Khurram Dara, a former policy lawyer at cryptocurrency exchange Coinbase, officially launched his campaign for New York State Attorney General.
In a Friday notice, Dara cited his “regulatory and policy experience, particularly in the crypto and fintech space” among his reasons to try to unseat Attorney General Letitia James in 2026.
The former Coinbase lawyer had been hinting since August at potential plans to run for office, claiming that James had engaged in “lawfare” against the crypto industry in New York.
Until July, Dara was the regulatory and policy principal at Bain Capital Crypto, the digital asset arm of the investment company. According to his LinkedIn profile, he worked as Coinbase’s policy counsel from June 2022 to January 2023 and was previously employed at the crypto companies Fluidity and Airswap.
James, who took office in 2019, has faced criticism from many in the crypto industry for filing lawsuits against companies on behalf of affected New Yorkers, including Genesis, KuCoin and NovaTech. Whoever assumes the role of New York’s attorney general would have significant discretion over whether to file charges against crypto companies.
Dara, who said he plans to run as a Republican, also echoed Mayor-elect Zohran Mamdani’s recent winning campaign, citing New Yorkers’ concerns about the cost of living and affordability. Cointelegraph reached out to Dara for comment, but had not received a response at the time of publication.
The lawyer who represented XRP holders is also running for office again
As the deadline approached for candidates for various offices to announce their runs, former Massachusetts senatorial candidate John Deaton said he would try to unseat a Democrat again.
Deaton ran against Senator Elizabeth Warren in 2024, losing by about 700,000 votes. On Nov. 10, however, he announced he would run as a Republican again, attempting to unseat Senator Ed Markey in 2026.
Deaton gained recognition in the crypto industry by advocating on behalf of XRP holders in the US Securities and Exchange Commission’s lawsuit against Ripple.
Like Dara, Deaton will be running in a race that largely favors Democrats: The last Republican to win a US Senate seat for Massachusetts was in 2010. Both candidates are expected to face competition in their respective Republican primaries.
Bitcoin has been facing intense selling pressure, opening the doors for a fall to the crucial support at $73,777.
Several major altcoins have slipped below their support levels, indicating that bears remain in firm control.
Bitcoin (BTC) attempted a recovery on Friday, but the bears continued to exert pressure, bringing the price as low as $80,000 at Binance. The sentiment remains weak as US stock markets deepened their correction this week amid concerns about excessive valuations in the artificial intelligence sector. Additionally, expectations of a December rate cut by the Federal Reserve have dropped to 33.1% from 98.1% on Oct. 21, according to the CME FedWatch Tool.
The question on everyone’s mind is how low could BTC go? Bitwise European head of research André Dragosch said in a post on X that BTC is likely to bottom out in the zone between BlackRock’s IBIT cost-basis of $84,000 and Strategy’s cost-basis near $73,000.
Crypto market data daily view. Source: TradingView
Select analysts view the current dip as a positive development. Veteran trader Peter Brandt said in a post on X that the correction was the “best thing” that could have happened to BTC. He said he remains long-term bullish on BTC, expecting the price to rally to $200,000 around the third quarter of 2029.
What are the crucial overhead resistance levels to watch out for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC sliced through several short-term support levels and plunged to $80,600, signaling aggressive selling by the bears.
The next major support on the downside is at $73,777. Buyers are expected to defend the $73,777 level with all their might, as a break below it opens the gates for a collapse to $53,500.
Sharp corrections are followed by an equally sharp rally. The oversold levels on the relative strength index (RSI) indicate a potential relief rally in the near term. That could push the BTC/USDT pair to the 20-day exponential moving average (EMA) ($97,319), where the bears are expected to mount a strong defense.
Ether price prediction
Ether (ETH) closed below the $3,000 level on Thursday, clearing the path for a collapse to $2,500.
The fall has pushed the RSI into the oversold zone, signaling that a relief rally is possible in the near term. If the Ether price turns up from the current level or rebounds off $2,500, the ETH/USDT pair could reach the breakdown level of $3,350.
On the contrary, a shallow bounce off $2,500 suggests weak demand from the bulls. That increases the risk of the continuation of the downward trend. The pair could then tumble to the $2,111 level.
XRP price prediction
XRP (XRP) slipped below the support line of the descending channel pattern on Friday, indicating that the bears are in charge.
