Digital asset markets lost $1.1 trillion between October 6 and November 17, with Bitcoin declining 25% from above $126,000 to around $93,000, data show. Analyst Shanaka Anslem Perera described the event as a structural reset driven by over-leveraged positions rather than a typical cycle correction. The contraction represents one of the sector's most severe drawdowns on record.

U.S. Securities and Exchange Commission Chairman Paul Atkins outlined the next stage of Project Crypto, establishing guidelines for digital asset regulation under federal securities laws. The framework categorizes tokens by function, excluding digital commodities, collectibles, and practical tokens from SEC oversight while maintaining regulation of tokenized securities.

The Ethereum Foundation has published a Trustless Manifesto authored by researchers Yoav Weiss and Marissa, endorsed by co-founder Vitalik Buterin. The document stresses self-custody, verifiability, and resistance to centralized shortcuts. It warns that infrastructure choices favoring convenience can gradually undermine Ethereum's permissionless architecture.

Bitcoin dropped below $94,000 on Friday, reaching its lowest level since early May. Market technician Axel Adler Jr. presented a valuation framework identifying $87,000 and $74,000 as critical downside zones, both now considered achievable based on current on-chain metrics. The decline has erased over $1 trillion from total cryptocurrency market capitalization since October.

Ethereum saw 228,000 ETH options contracts valued at approximately $730 million expire with a maximum pain point at $3,475, Greeks.live data show. The expiry marks the cryptocurrency's third consecutive monthly decline as implied volatility for major contracts surged above 70%. The event coincided with $3.95 billion in Bitcoin options also reaching maturity, pushing both assets lower and shifting market sentiment to bearish territory.

The Canary XRP ETF (XRPC) recorded approximately $245 million in net inflows and over $58.5 million in trading volume during its first session on November 13. The launch surpassed Bitwise's Solana fund (BSOL) to become the year's largest ETF debut by inflows. Analyst Eric Balchunas noted that XRPC traded $26 million within its first 30 minutes, exceeding his $17 million projection.

Bitcoin remains above $100,000 as the Exchange Supply Ratio for stablecoins hits 0.457, the highest level in 2025, according to CryptoQuant data cited by XWIN Research Japan. The U.S. Dollar Index has declined approximately 8% year-to-date, with a correlation coefficient of -0.52 against Bitcoin indicating an inverse relationship. Total stablecoin market capitalization across major issuers approaches $260 billion.

Long-term Bitcoin holders have sold nearly 300,000 BTC valued at approximately $33 billion since July 2025, data show. The distribution has been primarily absorbed by exchange-traded funds and corporate treasuries. This represents a significant structural shift in Bitcoin ownership patterns, with institutional buyers replacing individual long-term holders.

The U.S. Treasury and Internal Revenue Service issued Revenue Procedure 2025-31 on November 10, enabling exchange-traded products holding digital assets to stake and distribute rewards without creating immediate tax liabilities for investors. Treasury Secretary Scott Bessent said the guidance aims to enhance investor benefits and support U.S. leadership in blockchain innovation. The safe harbor requires ETPs to meet specific operational criteria, including SEC approval and use of third-party custodians.