S&P Global Ratings downgraded USDT's stability score from constrained to weak on Wednesday, citing increased exposure to volatile assets including Bitcoin. The rating agency noted Bitcoin now represents 5.6% of circulating USDT, exceeding Tether's previously stated 3.9% buffer. S&P Global expressed concerns regarding transparency and limited disclosure of underlying reserve assets.

Texas has allocated $10 million toward a state Bitcoin reserve through a dual-phase strategy. The state purchased $5 million of BlackRock's IBIT ETF on November 20, 2025, at approximately $87,000 per Bitcoin, according to Texas Blockchain Council president Lee Bratcher. A second $5 million tranche is designated for direct Bitcoin custody pending completion of regulatory infrastructure under Senate Bill 21.

U.S. spot Bitcoin ETFs have recorded four consecutive days of net outflows, with total holdings declining from 441,000 BTC in mid-October to approximately 271,000 BTC by mid-November. The Fear and Greed Index fell to 11, signaling extreme fear in the market. Bitcoin traded between $91,000 and $92,000, down 27% from its October 6 peak of $126,272.76.

Bitcoin briefly dropped to $93,000 during early Asian trading Monday, wiping out its year-to-date gains and triggering over $510 million in derivatives liquidations across more than 150,000 positions within 24 hours. The Crypto Fear and Greed Index fell to 10, signaling extreme fear in the market.

Grayscale has eliminated sponsor fees on its Solana Trust (GSOL) for three months or until assets reach $1 billion. The trust stakes 100% of SOL holdings, generating 7.23% annual returns with 95% distributed to investors. The move aims to position Solana as the third major institutional crypto asset.

Zcash (ZEC) gained 14% in its most recent trading session, pushing monthly increases above 200%. The privacy token has surged more than 1,130% over three months. Technical indicators show bullish momentum, though concentrated leverage at a 30:1 long-to-short ratio poses liquidation risks as the token targets $1,567.

Video platform Rumble will roll out Bitcoin tipping functionality backed by Tether, with full deployment planned for December following pilot tests. The feature targets Rumble's 51 million active users and positions the platform as an early adopter of blockchain-based creator monetization, according to the company.