Arthur Hayes has turned Monad (MON) into the week’s most chaotic battleground. Just 48 hours after hyping the token with a brazen “MON to $10,” the BitMEX co-founder reversed course entirely.

Meanwhile, other whales continue to accumulate the token, which hit the mainnet only recently but continues to ride a wave of spoofed token transfers.

Arthur Hayes Nukes MON Publicly, But Whales Are Secretly Accumulating

The former BitMEX CEO slammed the token, urging traders to send it to zero, just two days after the MON price recorded a sharp post-launch rally.

I'm out. Send this dogshit to ZERO!$MON 😭😭😭😭😭😭😭😭 pic.twitter.com/qUYgmhvPsT

— Arthur Hayes (@CryptoHayes) November 27, 2025

Hayes’ reversal began on November 25, when he joked that the bull market needed “another low float, high FDV useless Layer-1 (L1) token,” before admitting he aped in anyway.

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

— Arthur Hayes (@CryptoHayes) November 25, 2025

However, by November 27, he declared himself “out,” dismissing MON altogether and telling the market to disregard it.

Yet blockchain data suggests MON’s largest players didn’t share his bearishness.

On-chain tracking by Lookonchain shows that whale address 0x9294 withdrew 73.36 million MON (around $3 million) from Gate.io within 24 hours, marking one of the largest single-address accumulations recorded this week.

Whale 0x9294 has withdrawn 73.36M $MON($3M) from #Gateio in the past 24 hours.

Address:
0x9294906c89f5330106be3141d8c58e5731dd168c pic.twitter.com/lsQEUS15Rx

— Lookonchain (@lookonchain) November 27, 2025

BeInCrypto also reported that mega whales (holding the highest-tier addresses) boosted their MON holdings by 10.67%, bringing their stash to 176.44 million MON after adding 17.08 million tokens worth roughly $717,000.

Meanwhile, normal whales added 4.80 million MON over the same period, expanding their holdings by 9.51% to reach 55.42 million MON.

In total, whales now control over 300 million MON, a sharp contrast to Hayes’ public dismissal of the project.

Hayes Rotates Into ENA, PENDLE, and ETHFI

While Hayes publicly torched MON, he quietly shifted capital into other tokens. Lookonchain reports that across the past two days, Hayes accumulated:

• 4.89 million ENA (Ethena), valued at $1.37 million,
• 436,000 PENDLE worth $1.13 million, and
• 696,000 ETHFI ($543K).

On November 26 alone, he spent another $536,000 on 218,000 PENDLE. The ENA trades are even more telling. Just nine hours before Lookonchain’s latest report, Hayes bought back 873,671 ENA for $245,000, even though he sold 5.02 million ENA two weeks earlier at a lower price.

“[Hayes is once again] selling low, buying high,” Lookonchain remarked, signaling either emotional trading or a deliberate strategy to scale into positions he values more than his initial entry.

Together, the moves point toward a broader rotation strategy. Hayes appears to be exiting high-FDV, meme-driven L1 narratives like MON while doubling down on “real yield” and liquid staking plays represented by PENDLE, ENA, and ETHFI.

This would align with broader market behavior, where stabilized prices mean spot flows, especially from whales, now matter more than short-term hype cycles.

Still, the contradiction between Hayes’ aggressive public FUD on MON and simultaneous heavy whale accumulation raises uncomfortable questions for the market.

Is his commentary simply emotional whiplash, or is he intentionally playing into volatility that benefits professional traders? The dynamic revives debates about whether influential voices in crypto can distort sentiment while others accumulate in the shadows.

Nevertheless, investors must conduct their own research, as Hayes’ dramatic exit from MON has not deterred the deep pockets. If anything, whales appear more interested than ever, quietly absorbing supply as retail traders digest the noise.

As of this writing, the MON price is down by over 13%, currently trading at $0.0412. This dump likely stems from concerns after fake token transfer attacks, where bad actors exploited the ERC-20 standard to mislead users with fake wallet activity.

warning – there are fake ERC-20 transfers pretending to be from my wallethttps://t.co/TCZTfDfoTQ

example:https://t.co/wA1I8RFTdQ

you can see the txs are not sent by me

ERC-20 is just a token interface standard, it's easy to write a smart contract that meets that standard…

— James (mainnet arc) (@_jhunsaker) November 25, 2025

In one instance, a fraudulent contract generated fake swap calls and simulated trading patterns around the MON ecosystem. The transfers aimed to exploit the early hours frenzy after Monad’s mainnet, when users were opening wallets, claiming tokens, and monitoring liquidity.

The post Arthur Hayes Turns on Monad (MON) as Whales Sweep Up 300 Million Tokens appeared first on BeInCrypto.

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 because the next few weeks may mark a quiet turning point hiding in plain sight. While most are focused on headlines about bubbles and fears of a slowdown, Ark Invest CEO Cathie Wood reveals a deeper shift in liquidity, policy, and AI adoption that is capable of reshaping the outlook for tech and crypto.

Crypto News of the Day: Cathie Wood Talks About AI’s “Productivity Drought”

US liquidity is snapping back faster than most macro watchers expected, and Cathie Wood believes that timing could collide with one of the most misunderstood trends in tech and crypto: the widening gap between consumer AI adoption and enterprise productivity.

While headlines continue to warn of an AI bubble, ARK Invest argues that markets are entering the first inning of a rebound fueled by:

• Liquidity,
• Policy easing, and
• Accelerating commercial AI demand.

According to ARK Invest, the US market liquidity has already begun a decisive reversal. In a detailed update, the firm noted that liquidity “is finally turning upward” after hitting a multi-year low in late October.

ARK stated that the six-week government shutdown resulted in a $621 billion drain from the system. Still, the reopening “released $70 billion back into markets,” with an estimated $300 billion likely to return over the next several weeks as the Treasury General Account normalizes.

The firm added that the backdrop aligns with a dovish shift at the Federal Reserve, pushing market-implied odds of a near-term rate cut to roughly 90%.

This liquidity push comes just as quantitative tightening is scheduled to end on December 1, an inflection point ARK believes markets have not fully priced in.

“With liquidity returning, quantitative tightening ending December 1, and monetary policy turning supportive, we believe conditions are building for markets to reverse recent drawdowns potentially,” the firm said.

Cathie Wood Says AI’s Productivity Drought Is the Next Bull Catalyst

Cathie Woo, the firm’s founder, CEO, and CIO, is taking the argument further. In a recent webinar, she stated that the liquidity squeeze affecting AI and crypto “will reverse in the next few weeks.”

The AI story has just begun. Enterprises may be slow to show productivity gains, but @CathieDWood highlights that AI is flourishing on the consumer side and US commercial business was up 123% last quarter.

Fund webinar: https://t.co/oYbqsY4pMF pic.twitter.com/9ual0iKfnI

— ARK Funds (@ARK_Funds) November 24, 2025

The fund manager added that markets “seemed to buy” the thesis, given ARK holdings rallied 8% after the session.

