Co-founder Ethereum Vitalik Buterin mendesak komunitas Zcash untuk menghindari adopsi pemungutan suara berbasis token untuk tata kelola.

Dalam sebuah postingan pada 30 November di X, ia mengatakan pemungutan suara berbasis token akan mendorong sistem menuju insentif harga jangka pendek, mengorbankan kebebasan sipil jangka panjang yang ingin dilindungi oleh proyek tersebut.

Buterin Soroti Risiko Tata Kelola Terhadap Privasi

Buterin mengaitkan posisinya dengan argumen yang ia jelaskan dalam sebuah esei tahun 2021 tentang tata kelola terdesentralisasi, menunjukkan bahwa sistem berbobot token memiliki kerentanan seperti hak-hak yang tidak tergabung yang memungkinkan pembelian suara tersembunyi.

I hope Zcash resists the dark hand of token voting.

Token voting is bad in all kinds of ways (see https://t.co/Cvl7CFVgtc ); I think it's worse than Zcash's status quo.

Privacy is exactly the sort of thing that will erode over time if left to the median token holder. https://t.co/NbRqGLOrpj

— vitalik.eth (@VitalikButerin) November 30, 2025

Dia menambahkan bahwa mekanisme ini cenderung memusatkan pengaruh di antara para whale sementara membiarkan pemegang kecil tanpa akuntabilitas. Banyak peserta kecil mungkin memilih tanpa memperhatikan hasilnya jika mereka percaya dampak individu mereka tidak signifikan.

Dia menggambarkan pemungutan suara berbasis token sebagai “buruk dalam berbagai cara,” dan mengatakan itu akan lebih buruk daripada struktur Zcash yang ada.

“Privasi adalah jenis hal yang justru akan terkikis seiring waktu jika diserahkan kepada pemegang token rata-rata,” ujar Buterin .

Pernyataan Buterin muncul di tengah perdebatan yang lebih luas tentang bagaimana Zcash harus memilih komite Zcash Community Grants, sebuah kelompok beranggotakan lima orang yang meninjau dan menyetujui hibah besar di dalam ekosistem.

Anggota Komunitas Berdebat tentang Tata Kelola Terdesentralisasi

Beberapa anggota komunitas berpendapat bahwa kerangka kerja berbasis komite saat ini sudah ketinggalan zaman dan harus diganti.

Mert Mumtaz, CEO Helius dan seorang investor pro-Zcash, mengatakan bahwa perdebatan ini menggarisbawahi masalah tata kelola yang lebih luas.

Mumtaz berpendapat bahwa pasar menyediakan mekanisme koreksi bawaan karena keputusan yang buruk dihukum dengan harga yang jatuh, memindahkan pengaruh tata kelola, dan memperbarui pengetahuan kolektif. Dia mencatat bahwa komite tidak memiliki umpan balik tersebut dan dapat tetap terlepas dari hasil dunia nyata.

Dia menyamakan pemisahan ini dengan apa yang Nassim Nicholas Taleb sebut sebagai “interventionista,” seorang birokrat yang membuat keputusan penting tanpa menanggung risiko terkait.

Sebaliknya, dia mencatat bahwa jenderal Romawi kuno beroperasi di garis depan, di mana kelangsungan hidup bergantung langsung pada kualitas keputusan mereka.

Sambil mengakui kelemahan dalam pemungutan suara berbasis token, Mumtaz mengatakan bahwa komite yang statis menghadirkan masalah yang lebih dalam karena mereka “tidak bisa dikritik dan tidak bertanggung jawab pada siapa pun.” Dia menambahkan bahwa sistem yang didasarkan pada dinamika pasar beradaptasi seiring waktu, sedangkan komite tidak, berpendapat bahwa “evolusi menang dalam jangka panjang.”

Anggota komunitas menanggapi kekhawatiran terkait. Naval, seorang pengguna di X, mengatakan pengawas pihak ketiga menimbulkan cacat keamanan struktural terlepas dari kemandirian mereka.

Pengguna lain, Darklight, berpendapat bahwa sistem berbasis pasar condong ke arah plutokrasi dan mungkin gagal melestarikan kebebasan sipil.

Perselisihan mengenai tata kelola ini muncul saat Zcash menarik perhatian pasar yang baru.

Data dari BeInCrypto menunjukkan token ini telah naik lebih dari 1.000% dalam tiga bulan terakhir, mencapai puncak di US$723 sebelum mundur ke level saat ini. Zcash diperdagangkan sekitar US$448 pada saat publikasi setelah jatuh lebih dari 20% dalam seminggu terakhir.

Bank sentral Kazakhstan sedang mempertimbangkan rencana untuk menginvestasikan hingga US$300 juta dalam aset kripto.

Pada 28 November, Timur Suleimenov, ketua National Bank of Kazakhstan, mengatakan bahwa bank tersebut mungkin akan mengalokasikan dana dari National Fund dan cadangan devisanya ke dalam kripto.

Bank Sentral Kazakhstan Menimbang Waktu untuk Rencana Crypto

Namun, dia menekankan bahwa jumlah penuh mungkin tidak akan digunakan.

“Di tahap awal, kami akan mengelola cadangan emas dan devisa. Ini adalah uang yang benar-benar perlu dikelola. Sebagian di antaranya dalam bentuk emas, sebagian dalam bentuk sekuritas. Dalam portofolio ini, portofolio terpisah sudah dibuat, yang fokus pada investasi pada saham teknologi tinggi dan instrumen keuangan lain yang terkait dengan aset keuangan digital. Jumlahnya hingga US$300 juta. Ini tidak berarti kami langsung menginvestasikan US$300 juta; kami mungkin membatasi diri pada US$50 juta, US$100 juta, atau US$250 juta,” ucapnya dilaporkan.

Sementara itu, dia menyatakan bahwa koreksi terbaru di pasar aset digital membuat waktu untuk alokasi menjadi kurang pasti. Memang, harga Bitcoin telah turun lebih dari 17% selama bulan lalu di tengah volatilitas pasar yang lebih luas.

Mengingat hal ini, dia menyatakan bahwa bank sentral bermaksud menunggu kondisi stabil sebelum mengalokasikan dana ke industri kripto.

“Kami tidak akan membuat keputusan tanpa analisis menyeluruh. Kami sedang menganalisis. Kami tidak akan terburu-buru mengambil keputusan ini sampai peluang investasi yang baik muncul. Setelah penurunan saat ini pada semua aset digital, keuangan, dan kripto, kami perlu menunggu sampai situasinya stabil sebelum membuat keputusan investasi,” terang dia.

Inisiatif ini merupakan bagian dari perluasan yang lebih luas dari portofolio devisa bank sentral.

NBK berencana mendiversifikasi kepemilikannya, yang saat ini sangat bergantung pada emas dan sekuritas, dengan menambahkan saham teknologi tinggi dan instrumen keuangan yang terhubung dengan aset digital.

