As of mid-afternoon South Korea time, Solana-based tokens traded with double-digit gains on Upbit following a hack that stole roughly 44.5 billion won ($32 million). CryptoQuant CEO Ki Young Ju noted that Korean traders began bidding up altcoin prices as arbitrage bots, which normally keep Korean and international prices aligned, stopped operating. The service suspension […]
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The US Securities and Exchange Commission approved spot Bitcoin ETFs at block 826,565. By block 840,000, those funds held more than 800,000 BTC. By block 925,421, U.S. spot ETFs collectively held **≈5–6%** of circulating BTC (per live trackers at the time). Only after reading does the translation arrive: those blocks correspond to January 2024, April […]
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
According to exchange data, inflows to trading venues topped 9,000 Bitcoin on Nov. 21 as prices slid to $80,600 on Coinbase — the weakest showing in seven months. Related Reading: Bitcoin Faces More Downside After Recent Crash, Data Shows Reports show that about 45% of those deposits came in chunks of 100 BTC or more, and on one day large transfers reached 7,000 BTC. The average deposit size in November rose to 1.23 BTC, the largest monthly figure in a year. Those numbers point to more than casual rebalancing; they point to coins being moved where they can be sold. Binance Stablecoins Hit Record According to market coverage, Binance’s stablecoin holdings climbed to a record $51 billion. At the same time, BTC and Ether inflows to exchanges swelled to roughly $40 billion this week, with Binance and Coinbase leading the move. Traders often park funds in dollar-pegged tokens when they want to wait on the sidelines. That build-up means cash is available, but it is sitting idle until sellers either step back or buyers turn up again. Bitcoin exchange inflows are rising as the price drops to ~87K, a seven-month low. Large deposits (100+ BTC) now make up 45% of all inflows, hitting 7K BTC on Nov 21. Large holders are increasingly sending BTC to exchanges, reinforcing the current downtrend. pic.twitter.com/UpN4rAL0FH — CryptoQuant.com (@cryptoquant_com) November 26, 2025 Analysts Eye Further Pullback Some market watchers warn the recent recovery could be only a pause, flagging remaining margin positions and suggested a test of lower levels. They said a wick into the $70k–$80k zone would be one way to clear out the last pockets of exposure. 10x Research put resistance levels at $92,000 and $101,000 as the key ranges to watch during any rebound. For context, Bitcoin had clawed back above $90,000 and was trading slightly higher at the time of reporting, but it remains down about 28% from the all-time high north of $126,000 reached in October. Short-Term Bounce, Not A Full Recovery Meanwhile, market moves in stocks and crypto have shown mixed signals. The S&P 500 and the Nasdaq were pushing gains as investors bet on a US Fed rate cut, and that helped risk assets. Yet reports from strategists show the usual close link between Bitcoin and the Nasdaq has weakened, with Bitcoin’s decline steeper in recent weeks. Ether and many altcoins also faced higher exchange inflows, and several tokens returned to bear-market lows as selling pressure widened. Related Reading: Bitcoin Whale Reenters ETH Market, Fires Off A $44-M Long What This Means Next Liquidity is present but it is parked in stablecoins, and big holders are still moving assets toward exchanges. A meaningful rally will likely need either heavy buying demand or a clear catalyst that draws those stablecoins back into risk assets. For now, the market sits in a waiting mode: a short rally could continue, but a deeper dip remains possible as positions get cleared and sellers complete their rotations. Featured image from Unsplash, chart from TradingView
Despite the XRP price struggling to stay afloat in the current market, it has not deterred the bulls from continuing to push for higher prices. This is amid the XRP ETF launches that have taken place over the last week, X triggering a significant amount of inflow into the cryptocurrency. The calls for new all-time high prices to surpass its 2018 $3.84 peak have only grown louder, with timelines getting shorter. This time around, one analyst has predicted a new all-time high, with what they call a “true Elliot Wave view.” Why XRP Price Could Still Gun Above $4 In an analysis shared on X with over 35,000 followers, crypto analyst XForce Global has put forward the idea that the Elliot Wave Theory has not completely played out for the XRP price. So far, the belief has been that the XRP price has completed the last and final wave and could be headed into a bear market. However, the crypto analyst doesn’t believe this is the case. Related Reading: XRP Price Will Climb Above $10 When This Happens: Analyst XForce Global points to the fact that analysts who use the Elliot Wave theory could struggle with the chart they shared. But this chart apparently removes all of the market inefficiencies, allowing the XRP price to be viewed through a clear lens. The analysis suggests that the altcoin could see a bullish continuation, running a flat route upward after hitting support above $1.87. Such a surge would put the XRP price on the path above $4, with the digital asset possibly topping above $5. In the event that the price does crash further than the current local lows, the analyst believes that an expanded flat route beginning above $1.6 would still trigger a similar outcome. Both rallies are expected to push the XRP price above $4 and then top toward $6. Major Factor To Drive Price Explosion One major factor that analysts have put forward to drive an XRP price explosion is the launch of XRP ETFs. With more than 3 XRP ETFs now trading in the US, analyst Chad Steingraber has outlined how their launch could affect the altcoin’s price. Related Reading: Financial Strategist Debunks Prediction That Bitcoin Price Will Reach $220,000 In 45 Days Steingraber explained that, so far, the XRP price had been seeing some uptick during ETF trading hours, and then declining during off-hours. This is building pressure and momentum, and is expected to accumulate over time. The result of this is supposed to be a major price explosion in the next few months, possibly pushing XRP to new peaks. Featured image from Dall.E, chart from TradingView.com