If the price closes below the support line, the XRP/USDT pair may descend to the $1.61 support. Buyers are expected to defend the $1.61 level with all their might, as a break below it could start a new downtrend to $1.27 and then to $1.
On the upside, the zone between the 50-day simple moving average (SMA) ($2.45) and the downtrend line is the key resistance to keep an eye on. Buyers will have to thrust the XRP price above the downtrend line to signal a potential trend change.
BNB price prediction
BNB (BNB) remains in a firm bear grip as sellers attempt to maintain the price below the $860 support.
A close below $860 could intensify selling, pulling the BNB price to $818 and then to $730. The sharp fall of the past few days has pulled the RSI into oversold territory, suggesting a relief rally in the near term.
Any recovery attempt is expected to face selling at the breakdown level of $860 and then at the 20-day EMA ($946). If the price turns down from the overhead resistance, the bears will strive to pull the BNB/USDT pair to $625. The first sign of strength will be a close above the 20-day EMA. That opens the doors for a rally to $1,019 and then to the 50-day SMA ($1,069).
Solana price prediction
Buyers attempted a relief rally in Solana (SOL) on Thursday, but the long wick on the candlestick shows that the bears are active at higher levels.
The bears are trying to strengthen their position by sustaining the Solana price below the $126 support. If they manage to do that, the selling could pick up and the SOL/USDT pair could decline to $110 and later to $95.
The 20-day EMA ($150) remains the key short-term resistance to watch out for on the upside. Buyers will have to pierce the 20-day EMA to signal the start of a sustained recovery to the 50-day SMA ($179).
Dogecoin price prediction
Dogecoin (DOGE) has reached the bottom of the $0.14 to $0.29 range, where the buyers are expected to step in.
The bulls will have to push the Dogecoin price above the 20-day EMA ($0.16) to signal strength. The DOGE/USDT pair may then rise to the 50-day SMA and later to the $0.21 level. Such a move suggests that the pair may extend its stay inside the wide range for a while longer.
Alternatively, a break and close below $0.14 indicates that the bears have overpowered the bulls. The pair may then start a new downtrend toward the Oct. 10 low of $0.10.
Cardano price prediction
Cardano (ADA) continued its slide and reached the first support at $0.40, indicating that the bears are in command.
The sharp fall has pulled the RSI into the oversold territory, suggesting a recovery may be around the corner. The relief rally is expected to face selling at the breakdown level of $0.50. If the Cardano price turns down from $0.50, it suggests that the bears have flipped the level into resistance. That increases the risk of a drop toward $0.27.
On the contrary, if buyers drive the price above the 20-day EMA ($0.51), it signals that the bears are losing their grip. The ADA/USDT pair may then climb to the 50-day SMA ($0.62).
The selling picked up, and the bears pulled the price below the $35.50 support on Friday. If the price closes below $35.50, the HYPE/USDT pair could start a new downtrend toward $28 and then $24.
Buyers will have to quickly reclaim the $35.50 level to signal that the market has rejected the breakdown. The bulls will gain the upper hand after they propel the Hyperliquid price above the 50-day SMA ($40.98).
Zcash price prediction
Zcash (ZEC) bounced off the 20-day EMA ($559) on Tuesday, but the up move is facing selling near $750.
The negative divergence on the RSI suggests weakening bullish momentum. Sellers will try to pull the Zcash price below the 20-day EMA. If they manage to do that, the ZEC/USDT pair could correct to $424.
On the other hand, the bulls will have to defend the 20-day EMA if they want to retain the advantage. A close above the $750 resistance could start the next leg of the uptrend toward the psychological level of $1,000.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) made a sharp recovery from the solid support at $443, indicating that the bulls are aggressively defending the level.
The relief rally is expected to face selling at the resistance line of the falling wedge pattern. If the price turns down from the resistance line and breaks below the moving averages, it suggests that the bears remain active at higher levels. The bears will then make one more attempt to sink the BCH/USDT pair below $443.
Conversely, a break and close above the resistance line signals a potential trend change. The BCH price could rally to $580 and then to $615.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Spot crypto exchange-traded funds (ETFs) saw a rebound at the end of the week, with all Bitcoin, Ether and Solana funds seeing inflows after a week of volatility and downturns.
