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Bitcoin slid below $85,000 this week amid a wave of forced liquidations, losing several long-term moving-average supports and stoking debate over whether the latest rebound is sustainable or a pause before further downside. The sell-off leaves BTC on track for a fourth consecutive weekly decline and its lowest levels since April.

Break below long-term trend supports

Bitcoin closed below the 50-week moving average for the first time in the current four-year cycle after a failed attempt to reclaim that level. The rejection followed a brief bounce from the lower boundary of a multi-year price channel, after which the pattern broke down.

Structurally, BTC has slipped beneath the 2-day 200 EMA and SMA, breached the 50-week SMA, and lost a key confluence zone between $98,000 and $106,800 that traders had flagged for long-term Fibonacci overlap. Historically, a similar combination—a weekly close under the 50-week MA alongside an RSI drop below 50 and a MACD turn negative—preceded deeper weakness in January 2022.

Spot price lows reached roughly $81,800, leaving BTC well below its MA-20 (~$100,159), MA-50 (~$108,384), and MA-200 (~$110,345). BTC Markets strategist Rachael Lucas noted that Bitcoin is now approaching the 100-week simple moving average after failing to hold the 50-week level, calling the latter “a critical support level for long-term trend watchers.”

Liquidations turned a correction into a slide

Derivatives positioning amplified the move. As price fell through psychological thresholds at $100,000 and $90,000, a 13-day stretch of forced long liquidations removed bids and triggered cascading selling, accelerating the decline from around $105,000 into the low-$80,000s.

The token’s drop to fresh multi-month lows marks a steepening of the downtrend that began after highly leveraged crypto positions were unwound in October.

Short-term bounce; levels to watch

After the flush, buyers pushed BTC back above $86,000, reclaiming more than 50% of the downswing from the $92,872 swing high to the $80,595 low. Intraday momentum is mixed: the RSI on lower timeframes has recovered above 50, while the MACD is flattening after losing momentum.

• Resistance: $86,000–$92,900 (includes the 50% retracement and prior swing area).
• Support: $82,500 near term; major support at $80,000. A decisive break below $80,000 could accelerate downside.
• Trend gauges: 50-day EMA remains under pressure after a second weekly close beneath it, a setup some analysts view as a risk for a retest of $80,000.

Prominent market watcher Ted Pillows cautioned that repeated closes below the 50-day EMA keep $80,000 in play as a key technical floor, a level last visited in late February 2025.

Macro backdrop and broader market

Macro uncertainty continues to weigh on risk assets. Bloomberg Intelligence senior commodity strategist Mike McGlone warned that Bitcoin could face further downside toward $50,000 in 2026 if broader risk-off conditions persist.

Across majors, selling was widespread. Ether fell below $2,740 (−9.6% over 24 hours). XRP, Binance’s BNB, and Solana’s SOL declined about 9.1%, 8.4%, and 10.6%, respectively.

As of the latest trade, Bitcoin hovered near $87,000 (approximately A$135,000), with the 100-week SMA overhead and the $80,000 area emerging as the market’s pivotal near-term line in the sand.

Dogecoin rose on Monday as Grayscale’s spot Dogecoin exchange-traded fund (ETF) made its U.S. debut, with traders pointing to fresh institutional access and improving technical signals. The launch comes amid a broader market uptick and renewed interest in altcoin-based ETFs.

Grayscale’s DOGE ETF launches on NYSE Arca

Grayscale Investments is listing spot ETFs for Dogecoin and XRP on NYSE Arca on November 24, 2025. The Dogecoin product, referred to by market participants as GDOG, opened for trading on Monday, adding a new avenue for U.S. investors to gain exposure to DOGE via traditional brokerage accounts.

ETF watchers on X, including Bloomberg’s Eric Balchunas, projected first-day transaction volumes for the Dogecoin ETF could reach around $11 million. Market participants also flagged the potential for a rival DOGE vehicle from Bitwise to go live under the standard post-filing window, creating additional competition for inflows.

The launch follows a series of altcoin ETF developments in November, with XRP, Solana, and Ethereum products seeing fresh inflows and a recently approved leveraged crypto ETF on Nasdaq adding to risk appetite across digital assets.

Price action: key levels and technical setup

DOGE advanced roughly 2% over 24 hours as the total crypto market capitalization climbed about 2.6%. The token has recovered from a steady drawdown since its November 2024 peak and is attempting to confirm a bullish reversal.

On shorter timeframes, Dogecoin broke decisively above the $0.148 resistance on strong volume, a move that coincided with a clean MACD bullish crossover on the 4-hour chart. Traders also highlighted price holding above the $0.16–$0.17 support area, a zone that previously capped rallies. A falling wedge breakout has been cited by some analysts as a constructive pattern that can precede upside continuation.

In a historical context, DOGE defied resistance in late June, rallying about 90% from $0.151 to a July high near $0.288. Some analysts argue that a clear upside breakout from current consolidation could open room for significant percentage gains, but they also caution that confirmation above major resistance remains critical.

On-chain and flow dynamics

Short-term exchange and on-chain metrics indicate a shift in market structure, with traders rotating back into higher-beta tokens as ETF headlines drive attention. However, Dogecoin’s Network Value to Transactions (NVT) ratio has spiked, a sign that valuation may be running ahead of on-chain settlement activity. That mismatch could limit upside if inflows disappoint.

