Market Overview (24h)

Spot Prices (as of ~12:00 UTC)

Asset Price 24h Change 7d Change MTD Change
BTC $87,310 -1.0% -6.0% -20%+
ETH $2,904–$2,943 +1.4% -3.5% -30%+
SOL $137–$139 +0.5% -2.5% -26%
XRP $2.18–$2.20 -0.3% — —
BNB $854–$862 +0.9% — —
TON $1.55–$1.56 +0.7% — —
DOGE $0.149–$0.150 +1.9% — —
ADA $0.418 +1.1% — —
AVAX $13.89–$14.04 +4.7% — —

Total Crypto Market Cap: ~$3.01T, down ~30% from $4.28T peak in October 2025123

Dominant Narrative: Extreme Fear sentiment (index: 11–20), post-correction stabilization following October’s $126K BTC peak and November’s $1.3T+ wipeout. JP Morgan notes crypto is “moving from VC-style ecosystem to tradable macro asset class.”4561

Derivatives Snapshot

Open Interest: BTC perp OI collapsed ~20% (BTC-denominated) and ~32% (USD-denominated) since October 9, falling from ~752K BTC to ~683K BTC. Altcoin OI roughly halved from October highs.78910

Funding Rates: Funding across top 500 assets shifted neutral-to-negative for the first time in a month—historically aligned with local bottoms when sustained. Altcoin funding particularly bearish, reflecting underperformance vs. majors.897

Options: Volatility implied by options remains elevated (70–75%), with strong skew toward puts (bearish). Short-dated optionality trades several points above back-end term structure.7

Liquidations: November has seen massive liquidation events:

  • Nov 21: ~$1.7–2.0B liquidated, ~396,000 traders affected, largest single-day count of 202561112
  • Largest single wipeout: $36.7M BTC position on Hyperliquid116
  • Total November liquidations exceed prior records6

Stablecoin Flows

  • Total stablecoin supply: ~$280–300B (record high), representing ~8% of total crypto market cap131415
  • USDT: $184B (63%); USDC: $74–75B (25%)141516
  • Ethena’s USDe: Lost nearly half of outstanding supply since October 10 liquidation shock—TVL collapsed from $14B to $8.3B1017
  • ECB warns: if stablecoin supply continues current growth trajectory, market cap could approach $2T by 202814

Risk Level: High — November stablecoin supply dipped for first time in months, signaling capital leaving market17

Top Headlines

1. BlackRock IBIT Faces Worst Month Ever — $2.1–2.47B Outflows {High}

BlackRock’s iShares Bitcoin Trust (IBIT) registered record outflows in November, including a single-day record of $523.2M on Nov 18. Total spot BTC ETF outflows for November: $3.55–3.79B, eclipsing February’s previous record of $3.56B. Despite outflows, IBIT retains ~$87B AUM; average ETF buyer purchase price is $90,146—currently marginally in the green.18192021222317

2. Naver to Acquire Dunamu (Upbit) in $10.3B All-Stock Deal {High}

Korea’s internet giant Naver Financial announced acquisition of Dunamu (operator of Korea’s largest crypto exchange Upbit) via stock-swap valued at ~15.1T won ($10.3B). Exchange ratio: 1 Dunamu share = 2.54 Naver Financial shares. Shareholder vote: May 22, 2026; effective date: June 30, 2026. Combined entity aims to create ~20T won fintech powerhouse integrating AI, payments, and blockchain services.242526272829

3. Balancer V2 Exploited for $120–128M Across Multiple Chains {High}

On November 2–3, DeFi protocol Balancer suffered a sophisticated smart contract exploit targeting V2 Composable Stable Pools. Attack vector: improper access controls in manageUserBalance function combined with rounding error exploitation. Losses across Ethereum, Base, Polygon, and Arbitrum totaled $120–128M; ~$19M recovered within hours. Attack code reportedly contained AI-generated (vibe-coded) elements including console.log statements. Balancer TVL halved from $442M to $214.5M post-attack.3031323334

