The US Bitcoin exchange-traded funds (ETFs) keep flowing out as the crypto Fear and Greed Index dropped to 11, reflecting extreme fear.
Retail investors have stayed out of the market during this downturn, while data shows that whales are the primary buyers amid the selloff.
ETF Outflows and Retail Absence Signal Market Shift
US Bitcoin spot ETFs have experienced persistent capital flight, with holdings declining from 441,000 BTC on October 10 to about 271,000 BTC by mid-November. This marks a sharp reversal from institutional support earlier this year.
According to Farside Investors data, Bitcoin ETFs have now logged four consecutive days of outflows, extending the defensive tone that has dominated the month. Earlier in the period, redemptions peaked at well over $800 million in a single day, highlighting how sharply sentiment had soured. The latest figure shows a much smaller outflow of around $60 million, but still signals that buyers remain cautious and momentum has yet to turn.
Spot average order size metrics show that retail traders are not returning, even as Bitcoin has dropped almost 27% from its October 6 all-time high of $126,272.76. Exchange data from Binance, Coinbase, Kraken, and OKX indicates larger order sizes, highlighting whale activity rather than small-scale retail buyers.
The Fear and Greed Index plummeted to 11, underscoring extreme market fear. Historically, such levels correlate with market bottoms, but retail investors remain cautious and reluctant to engage. In the morning hours in Asia, Bitcoin traded at somewhere between $91,000 and $92,000, down more than 3% in 24 hours and 13-14% for the week. Ethereum briefly slipped below $3,000, and Solana was at around $130, declining over 5% in 24 hours and 21% over the week.
Whale Accumulation amid Market Weakness
As retail investors sit on the sidelines, large players continue to accumulate aggressively. A whale purchased 10,275 ETH at $3,032 for $31.16 million USDT within 24 hours before November 17, based on on-chain monitoring by OnchainLens. Between November 12 and November 17, this address acquired a total of 13,612 ETH for $41.89 million USDT, at an average price of $3,077.
Nansen transaction log showing whale’s $31.16M ETH purchase over 24 hours. Source: OnchainLens
Permanent Bitcoin holders—wallets that have never recorded outflows—are supporting what CryptoQuant describes as the largest accumulation surge in recent selloffs. Permanent holder demand rose from 159,000 BTC to 345,000 BTC, marking the biggest absorption in several cycles. This substantial accumulation occurred even as the price fell, highlighting a stark divergence between long-term and short-term market behaviors.
This divergence between whale accumulation and retail caution highlights a shift in market dynamics. However, CryptoQuant CEO Ki Young Ju notes that the current dip involves long-term holders rotating coins among themselves rather than new money entering the market. This suggests the drawdown does not mark the start of a new bear market, though current conditions may not present the classic buy-the-dip moment sought by retail.
30-day permanent holder demand showing record accumulation during price selloff. Source: CryptoQuant
Structural Changes and Institutional Dynamics
This selloff differs from past crypto winters. Major financial institutions, including JPMorgan, now accept Bitcoin as collateral for loans despite its price weakness. This evolving infrastructure offers more support compared to previous bearish cycles. Deeper liquidity is available, helping to steady the market.
Technical signals remain bearish for now. Bitcoin has dropped more than 20% from its record high; recently, its 50-day moving average fell below its 200-day moving average—a “death cross.”
Macroeconomic factors add more pressure. The Federal Reserve delayed interest rate cuts, and global central banks maintain tightening. Falling Treasury liquidity creates headwinds for risk assets. Still, analysts see longer-term macro trends—such as high sovereign debt and ongoing geopolitical tensions—as supportive for Bitcoin in the future.
Mining firms are adjusting accordingly. Frank Holmes, executive chairman of HIVE Digital Technologies, emphasized that his company will continue mining and holding Bitcoin, unlike competitors who are pivoting to high-performance computing. He contends that building Tier 3 data centers for GPU work is both costly and complex, so his mine-and-hold strategy will continue despite volatility.
This year, the crypto market has seen a revival of older tokens as utility-based narratives gained renewed traction. Despite this momentum, DePIN has struggled to keep pace, slipping out of the spotlight.
BeInCrypto spoke with several experts to understand why one of crypto’s most fundamentally useful sectors still can’t capture sustained market attention, and what might come next for it.
Understanding DePIN
DePIN, short for Decentralized Physical Infrastructure Networks, refers to blockchain-based systems that coordinate, fund, and operate real-world infrastructure through decentralized incentives.
Instead of relying on traditional companies to build networks like wireless coverage, storage, sensors, or energy grids, DePIN distributes the work across individuals and small operators who contribute hardware and earn tokens in return.
This model reduces upfront costs, expands global access, and unlocks previously difficult-to-scale infrastructure. By aligning incentives with actual demand, DePIN aims to build more resilient and efficient systems.
Why is DePIN Still Struggling in 2025?
Nonetheless, the space has continued to face challenges. According to Artemis data, it ranks among the top 10 worst-performing sectors this year. The DePIN market has declined by over 74% in 2025.
But why is this happening? Sami Kassab, Managing Partner at Unsupervised Capital, told BeInCrypto that the weakness across the altcoin market has naturally affected DePIN as well.
According to him, macro conditions explain part of the sector’s slowdown, but not all of it. The deeper issue, he said, is that there has not been a “breakout DePIN yet.”
“The other side of the coin is that DePINs are building real infrastructure and real businesses. That takes a long time, which the crypto market isn’t wired for. Investors are used to fast-moving narratives and overnight successes,” Kassab added.
Leo Fan, Co-Founder of Cysic, revealed that DePIN’s main obstacle is the mismatch between infrastructure build cycles and the crypto market’s short attention span. While non-fungible tokens (NFTs), meme coins, and major altcoins thrive on culture, identity, and hype, DePIN functions as an infrastructure layer that most users struggle to connect with emotionally.
Its value grows quietly through hardware deployments and real compute capacity — progress that isn’t immediately visible or profitable. Fan noted that,
“Most investors still view token value as the only metric for success, which does not apply to infrastructure systems. DePIN networks create tangible value through services like compute power and data delivery. Their performance is measured by usage, speed and reliability, rather than short-term volatility. Because this model does not mirror traditional crypto dynamics, it remains outside the comfort zone of most market participants.”
Maria Carola, CEO of StealthEx, shared a similar outlook. She stated that most investors remain drawn to assets they can quickly trade rather than sectors that require deeper understanding.
“Within crypto cycles, speculation will always dominate, and DePIN’s complex approach doesn’t help its position either. Most of the investors never fully grasp how token incentives drive data collection, storage, or connectivity, and how that translates into revenue. If we’re talking about traditional markets, the infrastructure side is always the least glamorous, yet it’s still the most essential. DePIN is the crypto’s version of that,” she mentioned to BeInCrypto.
However, Vinayak Kurup, Investment and Research Partner at Escape Velocity Crypto (EV3), pointed out that DePIN’s slowdown isn’t just about market perception — it’s the difficulty of building real-world networks that require hardware, manufacturing, and physical deployment.
“They are often compared directly to existing large-scale network providers; the challenge for DePIN operators is to provide a comparably reliable and simple user-experience for a fraction of the capital while operating within sectors where user stickiness is high. Combined, these factors dampen the DePIN mindshare,” Kurup highlighted.
Usage Surges, Prices Sink: Experts Explain DePIN’s Widening Fundamentals Gap
Despite the sector’s underperformance, usage metrics are painting a different picture. Fees surged to a record high in October even as the broader market continued to decline.