Broader ETF flows have offered a supportive backdrop. Spot products tied to XRP, Solana, and Ethereum saw renewed subscriptions after Friday’s pullback, suggesting risk appetite remains intact into week’s start. The arrival of a U.S. spot Dogecoin ETF adds a new institutional channel, though early trading suggested a measured start rather than a surge of immediate volume.

What to watch

• ETF traction: First-week volumes and spreads in GDOG, plus any competing DOGE products that list in coming sessions.
• Key price levels: Support at $0.16–$0.17 and prior resistance near $0.148 now acting as a floor; medium-term bulls eye a retest of the July high around $0.288 if momentum sustains.
• Momentum signals: Whether the 4-hour MACD crossover and falling wedge breakout lead to follow-through on higher timeframes.
• On-chain valuation: Elevated NVT normalizing alongside improving exchange flows would strengthen the case for a trend reversal.

While the technical setup has improved, analysts note that confirmation above overhead resistance will determine whether Monday’s bounce evolves into a durable uptrend.

Bitcoin hovered near multi-month lows ahead of a major options expiry on Friday, with roughly $14 billion in contracts set to roll off. Traders are bracing for elevated volatility as spot prices struggle below key technical levels and sentiment gauges flash extreme bearish readings.

Market snapshot and sentiment

Bitcoin extended November’s decline in recent sessions, with intraday moves briefly taking the price below $85,000 for the first time since April. At one point, BTC traded near $87,300, down about 4% on the day and almost 13% on the week after falling from highs above $103,000 days earlier, according to CoinGecko. Broader risk sentiment also softened, with U.S. equities giving back early gains.

CryptoQuant’s Bull Score Index fell to 20/100, indicating extreme bearish conditions. Analysts noted that BTC remains well below the 365-day moving average around $102,000, a level associated with trend confirmation and referenced as a key threshold during the 2022 bear market.

Options expiry and potential volatility

About $14 billion in Bitcoin options are due to expire on Friday, a catalyst that often reshapes positioning and short-term price action. A Bitwise analyst highlighted the $84,000–$73,000 zone as a potential “max pain” capitulation range if downside pressure accelerates. Others see the possibility of a sharp short squeeze toward $98,000 if selling exhausts and forced covering accelerates.

Derivatives indicators suggest positioning has already cooled substantially. Open interest in BTC terms posted its sharpest 30-day drop of the cycle at roughly 1.3 million BTC (about $114 billion notionally with BTC near $87,500), a sign that leverage has been flushed out, according to a CryptoQuant contributor. Rising realized and implied volatility signal a potential return to pre-ETF launch dynamics, when price swings were more pronounced.

On-chain and derivatives signals

• Capriole’s “relative heat” metric for Bitcoin derivatives, which tracks the heat across perpetuals, futures, and options weighted by open interest, fell to 0.09 — its lowest reading since November 2022.
• On-chain readings indicate significant seller capitulation near $80,000, with one model suggesting a 91% probability that a bullish trend reversal follows such capitulation. While model-based probabilities are not guarantees, they underscore the degree of deleveraging already seen.
• Analysts also flagged that the cost basis of large institutional holders — including BlackRock’s spot Bitcoin ETF (IBIT) and major corporate treasuries — is drawing closer to current prices, historically a zone that can attract defensive flows or opportunistic buying.

Key levels and institutional context

Technicians say the break below $92,000 altered the market’s character, with price testing minor support near $90,500 and risk extending toward $88,000 if flows do not improve. On the daily chart, there is no clear trend-reversal signal until BTC reclaims at least the 20-day EMA, currently near $100,000.

Despite short-term weakness, some market participants maintain a constructive longer-term view. Bitfinex described Bitcoin’s structural thesis as “firm,” citing ongoing institutional adoption and store-of-value demand. Still, ETF flows have been mixed in recent weeks, and analysts noted that long-term whales accounted for a sizable portion of sales during October and November.

What to watch

• Friday’s options expiry: Position resets could amplify volatility and set the next directional move.
• Support and resistance: $88,000 on the downside; $92,000–$100,000 on the upside, including the 20-day EMA and the 365-day moving average near $102,000.
• Derivatives/flows: Open interest rebuilding, funding rates, and ETF net flows as gauges of risk appetite.

For now, the market sits between potential capitulation and the possibility of a squeeze, with Friday’s expiry poised to be a key inflection point.

Paxos has acquired institutional wallet provider Fordefi to combine its regulated custody infrastructure with Fordefi’s multi-party computation (MPC) wallet stack and decentralized finance (DeFi) integrations. The deal, whose terms were not disclosed, is aimed at giving institutions a single, compliant platform to issue stablecoins, tokenize assets, and manage on-chain transactions. In parallel, Paxos said it is extending its regulated USDG stablecoin across multiple blockchains using LayerZero’s Omnichain Fungible Token (OFT) standard.

Paxos Adds Fordefi to Unify Custody, MPC Wallets, and DeFi

Paxos said integrating Fordefi’s MPC architecture, policy engine, and DeFi connectivity will enhance its qualified custody services and provide clients with end-to-end tooling for on-chain operations. The combined platform is designed to support complex payment flows, tokenization, and stablecoin issuance while maintaining enterprise-grade security and compliance controls.

