Crypto markets ended November on a cautious but steady note. Traders balanced optimism around institutional inflows with concerns over regulatory developments and macroeconomic uncertainty. While bitcoin held above the US$100,000 mark, altcoins showed mixed performance, and stablecoins continued to dominate headlines.
Market Highlights
- Bitcoin ETFs: U.S. spot bitcoin ETFs recorded US$1.4 billion inflows, marking the strongest week of November.
- Ethereum Fusaka upgrade: Anticipation grew ahead of the December 3 rollout, with staking inflows of US$280 million.
- Ripple partnerships: Ripple expanded RLUSD stablecoin use with Visa and HSBC, targeting global settlement networks.
- Solana ETFs: Continued to attract institutional interest, adding US$350 million in inflows.
- Regulation: The SEC delayed decisions on multiple ETF applications, while the European Central Bank advanced digital euro testing.
Macro Overview
Markets remained volatile as investors awaited clarity on December’s Federal Reserve meeting. U.S. GDP growth slowed to 1.9%, while inflation held at 0.4%. The S&P 500 fell 0.5%, the Dow dropped 0.3%, and the Nasdaq slipped 0.9%. Gold rose to US$4,080 per ounce, reflecting investor caution.
Bitcoin
Bitcoin traded between US$101,000 and US$107,000, ending the week up 2.7%. ETFs saw strong inflows, and corporate treasuries continued to accumulate. MicroStrategy added 800 BTC, bringing its holdings to 646,000 BTC. Tether purchased 600 BTC, while Metaplanet expanded reserves to 31,500 BTC.
Ethereum
Ethereum hovered around US$3,700, gaining 3.2% for the week. Institutional staking products saw US$280 million inflows, reflecting confidence in the Fusaka upgrade. BitMine added US$200 million in ETH, raising its treasury to 3.9 million ETH.
Altcoins
- Chainlink (LINK) rose 38% after announcing integrations with Visa and HSBC.
- Polygon (MATIC) gained 29% on enterprise adoption news.
- Filecoin (FIL) added 22% as demand for decentralized storage grew.
- Aptos (APT) fell 17% amid profit‑taking.
- Ethena (ENA) dropped 12% following token unlocks.
ETFs and Institutional Moves
Digital asset ETFs overall saw US$2.1 billion inflows, led by bitcoin and Solana products. Bitwise filed for a Dogecoin ETF, while Grayscale expanded offerings to include Avalanche and Hedera. The SEC delayed decisions on XRP and Dogecoin ETFs, citing market readiness concerns.
Other Developments
- Ripple expanded RLUSD stablecoin partnerships with Visa and HSBC.
- Mastercard announced pilot programs for stablecoin payments in Europe.
- The European Central Bank advanced digital euro testing, targeting issuance in 2029.
- Japan’s regulators proposed new rules for crypto lending platforms.
- Canada finalized draft legislation for fiat‑backed stablecoins.
Key Takeaways
- Institutional inflows surged, led by bitcoin and Solana ETFs.
- Ethereum’s Fusaka upgrade remains the focal point for staking demand.
- Stablecoin adoption accelerated through Ripple, Visa, and HSBC partnerships.
- Global regulation continues to tighten, with Europe and Canada leading the charge.
