Today's top news highlights:
Bitmine's latest ETH holdings have increased to 3.529 million, with a total value of $12.84 billion.
Morgan Stanley: Bitcoin enters "fall," recommends taking profits before a potential "winter."
Fed mouthpiece: Growing divisions within the Fed over a December rate cut
Macro
Payments giant Visa has announced a pilot program in the United States allowing businesses to pay USD stablecoins (such as USDC) to crypto wallets via fiat currency accounts (such as USD). The service, implemented through the Visa Direct digital payments network, aims to provide easier fund flows for industries reliant on rapid payments, such as international businesses and freelancers. Visa President Chris Newkirk stated that this move aims to achieve global fund transfers "in minutes," rather than "days." Visa is currently working with partners and plans to further expand the service in 2026. According to Visa research, 57% of freelancers prefer digital payment methods for faster access to funds.
JPMorgan Chase has launched its deposit token, JPM Coin, for institutional clients.
According to Bloomberg, JPMorgan Chase has begun rolling out a deposit token called JPM Coin to institutional clients as financial institutions expand their digital asset portfolios. Naveen Mallela, global co-head of Kinexys, the bank's blockchain division, stated that JPM Coin represents JPMorgan's dollar deposits, allowing users to send and receive funds through the Base blockchain, which is linked to Coinbase, enabling 24/7, instant payments and overcoming the limitations of previous methods that took days and were only available during business hours. JPM Coin previously underwent a months-long trial run, with companies such as Mastercard and Coinbase participating. JPMorgan plans to subsequently open the token to its clients' clients, expand to other currency denominations upon approval, and also intends to extend it to other blockchains. The JPM Coin (JPMD) trial program was announced in June, and JPMorgan has registered the stock code JPME for the euro deposit token, with JPM Coin being accepted as collateral on Coinbase.
Bank of England Deputy Governor Briden: Weakening stablecoin regulation carries risks.
According to Jinshi, Bank of England Deputy Governor Brident stated that more work needs to be done to guide consumers in identifying insecure tokens issued in El Salvador. Previous withdrawal incidents involving Silicon Valley Bank and Circle have provided guidance for the latest stablecoin proposals. Weakening stablecoin regulation carries risks. The UK needs to adopt a different approach from the US on stablecoins.
The Bitwise Chainlink ETF has been listed on the DTCC website with the ticker symbol CLNK.
According to market sources, the Bitwise Chainlink ETF has appeared on the website of the American Depository Trust and Clearing Corporation (DTCC) under the ticker symbol CLNK.
Bitdeer (stock code: BTDR) Chairman and CEO Jihan Wu confirmed that a fire broke out today at the company's newly built mine in Massilon, Ohio. He stated that two of the 26 buildings collapsed, but no one was injured. The senior management team has arrived at the scene and is conducting an investigation. Strong winds caused the fire, which was ignited by welding work and quickly spread to other buildings. The fire has been extinguished. Further inspection is needed to determine if the transformer was damaged, and the damaged buildings will require reconstruction.
Opinion
Morgan Stanley: Bitcoin enters "fall," recommends taking profits before a potential "winter."
Morgan Stanley investment strategist Denny Galindo stated that Bitcoin is currently in the "autumn" phase of its four-year cycle, a good time for investors to take profits. He warned that the market may soon enter "winter," a phase of price decline. Galindo advised investors to take profits before the market cools down. Recently, Bitcoin's price broke below the key technical indicator of the 365-day moving average, which is considered a bearish signal. Meanwhile, inflows into market liquidity sources such as stablecoins and ETFs have stagnated. Despite this, Morgan Stanley's head of research, Michael Cyprys, pointed out that institutional investors still view Bitcoin as a tool to hedge against inflation and have lowered the investment threshold through ETFs. As of now, total assets in US spot Bitcoin ETFs have exceeded $137 billion, and Ethereum ETFs have reached $22.4 billion.