Fordefi provides an institutional MPC wallet solution that reportedly safeguards more than $120 billion in monthly transaction volume. By bringing Fordefi in-house, Paxos aims to simplify institutional access to on-chain activity, allowing customers to transact, custody, and build products from a single provider underpinning both traditional and DeFi use cases.

Broader Strategy: Stablecoins, Tokenization, and Enterprise Rails

Paxos issues a range of regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The company has been expanding its footprint in stablecoins and tokenized finance, and earlier this year acquired Finland-based stablecoin issuer Membrane Finance.

Paxos also recently introduced Paxos Labs to help partners embed DeFi products—such as stablecoins, yield strategies, and tokenized assets—directly into their platforms. Together, the Fordefi acquisition and recent product expansions position Paxos as a full-stack infrastructure provider for regulated institutions spanning both centralized custody and emerging DeFi channels.

USDG Expands Omnichain via LayerZero

As part of its multi-chain strategy, Paxos said it is extending its regulated USDG stablecoin across additional networks using LayerZero’s OFT standard. The OFT-based bridged token enables USDG to circulate on chains where Paxos does not yet natively issue, improving liquidity and developer access.

According to the company, USDG is currently available on Solana, Ethereum, Ink, and X Layer. The first phase of the omnichain rollout includes integrations with Hyperliquid—followed by Plume and Aptos—to support use cases such as yield-aligned trading, lending markets, modular DeFi, and enterprise-grade stablecoin rails.

Industry Context

The move underscores ongoing consolidation in crypto wallet and custody infrastructure as enterprises seek secure, compliant ways to operate on-chain. Recent sector deals include fintech providers acquiring wallet platforms to accelerate product development and deepen institutional capabilities.

Paxos has acquired institutional wallet provider Fordefi, combining its regulated custody platform with Fordefi’s multi‑party computation (MPC) wallet technology and decentralized finance (DeFi) integrations. The deal, terms of which were not disclosed, is aimed at offering institutions a single platform to issue stablecoins, tokenize assets, and manage on‑chain transactions with enterprise security and compliance.

Paxos Acquires Fordefi to Bolster Institutional Wallet Infrastructure

Paxos said integrating Fordefi’s MPC wallet architecture, policy engine, and DeFi connectivity will enhance its qualified custody services. According to the companies, clients will be able to use one platform to launch stablecoins, tokenize real‑world and digital assets, and build complex payment flows while maintaining regulated controls.

Fordefi provides an institutional‑grade MPC wallet solution that reportedly safeguards more than $120 billion in monthly transaction volume. MPC technology distributes key management across multiple parties, reducing single‑point‑of‑failure risks for organizations conducting high‑value on‑chain operations.

Strategic Context and Recent Deals

The Fordefi acquisition is Paxos’s second in the past year. In February, the blockchain infrastructure firm closed its purchase of Membrane Finance, a Finland‑based stablecoin issuer. Together, the moves indicate Paxos is expanding beyond token issuance toward full‑spectrum infrastructure for regulated institutions, spanning both traditional stablecoin rails and emerging DeFi channels.

Paxos issues several regulated digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The company also recently debuted Paxos Labs to help partners embed products such as stablecoins, yield strategies, and tokenized assets into their platforms.

USDG Stablecoin Expands via LayerZero’s OFT Standard

In a related product update, Paxos said its regulated USDG stablecoin is being extended across multiple blockchains using LayerZero’s Omnichain Fungible Token (OFT) standard. The bridged token will allow USDG to move to networks where Paxos does not yet offer native issuance.

The initial rollout will start with Hyperliquid—a network Paxos cited as having more than $4.5 billion in total value locked—and will expand to Plume and Aptos. Paxos said USDG is currently available on Solana, Ethereum, and other networks including InK and X Layer. The company highlighted use cases such as yield‑aligned trading, new lending markets, modular DeFi, tokenized yields, and enterprise‑grade stablecoin rails, alongside direct integration of stablecoin liquidity into applications and protocols.

Why It Matters

By bringing regulated custody and MPC wallet infrastructure under one roof and extending USDG across chains, Paxos is positioning itself as a comprehensive provider of compliant, institution‑ready on‑chain services. The combined offering targets enterprises seeking to issue stablecoins, tokenize assets, and execute DeFi strategies while adhering to stringent security and regulatory standards.

Klarna announced plans to launch KlarnaUSD, a USD-backed stablecoin, on Tempo, a payments-focused blockchain developed by Stripe and Paradigm. The Swedish buy-now-pay-later provider said the token is in pilot and slated for mainnet launch in 2026, aiming to reduce the cost and speed up cross-border transfers for its global customer base.

KlarnaUSD to run on Stripe–Paradigm’s Tempo

Klarna said it will issue KlarnaUSD on Tempo, describing the network as an independent blockchain purpose-built for payments by Stripe and crypto investment firm Paradigm. The company characterized the move as making Klarna the first bank and first regulated payments provider to launch a stablecoin on Tempo.

The stablecoin is designed to maintain a one-to-one peg with the U.S. dollar and is being issued using Stripe’s infrastructure, including its Bridge “Open Issuance” tooling, according to the company. Klarna said the initiative is intended to lower fees and settlement times in international remittances and merchant payouts.

