Crypto markets sold off sharply after Japan’s 10-year government bond yield surged to its highest level since 2008. The move triggered a wave of global de-risking and one of the largest liquidation events in weeks.

The move erased billions of dollars in digital-asset value, highlighting just how exposed crypto remains to macroeconomic liquidity shifts far outside its own ecosystem.

Japan’s Yield Spike: The Yen Carry Trade Unwinds and Crypto Feels It First

The total crypto market cap declined by approximately 5% over the last 24 hours, with Bitcoin and Ethereum prices falling by more than 5%.

According to Coinglass, more than 217,000 traders were liquidated during the downturn, resulting in a loss of almost $640 million in positions.

This illustrates how quickly leverage can evaporate when global rates move violently.

The catalyst came from Tokyo, where the 10-year Japanese government bond yield spiked to 1.84%, a level not seen since April 2008.

BREAKING: Japan's 10Y Government Bond Yield surges to 1.84%, its highest level since April 2008.

This chart is concerning to say the least. pic.twitter.com/fBkMMyBnqy

— The Kobeissi Letter (@KobeissiLetter) December 1, 2025

The prevailing sentiment is that the yield breakout is more than just a technical move. It signals that the decades-long yen carry trade may finally be unwinding.

For nearly 30 years, Japan’s near-zero interest rates allowed investors to borrow cheaply in yen and deploy capital into higher-yielding assets abroad. Such avenues include:

• US Treasuries
• European bonds
• Risk assets like equities and crypto.

Rising yields in Japan threaten to reverse this flow, pulling capital back home and tightening liquidity globally.

“For 30 years, the Yen Carry Trade subsidized global arrogance — zero rates… free leverage… fake growth… entire economies built on borrowed time and borrowed money. Now Japan has reversed the switch. Rates climbed. Yen strengthened. And the world’s favourite ATM just turned into a debt-collector,” wrote data scientist ViPiN on X (Twitter).

When Japanese yields rise, global liquidity contracts, leading to a repricing across the market. This likely explains why Silver (XAG) has not yet experienced its Supercycle, and Bitcoin is dealing with late-cycle volatility.

“Japan is draining liquidity, Bitcoin is absorbing the shock, and Silver is preparing for the repricing of a lifetime,” stated one analyst in a post.

Crypto’s Sell-Off Isn’t Local, It’s a Macro Liquidity Crunch

Shanaka Anslem, an ideologist and popular user on X (Twitter), described the JGB breakout as “the chart that should terrify every portfolio manager.

THE CHART THAT SHOULD TERRIFY EVERY PORTFOLIO MANAGER ON EARTH

Japan’s 10 Year Government Bond Yield just hit 1.84%.

The highest since April 2008.

Up 11.19% in a single session.

You need to understand what this means.

For three decades, Japan was the anchor. Zero rates.… https://t.co/1mpX0HuPdp

— Shanaka Anslem Perera ⚡ (@shanaka86) December 1, 2025

The strategist, who has reportedly witnessed infrastructural breakdowns, currency shocks, and state-level crises, cited:

• Inflation above 3%,
• Higher wage growth, and
• A Bank of Japan that is increasingly losing its ability to suppress yields.

These forces are pushing Japan into a structural shift away from the ultra-loose monetary regime that defined global markets for decades.

“When Japan raises rates, it sucks liquidity out of the global system. The “fuel” that powered the stock market rally is being drained. We can expect volatility in high-growth stocks as this “cheap money” era ends,” added another investor in a post.

The timing of the move is especially significant. The Federal Reserve has just ended its quantitative tightening program, the US faces record Treasury issuance, and interest payments on US debt have crossed the $1 trillion annual mark.

Meanwhile, China, historically one of the largest foreign buyers of US Treasuries, has slowed its accumulation. With Japan now under pressure to repatriate capital, two of America’s most important external funding sources are simultaneously stepping back.

“When the world’s creditor nations stop funding the world’s debtor nations at artificially suppressed rates, the entire post-2008 financial architecture must reprice. Every duration bet. Every leveraged position. Every assumption about perpetually falling rates. This is not a Japanese story. This is the global story. The 30-year bond bull market ended. Most just have not realized it yet,” Shanaka articulated.