She also pushed back against the prevailing narrative that AI is in bubble territory, pointing directly to commercial traction.

That surge is supported by Palantir’s latest earnings, which showed a triple-digit jump in US commercial revenue. According to Cathie Wood, this is evidence that enterprises are committing capital before productivity shows up.

$PLTR Palantir Q3 FY25:

• Net dollar retention 134% (+16pp Y/Y).
• Revenue +63% Y/Y to $1.18B ($90M beat).
• Non-GAAP EPS $0.21 ($0.04 beat).

FY25 guidance:
• Revenue +53% Y/Y to $4.4B ($252M raise).
• Adjusted margin 49% (3pp raise). pic.twitter.com/7g0Q3rFHZi

— App Economy Insights (@EconomyApp) November 3, 2025

This trend forms the core of ARK’s thesis, that consumer AI is exploding while enterprises appear stalled, but the lag is structural, not cyclical.

“We think this AI story has just begun. We are in the first inning,” Cathie Wood explained, adding that enterprises require time “to restructure and transform completely” before productivity becomes measurable.

She points to recent MIT research showing that most corporations are not yet seeing productivity gains from AI because their internal systems, workflows, and org structures are still built for pre-AI operations.

However, the firm argues that this “productivity drought” is exactly what forces CEOs into rapid investment cycles.

“…[decision-makers are already saying] we’ve got to do this or we’re going to lose our competitive edge out there,” Cathie Wood shared.

Still, ARK highlights one major risk: the energy bottleneck. AI-compute demand is exploding so fast that up to 20% of data-center projects are facing delays.

The coming liquidity wave may supercharge AI and crypto, if energy infrastructure scales quickly enough to support it. ARK Invests believes the pieces are aligning, citing:

• Liquidity is rising,
• QT is ending,
• The Fed is turning dovish, and
• Commercial AI spending is accelerating.

 If Wood is right, markets may not be facing an AI bubble, but are on the verge of the cycle’s real beginning.

Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

• The Zcash ETF nobody asked for: Why critics fear a Wall Street takeover.
• XRP balance on Binance hits one-year low: What are the causes and impacts?
• Coinbase Premium shows first signs of recovery as US selling pressure finally eases.
• BitMine (BMNR) price’s 17% rise this week could end a 7-week-long depression.
• GameFi push ignites Pi Network hype, so what’s behind the rising sell wall?
• Bitcoin price climbs over $90,000 after 7 days, but liquidity concerns linger.
• Ripple’s RLUSD hits record high as UAE opens the door to institutional use.
• Grayscale files for spot Zcash ETF, ZEC price could cross $600.

Crypto Equities Pre-Market Overview

Company	At the Close of November 26	Pre-Market Overview
Strategy (MSTR)	$175.64	$176.96 (+0.75%)
Coinbase (COIN)	$264.97	$268.68 (+1.40%)
Galaxy Digital Holdings (GLXY)	$26.24	$26.71 (+1.79%)
MARA Holdings (MARA)	$11.11	$11.29 (+1.62%)
Riot Platforms (RIOT)	$14.96	$15.19 (+1.54%)
Core Scientific (CORZ)	$16.18	$16.25 (+0.42%)

The post AI’s Productivity Drought May Be the Bullish Catalyst Wall Street Missed | US Crypto News appeared first on BeInCrypto.

Hedge funds are piling into one of their biggest anti-dollar bets in years, just as macro signals hint the USD may be nearing a rebound.

If the crowded trade snaps, the ripple effects could hit crypto markets faster than investors expect.

Hedge Funds Build Extreme USD Shorts—A Repeatable Pattern?

Hedge funds are aggressively shorting the US dollar, reaching one of the most lopsided positioning levels in two decades.

The Positioning Index indicates that funds are deeply entrenched in “extreme short” territory, a zone that has historically preceded a USD recovery rather than a prolonged decline.

Analyst Guilherme Tavares highlighted this setup, noting that the trade has become dangerously crowded.

“Hedge funds are holding significant short positions in the DXY, and historically, similar levels have often preceded solid buying opportunities—at least for a short-term rebound. When a trade becomes too crowded, it’s usually worth considering the opposite side,” he wrote.

Across the past 20 years, every major episode of heavy USD shorting has ended the same way: a dollar bounce that forces fast-money traders to unwind positions.

Macro Tone Doesn’t Support the Anti-Dollar Hype

A similar warning came from EndGame Macro, who pointed out that extreme short positioning rarely appears in calm markets.

They explained that hedge funds are “shorting a weak dollar,” which historically makes the market more vulnerable to even a small shift in sentiment or liquidity.

According to analysts, the broader environment is not as supportive of ongoing USD weakness as traders assume. Treasury markets are pricing future Fed cuts, growth is slowing, and dollar funding markets are tightening, all conditions that make sudden reversals more likely.

“This setup doesn’t guarantee a major dollar bull run, but it does tell you that the downside is probably limited,” said analyst EndGame Macro.

Why Crypto Should Care: A Rising Dollar Is a Threat

Crypto market analysts continue stressing the direct inverse relationship between the DXY and digital assets.

“Dollar up = bad for crypto. Dollar down = good for crypto. If the dollar keeps grinding higher into 2026… you may have to kiss that beloved bull market goodbye,” analyst As Milk Road warned.

The risk is that if the USD rebounds strongly from these crowded shorts, as history suggests, crypto could face sustained pressure during a period when investors were expecting a multi-year bull cycle.

Technical Signals Now Support a USD Reversal

Market technicians are tracking fresh breakout signals on the US Dollar Index. According to Daan Crypto, the DXY has closed above its 200-day moving average for the first time in nearly nine months, positioning the index to break a 7–8 month downtrend.

“This isn’t ideal for risk assets and has been putting pressure on as well… Good to keep an eye on,” he said.

Combined with the yen’s weakness and general derisking behavior after recent market volatility, technical momentum may now be aligning with positioning data to fuel a potential USD resurgence.

If hedge funds are forced to unwind their extreme short positions, the USD could stage a sharp rebound. This could pressure Bitcoin, Ethereum, and risk assets broadly.

The next few weeks of DXY price action, funding conditions, and Fed communication will determine whether crypto’s bullish narrative survives or enters a more defensive phase.

The post Hedge Funds Are Heavily Shorting the USD – What Does It Mean for Crypto? appeared first on BeInCrypto.

Bitwise Chief Investment Officer Matt Hougan highlights common mispricing in Digital Asset Treasury Companies (DATs). He urges investors to consider valuation beyond simple crypto holdings as these firms navigate complex financial dynamics.

DATs now manage over $130 billion in digital assets, serving as vital links between traditional capital markets and direct cryptocurrency exposure. Their unique position brings new valuation challenges that set them apart from other investment vehicles.

Bitwise Just Revealed 3 Ways to Value DATs: All You Need to Know

Bitwise CIO Matt Hougan warns that most DATs are mispriced. While many trade at a discount to their assets, a few can trade at a premium by boosting crypto-per-share.