On Friday, spot Bitcoin (BTC) ETFs attracted $238.4 million in net inflows after a wave of heavy redemptions the day before. BlackRock’s IBIT drove the turnaround with $108 million, while smaller contributions from BITB, ARKB, and BTCO helped lift sentiment. Even Grayscale’s GBTC, long pressured by outflows, added $61.5 million, according to data from Farside Investors.
The recovery came after a bruising $903 million outflow on Thursday, the biggest outflow day in November and one of the largest single-day outflows since the products were launched in January 2024.
During the day, redemptions hit nearly every issuer, including IBIT with a loss of $355.5 million, FBTC with $190.4 million pulled, and GBTC with $199.4 million in outflows.
After eight consecutive sessions of redemptions, Ether (ETH) ETFs broke their losing streak with $55.7 million in inflows on Friday, powered largely by Fidelity’s FETH, which brought in $95.4 million.
The reversal followed a punishing stretch from Nov. 11–20, when Ethereum funds shed a combined $1.28 billion, one of the longest and deepest red waves since their launch.
Meanwhile, Solana (SOL) ETFs continue to outperform the broader altcoin market. Since launch, the five Solana funds have gathered $510 million in net inflows, led overwhelmingly by Bitwise’s BSOL with $444 million. The group has now logged a 10-day inflow streak.
Ether slumped sharply this week, dropping 15 percent between Wednesday and Friday and liquidating 460 million dollars in leveraged long positions.
However, despite the decline and a total drawdown of 47 percent since the August all-time high, derivatives data shows top traders slowly adding long exposure. Futures funding rates have risen from four percent to six percent, indicating early signs of stabilization even though bullish demand remains weak.
CME FedWatch now implies better than 70% odds that the Federal Reserve will cut rates by 25 basis points at its Dec. 9-10 meeting, dropping the target range from 3.75%-4.00% to 3.50%-3.75%.
That marks a dramatic intraday reversal on Nov. 21, when New York Fed President John Williams told reporters the Fed can still trim rates “in the near term” without threatening its 2% inflation target.
A few days before, the same probability sat near 30%, weighed down by a government data blackout and hawkish Fed commentary.
The question now is whether a December cut carries enough conviction to pull Bitcoin (BTC) out of protection mode, or whether the macro tailwind arrives too late for a market already bleeding leverage and ETF flows.
Between Nov. 20 and 21, Bitcoin dove from $91,554.96 to $80,600, before recovering to $84,116.67 as of press time. The movement worried investors, who are not certain if BTC reached its local top this cycle at $126,000, and there is no steam left for an upward movement.
The rate-cut narrative matters for Bitcoin because it translates directly into real yields and liquidity. Over the past two months, inflation-adjusted Treasury returns climbed as markets priced out easing, pulling capital away from high-beta assets and tightening global liquidity.
If the Fed now delivers the cut markets expect and signals more to come, real yields should compress and liquidity should expand, conditions that historically correlate with Bitcoin outperformance.
However, on-chain data from Glassnode and derivatives positioning show the market hasn’t flipped yet.
Recent buyers are underwater, ETFs are bleeding, and options traders are paying double-digit premiums for downside protection.
What changed and why it moved odds so fast
Williams’ comments hit a market that had just repriced December odds down to 30% amid uncertainty over employment data.
His statement that near-term cuts remain viable without jeopardizing inflation control permitted traders to reload rate-cut bets. By Nov. 21 close, FedWatch probabilities had spiked above 70%, reversing a multi-week drift lower.
The swing reflects how sensitive markets have become to Fed messaging after two cuts already delivered in 2025, the most recent on Oct. 29, which brought the funds rate to 3.75%-4.00% and announced that quantitative tightening would end Dec. 1.
September payrolls printed at 119,000 with unemployment edging up to 4.4%, data that split Wall Street. JPMorgan, Standard Chartered, and Morgan Stanley pulled their December-cut forecasts, arguing the jobs print wasn’t weak enough to justify further easing.
Citi, Deutsche Bank, and Wells Fargo held firm, pointing to the uptick in unemployment as proof that the Fed has room to ease. Williams’ remarks tipped the balance, validating the dovish camp.
Markets now price a 70% chance the Fed follows through in December, with further easing expected in 2026 if inflation remains contained.
The 10-year nominal Treasury yield has already fallen roughly 60 basis points this year, and TIPS breakevens sit just above 2.2%, suggesting markets believe inflation can stay anchored even as policy eases.