The Bitcoin price appears to be entering a new recovery phase, as the leading cryptocurrency recaptured the $91,000 level after falling by more than 30% from all-time highs last Friday, tumbling to an 8-month low of $80,000. Critical Bitcoin Price Range Technical analyst Daan Crypto Trades highlighted on social media site X (formerly Twitter) on Wednesday that the critical region for investors to monitor right now is between the $89,000 and $91,000 range. He observed that this price level acted as support in late 2024 and early 2025 before becoming a point of resistance during President Donald Trump’s recent tariff negotiations with the world’s top economies, including China. Related Reading: Has The Bitcoin Price Hit Its Bottom? Key On-Chain Data Signals Potential Rebound Ahead After breaking out of this zone almost exactly one year ago, the Bitcoin price reached new highs of $109,000 in January, which held until a new uptrend in May of this year resulted in BTC reaching $112,000. Daan emphasizes that a strong consolidation above these levels could pave the way for a rally toward the $106,000 to $108,000 range. Conversely, if Bitcoin falls back below these levels, it could revisit last week’s low of $80,000, which he identifies as the nearest support. Bullish Sentiments Amid Caution Another analyst, BitcoinVector, echoed Daan’s bullish sentiment but cautioned that the market remains in a high-risk environment and that the current momentum has yet to strengthen significantly. According to BitcoinVector, steady momentum is required for Bitcoin to break out of the compression pattern that has formed since its all-time high. He laid out the bullish path: first, the Bitcoin price must close within the $89,000 to $90,000 zone, followed by consolidation above this area, and finally, a breakout through the $93,500 to $95,000 compression band. For this recovery to gain traction, BitcoinVector stressed the importance of a “Risk-Off Signal,” indicating that buyers must begin to overpower sellers while generating momentum. Without such momentum, each upward movement would merely be a tactical reaction rather than indicative of a structural recovery. Prolonged Bear Market Ahead? Market analyst Skew provided additional insights, noting that the four-hour chart for Bitcoin appears more constructive for bulls. He pointed to several indicators suggesting upward momentum, including the price being above the four-hour 50 EMA, the RSI remaining above 50, and the Stochastic RSI trending higher. Skew identifies the $88,000 mark as a crucial “line in the sand,” arguing that a drop below this level would signal weakness and a failed attempt to gain momentum. Related Reading: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings Despite the cautious optimism from some analysts, others, like Jacob King, offer a starkly different perspective. He argues that given the Bitcoin price decline from its all-time high in October, it has never experienced such a fall followed by a sustained bull market. According to King, Bitcoin is now in a bear market that may persist for years, poised to affect the fortunes of countless investors, particularly those heavily leveraged. As of this writing, the Bitcoin price stands at $91,390, marking a 4% recovery within the last 24 hours. This places the cryptocurrency 27% below its all-time high. Featured image from DALL-E, chart from TradingView.com
Market chop aside, Wall Street is rolling out Bitcoin (BTC) exposure to advisors through structured notes and ETF-collateralized lending. The bank simultaneously faces debanking blowback after Strike CEO Jack Mallers said his personal Chase accounts were shut. The juxtaposition spotlights institutionalization for clients versus risk-control for crypto-native principals. On one side, JPMorgan moves BTC exposure […]
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Metaplanet, often dubbed Japan’s MicroStrategy for its adoption of Michael Saylor’s Bitcoin investment strategy, is nearing a critical juncture as Bitcoin (BTC) retraces below 30% of its all-time highs in under a month. Metaplanet Bitcoin Holdings Plummet As of November 26, Metaplanet ranks as the fourth largest public Bitcoin treasury company, holding just over 30,000 BTC valued at approximately $2.7 billion, with an average acquisition cost of around $108,000 per coin. Currently, Bitcoin is trading at approximately $87,700, placing the firm at a nearly 17% loss on its investments. The company finds itself about $640 million underwater, compounded by a steep drop in its stock price, which has plummeted 81% from June highs of ¥1,935 to its current valuation of ¥366 per share on the Tokyo Stock Exchange. Related Reading: Has The Bitcoin Price Hit Its Bottom? Key On-Chain Data Signals Potential Rebound Ahead Recently, Metaplanet borrowed an additional $130 million to bolster its Bitcoin holdings, a decision disclosed in a filing on November 21 under a previously established $500 million credit facility announced in late October. This loan is structured with a floating interest rate that renews daily, allowing for repayment at any point. Importantly, the loan is fully secured by the company’s Bitcoin reserves. However, market expert Shanaka Anslem has raised concerns on social media platform X (formerly Twitter) about the implications of these maneuvers for Metaplanet’s short-term stability. Key Dates Approach Anslem highlighted two pivotal dates that the market should closely monitor: December 18, when the Bank of Japan (BoJ) will decide on interest rates, and December 22, when Metaplanet shareholders will vote on a proposed $135 million fundraising initiative. The outcomes of these events are intertwined. The expert asserts that if the Bank of Japan opts for tighter monetary policy, resulting in a strengthened yen, Bitcoin prices may decline, potentially collapsing Metaplanet’s stock premium and jeopardizing the fundraising vote. Conversely, should the central bank maintain its loose policies, leading to a weakened yen but stable Bitcoin prices, the vote may pass, allowing the company to survive. Related Reading: Monad (MON) Price Skyrockets 80%, Emerges As Best Performer Among Top 100 Cryptos This situation holds significance beyond Metaplanet itself. Japan currently lacks a Bitcoin exchange-traded fund (ETF), making Metaplanet the sole avenue for Japanese investors to gain exposure to Bitcoin via the stock exchange. This factor contributed to a 4,000% increase in the company’s stock value in 2024; however, the price plunged 81% when Bitcoin dropped by 30% over the past month amid rising selling pressure that has prompted fears of a new bear market among investors. Leverage further amplifies the existing risks. For Metaplanet to break even, Bitcoin must reach $108,000. For their investment model to function effectively, however, BTC must surpass $130,000. If Bitcoin falls below $70,000, Metaplanet may have to sell assets to meet collateral requirements. Anslem further noted: For now, Metaplanet stands as neither triumph nor failure but as the most consequential experiment in corporate Bitcoin allocation currently running… The hotel company that bet everything on Bitcoin approaches its moment of truth. The world should be watching. Featured image from DALL-E, chart from TradingView.com