Crypto, as one of the highest-beta corners of global markets, tends to react first when liquidity tightens. The scale of the liquidations suggests that leveraged traders were caught offside by the bond volatility, forcing rapid position unwinds across major assets.

Rather than a crypto-specific meltdown, the sell-off reflects a broad revaluation of duration, leverage, and risk as global bond markets reset.

Therefore, traders should probably watch Japan’s bond market as closely as they watch Bitcoin charts. If JGB yields continue to rise, it could tighten global liquidity through the end of the year.

The post Japan’s Bond Shock Slams Crypto: $640 Million Liquidated as 10-Year JGB Hits 17-Year High appeared first on BeInCrypto.

The first week of December 2025 features critical US economic events that will influence monetary policy expectations and Bitcoin’s direction, as traders prepare for potential Federal Reserve (Fed) actions.

Bitcoin investors face a pivotal week as Federal Reserve Chair Jerome Powell speaks on December 1, coinciding with the official end of quantitative tightening (QT). With odds of a rate cut in December now at 86%, significant volatility is expected across risk assets.

Powell’s Speech and End of QT

Fed Chair Jerome Powell is set to address markets on Monday, December 1, at 8:00 pm ET. This date marks not just his highly anticipated speech but also the official end of the Federal Reserve’s quantitative tightening program, an important policy shift announced by the FOMC in October.

“The Committee decided to conclude the reduction of its aggregate securities holdings on December 1,” read an excerpt in the Fed’s October 29 statement.

This decision reflects the presence of ample reserves in the banking system. Powell’s remarks come amid speculation about possible changes in Fed leadership, introducing another layer of market uncertainty.

🚨 BREAKING:

JEROME POWELL WILL GIVE A SPEECH ON DECEMBER 1ST AND QT ENDS THE SAME DAY.

RATE CUT ODDS FOR DECEMBER HAVE NOW SURGED TO 86%.

I WILL KEEP YOU UPDATED ON THE OUTCOME, NOTIS ON.

HUGE VOLATILITY AHEAD. pic.twitter.com/MV7UhJWUWi

— NoLimit (@NoLimitGains) November 30, 2025

Because Powell’s speech takes place just before the Fed’s blackout period ahead of the December policy meeting, it is likely to have outsized importance.

Any hints regarding future rates could trigger immediate market reactions. Ending quantitative tightening signals a shift toward a more accommodative monetary policy, possibly increasing dollar liquidity.

Adding to the uncertainty, reports indicate President Trump has selected Powell’s replacement, though there is no official announcement yet.

This speculation may boost volatility, as markets weigh the prospect of a new chair who could push for faster rate cuts.

ADP Employment

Automatic Data Processing Inc. (ADP), the largest payroll processor in the US, is set to release the ADP Employment Change report for November, which measures the change in the number of people privately employed in the US, at 8:15 am ET on Wednesday. 

The prior November report showed just 42,000 jobs added, according to MarketWatch’s economic calendar. New data will provide key insights into the health of the labor market ahead of the official government jobs numbers.

A strong employment figure could reduce chances of a rate cut and put pressure on Bitcoin and other risk assets. In contrast, weak job growth would reinforce the case for Federal Reserve easing, which typically benefits crypto markets.

The colloquial AI bubble is expected to play a role in the US jobs report this week, even as different industry experts express their sentiment.

For the record, U.S. stocks peaked in October 2007 and the economy entered recession in December 2007. As of now, the S&P 500 peaked in October.

ADP private payroll job creation year to date is at the same level it was at when the GFC recession started.

Is the AI super bubble… pic.twitter.com/yqI4WcjEz2

— Mac10 (@SuburbanDrone) November 30, 2025

Labor statistics are crucial for the Fed’s dual mandate and guide policy decisions.

Initial Jobless Claims

Initial jobless claims arrive on Thursday, December 4, at 8:30 am ET. As a weekly measure of layoffs, this report provides a real-time view of labor market conditions. It determines the number of US citizens who filed for unemployment insurance for the first time last week.

INITIAL JOBLESS CLAIMS REPORT 📉

This week’s initial claims held steady near 220K, close to recent multi-year lows — signaling continued labor market resilience.

