Arkham Exchange has partnered with MoonPay to integrate fiat-to-crypto on and offramps, bringing simplified funding methods to the exchange’s userbase. Users with access can deposit funds to the Arkham Exchange via all of the payment methods supported by MoonPay, including credit and debit cards, bank transfer, Apple Pay, Google Pay and more, to purchase tokens on the exchange. According to a Nov. 21 press release, the integration is available immediately to all KYC-verified users on the Arkham platform. ...

Market Overview - The crypto market experienced a significant decline, with Bitcoin (BTC) and Ether (ETH) both dropping approximately 10% within 24 hours, trading around $82,200 and $2,700 respectively [1] - The altcoin market suffered even more, with several tokens plummeting by as much as 20%, leading to a 10% drop in the CoinDesk 20 Index (CD20) and a 12% loss in the CoinDesk 80 Index [1] Liquidity Crisis - The sell-off was partly attributed to a liquidity crisis stemming from an earlier sell-off and liquidation event in October, which has left the market vulnerable to further price volatility [2] - U.S. equities also faced declines, with the Nasdaq 100 trading 9.4% below its record high from October 31 [2] Derivatives Positioning - Bitcoin's 30-day implied volatility index (BVIV) surged to over 64%, while the Ether volatility index reached 87%, indicating heightened market uncertainty and increased demand for options [4] - Bitcoin's open interest (OI) fell sharply from 752K BTC to 700K BTC in a single day, as the price drop forced out bullish leverage bets [4] - A notable trend was observed where put options dominated the BTC and ETH options market, with put spreads making up 46% of BTC's total block flow in the past 24 hours [4] Altcoin Market Performance - The altcoin market faced severe losses, with tokens like Injective (INJ), Near (NEAR), Ether.fi (ETHFI), Aptos (APT), and Sui (SUI) losing between 16% and 18% of their value in 24 hours [4] - The Fear and Greed Index reached a low of 11/100, the lowest since its recording began in June 2023, reflecting extreme market fear [4] Trading Activity - Despite the overall market downturn, some traders capitalized on opportunities, with two traders reportedly making $1.3 million by purchasing the creator coin JESSE at its deployment [4]

Core Insights - Coinbase is reportedly developing a prediction market similar to Polymarket and a tokenized stock trading interface akin to Ondo Finance, indicating a significant expansion beyond traditional crypto trading [1][4][5] Group 1: Development of New Features - Independent researcher Jane Manchun Wong discovered hidden interfaces labeled "Predictions" and "Stocks" within Coinbase's code, suggesting the company is preparing to launch these new features [2][3] - The prediction market would be offered through Coinbase Financial Markets in partnership with KalshiEX LLC, providing Coinbase with a regulatory foothold in the prediction market space [5] Group 2: Market Context and Timing - The timing of Coinbase's potential entry into the prediction market aligns with the recent surge in platforms like Polymarket, driven by increased user engagement and election-year speculation [8] - Tokenized stocks are becoming a significant sector in Web3, with billions in inflows, and Coinbase's entry could solidify its position in the U.S. mainstream market [6][9]

Core Viewpoint - Bullish, a crypto trading platform backed by Peter Thiel, reported strong Q3 earnings but saw its stock price decline despite beating revenue estimates [1][8]. Financial Performance - Adjusted revenue for Q3 was $76.5 million, exceeding Wall Street's estimate of $71.2 million [2]. - Earnings per share (EPS) of $0.10 met analyst expectations [2]. - Digital asset sales reached $41.6 billion, with adjusted transaction revenue at $26.7 million and adjusted net income of $13.8 million [7]. Business Developments - Bullish launched U.S. spot trading and crypto options trading with 14 leading trading partners during the last quarter [4]. - The options product surpassed $1 billion in trading volume [4]. - The company signed notable institutional clients and expanded liquidity services partners significantly [3]. Future Outlook - For Q4, Bullish expects subscription, services, and other revenue to be between $47 million and $53 million, with adjusted operating expenses projected at $48 million to $50 million [5]. - The company is experiencing strong momentum heading into the fourth quarter [3].

Funding and Valuation - Kraken secured $200M from Citadel Securities, valuing the exchange at $20B [1] - Kraken completed a $600M raise at a $15B valuation weeks prior [1] - Total new capital raised amounts to $800M, positioning Kraken for a public listing [1][3] Strategic Initiatives - Citadel Securities plans to collaborate with Kraken on liquidity provision, risk management, and market structure analysis [2] - Kraken aims to expand its derivatives offerings, add institutional tools, grow staking products, and introduce new payment services [4] - Kraken is expanding into Latin America, Asia-Pacific, and EMEA [3] - Kraken is targeting a public listing in 2026 and is reportedly working with Morgan Stanley and Goldman Sachs [3] Business Growth - Kraken generated $1.5B in revenue last year and surpassed that figure by Q3 2025 [2] - Kraken built a vertically integrated stack covering custody, clearing, settlement, and wallets [3] - Kraken acquired NinjaTrader to enter U S futures, rolled out tokenized equities, and launched KRAK, a global app for payments and trading [4]

Core Viewpoint - Cathie Wood, a prominent investor in the tech sector, is actively adjusting her investment strategies in response to market changes, particularly in the cryptocurrency space [1][2]. Group 1: Investment Strategy - ARK Invest has recently sold shares of Reddit and Pinterest to invest in Bullish, a crypto trading platform backed by Peter Thiel, indicating a strategic shift towards crypto assets [3][4][5]. - The firm sold $3 million worth of Reddit shares and over $618,000 in Pinterest shares, reflecting a response to the broader tech sell-off [3][4]. - ARK Invest purchased $10 million in Bullish shares, diversifying this investment across three funds: ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW) [5]. Group 2: Market Reactions - Following the recent crypto market downturn, Cathie Wood adjusted her Bitcoin price projection from $1.5 million to $1.2 million, showcasing her adaptability to market conditions [2]. - Bullish shares experienced a decline of 4.5%, closing at $36.75, and were trading at $36.29 in pre-market hours, indicating volatility in the crypto stock market [5].

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Group 1 - Bitcoin's price fell below the critical $100,000 mark, leading to increased short positions from large investors on Hyperliquid [1] - Hyperliquid whales, defined as traders with over $50 million in digital assets, currently hold $3.44 billion in open positions, with $1.15 billion in longs and $2.29 billion in shorts [2] - The sentiment among traders appears to be inversely related to their wallet sizes, with smaller traders, referred to as "shrimps," showing the most bullish outlook [3] Group 2 - Following Bitcoin's drop below $95,000, there was a significant rise in fear and uncertainty within the crypto community, as indicated by a spike in Bitcoin's social dominance to four-month highs [4] - The recent market correction was exacerbated by substantial outflows from Bitcoin-based exchange-traded funds in the US, with a reported net outflow of $1.8 billion last week [5] - Investors are moving away from riskier assets like cryptocurrencies due to concerns over economic instability and high valuations in technology and AI sectors, although this does not guarantee a market bottom [6]

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Partnerships & Programs - GSR 与 Chainlink 合作推出稳定币赋能计划，旨在推动下一代机构级稳定币的发展 [1] - 该计划为稳定币发行方提供 Chainlink 的预言机平台，包括数据、互操作性、隐私和合规标准 [2] - GSR 提供资本市场专业知识、流动性供应和市场推广支持 [2] Stablecoin Development - Chainlink 和 GSR 共同赋能稳定币协议，以满足对可信、跨链、机构级、合规且具有实际效用的稳定币日益增长的需求 [2] Technology & Infrastructure - 该计划利用 Chainlink 的行业标准预言机平台 [2]