Suleimenov mengatakan investasi ini akan bersumber dari cadangan emas dan devisa bank alih-alih dari National Fund.

Sementara itu, pembahasan ini terjadi hampir tiga bulan setelah Tokayev menginstruksikan pembentukan cadangan negara strategis untuk aset digital. Layanan Pers Kepresidenan mengungkapkan cadangan ini harus fokus pada pasar mata uang kripto mengingat “realitas modern.”

Sejak itu, Kazakhstan telah memasuki ruang cadangan aset digital melalui Alem Crypto Fund miliknya. Negara ini, melalui kemitraan dengan Binance, telah membeli BNB.

Pertimbangan Kazakhstan ini sejalan dengan pergeseran yang lebih luas oleh beberapa institusi berdaulat, termasuk Amerika Serikat, untuk menguji atau mengumpulkan aset digital.

Sebelumnya bulan ini, Bank Nasional Ceko memperoleh aset digital senilai US$1 juta untuk portofolio uji, termasuk Bitcoin dan stablecoin yang tidak disebutkan namanya.

Secara keseluruhan, langkah-langkah ini menunjukkan bahwa pemerintah semakin menganggap aset digital sebagai alat yang layak untuk diversifikasi cadangan.

Co-founder BitMEX Arthur Hayes telah memperingatkan bahwa Tether berisiko mengalami insolvasi neraca jika cadangan Bitcoin dan emasnya mengalami penurunan hingga 30%.

Postingan Hayes pada 30 November menyoroti kerentanan struktural dalam alokasi aset terbaru Tether. Dia menyarankan bahwa perusahaan ini mengaitkan solvabilitasnya dengan kinerja aset risiko volatil daripada hanya mengandalkan stabilitas utang pemerintah.

Hayes Kritik Kepemilikan Emas dan Stablecoin Tether

Penilaian Hayes bersumber dari atestasi kuartal ketiga Tether 2025, yang mengungkapkan rotasi signifikan ke dalam agunan non-fiat. Laporan menunjukkan bahwa penerbit sekarang memiliki US$12,9 miliar dalam logam mulia dan US$9,9 miliar dalam Bitcoin.

Menurut Hayes, alokasi ini merupakan sebuah “perdagangan suku bunga” yang disengaja. Tesisnya mengatakan bahwa Tether sedang bersiap untuk pemotongan suku bunga Federal Reserve yang akan mengurangi hasil portofolio besar-besaran dari surat utang AS mereka.

“[Tether] berpikir bahwa The Fed akan memotong suku bunga, yang menghancurkan penghasilan bunga mereka. Sebagai respon, mereka membeli emas dan BTC yang seharusnya melonjak saat harga uang turun,” terang Hayes terang.

Namun, Hayes berpendapat bahwa strategi ini memperkenalkan risiko asimetris pada lapisan ekuitas tipis perusahaan.

Hayes menyatakan bahwa angka ini melebihi modal surplus Tether, yang membuat perusahaan ini secara teori insolvabel meskipun tetap likuid secara operasional.

Dia memperingatkan bahwa skenario semacam itu mungkin memaksa holder besar dan exchange untuk mengharapkan tampilan real-time dari neraca untuk menilai keamanan peg. Peringatan ini sejalan dengan keputusan S&P Global untuk memberikan USDT peringkat ‘5’, yang terendah dalam skala mereka.

Pelaku Industri Membela Tether

Para pendukung industri berpendapat bahwa tesis insolvabilitas mencampuradukkan akuntansi neraca dengan risiko likuiditas aktual.

Tran Hung, CEO UQUID Card, menolak peringatan tersebut sebagai cacat mendasar.

Dia menjelaskan bahwa sebagian besar dari neraca US$181,2 miliar Tether tetap diparkir dalam instrumen yang sangat likuid dan berisiko rendah. Faktanya, atestasi mengonfirmasi Tether memiliki US$112,4 miliar dalam Surat Utang Negara AS dan hampir US$21 miliar dalam perjanjian repo.

Hung berargumen bahwa “Kas dan Setara Kas” ini menyediakan dinding likuiditas yang cukup untuk mencakup mayoritas mutlak dari USDT yang beredar.

Dengan mempertimbangkan hal ini, dia berpendapat bahwa Tether akan tetap sepenuhnya dapat ditebus bahkan jika penurunan pasar menghilangkan penyangga ekuitas korporatnya.

“Tether secara konsisten menunjukkan kapasitas penebusan yang kuat, termasuk US$25 miliar yang ditebus dalam hanya 20 hari selama krisis pasar 2022 (krisis FTX), salah satu ‘tes tekanan’ likuiditas terbesar dalam sejarah keuangan,” ujar Hung terang.

Sementara itu, Cory Klippsten, CEO Swan Bitcoin, menunjukkan bahwa leverage Tether lebih agresif daripada institusi keuangan tradisional.

Tether menjalankan leverage sekitar 26x dengan bantalan ekuitas 3,7%. Sekitar tiga perempat dari aset adalah utang pemerintah jangka pendek dan repo; seperempatnya adalah campuran dari BTC, emas, pinjaman, dan investasi yang buram,” ucap Klippsten.

Menurutnya, kerugian portofolio sebesar 4% akan menghapus ekuitas umum, sementara penurunan 16% dalam aset paling berisiko akan menghasilkan efek yang sama.

Namun, meskipun ada leverage struktural, dia menyarankan bahwa risiko ini diimbangi oleh profitabilitas Tether yang luar biasa. Memang, penerbit stablecoin ini berada di jalur untuk mencetak laba lebih dari US$15 miliar tahun ini.

Selain itu, Klippsten juga menyebut bahwa pemilik Tether baru-baru ini menarik dividen sebesar US$12 miliar. Mempertimbangkan hal ini, dia berpendapat mereka memiliki kapasitas untuk merekapitalisasi perusahaan dengan segera jika penyangga mereka pernah dilanggar.

Bitcoin sedang menuju kinerja bulanan terburuk kedua tahun ini setelah jatuh 17,28% pada bulan November. Menurut data CoinGlass, ini menempatkan penurunan tersebut tepat di belakang penurunan sebesar 17,39% pada bulan Februari.

Yang menonjol, penurunan ini juga menandai penurunan terburuk Bitcoin pada bulan November sejak 2022, ketika kehilangan 16,23% dari nilainya.

Mengapa Harga Bitcoin Kesulitan Bulan November Ini

Menurut data dari BeInCrypto, Bitcoin memulai bulan November di sekitar US$110.000 setelah Oktober yang bergejolak yang mencatat rekor tertinggi US$126.000 namun juga menghapus sekitar US$20 miliar dalam nilai pasar.

Penurunan ini dimulai setelah Donald Trump memperluas tarif pada Cina pada 10 Oktober, mendorong penilaian ulang risiko secara menyeluruh di pasar global.