October set a record for DePIN fees at $2.5 million.
This suggests a growing disconnect between falling token prices and rising real-world usage. According to Kassab,
“Fees are trending upward, but they’re still small compared to the value of emissions spent since inception or the revenue of the incumbents these networks aim to disrupt.”
Carola said this disconnect is typical of emerging infrastructure sectors, where fundamentals can strengthen long before prices. She explained that sentiment often swings independently of utility: investors may rotate out of risk during uncertain markets, even while real activity continues to grow.
“Rising fees and network activity during a down market instead show that real users continue to find value in these services, whether for storage or computing. In the long term, these are the metrics that will matter more than short-term token performance, once revenues eventually pour in with usage, just like in the early days of the internet,” she remarked.
Fan also emphasized that speculation and actual usage have clearly decoupled. He said the price action largely reflects investor mood — what he called “Wall Street sentiment” — while fee growth captures genuine demand for the networks. When fees increase in a bearish environment, it signals that DePIN’s core services are gaining traction regardless of market cycles.
“Such divergence is common in early infrastructure cycles. The networks are being used more, but the market has not yet priced that in because investors still treat DePIN tokens as speculative assets,” the executive disclosed to BeInCrypto.
Could DePIN Be the Next Sector to Break Out After Privacy Coins?
It’s clear that DePIN is seeing real market demand, which raises an important question: could the sector finally experience a breakout similar to the one privacy coins saw this year?
Carola believes the answer leans toward yes. She noted that crypto cycles tend to shift from narrative-driven speculation to phases where utility and real adoption take center stage.
According to her, if privacy coins reflected a push toward digital sovereignty this year, DePIN may be positioned for a similar rise — one grounded in measurable output. She commented,
“DePIN could have tangible productivity by next year. Whether for physical infrastructure or decentralized data, network builders are laying the groundwork, expecting and preparing for when the market starts valuing cash flow and adoption over memes. When that shift happens, DePIN will be the sector that can show a measurable, real-world traction.”
Fan echoed this outlook. He suggested that once the market rotates back toward sectors with clear utility, DePIN stands out as a natural beneficiary. He pointed to concrete on-chain indicators that are already trending upward.
“Network fees are rising, node participation is expanding, and operational performance continues to strengthen. Should these data points become standard reference metrics, DePIN might be recognised as the quiet builder of trading infrastructure,” he forecasted.
Kurup offered a broader perspective. While acknowledging the uncertainty of broader market conditions, he said investor preferences are gradually shifting toward projects with recurring cash flows and strong fundamentals — an environment that plays directly to DePIN’s strengths.
“But it’s also likely a tailwind from other shifts in the market. 2026 will be the year of DePIN’s resurgence,” he declared.
Why Enterprises Could Unlock DePIN’s Next Phase
Experts also pointed to several catalysts that could spark a major shift for the sector, with both Carola and Fan agreeing that enterprise adoption may be the key driver.
“Enterprise adoption is the strongest driver. Regulation and investor sentiment will follow proof of adoption. Once enterprises begin integrating decentralised infrastructure into existing systems, confidence in the model will rise. DePIN’s credibility depends on measurable performance, and enterprise engagement provides exactly that,” the Cysic co-founder explained.
Kurup stressed that multiple factors will likely converge to drive a turnaround. Investor psychology remains critical, he said, but growing visibility and mainstream presence could accelerate that shift.
“Now, I see Helium advertising their free phone plan in the New York subways– compared to their Web2 counterparts, it’s only recently that DePINs have been well capitalized enough to enter the mainstream,” Kurup shared.
What Role Will DePIN Play in Crypto’s Future?
As optimism for the sector’s trajectory remains strong, it’s still worth wondering where DePIN truly fits in the broader crypto ecosystem. Will DePIN remain a niche bet, or is it poised to become crypto’s bridge to the real economy once markets catch up?
The StealthEx CEO argued that DePIN already functions as that bridge — the market just hasn’t fully recognized it yet. As blockchain shifts from abstract financial experimentation to practical, real-world use cases, she believes DePIN will anchor many of those transitions.
“Whether it’s powering smart cities, distributed AI compute, or IoT networks, these systems make crypto tangible. So while it might feel like a limited niche today, it’s already foundational. When people finally start interacting with decentralized infrastructures without realizing it’s crypto, it is when DePIN will have truly won,” Carola conveyed to BeInCrypto.
Fan pointed to developments in 2025, especially the rise of real-world asset (RWA) tokenization and increasing institutional adoption, as signs that the real economy already sees value in decentralized systems. In his view, DePIN is well-positioned to become the infrastructure layer connecting DeFi to enterprise use cases.
“I do believe that DePIN will be one of crypto’s bridges into TradFi as the sector matures, serving as the infrastructure layer that anchors DeFi in a real-world capacity. As institutions look for verifiable, cost-efficient infrastructure to support secure settlement, DePIN will move from a niche experiment to the fundamental layer of digital finance.”
Whether the market realizes it now or years from now, the experts agree on one point: DePIN’s long-term value lies not in speculation, but in becoming the invisible infrastructure powering crypto’s real-world impact.
With the crypto market facing a decline, very few coins have managed to leave a mark on the investors this week. Meme coins were surprisingly among some of the better-performing crypto tokens.
BeInCrypto has analysed three such meme coins that the investors should watch, considering their recent performance.
Banana For Scale (BANANAS31)
BANANAS31 has become one of the week’s strongest-performing meme coins, gaining more than 75% in seven days. The token now trades at $0.004773, reflecting rising demand and renewed attention from traders.
The uptrend may continue as the Chaikin Money Flow shows a clear uptick. This signals increasing capital inflows and growing investor confidence. Sustained buying pressure could push BANANAS31 above $0.005093 and toward $0.006000, strengthening its short-term bullish structure.
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If investor support fades, BANANAS31 may lose its $0.004566 support level. A breakdown could trigger a deeper decline toward $0.003818 or even $0.003111. Such a move would invalidate the bullish thesis and highlight the volatility typical of meme coins.
哈基米 (Hajimi) (哈基米)
哈基米 has surged 44% in the past seven days and now trades at $0.00002675, holding firmly above the $0.00002627 support. Growing investor interest has fueled this momentum, placing the meme coin among the stronger performers in the current market environment.
The Parabolic SAR sits below the candlesticks, signaling an active uptrend. This indicator suggests 哈基米 could continue climbing toward $0.00003950. Sustained bullish pressure may even lift the price to $0.00005173, strengthening the case for further upside.
If investors begin booking profits, 哈基米 could lose its key support at $0.00002627. A breakdown may send the price toward $0.00001767. This would invalidate the bullish outlook and signal a shift toward heightened volatility.
401jK (401JK)
401JK trades at $0.0221 and has remained stuck below the $0.0235 resistance for a full week. The meme coin shows steady interest, but buyers need stronger momentum to force a breakout and establish a clearer short-term direction.
The token’s correlation with Bitcoin sits at -0.80, which benefits 401JK as BTC trends downward. Moving against Bitcoin’s decline could help the altcoin break $0.0235, climb toward $0.0300, and potentially reach $0.0355 if bullish demand strengthens.
If selling pressure emerges, 401JK may lose the $0.0184 support level. A breakdown could send the price toward $0.0092. This would invalidate the bullish thesis and erase the recent gains accumulated during the past week.
DappRadar, the leading blockchain analytics platform tracking decentralized applications since 2018, will permanently shut down due to ongoing financial challenges that made continued operations unsustainable.