BitMEX co-founder Arthur Hayes posted on the X platform that current ZEC investments are slightly below the target allocation. Hayes revealed that if the ZEC price falls to the $300-$350 range, he will consider increasing his investment.
Fed mouthpiece: Growing divisions within the Fed over a December rate cut
According to Jinshi News, Nick Timiraos, a well-known voice within the Federal Reserve, stated that internal divisions have cast a shadow over the path to interest rate cuts. Such a level of disagreement is unprecedented during Fed Chairman Powell's nearly eight-year tenure. Officials are divided on whether persistent inflation or a sluggish labor market poses a greater threat, and even resuming official economic data may not bridge the gap. While investors still believe a rate cut at the next Fed meeting is highly likely, this split complicates plans that seemed feasible less than two months ago. Whether officials will cut rates again at the December meeting remains uncertain. New data might quell the debate. Some officials believe the December and January meetings are largely interchangeable, making the year-end rate cut seem somewhat deliberate. Another possibility is a December rate cut accompanied by guidance that sets a higher threshold for subsequent cuts.
Former BlackRock executive Joseph Chalom called Ethereum "infrastructure" for Wall Street.
According to CoinDesk, Joseph Chalom, co-CEO of Sharplink and former head of digital asset strategy at BlackRock, stated that Ethereum is not just another blockchain, but rather the cornerstone upon which Wall Street will ultimately build its (financial) infrastructure. He believes Ethereum possesses the trust, security, and liquidity that financial institutions value, which is why he has staked his career on it. He stated that Ethereum has a large amount of stablecoin, asset tokenization, and smart contract activity, making it a trusted chain for achieving financial digitization. Sharplink is one of several digital asset finance companies accumulating Ether, but Chalom believes that most companies struggle to scale. Without strong trading volume, a clean balance sheet, and an internal team managing staking and investments, many companies will underperform. Chalom does not see Sharplink as a departure from his BlackRock career, but rather a continuation of his mission: connecting traditional finance with the cryptocurrency ecosystem, as Ethereum enables faster, lower-cost, and more secure system rebuilding. He sees Ethereum as the foundation for the next wave of financial digitization, which will be collectively referred to as "finance" in the future, with Ethereum as its underlying infrastructure.
Project Updates
Astar Network officially announced its Evolution Phase 2 roadmap: Astar plans to launch a Burndrop proof-of-concept mechanism in the coming months, allowing users to voluntarily burn tokens in exchange for future Startale ecosystem tokens, with full implementation planned for 2026. Simultaneously, Astar plans to activate Tokenomics 3.0 through a governance proposal in early 2026, introducing a fixed supply model with an expected total supply cap of 10.5 billion ASTR. Furthermore, the Startale application will be integrated in early 2026, providing users with a unified entry point for ASTR management and ecosystem participation. Plaza integration will launch at the end of 2025, further expanding ASTR's use cases within the Polkadot ecosystem. Astar also plans to complete its governance evolution by mid-2026, gradually transferring foundation functions to the governance committee and community contributors. Astar founder Sota Watanabe stated that this phase aims to establish a long-term sustainable structure, strengthening the network's future development through scarcity and scalability.
In the Empire podcast, Phantom Wallet CEO Brandon Millman and VP of Strategy Donnie Dinch discussed the team's future strategic direction. Brandon clearly stated that Phantom has no intention of launching its own blockchain, as this contradicts the open and permissioned principles of the crypto industry. He emphasized that Phantom will continue to focus on its existing ecosystem, such as Solana, and deeply optimize the user experience, focusing on serving ordinary consumers, with no plans to develop products for institutional users at present. In addition, the team is working to expand its product line, including launching the stablecoin-based financial service Phantom Cash and the upcoming professional trading terminal Phantom Terminal. Regarding an IPO, Brandon believes Phantom has the potential to become one of the few on-chain consumer companies capable of going public, but there are currently no concrete plans. He pointed out that while an IPO can bring funding and brand recognition, it also comes with a significant operational burden. Phantom prefers to obtain sufficient private funding through existing investors (such as A16Z, Paradigm, and Sequoia) to support the company's development.
