Coinbase announced on November 21 the acquisition of Vector.fun's team and technology, while the Tensor Foundation retained the NFT marketplace and TNSR token. TNSR surged 11-fold from $0.0344 to $0.3650 between November 19 and November 20 before dropping 37.3% to $0.1566 within 24 hours. The price action raised questions about potential information asymmetry ahead of the announcement.

The probability of a 25-basis-point Federal Reserve rate cut at its December 9-10 meeting has climbed above 70%, CME FedWatch data show. New York Fed President John Williams stated on November 21 that near-term rate reductions remain viable without threatening the 2% inflation target. Bitcoin traded between $80,600 and $91,554.96 during this period, with on-chain data showing cautious positioning among traders.

BlackRock registered the iShares Staked Ethereum Trust in Delaware on November 19, establishing a legal structure for a staking-enabled Ethereum ETF pending regulatory approval. The Delaware filing does not constitute a formal SEC application but positions the asset manager to offer yield-bearing ETH products. Current spot Ethereum ETFs operate without staking functionality, causing investors to forfeit approximately 3% in annualized network rewards.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 on November 18, permitting national banks to hold cryptocurrency on their balance sheets to cover blockchain network fees. The ruling enables banks to maintain native tokens like ETH for operational gas costs without relying on third-party providers, removing a key barrier for institutions running on-chain custody and stablecoin services. Banks may hold these assets as principal where they have a reasonably foreseeable operational need, the OCC stated.

El Salvador purchased approximately 1,090 BTC valued at around $100 million on November 18 as Bitcoin prices fell below $90,000, completing its largest one-day acquisition since adopting the cryptocurrency in 2021. President Nayib Bukele confirmed the transaction brought total national holdings to 7,474 BTC, worth between $680 million and $700 million at current market rates. The purchase extends the government's dollar-cost-averaging program launched in November 2022, which commits to buying 1 BTC daily.

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.

Mt. Gox estate wallets moved approximately 10,600 BTC to a new address on November 17, the first major transfer in eight months. The movement coincided with Bitcoin trading below $90,000, though no coins appeared at exchange deposit addresses and the trustee confirmed no new payout wave was underway. The estate currently holds around 34,689 BTC valued at roughly $3.2 billion, with the repayment deadline extended to October 31, 2026.

Strategy purchased 8,178 BTC for $835.6 million during Bitcoin's drop below $90,000, securing a $102,171 average entry price. Harvard Management Co. held 6.8 million IBIT shares worth $442.9 million as of September 30, tripling its previous quarter allocation, according to regulatory filings. These institutional purchases occurred as short-term holders capitulated and US spot Bitcoin ETFs recorded $2.57 billion in outflows through November 17.

Bitwise's Solana Staking ETF logged $56 million in debut trading volume, while Canary Capital's XRP ETF posted $58 million—the two highest launch volumes for any ETF in 2025, according to market data. SOL declined approximately 20% from $205 to $165 in the week following its ETF debut, and XRP fell roughly 7% in the 48 hours surrounding its listing. Both assets reached multi-month lows despite positive net creations in their respective ETF vehicles.