Market Performance - Bitcoin and Ethereum are down nearly 1% over the last 24 hours, while XRP has decreased by 3.1%, reversing earlier gains driven by ETF news [1] - Performance of other altcoins like Solana, BNB, and Dogecoin remains relatively stable, fluctuating between -1% and 1% [1] Market Liquidity and Volatility - Crypto markets will remain open during the Thanksgiving holiday, but liquidity and volume are expected to be low, potentially leading to increased volatility [2] - Market actions on this day are not necessarily influenced by the holiday, as noted by industry experts [2] Market Outlook - The crypto market outlook shifted from bearish to bullish after the likelihood of a December rate cut increased from 30% to 80% [3] - Investors are anticipating a quarter-point rate cut on December 10, which would lower the target rate to 3.50%-3.75% [3] Risk Sentiment - The repricing of Federal Reserve policy has led to a risk-on sentiment, with a 65% chance assigned for Bitcoin to reach $100,000 before hitting $69,000 [4] - While the outlook is currently bullish due to rate-cut expectations, it remains uncertain [4] Institutional Activity - Block options trading this week indicated $2 billion in long call condors from institutional or high-net-worth investors, suggesting expectations for Bitcoin to remain between $100,000 and $118,000 [5] - Analysts predict that traders will likely use a long call condor strategy, which is designed for range-bound assets [6] Options Market Insights - Options market data shows a negative skew and high short-dated implied volatility, indicating that bearish bets are still prevalent amid uncertainty [6]

Core Viewpoint - Grayscale is seeking to list the first U.S. ETF tracking Zcash, indicating a growing interest in privacy-focused cryptocurrencies as Zcash has gained significant market traction in 2025 [1][2]. Group 1: Grayscale's ETF Filing - Grayscale filed an S-3 registration statement with the SEC to convert its existing Zcash Trust into a spot ETF, following a similar strategy used for its Bitcoin Trust [1]. - If approved, this would mark the first Zcash ETF in the U.S., reflecting increased investor attention towards privacy-preserving crypto assets [2]. Group 2: Zcash Market Performance - Zcash has experienced a remarkable increase of over 1,000% year-to-date and a 40% rise in the last month, outperforming major cryptocurrencies like Bitcoin and Ether [2]. - The adoption of shielded transactions in Zcash has surged, with approximately 30% of ZEC transactions involving the shielded pool, and 20% to 25% of the total supply held in encrypted addresses [3]. Group 3: Industry Implications - Grayscale's ETF filing suggests a belief that investors are seeking exposure to digital privacy infrastructure, particularly as Zcash has outperformed larger cryptocurrencies [4].

Core Insights - XRP's adoption appears strong with Ripple collaborating with over 300 banks and expanding its payment network, while regulatory conditions have improved significantly [1][2][5] - Despite the growth of RippleNet, XRP's transaction volume is declining, raising questions about the token's usage in the expanding network [2][3][6] Group 1: XRP Adoption and Market Activity - XRP's transaction volume has been decreasing even as RippleNet expands to over 300 banking partners, indicating a disconnect between network growth and token usage [3][7] - Banks utilizing RippleNet's infrastructure do not necessarily require XRP for settlement, as the token remains optional, leading to reduced on-chain activity [7][8] - The launch of three XRP ETFs in November, including those from Canary Capital, Franklin Templeton, and Grayscale, did not result in an increase in on-chain activity despite strong initial inflows [2][5] Group 2: Market Trends and Price Movements - XRP experienced a significant price surge in July, reaching $3.57, driven by trader optimism ahead of ETF launches, but subsequently fell to the mid-$2 range due to whale selling [4][5] - The three major XRP ETF launches in November saw record first-day volumes, yet XRP's price remained stable between $2.00 and $2.40, indicating a lack of immediate demand despite positive headlines [5][6]

By Elizabeth Howcroft PARIS (Reuters) -S&P Global downgraded its rating of Tether, the world's largest stablecoin on Wednesday, citing an increase ​in higher-risk assets in its reserves and "persistent gaps in disclosure". Tether said it ‌"strongly disagrees with the characterization presented in the report" by S&P which said that it now rated ‌the company's token, known as USDT, as "5 (weak)", which is the lowest possible score, downgrading it from "4 (constrained)". Ratings agency S&P created a scale ...

Blockspace Podcast: Why Most Bitcoin Treasury Companies Are Struggling — and the One That's Getting It Right ...

Local Georgia television news reports Bitcoin mining could bring in tax money and jobs to the community. https://t.co/5rU2LxwOS9 ...