4. Polymarket Receives CFTC Approval for Regulated U.S. Return {Medium}

The CFTC issued an Amended Order of Designation on Nov 25, allowing Polymarket to operate as a fully regulated U.S. exchange for the first time since its 2022 ban and $1.4M settlement. U.S. users can now trade via FCMs and traditional brokerages. Polymarket acquired QCX for $112M in July 2025 to obtain necessary licenses. Federal DOJ and CFTC investigations closed without charges.3536373839

5. SEC Chairman Atkins Outlines “Project Crypto” — Next Phase of Digital Asset Regulation {Medium}

On November 12, SEC Chairman Paul Atkins unveiled the next phase of “Project Crypto” at the Federal Reserve Bank of Philadelphia. Key elements: formal token taxonomy, refined Howey application, and forthcoming “Regulation Crypto” proposal targeting tailored disclosures, exemptions, and safe harbors. No-action letters issued for certain crypto token distributions (Sept 29) and crypto custody by state-chartered trust companies (Sept 30).40414243

6. U.S. Senate Draft Crypto Market Structure Bill — CFTC Takes Lead Role {Medium}

Senate Agriculture Committee released draft legislation putting CFTC in primary oversight role for most non-stablecoin digital assets, while SEC oversees tokenized securities and investment contracts. Bill mirrors CLARITY Act that passed House in July 2025. CFTC’s Acting Chairman Pham outlined 12-month “Crypto Sprint” targeting completion by August 2026.4144454647

Exchange Announcements

Binance

  • Nov 28: Delisting spot pairs BMT/FDUSD, GMT/BTC, ME/BTC, TOWNS/FDUSD at 03:00 UTC48
  • Nov 28: Futures delisting PONKEUSDT, SWELLUSDT, QUICKUSDT perpetual contracts at 09:00 UTC49
  • Nov 20: Listed SAPIEN/BNB, SAPIEN/USDC, SAPIEN/USDT on Binance TH[^50]
  • Nov 25: New trading pairs announcement for Nov 27 and Nov 2950

Upbit (Korea)

  • Nov 25–26: Monad (MON) token doubled after Upbit listing; Korean trading volumes surpassed Coinbase5

Regulation/Law

United States

  • SEC: Project Crypto Phase 2 announced (Nov 12); formal rulemaking expected 202642434041
  • CFTC: Polymarket approved for intermediated U.S. trading (Nov 25); 12-month Crypto Sprint ongoing4636383935
  • Congress: Senate Agriculture Committee draft bill released Nov 11; CFTC primary oversight for digital commodities444541

European Union (MiCA)

  • MiCA fully applicable since Dec 30, 2024; second phase governing CASPs now in effect51525354
  • Transitional periods vary: Netherlands (July 2025), Italy (Dec 2025), others extending to July 202652
  • ECB: Published stablecoin risk warning (Nov 23) noting spillover risks as supply approaches record levels1514

Hong Kong

  • SFC (Nov 3): Licensed VATPs permitted to integrate order books with global affiliates—major liquidity liberalization5556575859
  • 12-month track record requirement dropped for stablecoins offered to professional investors; HKMA-licensed stablecoins available to retail5658
  • Final regulatory framework for digital asset trading/custody being finalized57

FSB/IOSCO (Global)

  • Oct 15–16: FSB published thematic peer review finding “significant gaps and inconsistencies” in crypto and stablecoin regulation implementation6061626364
  • Key gaps: CASP reporting frameworks, stablecoin risk management, capital buffers, recovery/resolution planning616260
  • Eight recommendations issued to address cross-border cooperation challenges6261

United Kingdom

  • HM Treasury confirmed intent to legislate new cryptoasset regulatory regime by end of 2025 (subject to Parliamentary time)65

