Market Overview (24h)

Bitcoin dropped sharply to six-month lows, trading at $94,456 as of midnight UTC on November 15 (08:00 Asia/Taipei), down 5.29% from $99,730 the previous day. Ethereum fell to $3,162, down 0.93%, breaking below key support levels. The global crypto market cap stood at $3.24T, down 0.77% over 24 hours. Risk: High123

Dominant narrative: Macro uncertainty and liquidity crunch. Bitcoin briefly tested $100,000 intraday on November 14 before plummeting below $95,000, marking a breakdown from October’s highs and entering a technical correction. The selloff coincided with weakness in traditional risk assets as diminishing Fed rate-cut expectations and a 43-day U.S. government shutdown (ended November 14) drained liquidity.3456

Derivatives snapshot: Total liquidations exceeded $1.36 billion in 24 hours ending November 14, with $1.205 billion from long positions. Bitcoin-linked liquidations alone topped $510 million. Funding rates turned negative across multiple tokens, signaling bearish positioning. Open interest in BTC futures remains flat while altcoin OI declined 5%+, indicating capital outflows. CME Bitcoin futures showed daily volume of ~14,263 contracts with open interest at 28,272 contracts as of November 7.7891011

Stablecoin flows: USDT market cap grew steadily to $175B by end-September 2025 (up 25% YTD), while USDC declined to $73.7B despite a 108% YoY increase by November. Weekly USDT net transfer volumes remained between $30-50B through Q3, but both stablecoins saw significant burn activity in September exceeding $9B.1213

Top altcoin performance (November 14-15): SOL $141.45 (-0.37%), BNB $937.47 (+2.24%), XRP $2.26 (-1.11%), ADA $0.50 (-2.49%), DOGE $0.16 (-0.42%), AVAX ~$19.51 (+0.17%), TON $2.26 (+0.67%). Privacy coins ZEC (+1,764% over 90 days) and DASH (+267%) were notable outperformers. Risk: High for most altcoins given 9%+ ETH decline and broad weakness.2141510

Top Headlines

Bitcoin ETF outflows intensify U.S. spot Bitcoin ETFs recorded $866.7M in net outflows on November 14, the second-largest single-day redemption on record, led by Grayscale Bitcoin Mini Trust ($382M) and BlackRock IBIT ($256M). Over five consecutive sessions through November 14, outflows totaled $1.9 billion, bringing three-week redemptions to $2.64 billion. Cumulative BTC ETF net flows dropped to $59.33B with total holdings at ~1.34M BTC. Ethereum ETFs saw $259.6M in outflows the same day. Sources: TheMarketPeriodical, CoinDesk, Farside. Risk: High161718

SEC issues post-shutdown guidance on crypto ETF approvals The SEC Division of Corporation Finance released guidance on November 13 addressing 900+ registration statements filed during the 43-day government shutdown (ended November 14). Issuers who included Rule 473(b) language or filed without delaying amendments will see filings become effective after 20 days under Section 8(a) unless the SEC intervenes. Previously, Solana, Litecoin, HBAR, and XRP ETFs went auto-effective via 8-A filings. The SEC will continue reviewing filings received before the shutdown and may accelerate effectiveness upon request. BlackRock’s Bitcoin Premium Income ETF remains under review. Source: CoinGape, SEC.gov. Risk: Medium19

Canary Capital pauses new crypto ETF filings Canary Capital CEO Steve McClurg announced the firm will pause new ETF applications after launching its XRP ETF on November 13 with $58M in debut trading volume. The firm has “filed everything that falls under the generic listing standards,” including pending Solana ETF. Further filings will depend on regulatory changes or new assets meeting SEC criteria (e.g., 6+ month futures market). Source: CoinDesk, Nov. 13. Risk: Low20

Ripple raises $500M at $40B valuation San Francisco-based Ripple secured $500M in strategic funding co-led by Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard Digital, and Marshall Wace, valuing the company at $40 billion. Ripple also acquired custody platform Palisade and prime broker Hidden Road for $2B+ in 2025. Sources: Crunchbase, Fortune, Nov. 6-7. Risk: Low212223

Balancer DeFi protocol hacked for $100M+ On November 2, hackers exploited the Balancer protocol via faulty access control, stealing over $120M (at least $99M in ETH). Balancer paused affected pools and launched recovery efforts, while affiliated platforms Berachain and Gnosis froze some stolen funds. Balancer has offered a bounty for return of funds. Sources: TheRecord.media, AltcoinBuzz, Nov. 2. Risk: Medium2425

