november

Castle Labs' latest research report points out that the infrastructure for "Onchain Banks" in cryptocurrency is maturing rapidly. Data shows that by November 2025, the monthly transaction volume of crypto cards has risen to a historic high of $406 million, with Visa's stablecoin-linked cards reaching an annual transaction scale of $3.5 billion.The stablecoin payment platform RedotPay has exceeded an annual payment scale of $10 billion. In addition, etherfi's non-custodial crypto card product Cash has contributed about 50% of the protocol's revenue, with approximately 300,000 accounts and nearly 70,000 active cards. The report believes that onchain banks are gradually moving from scenarios such as payments, savings, and lending towards a traditional neobank model.

CryptoQuant stated that the Bitcoin network activity index has rebounded after months of decline, with daily transaction volume reaching approximately 615,000, the highest level since November 2024, involving multiple indicators such as addresses, transactions, and UTXOs.The analysis also pointed out that current Bitcoin fees remain low, and in this environment, exchanges and large holders may be conducting UTXO consolidation and fund restructuring. The surge in activity is partly due to operational behavior rather than purely organic demand.

The on-chain analysis platform Santiment posted on X platform that, according to traceable wallet data, the proportion of Bitcoin stored on exchanges has dropped to its lowest level. Over the past eight years, both the crypto market and the global macro environment have undergone significant changes, while the proportion of Bitcoin reserves on exchanges has continued to decline, which is generally seen by the market as one of the signals of increased long-term holding tendency and reduced circulating selling pressure.

According to Gate market data, the US Dollar Index DXY has returned to the 100 mark, marking its first breakthrough since November of last year.

According to CoinDesk, Santiment data shows that XRP has just recorded its largest realized loss since November 2022, with a weekly realized loss of $1.93 billion, indicating a panic sell-off among holders.Note: Realized loss refers to the loss that investors confirm and lock in when selling an asset at a price lower than their purchase cost; in contrast, unrealized loss is merely a paper loss and is not counted until the asset is sold. A significant increase in realized loss in on-chain data typically indicates that a large number of holders are choosing to sell while at a loss, reflecting a concentrated stop-loss or "capitulation sell-off" in the market, often accompanied by a significant weakening of sentiment.

Glassnode posted on platform X that the actual losses of Bitcoin after entity adjustments (7-day moving average) have reached $889 million per day, the highest daily realized loss since November 2022.

According to Gate market data, spot gold has broken through $4940 per ounce, up 5.99% for the day. This marks the largest single-day increase since November 2008.Spot silver is currently reported at $87.12 per ounce, up over 10% for the day.

Solana co-founder Toly posted that if we are lucky, the 1011 market crash may open a 18-month bear market, using this time to build something new for the crypto space.

As Bitcoin saw a significant drop on Thursday, the volatility in the options market surged notably, with the Deribit Bitcoin Volatility Index (DVOL) rapidly climbing from around 37 to above 44, marking the largest increase since November 2024.DVOL is regarded as the "VIX" of the crypto market, reflecting the options market's expectations for price volatility over the next 30 days. An upward movement in this indicator suggests that traders are paying higher premiums for downside risk, leading to rising options prices and increased market risk aversion. This spike in volatility occurred amid a resurgence of macroeconomic uncertainty, including rising risks of a U.S. government shutdown and noise surrounding the future leadership of the Federal Reserve. However, in historical terms, Bitcoin's implied volatility has not yet reached extreme levels.

According to market news, the cryptocurrency political action committee Fairshake, supported by Coinbase, a16z, and Ripple, announced that it has reserved over $193 million in funding for the midterm elections in November 2026.The funding includes a $25 million donation from Coinbase in 2025, as well as recent donations of $25 million and $24 million from Ripple and a16z, respectively. Fairshake stated that as the midterm elections approach, it will continue to oppose politicians with anti-crypto policies and support leaders who advocate for the crypto industry. The organization played a key role during last year's election season, investing tens of millions of dollars to support pro-crypto candidates.

