Market Overview (24h)

Spot Prices (as of 21:00 UTC Nov 20)

Bitcoin ($BTC) trading at $91,819, up +0.48% in 24h; holding above key support. Ethereum ($ETH) at $3,009.62, down −2.60%; underperforming BTC. ETH-BTC ratio compressed to 0.0328 (−2.63% 24h), extending three-week downtrend. Solana ($SOL) at $142.24, up +2.10% — outperforming as Fidelity ETF launches. BNB down −2.02%; XRP down −1.01%.

Derivatives Snapshot

BTC funding rates remain mildly positive at 0.0073% (~8.01% annualized) on Binance — cautious-to-bullish bias. Open interest collapsed −20% to −32% (USD terms) since Oct 9 liquidation, signaling deleveraging and reluctance to re-enter longs. Deribit $85,000 BTC puts now most popular (was $140,000 calls weeks prior)—bearish sentiment dominance. Short-dated volatility elevated with strong skew towards put options. ETH options similarly bearish-tilted; realized volatility below implied, bracing for further spikes.

Stablecoins

USDT/USDC dominance stable; limited material flow data for Nov 20. Tether announced $250M USDT limit increase at 01:00 UTC Nov 20. USDC minting on Solana jumped to 2.25B tokens (weekly) — continued cross-chain expansion. Total stablecoin supply ~$305B; flows relatively subdued during deleveraging cycle.

Top Headlines

{Medium Impact} Fidelity Launches Solana Spot ETF (FSOL)12 Fidelity introduced Fidelity Solana Fund (FSOL) on NYSE Arca (Nov 18, ET), with 0.25% fee and embedded staking rewards. Seeded with ~23,400 SOL; custody via Coinbase, BitGo, Anchorage. Marks major institutional endorsement; analysts expect potential $156–$160 rally by late November amid ecosystem expansion. Concurrent launches by Canary Capital (SOLC) and VanEck (VSOL, zero fees on first $1B until Feb 2026). Bitwise BSOL has $450M inflows since late October—strongest SOL ETF debut of 2025.

{High Impact} Kraken Files S-1 IPO Registration; Reaches $20B Valuation34 Kraken confidentially filed Form S-1 with SEC for IPO; $20B valuation after $200M strategic round led by Citadel Securities (Nov 18). Expands institutional legitimacy. Expected IPO in Q1 2026 per prior guidance. Capital earmarked for global expansion (LATAM, APAC, EMEA) and regulated derivatives suite (acquired Small Exchange from IG Group for $100M). Signals crypto market maturing into traditional finance.

{Medium Impact} Pi Network Achieves MiCA Compliance Filing567 Pi Network’s affiliate PiBit Ltd submitted MiCA Whitepaper to ESMA (Nov 19). Confirms L1 blockchain, peer-to-peer payment focus, 99.9% lower energy vs Bitcoin. Removes barrier for EU/EEA regulated exchange listings post-approval. PI rallied +6% post-announcement to $0.2398. Filing does not guarantee approval; ESMA review process may take weeks.

{Medium Impact} Filecoin Launches Decentralized Onchain Cloud Platform8910 Filecoin launched Filecoin Onchain Cloud (Nov 18) at DePIN Day Buenos Aires. Provides verifiable storage, rapid retrieval, programmable on-chain payments. Early integrations: ENS, Monad, Safe, KYVE, Storacha. Mainnet scheduled Jan 2026. Addresses centralized cloud outages; built on Filecoin’s decentralized storage network. Developers can compose auditable, conditional-payment services.

{Medium Impact} New Hampshire Approves First Bitcoin-Backed Municipal Bond111213 New Hampshire Business Finance Authority authorized $100M Bitcoin-backed municipal bond (Nov 17–18). No state/taxpayer risk; BTC custodied by BitGo with 160% collateral ratio and automatic liquidation triggers at 130% threshold. Issued by WaveRose Depositor; designed by Wave Digital Assets \& Rosemawr Management. First U.S. state-level digital asset collateral in municipal debt. May unlock pathway for Bitcoin into $140T global bond markets.

