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.

A two-year investigation by the New York Times and the International Consortium of Investigative Journalists traced approximately $28 billion in funds linked to criminal activity through major cryptocurrency exchanges. Binance, OKX, and Bybit served as primary channels for proceeds allegedly generated through cyberattacks, social-engineering schemes, and large-scale fraud operations. The platforms reportedly enabled rapid conversion of illicit funds into widely traded digital assets and stablecoins, with flows continuing even after Binance paid a $4.3 billion U.S. settlement for anti-money laundering violations.

Investment products linked to digital assets recorded $2 billion in outflows last week, the largest single-week withdrawal since February, data show. The outflows extended a three-week decline that has pulled $3.2 billion from the market. Total assets under management in digital asset exchange-traded products have fallen 27% from a peak of $264 billion in early October to $191 billion.

Japan will reduce its cryptocurrency tax rate from a maximum of 55% to 20%, effective early 2026, subject to legislative approval. The Financial Services Agency proposes classifying 105 green-listed digital currencies as financial products under the new rate, aligning crypto taxation with stock market rates to attract more investors and boost market liquidity.

Digital asset investment products recorded $2 billion in weekly outflows, marking the sharpest decline since February, according to CoinShares. The withdrawals were primarily driven by monetary policy uncertainty and shifting interest rate expectations, with the United States accounting for 97% of total redemptions at $1.97 billion.

President Donald Trump on Friday endorsed a Senate proposal authorizing tariffs up to 500% on imports from countries purchasing Russian energy. The measure targets oil, natural gas, petroleum products, and uranium from major buyers including India and China. Cryptocurrency markets saw $620 million in liquidations across 24 hours following the announcement, with Bitcoin declining 1% in immediate trading.