Zcash, the privacy-focused cryptocurrency, surged more than 12% to trade near $600 on Sunday after OKX announced it would relist the token.

The rally makes ZEC the top-performing asset among major cryptocurrencies in the last 24 hours, significantly outpacing Bitcoin, which has struggled to reclaim the $90,000 level.

Wall Street Divided on Zcash Impact on Bitcoin

On November 23, OKX announced that spot trading for the ZEC/USDT pair would resume at 12:00 UTC tomorrow.

OKX 将上线 ZEC (Zcash) 现货交易，现已开放充币，开盘时间11月24日晚20:00 (UTC+8)，详见公告👇🏻

— OKX中文 (@okxchinese) November 23, 2025

While the exchange failed to provide additional reasons for its decision, the move marks a significant regulatory U-turn for the venue. It had previously delisted the asset in 2023, citing compliance risks.

Nonetheless, the decision can be linked to two significant factors, including ZEC’s strong outperformance of Bitcoin in recent months.

It also reflects a post-election regulatory thaw, as the new SEC leadership is emboldening platforms to re-integrate privacy protocols that were once considered radioactive.

Meanwhile, the resurgence of Zcash has ignited a philosophical clash on Wall Street regarding the future of digital privacy.

Eric Balchunas, Senior ETF Analyst at Bloomberg, cautioned that the sudden pivot to privacy coins could fragment the broader crypto narrative. He noted that this shift comes at a time when Bitcoin is trying to consolidate institutional support.

He argued that pushing a separate privacy layer risks “splitting the vote” of capital allocation when Bitcoin needs unified political and cultural backing to cement its status as a global reserve asset.

“Zcash has third-party candidate vibes, like Gary Johnson or Jill Stein. Seems like you’d better off folding in their ideas to the main party vs splitting the vote, which could have major consequences, especially in such a crucial time for BTC,” he said.

However, asset managers suggest that fundamental flaws in Bitcoin are driving the rotation.

Jan van Eck, CEO of global investment manager VanEck, pushed back against the “spoiler” characterization. He noted that veteran investors are treating Zcash as a necessary complement to Bitcoin rather than a competitor.

TLDR:

The bitcoin bear market is being driven by the onchain reality of the halving cycle (bearish for 2026), quantum-breaking-encryption concerns and the better privacy of Zcash.@vaneckpk said it best: dollar cost average into bear markets@vaneck_us https://t.co/T4o8ofDggD

— Jan van Eck (@JanvanEck3) November 21, 2025

According to Van Eck, the current bear market in Bitcoin reflects “the on-chain reality” of surveillance risks. He argued that rising demand for confidentiality is driving capital toward Zcash’s encrypted ledger.

The post Zcash Rallies After Latest Relisting Announcement From Major Exchange appeared first on BeInCrypto.

BitMine is intensifying its aggressive accumulation of Ethereum, looking past a 47% collapse in its stock price and billions in unrealized losses.

On November 23, blockchain platform Lookonchain reported that a wallet linked to the corporate giant received 21,537 ETH. The transfer, valued at approximately $60 million, came from institutional prime broker FalconX.

BitMine Doubles Down on Ethereum With Staking Plan

This new purchase would bring BitMine’s total hoard to over 3.5 million ETH, representing nearly 3% of the token’s circulating supply.

Tom Lee(@fundstrat)'s #Bitmine is still buying $ETH.

A new wallet 0x5664 — likely linked to #Bitmine — just received 21,537 $ETH($59.17M) from the #FalconX 8 hours ago.https://t.co/8kg77vYddh pic.twitter.com/FKivNNe0jM

— Lookonchain (@lookonchain) November 23, 2025

The move signals a defiant commitment to its “Strategic ETH Reserve” strategy despite the asset’s recent price struggles.

Indeed, Ethereum is trading near $2,808, down roughly 29% over the past month. Notably, BitMine’s Thomas Lee had attributed ETH’s recent weakness to broader market mechanics rather than fundamental flaws.

According to him, the October 10 “liquidity shock,” which wiped nearly $20 billion in leveraged positions from the crypto market, was the primary driver of the drawdown.

“In 2022, the post-FTX liquidity shock took 8 weeks to clear, but similar to prior drawdowns, crypto prices quickly recovered. History shows crypto prices stage V-shaped recoveries after a lingering and drawn out decline, and we expect this to again be the case in this current drawdown,” He added.

As a result, the downturn has significantly impacted BitMine’s ETH holdings, leaving the firm with an estimated $4 billion in paper losses. This divergence has weighed heavily on BitMine’s stock, which has shed nearly half its value over the past 30 days.

To offset the sting of declining asset prices, BitMine is effectively rebranding itself from a passive ETH holding company to an active yield generator.

On November 21, the firm announced the launch of the “Made in America Validator Network” (MAVAN). The proprietary staking infrastructure is set to go live in early 2026.

Meanwhile, the firm confirmed that it has selected three pilot partners to test its staking operations.

“We plan to partner with one or more of these pilot partners plus world-class infrastructure providers to scale our own “Made in America Validator Network” (MAVAN) over the coming quarter…we believe in building the premier destination for our natively staked Ether and are proud to build with the best partners. At scale, we believe our strategy will best serve the long-term best interests of our shareholders,” Lee stated.

By staking its 3.5 million ETH, BitMine could theoretically generate substantial annual revenue from network rewards. This would create a cash-flow floor that pure holding strategies lack.

Additionally, the firm declared an annual dividend of $0.01 per share, positioning itself as the first large-cap crypto treasury to return capital to investors directly.

