gm 13/11

Summary
gm, JPMorgan launched its JPM Coin on Coinbase's Base network, representing a major step by a traditional financial institution into the blockchain space. Uniswap proposed a substantial governance change called "UNIfication" that would activate protocol fees and implement a UNI token burn mechanism, driving its price up over 50% in the past week. Meanwhile, Bitcoin ETFs saw a positive turnaround with $299.8 million in net inflows after two weeks of redemptions, even as Bitcoin consolidated around the $102,000 level amid increasing volatility. In regulatory news, a Dubai court ordered a worldwide freeze on $456 million in assets linked to Justin Sun's stablecoin bailout, while the U.K.'s Financial Conduct Authority approved ClearToken's digital asset settlement service, furthering integration of crypto solutions into regulated financial ecosystems.

News Headlines
💰 Crypto Derivatives Platform Lighter Raises $68M at $1.5B Valuation

• Crypto derivatives startup Lighter secured $68 million in funding at a $1.5 billion valuation from notable investors including Founders Fund, Ribbit Capital, Haun Ventures, and Robinhood, positioning itself to challenge competitors like Hyperliquid and Aster.
• The platform operates a zk-rollup perpetual-futures exchange on Ethereum with impressive metrics: $279.5 billion in 30-day trading volume and $1.15 billion in total value locked, offering zero fees for retail users and advanced on-chain proofs for order matching.

📈 Bitcoin ETFs See $300M Net Inflows as Traders Buy the Dip

• U.S. Bitcoin ETFs recorded $299.8 million in net inflows after two weeks of redemptions, with Fidelity's FBTC contributing $165.9 million and Ark 21Shares adding $102.5 million to the total.
• Despite the positive ETF performance, the broader digital asset market showed contrasting results with $1.17 billion in outflows, though Solana continued to attract interest with $118 million in inflows.

💳 Visa Tests Stablecoin Payouts for Creators and Gig Workers

• Visa is piloting a system enabling businesses to send payments directly to digital wallets using USDC stablecoins, targeting freelancers and content creators who typically face delays in receiving payments, especially internationally.
• The service will initially be limited to US-based businesses with plans to expand in late 2026, requiring recipients to have stablecoin wallets and pass standard AML/KYC checks as part of Visa's broader exploration of stablecoin infrastructure.

🌐 Bernstein: U.S. Crypto Framework Positions Nation as Global Leader

• Bernstein reports that the U.S. has entered a mature phase in its digital asset industry thanks to the GENIUS Act and upcoming CLARITY Act, creating a unified regulatory regime for crypto that has propelled stablecoin supply beyond $260 billion.
• The regulatory clarity has driven robust institutional participation, with crypto ETFs accumulating $160 billion in assets and digital asset IPOs generating $4 billion in 2025, while major crypto firms like Coinbase and Robinhood have joined the S&P 500.

💼 Coinbase Abandons $2 Billion Acquisition of Stablecoin Firm BVNK

• Coinbase has terminated negotiations to acquire UK-based stablecoin infrastructure firm BVNK, which had been valued at approximately $2 billion during advanced discussion stages.
• Both Coinbase and Mastercard had shown significant interest in acquiring BVNK, with a Coinbase spokesperson confirming the mutual decision to halt the acquisition while maintaining commitment to exploring opportunities aligned with their mission.

Market Metrics

Fundraising & VC
1. Seismic (Undisclosed, $10M) - Encrypted blockchain platform
2. Curvance (Strategic, $4M) - DeFi platform that facilitates stablecoin deposits, earnings, and borrowing

Regulatory
🌐 EU Regulators Target Pooled Order Books Under MiCA

• European regulators are looking to strengthen MiCA rules by requiring crypto trading liquidity pools to remain within the EU, potentially fragmenting global liquidity.
• Regulators from France, Austria, and Italy are pushing for stricter controls to ensure trading activities occur under EU supervision, which could force major exchanges to significantly adjust operations.

💰 U.S. Forms Strike Force to Combat "Pig Butchering" Crypto Scams

• The DOJ has launched an interagency Scam Center Strike Force to target international crypto scams linked to Chinese crime networks that defrauded Americans of $135 billion in 2024.
• The initiative brings together the DOJ, FBI, Secret Service, and Treasury to trace stolen funds, prosecute perpetrators, and dismantle global crypto fraud operations.

🏦 Coinbase to Relocate Incorporation from Delaware to Texas

• Coinbase announced plans to move its incorporation from Delaware to Texas, citing Texas's business-friendly regulations and support for innovation in the cryptocurrency sector.
• CEO Brian Armstrong emphasized economic freedom as a key factor, stating that Texas celebrates entrepreneurial spirit and embraces cryptocurrency more consistently than Delaware.

🔒 Dubai Court Freezes $456M Linked to TrueUSD Stablecoin Reserves

• Dubai's Digital Economy Court has issued a worldwide freeze on $456 million in assets connected to Justin Sun's bailout of TrueUSD issuer Techteryx.
• The court found compelling evidence that funds from TrueUSD's reserves were improperly diverted to Aria Commodities DMCC in Dubai instead of a designated Cayman fund.

🏛️ U.S. House Votes to End Government Shutdown, Restarts Crypto Regulation

• The U.S. House passed a funding bill to reopen government after a 42-day shutdown, allowing the SEC and CFTC to resume crypto regulation and approval work.
• The reopening enables the Senate confirmation hearing for CFTC Chair nominee Mike Selig and continued work on defining market structure legislation for crypto oversight.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 107300 points. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which weakens the currency and indicates increased chance of a break down. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum shows weak development in a falling trend channel in the short term. This signals increasing pessimism among investors and indicates further decline for Ethereum. The currency gave a negative signal from the rectangle formation by the break down through the support at 3777. Further fall to 3189 or lower is signaled. The currency has support at points 3330 and resistance at points 3830. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.