Morning Report | Grayscale XRP Spot ETF GXRP has been listed; Bitcoin Spot ETF has seen a net outflow for 4 consecutive weeks; He Yi confirms Binance is pursuing users who improperly profited from Alpha's violations
Overview of Important Market Events on November 24整理：ChainCatcher
Important News:
- Barclays: Powell May Push for Fed Rate Cut Next Month
- Data: Bitcoin Spot ETF Saw a Net Outflow of $1.22 Billion Last Week, Continuing Four Weeks of Outflows
- JackYi: Long-term Investment in All Projects Must Consider Fundamentals and User Base
- Matrixport: Bitcoin Implied Volatility and Skew Indicate Rising Market Risk Aversion
- He Yi Confirms Binance is Recovering Improper Profits from Alpha Violation Users
- CryptoQuant: If BTC Falls Again and Loses the $80,000 Key Level, the Market Will Face a More Severe Adjustment Period
- Grayscale Discloses XRP ETF Details: Holdings Exceed 6 Million Tokens, Asset Management Scale Approximately $11.6 Million
What Important Events Happened in the Last 24 Hours?
Barclays: Powell May Push for Fed Rate Cut Next Month
According to ChainCatcher, Barclays Research points out that there is still uncertainty regarding the Fed's interest rate decision next month, but Chairman Powell is likely to push the FOMC to make a rate cut decision. Based on recent speeches, Barclays believes that Governors Milan, Bowman, and Waller may support a rate cut, while regional Fed Presidents Musalem and Schmidt tend to favor keeping rates unchanged. Governors Barr and Jefferson, along with Goolsbee and Collins, have shown unclear attitudes but lean towards maintaining the status quo. Governors Cook and Williams rely on data but seem to support a rate cut.
Barclays stated, "This means that before considering Powell's position, there may be six voters inclined to keep rates unchanged and five inclined to cut rates." Ultimately, Powell will dominate this decision, as the threshold for governors to publicly oppose his stance is quite high. (Jin Shi)
According to ChainCatcher, based on SoSoValue data, Bitcoin spot ETFs experienced a net outflow of $1.22 billion last week.
The Bitcoin spot ETF with the highest net inflow last week was Grayscale Bitcoin Mini Trust ETF BTC, with a weekly net inflow of $274 million, bringing its historical total net inflow to $1.951 billion; followed by Invesco and Galaxy Digital's ETF BTCO, with a weekly net inflow of $35.8 million, currently having a historical total net inflow of $209 million.
The Bitcoin spot ETF with the highest net outflow last week was Blackrock ETF IBIT, with a weekly net outflow of $1.09 billion, currently having a historical total net inflow of $62.7 billion; followed by Grayscale ETF GBTC, with a weekly net outflow of $172 million, currently having a historical total net outflow of $25.03 billion.
As of the time of publication, the total net asset value of Bitcoin spot ETFs is $110.11 billion, with an ETF net asset ratio (market cap as a percentage of total Bitcoin market cap) of 6.53%, and a historical cumulative net inflow of $57.64 billion.
Strategy and Bitcoin Community Call for "Boycott" of JPMorgan
According to ChainCatcher, as reported by Cointelegraph, opposition to financial services giant JPMorgan is rapidly growing among the Bitcoin community and supporters of Strategy, with calls to "boycott JPMorgan" gaining strength on Sunday.
The anger in the Bitcoin community stems from news that index company MSCI (formerly Morgan Stanley Capital International, responsible for determining whether companies can be included in indices) may exclude crypto asset treasury companies from its index in January 2026.
This news was shared by JPMorgan in a research report. In response, Bitcoin supporter and real estate investor Grant Cardone stated, "I just withdrew $20 million from Chase (JPMorgan's bank) and sued them for credit card violations." As the online boycott movement heats up, Bitcoin advocate Max Keiser also urged, "Crush JPMorgan, buy Strategy and BTC."
Strategy is set to enter the Nasdaq 100 index in December 2024 (composed of the 100 largest companies by market cap in tech stocks), thus enjoying massive capital inflows from passive index funds. In response to MSCI's proposed adjustment, Saylor publicly stated, "Strategy is not a fund, not a trust, and not a holding company." "Funds and trusts passively hold assets; holding companies only hold investments." He further stated that Strategy is a "structured financial company backed by Bitcoin."