Key highlights:

🔴Initial claims remain far below recession-trigger levels, reinforcing the soft-landing narrative.… pic.twitter.com/ggNRWeDo4E

— Zeiierman Trading (@zeiierman) November 26, 2025

Rising claims may indicate economic weakness and support calls for easier monetary policy, while falling claims would suggest resilience and less urgency for rate cuts.

Historically, Bitcoin has been highly sensitive to employment releases since they shape Fed monetary outlooks and liquidity.

Traders often position ahead of these reports, generating increased volatility in both spot and derivatives markets.

PCE Inflation Data

Friday, December 5, brings the PCE (Personal Consumption Expenditures) price index at 8:30 am ET, the Fed’s preferred inflation benchmark.

This report is pivotal, as it tracks progress toward the central bank’s 2% goal. It will be released alongside personal income and spending data, providing a comprehensive view of consumer health.

Investors will focus on both headline and core PCE numbers. A softer reading could confirm the disinflation trend, solidifying expectations for a December rate cut.

Data from the CME Fed Watch Tool shows that interest bettors wager an 87.6% chance of a rate cut in the December 10 meeting, against a 12.4% chance that policymakers will hold steady.

Conversely, persistent inflation would prompt caution from the Fed, possibly disappointing markets looking for aggressive easing.

Consumer sentiment is reported at 10:00 am ET, with the prior value at 51.0 on the economic calendar. This data gauges household views on the economy and spending. Weakening sentiment can signal slowing demand and further support the case for easier monetary policy, which often lifts Bitcoin.

These four key economic releases in a single week create a high-stakes environment for digital asset markets. Bitcoin’s correlation with traditional risk assets means macroeconomic news is likely to drive market direction more than crypto-specific events.

As the first week of December commences, the interplay between jobs data, inflation trends, and the Federal Reserve’s stance will determine Bitcoin’s momentum and response to changing monetary policy signals.

The post 4 US Economic Events to Shake Bitcoin Sentiment in First Week of December 2025 appeared first on BeInCrypto.

The end of the Federal Reserve’s quantitative tightening (QT) program on December 1, 2024, marks a pivotal shift for crypto markets.

Despite this milestone, experts note that visible impact could take time. Balance sheet expansion may be delayed until early 2026 due to treasury settlement lags, mirroring past cycles.

Historical Patterns Link Fed Policy to Altcoin Performance

The Fed’s monetary policy increasingly influences the crypto market. Historically, when the Fed was not engaged in QT, altcoins showed notable strength against Bitcoin, sparking multi-year rallies and altering market dynamics.

These shifts signal a clear relationship between liquidity policy and crypto performance. Analyst Matthew Hyland identifies historical trends where non-QT periods were followed by sustained altcoin rallies lasting between 29 and 42 months, highlighted by the OTHERS.D/BTC.D ratio.

Hyland’s research spotlights the periods 2014-2017 and 2019-2022. During these periods, the absence of QT allowed altcoins to sustain uptrends for 42 and 29 months, respectively.

“Altcoins historically outperform BTC when QT is not active. Alts have seen a 42-month & 29-month uptrend whilst QT was not active during 2014-2017 & 2019-2022. Based on the very strong correlation to the Fed’s balance sheet, it’s highly favorable Alts outperform BTC for many years going forward,” wrote Hyland.

The OTHERS.D/BTC.D ratio, which compares altcoin market dominance to Bitcoin, climbed as monetary conditions improved, encouraging greater risk appetite.

The Fed’s approach closely mirrors these shifts. From 2014 to 2017, a supportive stance led to strong altcoin growth. Likewise, after QT ended in August 2019, another altcoin rally unfolded and lasted through 2022. These cycles suggest Fed liquidity policy is a core influence on crypto risk assets.

$OTHERSBTC & $WALCL (Fed Balance Sheet)

The End of QT marked the bottom on $OTHERSBTC back in August 2019

This time, QT ends on December 1, 2025 👀

The $Alts Supercycle begins tomorrow! pic.twitter.com/IaoA2NoIrf

— CryptoBullet (@CryptoBullet1) November 30, 2025

Hyland emphasized that the current balance sheet, around $6.55 trillion and stabilizing post-QT, supports optimism for multi-year altcoin outperformance relative to Bitcoin.