{Low–Medium Impact} Coinbase Adds World Mobile Token (WMTX) to Listing Roadmap1415 Coinbase added World Mobile Token (WMTX) to roadmap (Nov 19). Listing contingent on liquidity, market-maker participation, and technical readiness. WMTX deployed on Coinbase’s Base L2; roadmap inclusion signals future exchange support and expanded market exposure.

{High Impact} SEC Harmonizes Regulatory Framework With CFTC; Project Crypto Advances161718 SEC Chair Paul Atkins outlined next phase of “Project Crypto” (Nov 12). Planned 2026 rulemaking: formal token taxonomy (four-bucket framework), “Regulation Crypto” proposal with tailored exemptions, and cross-agency SEC–CFTC coordination. OIRA flagged rule packages on crypto asset trading and securities law amendments. Signals shift from “regulation by enforcement” to predictable rules. Senate grilled Trump’s CFTC pick on crypto authority Nov 19, with Democrats raising concerns over CFTC capacity for fast-growing sector. Bipartisan Draft Bill proposes CFTC as primary regulator for crypto market structure and digital commodity classification.

Exchange Announcements

No material outages or maintenance windows reported for Nov 19–20 UTC window.

Binance, Coinbase, Kraken, OKX, Bybit, Deribit: Status pages show operational. Bitrue, KuCoin: operational.

Government / Law \& Regulation

{US — SEC/CFTC}

  • SEC Chair Atkins’ Project Crypto roadmap reaffirms intent to clarify token taxonomy and establish safe harbors for digital asset offerings (Nov 12 remarks).17
  • OIRA signaled formal SEC rule proposals on crypto asset trading and Securities Exchange Act amendments planned for 2026.16
  • Senate CFTC confirmation hearings reflect Democratic focus on capacity, anti-money laundering, and safeguard parity with TradFi (Nov 19).18
  • Bipartisan CFTC Bill (Boozman–Booker) drafted to consolidate crypto oversight under CFTC, pending Senate Agriculture \& Banking Committee review.19

{EU — MiCA}

  • Pi Network MiCA compliance filing (Nov 19) marks formal step toward EU exchange listings under full regulatory framework.5
  • ESMA approval timelines typically require weeks to months post-filing.

{Asia/Regulatory}

  • Taiwan (FSC): No specific updates Nov 19–20; FSC remains primary crypto regulator per 2023 framework.
  • Singapore (MAS): Joint facility-restriction framework against scam mules effective Oct 2025; stablecoin regulatory consultation expected later in 2025.20
  • Hong Kong (SFC/HKMA): Updated joint circular on virtual asset staking and off-platform trading (Oct 2025); clarifies investor protection for institutional professional investors.20
  • Japan (FSA): No updates in 24–48h window.

Research \& Technical Reports

{Medium Impact} VanEck Mid-November 2025 Bitcoin ChainCheck21 Analysis of BTC on-chain metrics and perp funding dynamics. Notes “minnow” class (100–1000 BTC holders) accumulating +9% (6mo), +23% (12mo). Basis trades (e.g., Ethena $14B → $8.3B TVL collapse) artificially depress funding rates; funding rate indicator temporarily unreliable. Highlights funding rate volatility post-Oct 9 liquidations.

{Low–Medium Impact} Block Scholes Crypto Derivatives Analytics (Nov 12, 2025)22 Perpetual OI halved since early Oct 2025. Short-dated volatility elevated; put-skew dominance in BTC/ETH markets. Altcoin funding rates tilted bearish; majors (BTC/ETH) show cautious-to-mildly-bullish bias. No strong liquidation footprint in early November sell-off vs. Oct 9 deleveraging event.

Security Incidents

{Medium–High Impact} DeFi Exploits Exceed $3.1B in 2025; Balancer $120M Hack (November 2025)2324

Access control vulnerabilities dominate 2025 attack vector (59% of losses = $1.6B+). Balancer hack (Nov 2025) exploited improper access controls in manageUserBalance function; attacker manipulated balances via rounding-error swaps, draining $120M+ across multiple chains via single smart contract vulnerability. Abracadabra ($1.8M hack, Oct 2025) exploited state-management flaw in same-transaction operations. Solana users face address-poisoning phishing (71.88% of phishing accounts).

{Medium Impact} **Ray AI Framework Crypt 252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687

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