Hougan’s framework offers investors a clear way to separate the winners from the laggards.

1/ I see a lot of bad analysis of DATs, or digital asset treasury companies. Specifically, I see a lot of bad takes on whether they should trade at, above, or below the value of the assets they hold (their so-called “mNAV”).

Here's how I approach it.

— Matt Hougan (@Matt_Hougan) November 23, 2025

Why Most DATs Trade at a Discount

Hougan highlights three main reasons DATs usually underperform:

• Illiquidity: Investors demand a 5–10% discount if assets aren’t immediately accessible.
• Expenses: Operational costs and executive compensation directly reduce value.

For example, $100 of Bitcoin minus $10 of expenses per share equals a 10% discount.

• Risk: Mistakes, market shifts, or execution errors further lower valuations.

“…most of the reasons they should trade at a discount are certain, and most of the reasons they might trade at a premium are uncertain,” Hougan says.

This means the majority of DATs will underperform relative to their net asset value (mNAV).

How DATs Can Trade at a Premium

Some DATs outperform by increasing crypto-per-share, with Hougan identifying four key strategies:

• Issuing Debt: Borrowing USD to buy crypto can grow per-share holdings if prices rise.
• Lending Crypto: Earning interest compounds the crypto held by the company.
• Using Derivatives: Writing options or similar strategies generates additional assets, though it may limit upside.
• Acquiring Crypto at a Discount: Buying undervalued assets, repurchasing shares, or acquiring cash-flow businesses can increase crypto-per-share efficiently.

The Bitwise executive articulates that scale matters, noting that larger DATs can access debt more easily, lend more crypto, and take advantage of M&A opportunities. Size is a structural advantage.

---

Market Differentiation Is Coming

DATs have historically moved together, but Hougan predicts increased divergence.

• Premium DATs: Executing well, growing crypto-per-share, leveraging scale.
• Discount DATs: Struggling with expenses, risk, or small scale.

Investors can use Hougan’s approach, calculating expenses, risk, and growth potential, to determine fair value.

---

Investors should also watch:

• Which DATs consistently increase crypto-per-share.
• How scale gives certain DATs a long-term edge.
• Market moves that create opportunities to buy undervalued DATs.

With the market set for more differentiation, understanding Hougan’s framework could separate winners from losers amid a growing digital asset treasury space.

The post Most Crypto Treasury Firms Trade at a Discount — Here’s Why appeared first on BeInCrypto.

Satoshi Nakamoto’s legendary Bitcoin fortune has dropped by an estimated $41 billion, as BTC’s price slid more than 30% from its all-time high.

The pseudonymous creator’s 1.1 million Bitcoin, tracked using the Patoshi mining pattern, fell from $138 billion in October to about $96 billion as of this writing. This sharp decline moved Satoshi from 11th to around 20th among the world’s wealthiest people, now just below Bill Gates.

BTC Price Crashed, But What Happened to Satoshi’s Bitcoin Stash

Arkham Intelligence, a blockchain analytics firm, estimates Satoshi’s Bitcoin using mining analysis and on-chain forensics.

The “Patoshi Pattern,” discovered by Sergio Lerner, identifies more than 22,000 early addresses likely controlled by one entity, widely believed to be Satoshi Nakamoto. These coins, untouched for over a decade, continue to fuel intense speculation.

As of October 6, 2025, when the pioneer crypto established an all-time high of $126,296, Satoshi’s Bitcoin stash was valued at $138.92 billion. However , Bitcoin’s price has since dropped by over 30% to trade for $87,390 as of this writing.

With this drop, Satoshi’s Bitcoin stash has shrunk to $96.129 billion, meaning $42.79 billion of this fortune disappeared in weeks.

If Forbes listed Satoshi among the list of the world’s richest people, the Bitcoin founder would rank just below Bill Gates and right above Françoise Bettencourt Meyers & family at position 20.

Despite the vast scale of Satoshi’s holdings, Forbes and other wealth trackers do not count the Bitcoin founder in their official billionaire lists. The reasons include Satoshi’s unverified legal status and the fact that the assets have remained dormant, leaving ownership questions unresolved.

“Forbes does not include Satoshi Nakamoto on our Billionaire rankings because we have not been able to verify whether he or she is a living person, or one person vs. a collective group of people,” the magazine told BeInCrypto.

Ironically, Satoshi’s coins remain among the most visible fortunes due to the blockchain’s transparency.

Some experts suggest Forbes and others should consider including pseudonymous crypto wallets in their lists, even though ownership is anonymous.

Nonetheless, the long-term dormancy has also led to speculation that the fortune could be lost, inaccessible, or deliberately abandoned, an unusual scenario among billionaires.

Quantum Threats and Satoshi’s Secret

Elsewhere, the rise of quantum computing has renewed debate about Satoshi’s future and potential identity. Because quantum computers might one day break early Bitcoin cryptography, some experts propose freezing Satoshi’s coins or forking the network before a possible “Q-Day.” If these risks emerge, the controller of these coins may need to surface.

Important not to scaremonger here about quantum timelines.

Running Shor's algorithm is not the same thing as breaking an actual 256-bit ECC key. You can use Shor's algorithm to factor a number—that will be impressive—but will take a huge degree of scaling and engineering to… https://t.co/juppHGU8wC pic.twitter.com/k38lZvMBLl

— Haseeb ＞|＜ (@hosseeb) November 18, 2025

Nakamoto’s enigma will reach a global audience in 2026 with “Killing Satoshi,” a film exploring the mystery and geopolitical implications of dormant Bitcoin wealth.

Until these coins are moved or declared lost, Satoshi’s fortune remains a symbol of Bitcoin’s origins and its greatest secret.

If Bitcoin surges to $320,000–$370,000, Satoshi could become the world’s richest person. For now, the fortune remains unchanged for over 15 years, highly visible, but untouched.

The post Satoshi Nakamoto Loses $43 Billion as Bitcoin Price Falls Over 30% appeared first on BeInCrypto.

The Department of Government Efficiency (DOGE) has been dissolved, according to the Office of Personnel Management (OPM), despite its mandate being scheduled to continue through July 2026.

Despite the news, the meme coin associated with the Elon Musk and Vivek Ramaswamy-led initiative is up by double digits.

Trump’s DOGE Project Is Over

DOGE began by executive order on Trump’s first day following reelection. Its mission was to dramatically streamline bureaucracy and cut $6.5 trillion in federal spending.

The launch sparked immediate attention, driving Dogecoin prices up over 10% on the announcement and leading to expectations of more crypto use in government.

OPM director Scott Kupor confirmed the dissolution, noting that DOGE doesn’t exist as a centralized entity. The department’s roles have shifted into OPM, while Trump now refers to DOGE in the past tense at public events.

Good editing by @reuters – spliced my full comments across paragraphs 2/3 to create a grabbing headline 🙂 The truth is: DOGE may not have centralized leadership under @USDS. But, the principles of DOGE remain alive and well: de-regulation; eliminating fraud, waste and abuse;…

— Scott Kupor (@skupor) November 23, 2025

The shutdown came eight months before its expected end. Musk left Washington in May. In June, turmoil appeared as staff packed personal items and searched for new homes, while tensions reportedly rose between Trump and Musk.