Payments scale and rollout timeline

Klarna reports 114 million customers and approximately $112 billion in annual transaction volume, with its largest user base in the United States. The company said KlarnaUSD is currently in pilot testing and is expected to go live on Tempo’s mainnet in 2026.

Why it matters

Klarna’s stablecoin push comes as stablecoin transaction volumes have grown rapidly. The company cited estimates that annual stablecoin transactions exceed $27 trillion, and noted that cross-border payments generate an estimated $120 billion in fees each year—costs that blockchain-based settlement could help reduce.

About Tempo

Tempo is a new blockchain developed by Stripe and Paradigm specifically for payment use cases, emphasizing faster, lower-cost transactions. Klarna’s launch positions the BNPL and digital banking provider among the first major regulated payments firms to test stablecoin-based settlement on the network.

Kraken announced the launch of a Mastercard-powered debit card offering up to 1% cashback and multi-asset spending across the UK and EU, marking the first phase of a broader global rollout tied to its KRAK money app. The move expands Kraken’s push beyond crypto trading into payments, equities, and futures as it prepares for a potential public listing.

Mastercard debit card debuts in UK and EU

The new Krak Debit Card lets users spend anywhere Mastercard is accepted while earning up to 1% cashback on purchases. Integrated with the global Mastercard network, the card is designed to draw directly from balances held in the KRAK app, enabling spending across digital and fiat holdings.

• Up to 1% cashback on eligible purchases
• Acceptance everywhere Mastercard is supported
• Multi-asset spending across hundreds of assets available in the KRAK app
• Phased rollout beyond the UK and EU planned

KRAK app: payments, savings, and investing

Kraken’s KRAK app is positioned as a global platform for payments, savings, and investing, centralizing both fiat and digital asset management. The company says the card extends that functionality to everyday spending by converting supported assets at the point of sale.

Kraken notes certain funding and withdrawal holds apply: cash deposits made via ACH Plaid are held from withdrawal for seven days, and debit/credit card purchases in USD may be subject to a 72-hour hold.

Broader expansion into equities, tokenized assets, and futures

The debit card comes as Kraken broadens its product set beyond crypto trading. In recent months, the company has launched equities and tokenized equity trading, and expanded access to U.S. futures. In May 2025, Kraken acquired retail futures platform NinjaTrader for $1.5 billion to accelerate its multi-asset strategy and user growth.

• Equities and tokenized equity trading added to the platform
• NinjaTrader acquired for $1.5 billion to bolster U.S. futures
• Commission-free stock trading introduced in New Jersey, Connecticut, Wyoming, and Rhode Island in partnership with Alpaca, with additional markets planned
• Bunq became the first European bank to use Kraken’s infrastructure to offer crypto trading to customers

Funding and IPO outlook

Kraken has raised $800 million across two recent funding rounds, reinforcing its balance sheet ahead of a planned initial public offering. The announcement comes amid a rebound in U.S. IPO activity and alongside increased capital raising across the crypto sector.

Company background

Founded in 2011, Kraken is a U.S.-based platform that facilitates trading in digital assets such as bitcoin and ether. Today, the company says clients can trade more than 450 digital assets, U.S. futures, U.S.-listed stocks and exchange-traded funds, and major fiat currencies.

Kraken has launched a Mastercard-powered debit card for customers in the UK and European Union, offering up to 1% cashback and multi-asset spending through its new KRAK money app, as part of a phased global rollout.

Mastercard debit card with multi-asset spending

The new Kraken debit card is accepted anywhere Mastercard is supported and enables cardholders to spend balances held in the KRAK app. Kraken said the integration allows spending across hundreds of supported assets — including cryptocurrencies and fiat — with purchases settling in local currency at the point of sale. The company said eligible transactions can earn up to 1% cashback, with terms and conditions applying.

• Issued on the Mastercard network for UK and EU users
• Supports multi-asset spending from KRAK app balances
• Up to 1% cashback on eligible purchases (terms apply)

KRAK app underpins payments, savings, and investing

Kraken described KRAK as a global app designed to unify payments, savings, and investing. Through the app, users can manage a wide range of fiat and digital assets and convert them for everyday spending via the new card. The company said the card and app will be introduced in additional markets over time.

Broader expansion into multi-asset markets

The card launch follows a period of product expansion at Kraken. In recent months, the company has added equities and tokenized equity trading alongside its core digital asset services and has moved to broaden access to multiple asset classes for both retail and institutional clients. Kraken said it plans to continue expanding its offering as it rolls out KRAK globally.

Company snapshot

Founded in 2011, Kraken is a U.S.-based platform that facilitates trading in digital assets such as bitcoin and ether. According to the company, clients can access more than 450 digital assets, U.S. futures, U.S.-listed stocks and exchange-traded funds, and various fiat currencies. Kraken said it has raised $800 million across two recent funding rounds as it prepares for a planned initial public offering.

Bitcoin slid toward key support levels on Thursday as ETF outflows accelerated and derivatives data pointed to rising hedging, while Solana and XRP funds bucked the trend with steady inflows.

Market sell-off deepens across majors

Bitcoin faced heavy selling pressure and risked a drop toward the closely watched support area near $73,777, according to on-chain analytics firm CryptoQuant. The latest leg lower came as roughly $2 billion in leveraged crypto positions were liquidated this week and liquidity thinned across order books.

