U.S. spot bitcoin ETFs are on track for their worst month ever, with nearly $3 billion in net outflows in November as the market faces a fresh technical breakdown, fading Federal Reserve rate-cut expectations, and rising “smart money” short positioning. BlackRock’s flagship bitcoin ETF is leading the exodus after posting its largest daily redemption on record.What to KnowU.S. spot bitcoin ETFs have seen $2.96 billion in November outflows so far.BlackRock’s IBIT recorded $523M in single-day outflows — its largest since launching in Jan. 2024.November could surpass February’s $3.56B outflows, the worst month to date.Bitcoin’s fourth cycle death cross and collapsing December rate-cut odds are weighing on sentiment.Smart money traders added $5.7M in new short positions in the last 24 hours.Bitcoin ETF Outflows Near $3B as BlackRock Sees Record Daily RedemptionsSpot bitcoin ETFs extended their selling streak into a sixth straight day, recording another $372 million in net outflows Tuesday, according to data from Farside Investors.BlackRock’s iShares Bitcoin Trust (IBIT) — the world’s largest bitcoin ETF — saw $523 million in outflows, its biggest exit day since its debut.That figure brings BlackRock’s month-to-date redemptions to $2.1 billion, making the firm responsible for nearly 71% of all November outflows.Total U.S. spot bitcoin ETF outflows for the month have now reached $2.96 billion, with another wave of selling likely to push the figure past February’s record $3.56 billion.Bitcoin ETFs Face Worst Month Despite November's Historically Bullish TendenciesBitcoin ETF outflows come at an unusual time historically — November is normally Bitcoin’s strongest month, with an average 41.22% gain, according to CoinGlass data.This year, however, heavy redemptions have combined with macro and technical headwinds to pressure prices lower.Standard Chartered’s head of digital assets research, Geoff Kendrick, recently reiterated that ETF inflows were the primary force driving Bitcoin’s 2025 rally — making the sudden reversal especially impactful.Ether ETFs See Outflows; Solana Funds Attract New InflowsElsewhere in the crypto ETF market:Ether ETFs saw $74.2 million in outflowsSolana ETFs attracted $26.2 million in new inflowsTotal cumulative inflows into Solana ETFs since launch now exceed $421 millionThe divergence reflects shifting risk appetite as investors rotate between Layer 1 assets amid heightened macro uncertainty.Falling Rate-Cut Odds Weigh on Crypto SentimentPressure intensified after Bitcoin printed its fourth death cross of the cycle last week — a bearish technical pattern where the short-term moving average falls below the long-term trend line.The timing coincides with a deterioration in the macro outlook:December rate-cut odds have fallen from 93.7% one month ago to 46%, per CME’s FedWatchLiquidity remains fragileMarket makers are reporting financial stress, according to Bitmine Immersion chairman Tom LeeBitget analyst Lacie Zhang said the death cross should be viewed within the broader macro context:“This time, the signal comes at a moment when liquidity is only starting to stabilize, December rate-cut odds have fallen from near-certainty, and market risks remain unresolved.”Smart Money Turns Bearish as Shorts Build Across Futures MarketsNansen data shows that top-performing traders — tracked as “smart money” — have shifted to a meaningfully bearish stance:They added $5.7 million in cumulative short positions in the last 24 hoursSmart money traders are now net short $275 million on BitcoinThe positioning shift suggests expectations for further downside in the near termThe platform’s data indicates a steady rotation from long leverage to defensive short-term trades as volatility increases.November Could Break Records as Sentiment DeterioratesWith almost $3 billion already pulled from bitcoin ETFs and rate-cut expectations falling sharply ahead of the Fed’s December meeting, November is shaping up to be one of the worst months for ETF flow momentum since spot products launched.If selling persists at the current pace, the month could close with the largest net redemptions on record, adding further pressure to crypto markets already struggling with technical breakdowns and weakening liquidity.

According to PANews, Bitcoin Core has successfully completed its first third-party security audit, confirming the software's maturity and security in safeguarding the Bitcoin network. The audit was conducted by French security firm Quarkslab, commissioned by the Open Source Technology Improvement Fund (OSTIF) and implemented on behalf of Bitcoin Core development funding organization Brink. The audit spanned 104 days from May to September, focusing on the project's most sensitive components, particularly the P2P layer and block validation logic. Despite the extensive codebase, which includes over 200,000 lines of C++ code and more than 1,200 deployed test cases, auditors found Bitcoin Core to be "highly mature and thoroughly tested." No high or medium severity vulnerabilities were discovered, only two low severity issues and several improvement suggestions related mainly to fuzz testing tools and test coverage. These findings did not affect the consensus mechanism, denial-of-service resistance, or transaction validation.