Real yields, liquidity, and why Bitcoin cares
The relationship between Bitcoin and real yields has become the dominant macro narrative this fall. Rising inflation-adjusted returns on Treasurys pull capital away from zero-yielding assets like Bitcoin.
S&P Global’s work shows a negative correlation between Bitcoin and real yields that has strengthened since 2017, with the asset tending to outperform when policy eases and liquidity expands.
Bitwise’s research overlays Bitcoin against global M2 money supply, showing that periods of re-accelerating money growth and easier Fed policy coincide with stronger Bitcoin performance.
The recent dollar pullback and renewed M2 expansion should become tailwinds once markets trust that cuts will continue.
A December cut backed by guidance toward further easing would cap real yields and rebuild the liquidity backdrop that historically supports Bitcoin.
Yet, the mechanics only work if the cut arrives with conviction. A one-and-done cut followed by hawkish guidance would leave real yields elevated and liquidity constrained.
Williams’ comments matter because they suggest the Fed sees room for multiple moves, not just a token cut in December. If that proves true, the path toward falling real yields and a softer dollar becomes credible, giving Bitcoin a chance to flip from selling off with liquidity to trending with it.
What Glassnode sees on-chain and in derivatives
Glassnode’s Nov. 19 report maps how hard the recent drawdown hit and why positioning remains defensive.
Bitcoin broke below the short-term holder cost basis and the -1 standard deviation band, slipping under $97,000 and briefly touching $89,000, which aggravated on Nov. 21 with BTC almost losing the $80,000 footing.
Bitcoin price trades below the short-term holder cost basis and cooling bands, indicating recent buyers are underwater amid the current drawdown.
That leaves almost all recent cohorts sitting at an unrealized loss and turns the $95,000-$97,000 zone into resistance.
Glassnode estimates 6.3 million BTC now sit underwater, mostly in the -10% to -23.6% range, a distribution that resembles 2022’s range-bound bear market more than full capitulation.
Two price levels stand out. The Active Investors’ Realized Price sits around $88,600, representing the average cost basis for coins that move regularly.
Approximately 6.3 million BTC currently sit at unrealized losses, concentrated in the –10% to –23.6% range as of November 2025.
The True Market Mean, near $82,000, marks the threshold between a mild correction and a deeper 2022-style bear phase. Bitcoin currently trades between those levels.
Off-chain flows reinforce the caution. US spot ETFs show a firmly negative seven-day average, with November outflows approaching $3 billion.
That suggests institutional allocators aren’t stepping in to buy the dip. Futures open interest drifts lower alongside price, implying traders are de-risking rather than adding leverage.
Options positioning screams protection mode. Implied volatility spiked back toward levels last seen during October’s liquidation event, skew tilts sharply negative, and one-week puts trade at a double-digit premium to calls.
Net flows show traders paying up for $90,000 downside strikes while adding only modest call exposure. Glassnode’s read is that dealers are short delta and hedging through futures selling, which mechanically adds pressure when the market weakens.
The path forward depends on Fed conviction
A December cut accompanied by guidance toward further easing would cap real yields and rebuild liquidity, the conditions Bitwise and S&P Global identify as historically favorable for Bitcoin.
The 70% probability now priced into FedWatch reflects growing confidence that the Fed sees a path to ease without reigniting inflation, which is exactly what Bitcoin needs to flip the narrative.
But Glassnode’s on-chain and derivatives data show the immediate setup remains fragile. Recent buyers are underwater, ETFs are bleeding, leverage is unwinding, and options positioning favors protection over conviction.
That means even a December cut might not trigger an immediate reversal if it comes without clear guidance on future moves.
If the Fed blinks or delivers a one-and-done cut while emphasizing inflation risk, the macro impulse could prove too weak to shift ETF flows or flip risk appetite.
Bitcoin would remain pinned below the $95,000-$97,000 resistance that Glassnode now considers structural.
Williams’ comments cracked the door open. A December cut with forward guidance could push it wider. Whether that’s enough to pull Bitcoin through depends on whether the Fed treats December as the start of a new easing cycle or the end of a brief recalibration.
Markets are pricing the former at 70% odds. The on-chain data suggests traders aren’t convinced yet.
Anchorage Digital has expanded its support for the Hyperliquid ecosystem by adding HYPE staking on HyperCORE, complementing its existing HYPE custody services on HyperEVM.
