A decline in speculative crypto investor appetite has seen Pump.fun’s revenue 
fall by 50% since October, raising concerns about more incoming selling 
pressure.

Pump.fun’s massive $436M cash-out turns heads as memecoin mania fades

With Thailand’s markets in turmoil, Bitkub is reportedly shifting toward Hong 
Kong’s thriving equity market for a $200 million IPO raise, Bloomberg 
reported.

Bitkub exchange eyes Hong Kong IPO as Thai markets slump to 5-year lows: Report

According to NYDIG research, the same money that pushed Bitcoin up into 
October’s peak is now pulling it down, and the pull looks structural rather 
than just emotional selling. Related Reading: Dogecoin Goes Wall Street: 
Grayscale Confirms Nov. 24 ETF Launch The firm’s head of research says a large 
liquidation in early October flipped spot ETF flows, pushed digital asset 
treasury (DAT) premiums lower, and coincided with a drop in stablecoin supply 
— a mix that points to liquidity leaving the system. ETF And Treasury 
Reversals Reports have disclosed that spot Bitcoin ETFs, once steady buyers, 
shifted from steady inflows into a meaningful headwind, while DAT premiums 
compressed across the market and stablecoin balances ticked down. That 
combination reduced the steady pool of buy-side demand that had been 
supporting prices. The change is what NYDIG and other market watchers call a 
break in the feedback loop that previously amplified gains. Bitcoin Dominance 
Creeps Higher As Risk Assets Unwind According to crypto market data, Bitcoin’s 
share of the total crypto market climbed back above 60% in early November 
before settling around 58% as of Monday, a sign that traders are moving out of 
smaller, more speculative coins and into the largest, most liquid asset. That 
shift often happens when money tightens: capital consolidates into the biggest 
name as smaller positions are cut. DATs Show Cooling Demand, But No Broken 
Balance Sheets Based on NYDIG’s note, the DAT sector has not shown signs of 
insolvency. Issuers still face modest obligations and many structures allow 
payments to be suspended if needed. In short: demand has cooled significantly, 
but the frameworks that underpin many of these funds haven’t collapsed. That 
means the current stress is on flows and liquidity rather than on solvency. 
CME Gap Targeted Then A Possible Bounce Crypto analysts are watching technical 
levels for short-term direction. Michael van de Poppe flagged a CME gap at 
$85,200 as a likely downside magnet after a recent roughly 10% rise from lows, 
and suggested Bitcoin could then retest between $90,000 and $96,000 to form a 
new base. Traders watch these gaps because futures markets close over weekends 
while spot markets do not, creating price gaps that often get revisited. 
Related Reading: Kiyosaki Dumps Bitcoin At $90K After Predicting A $250K 
Moonshot – Here’s Why Good bounce of #Bitcoin. Nearly up 10% since the lows. 
CME gap at $85.2K, so probably we&#8217;ll have a casual red Monday towards that 
level, before we go back up to $90-96K and find a new base. — Michaël van de 
Poppe (@CryptoMichNL) November 23, 2025 Prepare For Choppy Markets Ahead 
Investors should note two separate ideas at once. Based on reports, the long- 
term story for Bitcoin — growing institutional interest and broader adoption — 
remains on the table. At the same time, the short-term cycle driven by flows, 
concentrated ETF activity, and reflexive buying has shifted. That points to an 
uneven path forward, with more volatile moves likely until buy-side engines 
reappear or fresh liquidity returns. Featured image from Gemini, chart from 
TradingView

Bitcoin Hits Multimonth Lows As NYDIG Flags ‘Actual Capital Flight’

Bitcoin rallied over the weekend after sharp weekly losses, driven by thin 
market liquidity, CME futures gaps, and major geopolitical developments. 
Bitcoin experienced a weekend rally following a week of significant losses 
across cryptocurrency markets, according to market data. The…

Weekend rally boosts Bitcoin, altcoins face heavy losses

Bitcoin bulls began to eye higher BTC price levels as sentiment reversed to 
the upside ahead of a turbulent macroeconomic data week.

Cryptocurrency price in NZD