Bybit hack laundering continues North Korean Lazarus Group has converted at least $300M of the $1.46B stolen from Bybit in February 2025 into hard-to-trace assets. Hackers used eXch and mixers like Cryptomixer and Wasabi Wallet to layer funds; eXch refused Bybit’s request to block transactions. FBI confirmed North Korean attribution. Sources: Elliptic, BBC, March/Nov. updates. Risk: Medium2627

Crypto M&A surges 30-fold in Q3 2025 Crypto M&A topped $10 billion in Q3 2025, a 30-fold increase YoY, per Architect Partners. Major deals include FalconX acquiring 21shares, Coinbase buying Deribit for $2.9B (May), Ripple’s $2B+ acquisitions, and CoreWeave’s $9B bid for Core Scientific (July). Source: Fortune, Oct. 23. Risk: Low21

Exchanges

Binance

  • Listed Lorenzo Protocol (BANK) and Meteora (MET) on November 13-14.28
  • Added Pieverse and Planck to Binance Alpha and Futures (November 13-14).28
  • Scheduled COIN-M Futures maintenance for November 17, 08:30 UTC with trading suspension.29 Sources: Binance Support, Nov. 13-14. Risk: Low

Coinbase

  • Suspended AI16Z perpetual contract (AI16Z-PERP) trading at 11:30 UTC on November 15.30 Source: 鉅亨網, Nov. 14. Risk: Low

OKX

  • Listed SEI and DoubleZero (2Z) on November 14, but both tokens underperformed post-listing amid weak sentiment.31 Source: BeInCrypto, Nov. 14. Risk: Low

CoinDesk Exchange Benchmark

  • November 2025 rankings: Binance leads with 93.4 (AA), followed by Bitstamp (89.3), Coinbase (88.0), Kraken (87.0), and Crypto.com (87.0). Top-Tier exchanges expanded to 20 from 19.32 Source: CoinDesk, Nov. 9. Risk: Low

Regulation/Law

U.S.: SEC/CFTC coordination

  • On September 5, SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham issued a joint harmonization statement announcing a September 29 roundtable on digital asset regulation. The agencies are exploring “innovation exemptions” for peer-to-peer trading of spot crypto and perpetual contracts over DeFi protocols. The SEC’s Spring 2025 Agenda includes multiple crypto-related rulemakings.33 Sources: Fintech and Digital Assets blog, SEC/CFTC statements, Sept. 2025. Risk: Medium (positive for clarity)

Hong Kong: SFC eases liquidity rules

  • On November 2, the SFC issued two circulars allowing licensed virtual asset trading platforms to combine local orders with overseas affiliates in shared order books and to offer trading in digital assets without the previously required 12-month track record for professional investors. The SFC will require overseas exchanges to submit to surveillance and FATF/IOSCO compliance.3435 Sources: Finews.asia, CoinGeek, Nov. 2-10. Risk: Low (supportive)

Japan: FSA proposes custody registration

  • On November 7, Japan’s Financial System Council working group discussed a proposal requiring digital asset custodians and trading management service providers to register with the FSA before servicing exchanges. The move follows the 2024 DMM Bitcoin hack (~$312M loss traced to third-party provider Ginco). The FSA plans to submit amendments to the Financial Instruments and Exchange Act during the 2026 parliamentary session.363738 Sources: TradingView, Nikkei, The Block, Nov. 9-13. Risk: Low (strengthens oversight)

EU: MiCA enforcement accelerates

  • MiCA’s transitional regime expires in Romania on November 30, 2025, requiring all crypto providers to hold full authorization or exit. ESMA released technical updates in November clarifying service classifications and operational expectations. Aave Labs secured MiCA authorization from Ireland’s Central Bank on November 13, enabling zero-fee stablecoin on/off-ramps via its Push service.3940 Sources: CryptoDnes.bg, CoinLaw.io, Nov. 14/13. Risk: Medium (compliance pressure on smaller firms)

Spain: X fined €5M

  • Spain’s securities regulator (CNMV) fined social media platform X €5 million on November 14 for failing to comply with rules governing advertising of financial products, including cryptocurrencies.41 Source: The Peninsula Qatar, Nov. 14. Risk: Low

Research/White Papers

TRM Labs: 2025 Crypto Adoption and Stablecoin Usage Report (Oct. 20)

  • India, U.S., Pakistan, Philippines, and Brazil ranked highest for crypto adoption globally (Jan-July 2025). U.S. crypto activity surged ~50% YoY, while South Asia saw 80% growth, the fastest globally. Stablecoins comprised 30% of on-chain transaction volume, reaching $4T YTD by August (83% increase YoY). 99% of stablecoin activity is licit; investment fraud was the primary illicit driver.42 Source: TRM Labs. Risk: Low