Despite its aggressive cost-cutting, the department quietly closed its doors.

Vivek Ramaswamy withdrew from the Ohio Senate race to focus on DOGE, but the department faced criticism for a lack of transparency and public accountability throughout its brief existence.

DOGE agents reportedly moved aggressively through agencies, making large personnel cuts and trimming budgets with minimal stakeholder input.

DOGE’s leadership claimed billions in savings, but no concrete, verifiable evidence has shown true cost reductions from these actions. This lack of transparent accounting has left many questioning whether DOGE improved spending efficiency at all.

Until shortly before its closure, DOGE’s official account posted regular updates on contract reductions, highlighting cost-cutting milestones in multiple agencies.

Contracts Update!

Over the last 9 days, agencies terminated and descoped 78 wasteful contracts with a ceiling value of $1.9B and savings of $335M, including an $616k HHS IT services contract for “social media monitoring platform subscription”, an $191k USAGM broadcasting… pic.twitter.com/83ldxUZ1NY

— Department of Government Efficiency (@DOGE) November 23, 2025

Some former DOGE employees are concerned about possible legal consequences related to their involvement in the department’s aggressive measures.

These concerns reveal persistent questions regarding whether DOGE’s practices crossed legal or ethical lines in its short tenure.

This transition marks a shift from DOGE’s drastic cost-cutting to broader government modernization. Critics have noted that only Congress can officially disband agencies, and DOGE’s scope was always limited to what executive actions could deliver.

Meanwhile, the Department Of Government Efficiency cryptocurrency token continues trading. Data on BeInCrypto shows the token’s price sits at $0.00483, up 13.62% in 24 hours.

The dissolution of DOGE raises questions about how sustainable rapid government restructurings can be, and what role executive actions play in structural reform.

As federal operations absorb former DOGE staff and the administration moves on, the real impact of DOGE’s brief experiment remains uncertain and open to further assessment.

The post DOGE Is Gone: Trump and Musk’s Federal Overhaul Quietly Collapses 8 Months Early appeared first on BeInCrypto.

Over the course of last week, and even before that, the Bitcoin price recorded a concerning pattern. The US trading sessions drove Bitcoin losses, while Asian markets consistently bought the dip, indicating sharp regional divergence.

New reports allege that the government may have orchestrated the sell-off seen during the US sessions as part of its broader investment strategy.

US Buyout Rumors Hit MicroStrategy as Bitcoin Crashes to $85,000

Bitcoin’s recent price decline revealed a sharp split in trading, with US sessions driving sell-offs while Asian traders steadily buy the dip. BeInCrypto reported that American sessions have become the weakest period for Bitcoin prices.

According to Max Keiser, a Bitcoin pioneer, the US government may be eyeing MicroStrategy ($MSTR) and Coinbase ($COIN), potentially capitalizing on Bitcoin’s steep sell-off in November.

RUMOR: The U.S. is contemplating a multibillion investment in $MSTR & $COIN pic.twitter.com/Fd1S4LQFRl

— Max Keiser (@maxkeiser) November 23, 2025

While no evidence confirms the claims, the speculation has spread. Some suggest that this interest drove the government to orchestrate the recent Bitcoin sell-off to the sub-$90,000 range.

Allegedly, US government officials wanted MicroStrategy’s market value to net asset value (mNAV) near 1.0 and therefore manufactured a crash on Bitcoin to compress the premium.

“The US is contemplating a multi-billion-dollar investment in MSTR, and they needed the mNAV to be 1 before it made sense for them to invest, so they manufactured a crash on bitcoin,” wrote Teddy, a popular user on X (Twitter).

Mike Alfred names officials such as President Donald Trump, Treasury Secretary Scott Bessent, and allies, citing a multi-step plan to bolster Bitcoin, MSTR, and stablecoins while simultaneously defunding JP Morgan, the Fed, and the US banking cabal to protect US citizens.

Again, there are no official statements or regulatory filings backing these claims. No representatives from the US Treasury, White House, or regulatory agencies have addressed or confirmed the rumors. 

“The administration views it as a defining battle,” Alfred noted.

MicroStrategy’s Index Risk Matters More Than the Noise

Several factors have factually influenced recent price volatility. Strategy Inc. faces the potential impact of MSCI’s proposed index exclusion for companies with more than 50% of their assets in Bitcoin or similar cryptocurrencies. If adopted, this policy could trigger as much as $8.8 billion in passive fund outflows from the stock.

At the same time, shifting outlooks on Fed rate cuts and volatility in bond markets have pressured riskier investments, leading to increased market declines.

Michael Saylor, CEO of MicroStrategy, rejects attempts to reclassify his company as a fund or trust, emphasizing its ongoing software and active treasury operations.

With MSCI’s January 2026 decision approaching, the company continues to face real business hurdles unrelated to online conspiracy theories.

Speculation on X ties Bitcoin’s crash to imagined government accumulation plans, including:

• Claims that the government will “step in and buy MicroStrategy,” creating a new “failsafe.”
• Theories that crashing Bitcoin allows the US to reach a hypothetical 1 million BTC reserve target.
• Assertions that MicroStrategy could be a long-running “honeypot” leading to eventual asset seizure.

Blockchain data indicates that the US government holds more than 326,000 BTC from prior forfeitures, fueling continued speculation.

MicroStrategy, whose balance sheet is dominated by Bitcoin, dropped more than 60% from its highs, pushing its mNAV to levels below 1 as of November 23.

Even without evidence of a government bid, the rumors highlight several key realities:

• MicroStrategy’s valuation remains tightly correlated with Bitcoin volatility.
• Index-eligibility reviews could materially impact liquidity for $MSTR.
• Social media-driven narratives can influence sentiment during high-volatility periods.

While these remain speculation from some of the industry’s loudest voices, the timing of these posts, amidst one of Bitcoin’s sharpest weekly declines of 2025, may be exacerbating the spread.

The post Did the US Really “Manufacture” the Bitcoin Crash? What to Know About the MSTR Buyout Rumor appeared first on BeInCrypto.

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.

The post “Not a Fund, Not a Trust”: Saylor Draws the Line as MSCI Considers MicroStrategy’s Fate appeared first on BeInCrypto.

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

— Cassandra Unchained (@michaeljburry) November 19, 2025

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

— Maine (@TheMaineWonk) November 17, 2025

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

— unusual_whales (@unusual_whales) November 21, 2025

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 post Is This the Pin That Pops the AI Bubble? The Reason Why Burry and Thiel Are Bearish on Nvidia appeared first on BeInCrypto.

The XRP price has dropped below the $2.00 psychological level, revisiting levels last seen during the October 10 crash.

In comes amid a broader bearish sentiment in the crypto market, that saw the Bitcoin price fall below the $87,000 level and $220 million longs blown out of the water within the hour.

