- Sebastjan Bele
- Updated: November 13, 2025
- Reading time: 6 min
Orcabay Gets MiCA License, End of Government Shutdown and Choppy Market
Bitcoin continues to consolidate between $100K and $104K, currently trading near $103K, while Ethereum holds close to $3,500 in a choppy trading environment marked by low conviction and range bound price action. This ongoing consolidation reflects a broader market pause as traders wait for stronger catalysts.
In other news, Orcabay has officially obtained a MiCA license for the provision of crypto services under the Markets in Crypto Assets Regulation (EU) 2023/1114, a major milestone that reinforces the shift toward regulated and transparent crypto markets. At the same time the longest United States government shutdown in history has ended after President Trump signed a funding bill that reopens the government.
Meanwhile, momentum continues across the wider crypto ecosystem. Canary’s XRP ETF is preparing for its debut on Nasdaq, Polymarket has become Yahoo Finance’s exclusive prediction market partner, and Cypherpunk, backed by the Winklevoss twins, announced plans to acquire up to 5 percent of Zcash’s total supply with a $58 million treasury seed. Additionally, JPMorgan has officially launched its JPM Coin deposit token on Base, signaling another step toward deeper integration between traditional finance and blockchain infrastructure.
News
- Orcabay Secures MiCA License
- Longest U.S. Government Shutdown Ends as Trump Signs Funding Bill
- Ark Invest Buys Circle Shares
- Sui Launches USDSUI Stablecoin via Bridge Amid Growing Adoption
- Polymarket Becomes Yahoo Finance’s Exclusive Prediction Market Partner
- Hyperliquid Pauses Deposits and Withdrawals Amid Popcat Trading Scheme Speculation
- SEC Chair Paul Atkins Unveils Plan to Redefine Crypto Regulation Under New Token Taxonomy
- JPMorgan Officially Launches ‘JPM Coin’ Deposit Token
- Circle Explores Native Token for ARC Network as Q3 USDC Supply and Profits Grow
- Lighter Raises $68 Million at $1.5 Billion Valuation as VC Money Flows Into Perp DEX Infrastructure
Table of Contents
Markets
Best Performers
Filecoin (FIL) continues to benefit from the strong privacy narrative, maintaining momentum as demand grows for decentralized data and storage solutions.
Uniswap (UNI) saw a notable spike after unveiling a major protocol overhaul, introducing fee activation and a perpetual token burn mechanism aimed at increasing liquidity and long-term sustainability.
AB Public Chain (AB) rallied following news of its partnership with World Liberty Financial (WLFI), alongside the announcement that USD1 has officially deployed on the AB Public Chain, strengthening its ecosystem and expanding stablecoin utility.
Sector Performance
According to GMCI, the GMCI 30, which tracks the top 30 cryptocurrencies, is up 2.76% over the past week. The GMCI Mid Cap is up 9.27%, while GMCI Small Cap indices posted a gain of 2.25%. The rest of the sectors over the past week:
- Layer 1: 1.44%
- Layer 2: 5.22%
- DeFi: 8.29%
- AI: 10.37%
- RWA: 10.90%
- Gaming: 7.90%
- Meme: 4.11%
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $140.63 Billion
Weekly Inflows = $480 Million
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $20.32 Billion
Weekly Inflows = $760 Million
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin
$BTC has been chopping for several days between $104K and $100K, with a brief breakout attempt that topped at $106K. The bullish case is that monthly support appears to be holding, and on the daily timeframe the RSI is starting to pick up, showing early signs of momentum.
For now, caution is advised, sitting on your hands still seems like the best strategy. It is important that the weekly structure holds or at the very least that $100K continues to act as support.
Ethereum
Just like BTC, Ethereum is chopping within a tight range, fluctuating between $3,000 and $3,500.
$ETH is currently reclaiming monthly support, and the RSI on the daily timeframe is starting to pick up, which could signal early strength. If this reclaim holds, it may serve as a bullish sign, with the next key level to watch being the weekly resistance around $3,900.
Bitcoin dominance is up to 59.1%, indicating a modest reduction from last week.
In traditional markets:
- S&P 500 up 1.94%
- NASDAQ up 1.54%
- Gold up 5.32%
The total crypto market cap stands at $3.47T, up 1.46% from last week’s $3.42T, showing a modest recovery after the recent sharp correction. The Fear & Greed Index sits at 15 (Extreme Fear), reflecting continued caution and risk aversion across the market.
What's Next?
Trump announced the end of the longest government shutdown, guaranteeing back-pay for federal workers and reversing thousands of layoffs. He also floated the idea of a $2,000 payout for most Americans and extending mortgages from 30 to 50 years, all while divisions grow within the Fed over a potential December rate cut. Some officials argue for a pause due to sticky inflation and tariff effects, while others point to weak jobs data and slowing demand.
Why mention all this? Because these developments will play a crucial role in macro liquidity, something crypto has been missing lately. The shutdown also meant that key economic data was not collected, delaying the release of important indicators and adding further uncertainty.
Despite this, macro remains supportive. Cuts are still expected, QT is done, and global easing continues. Yet crypto is not enjoying the same success as other risk assets. Rallies remain narrow and rotational, with liquidity chasing narratives rather than building sustained momentum.
Alts have seen moderate success relative to Bitcoin, but for the next leg up, majors need to lead first, establishing strength before capital rotates back into the broader market. Historically, the strongest altcoin seasons begin when majors consolidate near all-time highs, prompting capital to search for higher beta opportunities.
Orcabay Is Now MiCA Approved
We are proud to announce that Orcabay has obtained a license for the provision of crypto services under the Markets in Crypto-Assets Regulation (EU) 2023/1114 (MiCA Regulation). This marks an important milestone in our ongoing commitment to transparency, trust, and regulatory excellence in the crypto market.
Under this license, Orcabay is authorized for the execution of orders and the provision of advice on crypto-assets, allowing us to operate across all 30 countries of the European Economic Area (EEA).
Since day one our mission has been to create open, transparent, and trustworthy markets that bridge innovation with regulation. Obtaining the MiCA license reinforces that mission and strengthens our ability to support the next generation of crypto projects and exchanges with secure, compliant, and efficient market making and liquidity solutions.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on LinkedIn and X (Twitter) for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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