Kehormat ini berlanjut ke bulan November, dan penutupan pemerintah AS yang memecahkan rekor semakin memperburuk situasi dengan memperketat likuiditas di pasar tradisional.

Selain kondisi ekonomi makro, BTC juga dipengaruhi oleh arus institusional yang melemah.

Menurut data SoSo Value, Bitcoin ETF mencatat arus keluar sebesar US$3,48 miliar pada bulan November. Ini menandai arus keluar bulanan terbesar kedua sejak produk ini diluncurkan pada tahun 2024.

Tren arus keluar ini dimulai dengan tenang pada paruh kedua bulan Oktober. Namun, ini meningkat pada bulan November ketika pasar global menyerap kondisi ekonomi makro yang lebih luas, mengurangi salah satu sumber permintaan paling andal dari aset tersebut.

Di saat yang sama, tekanan pasar diperburuk oleh kapitulasi investor jangka pendek.

Menurut Glassnode, kerugian terealisasi dari pemegang jangka pendek melonjak, dengan EMA 7-hari naik menjadi US$427 juta per hari. Level ini adalah yang tertinggi tercatat sejak November 2022.

The realized loss of short-term holders has surged, with the 7D-EMA reaching $427M/day, the highest level since Nov 2022.
Panic selling is elevated & clearly rising, now exceeding the loss levels seen at the last two major lows of this cycle.

📉 https://t.co/SRJVNc9X4D https://t.co/PNsnxUCGab pic.twitter.com/0HqLTXPeup

— glassnode (@glassnode) November 18, 2025

Saat itu, penjualan panik BTC merajalela, menghasilkan kerugian yang mirip dengan yang diamati pada dua titik rendah besar sebelumnya dalam siklus ini.

Data menunjukkan bahwa penjualan reaktif, bukan distribusi jangka panjang, menjadi titik tekanan utama penurunan terbaru Bitcoin.

Karena konvergensi poin ini, harga BTC sempat turun ke level terendah tujuh bulan di bawah US$80.000 selama bulan tersebut, sebelum pulih ke US$90.773 pada waktu publikasi.

Kinerja harga ini mencerminkan tekanan eksternal dan akumulasi stres struktural di pasar kripto.

Ethereum co-founder Vitalik Buterin is urging the Zcash community to avoid adopting token-based voting for governance.

In a November 30 post on X, he said token voting would push the system toward short-term price incentives at the expense of the long-term civil liberties the project aims to protect.

Buterin Flags Governance Risks to Privacy

Buterin linked his position to arguments he outlined in a 2021 essay on decentralized governance, noting that token-weighted systems carry vulnerabilities such as unbundled rights that make covert vote buying possible.

I hope Zcash resists the dark hand of token voting.

Token voting is bad in all kinds of ways (see https://t.co/Cvl7CFVgtc ); I think it's worse than Zcash's status quo.

Privacy is exactly the sort of thing that will erode over time if left to the median token holder. https://t.co/NbRqGLOrpj

— vitalik.eth (@VitalikButerin) November 30, 2025

He added that these mechanisms tend to concentrate influence among whales while leaving smaller holders with little accountability. Many smaller participants may vote without regard for the outcome if they believe their individual impact is negligible.

He described token voting as “bad in all kinds of ways,” saying it would be worse than Zcash’s existing structure.

“Privacy is exactly the sort of thing that will erode over time if left to the median token holder,” Buterin said.

Buterin’s remarks land amid a broader debate over how Zcash should select the Zcash Community Grants committee, a five-member group that reviews and approves major grants across the ecosystem.

Community Members Argue on Decentralized Governance

Some community members argue the current committee-based framework is outdated and should be replaced.

Mert Mumtaz, CEO of Helius and a pro-Zcash investor, said the debate underscores a broader governance issue.

Mumtaz argued that markets provide built-in correction mechanisms because poor decisions are punished through falling prices, shifting governance influence, and updating collective knowledge. He noted that committees lack that feedback loop and can remain detached from real-world outcomes.

He likened this separation to what Nassim Nicholas Taleb calls the “interventionista,” a bureaucrat making consequential decisions without bearing the associated risks.

By contrast, he noted that ancient Roman generals operated on the front lines, where survival depended directly on the quality of their decisions.

While acknowledging the flaws in token voting, Mumtaz said static committees present a deeper problem because they are “uncriticizable and account to no one.” He added that systems grounded in market dynamics adapt over time, whereas committees do not, arguing that “evolution wins long-term.”

Community members have echoed related concerns. Naval, a user on X, said third-party overseers introduce structural security flaws regardless of their independence.

Another user, Darklight, argued that market-based systems tend toward plutocracy and may fail to preserve civil liberties.

The governance dispute comes as Zcash attracts renewed market attention.

Data from BeInCrypto show the token has risen more than 1,000% in the last three months, reaching a high of $723 before retreating to current levels. Zcash trades near $448 at press time after falling more than 20% in the past week.

The post Vitalik Buterin Warns Against Zcash Token Voting appeared first on BeInCrypto.

Kazakhstan’s central bank is weighing a plan to invest up to $300 million in cryptocurrency assets.

On November 28, Timur Suleimenov, chairman of the National Bank of Kazakhstan, said the bank could allocate funds from the National Fund and its foreign-exchange reserves into crypto.

Kazakhstan’s Central Bank Weighs Timing for Crypto Plan

However, he emphasized that the full amount may not be used.

“In the first stage, we’ll be managing gold and foreign exchange reserves. This is the same money that needs to be managed. Some of it is in gold, some in securities. Within this portfolio, a separate portfolio has already been created, focusing on investments in high-tech stocks and other financial instruments related to digital financial assets. The amounts are up to $300 million. This doesn’t mean we’ve just invested $300 million; we might limit ourselves to $50 million, $100 million, or $250 million,” he reportedly said.

Meanwhile, he said the recent pullback across digital asset markets has made the timing of any allocation less certain. Indeed, Bitcoin price has declined by more than 17% during the past month amid broader market volatility.

Considering this, he stated that the central bank intends to wait for conditions to stabilize before committing funds to the industry.

“We won’t make any decisions without thorough analysis. We’re analyzing. We won’t rush these decisions until good investment opportunities emerge. After the current decline in all digital, financial, and crypto assets, we need to let the dust settle before making investment decisions,” He explained

The initiative forms part of a broader expansion of the central bank’s foreign-exchange portfolio.

The NBK plans to diversify its holdings, which currently rely heavily on gold and securities, by adding high-tech stocks and financial instruments linked to digital assets.

Suleimenov said the investment would be sourced from the bank’s gold and foreign-exchange reserves rather than the National Fund.

Meanwhile, the deliberations come nearly three months after Tokayev instructed the creation of a strategic state reserve for digital assets. The Presidential Press Service said the reserve should focus on cryptocurrency markets given “modern realities.”

