crypto malayali AJU

The technical bear market carries on as bitcoin briefly collapsed below $90,000 — its lowest level since April — before clawing back to the low $90,000s. The flagship crypto reversed all of 2025's gains, down roughly 28% from October's $126,000 peak. Ether fared worse, plunging below the psychologically critical $3,000 level to trade in the low $3,100s, extending its decline to over 35% from recent highs.

More than $1.2 trillion evaporated from the crypto market over six weeks, a deleveraging event driven not by regulatory crackdowns or ecosystem failures, but by a confluence of macro pressures. US Fed rate cut expectations collapsed from 90% to below 50% amid persistent inflation and mounting AI bubble concerns.​

Though US President Donald Trump signed the government reopening bill, markets remained subdued amid delayed economic data releases — creating what Bitfinex analysts call an 'information vacuum' that has sapped market confidence. The September jobs data that was released on Thursday showed that nonfarm payrolls increased by 119,000; despite being a positive development for the US employment landscape, it piled on the woes for crypto and stocks as it diminished the prospects of a December rate cut. The Bureau of Labor Statistics announced that the October and November data will only be released on 16 December, meaning that the Fed will have to 'fly blind' with their rate decision once more.

US spot BTC ETFs hemorrhaged approximately $1.1 billion in net outflows over the past week, marking their third consecutive week of redemptions. ETH ETFs bled roughly $700 million over the same period. Yet, Solana ETFs continue to attract modest inflows.

Beneath the technical breakdowns, the fundamental picture remains resilient. On-chain activity holds steady. Institutional adoption continues; Harvard tripled its BTC ETF position to $443 million, and Strategy keeps accumulating. Regulatory momentum hasn't reversed. The market, overpositioned and underprepared for macro uncertainty, is now in 'paying tuition' mode.

Here are the week's top stories as crypto navigates a challenging stretch of the year.

Market Spotlight
Biggest market movers of the week
LAST PRICE
7D CHANGE
KYVE Network
KYVE $0.0056
‌
13.85%
‌
Ferro
FER $0.00074
‌
58.73%
‌
Solayer
LAYER $0.27
‌
20.84%
‌
Zebec Network
ZBCN $0.0027
‌
-13.12%
‌
Bitcoin Cash
BCH $549.50
‌
7.59%
‌
World Liberty Financial
WLFI $0.13
‌
-1.513%
‌
Benchmark
Bitcoin
BTC $83,905.40
‌
-12.7%
‌
Ethereum
ETH $2,724.64
‌
-14.4%
‌
Note: Market prices are captured in USD as of when email was received. Explore more on Crypto.‌com/Price.

Want more? Get weekly Market and DeFi updates from Crypto.‌com’s Research Team.

News Snaps
🇭🇰 Hong Kong Begins Tokenised Deposit Pilot
The Hong Kong Monetary Authority (HKMA) kicked off the live pilot of Project Ensemble, moving tokenised deposits from sandbox tests to real-value settlement. The multi-year trial will start with money market fund transactions and interbank treasury flows, as regulators push towards 24/7 tokenised HKD settlement.

🎓 Harvard Deepens Its Bitcoin ETF Holdings
Harvard’s endowment boosted its IBIT position by 257% in Q3, making the spot BTC ETF its largest declared holding, surpassing Microsoft and Amazon. Emory University and Abu Dhabi’s Al Warda Investments also sharply increased BTC ETF exposure.

🔍 Study: ETH Holders Move Tokens More Than BTC Holders
A new Glassnode report shows ETH holders spend and move their coins at roughly three times the rate of long-term BTC holders. BTC continues to behave like a 'digital savings asset' while ETH acts as 'digital oil', driven by smart contract utility, gas fees, and staking dynamics.

🛡️ Vitalik Unveils Kohaku, Ethereum’s New Privacy Framework
Vitalik Buterin showcased Kohaku, an open-source toolkit aimed at bringing default on-chain privacy to Ethereum wallets through primitives like Railgun and Privacy Pools. The initiative follows recent moves such as Ethereum Foundation’s new 47-member Privacy Cluster and the shift of its Privacy & Scaling team towards solving real-world confidentiality challenges.

