- Sebastjan Bele
- Updated: November 27, 2025
- Reading time: 6 min
BTC Touches $80K, Monad Mainnet Launches, Fed Cut Expected
Bitcoin dropped to $80K on Friday but has since rebounded to test $92K. Ethereum also fell sharply to $2,600 before recovering to slightly above $3,000. Meanwhile, the odds of a December Fed rate cut flipped dramatically, with Polymarket now pricing an 84% chance of a 25 bps decrease.
In other news, Monad officially launched its mainnet, Upbit suffered a $37M hack targeting Solana-based assets, and Grayscale filed to launch the first-ever Zcash ETF. Robinhood announced plans for a new derivatives exchange as part of its push into prediction markets, while Kraken introduced “Krak,” a bank alternative offering a cashback debit card.
On the policy front, the CFTC issued an amended order allowing Polymarket to reenter the U.S., reversing its 2022 ban on the alleged unregistered derivatives exchange. Japan is tightening oversight on crypto exchanges with a new reserve mandate, and Kevin Hassett, who has known crypto ties, has become a leading contender in the Fed Chair search.
News
- Bitcoin rebounds above $91,000
- Wall Street ETF inflows offer modest relief as Bitcoin faces institutional stress test
- Ark Invest, Coinbase and Cathie Wood comment on inflation and market outlook
- DWF Labs launches DeFi investment fund as crypto enters new institutional phase
- Kevin Hassett, with crypto ties, rises to the front of the Fed Chair search
- Robinhood to launch derivatives exchange as part of its prediction markets expansion
- Kraken launches ‘Krak’ cashback debit card with salary deposits and high-yield vaults
- Japan introduces new reserve mandate to tighten crypto exchange oversight
- Grayscale files with the SEC to launch first-ever Zcash ETF
- ECB warns that stablecoins could pose new stability risks
Table of Contents
Markets
Best Performers
A mixed bag after last week’s flush. Kaspa ($KAS) and SPX6900 ($SPX) bounced strongly, while World Liberty Financial ($WLFI) and Flare ($FLR) saw steady but modest gains. Quant ($QNT) also edged higher, showing resilience despite broader market volatility.
Sector Performance
According to GMCI, the GMCI 30, which tracks the top 30 cryptocurrencies, is down 0.58% over the past week. The GMCI Mid Cap is down 6.57%, while GMCI Small Cap indices posted a loss of 4.86%. The rest of the sectors:
- Layer 1: -1.93%
- Layer 2: –12.69%
- DeFi: -5.00%
- AI: -11.44%
- Gaming: -5.14%
- Meme: -2.02%
US Spot ETF Balances
US Bitcoin Spot ETFs
Total Assets Under Management (AUM) = $121,07 Billion
Weekly Inflows = -$8.81 Billion
US Ethereum Spot ETFs
Total Assets Under Management (AUM) = $17,39 Billion
Weekly Inflows = -$1,03 Billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Bitcoin
Last week we noted that if $92K broke down, the next major level would be the $82K monthly support. That played out exactly as expected, with $82K acting as the local bottom.
Now, $92K has flipped into weekly resistance, and the key is to watch how price reacts at this level. There is some high-level liquidity sitting above $92K, but a significant cluster still remains in the $90K–$88K zone.
For now, the market is waiting for confirmation.
Ethereum
ETH dipped to $2600, and while we anticipated a potential move toward $2500 monthly support, buyers stepped in sooner. It is now trading near $3000, the area we outlined as weekly support.
Above $3000, liquidity is relatively thin, which makes this level crucial to monitor for any sustained upside move.
Bitcoin dominance remains the same at 58.6%.
In traditional markets:
- S&P 500 up 4.15%
- NASDAQ down 4.75%
- Gold down 0.28%
The total crypto market cap stands at $3.12 trillion, down roughly 0.3% from $3.13 trillion, reflecting the lingering effects of the recent correction. The Fear & Greed Index is at 22 (Extreme Fear), an improvement from last week’s 11 (Extreme Fear), but sentiment remains firmly risk-off.
What's Next?
Crypto has been through a significant stress test in recent weeks, but the market now appears to be shifting into a consolidation phase rather than continuing its sharp decline.
The market is once again pricing in a 25 bps Fed cut, with Polymarket assigning an 84% probability. Despite ETF outflows, Digital Asset Treasuries trading below mNAV, and overall sentiment still damaged, altcoins have mostly held in line or even outperformed BTC. This is notable because altcoins usually show higher beta during selloffs, which suggests that the bulk of altcoin selling may already be exhausted, or that the recent pressure has been primarily BTC driven.
With funding turning neutral to negative, leverage becoming cleaner, and spot volumes firming, conditions are gradually improving. If macro stabilizes, this environment could support a period of consolidation that potentially sets the foundation for the next rally.
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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