Since then, Kazakhstan has entered the digital asset reserve space through its Alem Crypto Fund. The country, through a partnership with Binance, has purchased BNB.

Kazakhstan’s consideration aligns with a broader shift by some sovereign institutions, including that of the United States, toward testing or accumulating digital assets.

Earlier this month, the Czech National Bank acquired $1 million worth of digital assets for a test portfolio, including Bitcoin and an unnamed stablecoin.

Taken together, these moves indicate that governments are increasingly viewing digital assets as a viable tool for reserve diversification.

The post Kazakhstan Prepares for Potential $300 Million Crypto Investment appeared first on BeInCrypto.

BitMEX co-founder Arthur Hayes has warned that Tether risks balance-sheet insolvency if its Bitcoin and gold reserves suffer a 30% drawdown.

His November 30 post targets the structural vulnerabilities in Tether’s latest asset allocation. He suggests the firm has tied its solvency to the performance of volatile risk assets rather than relying solely on the stability of government debt.

Hayes Critique Tether’s Gold and Stablecoin Holdings

Hayes’ assessment draws on Tether’s third-quarter 2025 attestation, which reveals a significant rotation into non-fiat collateral. The report shows the issuer now holds $12.9 billion in precious metals and $9.9 billion in Bitcoin.

According to Hayes, this allocation represents a deliberate “interest rate trade.” His thesis posits that Tether is preparing for Federal Reserve rate cuts that would compress the yield on its massive portfolio of US Treasury bills.

“[Tether] thinks the Fed will cut rates, which crushes their interest income. In response, they are buying gold and BTC that should in theory moon as the price of money falls,” Hayes noted.

However, Hayes argues this strategy introduces asymmetric risk to the company’s thin layer of equity.

Hayes contends that this figure exceeds Tether’s surplus capital, rendering the firm theoretically insolvent even if it remains operationally liquid.

He warned that such a scenario would likely force large holders and exchanges to demand a real-time view of the balance sheet to assess the safety of the peg. Notably, this warning aligns with S&P Global’s decision to assign USDT a ‘5’ rating, the lowest on its scale.

Industry Stakeholders Defend Tether

Industry proponents maintain that the insolvency thesis conflates balance sheet accounting with actual liquidity risk.

Tran Hung, CEO of UQUID Card, dismissed the warning as fundamentally flawed.

He noted that the vast majority of Tether’s $181.2 billion balance sheet remains parked in highly liquid, low-risk instruments. Indeed, the attestation confirms Tether holds $112.4 billion in US Treasury Bills and nearly $21 billion in repo agreements.

Hung argues these “Cash and Cash Equivalents” provide a liquidity wall sufficient to cover the overwhelming majority of USDT in circulation.

Considering this, he argued that Tether would remain fully redeemable even if a market downturn eliminated its corporate equity buffer.

“Tether has consistently demonstrated strong redemption capacity, including $25 billion redeemed in just 20 days during the 2022 market crisis (FTX crisis), one of the largest liquidity ‘stress tests’ in financial history,” Hung noted.

Meanwhile, Cory Klippsten, CEO of Swan Bitcoin, pointed out that Tether’s leverage is more aggressive than that of traditional financial institutions.

Tether is running about 26x leverage with a 3.7% equity cushion. About three quarters of assets are short-term sovereign and repo; one quarter is a mix of BTC, gold, loans, and opaque investments,” Klippsten said.

According to him, a 4% portfolio loss would erase the common equity, while A 16% drop in the riskiest assets would have the same effect.

However, despite the structural leverage, he suggests the risk is mitigated by Tether’s sheer profitability. Indeed, the stablecoin issuer is on track to record a profit of more than $15 billion this year.

Moreover, Klippsten also noted that Tether’s owners recently withdrew a $12 billion dividend. Considering this, he argued they have the capacity to recapitalize the firm immediately if its buffer were ever breached.

The post Arthur Hayes Warns Tether ‘Macro Hedge’ Risks Equity Wipeout in 30% Bitcoin Correction appeared first on BeInCrypto.

Bitcoin is on track to post its second-worst monthly performance of the year after falling 17.28% in November. According to CoinGlass data, that places it just behind February’s 17.39% decline.

Notably, the drop also marks Bitcoin’s steepest November slide since 2022, when it lost 16.23% of its value.

Why Bitcoin Price Struggled This November

According to BeInCrypto data, Bitcoin opened November near $110,000 after a volatile October that delivered a record high of $126,000 but also erased about $20 billion in market value.

The selloff had begun after Donald Trump expanded tariffs on China on October 10, prompting a broad reassessment of risk across global markets.

The choppiness persisted into November, and the record US government shutdown further exacerbated it by tightening liquidity across traditional markets.

Apart from the macroeconomic conditions, BTC was also affected by weakening institutional flows.

According to SoSo Value data, Bitcoin ETFs recorded $3.48 billion in outflows in November. This marks the second-largest monthly outflow since the products launched in 2024.

This outflow trend began quietly in the second half of October. However, it accelerated in November as global markets digested the broader macroeconomic conditions, reducing one of the asset’s most reliable sources of demand.

At the same time, the market stress was amplified by short-term investor capitulation.

According to Glassnode, the realized loss of short-term holders surged, with the 7-day EMA rising to $427 million per day. That level is the highest recorded since November 2022.

The realized loss of short-term holders has surged, with the 7D-EMA reaching $427M/day, the highest level since Nov 2022.
Panic selling is elevated & clearly rising, now exceeding the loss levels seen at the last two major lows of this cycle.

📉 https://t.co/SRJVNc9X4D https://t.co/PNsnxUCGab pic.twitter.com/0HqLTXPeup

— glassnode (@glassnode) November 18, 2025

At the time, BTC panic selling was rife, resulting in losses similar to those observed at the previous two major lows of this cycle.

The data suggests that reactive selling, rather than long-term distribution, was the defining pressure point for Bitcoin’s recent decline.

Due to the convergence of these points, BTC’s price briefly fell to a seven-month low of under $80,000 during the month, before rebounding to $90,773 at press time.

This price performance reflected both external pressures and the accumulation of structural stress in the crypto market.

The post November Was Bitcoin’s Second Worst Month In 2025 appeared first on BeInCrypto.

Bank sentral Cina menegaskan kembali bahwa aset digital tetap ilegal di negara tersebut. Bank tersebut mengatakan bahwa mata uang kripto dan aktivitas bisnis terkait terus membahayakan risiko keuangan serta tidak memenuhi persyaratan kepatuhan inti.

Bank Rakyat Cina mengatakan larangan tetap berlaku setelah pertemuan koordinasi pada 28 November.

Mengapa Cina Menjaga Sikap Larangan Ketat terhadap Aset Kripto?