Staking, the process of locking crypto to secure a blockchain network in exchange for earning rewards, is being offered through Anchorage Digital Bank and through Anchorage Digital Singapore, which holds a Major Payment Institution license. The company said staking will also be available through Porto, its self-custody wallet.
The bank is partnering with staking infrastructure provider Figment to run the underlying validator infrastructure, it said in a Friday announcement.
With custody and staking now live across HyperEVM and HyperCORE, the company said it can support a wider range of Hyperliquid activity, including access to its decentralized finance (DeFi) ecosystem through Porto and custody for additional HyperEVM tokens, such as Kinetiq.
Hyperliquid, a layer 1 blockchain powering a decentralized exchange, uses its own architecture split between HyperEVM for Ethereum-style smart contracts and HyperCORE for native staking.
The latest move from Anchorage Digital comes two days after it announced a partnership with Mezo, a DeFi platform for Bitcoin-backed borrowing.
Anchorage Digital Bank, founded in 2017 and headquartered in San Francisco, is the only federally chartered crypto bank in the United States. It operates in conjunction with the broader Anchorage Digital platform.
Anchorage Digital’s latest initiative reflects a wider trend of pulling DeFi infrastructure and yield-generating staking into institutional platforms, as more custodians and infrastructure providers begin offering controlled access to staking and other onchain services.
In October, Crypto.com announced that users would be able to lend wrapped cryptocurrency and earn stablecoin yield through Morpho, a decentralized lending protocol. Morpho plans to launch stablecoin markets on the Cronos blockchain, with initial vaults expected to be launched this year.
In September, Coinbase followed suit by adding support for Morpho directly inside the Coinbase app. The integration allows users to lend USDC (USDC) and earn up to 10.8% yield without navigating external DeFi platforms or separate wallets.
In November, crypto infrastructure company Threshold upgraded its tBTC bridge to enable institutions to mint tBTC on supported chains in a single Bitcoin transaction, without requiring extra approvals or gas fees. The company said the changes are meant to make it easier for large Bitcoin (BTC) holders to deploy assets into DeFi protocols rather than keeping them idle.
A report from Binance Research found that DeFi lending protocols have grown more than 72% from January to Sept. 3. The company said the surge is being driven by increased institutional use of stablecoins and tokenized real-world assets (RWAs).
The story of corporate Bitcoin adoption is often told as a parade of logos. New CFO decides to be bold. Board nods. Treasury buys coin. Number go up.
That parade has not shown up for two months. According to BitBo’s treasuries tracker, the last fresh company to join the BTC-on-balance-sheet club was GD Culture Group on September 18. Since then, it’s been nothing new, and the “new entities” table just sits there with that same date at the top.
That doesn’t mean there’s no corporate demand. It just means that it looks different. The net bids are dominated by the same cast of repeat accumulators, with Strategy the poster child for tradfi’s thirst for Bitcoin.
On Nov. 17, the company added 8,665 BTC in a single shot, a reminder that the most consistent buyers are already in the pool. The market might not be onboarding new swimmers, but it sure is watching the veterans do extra laps.
To understand why the pattern changed and what it means for the next leg of adoption, we must dive deep into the numbers.
The empty on-ramp
Let’s start with the absence.
BitBo’s “Newly Added Treasury Entities” log is a rolling register of first-time holders. The lines before Sep.18 read like a bull-cycle scrapbook, with small public companies testing the waters, a few private names, and even some municipal experiments.
After GD Culture Group’s acquisition on Sep.18, the list goes quiet until Nov. 21. In a market that’s built on momentum, you can’t ignore two months of stillness. This lack of activity shows us that onboarding has a cadence, and right now, the cadence is slow.
Table showing the last 10 newly added treasury entities on Nov. 21, 2025 (Source: BitBo)
So, why the quiet period? There are a few plausible culprits.
First, accounting and governance. Even after the move to fair value accounting in the US, many boards still treat BTC like a spicy footnote rather than a core treasury asset. Policy templates and audit comfort take time to propagate. No amount of keynote speeches instantly rewires board risk committees.
Second, substitution by proxy. Spot Bitcoin ETFs solved a pain point for institutions that wanted Bitcoin exposure without custody and policy overhead. If your board can buy IBIT or FBTC through the same brokerage stack that holds your bond ETF, the perceived need for raw coin on the balance sheet drops.
