Kraken has confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission, marking its formal entry into the public listing process. The California-based cryptocurrency exchange disclosed the filing days after revealing a $20 billion valuation following $800 million in recent funding rounds. The confidential submission does not disclose timing, share count, or pricing details for the potential offering.

BlackRock moved 6,735 BTC ($616 million) and 64,706 ETH ($200 million) to Coinbase Prime on November 19, data show. The transfer followed a $513 million Bitcoin withdrawal on November 18. Analysts view the activity as standard liquidity management, though both assets face short-term pressure amid market uncertainty.

Market participants are increasingly positioning for Bitcoin to finish 2025 below $90,000, with options pricing reflecting even odds for such an outcome. The shift follows the asset touching a seven-month low of $89,970 on November 18 before recovering to $91,526. Spot Bitcoin ETFs recorded approximately $3 billion in gross outflows during November, marking the second-largest withdrawal period since these products launched in 2024.

Ethereum's estimated leverage ratio on Binance hit a record 0.5617 on November 19, data show. ETH spot price held relatively steady near $3,100, having declined 13% over the preceding seven days. Analysts warn the pairing of elevated borrowed capital with a compressed price range amplifies liquidation risk.

Bitcoin fell approximately 15% over the past week, declining below $100,000 and $95,000 to trade around $90,300 on Wednesday. Strategy acquired 8,178 BTC for $835.6 million at roughly $102,171 per coin during the downturn. Approximately 40% of the firm's total 649,870 BTC holdings now show unrealized losses, according to CryptoQuant analysis.

Bitcoin has declined into the $90K–$92K demand zone, completing a liquidity sweep of October levels. The asset remains within a multi-week Fair Value Gap where historical re-accumulation phases have occurred. Short-term momentum stays bearish, with the Short-Term Holder SOPR dropping to 0.97, indicating persistent loss realization by recent buyers.

Polygon's Layer-2 network saw renewed activity in November 2025, driven by Polymarket's $3.7 billion in trading volume over 30 days. The prediction platform became the leading application on Polygon, surpassing QuickSwap and Uniswap. Daily active wallets on Polygon approached November 2024 peaks, with Polymarket contributing approximately 70,000 daily users.

US spot Bitcoin ETFs recorded net outflows of $2.57 billion through November 17, the steepest monthly decline since launch in January 2024. BlackRock's IBIT accounted for $1.6 billion of total redemptions, with its largest single-day outflow of $463.1 million occurring on November 14. Bitcoin fell 14.7% during the period, briefly touching $89,253.78 on November 17 before recovering above $93,000.