Today's top news highlights:
Ark increases its holdings in Crypto stocks: Coinbase, Circle, and Bullish.
Google launches Gemini 3, integrating multimodal AI and intelligent agent capabilities.
Data: Huang Licheng was liquidated 71 times on Hyperliquid in November.
Macro
Google launches Gemini 3, integrating multimodal AI and intelligent agent capabilities.
According to the official Gemini account @GeminiApp, Google has officially launched its next-generation AI model, Gemini 3. It features a million-token context window, multimodal understanding capabilities, and supports unified analysis of video, audio, images, and text. The new version introduces Gemini Agent, which allows users to complete multi-step tasks under guidance. It is currently available for testing among Ultra users in the United States. Gemini 3 is now available globally, and student users can try the Pro plan for free for one year.
Block is calling for a $600 tax-free allowance for Bitcoin payments to encourage everyday use.
According to PYMNTS, Block, founded by Jack Dorsey, has launched the "Bitcoin is Everyday Money" initiative, calling for US legislation to establish a tax-free threshold for Bitcoin payments under $600, simplifying the tax burden on everyday small transactions. Current tax law treats Bitcoin payments as asset sales, requiring capital gains tax reporting. Block has also launched a merchant product on its Square platform that supports zero-fee Bitcoin payments, aiming to build a seamless, low-cost payment system.
According to a report released on Cloudflare's official blog regarding the massive outage on November 18th, this most severe outage since 2019 stemmed from an incorrect configuration file generated after database permission adjustments, causing an anomaly in the core proxy system and impacting multiple products including CDN, security services, Workers KV, Turnstile, and Access. The team initially misjudged it as a DDoS attack and ultimately fixed the issue by rolling back old files. All services were restored by 01:06 AM Beijing time on November 19th. Cloudflare stated that such outages are unacceptable and will accelerate system resilience upgrades.
Opinion
In its latest comment letter to the SEC's Crypto Assets Task Force, Wintermute explicitly made two main claims: 1. Allowing self-managed on-chain settlement processes: Wintermute calls on the SEC to clarify that regulated traders should not be considered in violation of rules for bypassing traditional clearinghouses when conducting on-chain settlements for their own accounts. As long as the trading counterparty can independently manage its wallet and conduct on-chain delivery, and the trader fulfills its obligations in a timely manner, it should be exempt from the Customer Funds Protection Rule. This approach can significantly reduce intermediary layers and improve the efficiency of blockchain settlement. 2. Proprietary trading on DeFi does not require registration as a trader: Wintermute emphasizes that engaging in proprietary trading (including liquidity provision) solely on DeFi protocols, without interacting with clients, undertaking market-making obligations, providing advice, or custodian assets, should be considered a "trader" rather than a "trader," and therefore does not require registration. This position continues the legal tradition of "trader exemption" and echoes the judicial trend following the court's repeal of the "trader rule" in 2024. Wintermute emphasizes that under the current legal framework, innovation and regulation should coexist to avoid imposing undue regulatory burdens on the decentralized finance ecosystem.
At the Devconnect conference, Vitalik Buterin stated his hope that Ethereum will gradually "ossify" its underlying protocol, reducing core changes and prioritizing stability and security. He emphasized that innovation should shift to the peripheral ecosystem, such as Layer 2, wallets, and privacy tools, rather than frequently modifying the main chain. While acknowledging that this shift might weaken the spirit of early exploration, he believes it is healthier for the entire ecosystem. Furthermore, he warned that elliptic curve cryptography could be broken by quantum computing before 2028, and Ethereum must complete its transition to quantum-resistant cryptography within four years.
Project Updates
Hyperliquid launches "HIP-3 Growth Model," reducing fees by 90% to expand into new markets.
According to CoinDesk, Hyperliquid, a decentralized exchange on the blockchain, has launched a new feature allowing anyone to deploy new markets permissionlessly and at extremely low fees, aiming to improve liquidity and incentivize new market makers. This upgrade, known as the "HIP-3 Growth Mode," reduces overall taker fees for newly launched markets by over 90%. Deployers do not require centralized verification and can activate markets permissionlessly on a per-asset basis. Essentially, this upgrade lowers the entry barrier and transaction costs, aiming to deepen Hyperliquid's liquidity, expand asset supply, and solidify its position as a competitor to centralized channels. To qualify, deployers must set their fee percentage (the portion of user transaction fees retained before any discounts) between 0 and 1. Furthermore, growth mode markets must avoid overlapping with existing validator-operated perpetual contracts to prevent "parasitic" trading volume and must be entirely different assets. Once a growth mode is activated for an asset, it is locked for 30 days before any changes can be made to ensure market stability.
Hold at least 245 Binance Alpha Points to receive a GAIB airdrop of 175.
According to the official announcement, Binance Alpha is the first platform to list GAIB (GAIB), and Alpha trading will begin on November 19, 2025 at 18:00 (UTC+8). After trading begins, users holding at least 245 Binance Alpha Points can claim an airdrop of 175 GAIB tokens. It's first-come, first-served. If the event continues, the point threshold will automatically decrease by 5 points every five minutes. Please note that claiming the airdrop will consume 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will be considered to have forfeited their airdrop.