Pada pertemuan tersebut, bank menegaskan kembali bahwa aset digital tidak memiliki status hukum seperti mata uang fiat dan tidak diizinkan sebagai alat pembayaran dalam transaksi komersial.

Bank menambahkan bahwa aktivitas bisnis yang terkait dengan kripto merupakan aktivitas keuangan ilegal di bawah hukum Cina.

PBOC menyoroti stablecoin, mengatakan bahwa mereka gagal memenuhi standar untuk identifikasi pelanggan dan kontrol anti-pencucian uang.

Menurut bank, kekurangan ini membuat mereka rentan terhadap penyalahgunaan dalam pencucian uang, penggalangan dana penipuan, dan transfer modal lintas batas yang ilegal.

“Stablecoin, sebagai bentuk mata uang virtual, saat ini gagal memenuhi persyaratan efektif untuk identifikasi pelanggan dan anti-pencucian uang, menimbulkan risiko digunakan untuk pencucian uang, penipuan penggalangan dana, dan transfer dana lintas batas ilegal,” terang versi terjemahan dari pernyataan itu.

Menyusul hal ini, otoritas Cina mengatakan mereka tetap fokus pada pengetatan pencegahan risiko dan memastikan perusahaan serta individu mematuhi larangan negara tersebut.

Sementara itu, pengumuman ini mencerminkan komitmen berkelanjutan Beijing untuk penegakan ketat, bahkan ketika yurisdiksi lain mengejar jalur regulasi yang lebih akomodatif.

Pendekatan Cina berbanding terbalik dengan pergeseran yang lebih luas di ekonomi besar dalam setahun terakhir.

Pemerintah di seluruh dunia, termasuk di Amerika Serikat, telah memperkenalkan kerangka kerja untuk mengintegrasikan aset digital ke dalam pasar keuangan tradisional. Langkah-langkah ini mendorong partisipasi industri yang lebih besar dan adopsi institusi.

Namun, Cina tetap mempertahankan larangan luas tahun 2021 terhadap industri yang sedang berkembang ini.

Sebaliknya, otoritas terus memprioritaskan pengembangan mata uang digital bank sentral, e-CNY, sambil memajukan yuan digital di wilayah uji coba dan sistem pembayaran sektor publik.

Menariknya, meskipun ada pembatasan, aktivitas kripto bawah tanah tetap berlangsung di negara Asia ini.

Laporan menunjukkan adanya penggunaan aset virtual yang berkelanjutan di beberapa bagian negara tersebut. Reuters baru-baru ini memperkirakan bahwa Cina kini menyumbang 14% dari pasar penambangan Bitcoin global, menandai kembalinya aktivitas penambangan kripto secara diam-diam meskipun ada larangan nasional.

Irys, sebuah blockchain layer-1 yang terdaftar di exchange besar termasuk Coinbase, berada dalam sorotan setelah satu entitas menangkap sekitar 20% dari alokasi airdrop-nya.

Pada tanggal 28 November, perusahaan analitik blockchain Bubblemaps mengatakan pihaknya mengidentifikasi sekitar 900 wallet yang terlibat dalam proses ini.

IRYS Turun Setelah 900 Wallet Terkait Mengambil US$4 Juta dalam Airdrop Token

Menurut perusahaan tersebut, alamat-alamat ini tidak menunjukkan aktivitas on-chain sebelumnya. Pola ini digambarkan sebagai persiapan terkoordinasi daripada partisipasi organik dalam jaringan.

Setelah distribusi, jaringan klaster mulai mengonsolidasikan aset.

Data menunjukkan bahwa sekitar 500 dari wallet yang diidentifikasi memindahkan alokasi IRYS mereka ke alamat-alamat perantara sebelum mengarahkan dana ke Bitget, sebuah centralized exchange.

Aliran token yang bernilai sekitar US$4.000.000 menunjukkan persiapan yang mungkin untuk melikuidasi posisi. Langkah semacam ini bisa memperkenalkan tekanan jual yang signifikan pada order book aset tersebut.

Harga IRYS berada di bawah tekanan setelah pengungkapan ini. Token tersebut turun 16% dalam 24 jam terakhir dan diperdagangkan mendekati US$0,032 pada waktu publikasi.

Bubblemaps mencatat bahwa mereka tidak menemukan bukti on-chain yang menghubungkan tim IRYS dengan klaster wallet tersebut.

Irys memasarkan dirinya sebagai “AWS on-chain” yang dirancang untuk penyimpanan data dan eksekusi smart contract.

Protokol ini telah berhasil mengumpulkan lebih dari US$13.000.000 dari investor modal ventura dan mendaftarkan tokennya minggu ini di exchange utama, termasuk Binance dan Coinbase.

Airdrop Farmers are very bad for this space.

> Someone claimed 20% of the IRYS airdrop

> 60% of aPriori airdrop was claimed by one entity via 14,000 addresses

> One entity claimed $170M from the MYX airdrop with 100 freshly funded wallets

> One entity claimed $4M from the… pic.twitter.com/WvN5D7qlU6

— Crypto with Khan ( SFZ ) (@Cryptowithkhan) November 29, 2025

Aset Kripto Perlu Perlindungan Sybil yang Lebih Kuat

Kejadian ini menyoroti tantangan struktural yang dihadapi proyek kripto yang mengandalkan airdrop untuk memperluas kepemilikan.

Memang, Irys mengalokasikan 8% dari total suplai untuk acara tersebut. Tujuannya adalah untuk mendistribusikan token kepada pengguna awal dan membantu mendesentralisasi jaringan.

Namun, konsentrasi token dalam satu klaster menunjukkan bagaimana airdrops tetap rentan terhadap aktor yang menggunakan banyak wallet hasil skrip untuk menangkap alokasi besar.

Ketika satu entitas mengontrol 20% dari peredaran float awal, pengamat pasar mengatakan hasilnya adalah risiko sentralisasi yang meningkat dan penemuan harga yang terdistorsi.

IRYS Airdrop Exploit: One Wallet Takes 20% (~$4 million) 🧵

> $IRYS finished its airdrop on Nov 26, 2025.

> Total drop: 400M tokens (20% of supply).

> 1,273 wallets claimed 183M IRYS.

> But one entity got 20% of the whole drop.

> They used 897 wallets.

> All funded the same… pic.twitter.com/HvYQs9UpV3

— Param (@Param_eth) November 28, 2025

Sementara itu, insiden seperti ini menunjukkan keterbatasan yang lebih luas dalam praktik distribusi token di ekosistem permissionless. Lingkungan ini memiliki pemeriksaan identitas minimal dan akses jaringan yang tidak terbatas.

Episode IRYS ini menunjukkan betapa sulitnya mencegah penangkapan airdrop yang terkoordinasi tanpa penyaringan yang lebih kuat, heuristik identitas yang lebih baik, atau tinjauan pra-distribusi yang lebih lengkap.