Critical 0.25 Level May Signal Altcoin Season Launch

Technical analysis shows the ALT/BTC pair historically bottomed at 0.25 after QT ended. This threshold is seen as a key marker signaling the potential start of an altcoin rally and may again indicate the next phase of upward momentum.

The ALT/BTC ratio is now at 0.36, which is above this vital support level. If this measure approaches 0.25, it could signal the typical capitulation that precedes lasting altcoin strength.

The 0.25 line holds strong technical and psychological significance, often representing where altcoins regain upward momentum against Bitcoin.

Capital often rotates into alternative cryptocurrencies when Bitcoin dominance declines. According to August 2025 Coinbase research, Bitcoin’s dominance dropped from 65% in May to about 59% by August.

This trend points to early capital flows favoring altcoins, a hallmark of “altcoin season.”

Balance Sheet Expansion Delays Could Postpone Market Impact

While QT has officially ended, immediate effects are unlikely. The experience from 2019 shows that settlement lags can postpone observable balance sheet expansion and, by extension, crypto market reactions.

Benjamin Cowen highlighted operational factors. In 2019, although QT ended in August, balance sheet growth lagged as treasury maturities settled later that month. Policy changes can thus take time to reach financial markets, including cryptocurrencies.

“Just because QT ends December 1 does not mean the balance sheet immediately starts going up. It might take until early 2026 to notice that,” wrote Cowen.

These operational realities matter for market timing. Mechanisms such as treasury settlements and reserve management can delay balance sheet expansion by months, causing uncertain conditions for traders awaiting clear policy impact. Volatility may persist during this window.

Fed research underlines these complexities. Shifts in the Treasury General Account and settlement schedules may skew short-term balance sheet readings.

The experience of August 2019 shows that patience is needed before definitive market patterns emerge, likely in 2025 or 2026.

Despite near-term uncertainties, the outlook for altcoin markets remains constructive. Once Fed-driven liquidity expansion becomes evident, historical trends indicate altcoins often benefit.

The post Fed to End QT: Could this Trigger Multi-Year Altcoin Rally Akin to 2019-2022? appeared first on BeInCrypto.

A powerful and unusual wave of global capital is rushing into US markets. Foreign investors are buying American equities at a record pace, Treasury demand is reshuffling at a structural level, and domestic inflows are accelerating into year-end.

At the same time, US consumer debt has hit its highest level in history. For crypto and equity investors, the scale and direction of these flows signal a major shift in risk appetite and global macro positioning.

Foreign Investors Drive Record Equity Buying Amid Historic Realignment in Treasury Ownership

Private investors outside the US purchased $646.8 billion in US equities in the 12 months ending September 2025, according to data cited by Yardeni Research.

JUST IN: 🇺🇸 Private investors outside U.S. purchased record $646.8 billion of U.S. equities in the 12 months ending in September 2025 – Yardeni Research. pic.twitter.com/9dPxGJoS3g

— Whale Insider (@WhaleInsider) November 30, 2025

This marks the highest level on record, surpassing the 2021 peak by 66%, with flows doubling since January.

The buying is not limited to US equities. Foreign private-investor purchases of US Treasuries totalled $492.7 billion in the same period. Rolling 12-month non-US buying of Treasuries has remained above $400 billion for four consecutive years, reflecting persistent global demand for dollar-denominated safety.

“Everyone wants US assets,” analysts at the Kobeissi Letter remarked.

The composition of foreign Treasury holders is shifting in ways not seen in decades:

• China’s share of foreign Treasury holdings has fallen to 7.6%, the lowest in 23 years, and down 20% over 14 years.
• The UK’s share has quadrupled to 9.4%, near its highest level on record.
• Japan, still the largest foreign holder, now accounts for 12.9%, down 26 points over the last 21 years.

These shifts suggest a long-term repositioning of sovereign and private capital, a trend with direct implications for interest rates, liquidity, and market volatility.

Something unusual is happening in the US Treasury market:

China’s Treasury holdings as a % of all foreign holdings is down to 7.6%, the lowest in 23 years.

This percentage has declined -20 points over the last 14 years.

As a result, China now ranks as the world’s 3rd-largest… pic.twitter.com/JWJ4bbhbsy

— The Kobeissi Letter (@KobeissiLetter) November 29, 2025

Domestic Investors Also Going Risk-On, But Record Consumer Debt Adds Complexity

US investors have poured an extraordinary $900 billion into equity funds since November 2024, according to JPMorgan data, with half of that total, $450 billion, arriving in just the last five months.

