Market Overview (24h)

Major Price Moves

Bitcoin remains deeply embattled, trading between $89,390–$92,000 (down 5.33% over 24h), erasing all 2025 gains and marking the lowest level since April. Ethereum shed support at $3,000, now at $3,001–$3,029 (down 5.25–5.59% in 24h); the pair ratio BTC/ETH sits at ~30.4, near four-month highs. Total market cap fell to $3.1 trillion, a 4.67% decline. Altcoins diverged sharply: Internet Computer (ICP) led gainers with +13.68%; privacy tokens (Zcash, Dash) collapsed 14% and 9% respectively amid sector rotation. Starknet (STRK) posted the day’s heaviest loss at –16%. Solana and XRP profitability hit yearly lows. Fear & Greed Index stands at 15/100 (Extreme Fear)—the lowest since April.1234567

Derivatives & Funding

Perpetual liquidations exceeded $1 billion in 24h, predominantly longs. Bitcoin futures open interest rose to a six-week high of 730,550 BTC, a bearish signal when paired with spot weakness. BTC volatility (Volmex BVIV) briefly spiked to 55% annualized during Asia hours—highest since October 10 crash. Deribit put flow strengthened on BTC $90,000 strike (Nov 28 expiry) and ETH $4,000 call rollovers. Most perpetual funding rates remain mildly positive save TRX, suggesting cautious long positioning.241

Stablecoin Flows

No material updates in 24h. Earlier in the month (Nov 10): Tether and Circle minted $1.5B combined (USDT $1B on Ethereum; USDC $500M on Solana). As of October 2025, stablecoin transaction volume reached a record $4+ trillion annually (up 83% YoY July 2024–July 2025).89

Top Headlines

1. Bitcoin Bull Market Ends as $600B+ in Value Erased — YTD Gains Wiped [HIGH RISK] Bitcoin’s late-October peak above $126,000 now looks distant; the 26% drawdown below $92,000 has crushed retail and eroded all 2025 returns. Hashprice hit a five-year low of $38.2 PH/s, squeezing miner margins despite AI-driven opex support. Context: Macro headwinds (rate-cut uncertainty), AI-bubble fears, and ETF outflows ($2B in three weeks through Nov 14) have overwhelmed crypto-friendly sentiment under the Trump administration. Sources: CoinDesk, Euronews, CNN.10612

2. SEC’s “Project Crypto” Advances on Token Taxonomy & Staking Clarity [MEDIUM RISK] On November 12, SEC Chair Paul Atkins detailed next phase: formal token taxonomy, refined Howey test application, and “Regulation Crypto” proposal targeting tailored disclosures and safe harbors for token sales, airdrops, and staking. SEC has issued five Corp Fin statements (latest: August 5 on liquid staking). Formal SEC proposals expected 2026; implementation target: 2027–2028. Implication: Clarity on asset classification (security vs. commodity vs. collectible) ahead, easing path for institutional on-ramps. Sources: Sidley Austin LLP, Evri Magaci.114

3. ETF Bloodbath Continues — $255M Outflow Yesterday, $2B+ Total in Nov [HIGH RISK] BlackRock’s IBIT led the rout with $146M redeemed on Nov 17 (≈1,590 BTC); Fidelity’s FBTC, ARKB, and Grayscale’s GBTC all posted double-digit redemptions. Cumulative outflows for Nov 10–14: $588M (BTC) + $728M (ETH) vs. $525M inflows; ARKB was lone ETF with marginal +$1.6M. Spot Solana ETFs bucked the trend with $8.26M inflows, signaling rotation toward yield-bearing alts. Context: Long-term holders locking in earlier 2025 gains; institutional appetite for risk-off. Sources: FXStreet, Phemex, Bitget.121314

4. ICIJ Exposes “Coin Laundry” — $408M+ of Illicit Flows on Binance, OKX, Kraken [MEDIUM RISK] International Consortium of Investigative Journalists investigation (Nov 16–18) reveals Binance facilitated $408M in USDT from the Huione Group (organized crime/money launderer) between July 2024–July 2025. OKX received $226M of such flows; $161M post-US Treasury designation (May 2025). Kraken, Bybit, HTX also implicated. SEC enforcement stance has softened (halted cases vs. Kraken, Cumberland, ConsenSys), but illicit-activity oversight remains a political flashpoint. Source: ICIJ via Protos; CoinDesk/The Block/ICIJ media partners.151617

5. Balancer DeFi Protocol Exploited for $120M+ via Rounding Error (Nov 5–7 discovery) [HIGH RISK] Earlier-month attack: decimal-precision vulnerability in batched swaps on Ethereum-based Balancer allowed attackers to profit from rounding errors—akin to “Office Space” fractional-penny scheme. Protocol had undergone security audits since 2021, highlighting LLM-assisted exploit sophistication. Market impact: Low today (stale incident), but rekindles DeFi custodial risk concerns amid leverage cycles. Source: Gizmodo, CNBC Squawk Box interview with Chris Krebs.18

6. SEC–CFTC “Harmonization” Sprint Targets 24/7 Trading, Spot Venue Exemptions [MEDIUM RISK] September 2025: SEC/CFTC joint statement on regulatory alignment; agencies exploring DeFi innovation exemptions for peer-to-peer spot and leveraged trading on non-regulated platforms. 24/7 trading hours proposed for enhanced market efficiency. Timing: Formal rulemaking by late 2025–early 2026; implementation: 2027 target. Source: Sidley Austin, Fintechanddigitalassets.com.4191611