XRP Price Retests June Lows As it Falls Below $2

As of this writing, the powering token for the Ripple ecosystem was trading at $1.98, down 2.5% in the last 24 hours and nearly 16% in the last week.

The drop came as Bitcoin pulled the broader crypto market down after slipping below $87,000 and blowing over $220 million worth of long positions out of the water in an hour.

Surprisingly, the drop came while the Ripple community was still in the XRP ETF frenzy, following Bitwise Invest’s recent move to launch the financial instrument.

Very excited to launch the Bitwise XRP ETF $XRP. What a journey for this asset and this community. Excited to see what’s next.

— Matt Hougan (@Matt_Hougan) November 20, 2025

In fact, Ripple CEO Brad Garlinghouse had only hours ago called the “pre-thanksgiving rush” for the XRP ETF as the financial instrument first hit the NYSE.

The pre-thanksgiving rush (shall we say, 'turkey trot'!?) for XRP ETFs starts now.. congrats @BitwiseInvest on today's launch! https://t.co/EgYVrm0TmM

— Brad Garlinghouse (@bgarlinghouse) November 20, 2025

Nonetheless, ETF analyst James Seyffart revealed that the financial instrument was already making a name for itself, garnering $22 million in trading with three hours left before trading closed on November 20.

“With a bit over ~3 hours left in trading Bitwise’s XRP is almost at $22 million in trading today. Quite impressive for the second product to market a full week after Canary Capital’s XRPC, which is the #1 launch by volume this year,” wrote Seyffart.

Canary Capital’s XRP ETF saw strong early demand, with Bitwise’s financial instrument following suit despite recent sentiment in the crypto ETF market.

However, concerns exist for the XRP community after Glassnode revealed a decline in the volume of supply that is currently in profit. Clearly, there is a disconnect between the ETF’s strong inflows and the XRP price performance.

The share of XRP supply in profit has fallen to 58.5%, the lowest since Nov 2024, when price was $0.53.
Today, despite trading ~4× higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers.
📉… https://t.co/CBXPzDalxV pic.twitter.com/UpLNKV7LqD

— glassnode (@glassnode) November 17, 2025

Well, XRP whales contributed significantly to the recent price drop. Reports indicate whales sold around 200 million XRP within 48 hours of the ETF launch.

Meanwhile, analysts say it may take until 2026 for institutional flows to show up, which means next year is when the impact of the XRP ETF can really be felt on the Ripple price.

Why is XRP dropping even after ETF launches?

Because the market misunderstood the play.

Retail:
Thought ETFs would instantly FOMO into XRP → rushed in early → heavy speculation.

Institutions:
• Launch ETF
• APs send cash
• Issuers buy XRP slowly, on dips
• Accumulate… pic.twitter.com/sWPuaxyphr

— BD (@DiepSanh) November 17, 2025

The post Ripple Price Falls Below $2 on Day #1 of Bitwise XRP ETF appeared first on BeInCrypto.

Bitcoin fell below $87,000 on November 20, 2025, amid a storm of quantum security fears and $1.3 billion whale capitulation. In the process, it blew almost $220 million in long positions out of the water.

This sharp decline extended a two-day pattern of Asian rebounds erased by US market sell-offs. Traders struggled with mixed signals from institutional buyers and a wave of retail panic.

Quantum Computing Panic Triggers Market-Wide Fear

The latest sell-off accelerated after billionaire Ray Dalio raised concerns about Bitcoin’s vulnerability to advances in quantum computing.

His remarks reignited debate in the cryptocurrency community, focusing attention on cryptographic security risks.

“I have a small percentage of Bitcoin I’ve had forever, like 1% of my portfolio. I think the problem with Bitcoin is that it’s not going to be a reserve currency for major countries because it can be tracked, and it could be conceivably controlled, hacked, and so on,” Ray Dalio stated.

However, market analysts pushed back on the quantum panic narrative. Mel Mattison, a financial analyst, argued that these fears are overblown and overlook Bitcoin’s strong cryptography in comparison to traditional banks.

“If people are selling BTC on quantum decryption, they should be selling the hell out of every bank on the planet. JPM should be down 20%. Every account will be hackable. BTC is SHA-256, which is tougher than RSA,” Mel Mattison countered.

This debate reflects a significant divide in how investors assess long-term tech risks. While Dalio highlighted theoretical vulnerabilities as quantum computing develops, critics point out that Bitcoin’s SHA-256 provides stronger security than the RSA standard used by most banks.

If quantum computers pose a threat to Bitcoin, global banking may face even greater risks.

Early Bitcoin Adopter Exits With $1.3 Billion Sale

Adding to quantum security worries, blockchain analytics firm Arkham reported a massive capitulation. Owen Gunden, an early Bitcoin adopter who accumulated holdings since 2011, sold his entire 11,000 BTC for about $1.3 billion.

OWEN GUNDEN HAS NOW SOLD ALL OF HIS $1.3 BILLION BITCOIN

Owen Gunden was an OG Bitcoin whale who held BTC since 2011. Since late October he has sold 11K BTC worth $1.3 billion.

He has just transferred $230M of BTC to Kraken, marking his final sale. pic.twitter.com/m0gQWCHrxZ

— Arkham (@arkham) November 20, 2025

Gunden’s exit came at a precarious time for sentiment. According to data from BeInCrypto, Bitcoin was trading at $86,767 at the latest update, down 2.55% over 24 hours.

This whale’s decision to sell after 14 years highlights a shift from the usual long-term holding mentality. The reasons are unclear, whether profit-taking, rebalancing, or concerns about Bitcoin’s outlook.

Still, the sale injected extra supply into an oversold market and deepened the price slide.

Massive Liquidation Cascade Accelerates Decline

Quantum fears and whale selling sparked a large liquidation cascade across exchanges. CoinGlass data shows over $910 million in crypto positions were liquidated in 24 hours, forcing out 222,008 traders.

During one hour in early US trading, long liquidations spiked to $264.79 million while shorts hit $256.44 million.

These forced closures highlight the significant leverage in crypto markets and how quickly positions can unwind during sharp market moves.

This cascade revealed structural weaknesses in crypto derivatives as well. As Bitcoin dropped from above $91,000 to $86,000 in 48 hours, leveraged traders faced margin calls and had their positions automatically closed.

This automated selling created further price declines and additional liquidations, fueling a cycle of volatility.

Institutional Buyers Return Despite Retail Panic

Despite the sell-off, US Bitcoin ETFs (exchange-traded funds) saw $75 million in net inflows on Wedneday, ending a five-day outflow streak.

BlackRock’s IBIT and Grayscale’s mini ETF accounted for all the inflows, showing that some institutional investors viewed the dip as a buying opportunity.

Yet, sentiment among ETF issuers remained mixed. VanEck, Fidelity, and other large issuers reported flat or negative flows, indicating cautious optimism.