Founded during the CryptoKitties boom, DappRadar became essential for millions of users and thousands of developers seeking blockchain insights. The company will address matters regarding its DAO and RADAR token separately, as stated in its closure notice.
Seven-Year Journey Ends Amid Financial Pressures
The closure of DappRadar marks the end of an influential era for blockchain data analytics. Starting in 2018, DappRadar capitalized on the momentum of CryptoKitties, showcasing the versatility of blockchain applications. At its peak, it delivered analytics for hundreds of blockchains, covering key data points such as transaction volumes, trades, and user activity.
The platform became a go-to resource for developers, investors, and analysts. DappRadar aggregated real-time data across more than 50 blockchains, spanning decentralized finance, gaming, and NFTs. Its analytics empowered users to track trends and assess the performance of blockchain networks.
DappRadar’s official shutdown announcement after seven years of operations. Source: DappRadar
Despite these successes, financial realities outpaced DappRadar’s expansion. In their official announcement, the co-founders, Skirmantas and Dragos, highlighted financial unsustainability as the key factor behind the shutdown. Their decision spotlights broader challenges for blockchain analytics platforms in 2025, amid increased market volatility and shifting user interests.
The European Central Bank reported a drop in crypto market capitalization to $2.8 trillion by March 2025, emphasizing the volatility affecting crypto businesses. Blockchain analytics services also face mounting technical hurdles, including data accessibility, scalability, and tracking the rapidly increasing number of blockchain networks.
Wind-Down Process and Token Considerations
DappRadar’s shutdown affects multiple stakeholders: users, developers dependent on its data feeds, and RADAR token holders. RADAR price plunged 38% after the company’s announcement, which clarified that DAO and token matters will be communicated separately. While specifics remain unclear, this careful approach suggests a commitment to responsible management.
The founders reiterated their dedication to transparency throughout the wind-down process. By inviting community feedback, they recognized DappRadar’s influence among millions of users seeking dependable blockchain analytics. The shutdown may prompt developers and analysts to seek alternative solutions, potentially disrupting data workflows.
DappRadar’s exit leaves a gap among analytics providers. While competitors like Chainalysis and blockchain-specific explorers remain, DappRadar was unique in offering a cross-chain view of decentralized applications and markets.
Industry Context and Future Outlook
The closure comes at a time of rapid transformation in the cryptocurrency sector. Despite the broader digital asset market exceeding $4 trillion in 2025, individual firms confronted persistent profitability concerns. Analytics companies in particular struggle with rising infrastructure costs and with generating sustainable revenue.
Research from Global Market Insights estimates the crypto trading platform market at $27 billion in 2024, with an annual growth rate of 12.6% through 2034. Notably, most of this growth centers around trading, not analytics, underscoring the revenue challenges analytics providers face. Monetization models favor trading and financial services, making sustainability difficult for analytics-driven firms.
Blockchain analytics platforms also navigate technical complexities. Issues with data quality arise from chain forks and stale blocks, while interoperability between blockchains complicates unified analytics. As a result, operational costs remain high, with few revenue offsets, especially as more free tools become available.
DappRadar’s closure raises questions about the long-term viability of multi-chain analytics platforms. Will new competitors fill this gap, or will the market fragment into smaller, niche services? Although uncertain, DappRadar’s seven-year run demonstrates both the promise and difficulty of building foundational blockchain infrastructure in a rapidly evolving market.
Bitcoin plunged to a six-month low of $91,545 on Tuesday morning in Asia, breaching key support. Ethereum also slipped below $3,000, highlighting widespread market weakness.
The crypto downturn aligned with traditional markets, which endured their worst session in a month.
Market Plunge Erases Weeks of Gains
Bitcoin lost 3.21% on November 17, bringing its value down by 27% from its October all-time high. Ethereum posted a deeper 4.22% fall to $2,978. Major altcoins also saw sharp weekly declines. Solana tumbled 22.51%, XRP slid 16.73%, and Cardano fell 22.12% over the seven-day period.
Losses extended beyond crypto. The S&P 500 dropped 61.70 points to 6,672.41, and the Nasdaq fell 192.51 points to 22,708.07. Both closed below their 50-day moving averages, ending streaks not seen since 2007 and 1995.
Bitcoin lost 3.21% on November 17. Source: BeInCrypto
The Dow Jones Industrial Average fell by more than 550 points as investors anticipated Nvidia’s earnings. Technical analysts saw the breaks as short-term bearish, focusing on the 200-day average as support. Money moved into healthcare and energy while retail investors reduced risk.
Bitcoin CME Gap Closes After Seven-Month Overhang
A major technical event unfolded as Bitcoin filled the last large CME futures gap near $92,000. The gap, open since April 2025, resulted from the CME’s weekend closure while spot exchanges continued trading. These price gaps typically get filled, removing technical overhang, though this does not guarantee a price reversal.
Cryptocurrency trader DaanCryptoTrades confirmed the closure on social media, noting that the risk had been eliminated. Despite removing a downside target, weak demand could still lead to further declines. The technical picture remains fragile.
Bitcoin CME Gap closure confirmed. Source: DaanCrypto
Traders are now at a crossroads. With the gap closed, there is less immediate risk below, but price action is still weak. Volatility and liquidity responses in upcoming sessions will determine whether Bitcoin loses momentum to slide lower or forms a base.
Macro Headwinds and Fed Rate Cut Uncertainty
Broader economic signals added to market stress. The Empire State Manufacturing Index surged to 18.7, up 8 points from the previous month. This strong result reduced the odds of a Federal Reserve rate cut in December. Market probabilities shifted: Polymarket put the chance of no cut at 55%, while CME Group data pointed to a 60% chance of an unchanged policy.
Polymarket put the chance of no cut at 55%. Source: Polymarket
Research firm 10X Research said new buyer activity stalled around October 10. The Fed’s more hawkish signals added pressure. Their analysis warned that conditions remain vulnerable to further liquidations.
The industry’s sentiment index neared recent lows, reflecting shaken market psychology. Option data highlighted a switch: put volume exceeded call volume in the last day, even as calls typically dominate. This shift signals traders bracing for more downside or betting on a drop.
Option data highlighted a switch: put volume exceeded call volume in the last day. Source: Coinglass
On-Chain Signals Point to Capitulation Phase
On-chain analytics from Glassnode and Bitfinex showed that realized losses were stabilizing, suggesting that short-term holders are capitulating. History indicates that market bottoms often follow waves of selling by those who bought at recent highs. A lasting recovery, however, requires long-term accumulation.
Analyst Benjamin Cowen suggestedBitcoin could test the 200-week exponential moving average between $60,000 and $70,000. However, he also noted that a relief rally is possible first. Analyst forecasts vary, reflecting ongoing uncertainty and the potential for a short-term bounce amid notable technical damage.
While I think Bitcoin will go to the 200W SMA ($60k-$70k) in 2026, there is a high probability it will have a bounce back to the 200D SMA before going that low.
All prior cycle bear markets were confirmed by a macro lower high at the 200D SMA. pic.twitter.com/1S477LVLhf
Bearish projections surfaced on social media. Roman Trading cited $76,000 as the next support level, citing broken patterns and weakening momentum. While these are individual opinions, they show traders are wary of more downside.
The coming days will reveal if Bitcoin can hold above $90,000 or if sellers increase pressure. Economic data, central bank remarks, and institutional flows will likely steer the direction. For now, risk remains elevated as both bulls and bears wait for clearer signals.