A prominent crypto trader has made a bold move back into Ethereum, stirring attention across digital markets. Reports have disclosed that the account known as “1011short” converted 10 million USDC into Hyperliquid before opening a long position with a five-fold leverage, controlling around $44.15 million in ETH. Related Reading: Bitcoin Faces More Downside After Recent Crash, Data Shows Whale Opens A Massive Ethereum Bet The trade uses 15,000 ETH at an entry price of $2,945, while current market levels sit near $2,896. That puts the position about $38,000 in the red for now. Based on reports, the liquidation point is $2,326, giving the trader a sizable margin to withstand market swings. With leverage in play, profits and losses are both magnified, making the move high-risk but potentially high-reward. Market Momentum Shows Mixed Signals Bitcoin has bounced back to $89,000, gaining 1.37% in the last 24 hours, though it still remains over 20% below last month’s highs. Some altcoins followed the trend upward. These gains helped trigger a wave of liquidations, catching many traders off guard. This #BitcoinOG(1011short) is back! He deposited 10M $USDC into #HyperLiquid 6 hours ago and opened a 5x long on 15,000 $ETH($44.15M)!https://t.co/f54Xo9g6vf pic.twitter.com/wfsyYm5JhS — Lookonchain (@lookonchain) November 25, 2025 Liquidations Surge As Prices Bounce In the last day, leveraged positions worth $337 million were liquidated, reports show. About 112,021 accounts were wiped out in total. The majority of liquidations came from short trades ($233 million), while the total for long trades was ($104 million). One of the largest orders liquidated was on Hyperliquid at $8.61 million BTC-USD. At the end of the day, Bitcoin and Ethereum made up the majority of the liquidations: about $119 million in BTC and about $73.34 million in ETH. This indicates the continued high levels of leverage employed in trades on both of the two largest digital currencies by market capitalization, despite large price fluctuations that have been observed recently. The larger the move in either direction, the more uncertain the trader will be with respect to the timing and extent of their exposure, and thus the potential for loss exists for both bears and bulls. Institutional Accumulation Continues Meanwhle, Nasdaq-listed BitMine Immersion Technologies expanded its ETH holdings last week by 69,822 coins, bringing its total to 3.63 million ETH — about 3% of circulating supply. The company also reported 192 BTC, $38 million in Worldcoin, and $800 million in cash. CryptoQuant data indicate unrealized losses of roughly $3.4 billion on its ETH treasury, reflecting market dips. Related Reading: Bitcoin’s Sudden Volatility Jump Signals Options Could Be Calling The Shots—Analyst A Clear Picture Of Caution And Opportunity Large wallets and corporate treasuries buying ETH suggest cautious optimism among big players. Recent rebounds did not go well for many short positions, showing that volatility can strike quickly. Traders will likely watch key levels closely, as moves near large whales’ entry and liquidation points can spark fresh swings. Featured image from Gemini, chart from TradingView
Kevin Hassett, head of the White House National Economic Council, has suddenly become the market’s base case for the next Fed chair – and crypto investors are already gaming out what a “Hassett Fed” would mean. According to Bloomberg-sourced reporting, Hassett has “emerged as the frontrunner” for President Donald Trump’s choice to lead the Federal Reserve, seen as the candidate most aligned with Trump’s preference for lower interest rates. Earlier disclosures showed Hassett previously served as an adviser to Coinbase and holds at least $1 million in Coinbase stock. How Will Hassett Impact The Crypto Market? For crypto allocators, that combination of macro dovishness and direct exposure to a major US exchange is the core of the bull case. Bitwise senior investment strategist Juan Leon put it bluntly on X: “If Kevin Hassett becomes Fed Chair, the implications for crypto are strongly bullish.” He calls Hassett an “aggressive ‘dove’ who has publicly criticized current rates for being too high and advocated for deeper, faster cuts,” highlighting that he “served on Coinbase’s advisory board and owns large stake in COIN,” and that he “led the White House digital asset working group to shape pro-crypto regulation.” Related Reading: Crypto Has Entered Late-Cycle Territory, Says Global Liquidity Veteran But the potential Hassett regime cannot be separated from Treasury Secretary Scott Bessent’s emerging blueprint for the Fed. Bessent has been openly questioning the post-crisis operating framework. As Walter Bloomberg relayed from his CNBC appearance, “BESSENT ON FED: ‘AMPLE RESERVES REGIME’ MIGHT BE FRAYING.” Forward Guidance host Felix Jauvin summarized the direction of travel in a post: “Bessent wants a fed chair that gets us out of balance sheet shenanigans and simplifying things to how they were pre-ample regime. Dovish FFR, hawkish balance sheet.” He added: “I don’t know if I can emphasize enough just how far away we are from any sort of QE copium.” That framing matters for crypto. A Hassett Fed that cuts the policy rate faster in downturns is one thing; a return to full-blown quantitative easing is another. A “dovish FFR, hawkish balance sheet” mix would still be a friendlier macro environment than the post-2022 tightening cycle, but it is not a guaranteed repeat of the 2020–2021 liquidity wave that lifted every risk asset simultaneously. Rate cuts without large-scale asset purchases support risk appetite and lower discount rates, yet they do not automatically recreate the extreme “everything rally” conditions that many in crypto implicitly associate with Fed dovishness. The political logic behind Hassett’s rise has been described most clearly by macro commentator EndGame Macro (@onechancefreedm). In a thread, he argues that “Hassett isn’t leading because he’s the most academic or the most central bankerish. He’s leading because he checks the boxes Trump actually cares about.” Related Reading: Latest Crypto Crash Wipes $1 Billion Off Trump Family’s Wealth Trump, he writes, wants someone he already trusts, who has “spent years defending Trump publicly,” and who has been “openly critical of the Fed for being too slow, too cautious, and too political.” In that framework, “markets hear dovish. Trump hears I can deliver growth again. And crypto folks hear one of us.” Markets are starting to agree. On Polymarket, contracts tracking the Fed chair race show Hassett around 53% at press time, reinforcing that shift from speculation to probabilistic base case. Whether that translates into a genuine “explosion” in crypto will depend less on personalities than on the interaction of three forces: how aggressively a Hassett Fed actually cuts, how far Bessent is willing to go in shrinking or simplifying the balance sheet, and how markets reassess inflation, term premia and fiscal risk under a more overtly political central bank. The odds market is signaling that crypto is moving closer to the center of US monetary power. The scale of any move in 2026 will be determined by the cycle – and by how a Hassett-led Fed balances “dovish rates” with “hawkish balance sheet” in practice. At press time, the total crypto market cap stood at $2.96 trillion. Featured image created with DALL.E, chart from TradingView.com