Crypto leverage surged to an all-time high in the third quarter, reaching $73.6 billion in total crypto-collateralized debt, according to a new report from Galaxy Digital Research. While leverage levels are now the highest in industry history, analysts say the underlying market structure is more resilient, transparent and better collateralized than in previous cycles.What to KnowOnchain lending now accounts for 66.9% of all crypto-collateralized borrowing — a record high.DeFi loans hit $41 billion, boosted by incentives, new collateral types and emerging chains like Plasma.Centralized lenders grew outstanding loans 37% to $24.4 billion, with far stricter collateral standards.Tether controls nearly 60% of tracked centralized (CeFi) lending.The $19B liquidation cascade on Oct. 10 was the largest ever, but Galaxy says it reflected exchange risk controls, not systemic fragility.Onchain Lending Surges, Driving Record $73.6B in Crypto-Collateralized DebtGalaxy Digital reports that Q3 saw the most levered quarter on record for crypto markets. Total crypto-collateralized debt rose to $73.6 billion, surpassing previous cycle highs from 2021–22.The key driver: onchain lending, which now dominates the market at 66.9%, up from 48.6% at the prior peak.The shift marks a structural transformation in how leverage is created and managed — moving away from opaque, centralized credit and toward transparent, overcollateralized smart-contract systems.DeFi Lending Hits $41B as Incentives, New Collateral Types Fuel GrowthDeFi lending grew 55% in Q3 to reach an all-time high of $41 billion, driven by:points-driven user incentivesnew collateral such as Pendle Principal Tokensthe rapid rise of emerging chains like Plasmamajor lending apps deploying across multichain ecosystemsAccording to Galaxy, lending dApps now control more than 80% of the onchain credit market, while CDP-backed stablecoins have shrunk to just 16% of activity.New Plasma-based deployments, including Aave and Fluid, generated more than $3 billion in borrows within just five weeks of launch.Centralized Lenders Rebound, but Credibility Depends on CollateralizationCentralized finance (CeFi) lenders posted a 37% rise in outstanding loans, reaching $24.4 billion — still about one-third below the 2022 peak.But the composition of CeFi credit has dramatically changed:Uncollateralized loans are essentially goneSurvivors from the last cycle now use full-collateral or overcollateralized modelsMany CeFi firms are preparing for institutional fundraising or public listingsTether remains the dominant player, controlling nearly 60% of all tracked CeFi lending.$19B Liquidation Cascade Was Not Systemic, Galaxy SaysOn Oct. 10, crypto markets witnessed a $19 billion liquidation cascade, the largest single-day wipeout in futures market history.However, Galaxy says the event did not reflect structural credit weakness.Instead, the cascade was driven by:exchange auto-deleveragingthin order books during high volatilitymechanical liquidation algorithms triggering sequential unwindsIn other words: risk systems behaved as designed, preventing contagion rather than amplifying it.Corporate Digital-Asset Treasuries Continue LeveragingGalaxy also identified a growing reliance on leverage among corporate digital-asset treasury (DAT) strategies.DAT-linked debt now totals more than $12 billion, pushing combined industry borrowing — including DAT issuance — to a record $86.3 billion.These strategies rely on overcollateralized leverage to acquire and hold crypto for treasury management, cashflow generation, and balance-sheet optimization.Galaxy: Leverage Rising, but on Healthier FootingDespite record leverage, Galaxy emphasizes that the market today is structurally healthier than in past cycles. Key improvements include:higher collateral ratiosgreater onchain transparencythe decline of unbacked lendingmultichain credit dispersionregulated custodial oversight in CeFiThis stands in contrast to the 2021–22 boom, when opaque credit, unsecured corporate loans, and cross-platform rehypothecation contributed to the severe credit unwind.Galaxy’s conclusion: Leverage is back — but this time, it’s better collateralized, more transparent, and less systemically risky.