The effect of Bitcoin sliding on the daily chart, hitting $95,000 over the last 24 hours, is visible on the altcoins as well. While some tokens have declined sharply, others have managed to counter the bearish effect to some extent.
BeInCrypto has analysed three altcoins that could hit a new all-time high if the market conditions improve in the coming week.
Undead Games (UDS)
UDS is trading at $2.13 and remains below the $2.17 resistance level. The token sits 36% away from its all-time high of $2.90, signaling room for a potential rally if buyers regain control and push momentum back into bullish territory.
For UDS to move higher, it must flip $2.29 into support. A successful breakout could drive the price toward $2.48 and beyond. Clearing the $2.59 resistance would strengthen bullish sentiment and set the stage for a broader upside move.
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If conditions weaken, UDS may fail to hold current levels. A decline to $2.00 or even $1.90 would invalidate the bullish setup and indicate fading investor confidence. This would expose the meme coin to deeper losses.
Memecore (M)
M trades at $2.15 and continues to hold above the $2.12 support level. The token remains 39% below its all-time high of $2.99. This highlights the need for stronger investor participation to drive momentum and support a sustained recovery.
The Ichimoku Cloud signals a bullish trajectory for Memecore. Breaking above $2.26 and converting $2.50 into support could lift the price to $2.71. A successful move beyond that level would position M to retest the $2.99 all-time high.
However, this outlook depends on improved market conditions or the start of an altcoin season. Without broader support, M could lose the $2.12 level and slide toward $1.88. This would invalidate the bullish thesis and signal renewed downward pressure.
BNB
BNB remains one of the few major altcoins still within visible range of its all-time high, despite trading 47% below the $1,375 peak. Its relative strength highlights continued investor interest, even as broader market conditions remain uncertain.
BNB is seeing a rise in inflows as the Chaikin Money Flow crosses above the zero line. This shift suggests growing confidence, which could help the token break past the $1,000 resistance. A successful move would invalidate the month-long downtrend and open the path toward $1,136.
If BNB fails to build upward momentum, it risks remaining trapped in the downtrend. A decline below the $902 support may trigger further losses, potentially pushing the price toward $854 or lower. Such a move would invalidate the bullish outlook and signal renewed selling pressure.
Pi Coin has been one of the more resilient tokens this month. While the broader market slipped 1.1% today, Pi Coin price still gained 0.8% and is up 11.5% over the past month. Keeping PI’s price history in mind, the 11.5% move isn’t anything less than a rally.
It recently failed a breakout that could have taken it higher, but the trend hasn’t flipped bearish. Several early signs show buyers still holding control, and the rally may not be done yet.
Early Trend Still Points To A Price Rebound
Pi Coin’s first bullish signal comes from the 4-hour chart, which helps spot early trend changes. On this timeframe, the 20-period EMA is closing in on the 50-period EMA. An EMA (Exponential Moving Average) tracks price over time with more weight on recent candles. A bullish crossover happens when the short-term EMA moves above the long-term EMA, often marking a momentum shift.
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A similar crossover attempt happened on November 11, but sellers stepped in before the lines crossed, forcing the move to fail. If bulls hold price steady this time, the crossover could complete and give Pi Coin its next push.
On the daily chart, the Bull-Bear Power indicator supports this idea. The indicator tracks the gap between buying pressure and selling pressure. Despite the failed breakout at $0.229, Bull-Bear Power has flipped firmly into bullish territory, showing buyers are still in control.
Bulls Are Still In Control Despite The Failed Breakout: TradingView
If this strength continues, the EMA crossover is less likely to fail like it did on November 11.
Pi Coin Price Action And Money Flow Hold The Key
The Pi Coin price continues to struggle with $0.229, which has rejected every breakout attempt so far in the near-term. If a daily close forms above this level, the next target becomes $0.236 (another strong resistance), followed by a possible move toward $0.266, the upper resistance zone.
The failed breakout earlier this week lined up with a drop in Chaikin Money Flow (CMF). CMF measures whether big wallets are adding or removing capital. Pi Coin saw inflows between November 15–16, but money quickly exited afterward, falling back toward the trendline.
As long as CMF stays above its rising trendline, buyers still have a path to regain control. A break back above the zero line would confirm big money returning, strengthening the bullish case and supporting the EMA crossover from the 4-hour chart.
If CMF falls under the trendline, the downside opens up. In that case, Pi Coin could revisit $0.201, and under deeper market stress, even lower levels.
For now, Pi Coin needs only a 0.48% push to close above $0.229. If the crossover completes and CMF turns back up, Pi Coin may finally clear this barrier and extend its month-long rally.
Grayscale’s Dogecoin ETF could launch as soon as November 24, following a 20-day SEC review clock triggered after its registration filing. Bitwise also seeks automatic approval, marking a significant step in the institutionalization of meme coins.
These filings indicate a significant shift in regulatory oversight as Multiple asset managers now compete to bring Dogecoin into traditional portfolios through tax-efficient and regulated vehicles.
SEC Review Process Accelerates Approval Timeline
This faster timeline stems from Section 8(a) of the Securities Act of 1933. The provision allows registration statements to automatically become effective 20 days after filing, unless the SEC takes action.
Grayscale and Bitwise are using this to skip the more complex 19b-4 exchange rule procedure usually needed for ETF launches.
The official SEC guidance confirms that registration statements gain automatic effectiveness under Section 8(a) after 20 days. This shortcut has expedited product launches as institutional interest in cryptocurrency investment grows.
Bitwise filed its application on November 7. This could set the stage for a late November launch. Meanwhile, Balchunas predicts a November 24 launch for Grayscale, though he cautioned that confirmation depends on official exchange notice.
The SEC has acknowledged both filings, kicking off the regulatory review and public comment period.
Based on 20 day clock I believe Grayscale will be out with first Doge ETF in a week, 11/24. We'll see, won't be 100% till exchange notice, but based on SEC guidance it looks good. pic.twitter.com/mvlGsNyNVG
Grayscale launched its Dogecoin Trust on January 31, 2025, as a precursor to the ETF application. The Trust enables investors to gain Dogecoin exposure without direct ownership, addressing custody and security concerns that have deterred many institutions.
This classification helps sidestep the legal issues that have slowed Solana and XRP ETF efforts, where securities status remains disputed.
The Federal Register filing for NYSE Arca’s proposed rule change directly references Dogecoin under Rule 8.201-E, which covers “Commodity-Based Trust Shares.”
This aligns with the Commodity Exchange Act and signals that both exchanges and the SEC consider Dogecoin a commodity fit for an ETF structure.
Bloomberg analysts predict a 90% chance of Dogecoin ETF approval, versus 95% for XRP. These estimates reflect rising confidence in the SEC’s openness to altcoin ETFs, following Solana ETF decisions earlier this year.
However, the process still requires a 240-day review window after publication in the Federal Register. During this window, public input can shape the SEC’s final decision. The Commission may delay, request amendments, or issue stop orders if investor protection or market integrity is compromised.
Industry-Wide Institutional Push Gains Momentum
Meanwhile, the race for a Dogecoin ETF now extends beyond Grayscale and Bitwise. Leading asset managers, such as 21Shares, Rex Shares, and Osprey Funds, have filed similar applications, signaling an industry-wide consensus that meme coins are growing into institutional-grade investment products.
21Shares filed its Dogecoin ETF registration on April 9, 2025, detailing custody with Coinbase Custody Trust Company. Using independent, regulated custodians answers SEC demands for secure storage and institutional compliance, removing a major barrier for traditional finance.
