ETH deposits on Aave reached a record high above 3 million tokens, doubling over the past year. The protocol now holds approximately 50% of total DeFi lending value with $21.4 billion in active loans. Users increasingly leverage Ethereum-based collateral for borrowing as the platform approaches its 92% utilization threshold.

Ethereum is trading at $3,053.19, hovering near fair value after climbing above $3,000. The market value to realized value ratio stands at 1.27, placing the current price approximately 27% above the realized price of $2,315. Exchange reserves have declined to a record low of 16 million ETH as long-term holders shift coins into staking and decentralized finance protocols.

Amundi, Europe's largest asset manager, has launched a tokenized version of its AMUNDI FUNDS CASH EUR money market fund on Ethereum, with €5 billion in assets under management. CACEIS will provide the digital infrastructure, enabling continuous subscriptions and redemptions through stablecoins or digital currencies. The fund offers investors an alternative channel for accessing money market instruments alongside conventional distribution methods.

MON, the native token of Monad, dropped over 14% to $0.039 on November 27, 2025. BitMEX founder Arthur Hayes announced his exit from the position, reversing his bullish stance posted days after the token's airdrop launch. The price decline triggered liquidations of long positions across major exchanges.

Deribit reported record open interest in options contracts ahead of the November 28 expiry, with $13.75 billion in BTC options and $1.73 billion in ETH options set to expire. Open interest surpassed $43 billion in nominal value, marking an all-time high in contract count as traders positioned for volatility around the $100,000 level.

S&P Global Ratings downgraded Tether's USDT stablecoin to 'weak' from 'constrained', citing exposure to high-risk assets and limited reserve transparency. The agency warned that Bitcoin holdings—now 5.4% of reserves—combined with other volatile assets could reduce collateral coverage if valuations decline. Tether has not conducted a complete audit since inception and lacks direct redemption channels for token holders, according to S&P.

Grayscale filed an S-3 registration statement for a ZCash Trust on November 26, 2025, enabling over-the-counter trading under ticker ZCSH. The Trust is restricted to accredited investors due to ZCash's risk profile. Grayscale intends to pursue a subsequent listing on NYSE Arca pending regulatory approval.

Bitcoin reached $87,541.80 after briefly surpassing $88,000, but the recovery from $80,000 has failed to restore trader confidence. Open interest dropped to $29 billion, the lowest level since April, while the Fear and Greed Index fell to 15 points. Derivative markets show negative funding rates and increased volatility of 1.97%, the highest in six months.

Monad launched its mainnet on November 25, 2025, alongside its native MON token, which rose 62% to $0.04 in early trading. The network onboarded more than 100 applications and accumulated $115 million in total value locked within hours of going live. Trading activity concentrated on Coinbase, Bybit, and Upbit, with first-day volume reaching $1.2 billion.