Vanguard, the $8 trillion US asset manager, will allow crypto-focused ETFs and mutual funds to trade on its platform from December 2, ending its long-standing refusal to support digital asset products. 

The decision marks a major shift for the world’s second-largest asset manager and opens regulated crypto access to more than 50 million brokerage customers.

Vanguard Abandons Its Anti-Crypto Policy

The firm confirmed it will support products that hold Bitcoin, Ether, XRP, Solana, and other regulated cryptocurrencies. 

However, it will continue to block funds tied to meme coins and will not launch its own digital asset products.

Starting tmrw vanguard will allow ETFs and MFs tracking bitcoin and select other cryptos to begin trading on their platform. They cite how the ETfs have been tested performed as designed through multiple periods of volatility. Story via @emily_graffeo pic.twitter.com/AKhMdR7pab

— Eric Balchunas (@EricBalchunas) December 1, 2025

Vanguard spent years resisting crypto exposure and repeatedly framed Bitcoin and other digital assets as speculative. 

The company rejected spot Bitcoin ETFs after their January 2024 debut and even restricted customer purchases of competing funds. 

For years, Vanguard executives argued that crypto lacked intrinsic value, produced no cash flows, and did not fit long-term retirement strategies.

However, persistent demand pressured the firm to rethink its stance. Bitcoin ETFs became one of the fastest-growing product categories in US fund history, with BlackRock’s IBIT alone gathering tens of billions in assets. 

This scale, combined with a steady shift in investor preferences, weakened the rationale for exclusion.

Vanguard 2024: “#Bitcoin isn’t a store of value. We’ll never offer ETFs.”

Vanguard 2025: “Bitcoin trading starts tomorrow.” pic.twitter.com/dBysvngja7

— TFTC (@TFTC21) December 1, 2025

Leadership Changes Helped Clear the Path

The policy shift follows more than a year of internal debate. Vanguard’s former CEO, Tim Buckley, was widely seen as the main opponent of crypto adoption. 

His departure and the appointment of Salim Ramji — a former BlackRock executive with experience in blockchain initiatives — signaled a potential pivot.

Ramji did not push the firm toward issuing its own crypto funds but supported granting customers access to regulated products. 

That move aligns crypto with Vanguard’s treatment of other non-core assets, such as gold ETFs.

Market Conditions Did Not Stop the Move

The reversal comes during a deep crypto drawdown and heavy ETF outflows since early October. Bitcoin’s market value has fallen sharply, and leveraged positions have suffered heavy losses. 

Yet Vanguard said digital asset ETFs have continued to operate smoothly and maintain liquidity through volatile periods.

The firm noted that operational processes for servicing crypto products have matured since 2024. It added that its clients increasingly expect access to a wide range of asset classes through a single brokerage platform.

Vanguard *finally* caves…

Will now allow spot crypto ETF trading on brokerage platform.

Includes btc, eth, xrp, & sol ETFs.

However, Vanguard reiterates that they have *no* plans to launch own spot crypto ETFs.

via @emily_graffeo pic.twitter.com/QFvF8BZTWt

— Nate Geraci (@NateGeraci) December 1, 2025

What the Decision Means for Investors

Starting Tuesday, Vanguard customers can buy and sell most regulated crypto ETFs and crypto-focused mutual funds. The company will still screen products for compliance and will exclude any vehicle tied to SEC-defined memecoins.

Vanguard stressed that it has no plans to build proprietary crypto offerings.

Instead, it aims to accommodate diverse risk profiles while maintaining its conservative product philosophy.

The move is likely to strengthen digital asset legitimacy across traditional finance. It also marks a symbolic turning point for a firm long considered crypto’s most persistent holdout.

The post Vanguard Reverses Years-Long Crypto Ban With New Trading Features From Tomorrow appeared first on BeInCrypto.

Washington state regulators have ordered CoinMe to halt all money-transfer activity after accusing the crypto ATM operator of treating more than $8 million in customer funds as its own revenue. 

The Department of Financial Institutions (DFI) issued an emergency cease-and-desist order on December 1, citing “unsafe and unsound practices.”

Regulator Flags Misuse of Customer Money

DFI said CoinMe failed to safeguard money that consumers paid for crypto vouchers. Instead, the company allegedly counted unclaimed or expired voucher balances as income.

According to the filing, customers bought vouchers at CoinMe kiosks but never redeemed them. Washington law requires companies to hold those funds as consumer property or turn them over as unclaimed assets.

However, DFI says CoinMe treated the balances as corporate revenue. The regulator argues this harmed consumers and distorted the company’s financial condition.

Because of these findings, DFI ordered CoinMe to stop all money-transfer and kiosk-related operations in the state. The company cannot accept new funds from Washington consumers under the order.

Officials also said they will seek restitution for affected customers. The agency signaled plans to revoke CoinMe’s state money-transmitter license.

The cease-and-desist order lists several other violations. These include failing to maintain required net worth, keeping inaccurate records, and submitting incorrect filings.

DFI also noted that some CoinMe vouchers displayed a support phone number that no longer worked. The regulator said this contributed to poor consumer protection.

A Significant Blow to a Major Cash-to-Crypto ATM Network

This action marks one of the most serious state enforcement moves against a US crypto ATM operator. CoinMe operates one of the largest cash-to-crypto networks in the country.

The case highlights growing scrutiny of crypto on-ramps that handle physical cash. Regulators expect these companies to follow the same standards as traditional money-transmitters.

CoinMe can contest the order, but Washington regulators appear prepared to escalate the case. If the state revokes the company’s license, CoinMe will lose the ability to operate any money-transfer service in Washington.

Meanwhile, DFI urged affected customers to prepare claims for potential refunds. The agency’s priority, it said, is protecting consumers who rely on licensed firms to securely handle their money.

The post Washington Shuts Down Crypto ATM that Claimed $8 Million in User Funds as Income appeared first on BeInCrypto.

MicroStrategy suffered a catastrophic start to December as its market cap briefly fell below the net value of its Bitcoin holdings, exposing the company to renewed concerns about leverage, liquidity, and investor confidence.

Shares collapsed early Monday, dropping to $156, which pushed MicroStrategy’s valuation to $45 billion. 

Wall Street Nightmare For MicroStrategy?

The company currently holds 650,000 BTC worth roughly $55.2 billion, making this drop a rare moment where Wall Street valued the business at less than its underlying assets.

However, MicroStrategy also carries $8.2 billion in debt. After subtracting that debt and adding the firm’s $1.4 billion cash reserve, the company still holds about $48.4 billion in net Bitcoin value. 

This means the stock fell $3.4 billion below its Bitcoin-adjusted worth at the session low.

MicroStrategy's Current Situation:

1. Bitcoin holdings: $55.2 billion
2. Debt holdings: $8.2 billion
3. Cash reserve (announced today): $1.4 billion
4. Bitcoin holdings – Debt + Cash: $48.4 billion
5. Market cap of $MSTR: $45 billion

MicroStrategy's NET Bitcoin holdings are… https://t.co/Ii4T6dEFo8

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

The disconnect shocked traders. MicroStrategy normally trades at a premium because markets price in Michael Saylor’s aggressive Bitcoin strategy, future BTC purchases, and the stock’s role as a regulated Bitcoin proxy. 

Yet Monday’s sell-off forced the premium into one of its tightest ranges of the year.

Such a bad take.

A) Bitcoin price would crash if Saylor sold. And there’s not enough liquidity to exit the position. He is the liquidity. Institutions have been net sellers.

B) Debt isn’t free. There’s regular interest payments. Therefore he must sell more shares in perpetuity. pic.twitter.com/fsChvN4DHW

— Beanie (@beaniemaxi) December 1, 2025

By midday, the company’s mNAV ratio—which measures how far the stock trades above or below Bitcoin net asset value—recovered to 1.16, far below the levels seen earlier in 2025. 

The reading shows the market now values MicroStrategy only 16% above its Bitcoin holdings, compared with premiums exceeding 50% during the year’s rally.

A Critical Risk Period for MicroStrategy and Bitcoin

The sharp repricing reflects rising investor fears. Bitcoin has dropped from $125,000 to $85,500 since October, erasing tens of billions in paper value from MicroStrategy’s balance sheet. 

The decline coincided with tightening liquidity, falling ETF inflows, and an industry-wide reset in risk appetite.

Concerns about Saylor’s long-term strategy also resurfaced. Critics argue the company’s debt must be serviced regardless of Bitcoin’s performance, increasing pressure to raise new capital or sell more shares. 

Others warn that MicroStrategy’s position is now so large that Saylor cannot reduce risk without destabilizing the market.

Still, the company remains the largest corporate Bitcoin holder in the world, and its holdings continue to exceed its market cap. 

The rebound later in the day shows investors are not abandoning the stock, but they are reassessing the risks more aggressively than at any point this year.

MicroStrategy begins December with its tightest valuation gap in years, signaling a turning point in how markets view the company’s leveraged Bitcoin strategy. 

Whether this marks a temporary panic or the start of a deeper correction will depend on Bitcoin’s stability and the company’s next moves.

The post MicroStrategy’s Market Cap Falls Billions Below Its Bitcoin Holdings appeared first on BeInCrypto.