Tanpa perlindungan tersebut, acara likuiditas awal dapat menguntungkan aktor jangka pendek secara tidak proporsional. Dinamika ini dapat melemahkan hasil bagi holder jangka panjang dan stabilitas jaringan secara keseluruhan.

---

Co-founder BitMEX Arthur Hayes memperkirakan sebagian besar jaringan blockchain layer-1 akan menghilang. Ia berargumen bahwa hanya Ethereum dan Solana yang memiliki kasus penggunaan institusional yang diperlukan untuk bertahan jangka panjang.

Dalam penampilan tanggal 28 November di podcast Altcoin Daily, Hayes mengatakan bahwa daftar yang terus bertambah dari blockchain dasar alternatif tidak mengubah pandangannya. Ia masih memperkirakan pasar akan berkonsolidasi di sekitar sekelompok jaringan dominan.

Kenapa Hayes Berpikir Ethereum dan Solana Akan Bertahan

Hayes berargumen bahwa peran Ethereum dalam adopsi institusional adalah kunci ketahanannya.

Menurutnya, Ethereum akan digunakan oleh investor ini untuk mencapai tujuan Web3 mereka, sementara ia memperkirakan sekumpulan “L1 publik utama” akan tetap relevan di tahun-tahun mendatang.

“Ethereum, seluruh ekosistem ini, akan digunakan oleh TradFi untuk mencapai apa pun yang mereka inginkan dalam Web3…Ethereum jelas menang dan akan terus menang,” ujarnya.

Ia menunjuk Solana sebagai satu-satunya chain lain dengan daya tahan serupa. Hayes menyebutkan pemulihan terbaru dari jaringan tersebut, walau ia mengatakan penggerak pertumbuhan berikutnya masih belum jelas.

Menurutnya, demam meme coin di Solana telah mereda, dan jaringan ini perlu menemukan “trik baru” untuk mendorong pertumbuhannya.

“Solana butuh trik baru. Saya tidak tahu apa trik baru itu, namun, ini adalah L1 terbesar kedua. Saya pikir mereka akan menemukan sesuatu,” tutur Hayes.

Meski optimis, Hayes mengatakan Solana tidak akan mengungguli Ethereum seiring waktu. Dia menambahkan bahwa “hampir setiap L1 lainnya selain Ethereum atau Solana adalah nol.”

Ethereum dan Solana tetap menjadi dua jaringan layer-1 terbesar berdasarkan kapitalisasi pasar dan telah menarik perhatian institusional dari perusahaan seperti Franklin Templeton.

Pandangan Bearish pada Monad

Sementara itu, Hayes jauh lebih skeptis mengenai Monad, yang meluncurkan token MON dan blockchain publiknya minggu ini.

Proyek ini memasarkan dirinya sebagai layer-1 berkinerja tinggi dengan eksekusi paralel yang kompatibel dengan Ethereum Virtual Machine, sehingga beberapa pelaku industri menyebutnya sebagai “pembunuh ETH berikutnya.”

Hayes menolak karakterisasi tersebut dengan menyatakan bahwa “hampir setiap L1 lainnya selain Ethereum atau Solana adalah nol dan mereka tidak akan berkinerja baik.”

Dia menggambarkan Monad sebagai “chain beruang lainnya” dan memprediksi token tersebut “akan turun 99% karena itu adalah lint VC ber-FTV tinggi, bernilai rendah lainnya.”

Meski dia mengakui telah membeli beberapa token MON, dia mengatakan pergerakan harga awalnya tidak berarti nilai yang tahan lama.

“Setiap koin mendapat reli pertama mereka, dan orang ingin percaya pada L1 baru karena semua orang ingin berinvestasi dalam Ethereum baru seperti yang mereka lakukan pada 2014 ketika semua orang melewatkannya, termasuk saya. Namun, lagi-lagi, itu tidak berarti akan memiliki kasus penggunaan yang nyata,” jelas Hayes.

Mempertimbangkan hal ini, Hayes mengatakan bahwa tesis pasar yang lebih luasnya masih berpusat pada Bitcoin, Ethereum, dan Solana, tapi ia mencatat bahwa ZCash dan Ethena bisa melengkapi daftar lima teratasnya.

Pasar meme coin Solana telah jatuh ke tingkat terlemahnya dalam hampir dua tahun karena aktivitas perdagangan terus menyusut di seluruh decentralized exchange.

Menurut data Blockworks, kategori ini kini menyumbang kurang dari 10% dari volume harian pada DEX berbasis Solana. Ini menandai penurunan tajam dari lonjakan yang mendominasi jaringan tahun lalu.

Trader Solana Dump Meme Coin untuk Stablecoin

Untuk konteks, meme coin Solana menghasilkan volume sekitar US$295 juta pada 27 November. Jumlah tersebut mewakili sekitar 9,2% dari lebih dari US$3,2 miliar yang diperdagangkan di jaringan pada hari itu.

Penurunan ini menunjukkan penurunan tajam dari Desember 2024, ketika aset meme menyumbang lebih dari 70% dari volume perdagangan pada DEX Solana.

Koreksi ini mengikuti serangkaian penipuan dan rug pull yang menghebohkan ekosistem Solana awal tahun ini.

Salah satu insiden paling mencolok melibatkan token LIBRA, meme coin yang terkait dengan kontroversi seputar Presiden Argentina Javier Milei.

Runtuhnya token tersebut menguras lebih dari US$107 juta dalam likuiditas. Ini juga berkontribusi pada perkiraan kerugian lebih dari US$4 miliar secara lebih luas, menurut pelacak industri.

Keadaan ini menyebabkan penurunan aktivitas pengguna Solana, termasuk penurunan trader unik, dan menandai penurunan lebih luas dari aset terkait meme.

Penipuan lanjutan memperkuat tren ini, mengikis kepercayaan investor dan mempersempit pelaku pasar yang mau berspekulasi pada token baru.

Akibatnya, jumlah peluncuran token di Solana telah turun 42% sejak pertengahan Januari. Penurunan ini mencerminkan kontraksi lebih luas dalam selera untuk proyek berisiko tinggi.

Are memecoins dead?

The amount of token launches on solana has decreased by a whopping 42% since mid-january.

However, that hasn't reduced the amount of activity onchain with over 11M active addresses. Very bullish actually. pic.twitter.com/a5Qpjbmmmp

— Solana Sensei (@SolanaSensei) November 28, 2025

Sementara itu, saat aktivitas meme coin mereda, stablecoin telah mengambil bagian yang lebih besar dari aliran jaringan.

Data Blockworks menunjukkan transaksi terkait stablecoin naik mendekati 80% dari volume DEX, salah satu pembacaan tertinggi dalam lebih dari dua tahun.