Ondo Finance announced that its subsidiary, Ondo Global Markets, has received approval from the Liechtenstein Financial Markets Authority (FMA) to offer tokenized US stocks and ETFs in the European Economic Area (EEA). This regulatory approval means that Ondo can compliantly offer on-chain stocks and ETFs to over 500 million retail investors in 30 markets, including all EU countries, Iceland, Liechtenstein, and Norway.
Injective: A new $INJ community buyback will launch tomorrow.
Injective has announced that it will launch a new $INJ community buyback tomorrow.
Filecoin launches Onchain Cloud, ushering in a verifiable, decentralized cloud era.
According to a Filecoin Foundation announcement, Filecoin Onchain Cloud (FOC) has officially launched, marking the Filecoin network's expansion into a full-chain composable cloud service. FOC combines verifiable storage, on-chain payments, and an open architecture, enabling developers to deploy AI, DeFi, and Web3 applications without centralized intermediaries. Initial partners include ENS, Monad, and Safe. The mainnet is scheduled to launch in January 2026.
According to an official Drift announcement, since the TGE in May 2024, 55.6% of the total DRIFT supply (approximately 556 million tokens) has entered circulation, and the lock-up period for major investors has ended. The current circulating supply cap is 750 million tokens, and tokens will continue to be released according to the original 5-year release plan. Community and trading incentives account for 43%, the team and development fund account for 25%, and strategic investors hold 22%. Drift's total trading volume has exceeded $120 billion, and the launch of Drift v3 is underway.
Revolut has integrated Polygon as a primary infrastructure for crypto payments.
According to the official Polygon blog, fintech company Revolut has adopted Polygon as its preferred technology stack for stablecoin transfers, payments, and transactions. As of November 2025, over $690 million in transactions were processed within the Revolut app using Polygon. With over 65 million users in 38 countries, this integration allows opt-in users to seamlessly send and receive funds through the Polygon network without incurring high fees or being geographically restricted. The first phase of the collaboration between Revolut and Polygon Labs is underway.
Important data
Data: Huang Licheng was liquidated 71 times on Hyperliquid in November.
According to Lookonchain statistics, since November 1st, the top three users with the most liquidations on the Hyperliquid platform are: Machi Big Brother (@machibigbrother), with 71 liquidations; James Wynn (@JamesWynnReal), with 26 liquidations; and Andrew Tate (@Cobratate), with 19 liquidations.
According to SoSoValue data, on November 18th (Eastern Time), Bitcoin spot ETFs saw a total net outflow of $373 million, marking the fifth consecutive day of net outflows. Grayscale BTC ETF saw the largest net inflow at $140 million, followed by Franklin EZBC with a net inflow of $10.7563 million; BlackRock IBIT saw the largest net outflow at $523 million. As of now, the total net asset value of Bitcoin spot ETFs is $122.294 billion, representing 6.61% of the total market capitalization of BTC, with a historical cumulative net inflow of $58.224 billion.
Coinbase includes World Mobile Token (WMTX) in its listing roadmap
Coinbase has announced that it has included World Mobile Token (WMTX) in its listing roadmap and disclosed its contract address on the Base network as 0x3e31966d4f81C72D2a55310A6365A56A4393E98D. Coinbase stated that the listing of the asset depends on market-making support and the availability of technical infrastructure; a separate announcement will be made once these conditions are met.
Investment and Financing/Acquisition
Tether announces strategic investment in Bitcoin lending marketplace Ledn
According to an official announcement, Tether has announced a strategic investment in Ledn, a Bitcoin-secured lending marketplace, to expand its Bitcoin-secured lending business opportunities. Ledn's infrastructure encompasses custody, risk management, and clearing systems. Since its inception, Ledn has issued over $2.8 billion in Bitcoin-secured loans, including over $1 billion in 2025, marking its strongest annual performance to date. In the third quarter of 2025 alone, Ledn issued $392 million in loans, almost equaling its total for the entire year of 2024. The company now reports that its annual recurring revenue (ARR) has exceeded $100 million, highlighting the continued growth in market demand for secure Bitcoin-secured lending products.
According to TFN, French crypto-banking fintech company Deblock has completed a €30 million Series A funding round to support its expansion in Europe, with Germany set to become its next core market. The round was led by Speedinvest, with participation from Commerz Ventures and Latitude, and existing investors 20VC, Headline, Chalfen Ventures, and Kraken Ventures also participating. Since its launch in France in April 2024, Deblock has acquired over 300,000 users. It launched Europe's first fully on-chain banking solution, including a regulated EMI euro account and a 100% self-custodied crypto wallet. Users can manage fiat currency and digital assets on a single platform, trade over 100 cryptocurrencies without restrictions, and use the funds for everyday payments such as rent, shopping, and cross-border transfers.
Sources say xAI is in advanced talks with investors to raise $15 billion.
According to the Wall Street Journal, sources say xAI is in advanced talks with investors to raise $15 billion, a round that would value the company at $230 billion. Sources familiar with the matter said that Musk's wealth manager, Jared Burchar, disclosed the terms of the new funding round to investors Tuesday night. CNBC earlier reported on xAI's funding plans, but Musk denied the reports, stating they were "untrue."
