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Bitcoin miner Greenidge Generation Holdings reported that a fire at its Dresden, New York, power-and-mining facility forced a full shutdown, with the site expected to remain de-energized for several weeks. The incident was caused by a malfunction in the facility’s electrical switchgear, according to a disclosure filed with the U.S. Securities and Exchange Commission (SEC).

Fire Forces Shutdown at Dresden, NY Site

Greenidge said a fire broke out at its Bitcoin mining complex in Dresden, New York, after an electrical distribution device malfunctioned. The company operates both a power plant and a Bitcoin mining operation at the site, which has been taken fully offline following the incident.

Operations Taken Offline and De‑Energized

The company de-energized the facility to ensure safety and to assess damage, a process expected to keep the site offline for several weeks. The Dresden operation is one of Greenidge’s core locations and includes co-hosted mining activity with NYDIG.

SEC Filing and Disclosure

Details of the incident were provided in an 8-K filing with the SEC, indicating a material impact to operations. Greenidge has not publicly provided a detailed timeline for restoration beyond the multi-week de-energization period.

Industry Context

The incident underscores operational risks inherent in large-scale Bitcoin mining, which depends on high-voltage electrical infrastructure and complex power distribution systems. Any prolonged downtime can affect output and hosting services, particularly at integrated power-and-mining sites.

Bitcoin reclaimed the $90,000 mark in midweek trade, stabilizing after a brief pullback and keeping traders focused on a potential retest of six figures. The move comes as volatility remains elevated, with liquidity from long-term holders and futures positioning still influencing near-term direction.

Price action and market context

The largest cryptocurrency advanced roughly 3.6% to decisively break above the $90,000 psychological barrier and was last seen around $91,450, failing to clear resistance just under $92,000. The recovery follows a seven-day lapse below $90,000 and coincides with lighter holiday liquidity conditions. Some market observers also point to steadier institutional participation and new crypto investment products as supportive factors.

Key technical levels

• Immediate resistance: $92,000, followed by $93,400. A monthly close above $93,000 would be a constructive signal, according to some analysts.
• Higher targets: $96,000 as a near-term hurdle; a sustained breakout could open the $98,000–$105,000 resistance band. A monthly close above $102,400 is seen as notably bullish.
• Support: $90,000 remains the first line to hold. Below that, $88,000 is the next support, with a wider safety net around $80,000. Bitcoin has also defended deeper support areas near $83,500 and $82,000 in recent weeks.

Several traders expect range-bound action between $88,000 and $92,000 unless price breaks decisively. From a probabilistic standpoint, the broader corrective structure is viewed as intact so long as BTC holds above its Fibonacci support band and established demand zone.

What analysts are watching

Nick Ruck, research director at LVRG, noted that overleveraged positions and weaker projects have largely been washed out, potentially allowing longer-term holders to add exposure at lower prices. Separately, an analyst operating under the handle CrediBull Crypto highlighted $93,400 and $102,400 as key monthly-close thresholds. Failure to surpass the $96,000 region in the near term could keep December choppy, while a clean break above it would strengthen the case for a push toward the $100,000 area.

Outlook

Bitcoin’s $90,000 level remains fragile until spot demand, liquidity, and futures participation show more consistent improvement. A four-hour close and sustained hold above $90,000 would support a move toward the $98,000–$105,000 band, while a break back below $90,000 risks a retreat to $88,000 and, if pressure intensifies, the $80,000 zone. For now, traders are watching $92,000 on the topside and $90,000 on the downside as the immediate pivot levels.

Digital-asset investment products saw heavy outflows last week, led by Bitcoin, Ethereum and Solana, even as spot prices rebounded on rising expectations of a U.S. Federal Reserve rate cut in December. XRP-linked products were a notable exception, recording net inflows amid broader risk aversion.

Fund Flows: BTC, ETH and SOL Lead Outflows as XRP Attracts Inflows

According to a weekly report from CoinShares, crypto investment funds posted total net outflows of $1.94 billion last week. The breakdown shows pronounced de-risking from the largest vehicles:

• Bitcoin: $1.27 billion in outflows
• Ethereum: $589 million in outflows
• Solana: $156 million in outflows
• XRP: $89.3 million in inflows

XRP was among the few major altcoins to register net inflows, contrasting with broad withdrawals across digital-asset products. CoinShares tracks flows into exchange-traded products and other institutional vehicles, which can reflect shifting sentiment among professional and retail investors.

Prices Rebound on Rate-Cut Bets

Crypto prices recovered into Friday alongside a broader risk-on move driven by growing confidence in a December Fed rate cut. Odds for a cut rose from roughly 40% last week to about 82%, according to prediction markets and interest-rate futures data cited from Polymarket and CME FedWatch.

