On Nov 21, 2025, 01:20 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 87,000 USDT and is now trading at 86,853.796875 USDT, with a narrowed 5.99% decrease in 24 hours.

According to Ember Monitoring, an institution/whale sold 70,000 ETH (approximately $223 million) five days ago at an average price of $3,188, profiting $24.48 million from short selling. Today, it has turned to long positions. Five hours ago, it transferred $153 million USDT to Binance and withdrew 57,700 ETH (approximately $162 million), with an average purchase price of $2,820. Currently, it holds a total of 432,000 ETH (approximately $1.24 billion), with an overall average holding price of $3,332, resulting in a floating loss of approximately $200 million.

Faraday Future announced that QLGN, a Nasdaq-listed company strategically invested in by FFAI, has changed its name to AIxCrypto (AIXC) and unveiled three new business lines. Among these, AIXC will launch a stock tokenization RWA business, with the first project being the tokenization of FFAI stock. The company plans to purchase $5 million worth of FFAI stock through an independent third party, helping Faraday Future secure Web3 funding at a lower cost than Web2 funding.

According to Cointelegraph, the cryptocurrency market is experiencing significant downward pressure due to liquidity issues faced by market makers. Tom Lee, chairman of Ether treasury company BitMine, shared insights on the situation during an interview with CNBC. Lee highlighted that the market crash on October 10, which resulted in a record $20 billion liquidation, caught many market makers off-guard, leading to severe liquidity challenges. Lee explained that the reduced capital available to market makers, compounded by decreased revenue from traders, has created a challenging environment. To address these issues, market makers have been forced to shrink their balance sheets further to free up capital. Lee noted that if market makers have gaps in their balance sheets, they must reflexively reduce their trading activities and sell assets if prices fall, exacerbating the market's downward trend. Lee, who also co-founded Fundstrat, emphasized the critical role of market makers in the cryptocurrency ecosystem, likening their importance to that of central banks. He warned that the market might continue to experience difficulties for several weeks until the liquidity issues are resolved. Lee pointed out that the stock market's current state resembles the aftermath of the October 10 liquidation, which severely impacted market makers. Bitcoin, which was valued at over $121,000 before the October 10 crash, has since declined to $86,900, with similar patterns observed across the market. Lee suggested that the unwinding process for market makers might take a couple more weeks before the market begins to recover. He referenced a similar occurrence in 2022, which took eight weeks to resolve, indicating that the current situation might follow a similar timeline. Lee believes that cryptocurrencies like Bitcoin and Ethereum could serve as leading indicators for equities due to the ongoing liquidity challenges.

Crypto’s recent slump could be the result of a market maker liquidity crisis triggered by the crypto crash in October, speculates BitMine’s Tom Lee. source: https://cointelegraph.com/news/market-maker-balance-sheet-woes-crypto-tom-lee?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

According to BlockBeats, JPMorgan reported that if global financial index provider MSCI removes MicroStrategy (MSTR), known as a major Bitcoin holder, from its stock index, the potential outflow could reach $2.8 billion. If other exchanges and index compilers follow suit, the total outflow might escalate to $11.6 billion. Analysts have noted that the recent decline in MSTR's stock price, coupled with its overall weak performance this year, is largely due to market concerns about its potential removal from indices such as MSCI, Nasdaq 100, and Russell 1000, rather than a drop in Bitcoin's price itself. "The inclusion of these indices has allowed Bitcoin exposure to indirectly permeate retail and institutional investors' portfolios," analysts stated. "However, with MSCI now considering the removal of MicroStrategy and other companies primarily holding digital assets from stock indices, this previous indirect exposure might reverse." MSCI is currently evaluating a proposal to exclude companies whose main business involves holding Bitcoin or other crypto assets, especially if these assets constitute more than 50% of their balance sheets. MSCI announced last month that this consultation will continue until the end of the year, with a final decision expected by January 15.