According to Fortune, US cryptocurrency exchange Kraken has secured a $200 million strategic investment from Citadel Securities, raising its valuation to $20 billion. This funding round follows its $600 million funding round in September, which valued the company at $15 billion. Investors included Jane Street, DRW, and Oppenheimer. Kraken plans to use the funds for global expansion, payment product development, and preparations for an IPO next year. Citadel founder Ken Griffin has historically held a cautious stance on the cryptocurrency market, and this move is seen as a key signal of a shift in his attitude towards digital assets.
Institutional holdings
Ark increases its holdings in Crypto stocks: Coinbase, Circle, and Bullish.
According to The Block, Ark Invest collectively purchased approximately $3 million worth of Coinbase and approximately $3.1 million worth of Circle shares on Tuesday through ARKK and ARKF; ARKF also purchased approximately $1.1 million worth of Bullish shares. At the close of trading that day, Coinbase fell 0.82% to $261.79, while Circle rose 0.013% to $76.6.
According to Onchain Lens, a newly created wallet received 21,045 ETH from the Kraken exchange, worth approximately $64.3 million. This wallet is suspected to belong to BitMine.
New Hampshire approves its first $100 million municipal bond backed by Bitcoin collateral.
According to Crypto in America, the New Hampshire Business Finance Authority (BFA) has approved the first Bitcoin-collateralized municipal bond in the United States, totaling $100 million. The bond is over-collateralized with BTC held by private custodian BitGo, with the BFA acting as a conduit and having no repayment obligation. The bond structure was designed in collaboration between Wave Digital Assets and Rosemawr. If the value of BTC falls below 130%, the bond will be automatically liquidated to protect the rights of holders. The proceeds will be invested in the "Bitcoin Economic Development Fund" to promote innovation within the state.
New crypto incubator Obex has raised $37 million to support yield-generating stablecoins.
According to CoinDesk, the team behind the new crypto incubator Obex announced in an interview that it has raised $37 million to support the development of a next-generation yield-generating stablecoin led by Framework Ventures, LayerZero, and the Sky ecosystem. The initiative aims to invest in and fund projects that bring real-world asset-backed strategies to on-chain, introducing institutional-grade risk control and underwriting practices to this rapidly evolving field. Obex will become Sky's latest fund allocator, providing financial support to projects to help them scale from the protocol's large reserves and generate yields through strategies. The initiative will focus on stablecoins backed by high-quality real-world assets, with a focus on three core areas: computational credit (such as tokenized GPU infrastructure), energy assets (such as municipal-grade solar and battery deployments), and lending to large fintech companies. The incubator will provide early-stage teams with funding, technical resources, and access to Sky's infrastructure for 12-week projects. Teams that pass risk and governance reviews may be eligible for additional funding from Sky. Sky recently authorized the deployment of up to $2.5 billion in USDS to the Obex project in a governance vote.
Onfolio Holdings, a publicly traded company, raised $300 million to build a digital asset reserve.
According to Globenewswire, Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) announced that it has secured up to $300 million in financing through a convertible bond arrangement with a U.S. institutional investor. This agreement provides Onfolio with substantial long-term capital to build its digital asset treasury (including Bitcoin, Ethereum, and Solana), generate yield through staking, strengthen its balance sheet, and accelerate the growth of its operations. The initial transaction terms are as follows: $6 million in gross proceeds will be raised upon the first closing around November 18, 2025 (subject to customary conditions). An additional $2 million is expected to be raised upon the second closing approximately 30 days later. Potential future tranches of financing could reach up to $292 million, subject to certain conditions.
Eightco Holdings disclosed holdings of over 272 million WLD and 11,068 ETH.
According to PR Newswire, Eightco Holdings Inc. (NASDAQ: ORBS) disclosed that as of November 17, Eightco's total holdings included 272,253,898 WLD tokens, 11,068 ETH, and uncollateralized cash and stablecoins totaling $58.2 million. Eightco's WLD holdings represent more than 10% of the current total circulating supply. In addition to holding Worldcoin reserves, Eightco is also driving the development of a universal framework for digital identity and authentication through strategic investments and partnerships.
According to Fortune magazine, on Tuesday, Bitcoin mining company Bitfury announced a $1 billion investment plan to support mission-driven entrepreneurs. The company plans to invest $200 million next year, with the remainder to be invested gradually over the next few years. Bitfury stated that a specific list of investee companies has not yet been determined. However, the company plans to invest in ethical companies working in areas such as artificial intelligence, quantum computing, and transparent decentralized systems. In addition, the company also plans to invest in the field of sovereign identity. Bitfury derives most of its revenue from its mining business and owns two subsidiaries spun off from its parent company and listed on Nasdaq: Cipher Mining (CIFR), which operates in the United States and has a market capitalization of approximately $5.5 billion; and Hut8 (HUT), which originated in Canada and has a market capitalization of approximately $4 billion. Furthermore, Bitfury has founded and co-founded two companies providing AI infrastructure: LiquidStack and Axelera AI.