Bitcoin reclaimed key levels after last week’s sharp sell-off, trading back above $87,700 and briefly pushing above $90,000 nearly a week after dipping to around $81,000. Ethereum rebounded from support near $2,749, while XRP recovered above $2.08 after defending the $1.96 area. Over the past 24 hours, Ethereum rose about 0.70%, XRP added 0.40%, and Solana gained 0.80%, with USDC little changed around 0.03%.

Large-cap altcoins often respond quickly to improving liquidity conditions and a softer U.S. dollar. While narratives around potential future ETF developments and policy clarity continue to shape medium-term expectations for XRP, near-term moves appear closely tied to macro signals and overall risk sentiment.

Technical Picture and Key Levels

On a technical basis, Ethereum’s relative strength index (RSI) is rebounding from oversold territory, indicating early signs of seller exhaustion and the potential for stabilization. For ETH, a failure to hold recent gains could invite another test of nearby support zones, while sustained momentum would improve the short-term bias.

Bitcoin, Ethereum and XRP are attempting to base around recently reclaimed levels after recovering roughly 5%, 7% and 6% so far this week, respectively. Analysts also note Bitcoin is holding key Fibonacci support areas following last week’s decline, a development that could help underpin broader market tone if maintained.

What to Watch

• Macro catalysts: Evolving Fed rate expectations and upcoming U.S. inflation prints remain central to risk appetite across crypto.
• Flows and liquidity: Whether outflows from Bitcoin and Ethereum products abate—and if XRP’s inflow trend persists—will help gauge institutional positioning.
• Derivatives and volatility: Monthly options expiry and changes in leverage may influence short-term price swings.

With sentiment still fragile after the recent drawdown, the continuation of this week’s recovery likely hinges on a combination of institutional and retail demand, improving liquidity, and steadier macro conditions.

Crypto markets steadied to start the week as Bitcoin showed signs of a potential local bottom, while Ethereum community debates and regulatory moves kept industry attention divided. Key developments included CoinShares withdrawing a U.S. filing for a staked Solana product, MoonPay securing a New York trust license, and new security warnings spanning supply-chain malware and physical extortion targeting crypto holders.

Markets: Bitcoin attempts a base as positioning shifts

Analysts noted Bitcoin’s relative strength index (RSI) approaching oversold territory, a condition that has historically preceded short-term rebounds. Derivatives data also point to an uptick in long positioning from larger traders, suggesting some “whale” accounts are adding exposure.

On-chain watchers flagged significant Bitcoin movements, with roughly 87,000 BTC appearing to leave institution-tracked addresses within a 24-hour window. Large transfers can reflect internal reshuffling by custodians, redemptions, or risk reduction; absent clear attribution, market participants cautioned against assuming outright selling.

Macro remained a key backdrop. One analyst at Bitunix characterized conditions as a phase of “geopolitical risk repricing, technical resistance, monetary easing, and labor-market slowdown,” with capital flows skewing conservative and short-term oriented.

Ethereum: Gas debate and privacy framing

Ethereum commentator Anthony Sassano said the network’s gas limit moving toward 180 million could set a “floor” for next year, underscoring ongoing discussions about throughput and block capacity. The gas limit governs how much computation can be included per block and directly affects network throughput and transaction fees. Any increase typically raises debates around validator load, decentralization trade-offs, and client performance.

Ethereum co-founder Vitalik Buterin reiterated that privacy should be treated as standard digital “hygiene” rather than an optional feature. The comment aligns with a broader industry push for default privacy protections that do not compromise compliance obligations.

Regulation and business: CoinShares pulls SOL filing; MoonPay gains NY trust license

• CoinShares withdraws U.S. staked Solana application: The digital asset manager withdrew its filing with the U.S. Securities and Exchange Commission for a staked Solana product, according to a recent notice. Staking components in fund structures have drawn regulatory scrutiny in the U.S., prompting several issuers to adjust or rescind proposals.
• MoonPay secures New York trust charter: MoonPay obtained a limited purpose trust license from the New York State Department of Financial Services, enabling the company to offer crypto custody and over-the-counter trading in the state. The charter expands institutional-facing services in the country’s most closely regulated digital asset market.
• UK tax proposals for DeFi: The UK advanced proposals to clarify the tax treatment of decentralized finance activities such as lending and staking, part of a broader effort to provide regulatory certainty for digital assets.
• Russia and derivatives exposure: Local reporting indicated Russian households have collectively allocated several billion rubles to cryptocurrency derivatives, with activity concentrated among a small number of large participants.