According to PANews, Ethereum (ETH) is facing scrutiny due to its longstanding issues, despite previous market hype. The platform is likened to a decentralized international NGO, characterized by bureaucracy and procedural justice. Vitalik Buterin, often seen as a central figure, has relinquished centralized power, allowing Layer 2 solutions to operate with limited financial contributions to the central system. This situation is compared to the dissolution of the Soviet Union or the British Commonwealth, with even weaker ties. Concerns are raised about Ethereum potentially becoming like IBM, a brand known for technology output but not capitalizing on market take rates like Amazon or Google. Instead, Ethereum offers free tech licenses, accessible to all through the Ethereum Virtual Machine (EVM). A recurring issue within the developer community is the perceived favoritism towards those close to the Ethereum Foundation, which contradicts Ethereum's foundational principles. This culture of alignment with the foundation is seen as contrary to the platform's original ethos. Wall Street institutions reportedly view Ethereum as a reliable, branded blockchain, partly due to its potential for permissioned chains, a concept likened to IBM's approach. This perspective aligns with the strategies of Chinese financial institutions. In contrast, Solana is described as embodying a startup culture—centralized, efficient, and execution-focused. Its business model supports the entire system with a single token, fostering a developer culture akin to a vibrant, experimental community. From a team and cultural standpoint, Solana is seen as a multinational tech startup. Ultimately, the competition between Ethereum and Solana is viewed positively, as both platforms contribute to the global effort of asset tokenization.

The HIP-3 upgrade plan introduced a growth plan which slashed taker fees by 90% or more. source: https://ambcrypto.com/hyperliquid-fires-up-its-biggest-upgrade-yet-new-era-for-perps/

Zcash (ZEC) is back in the spotlight after a dramatic rebound. Following Monday’s steep fall to roughly $548, the privacy coin has bounced sharply, gaining 12% in the last 24 hours and reclaiming the $670 level. Related Reading: Bitcoin To Suffer 40% Crash From All-Time High? Analyst Reveals ‘Final Target’ After surging more than 1,500% year-to-date and rallying 175% in the past month, the privacy-focused cryptocurrency is now testing a major bullish breakout pattern, leaving traders wondering what comes next and whether ZEC can truly sustain this momentum. ZEC's price trends to the upside on the daily chart source: https://www.newsbtc.com/news/zcash-zec/why-is-zcash-surging-analysts-break-down-the-zec-rally-and-what-comes-next/

The SEC is set to host a roundtable in December to discuss privacy and financial surveillance. source: https://www.cryptopolitan.com/sec-to-host-december-roundtable/

Jinse Finance launches its cryptocurrency and blockchain industry daily news bulletin, "Jinse 8 AM," issue 2885, providing you with the latest and fastest news on the digital currency and blockchain industry.

In previous years, Vitalik focused on discussing technology, but this year he shifted his focus to discussing Ethereum's "value," reflecting that Ethereum is moving from the infrastructure phase to positioning its influence on the chain.

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on MEME, DeFi, DAO, NFT, and the metaverse industry.

The $1 billion Ethereum DAT project led by Li Lin and others was shelved and funds were returned due to the bear market. Their "going with the flow" may reflect consideration of investor sentiment.

This article primarily discusses the role of Bitcoin and AI in the future economy and their impact on risk asset markets, and forecasts market trends for 2026.

What conditions are needed for Nvidia, BTC, and Bitcoin to rise? Jinse Finance: Will December be a turning point?

A new era of digital assets, driven by consensus among the world's top capital markets, has officially begun.

Those Chinese tycoons who made their fortunes overnight with Bitcoin have long since turned their attention to gold, the oldest safe-haven asset in human history.

Recommended reading tonight: 1. Ethereum privacy explosion? What messages were conveyed at the Ethereum Developer Conference?; 2. BTC plummeted from 120,000 to 90,000: Who was selling and who was buying?; 3. Deconstructing DAT: Building in-depth analysis beyond mNAV;

Naver plans to acquire Dunamu, the operator of South Korea’s largest crypto exchange Upbit, through a stock swap, making Dunamu a wholly owned subsidiary. The merger could create a single digital finance platform combining payments, crypto trading, and blockchain services, while Dunamu’s management becomes the dominant voice in the combined company.