrastructure, the need for capital to work harder and not just sit untouched becomes increasingly clear. Aqua fits directly into that transition. It gives developers a new primitive to build on and gives liquidity providers a model that aligns yield with actual utilization instead of fragmentation.
Whether Aqua becomes a new standard will depend on how fast the ecosystem adopts it, how builders integrate it and how the production version performs once live. But one thing is certain: introducing a protocol that rewrites the assumptions of AMM liquidity at the end of 2025 sets the tone for a very different 2026. If 1inch delivers on the roadmap Sergej outlines, Aqua could influence not just individual protocols but the underlying architecture of DeFi itself.
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