Tether and Circle have issued over $14 billion in new stablecoins since October 10, with Circle recently minting an additional $750 million USDC. USDC dominance has climbed to approximately 2.33%, its highest level in nearly a year. The surge in stablecoin issuance comes as investors rotate into stable assets amid market uncertainty, with Bitcoin falling below $100,000 and altcoins extending losses that began in early October.

Newly launched exchange-traded funds tracking Solana and XRP have drawn over $500 million in combined inflows within weeks of debut. Bitcoin and Ethereum ETFs shed more than $4.2 billion during the same period, data show. The divergence highlights shifting investor preferences amid broader market volatility.

Monad's public token offering through Coinbase generated approximately $43 million in its first 23 minutes on Monday. Six hours into the sale, commitments reached around $90 million, representing 48% of the 7.5 billion MON tokens available, with momentum declining significantly after the initial surge.

Bitcoin and Ethereum saw combined liquidations surpass $70 million on November 17. Ethereum briefly dropped below $3,000 while Bitcoin tested support near $92,000, triggering forced closures across leveraged positions, according to Coinalyze data.

Bitcoin dropped below $92,000 and Ethereum fell under $3,000, marking multi-month lows for both assets. The decline triggered approximately $800 million in liquidations across more than 150,000 positions. Excessive leverage drove the market downturn, according to CoinGlass data.

Bitcoin and Ethereum are trading in negative territory for 2025 with six weeks left in the year. The two largest cryptocurrencies by market capitalization are leading a broader market decline that positions crypto among the poorest-performing asset classes. Without a significant catalyst, digital assets may finish 2025 behind traditional equity markets and money market instruments in total returns.

Token unlocks worth over $297 million are scheduled between November 17 and November 24 across multiple projects. LayerZero will release 25.71 million ZRO tokens valued at $37.28 million, representing the largest single cliff unlock. SOON follows with 15.21 million tokens worth $25.86 million, according to Tokenomist data.

Nvidia will report third-quarter results on Wednesday, with analysts projecting earnings of $1.25 per share on revenue of $54.83 billion. Market participants are monitoring the chipmaker's forward guidance alongside its previously disclosed $500 billion order backlog extending through 2026. The week also brings a full slate of economic releases from the U.S., Japan, and Europe.