Pergeseran ini menandakan preferensi yang jelas untuk aset yang menawarkan likuiditas lebih dalam dan volatilitas lebih rendah, terutama saat pasar menyerap penurunan lebih luas tahun ini.

China’s central bank has reiterated that digital assets remain illegal in the country. It said cryptocurrencies and related business activities continue to pose financial risks and fall short of core compliance requirements.

The People’s Bank of China said the prohibition remains in force following a November 28 coordination meeting.

Why is China Maintaining its Strict Crypto Ban Stance?

At the meeting, the bank reiterated that digital assets do not share the legal status of fiat currency and are not permitted as a means of payment in commercial transactions.

It added that crypto-linked business activity constitutes illegal financial activity under Chinese law.

The PBOC singled out stablecoins, saying they fail to meet standards for customer identification and anti-money-laundering controls.

That gap, the bank said, exposes them to misuse in money laundering, fraudulent fundraising, and illegal cross-border capital transfers.

“Stablecoins, a form of virtual currency, currently fail to effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers,” a translated version of the statement reads.

Considering this, the Chinese authorities said they remain focused on tightening risk prevention and ensuring firms and individuals comply with the country’s prohibitions.

Meanwhile, the announcement reflects Beijing’s continued commitment to strict enforcement, even as other jurisdictions pursue more accommodative regulatory paths.

China’s stance stands in contrast with the broader shift in major economies over the past year.

Governments around the world, including the United States, have introduced frameworks to integrate digital assets into traditional financial markets. These measures are driving greater industry participation and institutional adoption.

However, China has maintained its sweeping 2021 ban on the emerging industry.

Instead, the authorities have continued to prioritize development of its central bank digital currency, the e-CNY, as it advances the digital yuan across pilot regions and public-sector payment systems.

Interestingly, despite the restrictions, underground crypto activity has persisted within the Asian country.

Reports have pointed to ongoing usage of virtual assets in parts of the country. Reuters recently estimated that China now accounts for 14% of the global Bitcoin mining market, marking a quiet return of crypto mining activity despite the nationwide ban.

The post China Doubles Down on Crypto Ban as PBOC Issues Warning on Stablecoins appeared first on BeInCrypto.

Irys, a layer-1 blockchain listed on major exchanges including Coinbase, is under scrutiny after a single entity captured roughly 20% of its airdrop allocation.

On November 28, blockchain analytics firm Bubblemaps said it identified about 900 wallets involved in the process.

IRYS Slides After 900 Linked Wallets Take $4 Million in Airdrop Tokens

According to the firm, these addresses showed no prior on-chain activity. It described the pattern as consistent with coordinated preparation rather than organic network participation.

Following the distribution, the cluster network began consolidating the assets.

Data shows that roughly 500 of the identified wallets transferred their IRYS allocations to intermediary addresses before routing the funds to Bitget, a centralized exchange.

The flow of tokens, valued at approximately $4 million, indicates a likely preparation to liquidate the position. Such a move could introduce significant sell-side pressure on the asset’s order book.

IRYS price has come under pressure following the disclosures. The token has declined 16% over the past 24 hours and is trading near $0.032 as of press time.

Bubblemaps noted that it found no on-chain evidence linking the IRYS team to the wallet cluster.

Irys markets itself as an “on-chain AWS” designed for data storage and smart-contract execution.

The protocol has raised more than $13 million from venture capital investors and listed its token this week on major exchanges, including Binance and Coinbase.

Airdrop Farmers are very bad for this space.

> Someone claimed 20% of the IRYS airdrop

> 60% of aPriori airdrop was claimed by one entity via 14,000 addresses

> One entity claimed $170M from the MYX airdrop with 100 freshly funded wallets

> One entity claimed $4M from the… pic.twitter.com/WvN5D7qlU6

— Crypto with Khan ( SFZ ) (@Cryptowithkhan) November 29, 2025

Crypto Needs Stronger Sybil Protection

The episode highlights a structural challenge facing crypto projects that rely on airdrops to expand ownership.

Indeed, Irys allocated 8% of its total supply to the event. The goal was to distribute tokens to early users and help decentralize the network.

Instead, the concentration of tokens in a single cluster shows how airdrops remain vulnerable to actors using large batches of script-generated wallets to capture outsized allocations.

When one entity controls 20% of the initial circulating float, market observers say the result is heightened centralization risk and distorted price discovery.

IRYS Airdrop Exploit: One Wallet Takes 20% (~$4 million) 🧵

> $IRYS finished its airdrop on Nov 26, 2025.

> Total drop: 400M tokens (20% of supply).

> 1,273 wallets claimed 183M IRYS.

> But one entity got 20% of the whole drop.

> They used 897 wallets.

> All funded the same… pic.twitter.com/HvYQs9UpV3

— Param (@Param_eth) November 28, 2025

Meanwhile, incidents like this point to broader limitations in token distribution practices across permissionless ecosystems. These environments have minimal identity checks and unrestricted network access.

This IRYS episode shows how difficult it is to prevent coordinated airdrop capture without stronger filtering, better identity heuristics, or more robust pre-distribution reviews.

Without those safeguards, early liquidity events can disproportionately benefit short-term actors. That dynamic can weaken outcomes for long-term holders and overall network stability.

The post Irys Airdrop Draws Concern After One Entity Captures 20% of Supply appeared first on BeInCrypto.

---

BitMEX co-founder Arthur Hayes expects most layer-1 blockchain networks to fade, arguing that only Ethereum and Solana have the institutional use cases needed to survive long term.

In a November 28 appearance on the Altcoin Daily podcast, Hayes said the growing list of alternative base-layer blockchains has not changed his view. He still expects the market to consolidate around a small group of dominant networks.

Why Hayes Thinks Ethereum and Solana Will Endure

Hayes argued that Ethereum’s role in institutional adoption is central to its durability.

According to him, Ethereum will be used by these investors to achieve their Web3 goals, while he expects a “basket of main public L1s” to remain relevant in the years ahead.

“Ethereum, this whole ecosystem, is going to be used by TradFi to achieve whatever they want to do within Web3…Ethereum is obviously winning and going to keep winning,” he said.

He pointed to Solana as the only other chain with similar staying power. Hayes cited the network’s recent rebound, though he said its next growth driver is unclear.

According to him, the meme coin frenzy on Solana has petered out, and the network would need to find “new tricks” to boost its growth.

“Solana needs a new trick. I don’t know what that new trick is, but again, it’s the number two largest L1. I think they’ll find something,” Hayes noted.

Despite that optimism, Hayes said Solana is unlikely to outperform Ethereum over time. He added that “pretty much every other L1 besides Ethereum or Solana is a zero.”

Ethereum and Solana remain the two largest layer-1 networks by market capitalization and have attracted institutional attention from firms such as Franklin Templeton.

Bearish View on Monad

Meanwhile, Hayes was far more skeptical about Monad, which launched its MON token and public blockchain this week.