Security: Supply-chain malware, physical extortion, and wallet risks

A crypto-focused supply-chain attack drew fresh attention after reports of a self-propagating “worm” affecting developer systems. Slava Demchuk, CEO of forensics firm AMLBot, told Cointelegraph that “once a system is infected, the worm harvests secrets, replicates itself, makes private repositories public, and then continues to spread.” Demchuk said systems installing compromised packages are at risk, but there has been “no mention of wallet keys or other such assets” to date.

Separately, more than 60 cases of physical coercion and crypto-related abductions were reported across multiple jurisdictions, including France, Israel, and the UAE. Observers warn the irreversible nature of blockchain transfers makes such crimes attractive to perpetrators. Commentator Mario Nawfal noted that self-custody requires robust personal security practices, including secure storage arrangements.

Security firms also cautioned about malicious Chrome extensions targeting Solana users, while INTERPOL has highlighted cryptocurrency fraud as a global threat in recent assessments.

Stablecoin watch: Reserve Protocol’s design goals

Interest in alternative stablecoin architectures persisted. The Reserve Protocol aims to facilitate asset-backed, yield-bearing stablecoins on Ethereum through smart contracts. Its governance and insurance token, Reserve Rights (RSR), is used for protocol governance, staking to support system security, and providing insurance-like backstops designed to help maintain stability. Reserve has promoted its model as a tool for jurisdictions with high inflation, though real-world adoption varies by market and regulatory conditions.

Outlook

With crypto prices consolidating, projects emphasizing transparent governance, thorough audits, and phased rollouts are gaining traction among institutions seeking robust infrastructure. Market direction in the near term may hinge on macro policy signals and liquidity conditions, while security and regulatory clarity remain top priorities across the sector.

Bitcoin Holds Cautious Range as Analysts Weigh Recession Risks, Liquidity, and Technical Levels

Bitcoin is consolidating after sharp swings, with traders watching the monthly close, liquidity measures, and options positioning for direction. Views remain split: some see asymmetric upside if key supports hold, while others warn that thin liquidity and weak demand could force another leg lower before a sustained recovery.

Macro Backdrop and Positioning

Several strategists argue that Bitcoin is increasingly “pricing in a recessionary growth environment,” describing the current risk-reward setup as asymmetric. Gains in AI-led equities and heavy crypto leverage have widened the performance gap between bitcoin and stocks, underscoring cross-asset divergences that could amplify volatility.

Market sensitivity to policy signals remains elevated. Even subtle shifts in tone from Federal Reserve officials have been enough to reshape expectations across risk assets, particularly crypto. Traders are closely monitoring rates, liquidity, and broader equity moves for spillover effects.

Key Technical Levels and Momentum

• After a brief dip toward the $80,000 area, a bullish hammer reversal appeared on intraday charts, prompting hopes for a seasonal bounce.
• Short-term momentum improves above $88,000 on four-hour charts, but sustaining $90,000–$92,000 is viewed as essential for a trend reversal.
• One analyst, Stanley, said that if bitcoin holds above nearby support zones, a path toward $102,000 remains plausible. A drop below $88,500–$89,000, he added, would weaken bullish continuation expectations and could trigger a short-term correction.
• Other technical notes point out that price action has been trading below the 20-day and 200-day EMAs, and while RSI has lifted from oversold territory, it still lacks clear bullish divergence.

Elliott Wave Scenarios and Timelines

Some Elliott Wave analysts continue to frame the market as an ongoing corrective fourth wave, targeting a broad $86,000–$101,000 zone, from which a rally toward $164,000–$216,000 could still develop if higher lows hold.

Separately, December seasonality and post-halving dynamics are cited as potential tailwinds. Based on historical cycles, one estimate suggests bitcoin could extend gains by 25%–30% from current levels by Christmas 2025, implying a range near $120,000–$125,000. Analysts caution, however, that early bullish signals may be unreliable and that confirmation requires sustained momentum and improving liquidity.

Catalysts, Risks, and Outlook

Volatility is expected to remain elevated into year-end. Potential medium-term supports include clearer regulation and easing interest rates, which could underpin a more durable rebound into 2026. “I’m not worried about bitcoin,” one analyst noted, while adding that the broader altcoin market needs to mature as investors look for tangible revenues or staking yields rather than hype.

In a more aggressive scenario, Hayes suggested bitcoin could rebound toward $200,000–$250,000 if equity markets correct by 10%–20% and the U.S. 10-year Treasury yield approaches 5%, potentially prompting new liquidity measures. By contrast, Tallbacken Capital Advisors CEO Michael Purves warned that “longer term dip buying right now appears less likely and bearish momentum is reinforced,” highlighting the risk that rallies fail below resistance.