Multiple large-cap altcoins also broke below near-term supports, signaling that bears remain in control. Select tokens including INJ, NEAR, ETHFI, APT, and SUI fell between 16% and 18% over the past 24 hours in what traders described as an “illiquid downdraft.” Broader majors such as XRP, BNB, SOL, DOGE, and ADA declined roughly 5%–9% over the same period.

Intraday, price action was mixed among the largest assets: Ether hovered near $2,835, XRP traded around $2.07, and Solana changed hands near $130, reflecting ongoing volatility but a generally risk-off tone.

ETF flows: Bitcoin and Ether out, Solana and XRP in

Spot ETF flows underscored the flight to safety. On Nov. 20, Bitcoin ETFs saw about $903.2 million in net outflows while Ether ETFs recorded $261.6 million in outflows. By contrast, Solana ETFs attracted roughly $23.66 million in net inflows, and XRP ETFs drew about $118.15 million in net inflows on the day.

In aggregate, Bitcoin and Ether products lost more than $1 billion in a single session, even as Solana and XRP funds posted steady subscriptions. Despite recent institutional product launches, including new Solana ETFs from major issuers, persistent outflows from BTC and ETH vehicles have worsened week over week.

JPMorgan analysts said the performance of SOL and XRP ETFs could overshadow Ether ETFs during the first six months following their U.S. debuts, citing shifting investor interest.

Derivatives and positioning point to caution

Crypto options markets reflected a defensive tilt. Deribit reported that more than 185,000 ETH options—nearly $525 million in notional value—were set to expire Friday, with a put-call ratio of 0.72. Put volume doubled over the prior 24 hours, signaling increased demand for downside protection. While Deribit said positioning did not indicate a major risk-off capitulation, traders remained cautious after the week’s sharp drawdown.

According to CryptoQuant, “fundamental and technical indicators are both pointing in the same direction: we are in a bearish phase.” The firm noted that Bitcoin had previously held its 365-day moving average during corrections earlier in the cycle; the latest breakdown marks a meaningful shift. “Failing to do so historically indicates a deeper bearish trend or confirms a bear market,” CryptoQuant wrote.

Analysts flag weakening demand and leverage risk

CryptoQuant said institutional demand has softened as key market indicators turn down. Excessive leverage, profit-taking, and an expected slowdown in corporate accumulation are compounding the pressure on Bitcoin, added Armando Aguilar, Capital Formation Lead at TeraHash.

The broader sell-off has also hit digital asset treasuries (DATs). The combined value of crypto holdings by listed DATs fell from about $141 billion when Bitcoin set its all-time high on Oct. 6 to roughly $104 billion as of Nov. 21, according to The Block’s data dashboard. Several crypto-exposed equities, including Strategy, Bitmine, and Forward Industries, saw steep drawdowns as their BTC, ETH, and SOL holdings declined.

With Bitcoin recently trading just above $83,000, the asset has nearly erased its year-to-date gains, while Ether remains down year to date. If support near $73,777 fails to hold, analysts warn the market could face a deeper retracement before any durable stabilization emerges.

Crypto markets extended losses as Bitcoin slid toward key support, derivatives hedging picked up and U.S. spot ETF flows turned sharply negative for BTC and ETH, even as Solana and XRP funds drew fresh capital.

Market sell-off deepens; support levels in focus

Bitcoin faced heavy selling pressure, putting the spotlight on support near $73,777. Prices fell below $90,000 earlier in the week and briefly traded near $83,000, erasing most year-to-date gains and fueling concerns that bears remain in control. Several major altcoins dropped alongside Bitcoin, with tokens including XRP, BNB, SOL, DOGE and ADA falling roughly 5%–9% over the past 24 hours. A separate cohort of altcoins such as INJ, NEAR, ETHFI, APT and SUI lost 16%–18% amid thin liquidity.

“Fundamental and technical indicators are both pointing in the same direction: we are in a bearish phase,” an analyst at on-chain analytics firm CryptoQuant said, noting that Bitcoin had held its 365-day moving average during prior corrections. The firm added on X that failing to reclaim that level “historically indicates a deeper bearish trend or confirms a bear market.”

Capital Formation Lead at TeraHash, Armando Aguilar, cited excessive leverage, profit-taking and a slowdown in corporate accumulation as drivers worsening the near-term outlook. Approximately $2 billion in leveraged positions were liquidated during the latest leg lower, according to derivatives market data.

Derivatives positioning turns cautious

Options flows reflected growing defensive positioning. Deribit data showed traders adding hedges after this week’s sharp drawdown. The exchange said overall positioning does not signal a major risk-off event, but noted caution following the market meltdown.

More than 185,000 ETH options, with a notional value near $525 million, were scheduled to expire, with a put–call ratio of 0.72. Put volume doubled over the past 24 hours, indicating traders were leaning bearish into expiry.

ETF flows diverge across assets

Spot Bitcoin and Ether ETFs saw heavy net outflows, while Solana and XRP funds attracted inflows. On Nov. 20, Bitcoin ETFs posted $903.2 million in net outflows and Ether ETFs recorded $261.6 million in outflows, for a combined drawdown of more than $1.1 billion in a single day. By contrast, Solana ETFs recorded $23.66 million in net inflows and XRP ETFs saw $118.15 million in inflows that day.