The XRP Ledger recorded an abnormal surge in AccountSet and AMM Bid transactions this week, triggering widespread discussion across crypto Twitter. The ledger processed more than 40,000 AccountSet transactions in late November, marking its highest configuration activity in years.

The activity continued even after BitGo ended its batch updates. This indicates new actors are preparing or reconfiguring large numbers of accounts, rather than routine custodial adjustments.

What the AccountSet Surge Indicates

AccountSet transactions update settings, including security flags, AMM (Automated Market Maker) permissions, and multi-sig configurations. They are typically used when institutions prepare accounts for new services or liquidity operations.

Someone is doing a lot of AccountSet TXs on the XRP Ledger recently. Even after BitGo stopped. pic.twitter.com/rhdYGqFzLr

— Vet (@Vet_X0) November 29, 2025

Therefore, a spike of this magnitude suggests structured onboarding. Analysts believe this may involve custodians, market makers, or automated systems configuring XRPL accounts at scale.

The pattern resembles network preparation rather than retail behavior. 

Previous spikes linked to custodial maintenance did not reach current levels, reinforcing the view that new participants are entering the network.

🚨 Something’s happening on the XRP Ledger.

According to XRPL Metrics, activity just exploded:
📈 Over 40,000 “AccountSet” transactions, the highest in years.
💧 A sharp spike in AMM bids right after November 23.
Imo, it’s network preparation.

With RLUSD approvals, AMM rollout,… pic.twitter.com/g1a5fUKYT9

— Arthur (@XrpArthur) December 1, 2025

AMM Bid Activity Signals Liquidity Positioning in XRP

AMM Bid transactions also surged after November 23. These transactions help liquidity providers bid for AMM auction slots and position themselves within XRPL’s automated market-maker pools.

The sharp rise suggests liquidity actors are preparing to secure early positions. Early bids often capture the most profitable rewards, making the timing significant.

The AMM spike coincides with broader XRPL developments. RLUSD approvals, AMM rollout progress, and institutional onboarding have all accelerated in recent weeks. This offers a possible explanation for the sudden liquidity movement.

PODCAST: Tokenization is just step one, now what do we do with the assets?@RippleXDev's Jasmine Cooper explains why the next wave for the XRP Ledger is on-chain collateral management, repos and credit origination turning RWAs into real value for institutions. pic.twitter.com/S2MTJ0j7pm

— BeInCrypto (@beincrypto) December 1, 2025

XRP ETF Inflows Add Another Layer of Context

The surge also follows the debut of spot XRP ETFs in the United States. The products accumulated $643.92 million in net inflows and reached $676.49 million in total ETF assets. 

Inflows increased on nine of the last ten sessions, showing strong institutional demand.

While ETF inflows do not directly interact with the XRP Ledger, they influence how custodians manage XRP storage and security. 

Large ETF demand can trigger new institutional custody accounts, reconfigured storage systems, expanded wallet infrastructure, and preparation for higher settlement activity. These processes often involve AccountSet transactions. 

Therefore, the ETF wave may be indirectly contributing to the configuration spike.

Implications for the Market

The combined surge in configuration and AMM activity signals structural preparation beneath the XRP ecosystem. This type of activity often precedes network upgrades, liquidity expansion, or new institutional pipelines.

Although XRP price remains volatile, the ledger’s data suggests increasing backend activity. Market watchers view the patterns as early indicators of broader engagement, rather than isolated anomalies.

some fun tinkering this weekend!

a cool visualisation of live transactions on the xrp ledger.

the blockchain never stops.

even on weekends! pic.twitter.com/UvcekHq4n1

— Phil Kwok | EasyA (@kwok_phil) November 30, 2025

For now, developers have not commented publicly. 

However, the coordinated rise in AccountSet and AMM Bid transactions points to meaningful infrastructure changes underway on the XRP Ledger.

The post XRP Ledger Activity Suddenly Exploded This Week, What Is It Signalling appeared first on BeInCrypto.

Yearn Finance confirmed an active exploit affecting its yETH product on Sunday, after an attacker minted an effectively unlimited amount of yETH and drained liquidity from Balancer pools. 

The incident triggered heavy on-chain movement, including multiple 100 ETH transfers routed through Tornado Cash. 

Infinite-Mint Attack Drains Liquidity From Balancer Pools

According to blockchain data, the exploit occurred around 21:11 UTC on November 30, when a malicious wallet executed an infinite-mint attack that created roughly 235 trillion yETH in a single transaction. 

some other balancer related stuff looking like an exploit considering heavy interactions with tornado

yearn, rocket pool, origin, dinero and other LST going around pic.twitter.com/wUuexeQJyg

— Togbe (@Togbe0x) November 30, 2025

Nansen’s alert system later confirmed the attack and identified the event as an infinite-mint vulnerability in the yETH token contract, not in Yearn’s Vault infrastructure.

The attacker used the newly minted yETH to drain real assets—primarily ETH and Liquid Staking Tokens (LSTs)—from Balancer liquidity pools. Early estimates suggest roughly $2.8 million in assets were removed. 

Around 1,000 ETH was laundered through Tornado Cash shortly after the attack. Several helper contracts used in the exploit were deployed minutes before the incident and self-destructed afterward to obscure the trail.

some other balancer related stuff looking like an exploit considering heavy interactions with tornado

yearn, rocket pool, origin, dinero and other LST going around pic.twitter.com/wUuexeQJyg

— Togbe (@Togbe0x) November 30, 2025

Yearn stated that V2 and V3 Vaults were not affected, and the vulnerability appears limited to the legacy yETH implementation. 

The protocol’s Total Value Locked (TVL) remains above $600 million, according to CoinGecko, suggesting core systems were not compromised. 

YFI Price Spikes as Market Reverses Initial Panic

However, the market reaction created an unexpected dynamic. Shortly after the exploit was flagged on social media and by blockchain analysts, YFI’s price spiked sharply, climbing from near $4,080 to over $4,160 within an hour. 

The move came despite the negative headlines surrounding the broader Yearn ecosystem.

The price reaction appears tied to market misinterpretation in the early minutes of the incident. Initial claims of a “Yearn exploit” prompted high-leverage short positions on YFI, given the token’s thin liquidity and historically aggressive downside moves during hack events. 

The attack was isolated to yETH and not Yearn’s Vaults, and short-sellers began covering their positions. This triggered a brief short squeeze and a volatility-driven price spike.

YFI’s circulating supply is only 33,984 tokens, making it one of the most illiquid major DeFi governance assets. This structure amplifies price movements, particularly during periods of uncertainty or rapid liquidation flow. Derivatives data also showed elevated funding volatility immediately after the exploit alert.

For now, losses appear contained to the yETH and Balancer pools touched by the exploit. Investigations remain ongoing, and it is unclear whether any recovery options exist for the stolen assets. 

Markets will likely watch for a formal Yearn disclosure detailing root cause, patching efforts, and potential governance actions.

The post Yearn Finance Hit by Major yETH Exploit as Attacker Drains Funds appeared first on BeInCrypto.

Arthur Hayes is standing by his prediction that Bitcoin could reach $200,000–$250,000 by the end of 2025, despite the October–November crash and lingering market fear. 

Speaking on the Milk Road Show on November 26, he said the recent drop to $80,000 marked the cycle bottom and argued that global dollar liquidity has turned a corner.

“I’m going to stick with it,” Hayes said when asked if his $200,000–$250,000 target still holds with only weeks left in the year. “If I’m wrong it doesn’t matter… I’m long, I’m still happy either way.”

Hayes Calls $80,000 the Bottom After Liquidity Shock

Hayes framed the entire move from Bitcoin’s $125,000 high down to $80,000 as a liquidity-driven reset, not the start of a new bear market.

He said his Bloomberg-based US dollar liquidity index showed about $1 trillion drained from dollar money markets between July and now. 

This came from the US Treasury refilling its account and the Federal Reserve continuing quantitative tightening.

People think Bitcoin runs on halving cycles.

Wrong.

It runs on liquidity, politics and the US business cycle. Which hasn’t even started yet.

2026 is where the fireworks starts:
– QT ending
– The US Midterm election
– Booming economy and stock market for reelection purposes
-… pic.twitter.com/aiyOOlODm1

— Quinten | 048.eth (@QuintenFrancois) November 28, 2025

According to Hayes, Bitcoin ignored that liquidity drain for months because ETF inflows and Digital Asset Treasury (DAT) issuances masked the damage. 

Once those flows flipped, he said, Bitcoin “fell down to where it should have been based on the dollar liquidity situation.”

ETF “Institutional Bid” Was Just a Basis Trade

Hayes argued that the widely celebrated ETF bid was badly misunderstood by retail traders.

The largest holders of BlackRock’s IBIT ETF are firms like Brevan Howard, Goldman Sachs, Millennium, Jane Street and Avenue. 

These are not long-only Bitcoin believers, he stressed, but basis traders exploiting a spread.

“They’re taking the IBIT ETF, they buy it, they pledge it with their broker, then they sell a futures contract… they were making let’s call it 7 to 10% per annum on that trade,” he said. 

As funding rates fell in September and October, those players unwound the trade by selling ETFs and buying back futures, turning ETF flows negative.

