BONK climbed 13.25% to $0.0000103 after reaching a local bottom of $0.00000844 four days earlier. Trading volume surged 111% to $194 million during the recovery. Whale buyers accumulated 4.3 trillion tokens over three days, with buy orders exceeding sell orders by 300 billion in the latest 24-hour period.

Dogecoin rose more than 2% to approximately $0.15 following the launch of Grayscale's GDOG, the first U.S. spot Dogecoin ETF listed on NYSE Arca. On-chain data show daily transactions exceeded 1.5 million, while trading volumes surpassed $1.5 billion across exchanges, reflecting heightened institutional and retail interest in the memecoin.

A major institutional player executed a $2 billion Bitcoin options strategy on Deribit, positioning for a recovery toward six-figure price levels. The trade structure suggests conviction that recent market liquidations have cleared the path for upward movement. Retail investors continue selling while larger holders accumulate.

Ethena's USDe stablecoin saw total value locked decline from $14.8 billion in October to $7.6 billion, a contraction exceeding 50%. The drawdown occurred as annual percentage yields compressed to approximately 5.1%, falling below the 5.4% cost of borrowing USDC on Aave. The shift triggered unwinding of leveraged carry-trade positions that had previously driven growth.

Grayscale listed the first U.S. spot Dogecoin exchange-traded fund on the New York Stock Exchange under ticker $GDOG on November 24, 2025. DOGE rose 2.2% following the launch, with 24-hour trading volumes reaching $1.5 billion. Bitwise plans to introduce its own Dogecoin ETF this week.

A House Judiciary Committee Democrats staff report released November 24, 2025, alleges President Trump generated over $800 million from cryptocurrency ventures during the first half of 2025. The report claims enforcement actions were dropped against at least nine companies that invested in Trump's crypto projects or contributed to his campaign. The investigation examined three major operations: World Liberty Financial, the $TRUMP memecoin, and Trump Media's bitcoin treasury.

Texas completed a $10 million Bitcoin acquisition on November 20, 2025, at approximately $87,000 per coin, becoming the first U.S. state to establish a formal government digital asset reserve. The purchase was executed through BlackRock's iShares Bitcoin Trust (IBIT) as an interim measure while the state finalizes its self-custody infrastructure. The transaction follows legislation signed in June 2025 that authorized a Strategic Bitcoin Reserve with cold-storage requirements and minimum holding periods.

Bitcoin is trading near $87,000 following a decline from all-time highs, with funding rates flipping negative for the first time this cycle. Analyst Darkfost notes that traders shifted to short positions only after a 30% correction, suggesting late-stage capitulation. The metric dropped below the 0.01% neutral threshold used by exchanges including Binance, indicating short-side dominance.