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Markets & Business

Cryptos Tumble, Nearing October Crash Lows (5 minute read)

Bitcoin fell below $106,000 with altcoins declining harder, fully reversing the bounce from the October 10 crash. The selloff liquidated over $1 billion in leveraged positions across digital assets, while crypto stocks fell, led by Circle (-7%), Gemini (-6%), Coinbase (-4%), and Strategy (-3%). FundStrat's Tom Lee maintains his bullish year-end targets of $200,000 for bitcoin and $7,000 for ether, stating "fundamentals are leading prices in crypto, so eventually we consolidate and then we rally into year-end."

November the New October for US Crypto ETFs (4 minute read)

Four crypto ETFs launched this week using a procedural shortcut requiring "no delaying amendment" language in S-1 filings that automatically become effective after 20 days unless the SEC issues a stay, which circumvents problems caused by the government shutdown. Fidelity and Canary Capital filed updated S-1s on Thursday for spot Solana and XRP ETFs, respectively, which could launch as early as November 13 if the SEC doesn't intervene. Some filings, like XRP, haven't received SEC feedback, unlike the reviewed Solana, HBAR, and Litecoin applications, potentially prompting the agency to halt automatic approval.

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Innovation & Launches

Liquid: Trade Anywhere (5 minute read)

Liquid is a non-custodial perp DEX aggregator that combines Hyperliquid, Lighter, and Ostium into a unified mobile-first platform offering trading, yield vaults (~7% APY), risk management, and analytics with push notifications for liquidation warnings. The platform facilitated over $500 million in trading volume since launching weeks ago, taking a small additional fee on top of trades while providing institutional-grade infrastructure to retail users through automated risk management and real-time market analysis. Liquid integrates point-based reward systems for tracking participation across projects from one interface.

The Expanding Stablecoin Ecosystem (2 minute read)

Stablewatch released an updated Stablecoin Ecosystem Map, categorizing the rapidly growing market into crypto-backed, T-bill-backed, non-USD, and tokenized bank deposit stablecoins. The visual highlights the diversity of issuers from Aave's GHO and Frax's frxUSD to Circle's USDC, PayPal's PYUSD, and Hyperliquid's USDH, as well as emerging entrants like Western Union's USDPT and MegaETH's USD.ai.

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Guides & Tutorials

Bitcoin's Silent IPO (10 minute read)

Bitcoin's weak price action despite wildly successful ETFs, institutional adoption, and friendly regulation mirrors traditional IPO dynamics where early investors methodically cash out. Meta's 2012 IPO at $38/share raising $16 billion exemplifies this pattern. Shares fell 30% over the following year as early investors distributed positions without cratering the price, creating a "sideways grind that drives everyone crazy." Onchain data shows old bitcoin moving as ETFs and institutional bids finally provide liquidity that didn't exist in 2015-2019, when selling $100 million or $1 billion would crater prices, with the distribution process typically taking 6-18 months in traditional markets and possibly longer in crypto.

Maturation of the crypto industry (15 minute read)

Blockchain infrastructure achieved 100x throughput growth over five years, with transaction costs dropping from $24 to cents on L2s, while Solana and Hyperliquid captured 53% of total onchain revenue as the market crossed $4 trillion with 40-60 million active users. Stablecoin supply reached $300 billion with USDe emerging as the third-largest, while RWAs grew 208% to $30 billion and perp DEXs crossed $1 trillion volume, capturing 13% market share, alongside ETPs holding $175 billion, representing 10% of all ETH and BTC. Non-financial sectors saw DePIN projects grow 12x with 100x revenue increase across 13 million active devices, while the x402 protocol enabled AI agent payments projected to reach $30 trillion in autonomous transaction value by 2030, with AI crypto tokens exceeding $800 million market cap.

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Miscellaneous

Perp DEX Volumes Hit Record $1.2T Amid Incentives and Liquidations (4 minute read)

Perpetual futures DEXs recorded a historic $1.2 trillion in trading volume in October, nearly double September's total, driven by incentive programs and the October 10 liquidation event. Platforms like Lighter, Aster, EdgeX, Pacifica, and ApeX all hit new highs, while Lighter captured a 27% market share, overtaking Hyperliquid, which fell to 10% from 33% just a month earlier.

Crypto Market Bleed Tied to US Liquidity Crunch (4 minute read)

The recent crypto market downturn is occurring because of the US government shutdown, which has lasted 35 days and frozen Treasury spending. The Treasury General Account (TGA), the government's operational fund at the Fed, has ballooned to $1 trillion from $700B, effectively withholding $300B from the economy. This "dam effect" drained banking reserves from $3.2T to $2.8T, tightening liquidity and stressing the repo market. Relief could arrive soon. However, the Fed plans to end quantitative tightening (QT) on December 1, redirecting $40B/month into bank reserves and money markets via Treasury bill rollovers. Once the shutdown ends and QT halts, liquidity should flow back into risk assets, with Bitcoin and Ethereum, historically the most liquidity-sensitive, likely to rebound first.

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Quick Links

Animoca Brands Files for Nasdaq Listing (4 minute read)

Animoca Brands, a Hong Kong-based investor and development shop, is exploring a stock market listing via reverse merger.

Stream Finance Experiencing Depeg (1 minute read)

Yield curation protocol Stream Finance is experiencing a depeg, with an estimated 30%-50% loss from over-leveraged positions and a mass sell event.

Bitcoin Nears $100K as Ether Turns Negative for 2025 (4 minute read)

Bitcoin fell to a daily low of $100,050, while ETH dropped below $3,300, erasing its year-to-date gains and marking a 31% decline from its August all-time high of $4,946.

Hut 8 Enters Top 10 Public Bitcoin Holders With 13,696 BTC (4 minute read)

Hut 8 has grown its Bitcoin reserves by over 50% year-over-year, now holding 13,696 BTC ($1.6B) as of Q3 2025 and placing it among the top 10 public Bitcoin holders and the third-largest Bitcoin miner behind MARA and Riot.

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Thanks for reading,
Esham Macauley & Lincoln Murr

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