According to trading records and company filings, Grayscale’s new spot Dogecoin ETF — ticker GDOG — opened quietly, pulling in just $1.4 million in trading volume on its first day on NYSE Arca. Related Reading: Fear Surges, But Real XRP Holders Aren’t Shaken—Analyst Muted Debut On NYSE Arca Reports have disclosed that the debut fell well short of some public forecasts. Bloomberg analyst Eric Balchunas had suggested the fund might see roughly $10–12 million in opening-day volume, a target that the actual figures did not meet. That gap has drawn quick commentary from traders and analysts, who say the launch exposure was smaller than expected for a high-profile first spot product. Grayscale’s paperwork shows the ETF began life with holdings of about 11 million DOGE and roughly 94,700 shares outstanding, with assets under management reported at roughly $1.7 million at the time the fund started trading. The sponsor set a management fee of 0.35%, but that charge is being waived — the fund will carry a 0% expense ratio either until it reaches $1 billion in assets or for the first three months, whichever happens first. $GDOG (first Doge ETF) saw $1.4m volume on Day One.. solid for an avg launch but low for a ‘first-ever spot’ product. Not too surprising tho, we actually made a rhyme a while ago predicting this: ‘The further away you get from BTC, the less asset there will be.’ pic.twitter.com/ermlOcID1J — Eric Balchunas (@EricBalchunas) November 25, 2025 Market Shifts To Other Altcoins Based on reports from market trackers, other recent altcoin ETFs saw stronger early demand, leaving GDOG’s debut looking muted by comparison. Some XRP and Solana vehicles drew faster inflows during their openings, and that contrast has been used to explain why meme-coin exposure did not attract as much fresh cash on day one. Traders say that where money goes now may reflect a preference for certain tokens over meme-style names in regulated wrappers. What Investors Are Watching Next Observers note a few things to watch: whether the fee waiver helps the fund gather assets in the coming weeks, how DOGE’s market price behaves as more products list, and whether competing Dogecoin ETFs — including a product from Bitwise — change the flows. Related Reading: Bitcoin Creator Somehow Becomes ‘Poor’ By Losing $41 Billion Without Saying A Word Some analysts are watching short term creation and redemption activity and the order books around the ETF to judge real demand versus headline interest. Dogecoin’s spot market showed mild movement after the listing, trading near $0.15 as the ETF opened. That price action suggests traders reacted but did not rush in, and it leaves the question of long-term institutional appetite open. Based on the data so far, GDOG’s quiet first day is a clear signal that listing alone does not guarantee big capital flows. The next few weeks — when the fee waiver is still active and competing listings arrive — will be key to see whether the fund can widen its reach or remain a subdued debut in a busy ETF calendar. Featured image from Gemini, chart from TradingView
Naver and Upbit plan to build a financial infrastructure that builds on top of AI and blockchain, according to multiple local reports.
Tether, the entity behind the world’s largest stablecoin by market capitalization, USDT, has experienced a downgrade in its rating by S&P Global. This decision, made public on Wednesday, stems from what the agency describes as “persistent gaps in disclosure” and a growing allocation of “high-risk assets” within Tether’s reserves. The assets highlighted include Bitcoin (BTC), gold, corporate bonds, secured loans, and other investments, all of which entail various risks, including credit, market, interest rate, and foreign exchange vulnerabilities. Tether CEO Responds To S&P Downgrade In a recent research note, S&P Global detailed that this upgrade came as part of a new assessment scale implemented in 2023, ranging from 1 to 5. This scale evaluates the risk associated with different stablecoins. Following the assessment, S&P rated Tether’s USDT stablecoin as “5 (weak),” marking it as the lowest possible score and down from its previous rating of “4 (constrained).” S&P expressed concerns regarding the limited insight Tether provides into the creditworthiness of its custodians and counterparties. Related Reading: Has The Bitcoin Price Hit Its Bottom? Key On-Chain Data Signals Potential Rebound Ahead Despite this, Tether’s CEO, Paolo Ardoino, responded in a social media post on X (formerly Twitter) stating, “We wear your loathing with pride.” He argued that traditional credit rating methods used by agencies like S&P arose from a system that has faltered, leading regulators to challenge these legacy models. Ardoino contended that Tether stands out as a “overcapitalized” organization within the financial sector, claiming it does not harbor “toxic reserves.” He further suggested that S&P’s methods are better suited for conventional banks and insurers with opaque financial histories, rather than being applicable to digital asset issuers who operate under different reserve structures. Ardoino’s remarks indicate a belief that the agency’s downgrade indicates discomfort within traditional finance toward entities like Tether that aim to transcend a “broken financial system.” The firm’s CEO noted: The traditional finance propaganda machine is growing worried when any company tries to defy the force of gravity of the broken financial system. No company should dare to decouple itself from it. Largest Independent Gold Holder In the aftermath of the downgrade, Tether strongly rejected S&P’s characterizations, emphasizing its resilience through various financial crises, including banking collapses, exchange failures, liquidity challenges, and extreme market fluctuations—all while maintaining full stability and the ability to redeem USDT. Tether also pointed to its issuance of approximately $184 billion worth of USDT, assuring stakeholders that it holds sufficient reserves, including US Treasuries and other assets, to satisfy redemptions. Related Reading: Monad (MON) Price Skyrockets 80%, Emerges As Best Performer Among Top 100 Cryptos Notably, recent reports from the Financial Times reveal that Tether has emerged as the largest independent holder of gold globally, highlighting the firm’s increasing exposure to non-traditional reserve assets. According to the report, the stablecoin issuer bought more gold in the last quarter of the year than any central bank in the world. The figures show that the firm bought 26 tons of gold, adding to its substantial gold reserve of nearly 120 tons. Featured image from DALL-E, chart from TradingView.com
Bitcoin’s recent slide below $80,000 has triggered a wave of sleep disruption across the retail trading community, according to a new report from CEX.io. The flagship digital asset has since rebounded to about $88,000, but the roughly 31% drawdown from its recent peak left many investors monitoring prices through the night. This behavior has moved […]
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Bank of America forecasts US real GDP growth of 2.4% in 2026, propelled by five different tailwinds. Meanwhile, JPMorgan stressed various headwinds for the macroeconomic landscape next year. The OBBBA fiscal package adding roughly half a point through consumer spending and capex, lagged Fed cuts boosting activity in the second half, more growth-friendly trade policy, […]