Fixed-income funds added another $400 billion, while all other asset classes combined attracted only $100 billion.

Inflows into US equities have exceeded those into all other asset classes combined, reinforcing the strength of the bid for US risk assets.

While institutional and foreign investors are ramping up their exposure, US households are under growing financial pressure. Total US credit-card debt climbed to $1.233 trillion in Q3 2025, the highest level ever recorded.

JUST IN: 🇺🇸 Total U.S. credit-card debt reaches $1.233 trillion in third quarter of 2025, highest amount since tracking began. pic.twitter.com/sFi2cMhZTg

— Whale Insider (@WhaleInsider) November 30, 2025

This divergence between market optimism and consumer strain raises questions about sustainability, earnings resilience, and the timing of potential policy shifts.

Seasonality and Bullish Projections Lift Sentiment

JP Morgan expects the S&P 500 to reach 8,000 next year, a view reinforced by powerful seasonal tailwinds. This projection comes as markets anticipate the bank’s “everything rally” forecast shared just over a week ago.

S&P 500 could hit 8,000 next year says JP Morgan 🥳📈🤑🫂 pic.twitter.com/l8zYgPAtWS

— Barchart (@Barchart) November 29, 2025

December has historically been the strongest month for US stocks, with the S&P 500 rising 73% of the time since 1928 and delivering an average return of +1.28%.

For both crypto and equity markets, the surge in capital flows toward the US signals rising confidence in American assets, or a lack of attractive alternatives abroad.

Investors will watch to see whether these inflows accelerate in 2026, how Treasury demand shifts as global holdings rebalance, and whether record consumer debt becomes a drag on macroeconomic momentum.

With liquidity building and seasonality strengthening, both traditional markets and digital assets are entering a potentially decisive phase.

The post Foreign Investors Set Record With $646.8 Billion in US Stock Purchases Amid Shifting Global Capital Flows appeared first on BeInCrypto.

On December 1, 2025, the Federal Reserve (Fed) will officially end Quantitative Tightening (QT), freezing its balance sheet at $6.57 trillion after draining $2.39 trillion from the system.

Analysts point to parallels with 2019, when the last QT pause coincided with a major bottom in altcoins and a surge in Bitcoin. With liquidity returning and interest rates already cut to 3.75–4.00%, crypto markets are bracing for a potentially bullish shift.

Fed Ends QT Tomorrow — Crypto Eyes 2019-Style Liquidity Boost

The Fed’s halt of its balance sheet runoff comes amid strained bank reserves, now roughly $3 trillion, or about 10% of US GDP. The Overnight Reverse Repo facility, which previously absorbed $2.5 trillion in excess cash, has dropped to near zero, removing a key liquidity buffer.

October 2025 saw the Secured Overnight Financing Rate spike to 4.25%, exceeding the Fed’s target range. The Standing Repo Facility recorded a single-day activation of $18.5 billion, reflecting persistent demand for liquidity.

FOMC minutes from October 29 detail operational adjustments designed to improve policy transmission.

“The Committee decided to conclude the reduction of its aggregate securities holdings on December 1,” read an excerpt in the Fed’s October 29 statement.

This means that QT officially ends on December 1, and the Fed will stop letting its securities mature without reinvestment. From that day forward, the balance sheet will no longer shrink.

The Committee noted that downside risks to employment have risen, even though unemployment remains low, and inflation is “somewhat elevated.”

Analysts note that this marks a long-term shift: the Standing Repo Facility, initially an emergency tool, now functions as a permanent daily liquidity provider, effectively embedding the Fed in Treasury market operations.

Researcher Shanaka Anslem describes this as the “Standing Repo Era,” a structural transformation with lasting implications for global finance.

THE FED JUST CROSSED A THRESHOLD NO ONE IS DISCUSSING

December 1, 2025. The Federal Reserve terminates Quantitative Tightening. Balance sheet frozen at $6.57 trillion. The largest liquidity withdrawal in central banking history ends after draining $2.39 trillion from the… pic.twitter.com/W0QjrXC3JB

— Shanaka Anslem Perera ⚡ (@shanaka86) November 30, 2025

Historical Parallels and Crypto Market Implications

Crypto analysts are drawing direct comparisons to August 2019, when the Fed ended QT, and altcoins bottomed.