Retail investors then misread the outflows as “institutions dumping Bitcoin,” Hayes said, without understanding that institutions were only unwinding a funding strategy.

JP MORGAN IS MOVING BITCOIN INTO THE $318 TRILLION BOND MARKET.

JP Morgan has launched a new structured note that gives investors exposure to Bitcoin through BlackRock’s spot ETF (IBIT).

This matters because it pulls Bitcoin directly into the traditional bond and fixed-income… pic.twitter.com/HZQLM9YgGG

— Bull Theory (@BullTheoryio) November 28, 2025

Hayes also highlighted the role of Digital Asset Treasury companies, which issue stock and debt to buy Bitcoin when their market NAV trades at a premium.

When those stocks fell to par or discount, he said, this model broke. DATs could no longer issue new securities in an accretive way. 

Some even had an incentive to sell Bitcoin and buy back their own shares.

“All we know is that we have essentially bottomed on the liquidity chart and the direction in the future is higher,” he said. “That’s why I believe that the $80,000 dip on Bitcoin recently is the bottom.”

He expects the next leg of liquidity to come less from the Fed and more from the commercial banking system, pointing to early signs of renewed bank lending and political plans for a credit-fuelled industrial build-out.

Why Bitcoin Is “Stuck” Around $90,000 For Now

Asked why Bitcoin still trades near $90,000 if the liquidity outlook is improving, Hayes pointed to uncertainty over how aggressively the new US administration will actually create credit.

Markets, he said, still question how and when another “$10 trillion” of liquidity will materialise. 

Promises about bank lending, industrial policy, and a new Fed chair remain political talk until they turn into concrete programs and flows.

“Once we actually start to see things happen, markets will price a bigger forward on where this dollar liquidity situation is and risk assets like Bitcoin will accelerate their rise in price,” Hayes said.

The post Arthur Hayes Sticks To His Extreme Bitcoin Price Prediction for Year-End appeared first on BeInCrypto.

XRP spot ETFs recorded $643.92 million in cumulative net inflows during their first month of trading, according to SoSoValue data. The products also reached $676.49 million in total net assets, capturing 0.50% of XRP’s market capitalization.

Daily inflows remained positive for most of the month. The strongest sessions included $243.05 million on November 14 and $164.04 million on November 24.

Trading Volume Resilient Despite XRP Price Volatility

The leading issuers—Grayscale, Franklin Templeton, Bitwise, and Canary—collectively drove steady inflows across US exchanges. 

Together, the four funds brought ETF-held XRP above 0.5% of total circulating supply, indicating early institutional interest.

The ETFs generated a total value of $38.12 million in trading on November 26 alone. Trading volumes earlier in the month were higher, coinciding with large inflow spikes.

However, XRP’s market price remained volatile. The token traded around $2.23 as ETF demand offset wider crypto-market weakness.

Meanwhile, other major asset managers are looking to enter the XRP ETF race. 21Shares is expected to launch its spot ETF on Monday as WisdomTree’s application remains under review.

Early Signs Point to Sustained Institutional Demand

ETF inflows increased on nine of the past ten sessions. The most recent daily total showed $21.81 million entering XRP ETFs on November 26.

This inflow streak suggests institutions are still building exposure. It also reduces liquid supply on exchanges, as ETF custodians move XRP into regulated storage.

Franklin Templeton disclosed 32.04 million XRP held in its ETF by November 25, signalling continued accumulation. 

This steady inflow pattern in the first month is positive for new crypto ETFs and reflects improved regulatory clarity for XRP products.

Meanwhile, XRP wasn’t the only altcoin to receive an ETF greenlight over the past week. Dogecoin, HBAR, and Litecoin spot ETFs also started trading earlier this month.

However, these funds did not receive any notable interest from institutional investors. Bitwise and Grayscale’s DogeCoin ETF only attracted around $2 million in inflows in their first 48 hours of trading.  

The post XRP ETFs Record $643 Million in Net Inflows in First Month as Demand Surges appeared first on BeInCrypto.

Bitcoin may be showing its first signs of demand recovery after a bruising month. The Coinbase Bitcoin Premium Index (CBPI) — a measure tracking whether US investors pay more or less for BTC on Coinbase vs. global exchanges — turned positive today for the first time in weeks. 

The shift comes just as silver surged to a new all-time high above $55/oz, signalling renewed appetite for hard-asset exposure across markets.

What the Coinbase Premium Turning Green Actually Means

The premium had spent almost the entire month of November in negative territory, reflecting softer US demand, ETF outflows, and weakened liquidity.

Now, the green print suggests that US spot buyers are finally paying a slight premium again, a sign that domestic demand is stabilising.

In simple terms, the Coinbase Premium Index compares BTC price on Coinbase (USD market) with its price on major global exchanges (USDT markets like Binance).

• Positive premium → US investors buying aggressively
  
• Negative premium → Lower US demand or stronger international flow
  
• Neutral → Balanced global demand
  

Today’s shift into positive territory indicates that US spot demand has improved for the first time all month, even while broader sentiment still sits in extreme fear.

This matters because the US market has historically led BTC price inflection points — particularly during liquidity transitions or macro pivots.

https://x.com/KobeissiLetter/status/1994450463731675417 

The Silver and Bitcoin Correlation

Silver hitting an all-time high is notable on its own. But its timing alongside a newly positive Coinbase Premium adds an interesting behavioural layer.

Historically, BTC–Silver correlation is low and unstable. Long-term correlation usually sits near 0 to +0.3. It spikes only during major macro fear episodes, and collapses when crypto-specific factors dominate.

Right now, BTC and Silver are clearly decoupled. However, this decoupling highlights something important

When silver rallies strongly while Bitcoin stops falling, it often marks the end of fear-driven selling.

Binance whales are buying $BTC

Coinbase institutions are bidding too.

Finally some spot demand for Bitcoin. pic.twitter.com/oBzJiQrZSI

— Ted (@TedPillows) November 28, 2025

The Coinbase Premium turning green aligns with this pattern. Silver’s strength is signalling a broader hard-asset appetite. 

As the US premium flips positive, Bitcoin demand could be returning where it had vanished.

Overall, this does not mean the assets are correlated today — they’re not. 

But it does mean macro conditions (rates, liquidity, dollar weakness) are starting to support “alternative asset” flows again.

The post Coinbase Bitcoin Premium Turns Positive as Silver Hits Record High appeared first on BeInCrypto.

The weakening US labour market is emerging as a major risk variable for crypto heading into December and early 2026. Rising layoffs, slowing hiring, and deteriorating consumer confidence have intensified expectations of a Federal Reserve rate cut. 

The shift could influence Bitcoin and Ethereum more sharply than equities due to fragile liquidity conditions across digital assets.

Labour-Market Stress Increases Pressure on the Fed

Layoff announcements surged in October to their highest level since 2003. Several large employers cut jobs or froze hiring, reflecting tariff costs, AI restructuring, and post-shutdown uncertainty. 

Consumer confidence also fell in November as job insecurity increased.

Alternative data shows US layoffs are surging:

Job cuts tracked by MacroEdge jumped +70,609 MoM in October, to 154,559, the highest in at least 2 years.

Monthly job cuts have now exceeded 100,000 for the 5th time this year.

At the same time, layoff announcements compiled by… pic.twitter.com/zLRiMebfi5

— The Kobeissi Letter (@KobeissiLetter) November 28, 2025

Despite these pressures, weekly jobless claims remain low. Markets interpret this mixed picture as a sign that the economy is softening but not collapsing. 

As a result, traders now expect a 25-basis-point rate cut at the December meeting. Futures markets price a significant easing for 2026.

A December cut would mark a sharp pivot from the Fed’s earlier “higher for longer” stance. It would also signal that the central bank is responding to labour-market weakness before broader damage spreads.

Crypto Markets Are Highly Sensitive to Liquidity Signals

Bitcoin and Ethereum still operate in thin liquidity after the October 10 liquidation shock. Market makers reduced risk inventories, leaving order books with less depth. 

Tom Lee described the market as “limping” for six weeks due to damaged liquidity capacity.

These conditions increase the impact of macro shifts. When liquidity is thin, changes in interest-rate expectations typically move crypto faster than equities. 

This dynamic was clear during November, when ETF outflows and selling pressure pushed Bitcoin down nearly 30% from its October peak.

On-chain metrics now show signs of stabilisation. The 90-day Taker CVD has moved from persistent selling to neutral, indicating seller exhaustion. 

At the same time, users are borrowing against Bitcoin rather than selling it, which reduces immediate supply pressure but increases latent liquidation risk.

December Rally Is Possible, but Not Guaranteed

A December rate cut would reduce real yields and inject liquidity into risk assets. Bitcoin historically rallies during such conditions, especially after deep drawdowns. 

Several metrics already point to improving momentum. Fear and Greed Index readings lifted from 11 to 22. Average crypto RSI rose toward 60 after touching oversold levels earlier in the month. MACD also turned positive.

🔴Record layoffs in the US

US companies cut 153,000 jobs in October, 175% more than a year ago. That makes October the worst in 20 years and the rate the highest for the fourth quarter since 2008🗓

For the crypto market, this creates a double effect: on the one hand, a… pic.twitter.com/LcAcbjwhFk

— Vlados0707 (@Vladislav77001) November 9, 2025

However, ETF flow data remains uncertain. November saw heavy outflows, though recent days show tentative inflows. 