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Texas has moved public money into Bitcoin exposure, buying $5 million worth of shares in a regulated Bitcoin exchange-traded fund. Related Reading: Bitcoin Creator Somehow Becomes ‘Poor’ By Losing $41 Billion Without Saying A Word According to reports, the state’s purchase was made on November 20, 2025, and it used the BlackRock iShares Bitcoin Trust (IBIT) to gain price exposure without immediately holding the cryptocurrency itself. The state set aside a total allocation of $10 million for its new Strategic Bitcoin Reserve. Lee Bratcher, who leads the Texas Blockchain Council, confirmed the state’s crypto purchase on X. State Uses ETF As Interim Step Reports have disclosed that officials chose the ETF route as a temporary measure while the state puts custody plans in place. The IBIT shares give Texas a stake that tracks Bitcoin’s market moves. Based on reports, the entry price equated to roughly $87,000 per BTC at the time of the buy. The buy represents half of the total allocation, leaving $5 million still available for future moves. TEXAS BOUGHT THE DIP! Texas becomes the FIRST state to purchase Bitcoin with a $10M investment on Nov. 20th at an approximately $87k basis! Congratulations to Comptroller @KHancock4TX and the dedicated investments team at Texas Treasury who have been watching this market… pic.twitter.com/wsMqI9HrPD — Lee ₿ratcher (@lee_bratcher) November 25, 2025 The move follows legislation passed earlier in the year. According to public records, the reserve program was created by Senate Bill 21, signed in June 2025. The law authorizes a capped budget for the reserve and sets conditions for what assets qualify. Reports have disclosed that Bitcoin met the criteria laid out in the measure, prompting the initial allocation. What Officials Say And What Comes Next According to state officials, the purchase is meant as a hedge and a way to diversify long-term holdings. An RFP process is expected to pick a custodian, with officials planning to transfer from ETF positions to direct custody once systems are ready. The request for proposals is slated for early 2026, based on public statements. Analysts noted the distinction between ETF shares and direct ownership. ETF holdings provide price exposure; they do not give the state direct control over on-chain Bitcoin wallets. That control would come only after the state completes its custody procurement and shifts assets into cold storage or similar solutions. Possible Broader Effects Market observers say the purchase is notable because it marks one of the first instances of a US state formally placing public funds into Bitcoin exposure. The amount is small relative to broader markets, yet symbolic. It may prompt other states to consider similar reserve strategies, especially where lawmakers favor diversification. Related Reading: Hamas Victims Sue Binance And CZ — Accusations Of Terror Financing Rock Crypto World Transparency And Oversight According to public filings, the state will publish details of the holdings and any custody plan updates. Oversight mechanisms built into the law require regular reporting, and the remaining $5 million allocation must follow the same rules before it is used. That reporting will be watched closely by lawmakers, taxpayers, and market watchers. The buying decision was made amid wide debate over how government bodies should handle crypto assets. Texas plans to move carefully, using regulated products first and then moving toward self-custody when the proper safeguards and vendors are chosen. Featured image from Pexels, chart from TradingView
The Dec. 4 meeting of the SEC’s Investor Advisory Committee opens with a question the agency has spent years avoiding: “What does it actually look like when publicly traded equities live on a blockchain?” Not as wrapped derivatives on offshore exchanges, not as speculative tokens detached from shareholder rights, but as registered securities trading inside […]
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Bitcoin suffered a sudden and deep drop in November, losing nearly a quarter of its value and wiping out over $1 trillion across the crypto market. Related Reading: Bitcoin’s Sudden Volatility Jump Signals Options Could Be Calling The Shots—Analyst Whales Trim Positions Before Crash According to on-chain data from CryptoQuant, large holders played a central role. Wallets holding between 1,000–10,000 BTC pared back their stakes in the weeks leading up to the fall. Those big sellers took profits after the October rally, and in many cases selling was steady rather than panicked. When large players step back like that, market depth can vanish quickly. A quick overview of Bitcoin’s price decline shows prices slid from record highs above $126,000 in October to roughly $81,000 at the lowest point, before a partial bounce to $87k was recorded. Traders and funds were caught off guard by the speed of the move. At the time of writing, Bitcoin was trading at $87,086, up 1.5% in the last 24 hours. Retail Selling Added To Pressure Based on reports, small wallets also leaned toward safety. Holders under 10 BTC and groups up to 1,000 BTC reduced positions, removing another layer of potential buyers. Has Bitcoin Found Its Bottom? Cohorts Tell the Whole Story “BTC may have formed a local bottom, supported by a strong rebound and accumulation from: 100–1k BTC holders. >10k BTC holders. However, the crucial 1k–10k BTC cohort is still distributing, preventing a full… pic.twitter.com/dGU4CBD1Bw — CryptoQuant.com (@cryptoquant_com) November 25, 2025 Buying interest from casual investors was weaker than expected. Mid-sized holders — those with 10–100 and 100–1,000 BTC — did buy during the correction, and their activity helped slow the slide. Still, their buying power was not enough to match the large outflows. Futures Liquidations Intensified The Drop Reports show that futures market dynamics turned a correction into a crash. Over a 13-day stretch, long positions were forcefully closed out. That cascade removed bids and created a chain reaction of selling that pushed Bitcoin from around $105K down to $81K. Liquidations were heavy, and the selling pressure was compounded as each forced sale fed into the next. A Tentative Rebound Shows Life After the lows were hit, Bitcoin climbed back to about $87,500. This rebound has been taken by some as a sign that a local bottom might be forming. According to CryptoQuant, however, the recovery cannot be considered secure while the 1,000–10,000 BTC group keeps reducing holdings. The market’s health was being tested by who chose to sell and who chose to buy. Bottom Status Hinges On Whale Activity Market watchers say a true reversal needs selling from large wallets to stop. If those whales pause, mid-sized buyers might build a firmer floor and confidence could return. If selling continues, lower levels may be explored once again. The coming sessions will be watched closely by traders who want to see whether large holders change course or keep cashing out. Related Reading: Bitcoin Creator Somehow Becomes ‘Poor’ By Losing $41 Billion Without Saying A Word For now, the situation is simple and tense at the same time: prices have recovered slightly, but the structural weakness that allowed a 25% fall was exposed. Bitcoin could face further losses after its recent crash, if CryptoQuant’s data is anything to go by. Large holders have been taking profits, while retail investors have also been selling, leaving fewer buyers to support the market. Analysts say the next move will depend on whether these big holders continue selling or if mid-sized buyers step in to stabilize prices. Featured image from Vecteezy, chart from TradingView