BitBo’s “Latest Changes” feed is now a daily ledger of ETF inventory shuffling, which is great for liquidity but does not add a logo to the corporate treasuries wall.
Third, attention allocation. This year has so far felt like a choose-your-own-adventure between AI capex and digital asset policy. But, CFOs have finite focus, and if the marginal dollar is being routed to GPUs or debt paydown, the “buy BTC” memo tends to land lower in the stack.
As a result, new corporate entrants have paused, and repeat buyers are powering the headline prints. Case in point: Strategy’s November acquisition. If you care about market structure rather than narratives, this concentration matters more than the absence of fresh logos. (Bitbo)
Who is selling into the quiet?
Now we turn to the other side of the ledger. The same BitBo change log that shows Strategy’s bulk purchase also shows a run of meaningful disposals and restructurings among miners and small caps.
HIVE Digital is the most striking example because the percentage change jumps off the page. On Sep. 30, HIVE’s reported BTC balance moved from 2,201 to 210, a reduction of 1,991 coins, roughly a 90% drawdown. HIVE’s management explained the split: as of Sep. 30, there were 210 BTC unencumbered in treasury and 1,992 BTC pledged.
This means that a big stack exists, but much of it is tied up to finance expansion rather than sitting as free liquid collateral. While the headline number shrank, the economic exposure didn’t vanish. However, that nuance is easy to miss if you only skim a table.
Look beyond HIVE and you see more pragmatic balance sheet choices. Argo Blockchain’s BTC line declined about 82% between snapshots; Cathedra’s was down roughly 74%. Miners live inside a three-variable equation of hashprice, energy cost, and capital availability.
When electricity is volatile and investors prefer self-funding over equity taps, selling inventory or pledging it to back equipment becomes the rational choice.
You also see aggressive accumulation by miners that can. Bitdeer’s entries show steady increases through November, while Hut 8’s balance rose by over 3,400 BTC between quarter-end snapshots as integration and treasury strategy evolved. The “miners are selling” headline is too simple. Some are, that’s true, but some are also not, and the spread illustrates their cost structures and access to financing.
Why this lull matters
If new corporate entrants aren’t arriving and repeat whales are setting the tone, the shape of corporate demand changes, and concentration rises. Liquidity depends on a handful of buyers and a handful of professional sellers. That’s not inherently bad.
However, it means volatility around announcements becomes more theatrical. When Strategy posts an 8,665 BTC add on a slow news day, the narrative vacuum basically fills itself. The more silent the onboarding pipeline, the louder the whales sound.
There is also a supply signal hidden in the miners’ column. Pledged coins are not the same as coins ready to market. HIVE’s update is the cleanest example because management laid out the tally on the record: 210 unencumbered, 1,992 pledged.
This is a clear split between liquid and financed exposure. The pledged slice is functionally collateral for capex, and it may convert back to liquid inventory later. Until then, we shouldn’t double-count it as “available to sell.”
Add the ETF presence to the picture, and you have a triangle. ETFs transform demand from a corporate treasury decision into a portfolio allocation decision, which siphons some would-be corporate first-timers into fund units.
The corporate logo board stops growing, but the pool of addressable buyers gets deeper through brokerage rails. The BitBo feed now looks like a morning newsletter for ETF inventory and miner housekeeping. It’s boring if you want logos, but a blast if you want to find out what the market’s microstructure looks like.
What would restart the parade of new corporate treasuries?
There are a few realistic triggers.
Clearer peer examples in specific sectors, as sector clusters often move together. If one mid-cap software vendor outlines a sleepy, boring BTC treasury policy that passes audit with minimal fuss, three more will follow inside two quarters.
A stable price regime that lowers perceived headline risk. Paradoxically, melt-ups can slow adoption because boards hate buying tops. A quarter or two of rangebound trading after capitulation could make BTC look like a working capital hedge rather than a moonshot.
Cheaper financing and easier power for miners. If your cost of carry drops, you hold more inventory and pledge less. That reduces forced selling and nudges the corporate share of on-chain supply toward patient hands.
None of these require new regulation or a celebrity bellwether, just time and a handful of plain vanilla case studies.
The bigger picture
Corporate Bitcoin adoption has never been a straight line. It moves in waves that rhyme with the cycle, the cost of capital, and the convenience of substitutes.
