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Market Correction and ETF Outflows
Severe outflows from cryptocurrency ETFs were observed this week; Bitcoin spot ETFs registered $869 million in withdrawals on November 13 alone—the second-biggest single-day outflow since inception. Over three weeks, Bitcoin ETFs had $2.64 billion in outflows; Ethereum ETFs had $259.7 million in outflows, indicating institutional prudence. Ethereum fell more than 10% from $3,576 to $3,106, causing $1.38 billion in leveraged liquidations, including a $44 million single wipeout. Bitcoin shortly dropped below $100,000 to $96,800.
Macro Influence and Market Recovery
Bitcoin soared beyond $106,000 and Ethereum jumped 7% following the conclusion of the U.S. government's 40-day shutdown—the longest in history—a sharp recovery occurred on November 10, alleviating economic concerns and helping risk assets. Though December rate cut odds fell from 70% to 50% in days, which increased volatility and prompted risk position rebalancing, Federal Reserve signals, including Jerome Powell's hint of approaching the end of tightening, offered support.
Chainlink and Tether Achievement
Under its BUILD program, Chainlink launched Rewards Season 1 on November 11, letting LINK stakers earn rewards from nine projects, including Dolomite and Truflation by assigning "Cubes" until December 9, with claims beginning December 16 on a 90-day unlock. Meanwhile, by the end of Q3 2025, Tether's gold holdings hit $12.9 billion (104 tonnes), doubling yearly and gaining more than one ton per week, putting it as a top private holder with gold at 7% of $180 billion reserves.
On-Chain Activity and Regulatory Advance
While OCC Letter 1184 affirmed banks' crypto custody rights, a bipartisan Senate measure advanced crypto market structure and clarified CFTC-SEC authority alongside the House's CLARITY Act. Whale transfers in Bitcoin, Ethereum, Chainlink, and Zcash suggested market changes; Bitcoin's 30-day realized cap increased $8 billion, reflecting long-term holder demand, with hash rate growth emphasizing resilience. Altcoins like Zcash increased 24% on the halving rumor before dropping 35% during corrections.