A 284-page complaint filed Nov. 24 against Binance in North Dakota federal court represents 306 American families who lost relatives in the Oct. 7, 2023, Hamas attacks. The lawsuit demands roughly $1 billion from Binance, former CEO Changpeng Zhao, and executive Guangying “Heina” Chen, with the amount automatically tripling to $3 billion if the plaintiffs […]
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The Layer 1 blockchain Monad (MON) successfully went live on Monday, igniting a significant surge in its native token. Within 24 hours of its launch, MON emerged as the best-performing asset among the top 100 cryptocurrencies by market capitalization. MON Token Hits $0.045 All-Time High Last week, Monad’s token sale kicked off on Coinbase’s new token presale platform, gaining robust momentum by raising approximately $50 million. However, just 12 hours into the sale, that initial enthusiasm began to wane. The fundraising effort only accumulated $95 million of the ambitious $187 million target for Circle’s USDC stablecoin. Yet, once the Monad blockchain launched, investor interest reignited, leading to an impressive over 80% rise in the MON token’s value. Related Reading: Bitcoin Faces Less Than 50% Chance Of Hitting $100,000 By December 31, Says AI Model According to CoinGecko data, this price surge elevated the token to a diluted valuation of about $4 billion. By consolidating its gains, MON has managed to stay above the $0.040 mark, reaching a market capitalization nearing $440 million. Notably, the token also hit an all-time high (ATH) of $0.045 earlier on Tuesday, showcasing the heightened demand for MON in the past day. This rally comes despite a broader challenging environment for the cryptocurrency market, where Bitcoin (BTC) has retraced more than 30% from its ATH of $126,000 set back in October, and Ethereum (ETH) has struggled above the critical $3,000 level. The mainnet launch was accompanied by the listing of the MON token on several cryptocurrency exchanges, including Coinbase, Kraken, and Gemini (GEMI). Monad Trading Performance Surpasses Hyperliquid According to data from DeFillama, excitement around the MON token goes beyond its price. The Monad blockchain has already processed over three million transactions from around 140,000 addresses, with developers deploying more than 18,000 smart contracts. Investors who participated in the token sale had the opportunity to sell their holdings immediately after the launch. However, Coinbase has issued a warning to discourage early selling, stating that those who choose to sell their tokens within the first 30 days may face reduced allocations in future token sales. This aims to prioritize genuine enthusiasts of the project over traders looking for quick profits. Related Reading: Solana Rebounds Strong as Massive ETF Inflows Reinforce $128 Support Zone Furthermore, trading volume for MON on the Solana (SOL) blockchain exceeded $87 million in just 24 hours, surpassing the trading volume on Monad itself. This performance outstripped that of Hyperliquid (HYPE) by 149% and positioned MON ahead of platforms such as KuCoin, Gate, Kraken, and Bitget, making Solana the fifth-largest venue by total trading volume across exchanges. Featured image from DALL-E, chart from TradingView.com
Following a significant downturn that saw Bitcoin (BTC) plunge to the $80,000 mark on November 21, the leading cryptocurrency has managed to stabilize above this critical threshold for several days. This development has sparked speculation about whether this level represents a short-term bottom and if a new upward trend might follow. Potential Local Bottom For Bitcoin According to analysis from CryptoQuant analyst Carmelo Aleman, on-chain data indicates a market landscape characterized by institutional redistribution, structural weakness, and signs of a rebound that may hint at a local bottom. Related Reading: Bitcoin Faces Less Than 50% Chance Of Hitting $100,000 By December 31, Says AI Model One of the observations made is that large whale investors have been actively distributing their holdings. The cohorts holding more than 10,000 BTC and those with 1,000 to 10,000 BTC appear to be primarily in a selling position. Carmelo stated that this kind of behavior reflects ongoing profit-taking by institutions looking to reduce their risk exposure, which leads to an overall offloading of supply into the market. Retail investors have also been contributing to the distribution trend. Over the past 60 days, wallets holding between 0 to 1 BTC and 1 to 10 BTC have demonstrated net selling rather than accumulation, suggesting a lack of purchasing support from the retail sector. In contrast, mid-sized BTC holders—those in the 100 to 1,000 BTC range—appear to be acquiring steadily, while the 10 to 100 BTC group is showing consistent accumulation. Hidden Bullish Divergence After this 11-day selling spree, signs of stabilization have emerged. Bitcoin has rebounded above $89,000 on late Monday, which may suggest the formation of a local bottom, although this has yet to be conclusively confirmed. However, while momentum is positive, Aleman warned that the possibility of a trend reversal is heavily reliant on ongoing accumulation from crucial investor cohorts, notably mid-sized investors. While there are obvious rebounds and support from particular groups, the continued distribution of the 1,000 to 10,000 BTC cohort prevents definitive confirmation of a trend reversal. Related Reading: Latest Crypto Crash Wipes $1 Billion Off Trump Family’s Wealth Other analysts, including Ash Crypto, have noted bullish indicators that further support this outlook. He highlighted that Bitcoin is experiencing a hidden bullish divergence on the weekly timeframe, suggesting that selling pressure is easing, momentum is stabilizing, and the weekly Relative Strength Index (RSI) may soon reverse. If this hidden bullish divergence is confirmed, it typically precedes a strong continuation rally, according to the analyst, adding to the argument that BTC may be on the verge of a new upward trajectory. Bitcoin is currently trading at $87,150, 30% below its all-time high of $126,000. This momentum has caused the top cryptocurrency to erase all gains recorded in all time frames, including year-to-date, with a drop of roughly 9% during this period. Featured image from DALL-E, chart from TradingView.com
