Texas completed a $5 million purchase of BlackRock's IBIT on November 20, marking the first deployment from its Strategic Bitcoin Reserve, according to the Texas Blockchain Council. The reserve operates under the Texas Treasury Safekeeping Trust Company with a $10 million budget authorized by Governor Greg Abbott in June through Senate Bill 21.

MegaETH's USDm stablecoin pre-deposit launch on Tuesday faced multiple technical disruptions, including a bridge outage and a multisig configuration error. The misconfigured 4-of-4 signature threshold allowed premature execution of a cap-increase transaction, causing deposits to reopen 34 minutes early and surpass $400 million before the team stabilized operations. MegaETH has since canceled plans to raise the cap to $1 billion and will offer a withdrawal option to affected users.

Monad's MON token traded at $0.0365 on Monday, up 46% from its $0.025 sale price after rebounding from an early decline. Coinbase's inaugural token sale platform drew nearly 86,000 participants from over 70 countries, raising $269 million against a $187.5 million target.

Short interest in BlackRock's spot bitcoin ETF has dropped to levels last seen in April, data show. The decline reflects traders closing bearish positions during the current market downturn. IBIT's short interest fell from approximately 2% of shares outstanding to a fraction of that level, according to Bloomberg Intelligence analyst Eric Balchunas.

Institutional allocators are viewing the current cryptocurrency market decline as potential entry opportunities, according to market analysts. Bitcoin has experienced significant selling pressure, with more than $2 billion in leveraged positions liquidated within 24 hours. Analysts note fundamental differences from previous market cycles, including broader institutional ownership and regulatory progress, though further downside remains possible.

MegaETH will open pre-deposits for its USDm stablecoin on November 25, with a $250 million cap on a first-come basis. The stablecoin uses Ethena's USDtb infrastructure to generate yield that will offset sequencer costs. Participation is restricted to users who completed KYC during the project's token sale, which drew over $1.39 billion in bids.

Cipher Mining has signed a 10-year agreement with Fluidstack to lease its entire 300-megawatt Barber Lake campus in West Texas. The deal adds 39 MW of critical IT load and represents approximately $830 million in initial-term revenue. The miner is simultaneously pursuing a $333 million senior secured note offering to fund continued construction.

Block announced a $5 billion stock buyback authorization and financial projections through 2028, driving shares up approximately 8% to $62 on Wednesday. The company projects gross profit to reach around $15.8 billion by 2028 with mid-teens annual growth. Adjusted operating income is expected to exceed $4.6 billion with roughly 30% yearly increases.

Bitcoin fell to approximately $88,600 on Wednesday, its lowest level since April and more than 5% below its opening price for 2025. The decline followed the release of Federal Reserve minutes from its October meeting, which showed significant disagreement among officials on the pace of policy adjustments amid ongoing inflation concerns.