For now, bitcoin remains in a fragile equilibrium. A firm hold above the psychological $90,000 threshold would bolster bullish scenarios, while a decisive break below high-$80,000 support raises the odds of another corrective leg. Traders are watching the monthly close, liquidity gauges, and options flows for the next signal.

BlackRock moved approximately $390.8 million in Bitcoin to Coinbase Prime as its spot bitcoin ETF faced heavy November outflows, underscoring continued volatility across crypto markets.

BlackRock Moves 4,471 BTC to Coinbase Prime

BlackRock deposited around 4,471 BTC—worth roughly $390.8 million—to Coinbase Prime, an institutional trading and custody platform. The asset manager did not disclose the purpose of the transfer. Market analysts said such exchange-bound movements are often associated with liquidity needs for rebalancing or potential sales during periods of heightened volatility.

ETF Outflows Accelerate in November

The transfer comes amid a week of pronounced redemptions from BlackRock’s spot crypto products. The firm’s spot bitcoin ETF has recorded about $2.2 billion in net outflows in November, while more than $1 billion exited its Bitcoin trust and approximately $559 million left its Ethereum trust over the past week, according to market flow data cited by analysts. Earlier in the month, BlackRock’s iShares Bitcoin Trust (IBIT) also saw more than $66 million in net outflows across two consecutive trading sessions during a sharp selloff.

Market Reaction and Price Action

Bitcoin’s price action has remained choppy. Over the last 24 hours, BTC dipped to about $86,129 before rebounding above $90,300. The move builds on a broader fourth-quarter pattern marked by swift reversals, following a late-November correction that briefly pushed prices below $80,000 and spurred profit-taking among institutional holders.

Institutional View on Bitcoin’s Role

Despite the turbulence, institutional asset managers say Bitcoin’s role in portfolios continues to evolve. In a podcast published Friday, Robbie Mitchnick, BlackRock’s head of digital assets, described Bitcoin’s global payments use case as “out-of-the-money option-value upside” for clients—suggesting many still view the asset primarily through a portfolio construction lens rather than as a day-to-day payment network.

Some analysts argue that ongoing integration into institutional workflows could encourage larger, more systematic allocations over time, potentially reducing volatility as market depth and liquidity improve.

Key figures

• 4,471 BTC (approx. $390.8M) transferred to Coinbase Prime
• $2.2B in November outflows from BlackRock’s spot bitcoin ETF
• Over $1B outflows from its Bitcoin trust and $559M from its Ethereum trust over the last week
• Bitcoin 24-hour range: $86,129 low to above $90,300

China’s Bitcoin mining sector is quietly rebounding four years after a nationwide ban, as operators tap cheap electricity and excess data center capacity in energy-rich regions. Industry estimates suggest China has regained roughly 14% of global hashrate by late October 2025, placing it third worldwide, according to Hashrate Index data cited by Reuters.

Mining Activity Returns Despite 2021 Ban

Beijing’s 2021 crackdown forced miners to shut down or relocate abroad, but recent industry data and miner accounts indicate a steady resurgence within several western and southwestern provinces, including Xinjiang. The recovery is largely occurring outside formal approval and reflects uneven enforcement across local jurisdictions.

Economics and Infrastructure Drive the Rebound

Miners and market participants say the revival is being propelled by a combination of lower energy costs, overbuilt compute infrastructure, and improved mining economics as Bitcoin’s price climbed in October.

• Cheap electricity in energy-rich provinces
• Unused energy capacity and surplus data centers
• Improved profitability on higher Bitcoin prices
• Policy ambiguity and softer enforcement in some locales

“The resurgence of mining activity in China is one of the most important signals the market has seen in years,” said Patrick Gruhn, CEO of crypto market infrastructure provider Perpetuals.com, in comments reported by Reuters. Gruhn added that the trend raises questions about decentralization as hashrate concentrates among a few leading jurisdictions.

China Regains Global Standing

After its market share fell to near zero in 2021, China has climbed back to an estimated 14% of global hashrate as of late October, Hashrate Index data show. That recovery positions the country behind only two other nations by mining capacity. The resurgence underscores the pull of low-cost power and available rack space created by a surge in data center construction over the past two years.

What to Watch

Industry participants are watching whether Beijing formalizes tolerance for mining in certain regions or reasserts enforcement. Concentration risks remain a focal point for the Bitcoin network as a handful of countries now dominate global hashrate. For now, economic incentives supporting underground operations—especially in Xinjiang and other energy-abundant provinces—show few signs of fading.

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.