Despite broader risk aversion, Solana funds have logged over two weeks of consecutive inflows and now hold $714.8 million in net assets. However, institutional investors have notably reduced exposure to Bitcoin and Ether ETFs over the past week as prices slid.

JPMorgan analysts suggested the early price performance of SOL and XRP ETFs could outpace Ether ETFs during the first six months after their U.S. debuts, according to a report cited by industry media. Meanwhile, market participants said positive headlines around new Solana vehicles, including a Fidelity-branded product and staking-enabled offerings mentioned in industry reports, have been overshadowed by poor price action and risk-off sentiment. (These product details could not be independently verified at press time.)

Institutional and treasury trends

CryptoQuant said institutional demand for Bitcoin has cooled, reinforcing the bearish tilt. The combined value of digital assets held by publicly disclosed corporate and fund treasuries declined from $141 billion at Bitcoin’s Oct. 6 all-time high to $104 billion as of Nov. 21, according to The Block’s data dashboard. A number of digital asset holding companies have seen steep equity drawdowns as BTC, ETH and SOL positions unwind, leaving many with sizable unrealized losses.

Ether traded around $2,835, down marginally over 24 hours, while Solana hovered near $130. XRP inched higher on the day, with traders pointing to sustained ETF inflows as a potential support. Even so, analysts at CryptoQuant cautioned that both technical and on-chain signals “are pointing in the same direction,” with a sustained break of cycle-long moving averages raising the risk of a deeper downside phase for the broader market.

Analysts tracking XRP say the token’s technical setup and rising institutional interest could sustain its recent strength, while long-term forecasts remain widely divergent. Several chart specialists see echoes of past bull cycles and outline key levels to watch, as others emphasize adoption milestones and the potential impact of fund flows on liquidity.

Technicals Echo Prior Bull Cycles

Pseudonymous chartist Egrag Crypto said the latest XRP structure resembles periods that preceded the token’s major rallies in 2017 and early 2021, noting that the 500/200 exponential moving averages tightened ahead of those advances. Another analyst known as Dom added that, if historical metrics persist, XRP’s resilience could extend with a move of roughly 10% toward at least $2.09.

Momentum traders also highlighted key inflection points. A move above $2.30 would likely shift near-term momentum and open room toward $2.50, while failure to attract sufficient demand from fund products or broader crypto markets could see price retest the $1.95 area. Separately, a precise bull-flag target mapped earlier by trader @kriptocumm was reached, drawing added attention to the pattern’s follow-through.

Macro context remains pivotal. Analyst Taylor framed Bitcoin as the anchor for the XRP thesis, describing the current BTC pullback as a typical mid-cycle drawdown of about 30% from highs. He noted the daily RSI is oversold and the three-day RSI sits near levels last observed around Bitcoin’s $25,000 lows, conditions that previously marked constructive resets.

• Support: $1.95
• Near-term pivot: $2.30
Targets cited: $2.50; $3.30–$3.50
• Continuation marker: $2.09 (historical-model scenario)

Institutional Themes and Adoption

Analyst Claver argued that a “domino effect” of adoption could push XRP into a long-term demand cycle if institutions increasingly treat it as payment infrastructure. The token saw renewed attention after last week’s ISO 20022 milestone in the payments industry, which traders cited as a potential catalyst.

Ripple CEO Brad Garlinghouse has outlined a pathway in which XRP could capture up to 14% of current SWIFT volume by 2030—estimated at roughly $21 trillion in annual value moving across XRP Ledger infrastructure. While such forecasts are speculative, they underscore the adoption narrative that many bulls are watching.

Fund flows are another focus. One accumulation model suggests that if 12 investment vehicles followed similar purchase patterns, combined buying could total about 72 million XRP per day. Under that scenario, a five-day period might reach 360 million XRP, with monthly totals near 1.44 billion XRP. Actual inflows, however, will depend on product availability, investor demand, and market conditions.

Forecasts Span From Conservative to Extreme

Price targets vary dramatically. Some analysts expect XRP to trend toward $2.65 into late 2025 as institutional interest and improving fundamentals build. Others project longer-term scenarios ranging from $27 to $67, with some placing the broader cycle between $40 and $70. Another camp keeps expectations grounded: commentator Zach Rector recently pushed back on community claims of triple-digit prices this year.

There are also highly aggressive calls. A pseudonymous trader known as 24HRSCRYPTO floated a path from just above $1.90 to $1,000, framing it as a scaling exercise. In contrast, more moderate views suggest that reaching $10 would require meaningful banking adoption, clearer regulations, and a favorable crypto cycle. Relative value comparisons highlight the gap: by one calculation, XRP sits near 7% of Bitcoin’s market value, implying a more than 14x move would be needed to match it.

Analysts have also illustrated the math for individual holders. Using a reference price around $2.14, a 1,000 XRP position would be worth roughly $2,140; at a hypothetical future price of $30.61, the same holdings would exceed $30,000. These examples assume no changes to circulating supply or tokenomics and are illustrative only.

