Stani Kulechov, CEO of Aave, welcomed the UK tax authority's consultation outcome on DeFi activities published November 27, 2025. The proposal introduces a 'no gain, no loss' framework for cryptoasset deposits into lending protocols, meaning users would not face capital gains tax when depositing collateral. Kulechov described the approach as a significant benefit for UK DeFi users who borrow stablecoins against crypto holdings.

Unichain's total value locked has fallen 86% from its all-time high following the conclusion of its incentive campaign, according to data from Entropy Advisors. The Layer 2 blockchain distributed over $21 million in rewards through a program that began in April 2025, with a significant portion of capital exiting the network after distributions ceased. Analysts point to limited competitive advantages in retaining liquidity providers once incentives ended.

The World Federation of Exchanges, representing Nasdaq and Deutsche Boerse, has urged the SEC to reject exemptions that would allow unregistered crypto platforms to offer tokenized stock products to US retail investors. In a November 21 letter, WFE CEO Nandini Sukumar warned that bypassing decades-old regulatory safeguards could undermine investor protections. The agency is considering an innovation exemption under Chair Paul Atkins.

The UK government is considering expanding Treasury bill issuance through its Debt Management Office to diversify short-term debt investors and strengthen sterling markets. The move responds to rising demand from new participants, including stablecoin issuers seeking liquid, low-risk assets. A consultation on expanding the ultra-short-dated debt market will begin in January.

Reliance Global Group has liquidated its Bitcoin, Ethereum, Cardano and XRP holdings to consolidate its digital asset treasury entirely into Zcash. The decision, announced November 25, 2025, followed a strategic review by the company's Crypto Advisory Board led by Blake Janover. The board identified Zcash as offering stronger long-term institutional value based on privacy architecture, compliance capabilities and institutional adaptability.

UK fintech firm Valereum Plc has entered a $200 million investment partnership with Valereum QGP-SP. The asset-backed financing arrangement is projected to generate $10.5 million annually at a 5.25% coupon rate. Valereum plans to use the capital for digital asset treasury development and pursue a Nasdaq or NYSE listing in H1 2026.

Bitcoin could face intensified selling pressure if it falls below $80,000, potentially driving prices toward $60,000, analysts warn. Short-term holders deposited 62,000 BTC to exchanges at a loss on November 22, the largest such outflow since mid-July. The $73,000–$84,000 range represents a critical zone for near-term price action.

Alt5 Sigma, a publicly traded participant in World Liberty Financial, faces potential regulatory investigation after disclosing its CEO's suspension to the SEC on October 16, despite internal emails indicating the action occurred on September 4. The six-week reporting gap may violate federal disclosure rules requiring Form 8-K submission within four business days of executive departures, according to securities law experts. The company's special board committee is investigating matters including a subsidiary's criminal liability in Rwanda for illicit enrichment and money laundering.

Bitcoin has remained below $100,000 for multiple consecutive days as retail investors sell holdings to institutional buyers and whales. Futures market data shows declining whale participation, with smaller retail-driven transactions now dominating market structure and limiting upward price momentum. Options markets assign only 30% probability to Bitcoin closing above $100,000 by year-end, while analysts identify $98,000-$100,000 as the primary resistance zone.