Ripple’s USD stablecoin just unlocked a powerful regulatory gateway in Abu 
Dhabi, clearing a path for accelerated institutional adoption across the 
Middle East and positioning RLUSD as a breakout force in global digital 
finance. Ripple USD Gains Major Middle East Regulatory Momentum Ripple 
announced on Nov. 27, 2025, that its USD-backed stablecoin Ripple USD (RLUSD) 
[…]

Ripple’s RLUSD Secures Major Regulatory Win as Fiat-Referenced Token in Abu Dhabi

ETH investor sentiment wavers as onchain activity and bearish derivatives 
positioning leave whales unconvinced, reducing the odds for a rally to $4,000.

ETH whales uneasy as onchain, derivatives data reduce chance for rally to $4K

Galaxy Digital CEO Mike Novogratz says the October 10th crash in crypto was 
far more than a routine shakeout, claiming that roughly a third of market 
makers in parts of the ecosystem were effectively wiped out. &#8220;We had a flash 
crash and it did a lot of damage to the fabric of the market,” Novogratz told 
Anthony Scaramucci on the first-ever episode of “All Things Markets,” recorded 
November 26. “Even on Hyperliquid, the market makers, you know, 30 percent of 
them went out of business. Got zeroed.” Scaramucci framed the last 20 trading 
days as another brutal reminder of crypto’s structural volatility. “I know I 
have a trap door on my portfolio,” he said. “Once in a while I’ll be walking 
across the living room feeling beautiful about myself. And then, boom, a trap 
door opens and I have fallen into the basement of the house.” Related Reading: 
Will Crypto Explode If Kevin Hassett Takes Over The Fed In 2026? According to 
Novogratz, this particular trap door opened at Binance. “It started really by, 
you know, at Binance, they had an oracle which set price misfunction,” he 
said. That error hit a synthetic stablecoin and “created a cascade where 
people were getting stopped out because there was the wrong price.” The 
dislocation then bled into levered perpetual markets “like Hyperliquid, like 
Uniswap,” where “as prices went down, people started getting liquidated.” He 
argued that the way crypto participants use leverage turned a technical glitch 
into a systemic event. “What people don’t understand about crypto is that the 
crypto investor doesn’t play for 10, 11, 12 percent returns,” he said. “Crypto 
investor call themselves degens with pride. They want to turn one into 15. And 
so they trade a very volatile asset with a lot of leverage.” Perpetual futures 
make that leverage particularly dangerous for liquidity providers. “Perpetual 
futures are not normal futures,” Novogratz said, crediting “the genius that 
Arthur Hayes and his group of people” for a design where “as longs get 
liquidated, they’re paired off against shorts.” In a fast collapse, “you could 
be short and you lose your short position. Well, if you’re long on another 
exchange against that short position, you’re shit out of luck. And that 
happened to a lot of market makers.” Will The Crypto Market Recover? The 
result, he said, was a sharp loss of liquidity and retail capital. “We lost a 
lot of liquidity in the market. We lost a lot of retail punters who lost their 
stack,” he noted, adding that after such a wipeout “it takes a while for 
Humpty Dumpty to get put back together again.” Novogratz said he initially 
expected higher levels to hold. “I actually, to be fair, thought we were going 
to hold at higher levels at $90,000,” he admitted. “And we went all the way to 
$80,000. $80,000 was a maximum pain point… Got to $1.80 on XRP. We got to $125 
on Solana. Real pain points.” He links the subsequent rebound to macro 
tailwinds, not healed sentiment. “Now we bounce up. We bounce because of the 
Fed. But we’re not out of the woods,” he said. “I do think Bitcoin will climb 
back towards $100,000 by the end of the year, but there’ll be sellers waiting 
there. We’ve done some medium-term damage to the psychology of the market.” 
Related Reading: Crypto Has Entered Late-Cycle Territory, Says Global 
Liquidity Veteran On the spot side, he highlighted massive profit-taking by 
early holders against ETF-driven inflows. “We had one $9 billion seller,” he 
said. “That’s one-third of all of IBIT’s flows of the year.” As US wealth 
channels move “from a zero weighting to a 3 to 4 percent weighting” in 
Bitcoin, that “was met with OG sellers.” “In the long run, that’s healthy,” he 
said. “In the short run, that’s painful.” Novogratz also argued that crypto is 
being repriced as a real business ecosystem rather than a pure story. “It’s a 
transition from just being a story — ‘we’re the most important industry… we’re 
going to decentralize the world’ — to ‘show me what crypto actually does,’” he 
said. “Some businesses are making money. Some businesses aren’t. There are 
some token ecosystems that make common sense to an investor and there’s some 
that all feel like they’re just an association.” Overlaying it all is a macro 
backdrop he views as increasingly supportive. He called the Fed’s recent 
signals and plans to ease bank cash requirements in repo “a monstrous 
liquidity boom that’s coming,” adding that “they’re going to bring rates down 
to 2 percent in the next 16 months” and that inflation will “creep higher,” 
implying negative real rates. For crypto, the message is double-edged: 
structurally de-levered, with fewer market makers and wounded sentiment, but 
still tied to a global liquidity cycle that Novogratz believes is turning in 
its favor — once Humpty Dumpty gets put back together again. At press time, 
Bitcoin traded at $91,115. Featured image from YouTube, chart from 
TradingView.com

30% Of Crypto Market Makers Got Wiped, Mike Novogratz Says

Blackrock’s bitcoin ETF enters a pivotal moment as Nasdaq seeks SEC approval 
for a 1M-contract IBIT options cap, signaling stronger liquidity, deeper 
institutional activity, and enhanced transparency across the regulated crypto- 
linked derivatives market. Wall Street Braces as SEC Weighs IBIT’s 1M Options 
Limit The U.S. Securities and Exchange Commission (SEC) issued a notice on 
Nov. […]

Blackrock’s Bitcoin ETF Nears Breakthrough as SEC Weighs Expansive 1M Options Limit

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