Weekly Update: 14th of November
What happened between the 7th and 14th of November?
- The crypto market corrected sharply: Bitcoin dropped to $96,000 while Bitcoin and Ethereum ETFs saw major outflows due to macroeconomic uncertainty. Read more
- ETF innovation continues with the launch of the first XRP ETF and new tax guidelines for yield-generating ETFs. Read more
- Stablecoin growth remains impressive: Circle’s Q3 profit rose 202%, and USDC circulation tripled, highlighting rising institutional adoption. Read more
- President Trump announces a ‘dividend’ plan for American citizens, but is quickly corrected by Treasury Secretary Scott Bessent. Read more
Bitcoin drops to $96,000 in sharp correction
The crypto market saw a notable correction this week, with Bitcoin falling to approximately $96,000. Thursday marked the second-largest outflow day since the launch of ETFs in January 2024. This move was driven by mounting macroeconomic uncertainty: a December rate cut by the Federal Reserve is looking increasingly unlikely, and economic data from China is signaling a slowdown.
In this environment, many investors are taking profits, shifting their focus toward liquidity and risk reduction. Nonetheless, we continue to view the market structure as fundamentally healthy, while remaining alert to potential further weakness and monitoring daily developments closely.
ETF innovation continues despite outflows
Despite significant outflows from Bitcoin and Ethereum ETFs, ETF development remains active. Last Thursday, the first XRP ETF by Canary Capital successfully launched. The investment product generated over $57 million in trading volume on its first day, making it the most traded ETF on launch day of any fund introduced in 2025.
Additionally, the U.S. Internal Revenue Service (IRS) published new guidance indicating that yield-generating ETFs—such as those involving staking—do not automatically trigger direct tax implications. This is a closely watched development among institutional investors. The added yield offers an interesting opportunity for altcoin-based ETFs, potentially comparable to dividends in traditional equity markets.
Stablecoins show strong growth: Circle triples its profit
Circle Internet Group reported a net profit of $214 million in Q3 2025, a 202% year-over-year increase driven by growth in the circulation of its stablecoin USD Coin (USDC). USDC reached a total circulation of $73.7 billion by the end of the quarter, up 108% from the same period last year. Circle appears to be benefiting from its regulatory approval under the EU’s MiCAR framework, though the data generally confirm the continued expansion of stablecoin use.
Tether Holdings Ltd. previously reported a substantial $10 billion in profit by the end of Q3, despite lacking regulatory approval in Europe. The Tether stablecoin has grown steadily, increasing from a $130 billion market cap at the start of the year to $180 billion currently.
President Trump announces ‘dividend’ for citizens
U.S. President Donald Trump announced a new ‘dividend’ for American citizens, once again bringing the topic of direct liquidity injections into focus for the crypto market. However, it didn’t take long for Treasury Secretary Scott Bessent to clarify the statement, suggesting the plan may come in the form of a tax rebate rather than direct payments, contrary to initial expectations.
We’ve seen a similar form of economic stimulus during the COVID era, which had a profound impact on financial markets, and especially on crypto. While the exact format of this initiative remains unclear, what is certain is that liquidity in the market will increase over time. Whether it stems from the U.S. government, the Federal Reserve, or other global markets, the capital influx is expected.
odel for miners, without impacting the security of the Bitcoin network.
In other digital assets news
- With the U.S. government shutdown officially over, regulatory processes are resuming. Several ETF applications are still awaiting approval.
- The Czech National Bank (CNB) has created a test portfolio of $1 million in bitcoin and other cryptocurrencies to evaluate operational processes.
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