🇺🇸 White House Reviews Move to Join Global Crypto Tax Framework
The White House is evaluating an IRS proposal for the US to adopt the Crypto-Asset Reporting Framework (CARF), which would give tax authorities visibility into Americans’ offshore crypto accounts. If approved, the US would join over 70 countries planning to implement CARF by 2028, alongside tougher domestic reporting rules set for 2026.

What’s Ahead
📅 3 December: Ethereum’s Fusaka Around the Corner
Ethereum is less than two weeks away from activating its Fusaka upgrade, introducing scalability features to streamline Layer-2 performance. Testnets have since been cleared and bug bounties are underway. Fusaka is Ethereum’s biggest bundled update since 2022.

Number of the Week
$58 Million
Canary Capital’s new spot XRP ETF (XRPC) exceeded expectations with $58 million in first-day volume, the strongest ETF debut of the year against a backdrop of a broader market pullback.
Source: Decrypt

Chart of the Week
Strategy’s NAV Premium Compresses Below 1×

As of 16 November 2025
Sources: The Block, Blockworks, Crypto.‌com Research

Strategy’s (MSTR) net asset value (NAV) premium fell below 1× for the first time since January 2024, meaning the firm is now trading at a discount to the value of its underlying BTC.

The break below parity coincides with news that Strategy moved 58,915 BTC (about US$5.8 billion) into new wallets, sparking speculation about potential sales before co-founder Michael Saylor denied any intent to sell.

The shift also reflects a broader reset: as crypto markets pulled back in November, Strategy’s previously elevated valuation compressed sharply, bringing its market cap more in line with its underlying BTC holdings. The move marks one of the clearest signs yet that investor sentiment towards 'BTC treasury' plays has normalised after a year of aggressive premium expansion.

Research & Insights
Alpha Navigator (October Edition)

This month’s Alpha Navigator highlights a global macro environment in flux: equities and fixed income climbed in October, but crypto lagged as trade tensions, liquidation waves, and cautious Fed guidance weighed on sentiment.

ETF flows remained a key driver. US spot BTC ETFs pulled in $3.4 billion for the month — only slightly below September — while ETH ETFs notched seven consecutive months of inflows. Rolling correlations also shifted: BTC strengthened its ties to equities, ETH to real assets, while its relationship with gold weakened.

On-chain and token-specific developments are abound. Ethereum prepared for its 3 December Fusaka upgrade, Ripple advanced its prime brokerage ambitions via Hidden Road, Cronos activated its Smartrun EVM upgrade, and Chainlink partnered with S&P Global to deliver on-chain stablecoin risk assessments.

Meanwhile, L1 and L2 assets posted broad declines, led by ZK and OP, reflecting tighter liquidity conditions across the sector.

🔎 Read the full Alpha Navigator and glean more insights into cross-asset correlations, volatility trends, ETF flows, and more.

Crypto Trivia
Which Web3 slang word was officially entered into a legal court transcript for the first time?

A) Rugpull

B) HODL

C) FUD

Find the correct answer at the end of this newsletter. 👇
NFT Spotlight
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The drop features works from a global collective of artists on Crypto.‌com NFT, where each purchase goes directly to providing essentials such as clean water, vaccines, and education to children in need.

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Product Updates
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This is informational content only and should not be considered as an investment recommendation. Some Crypto.‌com products may not be available in some jurisdictions.

Crypto Learn
What Are Bitcoin Layer-2s?

Bitcoin Layer-2s (L2s) are secondary networks built on top of the Bitcoin blockchain to make transactions faster, cheaper, and more scalable without changing Bitcoin’s core design.

Bitcoin’s Layer-1 (L1) base layer is secure and decentralised but limited in speed, processing around seven transactions per second. L2 solutions tackle this by moving some activity off-chain while still settling final transactions on the Bitcoin network.

How They Work:

Off-Chain Processing: Transactions are handled outside of Bitcoin’s main chain, reducing congestion and costs.
Smart Contracts: L2s use cryptographic mechanisms to batch or finalise multiple transactions securely on L1.
Settlement Back to Bitcoin: After processing, results are written to the main chain for final confirmation.
L2s expand Bitcoin’s potential, turning the world’s first blockchain into a faster, more versatile financial network.