JackYi: Long-term Investment in All Projects Must Consider Fundamentals and User Base
According to ChainCatcher, Liquid Capital founder JackYi tweeted, "WLFI has risen 50 points in the last three days; for a large project, this should indicate significant progress in fundamentals, which could lead to this counter-trend growth. In today's market narrative where the tide has receded, long-term investments in all projects must study fundamentals, user base, profit models, team backgrounds, and ceiling prospects."
Matrixport: Bitcoin Implied Volatility and Skew Indicate Rising Market Risk Aversion
According to ChainCatcher, Matrixport released a chart today stating, "In the past week, the implied volatility skew of Bitcoin options has further weakened. The short-term skew expanded from about -3.5% last week to -10.6%, indicating a significant increase in short-term downside hedging demand; the long-end skew dropped from about -0.2% to -1.9%, reflecting a more pessimistic pricing of longer-term tail risks. From the perspective of options pricing, the market's pricing of downside risks has increased over the past week, evident in both short-term options and contracts expiring next year. The current implied volatility has risen to about 58%, corresponding to a higher near-term downside risk premium and a more cautious mid-term outlook compared to a week ago, indicating that the market does not view this round of volatility as a one-time shock."
He Yi Confirms Binance is Recovering Improper Profits from Alpha Violation Users
According to ChainCatcher, in response to community mentions of "Binance starting to recover improper profits from the Alpha airdrop violations, several Alpha airdrop hunter accounts suspected to be from studios have had assets over $10,000 frozen," He Yi confirmed this incident and stated that ordinary users are not affected.
CryptoQuant: If BTC Falls Again and Loses the $80,000 Key Level, the Market Will Face a More Severe Adjustment Period
According to ChainCatcher, market news indicates that short-term Bitcoin holders are showing signs of capitulation. Analyst @DanCoinInvestor pointed out that while BTC is likely to rebound in the short term, if it falls again and loses the $80,000 key level, the market will face a more severe adjustment period.
Grayscale Discloses XRP ETF Details: Holdings Exceed 6 Million Tokens, Asset Management Scale Approximately $11.6 Million
According to ChainCatcher, digital asset management company Grayscale officially disclosed details of its XRP ETF, stating that the Grayscale XRP Trust ETF (GXRP) currently holds a total of 6,017,179.9823 XRP tokens, with an asset management scale of approximately $11.673 million, and a circulating share count of 310,100.
The XRP assets of this ETF are all custodied at Coinbase Custody.
Michael Saylor: "$2.8 Billion Outflow" Warning is Alarmist, MSTR Stock Price has Overreacted
According to ChainCatcher, Strategy founder Michael Saylor responded to JPMorgan's warning that "MSTR faces a $2.8 billion outflow" in an interview with CoinDesk, stating that this warning is somewhat alarmist, and the actual figure will be far less than $2.8 billion, and that MSTR's market performance has overreacted to this event.
Additionally, Michael Saylor stated, "I don't believe that MSCI's decision has any relation to the Nasdaq 100 or S&P 500 index allocators."
According to ChainCatcher, Aster disclosed that during the period from 22:00 to 23:00 UTC, due to an error in the gold price data source, the XAUUSDT market price deviated from the true price.
It stated that this was a global error affecting multiple platforms, including Aster DEX, as well as price data websites like goldprice.org. The market has now returned to normal. All affected users will be fully compensated, with specific compensation details to be announced after confirmation.
South Korea's Virtual Asset Tax May Face Fourth Delay, Implementation Prospects for 2027 Uncertain
According to ChainCatcher, senior researcher Kim Gap-rae from the Korea Capital Market Institute reported that the virtual asset tax policy originally scheduled for implementation in 2027 may face a fourth delay. Despite having undergone three delays, key systemic flaws remain unresolved, including a lack of clear definitions and standards for various income forms such as lending income, airdrops, and hard forks.