The project markets itself as a high-performance layer-1 with parallelized execution compatible with the Ethereum Virtual Machine, prompting some industry participants to call it the “next ETH killer.”

Hayes rejected that characterization by declaring that “pretty much every other L1 besides Ethereum or Solana is a zero and they’re not going to do very well.”

He described Monad as “another bear chain” and predicted the token “is going to go down 99% because it’s another high-FTV, low-float piece of VC lint.”

Though he acknowledged buying some MON tokens, he said its early price moves do not translate into durable value.

“Every coin gets their first pump, and people want to believe in the new L1 because everybody wants to invest in the new Ethereum like they would have in 2014 when everyone missed it, me included. But again, that doesn’t mean that it’s going to actually have any real use case,” Hayes emphasized.

Considering this, Hayes said his broader market thesis still centers on Bitcoin, Ethereum, and Solana, but noted that ZCash and Ethena could round out his top-five list.

The post Arthur Hayes Dismisses Monad, Backs Ethereum and Solana Dominance appeared first on BeInCrypto.

Solana’s meme coin market has fallen to its weakest level in nearly two years as trading activity continues to contract across decentralized exchanges.

According to Blockworks data, the category now accounts for less than 10% of daily volume on Solana-based DEXs. This marks a sharp reversal from the boom that dominated the network last year.

Solana Traders Dump Meme Coins For Stablecoins

For context, Solana meme coins generated roughly $295 million in volume on November 27. That amount represented about 9.2% of the more than $3.2 billion traded across the network that day.

The slide underscores a steep decline from December 2024, when meme assets accounted for more than 70% of trading volume on Solana DEXs.

The pullback follows a series of high-profile rug pulls and scams that hit the Solana ecosystem earlier this year.

One of the most visible incidents involved the LIBRA token, a meme coin linked to a controversy surrounding Argentine President Javier Milei.

Its collapse drained more than $107 million in liquidity. It also contributed to an estimated $4 billion in broader losses, according to industry trackers.

The fallout led to a decline in Solana user activity, including a drop in unique traders, and set the tone for a broader retreat from meme-linked assets.

Subsequent scams reinforced the trend, eroding investor confidence and narrowing the pool of market participants willing to speculate on new tokens.

As a result, the number of token launches on Solana has dropped by 42% since mid-January. The decline reflects a broader contraction in appetite for high-risk projects.

Are memecoins dead?

The amount of token launches on solana has decreased by a whopping 42% since mid-january.

However, that hasn't reduced the amount of activity onchain with over 11M active addresses. Very bullish actually. pic.twitter.com/a5Qpjbmmmp

— Solana Sensei (@SolanaSensei) November 28, 2025

Meanwhile, as meme coin activity receded, stablecoins have taken a larger share of network flow.

Blockworks data shows stablecoin-related transactions climbed to nearly 80% of DEX volume, one of the highest readings in more than two years.

This shift signals a clear preference for assets that offer deeper liquidity and lower volatility, particularly as markets absorb this year’s broader downturn.

The post Solana Meme Coins are Dying Out, Key Metric Shows appeared first on BeInCrypto.

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

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

Wall Street Divided on Zcash Impact on Bitcoin

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

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

— OKX中文 (@okxchinese) November 23, 2025

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

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

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

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

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

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

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

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

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

TLDR:

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

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

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

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

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

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

BitMine Doubles Down on Ethereum With Staking Plan

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

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

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

— Lookonchain (@lookonchain) November 23, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Why Cardano Experienced a Temporary Chain Split

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

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

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

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

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

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

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

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

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

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

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

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

Cardano’s Technology Earns Praise

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

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

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

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

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

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

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

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

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

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

Zcash, aset kripto fokus pada privasi, melonjak lebih dari 12% hingga diperdagangkan mendekati US$600 pada hari Minggu setelah OKX mengumumkan akan melisting ulang token tersebut.

Reli ini menjadikan ZEC sebagai aset berkinerja terbaik di antara mata uang kripto utama dalam 24 jam terakhir, jauh melampaui Bitcoin, yang telah berjuang untuk merebut kembali level US$90.000.

Wall Street Terbelah Mengenai Dampak Zcash pada Bitcoin

Pada 23 November, OKX mengumumkan bahwa perdagangan spot untuk pasangan ZEC/USDT akan dilanjutkan pada pukul 12:00 UTC besok.

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

— OKX中文 (@okxchinese) November 23, 2025

Meskipun exchange tidak memberikan alasan tambahan untuk keputusannya, langkah ini menandai pengubahan regulasi signifikan bagi platform tersebut. Sebelumnya, platform ini telah menghapus asset tersebut pada tahun 2023, dengan alasan risiko kepatuhan.

Meskipun demikian, keputusan ini dapat dikaitkan dengan dua faktor signifikan, termasuk kinerja kuat ZEC dibandingkan Bitcoin dalam beberapa bulan terakhir.

Ini juga mencerminkan pelonggaran regulasi pasca pemilu, karena kepemimpinan baru SEC mendorong platform untuk mengintegrasikan kembali protokol privasi yang sebelumnya dianggap berbahaya.

Sementara itu, kebangkitan Zcash telah memicu pertarungan filosofis di Wall Street mengenai masa depan privasi digital.

Eric Balchunas, Analis ETF Senior di Bloomberg, memberikan peringatan bahwa peralihan mendadak ke privacy coins dapat memecah narasi kripto yang lebih luas. Ia mencatat bahwa pergeseran ini terjadi ketika Bitcoin sedang berusaha untuk mengkonsolidasikan dukungan institusional.

Ia berpendapat bahwa mendorong lapisan privasi tersendiri berisiko “membelah suara” dalam alokasi modal ketika Bitcoin memerlukan dukungan politik dan budaya yang bersatu untuk mengukuhkan statusnya sebagai aset cadangan global.

“Zcash memiliki kesan kandidat pihak ketiga, seperti Gary Johnson atau Jill Stein. Sepertinya Anda lebih baik mengintegrasikan ide mereka ke partai utama dibanding membelah suara, yang dapat memiliki konsekuensi besar, terutama pada saat yang krusial untuk BTC,” ujarnya.

Namun, manajer aset menyarankan bahwa kekurangan mendasar dalam Bitcoin mendorong rotasi ini.

Jan van Eck, CEO dari manajer investasi global VanEck, menentang karakterisasi “perusak” tersebut. Dia mencatat bahwa investor berpengalaman memperlakukan Zcash sebagai pelengkap yang diperlukan untuk Bitcoin daripada sebagai pesaing.

TLDR:

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

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

Menurut Van Eck, bear market saat ini dalam Bitcoin mencerminkan “realitas on-chain” dari risiko pengawasan. Ia berpendapat bahwa permintaan yang meningkat untuk kerahasiaan mendorong modal menuju ledger terenkripsi Zcash.