The cryptocurrency market lost $160 billion in value as Bitcoin dropped 4.3% to $86,000, triggering $637 million in liquidations with long positions accounting for 90% of the total. Data show MicroStrategy's market-to-net-asset value fell to 0.97× on November 22, with investors effectively paying less than $1 for each $1 of Bitcoin held by the company.

Large Bitcoin holders have repositioned after Q4 liquidations erased billions in market value. Data show whale outflows increased across BTC and XRP, while some investors opened leveraged short positions worth hundreds of millions during the downturn. On-chain metrics suggest accumulation activity may resume in the $85,000–$90,000 range.

Bitcoin Capital listed a BONK exchange-traded product on Switzerland's SIX exchange, extending institutional memecoin adoption following Dogecoin's U.S. ETF debut in September. BONK gained 9.24% over the week, outperforming Bitcoin and posting its first weekly advance after five consecutive declines totaling approximately 30%.

Solana's stablecoin supply increased 10% over the past week, adding nearly $1.3 billion in liquidity and bringing the total to $14.33 billion, data show. The network recorded 11.1 million weekly active users compared to Ethereum's 2.6 million. Memecoin trading now represents just 5% of daily DEX volume, the lowest share in two months.

Ethereum is trading at $3,000 with an MVRV ratio of 1.27, reflecting neutral market conditions. The network increased its block gas limit to 60 million from 45 million, while staking inflows rose by 160,000 ETH over the past ten days ahead of the December 3 Fusaka upgrade.

Bitcoin mining difficulty reached a record 155 trillion on November 3rd, while hashprice fell to an all-time low of $34.49 per petahash per second, data show. Mining profitability declined to $0.0334 per terahash per second daily, the lowest level since 2023. The combination of record difficulty and depressed hashprice has compressed operator margins across the sector.

Several Solana exchange-traded funds debuted this week from Fidelity, 21Shares, VanEck, and Canary Capital. Solana's Real World Assets total value locked reached $800 million in early November, marking a 13% monthly increase. BlackRock's BUIDL fund posted a 768% quarter-over-quarter surge during the same period.

Bitcoin dropped to $81,000 following a November 21 event that recorded approximately $3 billion in Net Realized Profit/Loss, the largest net swing since the 2023 bear market. On-chain data show large holders have been distributing BTC since Q4 began, contributing to muted buying pressure and preventing a sustained recovery despite the asset reaching $126,000 just days before the October correction.

Dogecoin has maintained trading above $0.15 for over one month, supported by positive on-chain indicators. Exchange net position turned positive for the first time in more than two months, according to Glassnode data. The 100 million-1 billion DOGE holder cohort accumulated approximately 5 billion tokens during December.