$OTHERSBTC & $WALCL (Fed Balance Sheet)

The End of QT marked the bottom on $OTHERSBTC back in August 2019

This time, QT ends on December 1, 2025 👀

The $Alts Supercycle begins tomorrow! pic.twitter.com/IaoA2NoIrf

— CryptoBullet (@CryptoBullet1) November 30, 2025

While past performance is not a guarantee, key indicators support cautious optimism:

• Bitcoin dominance is below 60%,
• The global M2 money supply is rising, and historically leads BTC by 10–12 weeks.

The end of QT could inject up to $95 billion per month in liquidity, supporting large-cap cryptocurrencies including Bitcoin, Ethereum, Solana, and BNB.

Gold’s recent all-time highs provide additional correlation, as BTC often lags gold price moves by roughly 12 weeks.

Meanwhile,the Fed’s December 10 FOMC meeting occurs amid unusual conditions:

• A 43-day government shutdown erased two months of CPI data, leaving policymakers without fresh inflation figures.
• CPI currently sits at 3%, above the Fed’s 2% target.
• Treasury Secretary Scott Bessent confirmed the Fed is considering additional rate cuts after October’s 25-bps reduction.

The US federal debt exceeds $36 trillion, with annual interest costs above $1 trillion. The Standing Repo Facility now enables rapid monetization of Treasury collateral, representing a structural shift with long-term market implications.

Some crypto analysts anticipate an immediate rally following QT’s end, while others see a smaller altseason within 2–3 months and a larger market cycle in 2027–2028.

🚨 Fed Liquidity is Here: The Crypto Melt-Up Starts Now 🚨

The Fed is on the verge of ending QT, just like 2019 and that means one thing: Liquidity is coming back.

If you know what this means for #Bitcoin and altcoins, you should be excited.

Here’s why I think this is the…

— VirtualBacon (@virtualbacon) October 28, 2025

Consensus holds that liquidity, rather than hype or Bitcoin halvings, has historically driven crypto cycles.

December 1 marks a critical turning point as the Fed’s liquidity pivot could remove one major obstacle for risk assets. The move could set the stage for crypto markets to respond, whether through a mini rally or the early stages of a broader Supercycle.

While QT ends on December 1, the Fed emphasized that future adjustments to the federal funds rate will depend on incoming data and changing economic risks.

This signals that the Fed is keeping monetary policy flexible, prepared to adjust rates or other measures if necessary.

Investors should watch interest rate guidance, Treasury liquidity operations, and M2 money supply trends in the coming weeks.

The post Tomorrow the Fed Ends QT — Crypto Thinks the Melt-Up Starts Now appeared first on BeInCrypto.

MicroStrategy CEO Phong Le has, for the first time, acknowledged that the company could sell its 649,870 BTC holdings under specific crisis conditions.

This marks a significant shift from Chairman Michael Saylor’s long-standing “never sell” philosophy and signals a new chapter for the world’s largest corporate Bitcoin holder.

CEO Phong Le Reveals Hidden Kill-Switch in MicroStrategy’s Bitcoin Strategy

MicroStrategy has confirmed a scenario almost no one thought possible: the potential to sell Bitcoin, its core treasury asset. Speaking on What Bitcoin Did, CEO Phong Le outlined the precise trigger that would force a Bitcoin sale:

• First, the company’s stock must trade below 1x mNAV, meaning the market capitalization falls below the value of its Bitcoin holdings.
• Second, MicroStrategy must be unable to raise new capital through equity or debt issuance. This would mean capital markets are closed or too expensive to access.

JUST IN: Strategy CEO Phong Le says $BTC would only be sold if the company’s stock falls below net asset value and funding options disappear, calling it a financial decision. pic.twitter.com/YpgEIeF3qe

— Whale Insider (@WhaleInsider) November 30, 2025

Le clarified that the board has not planned near-term sales, but confirmed that this option “is in the toolkit” if financial conditions deteriorate.

This is the first explicit acknowledgement, after years of Michael Saylor’s absolutist claim that “we will never sell Bitcoin.” It shows that MicroStrategy does, in fact, have a kill-switch tied directly to liquidity pressure.