ETFs offer clear advantages over direct crypto holdings.
In-kind creation and redemption allow tax efficiency.
Regulated frameworks boost transparency and investor protection, features that spot trading lacks.
These benefits appeal to pension funds, endowments, and registered investment advisors with fiduciary obligations.
Industry observers predict that more than 200 crypto ETF approvals will be made by mid-2026. This trend could drive massive institutional capital flows and lower volatility, moving the market away from retail-dominated activity and closer to mainstream acceptance.
Despite this growing momentum, Dogecoin’s price has dropped, down 0.4499% in the last 24 hours. As of this writing, DOGE traded for $0.1543.
This suggests that ETF approvals may not deliver immediate gains, but steady institutional demand could eventually drive sustained growth.
The coming weeks will reveal whether regulatory timelines align with market expectations. Should Grayscale and Bitwise succeed in launching before year-end, Dogecoin would join Bitcoin, Ethereum, and Solana among the few cryptocurrencies available through US-regulated ETFs. Such a turnout would strengthen its status within the digital asset space.
Institutional inflows into spot Bitcoin ETFs have been one of the biggest storylines since their launch last year. With Bitcoin hitting new highs in 2025 and ETF assets surging, many assume big Wall Street players are finally “long Bitcoin.”
But not so fast, says Arthur Hayes.
In an email sent Monday, the BitMEX co-founder argues that much of the institutional activity inside BlackRock’s IBIT, still the largest Bitcoin ETF by assets, has nothing to do with long-term conviction. Instead, he says, the biggest players are running a straightforward arbitrage trade.
“They Are Not Long Bitcoin”
Hayes points to the ETF’s largest holders, hedge funds and bank trading desks, including firms like Goldman Sachs, and argues they are primarily engaged in what’s known as a basis trade.
Capture the yield difference between the ETF and futures (the basis)
Use the ETF shares as collateral for the futures short
According to Hayes:
“They are not long Bitcoin. They only play in our sandbox for a few extra points over Fed Funds.”
This has become even more common in 2025 as US rates have fallen, with the Federal Reserve cutting rates three times this year, reducing yields across traditional markets and making arbitrage opportunities more attractive.
Why ETF Inflows Can Be Misleading
When the basis is high enough, hedge funds rush into the trade, creating the appearance of large institutional inflows. When the basis compresses, as it has several times throughout 2025, those same institutions unwind the trade, causing sharp ETF outflows.
Hayes says this dynamic creates a dangerous illusion, and it plays out like this:
When the basis spikes → ETF inflows surge → “Institutions are buying Bitcoin!”
When the basis collapses → ETF outflows spike → “Institutions are dumping Bitcoin!”
Retail investors often misinterpret these flows, which can amplify market volatility.
What Changed in 2025
Earlier this year, Bitcoin rose steadily even as dollar liquidity tightened under the incoming Trump administration and US Treasury issuance surged. ETF inflows and buying from digital asset trusts helped offset the liquidity drag.
But Hayes argues that that phase may be over.
Several digital asset trusts (DATs) have traded below NAV this autumn.
The ETF basis trade has become less attractive as futures spreads narrowed.
Hedge funds have reduced their positions, triggering noticeable outflows across the ETF complex for weeks at a time.
With those artificial demand drivers fading, Hayes says Bitcoin finally has to respond to the underlying macro environment again.
“Bitcoin Must Fall” — Hayes on Short-Term Pressure
According to Hayes:
“Bitcoin must fall to reflect the current short-term worry that dollar liquidity will contract or not grow as fast as the politicians promised.”
In other words: ETF flows pushed Bitcoin up when liquidity didn’t justify it. Now those flows are gone, and liquidity still matters. His message for late 2025 is blunt:
Most ETF inflows were arbitrage, not long-term institutional belief.
BlackRock’s biggest ‘holders’ aren’t long Bitcoin, they’re long the basis.
The unwind of those trades is now affecting Bitcoin’s price.
For retail investors, the lesson is simple: ETF flows tell you more about the futures curve than institutional conviction.
The crypto market is entering a period of uncertainty. There is no clear direction as to whether the market will witness an altcoin season or not. As a result, the altcoins are leaning more towards external developments and catalysts to chart a path for the price action.
BeInCrypto has analysed three such altcoins that have notable developments coming their way this week.
Filecoin (FIL)
Filecoin is preparing for a major announcement this week, and the lack of details has increased market anticipation. The news is expected to be impactful, leaving FIL at a crossroads where the token could either recover sharply or extend its ongoing decline, depending on investor reaction.
FIL trades at $1.99 after falling 41% in the past 10 days. The price briefly slipped below $2.00, signaling intense selling pressure. If the announcement sparks bullish sentiment, FIL could rebound from $2.00 and climb past $2.26 and $2.63, signaling the start of a recovery phase.
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If sentiment turns bearish, FIL may continue to slide toward $1.68, invalidating any near-term bullish outlook. A breakdown under that level could expose the token to a deeper decline toward $1.46.
Zilliqa (ZIL)
ZIL is trading at $0.0069 after a 13% weekly decline, sitting just below key resistance. The Parabolic SAR signals strength in an emerging uptrend, suggesting Zilliqa could attempt a recovery if buying pressure builds and sentiment improves across the broader market.
Zilliqa’s upcoming 0.19.0 Mainnet Upgrade introduces more flexibility for stakers and improved network liveness. These enhancements may support a price move toward $0.0074 and, if momentum holds, a climb to $0.0082 as traders respond to the network’s strengthened fundamentals.
If the bullish response fails, ZIL may drop to $0.0063, extending its recent decline. A breakdown below that level could expose the token to further losses toward $0.0058, invalidating the bullish outlook and increasing downside risks for holders.
Avalanche (AVAX)
AVAX trades at $15.61 after a month-long downtrend, but the MACD shows slight bullish momentum. The indicator has prevented a bearish crossover, suggesting sellers are losing strength as Avalanche attempts to stabilize above key support levels.
Avalanche’s upcoming Granite upgrade marks a major step in enhancing the network’s performance. This release could attract renewed interest and push AVAX above $16.25. Sustained momentum may allow a move toward $18.27, breaking the downtrend line and signaling a stronger recovery.
If market conditions weaken and AVAX falls through the $14.89 support, bearish sentiment may intensify. A decline to $13.40 would invalidate the bullish outlook and expand downside risks, especially if the upgrade fails to drive meaningful demand.
Two of the largest corporate players in cryptocurrency, MicroStrategy and BitMine, have just escalated a quiet accumulation war. One is doubling down on Bitcoin, the other is expanding its grip on Ethereum.
While each move looked routine at first glance, the scale and timing reveal something far more consequential building beneath the surface.
MicroStrategy Accelerates Bitcoin Buying as Pressure Mounts
MicroStrategy snapped up 8,178 BTC last week for roughly $835.6 million at an average price of $102,171 per coin. The firm now holds 649,870 BTC, acquired for $48.37 billion at an average cost basis of $74,433, according to a confirmed update shared by Michael Saylor and Strategy Inc.
Strategy has acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and has achieved BTC Yield of 27.8% YTD 2025. As of 11/16/2025, we hodl 649,870 $BTC acquired for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR$STRC$STRD$STRE$STRF$STRKhttps://t.co/HI1TeYOvQ9
The aggressive move comes just days after Saylor promised that the market would be pleasantly surprised.