Utility and Fundamentals

XRP is the native token of the XRP Ledger, a public blockchain designed for fast, low-cost cross-border value transfer. Market watchers argue that XRP’s fundamentals are stronger in 2025 than at any point in the past decade, citing progress toward smart contract functionality, tokenization features, and ongoing partnerships across financial services. Potential catalysts include Bitcoin’s market cycle, investor sentiment, ecosystem development, macroeconomic trends, and the path of Federal Reserve policy, which can influence appetite for risk assets.

Paxos has acquired institutional wallet provider Fordefi in a bid to strengthen its regulated custody stack as demand from financial institutions grows. The deal, announced Tuesday, was not formally disclosed, but a Paxos spokesperson said it exceeded $100 million, a figure also reported by Fortune.

Paxos Buys Fordefi to Expand Institutional Custody

Paxos, the New York–based blockchain infrastructure firm behind PayPal’s PYUSD stablecoin and a limited purpose trust regulated by the New York Department of Financial Services, said the acquisition will deepen its custody capabilities for enterprise and institutional clients.

Fordefi, a New York–based startup, provides institutional-grade custody and wallet technology. Its platform features multi-party computation (MPC) wallets, granular policy controls, and integrations with decentralized finance (DeFi) protocols. Paxos said combining its qualified custody and regulated infrastructure with Fordefi’s MPC architecture and policy engine will deliver secure, modular solutions for institutions operating on-chain.

What Fordefi Brings: MPC Wallets and Institutional Controls

• MPC wallet architecture: Splits key management across multiple parties to reduce single points of failure and mitigate operational risk.
• Policy and approvals engine: Enables enterprises to set transaction rules, workflows, and role-based controls for on-chain operations.
• DeFi integrations: Connects custody workflows to DeFi venues and applications while preserving institutional compliance requirements.

Paxos has long provided custodial infrastructure and tokenization services to financial institutions entering digital assets. The company said the Fordefi acquisition aligns with accelerating market adoption, where clients increasingly require configurable, secure wallets tied to regulated custody.

Stablecoin Push: USDG0 Launch Targets Cross-Chain DeFi

Alongside the deal, Paxos Labs announced USDG0, an omnichain version of its USDG stablecoin designed for DeFi environments. USDG0 uses LayerZero’s Omnichain Fungible Token (OFT) standard to move dollar-backed liquidity across multiple blockchains while maintaining compliance safeguards.

The rollout will begin on Hyperliquid, followed by Plume and Aptos. USDG is already live on Solana; USDG0 is intended to extend regulated stability to new networks and allow ecosystem partners to share in stablecoin-driven economic activity.

Why It Matters

The acquisition underscores a broader institutional shift toward on-chain finance, where regulated custody, secure wallet infrastructure, and compliant stablecoins are converging. By pairing qualified custody with MPC wallets and expanding its stablecoin framework across chains, Paxos aims to provide end-to-end infrastructure that meets institutional standards while tapping DeFi liquidity.

Terms of the Fordefi deal remain undisclosed beyond confirmation that the price was above $100 million.

Khurram Dara, a former policy lawyer at Coinbase and regulatory and policy principal at Bain Capital Crypto, has launched a Republican campaign for New York State Attorney General in 2026. The 36-year-old attorney is positioning himself as a law-and-order candidate focused on affordability and improving the state’s business climate, setting up a potential contest with Democratic incumbent Letitia James, whose office has taken a hard line on digital-asset firms.

Dara’s Background

Dara previously served on Coinbase’s policy team and later worked at Bain Capital Crypto, where he focused on regulatory and policy issues in the digital-asset sector. He announced his bid on Nov. 21 in a social media post, highlighting his experience navigating complex financial and technology regulations, including those affecting cryptocurrency markets.

Campaign Priorities

• Law and order
• Affordability for New Yorkers
• Improving the state’s business and innovation climate
• Applying regulatory experience to emerging technologies, including crypto

Dara argues that his policy and regulatory background equips him to balance consumer protection with a more predictable environment for businesses operating in New York, particularly in fintech and digital assets.

Why It Matters for Crypto Policy

New York is a pivotal jurisdiction for crypto, home to the BitLicense regime and aggressive enforcement under state securities and consumer-protection laws, including the Martin Act. Attorney General Letitia James has pursued multiple actions against crypto platforms and advocated stricter oversight, making the office a key force in shaping the industry’s operating conditions.

Dara’s entry underscores how digital-asset policy is becoming a visible campaign issue. His bid comes amid broader debate about the influence of the crypto industry in policymaking and the political dynamics of a state that leans strongly Democratic.

Political Landscape and Timeline

The New York Attorney General election is slated for 2026. Dara’s Republican candidacy will first need to navigate the primary process before a potential general-election matchup with James. If successful, the race could test voter sentiment on public safety, affordability, and the state’s posture toward emerging financial technologies.

Exodus Movement has signed a definitive agreement to acquire W3C Corp, the parent company of payments firms Monavate and Baanx, in a $175 million transaction designed to bring card issuing and processing in-house and build an end-to-end crypto payments stack. The deal, financed with cash on hand and a facility from Galaxy Digital secured by Exodus’ Bitcoin holdings, is expected to close in 2026 pending regulatory approvals in the U.S., U.K., and EU.