If ETF demand returns, thin liquidity could amplify upside moves. If outflows resume, the market could revisit recent lows.

Macro signals will therefore dominate crypto into year-end. A dovish Fed stance may trigger a rally similar to 2023. 

A hawkish tone could undermine the current recovery and reinforce the bearish trend seen in November.

Binance Bitcoin & Ethereum Exchange Inflow Value Is Structurally Elevated

“This often aligns with phases of rotation rather than pure accumulation. Large players move size onto the exchange, giving the market more room for distribution.” – By @TeddyVision pic.twitter.com/wnpOWkyhPL

— CryptoQuant.com (@cryptoquant_com) November 28, 2025

January 2026 Carries Added Volatility Risk

Even if crypto rallies in December, January remains uncertain. The combined October–November employment report arrives on December 16. The release may confirm deeper labour stress not yet captured in weekly data.

If layoffs accelerate into January, risk assets may weaken. Markets could interpret labour deterioration as a sign of recession. 

In that scenario, rate cuts may not offset broad risk aversion. Bitcoin often reacts first in such conditions due to its liquidity profile.

Alternatively, if the report shows moderate softness with stable wage growth, markets may price a controlled slowdown. 

This would support a continuation of any December rally into early 2026. In both cases, liquidity conditions will govern the scale of price swings.

With momentum improving and liquidity still thin, the market remains primed for a significant move. The direction will be set by how the Federal Reserve responds to growing labour-market pressure and how investors interpret the broader economic signal in the weeks ahead.

The post US Job Market Crisis Raises Stakes for Crypto Prices in December and January appeared first on BeInCrypto.

Conor McGregor and Khabib Nurmagomedov’s rivalry has returned to the spotlight, this time dominating Crypto Twitter after McGregor accused Khabib’s new Telegram-based NFT collection of scamming fans.

The claim triggered a swift response from Khabib and a sharp intervention from on-chain investigator ZachXBT, who redirected attention toward McGregor’s own controversial token launch.

Crypto Feud Ignites After Khabib’s NFT Launch

Khabib promoted a new digital collectibles drop on Telegram this week, themed around the Dagestani papakha hat he wore during UFC walkouts.

The collection sold out quickly, generating about $4.4 million in a single day.

The former UFC champion framed the NFTs as cultural digital gifts rather than speculative assets. He highlighted their link to Dagestani tradition and presented them as shareable items within Telegram’s ecosystem.

However, McGregor publicly rejected that narrative. He accused Khabib of running a “multi-million-dollar scam,” alleging that promotional posts were deleted after the sale. 

His comments triggered immediate backlash from both MMA and crypto communities.

Can anybody find me a single person who bought the Khabib NFT who is claiming they have been scammed?

Can anyone show me a single shred of evidence of Khabib misrepresenting what he was selling?

The answer to both those questions are no. We get it you guys hate Muslims

— MMA Joey (@MMAJOEYC) November 26, 2025

McGregor Escalates Long-Running Rivalry

McGregor’s post revived the bitter rivalry born from UFC 229, where Khabib defeated him in 2018. The pair have exchanged barbs for years, often referencing family, legacy, and national pride.

This time, McGregor suggested Khabib used his father’s legacy and Dagestani cultural symbols to mislead fans. His message framed the drop as a “cash grab” disguised as heritage. 

The accusation spread quickly, drawing strong reactions across social media.

Khabib responded within hours. He called McGregor an “absolute liar” and accused him of trying to “darken my name” since the UFC 229 loss. 

He reiterated that the NFTs are cultural gifts and denied any wrongdoing.

ZachXBT’s Intervention Shifts the Narrative

The feud escalated further when on-chain investigator ZachXBT entered the conversation. He reposted McGregor’s comments but flipped the accusation back onto him.

There is just no way good guy McGregor used his reputation, as well as Irish culture, to scam his fans and fire sell a bunch of digital tokens’s online and then delete all of the posts after they were sold, leaving his fans robbed of their money?

There is just no way good guy… pic.twitter.com/CuUzvPGiKS

— ZachXBT (@zachxbt) November 26, 2025

ZachXBT pointed to McGregor’s failed REAL token earlier this year. The coin raised far less than its public target, fell sharply in price, and lost community support within weeks.

McGregor then deleted most promotional posts, leaving the project abandoned and investors frustrated.

Crypto Twitter quickly framed this as hypocrisy. Many noted that McGregor’s own token showed more red flags than Khabib’s Telegram collectibles.

After the backlash intensified, McGregor deleted his “scam” posts about Khabib.

Despite the allegations, no reports indicate that buyers lost access to their NFTs. The items still function as digital gifts inside Telegram, with no broken utilities or frozen assets.

Khabib has not marketed the drop as a financial investment. 

The post Conor McGregor and Khabib’s UFC Rivalry Erupts Again After NFT ‘Scam’ Accusation appeared first on BeInCrypto.

The crypto market is showing its first meaningful recovery after a harsh November sell-off, and several metrics now resemble the same conditions seen around Thanksgiving in both 2022 and 2023. 

Bitcoin has reclaimed the $91,000 level, ETH is back above $3,000, and the wider market has returned to a cautious green. This bounce comes as traders enter a long US holiday weekend that has historically set the tone for December.

Market Indicators Turn Positive After Weeks of Fear

Fear and Greed Index data shows sentiment improving from 11 last week to 22 today, although it remains in “Extreme Fear.” 

This shift aligns with a steady rise in average crypto RSI, which climbed from 38.5 seven days ago to 58.3 today. The reading signals growing strength after deep oversold conditions earlier in the month.

Momentum also flipped. The normalized MACD across major assets has turned positive for the first time since early November. 

About 82% of tracked cryptocurrencies now show positive trend momentum. Bitcoin, Ethereum, and Solana appear in the bullish zone of CoinMarketCap’s MACD heatmap.

Price action supports this shift. Bitcoin is up 6% on the week. Ethereum has gained nearly 8%. Solana climbed almost 8% in the same period. 

The market cap has grown to $3.21 trillion, rising 1.1% over the last 24 hours.

A Familiar Post-Thanksgiving Setup Has Emerged

The current recovery mirrors a structure seen twice before. In both 2022 and 2023, the market entered Thanksgiving after a sharp drawdown and then stabilized into December.

In 2022, Bitcoin fell to near $16,000 following the FTX collapse. By Thanksgiving, selling pressure had exhausted, and the market traded sideways into Christmas. 

It was a deep bear consolidation phase rather than a rally.

In 2023, Bitcoin entered Thanksgiving at $37,000 after a steep September-October correction. Strong ETF expectations and improving liquidity conditions pushed BTC to $43,600 by Christmas. It was a classic early-bull December rally.

This year, the pattern again repeats one familiar element: the November crash came early, and by Thanksgiving, selling momentum had eased. 

Bitcoin’s 90-day Taker CVD has shifted from persistent sell dominance to neutral, signalling that aggressive sellers have stepped back. Funding rates and leverage data support the same interpretation.

BREAKING: The S&P 500 closes the day +0.7% higher, adding +$2.5 trillion of market cap since last week’s low.

Happy Thanksgiving to all! pic.twitter.com/tsjKylr5UV

— The Kobeissi Letter (@KobeissiLetter) November 26, 2025

Liquidity Damage Still Shapes the Current Cycle

BitMine chairman Tom Lee described the market as “limping” after the October 10 liquidation shock. 

He said market makers were forced to shrink their balance sheets, weakening market depth across exchanges. That fragility persisted through November.

However, Lee also argued that Bitcoin tends to make its biggest moves in short bursts when liquidity recovers. He expects a strong December rally if the Federal Reserve signals a softer stance.

On-chain data aligns with this view. Nexo collateral figures show users still prefer borrowing against Bitcoin rather than selling it. 

BTC makes up more than 53% of all collateral on the platform. This behavior suppresses immediate sell pressure, helping stabilize spot markets. But it also adds hidden leverage that could amplify future volatility.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

We May Be Entering a Two-Year Holiday Pattern

Three factors now look similar to the post-Thanksgiving conditions of 2022 and 2023:

• Seller exhaustion: Taker CVD shifting to neutral signals the end of forced selling for now.
  
• Momentum recovery: MACD and RSI metrics have reversed sharply after bottoming earlier in November.
  
• Liquidity stabilization: Market makers are still wounded, but volatility has cooled, and ETF outflows have slowed.
  

If this pattern continues, December could produce one of two outcomes based on the last two years:

• A sideways consolidation like 2022 if liquidity remains thin.
  
• A short, sharp rally like 2023 if macro conditions turn supportive.
  

The deciding factor will likely be the Federal Reserve’s tone in early December and the behavior of Bitcoin ETF flows. Thin liquidity means even moderate inflows could move prices quickly.

#Bitcoin Testing 90k 
if it holds its the first step to a Santa Rally pic.twitter.com/QhHQNfDQPk

— RudoViljoen (@TheChartArtist) November 19, 2025

December May Deliver a Large Move in Either Direction

The market has entered a transition phase rather than a clear trend. Sentiment is still extremely fearful, but price and momentum indicators show recovery. 