OKX will delist the spot trading pairs BAL, PEP, FLM, DEP, NC, and LOOKS.
OKX announced that it will delist the spot trading pairs BAL, PEP, FLM, DEP, NC, and LOOKS from November 19th to November 22nd. E-commerce platform EuroEasy suspended deposits for these cryptocurrencies at 4:00 PM (UTC+8) on November 12th, 2025.
Planck (PLANCK) will be listed on Binance Alpha and Binance Futures.
Binance announced that it will launch Planck (PLANCK) token trading on the Binance Alpha platform at 20:00 (Beijing time) on November 13, 2025, and will also launch PLANCKUSDT perpetual contracts at 20:30 on the same day, with leverage up to 40x. Binance becomes the first exchange to open PLANCK contract trading and showcase the token on the Alpha platform. As a launch bonus, Binance users can claim an exclusive token airdrop using Alpha Points through the Binance Alpha event page from 20:00 on November 13, 2025 to 20:00 on November 14, 2025.
Sonic Labs CEO Mitchell Demeter shared the project's next phase plans on the X platform. Demeter stated that Sonic is currently well-funded, has no liquidity concerns, and possesses the resources needed to execute its long-term plans. In this phase of development, Sonic will be driven by practical use, clear economic benefits, and consistent deliverables, rather than speculation. Furthermore, Sonic plans to refine its token economics, aiming for deflation, and intends to introduce a new tiered fee monetization (FeeM) structure with reward tiers ranging from 15% to 90%. Of this, 10% will be allocated to validators, and the remainder will be burned. This initiative rewards practical use and network activity while simultaneously promoting deflation. Sonic is also moving forward with plans to establish an office in New York City to solidify its growing team and refocus on institutional partnerships and policy relationships. Currently, Sonic's focus is shifting to driving business value upgrades, adopting select Ethereum Improvement Proposals (EIPs), and launching Sonic Improvement Proposals (SIPs).
Important data
According to MLM monitoring, several hours ago, Paradigm staked 14.7 million HYPE tokens (worth $581 million) and transferred 3.02 million HYPE tokens (worth $119 million) to Hyperevm; the latter then transferred these tokens to a newly created wallet, likely for Sonnet. Most of the staked HYPE has been delegated to Anchorage by Figment nodes, but a portion of its staked balance remains unstaken. A total of 1.41 million HYPE tokens (worth $55.9 million) remain unstaken in their spot balances. This move pushed the SWPE (supply-weighted price-to-earnings ratio) to a record low of 1.90.
According to Onchain Lens monitoring, a whale that previously borrowed to short 66,000 ETH has again bought 30,549 ETH from Binance, worth $105.36 million. This whale now holds a total of 385,713 ETH (approximately $1.33 billion).
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $524 million yesterday (November 11th, Eastern Time). The BlackRock ETF (IBIT) saw the largest single-day net inflow of $224 million, bringing its total historical net inflow to $64.546 billion. The Fidelity ETF (FBTC) followed with a net inflow of $166 million, bringing its total historical net inflow to $12.169 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $137.833 billion, with an ETF net asset value ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.67%, and a cumulative historical net inflow of $60.492 billion.
According to SoSoValue data, Ethereum spot ETFs saw a total net outflow of $107 million yesterday (November 11th, Eastern Time). The Ethereum spot ETF with the largest single-day net outflow was the Grayscale Ethereum Mini Trust ETF (ETH), with a net outflow of $75.7465 million. ETH's historical total net inflow has reached $1.403 billion. This was followed by the BlackRock ETF (ETHA), with a single-day net outflow of $19.7842 million. ETHA's historical total net inflow has reached $13.851 billion. As of press time, the total net asset value of Ethereum spot ETFs is $22.475 billion, with an ETF net asset value ratio (market capitalization as a percentage of Ethereum's total market capitalization) of 5.42%. The historical cumulative net inflow has reached $13.754 billion.
