Market Overview

  • Price Action: Bitcoin (BTC) is trading stably around $90,950 (-0.4% 24h), consolidating after a dip-buying rebound. Ethereum (ETH) is grinding upward at ~$3,033, while Solana (SOL) faces resistance near $137–$144.123
  • Dominant Narrative: “Unexpected Tranquility” prevails following a major CME Group trading halt. A cooling failure at a CyrusOne data center in Chicago paused global futures and options trading for ~10 hours on Friday (Nov 28), dampening volumes and volatility.45
  • Institutional Flows: Institutions are aggressively buying the dip. Ark Invest added $88M in BTC and BlackRock purchased $68.8M in ETH earlier this week. Circle minted 500M USDC in 48h, signaling liquidity redeployment.67
  • Derivatives: Funding rates are ticking back to positive, indicating a return of bullish sentiment despite the low-volume holiday weekend.81

Top Headlines

  • Naver Financial Acquires Upbit Operator ($10.3B) Naver Financial (subsidiary of Korean tech giant Naver) agreed to acquire Dunamu (operator of Upbit) in a stock swap valued at ~$10.3 billion. The deal creates a massive fintech/crypto conglomerate in South Korea.910
  • Upbit Suffers $36M–$50M Hack Shortly after the acquisition news, Upbit lost ~$36M (some reports say up to $50M) in Solana-based tokens due to a security breach. The exchange has paused deposits/withdrawals and pledged to cover all user losses.1112
  • SEC Chair Atkins Pushes “Project Crypto” SEC Chairman Paul Atkins (who replaced Gary Gensler in Jan 2025) outlined “Project Crypto,” an initiative to establish a formal token taxonomy and “Regulation Crypto” for tailored disclosures and exemptions. This marks a pivot toward regulatory clarity.1314
  • CME Futures Trading Halted by Data Center Outage A critical cooling issue at a CyrusOne facility in Chicago forced CME Group to halt all futures and options trading for over 10 hours on Nov 28. Markets have since resumed, but the outage contributed to the day’s flat price action.54
  • Circle Expands Stablecoin Supply Circle issued an additional 500M USDC, bringing its recent minting total to 1.25B USDC over 3 days. This liquidity injection is often a precursor to capital rotation into BTC and high-beta altcoins.7

Exchanges

  • Upbit: Deposits and withdrawals remain suspended following the Solana-token hack; investigation ongoing.11
  • Binance: Removed four spot trading pairs (including GMT/BTC and ME/BTC) on Nov 28 following a liquidity review.15
  • CME Group: Operations fully restored after the Nov 28 data center outage.5

Regulation & Law

  • USA (SEC): Chairman Atkins is advancing “Project Crypto” to coordinate oversight with the CFTC and reduce duplicative licensing for crypto intermediaries.13
  • South Korea: Regulatory scrutiny is expected for the Naver-Dunamu merger due to its market dominance potential.10

Research & Technical Reports

  • Coinbase & Glassnode (Q3/Q4 Outlook): Report highlights Bitcoin dominance hitting 64% (highest since 2021) and a decisive flip in Ethereum sentiment from capitulation to belief. Institutional ETF inflows are the primary driver of the current cycle.16
  • Retail Activity: Retail participation is rising but remains below 2021 peaks, with Solana capturing a significant share of new retail capital inflows compared to ETH.17

Security Incidents

  • Upbit: Confirmed theft of ~44.5 billion KRW (~$30M+) in Solana ecosystem tokens. Attack vectors suspect private key compromise or wallet handling flaw.12
  • 2025 Statistics: This year has set a record for crypto hacks, with over $2.17 billion stolen by mid-year, driven heavily by centralized service breaches.18

What to Watch (Next 24–72h)

  • BTC $90k Defense: Bulls need to hold the $90,000 support to attempt another breakout toward the $100,000 psychological barrier.1
  • Upbit Resumption: Watch for the reopening of deposits/withdrawals at Upbit; prolonged delays could impact regional volatility and the Solana ecosystem.
  • Market Open (Monday): Volume is expected to return as US traders come back from the holiday weekend and the CME backlog clears.
  • Solana ETF Flows: Monitor for reversals after recent outflows (-$8.1M) amid the Upbit hack news.19

Confidence: High. All major items (Price, Naver/Upbit deal, CME outage, Atkins/SEC) verified at primary or reputable secondary sources. 20212223242526272829303132333435363738394041424344454647484950515253545556575859606162

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