Bitcoin’s position above $91,000 suggests buyers are willing to defend key levels, yet order-book depth remains weak.

With selling pressure fading and technical momentum rising, the environment now resembles the same post-Thanksgiving setups that marked the last two end-of-year cycles. 

Bitcoin dominance looks weak here.

ETH/BTC is holding above the 0.03-0.032 support zone.

It seems like we could see ETH outperformance in December. pic.twitter.com/IRQS05mETi

— Ted (@TedPillows) November 27, 2025

If the pattern holds, December will not be flat. It will likely bring a decisive move as liquidity conditions shift.

The direction, however, will depend less on crypto narratives and more on macro signals and ETF demand in the coming weeks.

The post Crypto Market Hints at a Two-Year Post-Thanksgiving Pattern Returning appeared first on BeInCrypto.

Bitcoin may be approaching a decisive December as liquidity conditions tighten and on-chain metrics shift. BitMine Chairman Tom Lee says the market has been “limping” since the October 10 liquidation shock, but argues the setup now supports a major move before year-end. 

Recent on-chain trends and exchange-collateral data point to similar pressure building beneath the surface.

Liquidity Damage Still Defines the Market

Lee told CNBC that the October event severely damaged market-maker balance sheets. 

He described these firms as the “central banks” of crypto, responsible for depth, spreads, and inventory. When their balance sheets shrink, liquidity contracts for weeks.

WATCH: Tom Lee says “Bitcoin could hit a new all-time high before year-end” pic.twitter.com/13czeJdJeL

— BeInCrypto (@beincrypto) November 27, 2025

This matches market performance since early October. Bitcoin has dropped almost 30% from its $126,000 peak. 

Meanwhile, November has delivered one of the worst monthly performances for both price and ETF flows in years.

Market makers withdrew risk capital after the liquidation wave erased roughly $19 billion of leveraged positions. 

Order-book depth fell sharply across major exchanges, creating air pockets that amplified downside moves. Under such conditions, Bitcoin and Ethereum tend to react earlier to macro stress than equities.

Despite this damage, Lee expects a strong December rally, citing a potential dovish shift from the Federal Reserve.

“Bitcoin makes its best moves in 10 days every year, I think some of those days are still gonna happen before year end,” said Tom Lee.

On-Chain Metrics Show Sellers Losing Control

Bitcoin’s 90-day Spot Taker CVD has shifted from persistent sell dominance to a neutral stance. The indicator tracks aggressive market orders on spot exchanges. 

Red bars dominated from early September through mid-November, showing sustained taker-sell pressure.

The recent move to neutral marks a break in that pattern. It suggests the aggressive selling phase has exhausted. 

However, it does not show strong buyer dominance. Instead, the market has entered a balanced phase typical of late-cycle bear markets.

Price remains well below October levels, but the absence of persistent taker-sell pressure signals improved stability. 

The shift aligns with the broader leverage reset seen in futures markets, where funding rates have moved near zero.

Borrowing Trends Point to Strong Hands, but Fragile Leverage

CryptoQuant data shows Nexo users prefer borrowing against Bitcoin rather than selling it. BTC accounts for 53% to 57% of all collateral on the platform. That range has held for months despite the drawdown.

'@Nexo users aren’t selling their Bitcoin, they’re borrowing against it.

BTC now accounts for 54.3% of all collateral on the platform, holding a steady 53–57% range for months.

It confirms Bitcoin is the dominant asset users leverage when they need liquidity. pic.twitter.com/bhmL9UdUvO

— CryptoQuant.com (@cryptoquant_com) November 27, 2025

This behavior reduces immediate selling pressure. It also confirms that long-term holders continue to treat Bitcoin as their primary liquidity source. 

Yet it adds another layer of vulnerability. If Bitcoin drops further, collateralized positions face liquidation risk.

Combined with thin order books, any forced selling could produce outsized volatility. This dynamic reflects late-bear fragility rather than early-bull strength.

A Market Caught Between Exhaustion and Low Liquidity

Current market structure reflects a transition rather than a clean reversal. ETF outflows, damaged liquidity, and macro uncertainty keep pressure on prices. 

However, on-chain selling has cooled, and structural holders continue to defend positions.

The result is an environment where small catalysts can produce large moves. 

🚨TOM LEE: YEAR-END RALLY IS COMING

Despite a brutal six weeks, Tom Lee says a STRONG December rally is on deck, backed by by a dovish incoming Fed pivot. pic.twitter.com/G9afNmV0RR

— Coin Bureau (@coinbureau) November 27, 2025

A dovish Fed pivot would likely hit thin order books and accelerate a rebound. Another macro shock could trigger renewed deleveraging.

Lee’s view aligns with this setup. The market has stopped bleeding, but it remains fragile. Bitcoin has a history of delivering double-digit moves in compressed periods, especially after aggressive liquidations.

As December approaches, both liquidity conditions and on-chain data suggest the next large move is near. 

The direction will depend on macro signals and ETF flows rather than sentiment alone.

The post BitMine’s Tom Lee and On-Chain Data Signal a Big December Move for Bitcoin appeared first on BeInCrypto.

The UK’s latest Budget leaves headline crypto tax rules unchanged but tightens the wider environment for traders.

Meanwhile, HMRC signals a major rethink on how it taxes DeFi lending and liquidity provision.

No New “Crypto Tax,” But Pressure Still Rises

Chancellor Rachel Reeves did not introduce any crypto-specific tax in the 2025 Budget. There is no new levy on trading, holding, or spending digital assets.

However, the Budget extends income-tax threshold freezes for three more years. As wages rise, more taxpayers drift into higher bands, including active crypto traders.

Summary of the key highlights from the UK budget 👇

-The UK is fck’d and has no money

-Labour have zero idea how to fix this and instead have focused on killing productivity and raising unemployment

-As the deficit widens, it will just be monetised

-GBP will be the escape…

— LondonCryptoClub (@LDNCryptoClub) November 26, 2025

The capital gains tax (CGT) allowance remains very low compared to historic levels. That means more crypto disposals trigger reportable gains, even for modest retail portfolios.

At the same time, the UK is pushing ahead with global data-sharing under new reporting standards. 

Exchanges and platforms will supply more detailed customer information to HMRC from 2026.

No tax changes for crypto earnings announced in the UK budget. Seems like regulation there is likely to get stricter, but for now 🇬🇧 looks like a slightly more favorable jurisdiction for crypto than some other European countries (eg Spain & France)

— Butian | Bless (@blessbutian) November 26, 2025

HMRC Backs Away From Its Hard Line on DeFi

Alongside the Budget, HMRC published a consultation outcome on DeFi lending and staking. It responds to strong criticism of its 2022 guidance on loans and liquidity pools.

Stakeholders told HMRC that current rules create disproportionate administrative burdens. They warned that treating every DeFi move as a disposal bears little relation to economic reality.

In response, HMRC has dropped its earlier idea of copying repo and stock lending rules. It now prefers a framework based on “no gain, no loss” (NGNL) for many DeFi flows.

HMRC has published its consultation outcome in the UK regarding the taxation of DeFi activities related to lending and staking.

A particularly interesting conclusion is that when users deposit assets into Aave, the deposit itself is not treated as a disposal for capital gains…

— Stani.eth (@StaniKulechov) November 27, 2025

Crucially, the department accepts that automated market makers represent a major share of activity. It signals that any new rules should explicitly cover Uniswap-style multi-token liquidity pools.

Proposed NGNL Rules for DeFi Loans and Liquidity Pools

HMRC now outlines a potential NGNL approach for three areas. These are single-token arrangements, crypto borrowing, and automated market makers.

For single-token lending, entering and exiting a platform could be NGNL for CGT. The real gain or loss would arise only when the user finally sells the token.

For borrowing, posting collateral and taking out tokens would be ignored for CGT. Selling borrowed tokens and later buying them back to repay would crystallise the gain or loss.

For AMMs, HMRC proposes NGNL treatment when users deposit tokens for LP positions. Tax would then focus on differences in the number of tokens received when they exit.

If users receive more of a token than they originally deposited, the extra counts as a gain. But if they receive fewer, the shortfall is treated as a loss against their tax base.

HMRC stresses that this is still a “potential approach,” not enacted law. It will continue consultations before deciding whether to legislate.

How is the UK approaching crypto regulation to become a global leader? 🇬🇧

In one minute, Matt Osborne, Policy Director for the UK & Europe at Ripple, explains the plan: adopt proportionate, growth-friendly rules and allow overseas stablecoins, such as $RLUSD, to be used locally.… pic.twitter.com/lsFC1SgsRA

— Ripple (@Ripple) November 26, 2025

DeFi Rewards: No New “All Income” Rule – For Now

One of the most controversial ideas was to treat all DeFi rewards as income. Respondents warned that this would ignore capital versus revenue distinctions and create dry tax charges.

HMRC now says it is not actively pursuing an “all revenue” deeming rule. Rewards will continue to follow existing principles for now.

What This Means for UK Crypto Traders

For spot traders on centralised exchanges, the Budget brings no direct structural change. CGT still applies on each disposal, and income tax applies where trading amounts to a trade.