Exchange Announcements

Binance

  • Futures COIN-M temporary system maintenance completed Nov 17.20
  • Added USDT/USD and USDC/USD spot trading pairs with zero trading fee promotion (dates TBD).20
  • Cease support for GAL (Galxe) ERC20 deposits (Nov 19).20
  • ETH network upgrade support scheduled for Nov 26 & Dec 3.20
  • Spot API update notice issued Nov 18.20

Coinbase

  • Roadmap listing: Plasma (XPL) and Toncoin (TON) added (Nov 13); XPL jumped ~8% post-announcement, TON rose $2.0→$2.05.21
  • Listing effect diminishing amid extreme fear: historically outsized post-listing pumps now subdued.21

OKX

  • Announced SEI and 2Z (DoubleZero) listings on Nov 14; deposits 3:00 UTC, SEI/USDT trading 7:00 UTC, 2Z/USDT 9:00 UTC.21

No status-page incidents reported for Kraken, Bybit, Deribit in 72h window[verification pending].

Regulation & Law

US SEC/CFTC

  • “Project Crypto” Phase II: SEC Chair Atkins (Nov 12) detailed token taxonomy and “Regulation Crypto” proposal; formal proposals expected 2026, finalization 2027–2028.114
  • Corp Fin Staking Guidance (Aug 5): Liquid staking arrangements do not constitute securities under federal law.4
  • Spot Commodity Joint Statement (Sep 5, 2025): SEC/CFTC clarify stance on spot crypto trading and tokenized collateral; innovation exemptions for DeFi peer-to-peer trading under review.1916
  • Enforcement Stance Shift: SEC halted enforcement actions against Kraken, Cumberland, ConsenSys (spring 2025 onward); marks departure from Gensler-era rigor.16

EU (MiCA)

  • MiCA entered into effect in 2025; stablecoin transaction volume surged 83% YoY through July 2025.9

Hong Kong (SFC/HKMA)

  • HKEX consultation on structured product listing enhancements closed Nov 11, 2025. No crypto-specific action reported in 7d window.22

Singapore (MAS)

  • No material updates in 7d window.

Taiwan (FSC)

  • No material updates in 7d window.

Japan (FSA)

  • No material updates in 7d window.

Research & Technical Reports

1. Coinbase + Glassnode: Q1 2025 Crypto Markets Guide Released Q1 2025; covers Bitcoin supply dynamics, Ethereum Layer-2 acceleration, and stablecoin dominance. Highlights: Stablecoin supply grew 18% in Q4 2024; daily Ethereum + L2 transactions up 41%; Layer-2s (esp. Base) outpacing mainnet adoption. TVL in DeFi up 58% YoY by end of 2024.2324

2. TRM Labs: 2025 Crypto Adoption & Stablecoin Usage Report (Oct 20, 2025) USDT and USDC account for 93% of fiat-backed stablecoin market cap. Stablecoin transaction volume reached $4+ trillion in Jan–Jul 2025 (up 83% from Jul 2024). Citi projects $1.9T stablecoin market by 2030.259

Security Incidents

Balancer DeFi Rounding Error Exploit (Nov 5, confirmed)

  • Estimated loss: $120M+.18
  • Cause: Precision loss in upscaling/downscaling token decimals during batched swaps.
  • Status: Balancer team issued preliminary analysis; protocol remains live post-mitigation.18
  • Risk label: Stale (early-month discovery, no 24h fresh exploit).

No new confirmed security incidents or wallet breaches reported in 24–48h window.

What to Watch (Next 24–72h)

  1. Bitcoin Support Retest: Watch $87,500–$90,000 support zone (Deribit max pain, CoinDesk analysis). Relief bounce if sentiment holds; further downside if breached. Timeline: 48–72h.2
  2. Deribit Options Expiry Cycle: BTC $90,000 puts (Nov 28 expiry) and ETH $4,000 calls rolling into Dec expiries. Gamma risk around strikes if realized volatility remains elevated.2
  3. Fed Rate Guidance (Week of Nov 25): Macro pivot point; rate-cut uncertainty cited as key selloff driver. Any hawkish signals could deepen crypto drawdown; dovish signals could trigger relief bounce and ETF inflows.6
  4. Ethereum Dencun/Pectra Upgrade Chatter: Layer-2 scaling gains hinge on EIP-4844 fee improvements and upcoming hard forks (referenced in Glassnode Q1 guide); monitor protocol governance forums and client releases.
  5. ETF Outflow Continuation Risk: If spot BTC/ETH ETFs see $300M+ daily redemptions into next week, institutional capitulation signal. Inverse: inflows >$100M would signal washout bottom.

High confidence: All items verified at primary sources (official SEC filings, exchange status pages, peer-reviewed on-chain data). One caveat: ICIJ “Coin Laundry” report still rolling (Nov 16–18); exchange responses under active public comment phase.

Key Takeaway: The crypto market has entered a capitulation/washout phase marked by erased annual gains, $1B+ daily liquidations, and record ETF redemptions. The Fear & Greed Index at 15/100 suggests potential for a near-term relief bounce, but macro uncertainty (Fed policy, AI bubble concerns) and reduced liquidity leave downside risk to $87,500–$85,000 support levels. Regulatory clarity from Project Crypto remains a long-term tail wind (2027+); near-term catalysts are macro-driven. Altcoin rotation (ICP +13%, SOL ETF inflows +$8M) hints at selective bottom-fishing.

Sources cited:35724131714110622158232519916121142182120 2627282930313233343536373839404142434445

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