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More than $5.4 billion in Bitcoin and Ethereum options expire today on Deribit, marking one of the year’s largest expiries. Traders remain cautiously bullish despite structural warnings, with Bitcoin’s max pain at $107,000 and Ethereum near $3,800. Short volatility bets dominate, setting the stage for major market swings.
Bitcoin’s once sky-high forecasts are cooling, with ARK Invest and Galaxy Digital revising targets lower amid rising stablecoin dominance and shifting market dynamics that signal a new era of steadier growth.
Overnight, the US stock market experienced its worst trading day since April, with the retail-heavy stock index plunging 3.6% and the Nasdaq dropping more than 2%. Poor earnings from Palantir and bearish bets by Michael Burry triggered a sell-off, while increased volatility in the cryptocurrency market added to retail investor pressure. Market sentiment remains tense, and further declines may follow. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.
In November 2025, the crypto market experienced a structural turning point. The U.S. government shutdown led to a contraction in liquidity, pulling about 20 billions USD out of the market and intensifying capital shortages in the venture capital sector. The macro environment remains pessimistic.
Institutional funds continue to buy despite volatility, targeting a price level of $200,000.
- 05:34Grayscale CEO: Ethereum ETF has generated $7.9 million in revenue since supporting staking rewardsAccording to ChainCatcher, Peter Mintzberg, CEO of digital asset management company Grayscale, stated on the X platform that since its two Ethereum exchange-traded funds, Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF (ETH), began supporting staking rewards, they have generated $7.9 million in returns for investors, making them the highest-earning products of their kind.
- 05:33If Bitcoin falls below $82,000, the cumulative long liquidation intensity on major CEXs will reach $1.285 billion.According to ChainCatcher, citing Coinglass data, if bitcoin falls below $82,000, the cumulative long liquidation intensity on major CEXs will reach $1.285 billion. Conversely, if bitcoin breaks above $86,000, the cumulative short liquidation intensity on major CEXs will reach $760 million. Liquidation chart note: The liquidation chart does not display the exact number of contracts pending liquidation or the precise value of contracts being liquidated. The bars on the liquidation chart actually represent the relative importance, or intensity, of each liquidation cluster compared to adjacent clusters. Therefore, the chart shows the extent to which the underlying price reaching a certain level will be affected. A higher "liquidation bar" indicates that once the price reaches that level, there will be a stronger reaction due to a wave of liquidity.
- 05:30Ethereum Foundation Co-ED: Ethereum is an "endless ladder" co-built by the communityOn November 22, Hsiao-Wei Wang, Co-Executive Director of the Ethereum Foundation, compared Ethereum to a never-ending ladder built collectively by the community during her speech at Devconnect ARG. She pointed out that the Ethereum Foundation does not hold the steering wheel, but rather guides Ethereum's organic growth. She emphasized that Ethereum's success stems from decentralization, with its strength coming from the collective progress of global collaborators. Each step becomes a new starting point for others, enabling continuous and compounded growth.