Research & Technical Reports

FSB Thematic Review (Oct 2025)

First comprehensive global crypto regulation assessment found regulatory implementation “incomplete, fragmented and insufficient” despite market cap surging to $4T in August 2025. Key finding: Progress on CASPs outpaces stablecoin regulation.63646162

Block Scholes/Bybit Derivatives Report (Nov 12)

Bearish price action since October saw perp OI fall to nearly half previous levels; altcoin funding rates persistently negative reflecting underperformance; options volatility elevated 70–75% with strong put skew.7

VanEck Bitcoin ChainCheck (Nov 18)

BTC perp OI down 20% (BTC terms), 32% (USD terms) since Oct 9; funding rate collapse partly explained by Ethena TVL drop from $14B to $8.3B reducing basis trade positions that artificially depress rates.10

NYDIG Market Analysis (Nov 22)

ETF outflows ($3.55B in November), stablecoin supply decline, and algorithmic stablecoin (USDE) supply collapse signal “aggressive capital flight” rather than mere position reduction.17

Security Incidents

Balancer V2 Exploit (Nov 2–3) {High}

  • Amount: $120–128M stolen across Ethereum, Base, Polygon, Arbitrum3132333430
  • Recovery: ~$19M recovered within hours; losses reduced to ~$98M34
  • Vector: Improper access controls + rounding error in batchSwap function323330
  • Notable: Attack code believed partially AI-generated (vibe-coded)3032
  • Impact: Balancer TVL halved; multiple Balancer forks also affected3134

No other major confirmed exploits in the 72-hour window.

What to Watch (Next 24–72 Hours)

Catalyst Timing Risk
Hyperliquid (HYPE) Token Unlock: $318M release—largest of the week Nov 29 High
Weekly Token Unlocks: $566M+ total (Nov 24–Dec 1) Through Dec 1 Medium
Naver-Dunamu Press Conference: Merger roadmap details Nov 27 (Seoul) Medium
Binance Spot/Futures Delistings Nov 28 03:00–09:00 UTC Low
Ethereum Fusaka Upgrade: Mainnet expected early December Early Dec Medium
December Rate Cut Probability: Rose from 27% to 85% per recent data4 Dec FOMC High
December Token Unlocks: >$3.6B projected for month66 Throughout Dec High

Confidence Statement: High confidence; all major items verified at primary sources including exchange filings, regulatory portals, and official announcements. Balancer loss figures vary by source ($98M–$128M); cited range reflects ongoing recovery efforts. ETF outflow totals vary slightly between sources ($3.55B–$3.79B) depending on cut-off date. 676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134

⁂
[^50]: https://www.binance.th/en/announcement/new-cryptocurrency-listing delisting/2195438424d9414d9e579085088ad21d

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  124. https://ycharts.com/indicators/bitcoin_price ↩

  125. https://finance.yahoo.com/news/live-happening-crypto-market-nov-082447182.html ↩

  126. https://finance.yahoo.com/quote/BTC-ETH/history/ ↩

  127. https://www.cnn.com/2025/11/24/business/why-the-crypto-market-is-crashing ↩

  128. https://au.finance.yahoo.com/quote/ETH-BTC/history/ ↩

  129. https://www.blockpass.org/2025/11/01/global-crypto-regulatory-news-1-november-2025/ ↩

  130. https://www.investing.com/crypto/ethereum/historical-data ↩

  131. https://www.coindesk.com/markets/2025/11/26/smaller-turkey-for-bitcoin-holders-as-holiday-price-comes-in-lower-year-over-year ↩

  132. https://dailyhodl.com/2025/11/26/arthur-hayes-issues-bitcoin-price-alert-details-btc-ethereum-and-altcoin-forecast-for-2026/ ↩

  133. https://downloads.hindawi.com/journals/ddns/2024/8066742.pdf ↩

  134. https://arxiv.org/abs/2211.15260v2 ↩