Deal terms and financing

• Purchase price: $175 million
• Financing: Cash on hand and financing from Galaxy Digital, secured by Exodus’ Bitcoin holdings
• Regulatory timeline: Closing projected in 2026, subject to approvals in the U.S., U.K., and EU
• Card networks: Exodus expects to issue payment cards via Visa, Mastercard, and Discover once integrated

Building an end‑to‑end payments stack

Exodus said the acquisition would enable it to control card issuing and processing capabilities “from wallets to cards,” reducing reliance on third parties and bringing payments infrastructure in-house. W3C’s subsidiaries, Monavate and Baanx, provide card issuance and payments processing that Exodus plans to integrate with its self-custody wallet and exchange offerings.

The company aims to expand support for additional digital assets after the deal closes, with a focus on major payment stablecoins. By integrating issuing and processing across the U.S., U.K., and EU, Exodus expects to broaden its geographic reach and offer consumers and businesses more ways to store and spend payment stablecoins.

Stablecoin demand and enterprise use

Exodus cited rising demand for on-chain payments, noting that stablecoin payment volumes increased by 70% from February to August 2025, with nearly two-thirds of that volume driven by B2B transactions. The company said a broader payments offering is intended to diversify revenue with more recurring, usage-based income aligned with everyday digital dollar activity.

For enterprise clients, Exodus plans to extend W3C capabilities to its XO Swap infrastructure, enabling features such as embedded programmable payouts and turnkey card issuance. XO Swap, which supports partners including MetaMask and Ledger, accounted for 37% of all exchange provider volume in October 2025, unchanged from September.

Analyst view and market context

Brokerage firm Benchmark called the transaction Exodus’ most transformational move to date and said it could position the company as a first self-custody crypto wallet with a full end-to-end payments stack. The deal comes as major payment networks increase their focus on stablecoins and blockchain-based settlement, and as crypto-native firms compete with fintechs by embedding programmable payouts and on-chain payment rails.

Crypto markets swung sharply this week, with broad-index gains midweek giving way to a late-week pullback, while Aptos (APT) showed mixed signals across price action and on-chain activity.

Market Overview: Index Gains Fade Into Sell-Off

The CoinDesk 20, a benchmark of large, liquid digital assets, rose to 2,954.76 on Wednesday, up 4.4% from 4 p.m. ET the prior day. By Thursday, the index fell to 2,667.21, down 4.0% from 4 p.m. ET, reflecting renewed risk-off sentiment across crypto.

Bitcoin’s retreat to its lowest level since April underscored the risk backdrop, with broader equities also softening as global technology leaders warned of potential “irrationality” in parts of the AI boom. Within digital assets, Bitcoin Cash (BCH) fell 7% and Ripple (XRP) dropped 4.7%, leading the index lower during the latest leg down.

Recent drawdowns erased more than $1 trillion in total crypto market value over a span of weeks, according to multiple market trackers, highlighting the sector’s continued sensitivity to macro conditions and liquidity.

Aptos: Price Action Diverges From On-Chain Momentum

Aptos (APT) featured among notable movers. The token gained 5.3% from Monday at one point this week, yet price context remained fragile after earlier losing support near $3.50 and dipping toward $2.30. In recent trading, APT was quoted around $2.96, placing it at No. 43 by market capitalization with approximately 733.5 million APT in circulation and a market value near $2.17 billion, based on recent market data.

On-chain and activity metrics for Aptos have softened. Decentralized exchange (DEX) volume fell from $4.77 billion in October to $1.52 billion in November, coinciding with price pressure. Activity indicators point to weakening user engagement and ebbing on-chain demand into late Q4.

Network performance metrics also reflected a slower cadence through 2025, with reports indicating reduced throughput versus midyear levels. Market participants continue to monitor planned network upgrades and security improvements as potential catalysts for a stabilization or recovery in usage and fees, though timelines and impacts remain uncertain.

Rotation and Relative Performance Across Majors

Performance dispersion remained pronounced across large-cap tokens. In a recent stress period, Sui (-1.32%) and Ethereum (-6.92%) saw comparatively modest declines, while Solana (-37.43%), Ton (-32%), BNB Chain (-31.25%) and Aptos (-27.98%) posted steeper drops. The skew highlights ongoing rotation as liquidity consolidates in higher-conviction narratives and away from higher-beta assets during sell-offs.

Institutional infrastructure continues to develop around digital assets. CoinDesk Indices, an FCA-authorized benchmark administrator, has expanded regulated crypto benchmarks designed for professional workflows, providing advisors and institutions with structured pathways beyond Bitcoin. More broadly, the integration of crypto into corporate balance sheets accelerated in 2025, with participation most visible across Financials, DeFi, and AI-related blockchain projects.

Outlook and Risk Considerations

Market sentiment remains fragile following the recent broad-based decline. Forecasts for individual tokens vary widely: for example, some third-party models estimate TNSR could trade in a $0.06–$0.11 range in 2025, underscoring the high uncertainty around price targets for newer assets. Forward-looking estimates should be treated cautiously given crypto’s volatility, evolving liquidity conditions, and the potential for regulatory or macro catalysts to quickly change market direction.

Near term, investors are watching whether index heavyweights stabilize and if on-chain activity in ecosystems like Aptos can recover from November’s lows. Sustained improvements in network usage, liquidity, and risk appetite would be needed to support a broader rebound across digital assets.