Global liquidity specialist Michael Howell used an appearance on the Bankless podcast to deliver a clear, if uncomfortable, message for risk assets: the post-GFC “everything bubble” is ending as the global refinancing machine rolls over, and crypto is late in that cycle rather than at the start of a fresh one. Howell’s starting point is his own definition of liquidity, which diverges sharply from textbook aggregates like M2. “This is the flow of money through global financial markets,” he said. It is not bank deposits in the real economy, but “money that is in the financial markets… it looks at the repo markets, it considers shadow banking,” and “pretty much begins where conventional M2 definitions end.” On his Global Liquidity Index, weekly global liquidity was under $100 trillion in 2010 and now sits “just under $200 trillion” – a doubling in a decade and a half. Howell Flags Liquidity Peak What matters most to him, however, is not the level but the momentum of that liquidity. Howell has identified a remarkably stable 65-month global liquidity cycle that he interprets as a debt-refinancing rhythm. Capital markets, he argues, are no longer primarily about funding new investment: “Something like 70 to 80% of transactions… are debt refinancing transactions. They’re not about raising new capital.” Related Reading: Crypto Crash Is A Forced Crypto Seller Unwind, Glassnode Co-Founders In that world, “debt needs liquidity for rollovers but actually liquidity needs debt,” because roughly three-quarters of global lending is now collateral-backed. The result, as he puts it bluntly, is that “ironically it’s old debt that finances new liquidity.” To capture the systemic tension, Howell tracks a debt-to-liquidity ratio for advanced economies: the total public and private debt stock divided by the pool of refinancing liquidity. The ratio averages about two times and tends to mean-revert. When it drops well below that level, liquidity is abundant and “you get asset bubbles.” When it rises significantly above, “you start to see a stretched debt-liquidity ratio and you get financing tensions or refinancing tensions and you can see those basically morph into financial crisis.” Right now, he says, “we’re transitioning, unfortunately, out of a period that I’ve labeled the everything bubble,” a phase where liquidity was abundant relative to debt after repeated rounds of QE and emergency support. The COVID era deepened that imbalance by encouraging borrowers to “term out” debt at near-zero rates. “A lot of the debt that then existed was refinanced back into the late 2020s at low interest rates,” he noted. That created a visible “debt maturity wall” later this decade: heavy refinancing needs now coming due into a much tighter funding environment. Shorter-term, Howell is focused on the interaction between Federal Reserve liquidity operations, the rebuilding of the US Treasury General Account and growing stress in repo markets. SOFR, which “you’d actually expect to trade below Fed funds” because it is collateralized, has repeatedly traded above its normal range. “We’ve started to see these repo spreads blow out,” he warned, adding that “it’s not really the extent of these spikes… it’s really the frequency that’s the most important factor.” If trade fails and leveraged positions begin to unwind, “it’s going to turn quite ugly and that could be the start of the end of the cycle.” Related Reading: Crypto Markets Underestimate A Trump-Style Flood Of Rate Cuts: Expert Inside his four liquidity regimes – rebound, calm, speculation and turbulence – Howell places the US firmly in “speculation,” with Europe and parts of Asia in “late calm.” Historically, early and mid-upswings favor equities and credit, peaks favor commodities and real assets, downswings favor cash and then long-duration government bonds. LIVE NOW – The Real Crypto Cycle: What Happens When Global Liquidity Peaks Global liquidity veteran Michael Howell (@crossbordercap) joins to map out the “master variable” driving asset price: A 65-month global liquidity and debt refinancing cycle that underpins booms, busts,… pic.twitter.com/Ryl3fqHoYR — Bankless (@Bankless) November 24, 2025 The Impact On The Crypto Market Crypto, in his work, straddles categories. “Crypto generally behaves a little bit like a tech stock and a little bit like a commodity,” he said. For Bitcoin specifically, “about 40–45% of the drivers… are global liquidity factors,” with most of the rest split between gold-like behavior and pure risk appetite. On the popular notion of a hardwired four-year Bitcoin halving cycle, Howell is unconvinced. “I don’t really see any evidence of that four-year cycle,” he said, arguing that the 65-month global liquidity/debt-refinancing cycle is the more robust driver. With that cycle projected to peak around now, crypto looks “late stage in the crypto cycle. So it could be over but it might not be.” The structural backdrop, in his view, is unambiguous: “The trend towards monetary inflation… is slated to continue for another two or three decades at least.” Against that, he argues, investors “have to have” monetary-inflation hedges: “It’s not Bitcoin or gold. [It’s] Bitcoin and gold.” Tactically, though, he is cautious. “We’ve not turned bearish risk-off yet, but we are not bullish short-term,” he said – and suggested that upcoming weakness in risk assets might be “a good time to pick up some more” of those long-term hedges. At press time, the total crypto market cap was at $2.96 trillion. Featured image created with DALL.E, chart from TradingView.com
According to Versan Aljarrah, founder of Black Swan Capitalist, fear has crept back into the XRP market as the token trades under pressure. Prices slipped below the $2 mark and recently hit about $1.83 before a small rebound. Volatility has been sharp, and many traders are being pushed into quick exits. Related Reading: Bitcoin Creator Somehow Becomes ‘Poor’ By Losing $41 Billion Without Saying A Word Volatility Tests Investors Based on reports, XRP’s slide accelerated after a broad market crash in early October tied to tariff tensions between the US and China. That turmoil forced billions of dollars of liquidations across exchanges. Different platforms briefly showed very different lows — Kraken recorded $1.40 while Binance charts on TradingView showed a flash low at $0.76. Fear is back, and it always hits those who don’t understand what it means to hold XRP. Most won’t survive the engineered volatility ahead. The system shakes out the weak long before real valuation even begins. — Black Swan Capitalist (@VersanAljarrah) November 23, 2025 Those swings left behind gaps in liquidity, including a zone around $1.98 to $1.99 that traders are watching closely. Price action has been messy but not one-directional. XRP was trading around $2.22, up about 1.8% in the last 24 hours, and in another snapshot it was reported changing hands close to $2.24 amid a rebound. Over the most recent 72 hours, the token posted a rally of more than 18%, showing how fast sentiment can flip. According to Aljarrah, fear has returned, and “it always hits those who don’t understand what it means to hold XRP.” The analyst pointed out that a good number of people will fall before they could even make it and “survive the engineered volatility ahead.” The system, he said, “shakes out the weak” long before actual market valuation takes its course. History And Psychology At Work Analysts and market observers point to XRP’s stop-and-go history as part of the problem. In 2017, the coin lingered for months before surging roughly 70,000% and then dropping by as much as 95% at certain stretches. In 2024, it traded quietly for much of the year before jumping over 600% near year end. That pattern makes holding the token psychologically hard for many. People sell too soon, often right before big moves. Support levels are being watched closely. Reports list key