The post BitMine Ramps up Ethereum Buying With New $60 Million Purchase appeared first on BeInCrypto.

Cardano is facing renewed questions about its network resilience after a malformed transaction triggered a temporary chain split this week.

A pseudonymous X developer known as Homer J caused the November 21 incident and revealed that he relied on artificial intelligence tools.

Why Cardano Experienced a Temporary Chain Split

The developer stated that they had no malicious intent and the action was a “failed personal challenge.”

“I didn’t sell any Ada before my ‘testing in production’ disaster, or short it (don’t even know how to do that) or worked with anyone on this or plan it long and hard. I do have a lot to lose as a consequence of my actions. Sorry, Cardano community, I truly am,” the developer claimed.

In the post-mortem, Intersect, an organization within the Cardano ecosystem, said an oversized hash caused the flaw by slipping through initial validation checks.

This created a temporary fork between the chain carrying the poisoned transaction and a second, healthy chain.

“While the core Cardano protocol remains robust, this edge-case vulnerability provided a vector for the disruption. The transaction was crafted specifically to trigger this bug on mainnet following its earlier discovery on the Preview network, creating a consensus disagreement between nodes that had processed the transaction and those that had not,” Intersect explained.

Intersect said the bug had been masked for years by older ledger versions and standard transaction tooling.

It surfaced only in recent node releases combined with specialized submission methods.

While the split caused many wallets and decentralized applications to become inoperative, block production continued.

“It is important to note that the network did not stall. Block production continued on both chains throughout the incident, and at least some identical transactions appeared on both chains,” Intersect stated.

Following the incident, staking pool operators were instructed to download an updated node release, which enabled the ecosystem to consolidate the two chains back into a single canonical history.

Meanwhile, Cardano’s blockchain founder Charles Hoskinson has hinted that the attacker could face legal consequences for his actions.

“Cardano works so fast that we forked, fixed, and caught the guy all in one day. He was quite active in the Fake Fred discord. It was absolutely personal and now he’s trying to walk it back because he knows the FBI is already involved,” Hoskinson said.

Cardano’s Technology Earns Praise

Cardano’s technology response to the incident drew unexpected praise from outside its community.

On November 23, Solana co-founder Anatoly Yakovenko praised Cardano’s consensus design while hailing the network’s response to the issue.

The Solana network is one of Cardano’s largest rivals, and the two often compete for developer and investor attention.

I am gonna go out on a limb and actually say this is pretty cool. Nakamoto style consensus without proof of work is extremely hard to build. The protocol functioned as designed in the presence of bugs. https://t.co/K3WO0BE7Cf

— toly 🇺🇸 (@aeyakovenko) November 23, 2025

Yakovenko noted that maintaining network continuity without proof-of-work is “extremely hard,” and argued that the protocol behaved as intended under stress.

His comments stand out in an industry where rival ecosystems rarely commend each other’s architecture.

Cardano developers and operators treated the acknowledgment as validation of the network’s ability to withstand edge-case failures without widespread disruption.

“This whole thing was only possible because of Ouroboros, our Nakamoto-style consensus, and the way the community, SPOs, and the dev teams all stepped up together,” Dori, a Cardano Drep, said.

The post Cardano Swiftly Recovers From AI-Caused Chain Split appeared first on BeInCrypto.

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.

On the other hand, GDOG will be one of the first Dogecoin ETF available to US investors.

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

— Eric Balchunas (@EricBalchunas) November 21, 2025

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.

The post Grayscale’s Dogecoin and XRP ETFs Set for NYSE Debut on November 24 appeared first on BeInCrypto.

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.

By tightening supply, the network hopes to emulate the scarcity mechanics that have historically benefited Bitcoin and Ethereum.

“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.

Beyond price support, the plan seeks to overhaul the incentive structure for decentralized finance (DeFi).

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.

However, this “hard money” pivot carries operational risks.

The reduction in subsidies will inevitably squeeze validator margins.

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.

The post Solana Considers Cutting $3 billion in SOL Emissions in its Biggest Economic Shift Yet appeared first on BeInCrypto.

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.

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.

Meanwhile, other Bitcoin ETFs, led by Fidelity’s FBTC, posted net inflows of more than $238 million.

Despite this inflow, the 12 Bitcoin investment vehicles are on course for their worst trading month, with net outflows of more than $3.5 billion.

This substantial outflow and record session come as the average spot Bitcoin ETF holder has slipped into the red.

Data from Bianco Research shows the weighted average purchase price for spot Bitcoin ETF inflows stood at $91,725 as of November 20.

The average Spot BTC ETF holder is now in the red. pic.twitter.com/fMb5ln2we7

— Jim Bianco (@biancoresearch) November 20, 2025

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.

The post Bitcoin ETFs Hit Record $11.5 Billion Volume as Most Investors Slip Into Losses appeared first on BeInCrypto.

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

According to data from on-chain analytics firm Checkonchain, the price rout has forced more than 70% of the capital allocated to Bitcoin underwater.

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.

Over 70% of the USD invested in Bitcoin is now underwater. pic.twitter.com/9o89sg5y7d

— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) November 21, 2025

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%.

📉https://t.co/7VWlmcu84i https://t.co/kmfckmV6ix pic.twitter.com/2UKM7a8ggj

— glassnode (@glassnode) November 21, 2025

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.

The firm said its analysis of social media commentary across X, Reddit, and Telegram shows that retail traders are capitulating and panic-selling at levels unseen in two years.

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.

The post Bitcoin Slide Leaves Over 70% of Active capital in Losses as Sentiment Collapses appeared first on BeInCrypto.