Why the 1x mNAV Threshold Matters

mNAV compares MicroStrategy’s market value to the value of its Bitcoin holdings. When mNAV drops below 1, the company becomes worth less than the Bitcoin it owns.

Several analysts, including AB Kuai Dong and Larry Lanzilli, note that the company is now facing a new constraint. The mNAV premium that powered its Bitcoin-accumulation flywheel has nearly vanished for the first time since early 2024.

As of November 30, mNAV hovers near 0.95x, edging uncomfortably close to the 0.9x “danger zone.”

If mNAV falls below 0.9x, MicroStrategy could be pushed toward BTC-funded dividend obligations. Under extreme conditions the firm would be compelled to sell portions of its treasury to maintain shareholder value.

🧵 MicroStrategy CEO Phong Le just confirmed on What Bitcoin Did (Nov 29, 2025):

😯 “If MSTR stock trades <1x mNAV AND we can’t raise fresh capital → we would sell portions of our #Bitcoin as a last-resort move.”

🤔 He called it “mathematically justified” to protect Bitcoin…

— Larry Lanzilli (@lanzilli) November 30, 2025

The pressure stems from $750–$800 million in annual preferred share dividend payments, issued during MicroStrategy’s Bitcoin expansion.

Previously, the company used new equity issuances to cover these costs. With the stock down more than 60% from its highs and market skepticism rising, that avenue is narrowing.

Analysts Warn of a Structural Shift

According to Astryx Research, MicroStrategy has effectively transformed into a “leveraged Bitcoin ETF with a software company attached.” That structure works when BTC rises, but amplifies stress when liquidity tightens or volatility spikes.

Michael Saylor’s Bitcoin Strategy: Genius or Hidden Risk?@saylor and MicroStrategy have done something no public company in history has ever done:

They turned their balance sheet into a leveraged Bitcoin ETF with a software company attached — and it has paid off massively.… pic.twitter.com/KfAMJYWB7y

— Astryx Research (@AstryxHQ) November 30, 2025

SEC filings have long warned about liquidity risk during a deep Bitcoin drawdown. While the firm maintains that it faces no forced liquidation risk due to its convertible debt structure, the CEO’s latest comments confirm a mathematically defined trigger for voluntary sales.

If $BTC drops to our $74K average cost basis, we still have 5.9x assets to convertible debt, which we refer to as the BTC Rating of our debt. At $25K BTC, it would be 2.0x.

— Strategy (@Strategy) November 25, 2025

Why This Matters for Bitcoin Investors

MicroStrategy is the largest corporate BTC holder in the world. Its “HODL forever” stance has been a symbolic pillar of the institutional Bitcoin thesis. Acknowledging a sell condition, even if distant, shifts that narrative toward realism:

• Liquidity can override ideology.
• Market structure matters as much as conviction.
• The Bitcoin cycle now has a new, and measurable, risk threshold: the 0.9x mNAV line.

Investors will watch Monday’s updates closely as analysts track whether mNAV stabilizes or continues slipping toward 0.9x.

Any further weakness in BTC or MSTR stock could intensify scrutiny of MicroStrategy’s balance sheet strategy heading into 2026.

The post MicroStrategy Admits a Bitcoin Sale Is Possible—Here’s When appeared first on BeInCrypto.

A congressional report alleges that the Trump administration generated over $800 million from cryptocurrency ventures in early 2025.

The report claims total Trump family crypto holdings climbed to $11.6 billion, alleging that foreign actors and state-linked entities invested in family projects in exchange for policy favors.

Crypto Ventures and Foreign Investment

On November 25, 2025, House Judiciary Committee Democrats released these findings. They allege that President Trump used his position to increase his family’s crypto interests while reducing enforcement and halting federal investigations into the industry.

The report from Rep. Jamie Raskin describes the Trump family’s accumulation of billions through crypto schemes driven by foreign investments and regulatory changes.

Trump family projects included World Liberty Financial (WLF), the WLFI governance token, the USD1 stablecoin, and the TRUMP meme coin. These ventures attracted substantial investments from foreign nationals and entities linked to foreign governments.

