gm 15/11

Summary
gm, Bitcoin dropped below $95,000 for the third time this month, triggering over $1.1 billion in liquidations across the broader crypto market. This sell-off has coincided with macroeconomic concerns, including diminished expectations for a Federal Reserve rate cut in December, leading to substantial outflows from spot Bitcoin and Ethereum ETFs, with nearly $870 million exiting Bitcoin ETFs in a single day. Despite the market downturn, some notable developments emerged, including the Czech National Bank announcing a $1 million test portfolio of digital assets including Bitcoin, Jack Dorsey's Cash App revealing plans to implement stablecoin functionality on Solana's network, and BlackRock's $2.5 billion tokenized fund being listed as collateral on Binance. Meanwhile, Canary's XRP ETF made an impressive debut with $58 million in first-day trading volume, becoming the top-performing ETF launch of 2025.

News Headlines
🔄 Bitcoin Derivatives May Not Fully Recover From October Crash Until Q2 2026

• The October market crash resulted in a $19 billion loss in Bitcoin derivatives open interest, which currently stands at approximately $140 billion compared to pre-crash levels.
• According to Bybit's derivatives operations director, recovery could take up to two quarters, with open interest potentially returning to pre-crash levels by Q1 or Q2 2026 if macroeconomic conditions improve.

💰 Cathie Wood's Ark Invest Purchases $30M in Circle Shares Despite Price Drop

• Ark Invest has acquired approximately $30 million in shares of Circle, the issuer behind the USDC stablecoin, as its share price has declined nearly 38% over the past month.
• The firm now holds almost 3 million shares of Circle, valued at over $255 million, despite the price drop occurring even as Circle reported a 66% year-over-year increase in quarterly revenue.

🏫 Emory University Doubles Bitcoin Holdings Through Grayscale Investment

• Emory University has more than doubled its Bitcoin investment, increasing its holdings in the Grayscale Bitcoin Mini Trust to over 1 million shares worth approximately $52 million.
• The university also established a new position in BlackRock's iShares Gold Trust and modestly increased its investment in Coinbase, holding nearly 4,500 shares valued at around $1.2 million.

💼 BitMine Appoints New CEO, Holds $11B in Ethereum as Largest Corporate Holder

• BitMine Immersion Technologies has appointed Chi Tsang as CEO, succeeding Jonathan Bates, as the firm continues its strategy as the largest corporate holder of Ethereum with over 3.5 million ETH worth $11 billion.
• The company aims to acquire up to 5% of the total outstanding supply of Ethereum, believing in the transformative potential of the blockchain despite recent market volatility causing ETH to decline nearly 15% in two weeks.

🔄 dYdX Governance Approves Increase in Buyback Allocation to 75% of Protocol Revenue

• The dYdX community has voted to increase the buyback allocation of protocol revenue from 25% to 75%, with 59.38% of members supporting the proposal to tie economic incentives directly to platform performance.
• The updated allocation plans also include distributing 5% of protocol revenue to the Treasury SubDAO and another 5% to the MegaVault, aiming to refine tokenomics and enhance network security.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
🚔 Detroit Man Sentenced for ISIS Bitcoin Donations

• Jibreel Pratt, a 26-year-old Detroit resident, has been sentenced to nine years in federal prison for attempting to finance ISIS through Bitcoin donations.
• Pratt pleaded guilty after initiating contact with a federal informant he believed was an ISIS operative, transferring Bitcoin intended to aid recruits and operations.

🌏 Crypto Adoption Strong in Asia-Pacific Region, Report Finds

• A CoinDesk and Protocol Theory report indicates approximately 25% of adults with internet access in the Asia-Pacific region may own cryptocurrency.
• Nearly 18% of surveyed individuals in emerging markets are using stablecoins, with adoption driven partly by limited access to traditional financial services.

💰 Oklahoma Man Gets Five-Year Sentence for $9.4M Crypto Ponzi Scheme

• Travis Ford, 36, has been sentenced to five years in prison for operating a fraudulent crypto investment scheme that raised $9.4 million from approximately 2,800 investors.
• His company, Wolf Capital, promised unrealistic daily returns of 1-2% (547% annually) while Ford admitted such returns were not viable and much of the money was lost through trading.

🔍 U.S. DOJ Seizes $15 Million in Crypto from North Korean Operations

• The U.S. Department of Justice has seized another $15 million in USDT linked to North Korean cryptocurrency heists and secured multiple criminal convictions.
• Investigations revealed individuals helped North Korea obtain U.S. jobs using fraudulent identities, generating proceeds allegedly funding the regime's activities.

👨‍💼 CFO Convicted After Losing $35 Million of Company Funds in Crypto Ventures

• Nevin Shetty, former CFO of a software company, was convicted of wire fraud after embezzling $35 million from his employer to invest in his own cryptocurrency platform.
• Initially profitable with over $133,000 in gains from DeFi lending protocols, Shetty's investments were nearly wiped out following the Terra stablecoin collapse in May 2022.

Technical Analysis
Bitcoin - Bitcoin has broken the falling trend channel down in the short term, which indicates an even stronger falling rate. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 107500 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The short term momentum of the currency is strongly negative, with RSI below 30. This indicates increasing pessimism among investors and further decline for Bitcoin. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum has broken down through the floor of the falling trend channel in the short term, which signals an even stronger falling rate. The negative development, however, may give rise to short term corrections up from today's level. The price has had a strong fall after the negative signal from the rectangle formation at the break down through the support at 3777. The objective at 3187 is now met, but the formation signals 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 3830 points. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.