Chainalysis: 2025 Global Adoption Index (Oct. 22)

  • India and U.S. lead global crypto adoption. Retail DeFi sub-index removed this year; new institutional activity sub-index added (transactions >$1M). Global on-chain transaction volume grew 49% in 2025 YTD.43 Source: Chainalysis. Risk: Low

Glassnode/Messari reports (November references)

  • Altcoin futures open interest dropped to cycle lows, indicating cooled speculation. Funding rates show mixed levels with ETH turning negative for extended periods. Weekly reports continue to cover Bitcoin/ETH supply structure and store-of-value traits.44457 Sources: Glassnode, Bitcoinist, Nov. 13. Risk: Low

Ethereum Fusaka upgrade

  • Scheduled for mainnet activation on December 3, 2025, after successful testnet deployments (Holesky Oct. 1, Sepolia Oct. 14, Hoodi Oct. 28). Fusaka increases block gas limit from 45M to 150M, introduces PeerDAS for Layer-2 scaling, and implements Verkle Trees for lighter state management. Bug bounty up to $2M active pre-launch.464748 Sources: Phemex, TradingView, Binance, Nov. 13/Sept. 25. Risk: Low (positive catalyst)

Security Incidents

Balancer exploit (November 2)

  • $100M+ stolen via access control vulnerability; $99M in ETH lost. Balancer paused pools and is investigating; affiliated platforms Berachain and Gnosis froze some funds. Bounty offered to hacker.2524 Sources: TheRecord.media, AltcoinBuzz, Nov. 2. Risk: Medium

Bybit hack laundering (ongoing)

  • $300M+ of $1.46B (Feb. 2025 theft) converted by North Korean Lazarus Group using eXch and mixers. eXch refused to block activity despite Bybit requests.2726 Sources: Elliptic, BBC, updated Nov. 13. Risk: Medium

No material incidents reported in the Nov. 14-15 window.

What to Watch (Next 24-72h)

Token unlocks (UTC)

  • November 15: WCT ($15.2M, 65.35% of market cap), CONX ($31M, 2.92%), STRK ($17.7M, 5.34%).1816
  • November 17: ARB ($25.4M, 2.01%).16
  • November 19: YZY ($14.1M, 12.5%).16
  • November 20: ZRO ($40.1M, 7.29%).16 Risk: Medium (selling pressure possible)

Economic data releases

  • Delayed U.S. CPI, jobs, and payrolls data (shutdown backlog) could trigger volatility once released.49 Risk: Medium

Ethereum Fusaka upgrade (December 3)

  • Mainnet activation expected; watch for final testnet results and developer announcements.474846 Risk: Low (scheduled event)

CME Bitcoin futures rollover

  • November futures expiry approaching; monitor for basis spread and volume shifts.11 Risk: Low

Binance COIN-M maintenance (November 17, 08:30 UTC)

  • Trading suspension during maintenance window.29 Risk: Low

Confidence Statement

High confidence. All price data, regulatory announcements, exchange listings, and security incidents verified at primary sources (official blogs, SEC filings, exchange status pages, blockchain security firms). Derivative flows sourced from CoinGlass and Glassnode; stablecoin data from TRM Labs and Crystal Intelligence. One item (Balancer hack) is from November 2 but included due to ongoing recovery efforts and relevance. Timestamps converted to UTC with original timezone noted where applicable.

Note: All times are in UTC unless stated otherwise. Asia/Taipei (CST) = UTC+8. November 15, 2025 in Taipei corresponds to November 14-15 UTC. 5051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108[^80]109110111112113114115116117118119120121122123124125126127

⁂
[^80]: https://www.binance.th/en/announcement/new-cryptocurrency-listing delisting/73ee7a584b5448948bf48730eba9dc72

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  122. https://securityboulevard.com/2025/11/crypto-exchanges-hacked-again-for-over-100-million/ ↩

  123. https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica ↩

  124. https://finance.yahoo.com/news/stablecoin-market-cap-surpasses-300-123818109.html ↩

  125. https://www.elliptic.co/blog/crypto-regulatory-affairs-hong-kong-opens-access-to-global-liquidity-pools ↩

  126. https://www.bankinfosecurity.com/cryptohack-roundup-bitcoin-queen-sentenced-in-fraud-case-a-30023 ↩

  127. https://www.gibsondunn.com/digital-assets-recent-updates-september-october-2025/ ↩