However, the combination of frozen thresholds and low CGT allowances increases effective tax pressure.

More active traders will breach reporting thresholds and face higher marginal rates on gains. HMRC expects more users to use portfolio tracking software to support their filings.

The post What The Latest UK Budget Means For Crypto Tax and DeFi Access appeared first on BeInCrypto.

MicroStrategy’s market premium over its Bitcoin holdings has narrowed to near parity, raising questions about the future of Michael Saylor’s levered Bitcoin model. 

The latest disclosures show the company holding 649,870 BTC at a cost of roughly $48.4 billion, yet its equity no longer trades at the high multiples that powered earlier expansion.

A Collapsing Premium and Rising Capital Pressures

The company’s mNAV fell below 1x in November. mNAV, or market-to-net-asset value, measures how much investors are willing to pay above (or below) the value of Strategy’s underlying Bitcoin. 

It matters because Strategy’s entire accumulation strategy depends on issuing equity at a premium—allowing each new share sold to increase Bitcoin per share for existing holders.

This sharp mNAV reversal follows a broader market downturn. Bitcoin fell more than 30% from its October peak, dropping below $90,000. 

Meanwhile, Strategy shares fell faster, reflecting concerns about the company’s reliance on capital markets and rising preferred stock costs.

Strategy’s capital structure has become a central issue. The firm holds only $54 million in cash and owes more than $640 million in annual preferred dividends. 

The company’s software business remains cash-flow negative for 2025, widening the gap between obligations and internal liquidity.

As a result, Strategy has leaned on capital markets. It raised about $20 billion in the first nine months of 2025 across convertibles, preferred stock, and at-the-market equity. 

That funding kept its Bitcoin accumulation going while servicing older instruments with high and rising coupons.

However, the mechanics that once made this model accretive have weakened. When Strategy traded at large premiums to net asset value, issuing shares increased Bitcoin per share for holders. 

That effect disappears when the premium collapses. Issuing stock near NAV risks dilution rather than accretion.

Pressure increased as the cost of capital climbed. The company’s STRC preferred shares raised their dividend from 9% in July to 10.5% in November to maintain par value. 

New preferred offerings carry coupons above 10%, with penalty rates up to 18% if unpaid. These terms increase the annual burden and reinforce investor concerns about sustainability.

Market Liquidity, MSCI Risks, and the Future of the Premium

Market confidence further deteriorated after the October 10 crash. Bitcoin dropped about 17% as leveraged liquidations exceeded $19 billion. Order-book depth collapsed across exchanges, highlighting the fragility of liquidity during stress. 

For a holder of more than 3% of Bitcoin’s supply, this episode amplified fears about potential forced selling.

The index-inclusion threat compounds the problem. MSCI is consulting on excluding companies with more than 50% of assets in digital currencies from its indices. 

THE $48 BILLION MATH ERROR

Strategy Inc. just disclosed something extraordinary. They own 649,870 Bitcoin. That is 3.26 percent of every Bitcoin that will ever exist. Total cost: $48.37 billion.

They also disclosed the numbers that prove this cannot survive the next 90 days.… pic.twitter.com/SIEI6njNyB

— Shanaka Anslem Perera ⚡ (@shanaka86) November 23, 2025

Strategy sits near 77% Bitcoin by asset share. JPMorgan estimates such an exclusion could trigger around $2.8 billion in passive outflows, with up to $8.8 billion possible if other index providers follow.

If indices proceed with exclusion in February 2026, MicroStrategy’s mNAV could compress further. Lower premiums reduce the viability of equity issuance, which Strategy has used to manage its obligations and continue accumulation. 

A persistent discount would complicate refinancing and weaken the company’s ability to defend its capital structure.

very important week coming up for $MSTR (and markets overall). @MicroStrategy is currently trading below NAV (ie its market cap is lower than the value of its $BTC holdings).

no treasury company has ever traded below its NAV for an extended period of time.

the model only…

— Dom Kwok | EasyA (@dom_kwok) November 16, 2025

Strategy maintains that its balance sheet offers long-term strength. It recently claimed “71 years” of dividend coverage based on the current market value of its Bitcoin. 

However, that calculation assumes frictionless sales, no price impact, and no tax obligations. The October crash demonstrated how quickly liquidity can evaporate under stress.

Will MicroStrategy’s Bitcoin Premium Return?

The narrowing mNAV reflects a market reassessment of leverage, liquidity, and risk. Investors appear less willing to pay a premium for exposure they can now access through spot Bitcoin ETFs without corporate debt and preferred stock layers.

The premium may return if Bitcoin rallies sharply or if index providers soften their stance. Yet the structural pressures remain. 

Rising dividend obligations, negative operating cash flow, and a weakening equity premium leave Strategy more exposed than before. 

Until those pressures ease, the market’s message is clear. Investors are no longer paying extra for the Strategy model, and the days of easy accretive issuance appear to be over. 

Whether the premium returns now depends on Bitcoin strength, index decisions, and Strategy’s ability to navigate its most difficult period yet.

The post Is MicroStrategy’s mNAV Premium Gone for Good? appeared first on BeInCrypto.

Monad’s MON token continues to rally after its long-anticipated mainnet launch, defying the steep post-airdrop declines that dominated 2025. The token has climbed more than 70% above its Coinbase sale price while the broader crypto market trades under heavy pressure. 

Data from on-chain activity, exchange flows, and token distribution offer a clear explanation for the outperformance — and reveal how long the rally may realistically last.

Strong Day-One Performance Sets the Tone

Monad launched its public mainnet and MON token on November 24 with roughly 10–11% of its 100 billion supply unlocked. 

The airdrop and public sale provided liquidity, while more than 50.6% of the supply (team, investors, treasury) remained locked through 2029.

The launch attracted immediate attention. MON dipped about 15% in early trading, hitting $0.02 as airdrop sellers exited. 

Buyers quickly absorbed the flow. Within 24 hours, MON traded near $0.03–0.035, and now sits around $0.04, more than 50–70% above its $0.025 public sale price.

This strength stands out in a market where Bitcoin has dropped below $90,000 and total crypto market capitalization has fallen by more than a trillion dollars since October.

Airdrop and Token Sale Created a Stable Holder Base

Monad distributed roughly 4.73 billion MON in airdrops to 289,000 eligible accounts, with 3.33 billion ultimately claimed. The design targeted DeFi power-users, NFT traders, testnet contributors, and DAO participants rather than quest farmers.

The Coinbase token sale, which raised $269 million from about 85,820 participants, added a second cohort of committed holders. These buyers anchored around the $0.025 sale price and proved less eager to dump at launch.

Because insiders remain locked, early sellers were mostly airdrop recipients. This dynamic helped prevent the heavy cascades that crushed many 2025 airdrops.

my monad airdrop is worth $14,000?

what the actual fuck

hello wtf pic.twitter.com/zHkEdQQsIT

— Loshmi (@loshmi) November 25, 2025

Heavy Exchange Coverage Shielded MON From Volatility

MON was listed across major exchanges on day one, including Coinbase, Upbit, Bithumb, Kraken, Bybit, Bitget, Crypto.com, and MEXC. Derivatives opened on multiple venues, giving traders hedging options.

Deep order books absorbed airdrop selling. Market makers tightened spreads, and cross-venue liquidity reduced fragmentation. Traders could short, long, or hedge without flooding spot markets.

This broad coverage sharply contrasts with earlier L1 launches that relied on thin liquidity pools and fragmented markets, often triggering immediate 50–80% crashes.

Huge respect to @monad for not paying the Binance cartel listing fee.

Probably not a coincidence that the price is going up.

No serious project should waste millions of dollars for nothing (study Binance TGEs this cycle).

gMonad

— Aylo (@alpha_pls) November 25, 2025

On-Chain Activity Surprised the Market

Monad’s first 24 hours delivered rare on-chain traction for a new L1. Nansen recorded:

• 3.7 million transactions
  
• 153,000 active addresses
  
• 18,000 contract deployments

These figures exceed what many blockchains achieve in their first year. They show early real usage from bots, arbitrageurs, developers, and liquidity programs.

.@Monad went live less than 24 hours ago

It already cleared:
– 3.7M daily txns
– 153K active addresses
– 18K contract deployments

That’s higher day-one activity than most chains in their first year

🧵 👇 pic.twitter.com/ggUwfOyjx7

— Nansen 🧭 (@nansen_ai) November 25, 2025

TVL reached ~$90 million, with Uniswap, Gearbox, Curve, and native dApps launching within hours. DEX volume crossed $70 million, driven by concentrated liquidity pools and farming incentives.

This early activity reinforced the perception that Monad launched as a functioning ecosystem, not as a speculative token awaiting future development.

Monad’s Rare Relative-Strength Play in a Weak Market

MON’s rally stands out because the rest of the market remains fragile. Bitcoin’s slide under $90,000 triggered retail outflows and pushed sentiment indicators into extreme fear.

Traders rotated into MON due to its relative strength. New tokens with credible metrics often attract momentum capital when major assets struggle.

This reflexive flow — strength attracting more capital — added fuel to the rally.

Arthur Hayes Goes All-In

Arthur Hayes weighed in with a sarcastic comment that captured the market mood. 

