On November 23, the average deposit of Bitcoin (BTC) to exchanges hit a one-year high of 1.23 BTC, reflecting a surge in activity following recent volatility in the cryptocurrency market. This spike in deposits coincided with a drop in BTC’s price, which fell to $84,000 on the same day. However, by November 30, the average deposit value had decreased to 0.84 BTC, paralleled by a recovery in BTC’s price back to the $90,000 level.
In significant market developments, the US State of Texas acquired $5 million in BlackRock’s investment product, IBIT, while Amundi took the groundbreaking step of tokenizing one of its money market funds on the Ethereum blockchain. Over the past five trading days, US spot BTC exchange-traded funds (ETFs) experienced a notable net inflow of $309 million, reversing the preceding week’s outflow of $1.2 billion. Similarly, spot ETH ETFs saw a net inflow of $368 million, compared to a net outflow of $500 million the previous week. These inflows represent the first positive weeks for both ETFs since October.
From a macroeconomic perspective, the US Producer Price Index (PPI), excluding food and energy, rose just 0.1% in September, falling short of Dow Jones’ consensus estimate of 0.2%. This modest increase may hint at easing inflation pressures. Retail sales also rose by 0.2% in September, slightly below expectations of 0.3%. In contrast, China’s manufacturing Purchasing Managers’ Index (PMI) registered at 49.2 in November, indicative of a contraction in the manufacturing sector for the eighth consecutive month. As a result, the CME FedWatch Tool reflected an 87% likelihood of a Federal Reserve rate cut in December, up from 69% the previous week. Moreover, New Zealand’s Reserve Bank (RBNZ) responded by lowering its interest rate by 0.25 percentage points to 2.25%.
Ethereum’s mainnet reached a block gas limit of 60 million, while S&P Global Ratings downgraded the ability of Tether (USDT) to maintain its peg to the US dollar from “constrained” to “weak.” In a progressive move, Abu Dhabi’s regulator approved the use of RLUSD in the Abu Dhabi Global Market’s financial zone.
Upcoming events include a speech by US Federal Reserve Chair Jerome Powell, as well as updates on the US Import and Export Price Index and Personal Income and Outlays.
According to recent data, the price index recently appreciated by 5.23%, while both volume and volatility indices dropped significantly by 36.99% and 51.73%, respectively. The crypto price increase aligned with the positive flows into US spot BTC and ETH ETFs, robust activity in US equities, and a heightened probability of a December Fed rate reduction. Bitcoin’s price rose by 4.1%, while Ethereum’s appreciated by 7.0%. Among various tokens, ONDO led with a 7.35% increase, while other major tokens like ETH and XRP witnessed gains of approximately 7.0% and 5.57%, respectively. In contrast, DOGE and ATOM saw significant drops in volatility, with declines of 73.24% and 69.54%, respectively.
In broader adoption efforts, various countries are shaping their regulatory frameworks around cryptocurrencies. The UK’s HM Revenue and Customs (HMRC) proposed new tax guidelines for DeFi lending, introducing a “no gain, no loss” approach for liquidity tokens redeeming. From 2026, the UK also plans to require domestic crypto platforms to report transactions from UK residents as part of its Crypto-Asset Reporting Framework (CARF), giving authorities insight into both domestic and cross-border crypto transactions.
In Switzerland, the implementation of CARF rules has been delayed until at least 2027 but is set to enshrine automatic exchanges of crypto account data with foreign tax agencies starting January 1, 2026. Meanwhile, Australia has introduced legislation that requires digital asset service providers to obtain an Australian Financial Services License (AFSL) to regulate crypto under existing financial services laws.
South Korea plans to expand its travel rule requirements for transactions below 1 million KRW ($680) to curb money laundering, while Japan’s Financial Services Agency is revising rules for crypto exchanges to maintain liability reserves, enhancing user protections against hacks. On a broader scale, the UAE’s Federal Decree Law No. 6 of 2025 extends regulatory authority to DeFi platforms and Web3 projects.
Other nations like Bolivia and Turkmenistan are integrating cryptocurrencies and stablecoins into their financial systems and preparing regulatory frameworks for digital assets, respectively. Uzbekistan is set to roll out rules for stablecoins, allowing them to be used for payments under a new sandbox regime.
In terms of market capitalizations, key categories such as DeFi and Layer-1 protocols have shown promising growth over the last week. Overall, the cryptocurrency landscape continues to evolve, influenced by regulatory developments and significant shifts in market trends.
