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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.

TON, the native token of the Telegram-affiliated The Open Network, jumped 8.33% to $1.60 over the past 24 hours, outpacing the broader crypto market as measured by the CoinDesk 20 (CD20) index, which rose about 4% in the same period. The move came alongside rising trading volumes and a stream of ecosystem developments aimed at expanding TON’s reach inside and beyond the Telegram app.

Price Action and Market Context

TON’s rally lifted the token above the $1.60 level amid renewed momentum across select large-cap assets. The outperformance versus the CD20 suggests investor interest is concentrating in networks posting tangible user-facing integrations and new liquidity channels.

Ecosystem Milestones

October saw a series of updates highlighted in TON’s ecosystem recap, including the introduction of the Confidential Compute Open Network (COCOON), a decentralized AI network announced by Telegram founder Pavel Durov. Integrated directly into Telegram, COCOON aims to connect financial applications and AI tools across the app’s reported 900 million users, positioning TON as a potential hub for AI-powered decentralized finance.

Additional developments include:

• Support for trading tokenized U.S. stocks via Telegram wallets.
• Lamborghini launching digital collectibles on the network, as shared via the TON community’s Telegram channel (link).
• Chainlink adding TON as a cross-chain standard, facilitating easier data and oracle integrations for applications built on TON.
• Rising total value locked (TVL) and trading volumes on STON.fi, TON’s leading decentralized exchange, supported by new yield farming programs.

More details on October’s developments are available in the TON ecosystem update (link).

Liquidity and Institutional Support

Liquidity and market access continued to improve as Bitstamp listed TON, complementing earlier backing and integrations tied to major industry players such as Coinbase Ventures and Gemini. Expanded exchange support and infrastructure partnerships typically enhance price discovery and lower friction for both retail and institutional participants.

Technical Picture

From a technical perspective, TON appears to have confirmed a breakout from a double-bottom formation, with trading volumes up roughly 15% and the relative strength index rebounding from oversold territory, according to CoinDesk Research’s technical analysis model. Sustained closes above recent resistance levels would strengthen the bullish structure, though volatility remains a factor across crypto markets.