“We’re buying quite a lot… people will be pleasantly surprised.” He added that Strategy is “always buying” and now controls 3.1% of the Bitcoin network.
While MicroStrategy’s BTC yield for 2025 stands at 27.8%, the purchase sparked an immediate wave of commentary and controversy.
Lookonchain verified that the company sits on $12.88 billion in unrealized profit (+27%), even after the latest dip. But the crypto community remains split. On one side, analysts argue that MicroStrategy’s structure is sound.
“Even if BTC drops -70%, Saylor still won’t have to sell… There’s no margin call,” analyst Miles Deutscher noted.
Jeff Dorman added that concerns about forced selling are “not even remotely a concern,” citing low interest expense, positive cash flow, and Saylor’s 42% ownership, which prevents activist intervention.
On the other hand, critics like goldbug Peter Schiff argue that the strategy is fragile, with Dom Kwok, a popular user on X, echoing the sentiment.
“MSTR will be forced to sell its BTC to make interest payments… it’s sell bitcoin or bust,” he claimed.
Even market watchers questioned the rollout. Analyst AB Kuai Dong highlighted that Strategy posted, then deleted, its announcement within minutes, calling it “amateurish,” and noting that MSTR fell 3% in pre-market despite the bullish purchase.
BitMine’s Ethereum Grab Signals a Corporate Race for Treasury Dominance
As MicroStrategy expands its Bitcoin empire, Tom Lee’s BitMine is executing a parallel strategy on Ethereum, but at an even larger scale. BitMine now holds almost 3.6 million ETH tokens, representing 2.9% of the total supply, according to its official November update. The firm purchased 54,156 ETH in a single week.
🧵 BitMine provided its latest holdings update for Nov 17th, 2025:
$11.8 billion in total crypto + "moonshots": -3,,559,879 ETH at $3,120 per ETH (Bloomberg) – 192 Bitcoin (BTC) – $37 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and – unencumbered cash of…
At current valuations, the company holds $11.8 billion in a combined mix of crypto, cash, and “moonshot” investments, including 3,559,879 ETH, 192 BTC, $607 million in cash, and strategic equity positions.
Fundstrat data, corroborated by the StrategicETHReserve.xyz dashboard, confirms BitMine is now the leading Ethereum treasury globally and the second crypto treasury overall, behind MicroStrategy.
In his November message, Lee argued that the crypto cycle peak is still 12–36 months away, breaking from traditional four-year expectations. He said the recent weakness reflects a market maker undergoing balance sheet stress, a temporary form of “QT” for the crypto ecosystem.
“Crypto prices have not recovered since the liquidation event on October 10… The lingering weakness has the hallmarks of a market maker suffering from a crippled balance sheet,” read an excerpt in the announcement, citing Lee.
He added that tokenization on Ethereum is a “major unlock” and compared current regulatory moves, such as the GENIUS Act and the SEC’s Project Crypto, to 1971’s end of the Bretton Woods era.
BitMine’s stock reflects rising institutional attention, with trading volume of $1.4 billion per day, ranking 48th in the US, ahead of DoorDash.
Together, MicroStrategy’s BTC build and BitMine’s ETH accumulation mark the clearest trend of 2025, that crypto is becoming a battlefield for corporate treasuries.
With Saylor targeting deeper Bitcoin control and BitMine pushing toward the “Alchemy of 5%,” the market may be entering its first true multi-chain corporate accumulation era, one driven not by retail cycles, but by balance sheets, liquidity channels, and long-duration conviction.
Cboe Global Markets is ushering in a new era for US crypto derivatives. The exchange operator announced today that its Cboe Futures Exchange (CFE) will begin offering Continuous Futures for Bitcoin (PBT) and Ether (PET) on December 15, 2025, pending final regulatory review.
This marks the first time that US-regulated markets will host perpetual-style crypto exposure, which has traditionally been offered only on offshore exchanges.
Cboe Brings Perpetual-Style Crypto Futures Into the US Regulatory Fold
The new products are designed to provide professional investors with long-term, capital-efficient exposure to the two largest digital assets. It eliminates the operational friction of rolling expiring futures.
Each contract will have a 10-year expiration and feature a daily cash adjustment. With this, it mirrors the mechanics of perpetual swaps while remaining fully compliant with US derivatives regulations.
Perpetual futures, one of crypto’s most traded products globally, have historically thrived on offshore venues. This is due to regulatory constraints in the US.
Cboe’s move brings a familiar, yet heavily supervised, version of this instrument to institutional desks. It seeks transparency, clear protections, and regulatory alignment.
“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a US-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe.
He added that the structure enables more efficient portfolio and risk management. At the same time, it must provide investors with a controlled path to leveraged digital asset exposure.
Continuous Futures will be cash-settled, centrally cleared, and governed by CFTC-regulated standards via Cboe. Clear US Margin requirements will follow standard derivatives oversight.
Traders may gain cross-margining benefits with CFE’s existing Financially Settled Bitcoin (FBT) and Ether (FET) futures.
Designed for Capital Efficiency and Long-Term Exposure
The contracts will track Cboe Kaiko Real-Time Rates for both BTC and ETH. A daily “Funding Amount” similar to funding payments used in perpetual swaps will be applied to open positions. This will keep futures pricing aligned with spot markets.
“Bringing perpetual-style futures to US regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure,” said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko.
She emphasized that the structure removes rolling risks while preserving transparency and oversight. This aligns with recent remarks from Youngsun Shin, Head of Product at Flipster, in an interview with BeInCrypto. According to Shin, risk management should be built into innovation itself.
Trading will be available 23 hours a day, five days a week, from Sunday evening to Friday afternoon (ET). Notably, this mirrors existing CFE crypto derivatives schedules.
Education and Market Preparation Begin
Recognizing the complexity and novelty of these products, Cboe’s Options Institute will host two public education sessions on December 17, 2025, and January 13, 2026.
These courses will help traders understand:
Contract specifications,
Funding calculations, and
Strategic use cases, ranging from hedging and volatility trading to synthetic long-term positioning.
With institutional demand for regulated crypto exposure rising, especially amid expanding ETF markets, Cboe’s Continuous Futures could become one of the most significant structural upgrades to US crypto derivatives in years.
The FIRO price has surged almost 60% in the past 24 hours and is now up more than 300% over the past month. The move has outpaced even Zcash, one of the strongest privacy coins this cycle. FIRO, previously known as Zcoin, is clearly riding the renewed momentum in the privacy coin space.
The key question now is whether this rally still has fuel left — and whether FIRO can realistically revisit the $10+ zone.
Flag Breakout Sets the Tone for FIRO’s Rally
FIRO recently broke out of a flag pattern, a classic bullish continuation structure that forms when price pauses after a sharp run-up.
The pole formed between October 31 and November 10, followed by a tight consolidation from November 10–15. FIRO then broke out on November 15, completing the pattern.
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Based on the pole projection, the technical target sits near $8.49, assuming broader market conditions remain supportive. With privacy coins catching strong flows across the board, FIRO has a realistic shot at reaching this extension.
Big Money Flows and Bull-Bear Power Add Strength to the Move
The breakout has strong backing from volume-based indicators. FIRO’s Chaikin Money Flow (CMF) — an indicator that measures buying vs selling pressure weighted by volume — has been rising through the consolidation. CMF held steady even as the FIRO price was consolidating, indicating that big wallets were quietly accumulating during the dip.
The CMF ascending trendline breakout is still pending. A clean move above the upper CMF trendline would confirm a new wave of inflows and support FIRO’s next leg toward the projected target. However, until the CMF breakout happens, the FIRO price action remains prone to pullbacks.