Core Insights - The value of AI stocks in the Global X Artificial Intelligence & Technology ETF (AIG) has decreased by $1.4 trillion in November, while the cryptocurrency market has seen a decline of $700 billion this month and $900 billion since October 27 [2][11] - The sell-off in AI ETFs marks a significant shift after a period of strong performance, with the largest AI ETF down 7.7% for the month but still up approximately 27% year-to-date [4][11] - Nvidia, a key holding in the AI ETF, has experienced a 14% drop in shares this month, resulting in a loss of $674 billion in market value despite reporting better-than-expected quarterly results [5][11] AI ETF Performance - The Global X Artificial Intelligence & Technology ETF (AIG) has $6.7 billion in assets and is down 7.2% for the month, while still showing a year-to-date increase of 27.5% [11] - Other AI ETFs like ARK Autonomous Technology & Robotics (ARKQ) and Roundhill Generative AI & Technology (CHAT) have seen declines of over 14% and nearly 13% respectively, indicating varying levels of exposure to sector volatility [7][11] - The ROBO Global Robotics and Automation Index ETF (ROBO) has only decreased by about 5% this month due to its diversified holdings [8][11] Market Dynamics - The current downturn in AI stocks reflects a broader trend of market volatility associated with emerging technologies, characterized by periods of enthusiasm followed by corrections [3][11] - The performance of AI ETFs is contrasted with Bitcoin ETFs, which have also suffered significant losses, with iShares Bitcoin Trust (IBIT) down more than 20% in November [10][11] - Analysts suggest that while AI technology has tangible applications and strong fundamentals, the speculative nature of some assets, like cryptocurrencies, may not offer the same long-term growth potential [11]

Core Insights - Digital assets have remained stable without significant movement since the beginning of the week, contrasting with the upward trend observed in tech stocks during the same timeframe [1] Group 1 - Digital assets have traded sideways since the start of the week [1] - Tech stocks have experienced a boost over the same period [1]

Core Viewpoint - Circle Internet Group's stock has experienced a significant decline of over 76% from its 52-week high, raising questions about its future performance and investment potential in the crypto market [1][2]. Company Performance - Circle went public on June 5, initially trading at over $83 and reaching a 52-week high of $298.99 by June 23 [1]. - Since July, the stock has fallen 63%, closing last week at just over $71 [2]. - The current market capitalization of Circle is $17 billion, with a current stock price of $70.11 [7]. Revenue Drivers - Circle's revenue growth is heavily dependent on the popularity of its stablecoin, USDC, and prevailing interest rates [3]. - The company earns interest on cash collected from USDC sales, making it sensitive to interest rate fluctuations [3]. - Despite concerns about declining interest rates, USDC in circulation increased by 108% as of September 30, following a 90% growth rate in the previous period [4]. Market Dynamics - The volatility of crypto investments and the emergence of new investment opportunities in the crypto space may have contributed to Circle's stock struggles [5][6]. - Competitors like Bullish and Gemini Space Station have gone public, and the approval of multiple XRP exchange-traded funds has provided investors with additional options [6]. Valuation Concerns - Circle's stock is considered expensive, trading at a forward price-to-earnings multiple of over 80, which is high for a company primarily generating revenue from interest [7][8]. - The initial valuation was seen as overpriced, and the current price still raises concerns about its attractiveness as an investment [8]. Investment Outlook - Despite the stock's decline, there are no strong reasons to invest in Circle at this time, as its future growth is uncertain and heavily reliant on USDC's popularity [9][10]. - The company is profitable and has shown growth, but sustainability of this trend is not guaranteed, leading to a recommendation for investors to avoid Circle Internet Group [10].

Market Overview - The crypto market has shown minimal movement, with Bitcoin trading between $86,000 and $88,000, while the CoinDesk 20 Index (C20) remained stable, and the CoinDesk 80 Index recorded a modest 1% gain, indicating some strength in the altcoin market [1] - Year-to-date, Bitcoin is down 7%, contrasting with a 2.5% increase in the U.S. 10-year Treasury note, suggesting that investing in bonds would have been a more prudent choice this year [2] Macro Perspective - The outperformance of the 10-year Treasury bond raises concerns for other risk assets, including stocks, hinting at potential institutional outflows from spot Bitcoin ETFs as a precursor to broader market challenges [3] - The Federal Reserve's anticipated dovish stance, with a possible 25 basis point rate cut, could alter market dynamics, particularly affecting the Dollar Index (DXY), which is currently maintaining levels above its 200-day simple moving average [4] Trading Environment - Recent trading activity indicates a spike in hedging around the $80,000 Bitcoin put, alongside significant block trades suggesting a potential price range shift above $100,000 by year-end, although a notable $220,000 call purchase was paired with a $40,000 call, indicating a focus on volatility rather than a straightforward bullish outlook [5] - The current trading environment is characterized as challenging, with options flows lacking clear directional signals [5] Regulatory Developments - A new U.S. bank rule reducing capital requirements for low-risk assets like Treasuries may enhance liquidity at banks, potentially increasing lending and enabling dealers to better manage government bond markets during periods of stress, signaling a trend towards deregulation [6]