Digital asset liquidity expanded from $180 billion to $560 billion between 2024 and November 2025, representing a threefold increase driven by institutional adoption and ETF launches. Data from Wintermute shows that since August 2025, ETF inflows and stablecoin issuance have slowed significantly. Analysts attribute the shift to tighter monetary conditions, profit-taking, and reduced risk appetite following an extended bullish period.

Ethereum climbed to nearly $3,500 on November 8 after falling to $3,200 earlier in the day, gaining 4.5%. Analyst Ali Martinez projects ETH could eventually reach $10,000, but suggests the token may first need to drop to $2,000 to flush out weak holders. US spot Ethereum ETFs recorded net outflows of $507.7 million over the past week.

Bitcoin is trading around $102,405 while struggling to hold above $100,000, with total cryptocurrency market capitalization falling to approximately $3.34 trillion. Bloomberg senior macro strategist Mike McGlone warns the current price level represents a critical juncture, noting that unusually low volatility may indicate underlying stress rather than stability. The correlation between Bitcoin and the S&P 500 remains above 0.53, reflecting continued alignment with traditional equity markets.

Bloomberg Intelligence senior commodity strategist Mike McGlone has described Bitcoin's position near $100,000 as a pivotal test rather than a milestone. He warns that historically low volatility across equity and cryptocurrency markets may signal impending turbulence. Bitcoin's correlation to the S&P 500 remains above 0.53, indicating continued alignment with traditional markets despite its digital gold narrative.

JPMorgan Chase owned 5,284,190 shares of BlackRock's iShares Bitcoin Trust (IBIT) worth $343 million at the end of Q3 2025, according to regulatory filings. The position represents a 64% increase from the 3.22 million shares the bank reported in Q2. IBIT, which holds actual Bitcoin in cold storage through custodian Coinbase, is part of a spot Bitcoin ETF sector that collectively manages $110 billion across 11 issuers.

American Bitcoin, a Nasdaq-listed mining firm linked to President Donald Trump's sons, expanded its Bitcoin treasury by 139 BTC, bringing total holdings to $415 million, according to a November 7 announcement. The company's shares closed at $4.64 on the announcement date, up 2.20% despite intraday volatility between $4.08 and $4.65. The firm accumulates Bitcoin through mining operations and strategic market purchases.

XRP declined more than 9% on November 8, 2025, extending its monthly slide despite announcements at Ripple's Swell conference held November 4–5 in New York. The token traded around $2.19 in early sessions before recovering to $2.30, yet faced resistance at $2.40. Market participants sold following the event, exhibiting classic buy-the-rumor, sell-the-news behavior.

Federal Reserve Governor Stephen Miran said Friday that expanding stablecoin adoption could push down the economy's neutral interest rate. Stablecoin reserves, backed by Treasuries and cash, add liquidity to financial markets, he explained. Miran supports faster rate cuts to reflect structural changes from digital asset growth.