The Bull-Bear Power indicator also confirms strength. This indicator measures the gap between buying pressure and selling pressure. On FIRO’s chart, Bull-Bear Power has surged to bullish levels higher than those seen during the original pole, validating the force behind this breakout.
If FIRO clears $8.49 (the pole projection), the next psychological and technical target becomes $10.35, marking the return of the double-digit zone.
On the downside, a move below $3.00 weakens the structure, and falling under $2.49 breaks it completely. These are the invalidation levels for the current rally. That could happen only if a FIRO price pullback runs deeper, led by big money exiting and not breaking the trendline that we mentioned earlier.
When the market tumbled a few weeks ago, exchanges faced a familiar test: how well could they protect users in an industry built on volatility? For KuCoin Managing Director Alicia Kao, that tension defines her daily work. She describes the exchange’s mission as being both a gateway for innovation and a gatekeeper for trust. These are two roles that rarely align easily.
In a conversation with BeInCrypto, Kao discussed how KuCoin balances innovation with protection, adapts to tighter regulations, and upgrades its technology to serve both institutional and retail users.
Becoming “The Exchange You Can Trust” in an Institutional Era
KuCoin has built its identity as The People’s Exchange, serving millions of retail traders worldwide. Recently, it introduced a new brand slogan, “Trust First. Trade Next.” along with the message “The Exchange You Can Trust.”
As institutions are entering the market in growing numbers, the refreshed branding reflects KuCoin’s broader ambition to strengthen credibility and expand its reach across different user segments. However, for Kao, that shift doesn’t mean abandoning the users who made KuCoin what it is.
“We don’t prefer institutions or retail. Both are important for us,” she said.
Retail traders tend to prefer one-click simplicity, relying on AI bots and clear interfaces. Institutional desks have very different needs. They prioritize execution speed, customized metrics, and access to deeper trading engines.
She explained, “For institutions, it’s about product features that fit their behavior. For retail, we focus on education, helping users become more professional in trading.”
Although achieving that balance is never simple, Kao said that the company aims to maintain a balanced platform, serving both groups effectively.
To support institutions without shifting away from its retail foundation, KuCoin has introduced features that strengthen both trust and efficiency. One example is its Off-Exchange Settlement (OES) framework. It was developed with strategic partners to let institutions keep their assets in third-party custody. At the same time, they can access KuCoin’s liquidity across spot, margin, options, and futures markets.
The company is also expanding into real-world asset (RWA) tokenization. This initiative connects traditional finance with blockchain infrastructure and creates new opportunities for institutional investors.
As KuCoin works to meet the needs of both institutional and retail users, the company is also refining the technology that supports them, including artificial intelligence. While AI has been around for some time, Kao believes that the environment today is stronger. Companies now have better metrics, more data, and more mature models to work with.
“We’ve been launching our trading bot for a couple of years. But now, we are able to re-architect our trading bot with AI because we have more data and information, and we have more mature models to help us shape the trading bot,” she stated.
Kao also observed that users’ focus has shifted. Many are interested in earning from their assets rather than just trading.
“As long as we can offer different options to let users earn more of their crypto assets, then I think it’s all about earning,” she added.
Guarding the Altcoin Haven
Few exchanges have KuCoin’s reputation for token variety. It’s often called an altcoin haven, but Kao recognizes that the environment is changing.
Kao mentioned that KuCoin continues to update its policies for listing new coins because the environment changes quickly. She believes the exchange’s advantage lies in maintaining a clear internal compliance structure, which is not always the case for local platforms.
She pointed to markets where regulators maintain strict rules on listings. KuCoin works directly with authorities to ensure that every listed asset complies with these frameworks.
“For now, we remain highly selective and continue to uphold a rigorous due diligence process for listings,” Kao affirmed. “Our goal is to build a diverse and innovation-driven product ecosystem that showcases emerging blockchain projects and delivers meaningful value to users.”
Meanwhile, KuCoin’s infrastructure and cybersecurity divisions are building what Kao calls the foundation of trust. Their focus includes solid trading architecture, a custody system that minimizes vulnerabilities, and proactive measures against scams.
Kao emphasized that KuCoin’s listing strategy is shaped by close collaboration between the product, cybersecurity, and risk management teams. She said this approach reflects the company’s commitment to balancing innovation with responsibility.
“Our product team is dedicated to ensuring users can access a comprehensive range of quality assets within our ecosystem, while our risk team upholds the highest standards of security and compliance. This synergy allows us to drive growth responsibly while maintaining user trust and market integrity,” she added.
Furthermore, KuCoin has set a new industry benchmark by attaining four internationally recognized certifications. Among them are CCSS for cryptocurrency asset protection, SOC 2 Type II for operational controls, ISO 27001:2022 for information security management, and ISO 27701:2025 for privacy protection.
The company also conducts continuous monitoring and proactive detection measures to combat phishing attempts and impersonation scams across social media, reinforcing its commitment to user safety and platform integrity.
That measured approach, defined by technical rigor combined with cautious openness, reflects how Kao sees the role of a centralized exchange in 2025. The goal is to welcome new ideas while keeping users protected from unnecessary risk.
“We continue to embrace the innovation part. We work with some of the on-chain products providers to let our users subscribe or purchase some of the staking products or some structured products easier. We are very selective of our partners. We make sure that they are with good reputations and they’re running their company properly,” she stated. “At the same time, we remain highly selective in our partnerships, working only with reputable and well-managed institutions to ensure both reliability and long-term user trust.”
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee and settle in—this one might make you rethink what you thought you knew about crypto. In the past year, Bitcoin has surged dramatically, posting returns that rival traditional safe-haven assets. Yet, while some see a story of stability, others see lingering questions about risk, reward, and where cryptocurrencies really belong in a portfolio.
Crypto News of the Day: Crypto Returns Spark Fresh ‘Store of Value’ Debate
Since January 2024, Bitcoin ETFs have surged roughly 100%, mirroring the returns of physical gold ETFs, while the S&P 500 returned just 45%. This performance has sparked a fresh debate over Bitcoin’s role in investor portfolios: is it a “risk-on” asset like stocks, or a “store of value” like gold?
Since spot btc ETFs launched in Jan 2024, they’ve returned same % as physical gold ETFs…
Approx 100%.
S&P 500 has returned nearly 45%.
So is btc a “risk on” asset like stocks or “store of value” like gold?
Nate Geraci, president of the ETF Store, highlighted the surprising parity, with the striking similarity to gold returns prompting investors to reassess Bitcoin’s traditional narrative.
While Bitcoin is widely viewed as a volatile, high-risk asset, its ETF performance over the past year has aligned with one of the most stable investment vehicles in history. Against this backdrop, investors weigh whether the risk is worth the return.
“I think the question for cripto is… especially ETH. Do you want to hold a high-volatility asset for that kind of return? ETH flat or down for the past 4/5 years,” one user chimed.
This remark highlights the challenge for investors, who see Bitcoin’s rally offering gold-like gains, but but the risks due to volatility remain a persistent threat for crypto as an asset class. Risk-adjusted returns remain a key factor when evaluating crypto’s place in a diversified portfolio.
Risks notwithstanding, BlackRock’s recent People & Moneyreport reveals the growing retail appetite for ETFs, especially among younger investors. According to Nate Geraci’s summary:
ETFs are the fastest-growing retail investment product over the last five years.
19 million US adults are likely to buy ETFs in the next 12 months, with 44% being first-time buyers, 71% under 45 years old.