The 2025 version of that rhyme includes ETFs that make it effortless to add exposure without rewriting treasury policies, miners that act like industrial businesses rather than mascots, and one publicly traded software firm that treats BTC like a second headquarters.
To explain why there have been no new logos in the past two months, you just need a calendar and a basic grasp of how CFOs make decisions. They watch peers. They prefer boring processes. They hate surprises.
The takeaway for readers is practical: don’t judge corporate adoption by the count of press releases alone. Watch who is actually moving size, and why. Separate liquid treasury coins from pledged collateral.
And maybe keep an eye on the whales. When the onboarding ramp is quiet, the veterans tend to own the pool. On Nov.17, one of them swam another 8,665 meters.
Whether the next lap belongs to a new entrant or the same buyer is the question that will decide how this phase of the market prices liquidity. The table will tell you when the parade starts again.
A solo Bitcoin miner hit the jackpot on Friday, earning 3.146 BTC, worth roughly $266,000, after solving block 924,569 with only a tiny fraction of the computational power typically needed to win a block reward.
The miner, who is believed to be operating a hobby-grade machine, struck gold with a hash rate of roughly 1.2 terahashes per second (TH/s), which is a speck of dust in an industry dominated by industrial-scale operations producing exahashes (one quintillion hashes per second).
CKpool creator Con Kolivas announced the win on X, congratulating the “extremely lucky” miner and noting just how improbable the event was. He estimated that the odds translate to about 1.2 million to one per day at the miner’s reported hash rate.
The miner received 3.125 Bitcoin (BTC) from the block subsidy plus 0.021 BTC in transaction fees, bringing the total to just over 3.146 BTC, according to onchain data.
Despite the industrial mining landscape, 2025 has become an impressive year for solo miners. According to Mempool Space, 13 solo-mined blocks have been found through CKpool this year, averaging just over one a month.
Last month, a solo Bitcoin miner secured a $347,455 reward after independently solving block 920,440, earning 3.125 BTC plus fees entirely on their own.
Major miners are seeking new revenue sources beyond Bitcoin mining, especially after the latest halving tightened their margins.
CleanSpark has already begun shifting into AI-focused data center infrastructure, a move that sent its stock up 13% after the expansion was first announced in October.
TeraWulf also plans to raise $500 million through a convertible note offering to help finance the construction of a new data center campus in Abernathy, Texas.
Bitcoin’s death cross, which previously led to 64%-77% BTC price declines, has flashed again.
Mounting selling pressure is prompting many investors to sell their BTC holdings at a loss.
Bitcoin (BTC) may have confirmed its entry into a bear market after the price dropped to $80,000 on Friday. This view is reinforced by a convergence of technical indicators that have historically preceded extended declines.
Bitcoin’s macro uptrend was invalidated
The BTC/USD pair closed below its 50-week moving average on Sunday, a level crypto analyst Rekt Capital has been closely watching, saying that the “price will need to reclaim it promptly on a relief rally to protect the structure.”
“Bitcoin wasn’t able to reclaim the 50-week EMA,” the analyst wrote in a Friday post on X, adding:
“Bullish market structures are invalidated when the macro trend shifts.”
Rekt Capital was referring to Bitcoin’s drop below key support lines, even as the price slid below the 100-week moving average to reach a six-month low of $80,500 on Friday.
Meanwhile, the price confirmed a “death cross” on its daily chart at the end of last week, a technical pattern that has previously preceded significant price declines.
On Sunday, Bitcoin’s 50-day simple moving average (SMA) crossed below its 200-day SMA for the first time since January 2024, forming a death cross.
“Every Bitcoin cycle has ended with a Death Cross,” said analyst Mister Crypto in an X analysis on Monday, asking:
“Why would this time be different?”
Bitcoin’s past performance after a death cross. Source: Mister Crypto
In January 2022, the death cross was followed by a 64% BTC price drop, bottoming at $15,500, fueled by the FTX collapse.
March 2018 and September 2014 saw 67% and 71% declines in BTC price, respectively, after painting similar SMA crossovers.
As Cointelegraph reported, Bitcoin’s SuperTrend indicator also sent a bearish signal on the weekly chart, an occurrence that has historically marked the start of a bear market.
Bitcoin realized losses surpassed $800 million
With selling pressure increasing by the hour, the volume of realized losses has risen to levels not seen since the 2022 FTX collapse.
