21Shares received SEC clearance for its XRP exchange-traded fund, ticker TOXR, which begins trading Monday. Investment products tracking XRP accumulated $687 million in assets by late November, with net inflows reaching $666 million between November 13 and November 28.

21Shares will launch its U.S. spot XRP exchange-traded fund on December 1, 2025, trading under ticker TOXR on Cboe BZX Exchange, according to an SEC filing dated November 28, 2025. The product becomes the fifth spot XRP ETF in the United States. XRP-focused ETFs have recorded $666.61 million in aggregate inflows, coinciding with a 12% weekly price increase for the token.

Bitcoin mining operations in China have recovered to approximately 14% of the global hashrate by October 2025, positioning the country as the third-largest mining hub behind the United States and Kazakhstan. The resurgence follows a nationwide cryptocurrency mining ban implemented in September 2021, when Chinese miners controlled roughly 65% of global Bitcoin computing power in 2020. CryptoQuant estimates the actual share may range between 15% and 20% of global capacity.

CoinShares has withdrawn all pending spot cryptocurrency ETF applications in the United States, including products tracking XRP, Solana, and Litecoin. The decision follows strong institutional demand, with XRP ETFs attracting over $660 million and Solana ETFs drawing approximately $620 million in net inflows since launch. CEO Jean-Marie Mognetti cited limited differentiation potential and constrained profit margins as the U.S. crypto ETP market consolidates around major institutions.

South Korea's National Police Agency has opened an investigation into unauthorized withdrawals of approximately $36.9 million in Solana network assets from Upbit, the country's largest cryptocurrency exchange. Authorities are examining possible links to North Korea's Lazarus Group, a state-affiliated entity previously connected to multiple cryptocurrency thefts. Upbit has suspended all deposit and withdrawal services and moved remaining assets to cold storage.

CoinShares, which manages $10 billion in assets, has withdrawn SEC registration statements for three planned crypto ETFs covering XRP, Solana and Litecoin. CEO Jean-Marie Mognetti cited intense market saturation, with traditional finance giants now controlling over 90% of crypto ETF inflows. The firm will instead focus on developing thematic crypto baskets and actively managed strategies over the next 12 to 18 months.

Bitcoin rose sharply to the $92,300–$92,500 range following aggressive buy-side activity totaling approximately $1 billion. Buy-side slippage of 163 BTC marked the largest buy-pressure event in several days, pushing spot prices from $91,740 to $92,315 almost instantly, according to CryptoQuant analyst Maartunn. The move bypassed typical gradual price progression as market orders consumed liquidity rapidly.

Derivatives trading on lower-cap cryptocurrencies has reached levels that significantly outpace underlying valuations, creating conditions for potential cascading liquidations. Data from research firm Alpharactal shows open interest ratios climbing to dangerous thresholds, with several tokens now carrying futures exposure larger than their entire market capitalization. When open interest grows while market cap remains constrained, the price discovery mechanism shifts from organic demand to leveraged speculation.