buffers at $1.95, $1.75, and $1.60. On the upside, some analysts are projecting a rebound to $4 by 2026, with longer-range targets of $13 and $27. Those are forecasts, not promises, and they assume steady market conditions and continued interest. While $XRP jumped 17% in the last 72 hours, whales used the move to lock in profits, selling more than 180 million tokens. pic.twitter.com/t9aKQqTwQN — Ali (@ali_charts) November 25, 2025 Whales Take Profit Amid Rally And ETF Flows Meanwhile, analyst Ali Martinez said larger holders have been taking profits during the rebound. Whales holding between 1 million and 10 million XRP reportedly sold over 180 million tokens, trimming their balances to about 4.74 billion XRP. That kind of selling can add pressure even while the price is trying to recover. Related Reading: Bitcoin’s Sudden Volatility Jump Signals Options Could Be Calling The Shots—Analyst Institutional flows appear to be a counterweight. Based on reports, the Franklin Templeton and Grayscale XRP ETFs launched in the US yesterday and drew combined positive flows of $130 million on their first day. Net inflows into US XRP ETFs on Monday were placed at $164 million, a figure that helped absorb some of the selling and supported a more than 7% gain over 24 hours in some trading windows. Featured image from Pexels, chart from TradingView
A high-conviction Bitcoin whale placed a $2 billion wager that the worst is over and the market bottom might be in after a brutal leverage washout stripped speculative froth from the crypto market. On Nov. 24, Deribit, the Coinbase-owned crypto options trading platform, reported a 20,000 BTC notional block trade, which appears to signal that institutional […]
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XRP is leading the race for altcoin supremacy in the US crypto exchange-traded fund (ETF) market with its record performance since last month. In less than 10 trading days, the new crop of US spot XRP ETFs has registered cumulative inflows of roughly $587 million, compared with approximately $568 million for their Solana counterparts. This […]
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Timechain Index founder Sani reported 87,464 BTC flowing out of institution-tagged wallets between Nov. 21 and Nov. 22, adding that he hadn’t seen such movement in months. The raw data showed over 15,000 BTC leaving tracked cohorts on Nov. 21 alone, the largest single-day outflow since June 26. Yet, as Sani clarified in a note, […]
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American financial services company MSCI’s October consultation on “digital asset treasury companies” arrived at a time when the mechanics of Bitcoin (BTC) exposure had already begun to fracture. By mid-2025, three roughly equal-sized channels funneled institutional capital into BTC: regulated spot ETFs managing north of $100 billion, mining operations with embedded BTC exposure, and a […]
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On Nov. 21, Cardano’s mainnet bifurcated into two competing histories after a single malformed staking-delegation transaction exploited a dormant bug in newer node software. For roughly 14 and a half hours, stake pool operators and infrastructure providers watched as blocks piled up on two separate chains: one “poisoned” branch that accepted the invalid transaction and […]
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The XRP price is showing signs of recovery after crashing under $2 earlier last week due to broader market volatility and decline. With its renewed momentum, analysts are now sharing optimistic projections about its future trajectory. New reports from market expert, Egrag Crypto, highlight the reappearance of a crucial technical signal that could trigger a major trend reversal for XRP. Based on the formation of this signal, XRP may be positioning for an explosive price surge that contradicts the previous bearish developments. XRP Price Chart Forms Bullish EMA Cross Signal Egrag Crypto has described the cross between two key Exponential Moving Averages (EMA) as “the real signal.” In his X post shared on Monday, he presented an in-depth review of XRP’s 3-day chart, focusing on the interaction between the 50-day and 200-day EMA and predicting how this technical signal could impact the cryptocurrency’s future price action. Related Reading: Attack On Cardano Founder Leads To Network Halt, What Really Happened? Egrag Crypto emphasized that many traders have interpreted the narrowing distance between these two key EMAs as the early stages of a bear market. However, his analysis shows that this interpretation does not match the XRP’s technical structure. For a genuine bearish cross to confirm a downward trend, XRP’s price would need to fall decisively below both EMAs as overall momentum begins to weaken. Currently, XRP sits above the 200 EMA, with the long-term trend line still rising, indicating underlying strength rather than a classic bear market setup. This suggests the cryptocurrency may be gradually building momentum to break out of its ongoing downtrend and move to higher levels. Egrag Crypto’s chart shows that XRP’s present structure contrasts sharply with its 2018 setup. During that cycle, XRP’s price had collapsed long before the two EMAs crossed, implying that the bearish crossover signal was more of a confirmation than the cause of the weakness. Based on the chart analysis, XRP’s present market structure lacks the characteristics of this historical event, suggesting that the cryptocurrency may be holding firm at levels that could yield more bullish outcomes than before. Where The XRP Price Is Headed Continuing his analysis, Egrag Crypto explained that the latest XRP chart setup looks more like the structures seen before its historic bull rallies in 2017 and early 2021. During those bullish cycles, the 500/200 EMAs had tightened, and XRP had remained above the 200 EMA. Related Reading: Will The Low XRP Price Force Ripple To Dump Its Holdings? Exec Answers Community Egrag Crypto noted that the market also entered a compression phase in both years, leading to sharp increases in volatility and explosive price surges. According to the analyst, each time XRP emerged from these conditions, it produced some of its most aggressive vertical moves. Notably, XRP’s current price chart reflects similar patterns. Egrag Crypto has said the cryptocurrency may be experiencing “late-cycle consolidation” rather than the beginning of a prolonged downtrend. Compression phases of this type often indicate that momentum is building beneath the surface. Based on its structure, the analyst has predicted that the XRP price is likely to head toward its final upside leg rather than a completed top. Featured image created with Dall.E, chart from Tradingview.com
Over the weekend, Coinbase shuffled nearly 800,000 BTC, roughly $69.5 billion at prevailing prices, between its own wallets, describing it as a scheduled internal migration. On-chain alert bots registered the movement as a historic spike in spent outputs, triggering headlines about 4% of Bitcoin’s circulating supply suddenly “moving” and speculation that a massive liquidation was […]
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