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

He highlighted MON’s low float and high FDV (fully diluted valuation). With only around 10% of supply circulating and FDV near $3–4 billion, MON fits the low-float pattern that dominates early-stage price action.

Yet Hayes admitted he bought anyway. His remark reflects how traders treat early L1 tokens: fundamentally risky, but attractive for short-term speculation.

How Long Can the Monad Rally Last?

The current data and patterns point to three time horizons that shape MON’s outlook.

Short Term: Rally Can Sustain

Monad has absorbed its largest early unlocks. Liquidity remains deep, and on-chain usage is rising. Incentive programs are launching, and trading flows remain strong. 

Under these conditions, MON can maintain upward momentum for days or weeks.

Medium Term: Unlock Pressure Builds

Over the next several months, the circulating supply will rise as vesting tranches unlock. Even disciplined insider distribution adds structural sell pressure. 

Activity may normalize after early incentives fade. If TVL flattens or starts slipping, the narrative could shift.

Longer Term: Fundamental Execution Matters

MON’s FDV places high expectations on the chain. Sustained growth in TVL, real applications, and developer traction will determine long-run resilience. 

Without continued expansion, valuation compression becomes likely as supply expands.

In 2017 $ADA went from $3B → $30B in less than a month$MON just launched at $3B

Imagine the smell 💜 @monad pic.twitter.com/9LEg9WXNW9

— zac.eth 🧙🏻‍♂️♦️ (@zacxbt) November 24, 2025

Monad Token Outlook

Monad’s rally stems from a rare combination of strong distribution design, deep exchange liquidity, high early usage, and standout performance during a weak market. 

This alignment makes MON one of the few 2025 airdrop tokens to defy the typical post-launch collapse.

The rally can continue in the short term as long as on-chain demand holds and liquidity remains supportive. However, the token’s high FDV and long vesting schedule introduce clear medium-term risks.

For now, MON remains a high-momentum asset driven by early fundamentals and speculative flows. 

However, the durability of that momentum will depend on whether Monad converts its powerful first 48 hours into sustained ecosystem growth.

The post Monad Is Still Rallying, But How Long Will It Last? appeared first on BeInCrypto.

The cryptocurrency market lost over $1.3 trillion in value by November 2025. Bitcoin dropped from $126,000 to below $85,000 in a few weeks. 

But how does this compare to the FTX-driven meltdown of 2022, which shook the foundation of the digital asset space?

Market Cap Losses and Price Drawdowns

Market analysts now debate whether this year’s sharp reversal is more damaging than the industry-wide collapse triggered by FTX’s bankruptcy three years ago. 

On paper, this month’s sell-off is massive. In practice, it’s more of a sharp correction than a systemic crisis.

Bitcoin's weekly RSI just hit levels lower than the FTX collapse and the covid crash.

Does that mean the bottom is near?

h/t @Sykodelic_ @gammichan pic.twitter.com/wL4vfJkunH

— Lark Davis (@TheCryptoLark) November 24, 2025

Between October and November 2025, crypto’s total market cap dropped about 30%, falling from a record $4.2 trillion to under $3 trillion. Bitcoin shed nearly 32% in value, while Ethereum lost over 40%.

However, these numbers don’t match the scale of 2022. 

After FTX’s implosion, the market plunged 73% from its 2021 highs. Bitcoin bottomed out at $15,500, losing over three-quarters of its value. Ethereum fell more than 80% to below $900.

Liquidations and Trading Behavior

Liquidations in 2025 surpassed previous records. In October, over $19 billion in leveraged crypto positions were wiped out in a single day. That’s nearly ten times more than the worst day during the 2022 crash.

Yet, in 2022, traders also faced systemic shocks. The failure of FTX, Celsius, Voyager, and 3AC triggered a cascade of margin calls and frozen funds. 

Although 2025 saw more liquidations, the impact was largely confined to price volatility and didn’t trigger platform-wide insolvencies.

165,000 Bitcoin taken off Coinbase over the weekend!
Cause TBD. But the last comparable plunge was just after FTX collapsed. Bitcoin was $16K pic.twitter.com/W3DQWDkzht

— Charles Edwards (@caprioleio) November 24, 2025

Institutional and Public Market Impact

The FTX collapse shattered trust across the industry. Core Scientific filed for bankruptcy. Crypto lenders vanished. Public companies like MicroStrategy and Coinbase lost over 80% of their stock value.

By contrast, the latest crypto crash has seen no major bankruptcies among listed firms. ETFs did suffer record outflows—over $3.7 billion since October. But they remained functional. 

Companies like MicroStrategy even added to their holdings, signaling confidence rather than crisis.

Sentiment and Macro Backdrop

Both periods triggered extreme fear. In November 2025, sentiment indices dropped to their lowest levels in a year. However, investors weren’t blindsided.

In 2022, the FTX collapse came as a shock. Billions in customer assets vanished. The resulting fear was deeper and more corrosive. Institutional investors froze activity. Regulators launched global crackdowns.

Meanwhile, this month, investors pulled back—but stayed engaged. ETF outflows were orderly. Hedge funds hedged rather than fled. Regulatory conditions, while uncertain, were not crisis-driven.

The Crypto Spring Is Compressed. Window Is Closing…

Yes, the cycle has been difficult…

Even people who've been through multiple cycles start questioning everything.

But then you zoom out:

– Realized losses now match FTX collapse levels

– QT ending in days after harshest… pic.twitter.com/loLdSCtHQe

— Dan Gambardello (@dangambardello) November 24, 2025

FTX Collapse Remains the King of All Crypto Bear Markets

The 2025 crypto crash is sharp, but contained. It erased over a trillion dollars in value and triggered record liquidations. However, the market structure held.

The 2022 collapse was deeper, longer, and systemically damaging. It wiped out fragile firms, froze customer assets, and nearly broke institutional trust.

While painful, November 2025 is not worse than the FTX-era collapse. It’s a high-stakes correction—not a foundational crisis.

The post Is the November 2025 Crypto Crash Worse Than the FTX-Era Bear Market? appeared first on BeInCrypto.

Monad’s MON token surged more than 35% within 24 hours of launch, defying both a cold airdrop market and a deep November sell-off across digital assets. 

MON traded around $0.035 on Monday, rising from an early range near $0.025 as liquidity spread across major exchanges.

Monad Shines Bright Amid the Bear Market

The move stands out against a market where most airdrops have struggled. Recent industry research shows nearly 90% of airdropped tokens decline within days, driven by thin liquidity, high FDVs, and aggressive selling from recipients. 

MON instead climbed strongly despite more than 10.8 billion tokens entering circulation from airdrop claims and a public token sale.

$MON TGE today.

Simplest Monad airdrop play is still liquid staking. Stake and forget while farming points.

If Monad does well, one of the $MON LSTs will be Lido of ETH and Jupiter for Solana.

Question is which.

I look for:

– Exclusive to Monad
– No TGEd yet
– Already…

— Ignas | DeFi (@DefiIgnas) November 24, 2025

The token launched on November 24 alongside Monad’s mainnet. Around 76,000 wallets claimed 3.33 billion MON from a 4.73 billion-token airdrop, while 7.5 billion more unlocked from Coinbase’s token sale. 

The airdrop alone was valued near $105 million at early trading prices.

MON’s performance also contrasts with the broader market downturn. Bitcoin fell below $90,000 last week after long-term holders sold more than 815,000 BTC over 30 days. 

Total crypto market value has dropped by over $1 trillion since October, and sentiment sits in extreme fear territory.

However, MON’s trading demand remained resilient. Its price recovered from initial selling pressure and climbed steadily through the afternoon session. 

Most large exchanges listed the token at launch, including Coinbase, Kraken, Bybit, KuCoin, Bitget, Gate.io, and Upbit, supporting deeper liquidity.

Analysts attribute the move to pent-up interest in Monad’s high-performance L1 design and a launch structure that avoided the steep inflation seen in other airdrops this year.

People really gravedancing on Monad right before a 4 hour 50% up candle at the most obvious support on planet earth

Man I love this game

— DonAlt (@CryptoDonAlt) November 24, 2025

The project delivered one of 2025’s largest distributions but kept real circulating supply focused on early users and public sale participants rather than speculative farmers.

MON’s rally comes as a rare outlier in November’s bear cycle. Its early strength now positions the token as one of the few airdrops this year to post immediate gains instead of sharp declines.

The post Monad Token Defies Market Rout With Sharp Post-Launch Rally appeared first on BeInCrypto.

Coinbase said on November 24 that it will open spot trading for Fluid (FLUID) and World Mobile Token (WMTX) on November 25, 2025.

The announcement arrives during one of the harshest drawdowns of 2025, and both tokens saw modest but noticeable intraday recoveries after weeks of pressure.

Coinbase Listing Gives Some Optimism To These Altcoins

The broader market remains deep in negative sentiment. Bitcoin is still hovering in the mid-$80,000s, and major altcoins have continued to bleed throughout November. 

Against that backdrop, even small upside reactions stand out. 

Both FLUID and WMTX posted mild rebounds on November 24 following Coinbase’s announcement. The price movements are far from breakout rallies, but enough to break multi-day downtrends visible on their 24-hour charts.