Currently, the exchange rate of Bitcoin to silver is approximately 780. This level is already below the peak of 20,000 reached by Bitcoin in 2017, and it is close to the level in November 2022, when the ratio dropped to about 700, with Bitcoin also bottoming around 15,500.The convergence of this ratio again suggests that silver may be entering a more vulnerable phase relative to Bitcoin. Historically, the peak phases of silver often occur at the beginning of each year, mostly in the first half of the year. This historical pattern poses a potential risk signal for the current price trend of silver. If history repeats itself, silver may have already reached the high point of this cycle, and it is even possible that it has already peaked.

According to Jinshi reports, the USD/JPY exchange rate fell to 154, hitting a new low since November 14 of last year, with a daily decline of 1.11%.

According to Jinshi reports, the PCE inflation indicator favored by the Federal Reserve performed in line with expectations in November. The latest data shows that the U.S. core PCE price index rose 0.2% month-on-month and 2.8% year-on-year in November. Due to the delayed release of data caused by the government's prolonged shutdown, these figures reflect the situation from November of last year. Although PCE is the inflation measure preferred by the Federal Reserve, the timeliness of the report may lead officials to pay less attention to this data. The Federal Reserve seems prepared to maintain interest rates at next week's policy meeting.

According to Jinshi, the U.S. core PCE price index for November increased by 0.2% month-on-month, in line with market expectations.

According to Jinshi, the annual PCE price index in the U.S. for November is 2.8%, higher than the market expectation of 2.7%.

Glassnode released data on social platforms indicating that the STH-NUPL metric (which measures the ratio of new investors' unrealized profits and losses relative to the market cap of short-term holders) shows that new investors remain in a state of net unrealized losses. To bring this group back to a net profit state, it seems that a Bitcoin price rebound to around $98,000 is the minimum threshold.According to ChainCatcher, based on historical patterns of bear markets and significant corrections, the continuous decline during a bear market may lead these short-term holders (STH, new investors) to gradually hand over their chips (realizing losses through selling) while in floating losses.During the 2018 bear market, the STH-NUPL plummeted to around -0.6, with a large number of short-term players cutting losses, resulting in significant losses, ultimately clearing a lot of speculative bubbles, and the market began a new bull run after hitting the bottom. In the 2022 bear market (after the FTX collapse), the STH realized loss peak reached a record high, and after the weak hands were cleared out, the price bottomed around $16,000, subsequently starting a bull market.

According to Jin10, the U.S. November PPI monthly rate is 0.2%, expected to be 0.2%.

According to Jinshi, the annual core PPI in the United States for November is 3%, higher than the market expectation of 2.7%.

The cryptocurrency market research firm Santiment posted on the X platform that the privacy coin ZEC, which was born ten years ago, saw its market cap grow by about 15 times between September 22 and November 16, 2025. However, the price has fallen by 40% over the past two months, and its development activity has dropped to the lowest level since November 2021.Santiment stated that, based on historical experience, an increase in development activity often allows some excellent cryptocurrencies to stand out. Conversely, those cryptocurrencies that "let their guard down" and stop continuous innovation and improvement often struggle to survive.

According to market news, in late November 2025, Bitcoin plummeted to nearly $80,000, at which point the ratio of profitable short-term holders' supply to unprofitable short-term holders' supply fell to historical levels consistent with significant or local bear market bottoms. Glassnode data shows that this ratio dropped to 0.013, and each time it reached this level, it marked the appearance of local bottoms or absolute lows in bear markets, including in 2011, 2015, 2018, and 2022.Glassnode defines short-term holders as investors who have held Bitcoin for less than 155 days. During the November low, the 7-day moving average of profitable short-term holders' supply fell to about 30,000 Bitcoins, while the supply of unprofitable holders surged to 2.45 million, the highest since the FTX collapse in November 2022, when Bitcoin bottomed near $15,000. Since early 2026, Bitcoin rebounded to about $94,000, an increase of over 7%. During this period, the supply of unprofitable short-term holders decreased to 1.9 million, while the profitable supply rebounded to 850,000, with a ratio of about 0.45. Historically, when this ratio approaches 1, it often breaks through and continues to expand, with Bitcoin prices tending to rise continuously. Currently, this ratio is below 0.5%, indicating that there is still significant room for expansion before the indicator reaches equilibrium. Market tops typically occur when this ratio rises close to 100.