Market Overview (24h)

  • Prices: Bitcoin rebounded strongly (+3–5%) to ~$91,600, breaking a downtrend that saw it touch 7-month lows earlier in the week. Ethereum is trailing but volume has surged. Sui is a standout performer (+7%), while Solana faces headwinds (-23% weekly trend) following the Upbit security incident, though it is attempting to stabilize.1234
  • Derivatives: Funding rates have reset to neutral/near-zero, signaling a healthy flush of leverage. Open Interest (OI) had been unwinding, but call options at the $100,000 strike are now seeing renewed activity on Deribit, suggesting traders are positioning for a year-end rally.56
  • Stablecoins: Total stablecoin supply has expanded ~18% in Q4 to nearly $200B, confirming sustained institutional liquidity inflows.7

Top Headlines

  • Upbit Hacked for $36M (High Impact): South Korea’s largest exchange suspended deposits and withdrawals after detecting abnormal transactions involving $36M in Solana-based tokens. The breach occurred on the anniversary of its 2019 hack.83
  • Abu Dhabi Takes $2B Binance Stake (Medium Impact): An Abu Dhabi-backed investment group acquired a $2B stake in Binance, deepening the exchange’s ties to the UAE and bolstering its capital base amid global regulatory shifts.9
  • Trump Media x Crypto.com ETF Pact (Medium Impact): Trump Media announced a partnership with Crypto.com to launch financial products under the “Truth.Fi” brand, likely targeting retail-focused crypto ETFs.9
  • Coinbase Lists BNB on Roadmap (Medium Impact): In a rare move, Coinbase added rival Binance’s BNB token to its listing roadmap (“Blue Carpet”), signaling a potential thaw in competitive posturing or a strategic play for volume.1011
  • Canary Capital Files for Sui ETF (Medium Impact): Canary Capital has filed for a spot ETF tracking Sui, adding to the growing list of altcoin ETF applications following recent Solana and XRP filings.9

Exchanges

  • Binance: Listed APRO on its HODLer Airdrops platform and launched USDS-margined IRYS perpetuals.12
  • Upbit: All withdrawals suspended indefinitely pending security review of the Solana wallet breach.3
  • Coinbase: Formally introduced “The Blue Carpet” asset listing program to streamline issuer onboarding.10

Government / Law & Regulation

  • United States: The Senate Agriculture and Banking Committees are targeting the week of December 8 to mark up a bipartisan market structure bill. The legislation aims to hand primary oversight of digital commodities (spot markets) to the CFTC.13
  • SEC vs. Ripple: Ripple Labs confirmed the SEC has ceased its appeal regarding crypto oversight, potentially closing the chapter on its multi-year securities litigation.9
  • Australia: Regulators introduced a new consumer protection framework specifically targeting crypto exchanges and custody providers.8

Research & Technical Reports

  • Glassnode (Week 47): Released earlier this week, the report described Bitcoin as “fragile” in the $81k–$89k range with short-term holder loss ratios collapsing to 0.07x. Today’s pump to $91k invalidates the immediate bearish breakdown scenario but confirms the “liquidity on edge” thesis where volatility strikes quickly.5
  • Coinbase/Glassnode Q1 2025 Guide: Highlights that Layer-2 scaling is now dominant (transactions +41%) and stablecoins are increasingly serving as a “liquidity layer” for institutions, not just DeFi degen trading.7

Security Incidents

  • Upbit Exploit: Confirmed theft of ~$36M in Solana ecosystem tokens. Assets were moved to unknown wallets; no reimbursement plan has been finalized yet, though the exchange has pledged to cover losses in the past.38

Social & Sentiment

  • Sentiment: Shifted from “Fear” to “Cautious Optimism” overnight as BTC reclaimed $90k.
  • DOGE: Technical analysts note a bullish higher-low structure forming, distinguishing it from other meme assets that have flagged.3
  • XRP: Narrative shifting to a “V-shaped recovery” driven by ETF approval speculation.3

What to Watch (Next 24-72h)

  • Upbit Post-Mortem: Watch for resumption of withdrawals or movement of stolen funds; potential sell-pressure on SOL if hackers liquidate.
  • US Monthly Close: Bitcoin needs to hold >$90k into the weekend to confirm the monthly candle strength.
  • Dec 8 Regulatory Catalyst: Market may begin pricing in the Senate markup; expect volatility in “commodity” tokens (ADA, SOL, HBAR) that would benefit from CFTC oversight.

Confidence: High; primary sources verified for Upbit hack, Binance stake, and Senate timeline. Note: Current date treated as Nov 27, 2025. 141516171819202122232425262728293031323334353637383940414243444546474849505152535455565758[^59]59606162636465666768697071727374

⁂
[^59]: https://www.binance.th/en/announcement/new-cryptocurrency-listing delisting/73ee7a584b5448948bf48730eba9dc72

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