Lighter TVL has reached $1.17 billion, surpassing Linea's.
According to L2beat data, Lighter's total value locked (TVL) has reached $1.17 billion, surpassing Linea's $1.04 billion. This comes after news yesterday that the cryptocurrency trading protocol Lighter completed a $68 million funding round, led by Founders Fund and Ribbit Capital.
According to Onchain Lens monitoring, in the past 7 hours, a newly created wallet received 1,130 bitcoins from FalconX, worth $116.46 million.
Investment and Financing/Acquisition
Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal
According to Fortune magazine, a spokesperson for cryptocurrency exchange Coinbase confirmed that Coinbase and UK-based stablecoin startup BVNK have cancelled acquisition talks. It is unclear why the two companies shelved the deal, which had progressed to the due diligence stage, and in October, Coinbase and BVNK reached an exclusivity agreement, meaning BVNK could not accept offers from other bidders. A Coinbase spokesperson stated, “We are always looking for opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, both parties agreed not to pursue this further.” BVNK helps customers use stablecoins for payments, cross-border transactions, and other applications, and its acquisition price was approximately $2 billion. If the deal had gone through, it would have been nearly double the $1.1 billion that fintech giant Stripe paid in February to acquire stablecoin startup Bridge.
Lending platform Curvance completes $4 million strategic funding round
Decentralized lending platform Curvance announced the completion of a $4 million strategic funding round. The round was led by F Prime Capital and 0xPrimal, with participation from Auros, GSR, Flowdesk, Q42, v3v ventures, and others. The project positions itself as a decentralized lending and collateral platform, supporting collateralization of yield assets such as LST, LRT, stablecoins, Pendle PT, and LP. The team stated that its architecture is self-developed, incorporating security features such as dual-oracle pricing, circuit breakers, and MEV capture-liquidation auctions. The funds will be used for launch, auditing, team expansion, and expanding asset integration.
Decentralized trading protocol Lighter has raised $68 million in funding, led by Peter Thiel's Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood. This round values the company at approximately $1.5 billion. Founded in 2022 by Vladimir Novakovski, Lighter focuses on decentralized perpetual contracts and upcoming spot trading functionality. Built on Ethereum Layer 2, it aims to create a "fair and transparent financial infrastructure layer." Novakovski entered Harvard at age 16, graduated at 18, and was personally recruited by Citadel founder Ken Griffin. He later transitioned from the AI social platform Lunchclub to the crypto space.
Institutional holdings
Bitmine's latest ETH holdings have increased to 3.529 million, with a total value of $12.84 billion.
According to on-chain analyst @ai_9684xtpa, a new address that received 24,007.35 ETH from the Galaxy Digital OTC address in the past 12 hours belongs to Bitmine and has been flagged by Arkham. Combined with their latest disclosure on November 10th, Bitmine's latest ETH holdings have increased to 3.529 million ETH, with a total value of $12.84 billion. Regarding cost, the $3,639 mentioned by Bitmine in its self-disclosure on November 10th should be the Bloomberg terminal price; the actual average cost of ETH before that was $4,020. Including the newly established position, the cumulative cost of the 3,529,730.35 ETH has been updated to $4,016.2, meaning a current unrealized loss of $2.01 billion.
According to Cointelegraph, Malaysia-based VCI Global (NASDAQ: VCIG) announced plans to acquire $100 million worth of OOB tokens and oversee the digital treasury of Singapore-based cryptocurrency payment platform OOBIT. Furthermore, Tether will become VCI Global's largest shareholder through its stake in OOBIT. It is understood that Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital are also investors. VCI Global acquired $50 million worth of OOB tokens from the OOB Foundation at a market capitalization of $200 million (equivalent to $0.20 per token) by issuing company shares as payment. The company plans to purchase an additional $50 million worth of OOB tokens on the open market after its official launch. VCI Global is a technology and investment company developing platforms covering AI, digital finance, and data infrastructure. In February 2024, the company raised $25 million in Series A funding to expand its cryptocurrency payment applications.
