The U.S. Securities and Exchange Commission's Division of Corporation Finance issued a no-action letter to Fuse Crypto Limited on November 25, 2025, stating it will not recommend enforcement action regarding the company's FUSE token distribution. The regulator determined the token does not qualify as a security under the Howey test, as it functions as an incentive mechanism rewarding sustainable energy participation rather than an investment vehicle. The approval marks the SEC's second no-action letter in recent months for tokens with practical infrastructure applications.

Bitcoin fell below $86,000 as a month-long decline continued, marking the weakest market conditions since 2022. BitMEX co-founder Arthur Hayes expects BTC to remain under $90,000 near-term with potential dips into the low $80,000s, though he believes the $80,000 level will hold as support.

The Grayscale XRP Trust ETF (GXRP) launched on November 24, 2025, becoming the second XRP exchange-traded fund following Bitwise's debut the previous week. Franklin Templeton may introduce its XRP ETF this week. XRP traded at $2.05 after establishing support at $1.90 over the weekend.

Grayscale's GDOG fund began trading on NYSE Arca, becoming the first U.S. spot exchange-traded fund for Dogecoin. DOGE gained 5% intraday to reach $0.152 but remains well below its October peak near $0.26. Futures open interest held steady between $1.3 billion and $1.5 billion, reflecting restrained trader activity.

Analysts have identified XRP, Bitcoin, and Dogecoin as assets of interest following Bitcoin's pullback from its recent peak. Market observers point to XRP's role in cross-border payment infrastructure, Bitcoin's institutional positioning, and Dogecoin's persistent community backing as factors driving attention at current price levels.

BitMine Immersion Technologies purchased 21,000 ETH valued at $60 million, blockchain data show. The acquisition occurred as Ethereum traded near $2,962.26, with the firm now holding unrealized losses estimated at $4 billion following a 30% price decline over the past month. Despite adverse price movement, BitMine is transitioning from passive holding to active yield generation through staking operations.

CME Group will launch spot-quoted futures contracts for XRP and Solana on December 15, pending regulatory approval. The new derivatives offer institutional investors direct pricing mechanisms and enhanced capital efficiency. Solana traded at $138.87 with a 4.76% daily gain, recovering from support near $120.

Bitcoin dropped from approximately $107,000 to near $81,000 between November 11 and November 21, triggering widespread market turbulence. Data show Ethereum experienced comparatively restrained losses due to its post-Merge staking mechanics and token burn features. These supply dynamics reduced available tokens during the correction, cushioning the decline relative to historical patterns.