This split highlights the mixed outlook in Bitcoin markets. Some institutions view the current levels as valuable, while others hesitate due to near-term uncertainties.

buy the dip

— Hoss (@hoss_crypto) November 20, 2025

The collision of whale sales, quantum security concerns, and institutional buying has driven sharp volatility. Investors now face the question of whether the quantum narrative signals real risk or simply profit-taking after Bitcoin’s rally this year.

The next days will show whether institutional support can hold prices steady or if more declines lie ahead as the market processes these risks and the influx of long-term holder supply.

The post Whale Dump Meets Quantum Panic: Bitcoin Slips to $86,000 and Blows $220 Million Longs appeared first on BeInCrypto.

Rep. Warren Davidson has introduced the Bitcoin for America Act, aiming to permit federal tax payments in Bitcoin. Collected funds would build a new Strategic Bitcoin Reserve, which Davidson claims will boost US financial stability and leadership in digital assets.

The proposal follows President Trump’s March 2025 executive order creating a Strategic Bitcoin Reserve, signaling greater congressional interest in formalizing Bitcoin’s role in the federal financial system.

Bill Emphasizes Bitcoin, Sparking Debate Over Market Neutrality

The Bitcoin for America Act stands out for its exclusive focus on Bitcoin, in contrast to more comprehensive frameworks, such as the Digital Asset Market Clarity Act.

Davidson’s bill would let taxpayers pay federal taxes in Bitcoin, channeling those payments directly into a Strategic Bitcoin Reserve. This reserve aims to diversify government holdings beyond traditional assets.

I’m introducing the Bitcoin for America Act to strengthen long-term national financial resilience and position the U.S. at the forefront of global asset leadership!

This marks an important step forward in embracing the innovation that millions of Americans use every day. pic.twitter.com/2JSlaJSVkc

— Rep. Warren Davidson (@Rep_Davidson) November 20, 2025

Davidson highlights Bitcoin’s fixed supply of 21 million coins as a defense against inflation and volatility. He says the reserve could reduce reliance on debt-financed spending and protect the US from currency devaluation/

According to the Ohio representative, this would give the country an edge over global competitors such as China and Russia, which have developed their own digital asset strategies.

The Bitcoin for America Act will position our country to lead—not follow—as the world navigates the future of sound money and digital innovation.

Read more about my Bitcoin for America Act below!https://t.co/1DqIkbStoG

— Rep. Warren Davidson (@Rep_Davidson) November 20, 2025

However, this Bitcoin-specific approach has sparked criticism. Singling out one cryptocurrency may risk distorting competition and impeding growth in the digital asset space. Critics warn that focusing solely on Bitcoin might limit broader innovation in the digital asset market.

“Why only Bitcoin? This is classic politicians trying to pick winners and losers. We’ve seen enough of this market rigging,” one user challenged.

The plan also introduces practical challenges. The IRS currently treats digital assets as property, requiring taxpayers to report any income from their activities.

Recent IRS guidance has clarified that all income from digital assets must be reported. Accepting Bitcoin for taxes would mean new systems for valuation, conversion, and custody, issues Davidson’s release does not address.

Building on an Executive Foundation

Davidson’s bill extends President Trump’s March 2025 executive order, which created the Strategic Bitcoin Reserve and US Digital Asset Stockpile.

The executive order tasked the Treasury Department with overseeing custodial accounts for Bitcoin and digital assets seized in federal cases, instructing officials to retain these assets rather than sell.

The Bitcoin for America Act would introduce a separate acquisition route by accepting voluntary tax payments in Bitcoin. Davidson promotes this as widening taxpayer choice and letting the government hold an appreciating asset.

He presents the reserve as a safeguard against inflation, arguing that Bitcoin’s built-in scarcity makes it advantageous compared to fiat currencies.

Davidson also points to increased financial inclusion. About 5.9 million US households do not use traditional banks, according to the Federal Deposit Insurance Corporation. Crypto advocates argue that digital wallets can serve these individuals, although critics contend that price fluctuations and technical barriers remain obstacles to everyday use.

Legislative Push Reflects Policy Tensions

Davidson introduced the bill in coordination with the Bitcoin Policy Institute, a nonprofit organization that supports Bitcoin adoption.

Davidson represents Ohio’s 8th District, known for its crypto-friendly policy stance. His bill differs from the bipartisan BITCOIN Act of 2025, which outlined strategic reserve management but did not include tax payment paths.

This latest debate reveals underlying questions about the government’s role in shaping digital technology markets.

Supporters say federal adoption confirms Bitcoin’s legitimacy and strengthens the country’s leadership in digital finance. Detractors argue that the government should maintain neutrality, supporting open competition rather than backing single technologies. Whether Congress should favor one cryptocurrency will be a central issue in policy discussions going forward.

As the Bitcoin for America Act moves through Congress, lawmakers will weigh a focused Bitcoin strategy against broader integration of digital assets. Their response could shape U cryptocurrency policy and the future of blockchain innovation nationwide.

The post Is Congress Codifying BTC Maximalism into Law with the Bitcoin for America Act? appeared first on BeInCrypto.

The UK’s Serious Fraud Office (SFO) made its first major arrests in a cryptocurrency case, detaining two men in London and Bradford over an alleged $28 million fraud linked to the collapse of the Basis Markets scheme.

The November 20, 2025, operation marks a pivotal shift in UK crypto enforcement. Authorities are expanding efforts to counter sophisticated digital asset crime.

UK SFO Launches Landmark Crypto Investigation

The Serious Fraud Office announced the arrests of one man in his thirties in Herne Hill, London, and another in his forties near Bradford. Raids, conducted in collaboration with the Metropolitan and West Yorkshire Police, focused on fraud and money laundering linked to the Basis Markets scheme.

This investigation is the SFO’s first significant step into crypto crime, reflecting its growing strategy against digital asset fraud. The joint operation highlights the unique challenges of prosecuting cases that involve blockchain technology and NFTs.

SFO Director Nick Ephgrave confirmed the agency has developed specialized resources targeting cryptocurrency fraud. With digital asset schemes increasing, these capabilities are seen as critical for investor protection.

Solicitor General Ellie Reeves stated that such fraudulent activity poses a serious threat to the UK economy. She pledged government backing for enforcement, warning that crypto fraud erodes trust in the financial sector.

The SFO called for victims and whistleblowers to contact [email protected]. This public appeal suggests authorities anticipate more victims and that the case could set important legal precedents.

The Rise and Collapse of Basis Markets

Basis Markets raised $28 million through two public NFT-based fundraisers in late 2021, capitalizing on the surge in NFT market activity that year. The first, in November 2021, focused on NFT sales, promising investors a stake in a new crypto investment vehicle.

The second offering came in December 2021, with funds intended to create a “crypto hedge fund” that employs advanced trading strategies. Investor momentum was high, as NFT sales and enthusiasm for crypto projects peaked during this period.

However, in June 2022, the project abruptly halted. Organizers cited “proposed US regulations” as the reason for its suspension just as US agencies were rolling out broader scrutiny of NFT and crypto fundraising practices.

