BitMEX co-founder Arthur Hayes attributes Bitcoin's 25% decline from its all-time high to contracting U.S. dollar liquidity rather than political factors. Hayes notes his proprietary USD Liquidity Index has fallen 10% since April, even as Bitcoin initially rallied 12% during the same period. He identifies spot Bitcoin ETF flows and basis trades as temporary factors that masked underlying macroeconomic weakness.

Strategy, Michael Saylor's bitcoin-focused holding company, acquired 8,178 BTC for $835.6 million at an average price of $102,171 per bitcoin during the week of November 10–16, 2025, according to a regulatory filing. The purchase brings the firm's total holdings to 649,870 BTC with an aggregate cost basis of $48.37 billion. The company financed the acquisition through sales of preferred and common stock under its at-the-market programs.

Federal Reserve Governor Stephen I. Miran warned that expanding dollar-backed stablecoins could pressure the neutral interest rate downward by increasing U.S. Treasury purchases. The CFTC is preparing to authorize leveraged spot cryptocurrency trading on regulated exchanges as early as next month, Acting Chair Caroline Pham confirmed. Senate lawmakers released a bipartisan draft bill that would grant the CFTC jurisdiction over spot digital commodities including Bitcoin and Ether.

Fireblocks, Polygon Labs, Mysten Labs, the Monad Foundation, the Solana Foundation, the Stellar Development Foundation, and the TON Foundation launched the Blockchain Payments Consortium on November 6, 2025. The initiative aims to establish unified technical and compliance standards for cross-chain stablecoin transactions. The founding members collectively process over $10 trillion in annual stablecoin transaction volume.

Bitcoin dropped below its 365-day moving average of approximately $102,000 this week, a technical threshold last broken in early 2022. CryptoQuant's Bull Score Index fell to zero for the first time since June 2022, indicating extremely bearish sentiment. Analysts caution that sustained trading below this level could drive prices toward $72,000 support.

Ripple has launched digital asset spot prime brokerage services in the United States through its rebranded platform Ripple Prime, following the October 2025 acquisition of Hidden Road. The platform enables U.S. institutions to execute OTC spot transactions across major cryptocurrencies including XRP and RLUSD. Clients can cross-margin positions across spot, swaps, and CME futures within a single account structure.

FTSE Russell has partnered with Chainlink to publish its global index benchmarks on blockchain networks for the first time through DataLink, Chainlink's institutional-grade data service. The collaboration makes indices including the Russell 1000, Russell 2000, Russell 3000, FTSE 100, WMR FX benchmarks, and FTSE Digital Asset Indices accessible across more than 50 blockchains to over 2,000 ecosystem applications. FTSE Russell's indices serve as benchmarks for more than $18 trillion in assets under management.

Strategy purchased 397 BTC between October 27 and November 2 for $45.6 million at an average price of $114,771 per coin, according to a company filing dated November 3. The acquisition brings the software-intelligence firm's total Bitcoin holdings to 641,205 BTC, representing a combined investment of $47.49 billion at an average cost of $74,057 per BTC. The company, chaired by Michael Saylor, financed the purchase through proceeds from at-the-market equity programs, raising approximately $69.5 million during the period.

The Hong Kong Monetary Authority has released its e-HKD Pilot Programme Phase 2 Report, developed with analytical input from Deloitte. The report examines how central bank digital currencies and digital money forms could transform Hong Kong's financial infrastructure. It covers settlement efficiency, programmable payments, and offline functionality across 11 industry partnerships in banking, payments, and technology sectors.