Bitcoin price movements now depend on ETF flows, perpetual swap funding, stablecoin liquidity, holder behavior, and macro conditions rather than traditional on-chain signals alone. Since US spot Bitcoin ETFs launched in January 2024, institutional capital flows and derivatives positioning have become primary drivers of BTC volatility.

Solana-based tokens recorded double-digit price increases on Upbit following a security breach that resulted in approximately $32 million in unauthorized withdrawals. The price surge occurred after arbitrage bots stopped operating, removing the mechanism that normally keeps prices aligned between Korean and global markets, according to CryptoQuant CEO Ki Young Ju.

JPMorgan has filed with the SEC for a structured note offering 1.5x leveraged exposure to BlackRock's iShares Bitcoin Trust, targeting December 2028 maturity with potential minimum 16% returns by December 2026. Strike CEO Jack Mallers disclosed that JPMorgan Chase terminated his personal accounts, citing "concerning activity" under Bank Secrecy Act monitoring. The developments highlight the bank's dual approach of expanding Bitcoin-linked products for wealth clients while restricting access for crypto industry executives.

Between November 21 and November 22, 87,464 BTC moved out of institution-tagged wallets, data show. The movement primarily reflected custody reshuffling rather than selling pressure. Strategy accounted for 49,907 BTC in transfers to new custodians while adding 8,178 BTC to holdings during the period, according to Timechain Index founder Sani.

Coinbase announced on November 21 the acquisition of Vector.fun's team and technology, while the Tensor Foundation retained the NFT marketplace and TNSR token. TNSR surged 11-fold from $0.0344 to $0.3650 between November 19 and November 20 before dropping 37.3% to $0.1566 within 24 hours. The price action raised questions about potential information asymmetry ahead of the announcement.

The probability of a 25-basis-point Federal Reserve rate cut at its December 9-10 meeting has climbed above 70%, CME FedWatch data show. New York Fed President John Williams stated on November 21 that near-term rate reductions remain viable without threatening the 2% inflation target. Bitcoin traded between $80,600 and $91,554.96 during this period, with on-chain data showing cautious positioning among traders.

BlackRock registered the iShares Staked Ethereum Trust in Delaware on November 19, establishing a legal structure for a staking-enabled Ethereum ETF pending regulatory approval. The Delaware filing does not constitute a formal SEC application but positions the asset manager to offer yield-bearing ETH products. Current spot Ethereum ETFs operate without staking functionality, causing investors to forfeit approximately 3% in annualized network rewards.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 on November 18, permitting national banks to hold cryptocurrency on their balance sheets to cover blockchain network fees. The ruling enables banks to maintain native tokens like ETH for operational gas costs without relying on third-party providers, removing a key barrier for institutions running on-chain custody and stablecoin services. Banks may hold these assets as principal where they have a reasonably foreseeable operational need, the OCC stated.

El Salvador purchased approximately 1,090 BTC valued at around $100 million on November 18 as Bitcoin prices fell below $90,000, completing its largest one-day acquisition since adopting the cryptocurrency in 2021. President Nayib Bukele confirmed the transaction brought total national holdings to 7,474 BTC, worth between $680 million and $700 million at current market rates. The purchase extends the government's dollar-cost-averaging program launched in November 2022, which commits to buying 1 BTC daily.