Onchain data provider Glassnode shared a chart showing that Bitcoin’s aggregate realized losses by both short-term and long-term holders have surged to areas above $800 million on a seven-day rolling basis. The $800 million mark was last crossed in November 2022.
“Short-term holders are driving the bulk of the capitulation,” Glassnode said, adding:
“The scale and speed of these losses reflect a meaningful washout of marginal demand as recent buyers unwind into the drawdown.”
Bitcoin realized loss. Source: Glassnode
Sharing a similar perspective, CryptoQuant analyst IT Tech said short-term selling “often marks a local bottom if the price quickly reclaims the cost basis,” adding:
“Failing to do so historically indicates a deeper bearish trend or confirms a bear market.”
Bitcoin STH realized profit and loss. Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
ARK Invest closed out the week with a fresh round of accumulation across several of its flagship funds, picking up positions in Circle, Bullish, BitMine, Robinhood and Bitcoin ETFs as crypto-related equities rebounded.
The largest set of purchases targeted Bullish, with ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) expanding their exposure, according to trade notifications for Friday. Combined, these buys amounted to about $2 million, following Bullish’s 5.75% gain on the day.
ARK also continued accumulating BitMine, with purchases across ARKF, ARKK and ARKW totaling approximately $830,000. BitMine closed slightly lower on the day but remained within its recent trading range near $26.
Furthermore, the firm added small amounts of Circle and Robinhood. It acquired 3,529 Circle shares, worth $250,000, as the stablecoin issuer’s stock climbed more than 6%. ARK also added about $200,000 in new Robinhood shares.
Bullish shares gain nearly 6% on Friday. Source: Google Finance
On Friday, ARK increased its Bitcoin (BTC) ETF exposure by nearly $600,000, led by fresh purchases of the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds together added more than 20,000 shares.
The purchase comes as the US spot Bitcoin ETF market is facing one of its sharpest downturns since its launch. The 12 funds collectively recorded nearly $1 billion in net outflows on Thursday, marking the second-largest daily withdrawal to date and placing the group on pace for its weakest week since February.
Outflows have accelerated throughout the past month, with around $4 billion leaving the products as Bitcoin’s price has slipped roughly 30% from recent highs.
On Thursday, ARK made its largest daily acquisition of the week. The firm snapped up $10.1 million in Coinbase, $9.9 million in BitMine, $9 million in Circle and $9.65 million in Bullish, alongside additional purchases of $16.8 million in Nvidia and $6.8 million in Robinhood.
Prior to that, the firm also purchased $16.8 million worth of Bullish shares, roughly $15 million in Circle and about $7.6 million in BitMine across its ARKF, ARKW and ARKK ETFs on Wednesday.
The record outflows from Bitcoin exchange-traded funds (ETFs) represent short-term, “tactical” rebalancing rather than institutional flight from BTC, according to analysts at crypto exchange Bitfinex.
Long-term Bitcoin (BTC) holders taking profit and selling their coins, and highly-leveraged positions flushing out of the markets, are the root causes of the billions of dollars in ETF outflows and the broader market crash, Bitfinex analysts said.
“This does not derail the longer-term move towards institutionalization. The spot ETF channel remains intact, and the outflow likely reflects tactical rebalancing rather than a wholesale exit from the asset class.”
Bitfinex said the structural thesis for Bitcoin remains “firm,” and that Bitcoin is positioned for continued institutional adoption as a store-of-value asset with strong long-term fundamentals. The ongoing drawdown is a short-term price movement, they added.
The majority of the crypto market continues to bleed well into the month of November. Source: TradingView
BlackRock’s iShares Bitcoin Trust (IBIT) ETF led the outflows, with over $2.47 billion in redemptions so far in November.
The Bitcoin ETFs posted some of the worst daily outflows on record in November. Single-day outflows crossed $900 million on Thursday, according to Farside Investors.
The average ETF investor is now underwater following BTC’s crash below $90,000. However, this does not mean that ETF investors will panic sell, Vincent Liu, chief investment officer at quantitative trading company Kronos Research, told Cointelegraph.
The price of Bitcoin plunges below the $90,000 level. Source: TradingView
Bitcoin ETF investors tend to be long-term holders and ignore short-term market noise and price movements, Liu said.
Long-term Bitcoin whales and OGs who hold the asset directly rather than through an investment vehicle are responsible for most of the selling, according to senior Bloomberg ETF analyst Eric Balchunas.