RippleX developer J. Ayo Akinyele and outgoing Ripple CTO David Schwartz outlined how native staking could work on XRPL. source: https://www.theblock.co/post/379627/ripplex-native-xrp-staking-david-schwartz-xrpl-design?utm_source=rss&utm_medium=rss

سهم مايكروسوفت المتداول من خلال افضل منصات تداول الأسهم في البورصة الأمريكية مستمر في الهبوط من أجل التصحيح، حيث من المتوقع زياره منطقة الدعم عند سعر 464. 00 دولار أمريكي والذي يعتبر أول مستوي شراء في السهم، كما أغلق سهم مايكروسوفت، المدرج في بورصة ناسداك، تداولات هذا اليوم بسعر 483. 30 دولار. شهد سعر السهم انخفاضاً حاداً … The post أستمرار الانخفاض في سهم مايكروسوفت يؤدي بالسعر إلي مستوي الدعم 464 source: https://www.tradersup.com/%d8%a3%d8%ae%d8%a8%d8%a7%d8%b1-%d8%a5%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9/%d8%a3%d8%ae%d8%a8%d8%a7%d8%b1-%d8%a3%d8%b3%d9%87%d9%85-%d8%a7%d9%84%d8%aa%d8%af%d8%a7%d9%88%d9%84-%d8%a7%d9%84%d9%8a%d9%88%d9%85/%d9%85%d8%a7%d9%8a%d9%83%d8%b1%d9%88%d8%b3%d9%88%d9%81%d8%aa-%d9%8a%d8%a4%d8%af%d9%8a-%d8%a8%d8%a7%d9%84%d8%b3%d8%b9%d8%b1-%d8%a5%d9%84%d9%8a-%d9%85%d8%b3%d8%aa%d9%88%d9%8a-%d8%a7%d9%84%d8%af%d8%b9/149298

Bitget Wallet has launched its global zero-fee crypto card across more than 50 markets, marking the widest rollout to date for a self-custodial crypto-linked card, according to details shared with Finbold on November 20. The rollout covers Europe, Latin America, and the Asia-Pacific region, giving users seamless access to Visa and Mastercard networks worldwide. With this expansion, Bitget Wallet aims to create a unified global payments layer for stablecoin spending that covers everyday purchases, travel payments, and cross-border transactions, and to do so without traditional banking fees. We just hit the 0 fees switch source: https://finbold.com/bitget-wallet-launches-zero-fee-crypto-card-across-50-markets/

Bitcoin Core’s first independent audit found no serious vulnerabilities, with reviewers praising the project’s security, testing depth and overall code maturity. source: https://cointelegraph.com/news/bitcoin-core-audit-confirms-highly-mature-codebase?utm_source=rss_feed&utm_medium=rss%3F_q%3D1763635235384%26ttt%3D1763635235384%26nc%3D1763635235384%26__%3D1763635235384&utm_campaign=rss_partner_inbound

With the broader market “firmly past the early-cycle phase,” analysts see a bottoming process underway for Bitcoin. source: https://decrypt.co/349348/markets-in-late-cycle-phase-not-recessionary-qcp

Kraken's IPO filing arrives days after its co-CEO said the company was not rushing. source: https://cryptopotato.com/kraken-submits-confidential-ipo-filing-with-the-us-sec/

Key Takeaways: Bitcoin plunged to $88,000 yesterday after the probability of a December Fed rate cut fell sharply. source: https://coindoo.com/bitcoin-stages-a-surprise-rebound-as-nvidia-resets-wall-street-confidence/

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.

DAT 既非天使，也非魔鬼；既非救世主，也非罪魁祸首。

Ripple is considering adding staking to the XRP Ledger to reward participants and improve network security. The plan would change how transaction fees are used and could expand XRP’s role in DeFi, though it requires major technical updates.

从 1849 年的加州淘金热，到加密货币狂热和 AI 浪潮，最大的赢家往往不是直接参与竞争的“淘金者”，而是为他们提供“铲子”的人。

加密市场,BTC,加密货币,为何终局前景比市场预期得更糟 金色财经,系统正进入本轮周期中更脆弱、容错率更低的阶段。

Warner Music ended its dispute with Udio and agreed to build a licensed AI music platform together. Suno, meanwhile, raised $250 million and hit a $2.45 billion valuation while still facing lawsuits from major record labels.

目前加密市场处于高度宏观化驱动下的深度震荡期。ETF单日巨额流出、巨鲸结构性换手与散户割肉共同形成了典型的牛市中段“筹码重分配”。

极短的回本周期往往是矿难和币价崩盘的前兆，ZEC是否会成为例外，难以断言。但在加密世界里，叙事和情绪可以创造神话，而基本面决定神话能走多远。

2025年11月17日至22日，以太坊开发者大会在阿根廷布宜诺斯艾利斯举办，本次大会设置了隐私区，可见以太坊对于隐私的重视程度不同以往。

The US has approved the export of Nvidia’s advanced AI chips to the UAE and Saudi Arabia, allowing each country to acquire up to 35,000 units. The chips will go to G42 and Humain under strict security rules, supporting the Gulf nations’ growing AI projects and partnerships.