Texas acquired $5 million in BlackRock's iShares Bitcoin Trust (IBIT) as an initial step toward establishing the Texas Strategic Bitcoin Reserve. The purchase follows legislation passed earlier this year allocating $10 million for bitcoin accumulation. Texas aims to become the first U.S. state to operate a legislatively funded strategic bitcoin reserve under direct state management.

Michael Howell, a global liquidity specialist, said on the Bankless podcast that cryptocurrency assets are in a late-cycle position rather than starting a new expansion. He tracks a 65-month global liquidity cycle linked to debt refinancing patterns and projects the current cycle may be peaking, with implications for digital currencies and other risk assets.

Asian equity markets opened higher Wednesday as traders increased risk asset exposure. Bitcoin held near $87,000 while regional stocks gained on growing expectations of a Federal Reserve rate cut in December. MSCI's Asia-Pacific index outside Japan climbed approximately 1% in early trading.

Kaspa (KAS) saw open interest rise 42% to $66.92 million within 24 hours, driven by leveraged long positions with a positive funding rate of 0.0035%. However, active addresses fell 97.72% from 513,110 on November 11 to 11,770, while on-chain data showed distribution patterns and reduced network engagement. Despite $1.3 million in selling pressure over 48 hours, 54.84 million addresses maintained non-zero balances, suggesting stability in holder base even as momentum indicators weakened.

XRP climbed 7% to $2.19 in the past 24 hours, outpacing the broader cryptocurrency market. On-chain data shows the derivatives Open Interest Delta RSI has risen above 70, a level historically associated with aggressive speculative positioning and local price peaks.

The Commodity Futures Trading Commission is establishing a CEO Innovation Council to develop cryptocurrency regulatory frameworks. Acting Chair Caroline D. Pham announced the initiative on November 25, 2025, with nominations due by December 8. The move aligns with pending legislation that could expand the agency's authority over digital assets.

Bitcoin has rebounded toward the $87,000 to $90,000 range after declining from $106,000 to $80,600 over 10 days. While whale holders with over 10,000 BTC continue selling, mid-sized holders in the 10–1,000 BTC range are accumulating. Data shows demand from accumulator addresses reached 365,000 BTC on November 23, up from 254,000 BTC on November 1.

U.S. spot Solana exchange-traded funds recorded $58 million in net inflows on Monday, their strongest single-day performance since early November. The products have maintained positive flows for 20 consecutive trading days, bringing cumulative inflows to $568.24 million since launching in late October. Total net assets across all Solana ETFs reached $843.81 million, representing 1.09% of the token's market capitalization.