Allegedly:

• The WLFI token sale raised $550 million in March 2025,
• The USD1 stablecoin reached a $2.7 billion market cap.
• TRUMP meme coin brought in $350 million in trading fees and reached a peak price of $75 before a sharp decline.

World Liberty Financial was co-founded by Eric Trump, Donald Trump Jr., and Barron Trump, along with business partners Zach and Andrew Witkoff, according to documents from the House Financial Services Committee.

Foreign investors included Justin Sun, founder of Tron, who invested $30 million in late 2024 and later expanded his stake to $75 million, becoming the largest shareholder.

We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let's go! pic.twitter.com/cISTsVYP1f

— H.E. Justin Sun 👨‍🚀 🌞 (@justinsuntron) November 25, 2024

Other major investors, allegedly connected to Chinese state-backed entities and the UAE royal family, were Guren Bobby Zhou, Aqua 1, MGX, and DWF Labs.

The investigation identified Chinese state-owned CNPC and UAE entities, including those linked to Sheikh Tahnoon, as key contributors to Trump’s ventures.

The report outlines a pay-for-access scheme involving the TRUMP meme coin dinner contest, which raised $148 million.

Top buyers were given access to White House meetings and golf courses, with several winners being foreign nationals. In addition, Trump Media & Technology Group revealed a $2.5 billion bitcoin treasury, deepening the family’s ties to cryptocurrency holdings.

Regulatory Rollbacks and Enforcement Actions

The Trump administration enacted major regulatory shifts on digital assets. In January 2025, President Trump repealed Executive Order 14178, a major Biden-era policy.

By March, a Strategic Crypto Reserve was created, marking a significant change in how the federal government approached cryptocurrency.

In April 2025, the Department of Justice disbanded the National Cryptocurrency Enforcement Team (NCET). Deputy Attorney General Todd Blanche issued an official memorandum ordering the immediate dissolution of this specialized unit.

This act ended “regulation by prosecution” in crypto enforcement. The Computer Crime and Intellectual Property Section remained in operation, but the dedicated enforcement team was eliminated.

Lawsuits and enforcement actions by the SEC and DOJ targeting major crypto firms with political connections were halted. Benefiting companies included Coinbase, Gemini, Robinhood, Ripple, Crypto.com, Uniswap, Yuga Labs, and Kraken.

In February 2025, the SEC ruled that meme coins are not securities, ending oversight for these digital assets.

The administration also pardoned individuals with ties to Trump crypto projects. Changpeng Zhao (CZ), the founder of Binance, received a presidential pardon after starting business relationships with the Trump family companies.

According to the report, these pardons and sanctions rollbacks directly benefited supporters of Trump ventures.

Constitutional and Legal Concerns

Congressional investigators warn that the situation exposes deep flaws in US anti-corruption, campaign finance, and conflict-of-interest laws.

The report questions whether the Foreign Emoluments Clause, which bars federal officials from taking gifts or payments from foreign governments without congressional approval, was violated.

Lawmakers argue that existing laws cannot adequately prevent conflicts of interest and foreign influence in the crypto sector.

The sequence of policy changes and business initiatives raised alarm among investigators. World Liberty Financial announced the USD1 stablecoin just after Trump endorsed the GENIUS Act, a major piece of stablecoin legislation expedited through Congress in 2025.

The full staff report includes a timeline showing policy rollbacks, access, and investment events.

The investigation relied on reporting from TradFi and crypto outlets to verify reported numbers and policy actions.

It documents how prior opposition to crypto shifted to active industry support as money entered campaign and family business channels during and after the 2024 campaign.

Possible second order effects from Trump's win:

• BTC becomes a US strategic reserve asset
• New regulatory regime will make it much easier for tokens to capture value from their protocols
• Token classification framework could shift from "most tokens are securities" to… pic.twitter.com/Yar5Lk1yuG

— Aylo (@alpha_pls) November 6, 2024

House Judiciary Committee Democrats called for urgent congressional reforms, citing an unprecedented scale of self-enrichment and foreign influence through cryptocurrency.

The report stresses national security, legal, and ethical risks caused by foreign and corporate money bypassing anti-corruption protections.

It remains unclear if these allegations will result in new laws or further investigations as political debates continue.

The post House Report Alleges Trump Administration Tied US Policy to $11.6 Billion Crypto Empire appeared first on BeInCrypto.

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.