This collapse left investors unable to access the $28 million raised. The project’s timing, coinciding with broader crypto market downturns in 2022, raised concerns that regulatory changes may not fully explain the failure.

NFT-based fundraising became a common approach in 2021, with projects leveraging digital collectibles to attract capital.

US Treasury research shows that about 65% of NFT fraud cases involve misleading marketing. This significant rate of fraud underlines the regulatory and enforcement challenges facing authorities.

Implications for UK Crypto Enforcement

The Basis Markets probe comes as the UK intensifies efforts against digital asset-related crime. The Crown Prosecution Service’s Economic Crime Strategy 2025, published in May 2025, identified cryptocurrency and cyber-enabled fraud as high-priority threats that require multi-agency coordination.

Authorities have appointed operational leads for cryptoasset recovery and created frameworks to boost cooperation between the CPS, SFO, and law enforcement.

These reforms show a recognition that new tools and strategies are needed to address blockchain-based financial crime.

The SFO’s move to prosecute crypto-related cases aligns with a global trend of increased enforcement against digital asset fraud.

Worldwide, regulators are scrutinizing fundraising methods that blur lines between securities, collectibles, and investments. The Basis Markets case could help define how UK courts approach crypto fraud charges going forward.

Social media reaction highlights investor attention to enforcement. Bitcoin Archive highlighted the significance of the SFO’s pursuit of large-scale crypto prosecutions with this investigation.

JUST IN: 🇬🇧 UK begins large crypto prosecutions with first major investigation, arresting two men over $28 million Basis Markets NFT sale: Press release. pic.twitter.com/UerYhrtH8k

— Coin Headlines (@coinheadline) November 20, 2025

This case signals greater regulatory risk for digital asset fundraisers that lack legal clarity. The SFO’s willingness to pursue complicated crypto cases sends a message that regulatory uncertainty will not protect those accused of fraud.

The outcome of this prosecution could shape how aggressively the UK approaches future crypto crime as the sector evolves.

The post UK Makes First Major Crypto Arrests in $28 Million Basis Markets Scandal appeared first on BeInCrypto.

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

– SEVERAL SAID DECEMBER CUT 'COULD WELL BE' APPROPRIATE pic.twitter.com/nAVD0RFUEc

— Crypto Rover (@cryptorover) November 19, 2025

The minutes also indicated emerging stress points in money markets:

• Repo volatility,
• Declining ON RRP usage, and
• Reserves drifting toward scarcity.

This combination historically preceded the end of quantitative tightening (QT). Sentiment, therefore, is that the Fed may be closer than expected to ending balance-sheet runoff.

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.

The post Fed Minutes Reveal December Rate Cut on a Knife’s Edge, Bitcoin Slips Below $89,000 appeared first on BeInCrypto.

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.

Meanwhile, the drop was not limited to the Bitcoin, as crypto stocks also registered losses, following the pioneer crypto’s fall to a 7-month low.

CRYPTO STOCKS FALL AS BITCOIN NEAR SEVEN-MONTH LOW

🔸 COINBASE GLOBAL DOWN 4.9%
🔸 BITFARMS FALLS 7.5%
🔸 STRATEGY SLIPS 10.3%
🔸 RIOT PLATFORMS FALLS 3.7%
🔸 HUT 8 MINING DOWN 3.3%
🔸 MARA HOLDINGS DROPS 6.6%

— *Walter Bloomberg (@DeItaone) November 19, 2025

It comes ahead of the October FOMC minutes, which is barely an hour out, suggesting investors are de-risking.

Beyond crypto and related stocks, indices were also down, with the Nasdaq and S&P 500 turning negative.

S&P 500 AND NASDAQ TURN NEGATIVE; S&P 500 DOWN 0.2%, NASDAQ DOWN 0.2%

— *Walter Bloomberg (@DeItaone) November 19, 2025

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.

Some analysts also ascribe the prevailing bearish sentiment to FUD (fear, uncertainty, and doubt), as institutional players signal a lack of conviction for BTC.

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:

• $75,740
• $56,160
• $52,820 pic.twitter.com/gMmWIUZ0nY

— Ali (@ali_charts) November 17, 2025

As of this writing, the Bitcoin price was trading for $88,977, down by almost 5% in the last 24 hours.

The post Nearly $115 Million Longs Liquidated As Bitcoin Drops to 7-Month Low, $70,000 Incoming? appeared first on BeInCrypto.

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.

BUY everything

— Ali (@ali_charts) November 19, 2025

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.

Firmer rate outlooks, coupled with persistent outflows from Bitcoin ETFs, have weighed on sentiment for weeks. The rapid repricing in Federal Reserve expectations, from an assumed December rate cut to a coin flip has only intensified those pressures.

“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.

Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

• Japan’s yield shock threatens global markets — and Bitcoin may be next.
• Andrew Tate becomes “one of the worst traders in crypto” after losing over $800,000.
• Tether dominance hits 6% in November – Why this is a worrying signal.
• LIBRA price pumps 30% as investigators uncover a political bombshell.
• Analysts reveal key support levels for Bitcoin if selling pressure doesn’t ease in November.
• Ethereum drops near $3,000, but on-chain ‘opportunity zone’ hints at rebound.
• Top 3 Price Prediction Bitcoin, Gold, Silver: Bulls come ashore ahead of October FOMC Minutes.
• From 2052 to 2034: Quantum progress accelerates the countdown to Q-Day.

Crypto Equities Pre-Market Overview

Company	At the Close of November 18	Pre-Market Overview
Strategy (MSTR)	$206.80	$205.75 (-0.51%)
Coinbase (COIN)	$261.79	$262.73 (+0.36%)
Galaxy Digital Holdings (GLXY)	$25.58	$25.84 (+1.02%)
MARA Holdings (MARA)	$11.88	$11.99 (+0.93%)
Riot Platforms (RIOT)	$13.94	$14.03 (+0.65%)
Core Scientific (CORZ)	$15.43	$15.80 (+2.40%)

The post Is Bitcoin Being Propped Up? Jim Cramer Stokes Controversy | US Crypto News appeared first on BeInCrypto.

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.

$KRAK the world 🥷🐙 pic.twitter.com/LWbo2yLWsQ

— Kraken (@krakenfx) May 17, 2025

The post Crypto Giant Kraken Moves Toward Public Listing (IPO) appeared first on BeInCrypto.

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

— Eric Balchunas (@EricBalchunas) November 17, 2025

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.

Commodity Classification Boosts Approval Odds

Dogecoin’s likely classification as a commodity, rather than a security, now plays a significant role in its approval prospects.

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.

The post Grayscale and Bitwise Dogecoin ETFs Could Launch Within Days as SEC Review Clock Ticks appeared first on BeInCrypto.

Two of the largest corporate players in cryptocurrency, MicroStrategy and BitMine, have just escalated a quiet accumulation war. One is doubling down on Bitcoin, the other is expanding its grip on Ethereum.

While each move looked routine at first glance, the scale and timing reveal something far more consequential building beneath the surface.