Learn more in this University article.

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Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits!

Security Tips
New Scam Center Strike Force Targets Crypto Fraud in the US
US regulators launched the first Scam Center Strike Force in the District of Columbia, escalating the fight against industrial-scale crypto fraud operating out of Southeast Asia. These organised groups run 'pig butchering' and fraudulent investment platforms, stealing nearly $10 billion a year from victims in the US Scammers routinely lure users to deposit crypto into convincing sites before disappearing with the funds, often relying on trafficked labour.

The Strike Force is already delivering results: over $400 million in crypto recovered, new sanctions imposed on criminal backers, and claims filed against ringleaders and their digital infrastructures. Efforts include freezing wallets, tracing laundered funds, and alerting victims before further losses mount.

On an individual level, robust diligence is vital. Investigate every crypto project, verify wallet addresses, and report suspicious activity to stay ahead of ever-evolving scams.

Crypto Trivia Answer
A) Rugpull ✅

In a 2022 US court filing, the term 'rugpull' made its debut in legal precedent to describe fraudulent behaviour in a DeFi scam.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.

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Top 10 Smart Crypto Tips

🔐 1. Prioritize Security
• Use a hardware wallet (e.g., Ledger, Trezor) for large amounts.
• Enable 2FA on all crypto accounts.
• Never share your private keys or seed phrase.

📚 2. Learn Before You Invest
• Understand blockchain basics.
• Research coins: use case, team, roadmap, community.
• Avoid any project that guarantees profits — likely a scam.

📈 3. Don’t Chase Pumps
• Avoid buying coins right after big price spikes.
• Better to buy during sideways markets or dips (only good projects).

📊 4. Diversify Your Portfolio
• Don’t go all-in on one coin.
• Mix of:
• Blue-chip coins (BTC, ETH)
• Altcoins
• A small high-risk portion (after research)

💸 5. Invest What You Can Afford to Lose
• Crypto is highly volatile.
• Never invest your emergency money or life savings.

🧠 6. Control Emotions
• Avoid FOMO (Fear of Missing Out) or panic selling.
• Stick to your investment plan.

⏳ 7. Think Long-Term
• Best returns often come from long holding periods.
• Be patient with strong projects.

📅 8. Stay Updated
• Follow trusted sources like:
• CoinDesk, Cointelegraph
• Reddit: r/CryptoCurrency
• Twitter (Crypto influencers)
• Apps: CoinMarketCap, CryptoPanic

🚨 9. Beware of Scams
• Avoid:
• Fake airdrops
• DMs from “traders”
• Suspicious links or apps

🛠️ 10. Use the Right Tools
• Portfolio: CoinStats, Delta, Blockfolio
• Tax tracking: Koinly, CoinTracker
• DeFi: MetaMask, Trust Wallet, Uniswap, PancakeSwap

⸻

🚀 Next Cryptos to Watch (2025)

✅ 1. Ethereum (ETH)
• Big upgrades coming (Proto-Danksharding).
• Backbone of DeFi, NFTs, L2s — strong long-term.

✅ 2. Solana (SOL)
• High-speed, low-fee chain.
• Growing fast in DeFi, NFTs, and mobile crypto.
• Comeback project with strong ecosystem.

✅ 3. Chainlink (LINK)
• Brings off-chain data on-chain.
• Core to tokenized assets (real estate, stocks, etc.).
• Demand could explode as RWA sector grows.

✅ 4. Injective (INJ)
• Focused on DeFi derivatives.
• Fast-growing niche project.

✅ 5. Render (RNDR)
• Powers GPU rendering for AI and 3D creators.
• Big narrative with AI + crypto.

✅ 6. Celestia (TIA)
• Modular blockchain idea — separates data from execution.
• Could become key infrastructure layer.

✅ 7. Ethena (ENA)
• DeFi protocol with synthetic dollar (USDe).
• Strong early interest; high potential (but also high risk).