Spot trading for Fluid (FLUID) and World Mobile Token (WMTX) will go live on 25 November 2025. The opening of our FLUID-USD and WMTX-USD trading pairs will begin on or after 9AM PT, if liquidity conditions are met, in regions where trading is supported. pic.twitter.com/niDFzmMxay

— Coinbase Markets 🛡️ (@CoinbaseMarkets) November 24, 2025

Fluid (FLUID), formerly Instadapp (INST), underpins a DeFi protocol that merges lending, borrowing, and trading into a unified liquidity system. 

The token has been under sustained selling pressure since early November, despite the protocol holding more than $1.4 billion in TVL. 

Fluid highlights: pic.twitter.com/6LFTDlZgp8

— Fluid 🌊 (@0xfluid) October 7, 2025

Meanwhile, World Mobile Token (WMTX) powers the World Mobile Chain, a decentralised telecom infrastructure project built around physical wireless nodes. The project sits in the DePIN sector, which blends blockchain with real-world infrastructure.

WMTX has traded heavily throughout November as risk-off sentiment hit mid-cap altcoins. Its circulating supply is far larger than FLUID’s—around 794 million—making price moves more muted during low-liquidity periods. 

The Coinbase listing announcement helped push WMTX off its $0.096 base and toward $0.102. Even though the uptick is small, it breaks a flat multi-day pattern and introduces early signs of renewed buyer interest.

A Small But Notable Signal In a Bearish Month

Coinbase listings no longer trigger explosive price spikes in most cases, especially during a macro and sentiment-driven downturn. But November has been defined by heavy outflows, declining liquidity, and accelerated long-term holder selling across the market. 

In that context, the reaction from FLUID and WMTX—two tokens tied to infrastructure-driven DeFi and DePIN narratives—offers a rare positive signal.

Both projects remain actively engaged, and traders appear to be monitoring how the listings may impact liquidity once US markets gain direct spot access.

The post Coinbase Lists Two DeFi Tokens In November’s Bear Market appeared first on BeInCrypto.

Bitcoin has dropped below $100,000 for the second time in a week, losing 12% in a month. The overall crypto market has lost over $700 billion in the past month, as the Fear and Greed Index has fallen to ‘extreme fear’. 

So, do all of these market indicators signal a bear market? Let’s analyze the technical and historical data. 

Sentiment Signals Are at Bear-Market Levels

The Fear & Greed Index at 10 reflects extreme fear comparable to early 2022 and June 2022, both confirmed bear-market phases.

• Yesterday: 16
  
• Last week: 20
  
• Last month: 28
  

The trend shows accelerating fear, not stabilizing sentiment. Bear runs usually begin with this kind of persistent fear compression.

However, sentiment alone does not confirm a bear market — it only signals capitulation or exhaustion.

Bitcoin Has Broken Its Most Important Bull-Market Support

The 365-day moving average is the long-term structural pivot.

Current situation:

• The 365-day MA is near $102,000.
  
• Bitcoin is trading below it.
  
• The breakdown mirrors December 2021, when price lost the same MA and the bear market started.
  

Historically:

Cycle	MA Lost?	Outcome
2018	Yes	Full bear market
2021	Yes	Full bear market
2025	Yes (now)	Bear-phase risk rising

Failing to reclaim this level quickly often confirms a cycle regime shift. This is one of the strongest technical arguments for a bear-market transition.

Bitcoin "Death Cross" Just Flashed!

The Death Cross (An ironically BULLISH indicator) has just triggered, EXACTLY timed with BTC tagging the lower boundary of the megaphone pattern it's in.

Several weeks ago we predicted this would happen around mid-November. Well, here we are.… https://t.co/quqAs4qhXn pic.twitter.com/xBDjoMFnrL

— 𝙲𝚘𝚕𝚒𝚗 𝚃𝚊𝚕𝚔𝚜 𝙲𝚛𝚢𝚙𝚝𝚘 🪙 (@ColinTCrypto) November 15, 2025

On-Chain Cost Basis Shows Early Capitulation, Not Distribution Top

The 6–12 month UTXO (Unspent Transaction Output) realized price now sits around $94,600. Bitcoin price currently stands slightly above this level.

This matters because:

• These holders bought during the ETF rally.
  
• They represent “bull-cycle conviction buyers.”
  
• When their position enters loss, market structure weakens.
  

In 2021, Bitcoin price falling below this cohort’s cost basis was one of the final signals before the extended downtrend. This is the first time that cost-basis stress has reappeared since 2022.

This supports the idea of a mid-cycle break, not yet a full macro bear trend.

BULL MARKETS DON’T END LIKE THIS!

I’ve been around for multiple bull/bear markets,
2001 dotcom, 2008 housing, 2017 crypto , 2021 crypto etc etc.

When bull markets end , either something breaks or belief in the asset/ market crumbles.

In 2001, people really doubted the…

— Ran Neuner (@cryptomanran) November 15, 2025

RSI Shows Oversold Conditions, Typical of Mid-Cycle Crashes

Market-wide RSI readings:

• Average crypto RSI: 43.09
  
• BTC RSI is among the lowest in large caps
  
• Only 2.5% of assets are overbought
  
• Most are in oversold territory
  

This resembles May–July 2021, August 2023, and August 2024. Each was a mid-cycle correction, not an end-of-cycle bear. When RSI stays deeply oversold for weeks, bearish momentum confirms.

Right now, RSI shows stress but not yet trend reversal.

MACD Shows Strong Divergence Across the Market

The average normalized MACD is currently 0.02. This indicates weak bullish momentum returning. Also, 58% of the market assets have positive momentum. 

Bitcoin, however, sits deep in the negative zone while altcoins are mixed.

When BTC has negative MACD but the market still has 50%+ positive momentum, the market is in a transition phase rather than a full bear trend.

In full bear markets, 90%+ of assets show negative MACD simultaneously. Right now, that is not the case.

So, Is This a Bear Market?

The crypto market is not in a confirmed bear market — it is in a mid-cycle breakdown with a rising probability of becoming a bear market if two conditions are met.

These are the three conditions that would confirm a bear run:

1. Bitcoin remains below the 365-day MA for 4–6 weeks. This triggered every bear market in 2014, 2018, and 2022.
2. Long-term holders continue heavy distribution. If LTH (long-term holder) selling exceeds 1M BTC over 60 days, the cycle top is in.
3. MACD flips fully negative across the entire market. We are not there yet.

TBH this is the easiest bear market I've ever seen.

Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs–pretty much everything felt like a house of cards.

And then after all that stuff collapsed, the… https://t.co/DUwOZCBG3K

— Haseeb ＞|＜ (@hosseeb) November 14, 2025

Overall, crypto is not yet in a bear market, but the current breakdown puts the market in a high-risk zone where a bear market could form if Bitcoin fails to reclaim long-term support soon.

The post Is Crypto in a Bear Market Now? A Full Market Structure Assessment  appeared first on BeInCrypto.

Aster moved to calm its community after a miscommunication on CoinMarketCap (CMC) led users to believe the project had quietly changed its token unlock schedule. 

The team said the tokenomics remain unchanged and blamed an update on CMC for creating the confusion.

ASTER Token Unlock Confusion

The clarification came hours after Aster community members noticed major upcoming unlocks listed on CMC — including one for December 2025 and two massive releases scheduled for 2035. 

This contradicts earlier statements from the exchange about delaying 2025 unlocks to mid-2026.

A recent update to the tokenomics of ASTER on CoinMarketCap (CMC) has caused confusion within the community. This confusion stemmed from a miscommunication, and we sincerely apologize for the inconvenience caused. We want to clarify that the ASTER tokenomics remain unchanged.…

— Aster (@Aster_DEX) November 15, 2025

The uncertainty started when updated CMC data showed 200 million ASTER scheduled to unlock on December 15, 2025, followed by 3.86 billion ASTER and 1.6 billion ASTER unlocks in 2035. 

Those figures implied that 75% of the token supply was still locked, with 24% currently circulating.

Aster said the CMC update was meant to correct circulating supply information and clarify how unused ecosystem tokens were being treated. 

The team said the tokens that unlock monthly under the ecosystem allocation have never entered circulation and have remained untouched in a locked address since TGE.

To avoid further confusion, Aster will now transfer these unlocked-but-unused tokens to a public, dedicated unlock address to separate them from operational wallets. 

The team said it has no plans to spend from this address.

Why This Matters for ASTER Holders

The episode highlights a recurring issue in crypto markets. Inconsistent or unclear circulating supply data can influence price action, investor expectations, and perceived dilution risk.

Aster’s circulating supply sits around 2.017 billion ASTER, with 6.06 billion still locked. Market cap is roughly $2.28 billion, while the fully diluted value exceeds $9 billion.

A sudden interpretation that large unlocks were imminent may have fueled speculation about dilution, especially as the project recently saw heavy trading volume and rising volatility.

Despite the confusion, ASTER traded higher on the day, moving around $1.14, up about 8% in 24 hours. The price has fluctuated between $1.02–$1.15, stabilizing after an early-morning sell-off.

The post Aster Clarifies Tokenomics After Confusion Over Token Unlock Delays appeared first on BeInCrypto.