MicroStrategy Accelerates Bitcoin Buying as Pressure Mounts

MicroStrategy snapped up 8,178 BTC last week for roughly $835.6 million at an average price of $102,171 per coin. The firm now holds 649,870 BTC, acquired for $48.37 billion at an average cost basis of $74,433, according to a confirmed update shared by Michael Saylor and Strategy Inc.

Strategy has acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and has achieved BTC Yield of 27.8% YTD 2025. As of 11/16/2025, we hodl 649,870 $BTC acquired for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR $STRC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9

— Michael Saylor (@saylor) November 17, 2025

The aggressive move comes just days after Saylor promised that the market would be pleasantly surprised.

“We’re buying quite a lot… people will be pleasantly surprised.” He added that Strategy is “always buying” and now controls 3.1% of the Bitcoin network.

While MicroStrategy’s BTC yield for 2025 stands at 27.8%, the purchase sparked an immediate wave of commentary and controversy.

Lookonchain verified that the company sits on $12.88 billion in unrealized profit (+27%), even after the latest dip. But the crypto community remains split. On one side, analysts argue that MicroStrategy’s structure is sound.

“Even if BTC drops -70%, Saylor still won’t have to sell… There’s no margin call,” analyst Miles Deutscher noted.

Jeff Dorman added that concerns about forced selling are “not even remotely a concern,” citing low interest expense, positive cash flow, and Saylor’s 42% ownership, which prevents activist intervention.

On the other hand, critics like goldbug Peter Schiff argue that the strategy is fragile, with Dom Kwok, a popular user on X, echoing the sentiment.

“MSTR will be forced to sell its BTC to make interest payments… it’s sell bitcoin or bust,” he claimed.

Even market watchers questioned the rollout. Analyst AB Kuai Dong highlighted that Strategy posted, then deleted, its announcement within minutes, calling it “amateurish,” and noting that MSTR fell 3% in pre-market despite the bullish purchase.

BitMine’s Ethereum Grab Signals a Corporate Race for Treasury Dominance

As MicroStrategy expands its Bitcoin empire, Tom Lee’s BitMine is executing a parallel strategy on Ethereum, but at an even larger scale. BitMine now holds almost 3.6 million ETH tokens, representing 2.9% of the total supply, according to its official November update. The firm purchased 54,156 ETH in a single week.

🧵
BitMine provided its latest holdings update for Nov 17th, 2025:

$11.8 billion in total crypto + "moonshots":
-3,,559,879 ETH at $3,120 per ETH (Bloomberg)
– 192 Bitcoin (BTC)
– $37 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– unencumbered cash of…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) November 17, 2025

At current valuations, the company holds $11.8 billion in a combined mix of crypto, cash, and “moonshot” investments, including 3,559,879 ETH, 192 BTC, $607 million in cash, and strategic equity positions.

Fundstrat data, corroborated by the StrategicETHReserve.xyz dashboard, confirms BitMine is now the leading Ethereum treasury globally and the second crypto treasury overall, behind MicroStrategy.

In his November message, Lee argued that the crypto cycle peak is still 12–36 months away, breaking from traditional four-year expectations. He said the recent weakness reflects a market maker undergoing balance sheet stress, a temporary form of “QT” for the crypto ecosystem.

“Crypto prices have not recovered since the liquidation event on October 10… The lingering weakness has the hallmarks of a market maker suffering from a crippled balance sheet,” read an excerpt in the announcement, citing Lee.

He added that tokenization on Ethereum is a “major unlock” and compared current regulatory moves, such as the GENIUS Act and the SEC’s Project Crypto, to 1971’s end of the Bretton Woods era.

BitMine’s stock reflects rising institutional attention, with trading volume of $1.4 billion per day, ranking 48th in the US, ahead of DoorDash.

Together, MicroStrategy’s BTC build and BitMine’s ETH accumulation mark the clearest trend of 2025, that crypto is becoming a battlefield for corporate treasuries.

With Saylor targeting deeper Bitcoin control and BitMine pushing toward the “Alchemy of 5%,” the market may be entering its first true multi-chain corporate accumulation era, one driven not by retail cycles, but by balance sheets, liquidity channels, and long-duration conviction.

The post MicroStrategy and BitMine Strike Together — Tom Lee Says the Mania Awaits appeared first on BeInCrypto.

Cboe Global Markets is ushering in a new era for US crypto derivatives. The exchange operator announced today that its Cboe Futures Exchange (CFE) will begin offering Continuous Futures for Bitcoin (PBT) and Ether (PET) on December 15, 2025, pending final regulatory review.

This marks the first time that US-regulated markets will host perpetual-style crypto exposure, which has traditionally been offered only on offshore exchanges.

Cboe Brings Perpetual-Style Crypto Futures Into the US Regulatory Fold

The new products are designed to provide professional investors with long-term, capital-efficient exposure to the two largest digital assets. It eliminates the operational friction of rolling expiring futures.

Each contract will have a 10-year expiration and feature a daily cash adjustment. With this, it mirrors the mechanics of perpetual swaps while remaining fully compliant with US derivatives regulations.

Perpetual futures, one of crypto’s most traded products globally, have historically thrived on offshore venues. This is due to regulatory constraints in the US.

Cboe’s move brings a familiar, yet heavily supervised, version of this instrument to institutional desks. It seeks transparency, clear protections, and regulatory alignment.

“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a US-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe.

He added that the structure enables more efficient portfolio and risk management. At the same time, it must provide investors with a controlled path to leveraged digital asset exposure.

Continuous Futures will be cash-settled, centrally cleared, and governed by CFTC-regulated standards via Cboe. Clear US Margin requirements will follow standard derivatives oversight.

Traders may gain cross-margining benefits with CFE’s existing Financially Settled Bitcoin (FBT) and Ether (FET) futures.

Designed for Capital Efficiency and Long-Term Exposure

The contracts will track Cboe Kaiko Real-Time Rates for both BTC and ETH. A daily “Funding Amount” similar to funding payments used in perpetual swaps will be applied to open positions. This will keep futures pricing aligned with spot markets.

“Bringing perpetual-style futures to US regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure,” said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko.

She emphasized that the structure removes rolling risks while preserving transparency and oversight. This aligns with recent remarks from Youngsun Shin, Head of Product at Flipster, in an interview with BeInCrypto. According to Shin, risk management should be built into innovation itself.

Trading will be available 23 hours a day, five days a week, from Sunday evening to Friday afternoon (ET). Notably, this mirrors existing CFE crypto derivatives schedules.

Education and Market Preparation Begin

Recognizing the complexity and novelty of these products, Cboe’s Options Institute will host two public education sessions on December 17, 2025, and January 13, 2026.

These courses will help traders understand:

• Contract specifications,

• Funding calculations, and

• Strategic use cases, ranging from hedging and volatility trading to synthetic long-term positioning.

With institutional demand for regulated crypto exposure rising, especially amid expanding ETF markets, Cboe’s Continuous Futures could become one of the most significant structural upgrades to US crypto derivatives in years.

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