Equity and crypto will be the most popular allocations among these new investors, with 47% expected to invest in crypto ETFs.
This data highlights a generational shift in investing behavior. Younger investors are increasingly incorporating crypto into their portfolios alongside traditional assets. This shows that the market is growing faster than conventional wisdom suggests.
BlackRock Moves and Market Sentiment
Institutional activity adds another layer to the debate. Whale tracker reports indicate that BlackRock recently deposited 4,880 BTC, worth approximately $467 million, and 54,730 ETH valued at nearly $176 million into the Coinbase exchange.
BlackRock deposits 4,880 $BTC, worth $467.19 million, and 54,730 $ETH, worth $175.93 million into Coinbase – Arkham. pic.twitter.com/Q7RSl6c6k3
Moving tokens to exchanges often suggest possible plans to sell, a move that could be bearish for Bitcoin and Ethereum prices.
“Last time they did this, the market dipped soon after. Now with Bitcoin sitting near $104K… is sub-$100K next?” Kyle Doops posed on X after the initial transaction.
Nonetheless, large transfers from major fund managers to exchanges could also mean strategic rebalancing.
With both possibilities likely to weigh on near-term price sentiment, it is worth noting that concentrated institutional holdings could amplify market swings, particularly in high-volatility environments.
Should Bitcoin be treated like digital gold, offering portfolio stability? Or is it a high-risk, high-reward asset akin to equities?
Looking ahead, retail and institutional flows, ETF innovation, and macroeconomic conditions will likely define crypto’s trajectory in 2026. As younger investors increasingly allocate to crypto ETFs, the market may see both rapid growth and heightened volatility, reinforcing the need for careful portfolio strategy.
Phemex, a user-first crypto exchange, celebrates its 6th anniversary with the campaign theme “Future With U”. The milestone follows a defining year of transformation—from a full-scale rebrand to record-breaking user growth and strengthened platform security—symbolizing Phemex’s evolution into a forward-looking, resilient, and human-centered brand.
2025: A year of resilience and growth
The year 2025 was pivotal for Phemex. In response to shifting market conditions and internal operational challenges, the exchange conducted a comprehensive system overhaul to strengthen its technical and security foundation. Upgrades included multi-layer wallet protection, AI-driven monitoring, and enhanced disaster recovery mechanisms—all implemented while maintaining 99.999% uptime.
This renewed infrastructure laid the groundwork for strong business performance. Global user numbers surged by 66%, spot trading volume more than doubled with a 122% increase, and futures trading rose 26% year-on-year. These achievements reflect Phemex’s ability to convert resilience into growth, reinforcing its position as one of the most trusted and efficient exchanges in the industry.
Rebranding for the future: “For you. For tomorrow.”
This anniversary also follows Phemex’s comprehensive rebrand. The rebrand defined what Phemex stands for—an efficient, transparent, and forward-thinking platform that empowers users through smarter financial freedom. The refreshed identity, visual language, and storytelling approach connect the brand more deeply with traders worldwide.
“Future with U”: A campaign about shared progress
The anniversary campaign celebrates six years of co-creation between Phemex and its community. It highlights how user feedback has continuously shaped the platform’s innovation—from multi-asset trading to on-chain earning tools—and looks ahead to new initiatives that will make digital finance even more efficient and inclusive.
2026: Building forward, together
As Phemex moves into 2026, the exchange remains steadfast in strengthening the foundation of its infrastructure. The coming year will see continued investment in security innovation. Phemex will further enhance overall user experience, system scalability and reliability, ensuring peak performance and near-zero downtime even amid surging global trading activity.
Beyond infrastructure, Phemex aims to expand its ecosystem through product innovation and brand development. In 2026, the company will refine its core offerings—spot, futures, copy trading, and earn—while integrating more on-chain tools and cross-asset management features. At the brand level, Phemex will continue strengthening its presence through localized campaigns, educational content, and community engagement, bringing its user-first philosophy to markets worldwide.
Federico Variola, CEO of Phemex, commented: “Our journey this year reaffirmed a core principle: true resilience is engineered, not inherited. We made a strategic decision to treat every challenge as a catalyst. This internal transformation, mirrored by our external rebrand, was the bedrock upon which we achieved record growth. Our ‘Future With U’ is not just a theme—it’s our operational blueprint, signifying that our greatest innovations will continue to emerge from solving real user problems with institutional-grade reliability.”
Looking ahead: The story continues
Six years in, Phemex stands at a new starting line. The rebrand and anniversary together signal more than milestones—they mark the beginning of a broader movement toward a more inclusive, intelligent, and human crypto future. With upcoming campaigns and celebrations throughout the season, Phemex invites its global community to join in shaping what comes next.
About Phemex
Founded in 2019, Phemex is a user-first crypto exchange trusted by over 10 million traders worldwide. The platform offers spot and derivatives trading, copy trading, and wealth management products designed to prioritize user experience, transparency, and innovation. With a forward-thinking approach and a commitment to user empowerment, Phemex delivers reliable tools, inclusive access, and evolving opportunities for traders at every level to grow and succeed.
Millions of tokens will enter the crypto market this week. Notably, three major ecosystems, LayerZero (ZRO), SOON (SOON), and YZY (YZY) will release previously locked supply.
These unlocks might lead to market volatility and influence price movements in the short term. Here is a breakdown of what to watch for in each project.
1. LayerZero (ZRO)
Unlock Date: November 20
Number of Tokens to be Unlocked: 25.71 million ZRO (2.57% of Total Supply)
Current Circulating Supply: 198.25 million ZRO
Total Supply: 1 billion ZRO
LayerZero is an interoperability protocol designed to connect different blockchains. Its main goal is to enable seamless cross-chain communication so that decentralized applications (dApps) can interact across multiple blockchains without relying on traditional bridging models.
The team will release 25.71 million tokens on November 20, valued at around $36.76 million. The stack accounts for 7.29% of the released supply.
ZRO Crypto Token Unlock in November. Source: Tokenomist
Number of Tokens to be Unlocked: 15.21 million SOON (1.54% of Total Supply)
Current Circulating Supply: 281.1 million SOON
Total Supply: 984.1 million SOON
SOON is a high-performance Solana Virtual Machine (SVM) Rollup, designed to implement the Super Adoption Stack. It includes three main components: SOON Mainnet, SOON Stack, and InterSOON.
The network will unlock 15.21 million SOON on November 23. The stack represents 4.33% of the released supply and is worth $28.29 million.
SOON Crypto Token Unlock in November. Source: Tokenomist
SOON will keep 8.3 million tokens for an airdrop to non-fungible token (NFT) holders. The team will also award 4.17 million coins to the ecosystem. Furthermore, it will allocate 2.22 million SOON for community incentives and 520,830 tokens for airdrop and liquidity.
3. YZY (YZY)
Unlock Date: November 19
Number of Tokens to be Unlocked: 37.5 million YZY (3.75% of Total Supply)
On November 19, YZY will unlock 37.5 million tokens worth around $14.35 million. The tokens represent 12.5% of the circulating supply.
YZY Crypto Token Unlock in November. Source: Tokenomist
Furthermore, it marks the project’s first unlock since its token generation (TGE) event in August. Yeezy Investments LLC will receive the entire supply of tokens.
In addition to these, other prominent unlocks that investors can look out for in the third week of November include ZKsync (ZK), KAITO (KAITO), ApeCoin (APE), and more, contributing to the overall market-wide releases.
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