In particular, the tax rules for overseas exchanges and peer-to-peer (P2P) transactions are almost non-existent, which may lead to unfair tax burdens between domestic exchange users and overseas platform users. The government expects to achieve comprehensive taxation only after the virtual asset information-sharing agreement among 48 countries takes effect in 2027.
Experts suggest establishing a "Special Task Force for Virtual Asset Tax System Reform" to clarify tax rules for various types of income and to build an information collection system connected to exchanges and personal wallets to ensure smooth policy implementation. Currently, South Korea has about 10.77 million virtual asset users, a scale close to that of stock investors.
Bloomberg: Upbit to Seek IPO on Nasdaq
According to ChainCatcher, Bloomberg reports that South Korea's largest trading platform Upbit will seek an IPO on Nasdaq after the merger.
Robinhood CEO: The Prospects for Tokenized Securities Lending Market are Vast
According to ChainCatcher, Robinhood CEO Vlad Tenev stated in the a16z podcast that the securities lending market is a huge source of revenue for brokers and counterparties, but its operation is extremely opaque and inefficient. A large number of trades are still matched peer-to-peer through chat tools in Bloomberg terminals.
If these assets are tokenized, it would create a liquidity pool, making the entire process extremely simple. Imagine protocols like Aave being able to directly lend or borrow stocks, which would be much more efficient and user-friendly for end-users compared to the cumbersome system that has evolved over decades.
Data: Sun Yuchen Transferred $150 Million BTC to His Personal Wallet a Few Minutes Ago
According to ChainCatcher, Bubblemaps monitored that Sun Yuchen transferred $150 million worth of Bitcoin from a BitGo custody account to his personal wallet a few minutes ago.
Meme Hot List
According to the meme token tracking and analysis platform GMGN, as of November 25, 09:00,
The top five popular tokens in ETH in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens in Solana in the past 24 hours are: TRUMP, PENGU, ME, CHILLGUY, PUMP
The top five popular tokens in Base in the past 24 hours are: PEPE, B3, SLAP, TOSHI, toby
What Are the Noteworthy Articles to Read in the Last 24 Hours?
Latest Global On-chain Wealth Rankings: Who Are the Top Players in the Crypto World?
From Bitcoin creator Satoshi Nakamoto to unfortunate cryptocurrency failures Rain Lohmus and James Howells, here is a summary of the ten wealthiest individuals on-chain globally.
Satoshi Nakamoto is the wealthiest cryptocurrency holder in the world, with an on-chain net worth of $115 billion (at the time of writing). This immense wealth comes entirely from the Bitcoin he mined between 2009 and 2010, which is dispersed across 22,000 addresses.
Starting with 20 Companies, Understand Tether's Investment Landscape
The order of empires is closely tied to the status of currency, and the continued growth of USDT signals the rise of a massive digital financial empire.
This article reviews the 20 companies Tether has recently invested in and analyzes its strategy for building a digital financial empire.
Tether consistently follows these strategies: 1) Establish trust through Bitcoin and gold, 2) Strategically expand globally, 3) Enhance accessibility for retail and institutional investors through services and products.
On November 22, 2025, a silent showdown is taking place on a prediction market of Polymarket.
On one side is a mysterious trader named @totofdn. On the other side is an automated arbitrage bot named sunshines.
It all started with a trivial order. @totofdn placed a very small sell order: 5 shares No @ $0.34. This action instantly compressed the market's bid-ask spread to less than $0.04—this is the magic number that triggers the platform's "order reward."
Almost at the same second, sunshines reacted. A massive sell order was slammed into the order book: 100 shares No @ $0.34. The bot arrived, strictly following the code's instructions, to earn the platform's liquidity rewards.
During Donald Trump's second term as president, crypto assets changed the wealth landscape of his family. Now, the Trump family and its followers are experiencing the inherent volatility of cryptocurrencies firsthand.
Since August, the value of a memecoin named TRUMP has dropped by about a quarter; Eric Trump (the president's second son) has seen his holdings in a certain Bitcoin mining company shrink by nearly half from their peak; and the Trump Media Technology Group, which started hoarding Bitcoin this year, has seen its stock price drop to near historical lows.
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