SnapShot 234

Hello SnapShotters,

Although the Fear & Greed Index remains entrenched in “Extreme Fear” territory, Bitcoin staged a tentative recovery, climbing to the week’s high of approximately US$91,000 after briefly plunging to $81,000 on November 21 — the lowest level since April and a harrowing test of support that dragged the flagship asset more than 35% below its October peak of $126,000. 

Ether, meanwhile, scraped off multi-month lows to trade in the low $3,100s but continues to underperform BTC across most timeframes.

Subtle signs of underlying demand are emerging. On-chain data reveals that the aggregate spot bid-ask delta, a measure of buying versus selling pressure at 10% market depth, has reached the second-highest level of 2025, indicating some dip-buying and potential absorption of selling pressure. The last time this indicator spiked to similar levels after a sustained downtrend was in March and April, when it helped establish a bottom that led to a 64% rally. 

December rate-cut odds rocketed from roughly 40% last week to approximately 80% by midweek, thanks to dovish commentary from Federal Reserve (Fed) officials. New York Fed President John Williams stated there is "room for further adjustment" to rates, even as other policymakers insisted borrowing costs should remain steady. Those expectations were further amplified on Monday after San Francisco Fed President Mary Daly and Fed Governor Christopher Waller both signaled openness to a December cut. 

Institutional flows remain mixed. U.S. spot BTC ETFs bled roughly $1.1 billion in net outflows over the past three trading sessions through November 26, with around $147 million on November 24 alone. Cumulative November redemptions have now surpassed $2.6 billion, with BlackRock's IBIT shouldering much of the burden. 

ETH spot ETFs have been quieter, shedding roughly $178 million over the most recent seven-day window. Solana ETFs continue their accumulation, with U.S. products pulling in $58 million on November 24 alone, led by Bitwise's BSOL, which contributed $39.5 million that day. Bitwise's Solana ETF has already crossed the $500 million AUM milestone since launch.

Here are the week's top stories as crypto heads into December.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🇸🇬 Singapore Survey: 61% of Retail Investors Hold Crypto

Six in 10 Singapore retail investors own crypto, but most allocate under 10% of their portfolios. Younger investors dominate adoption, while volatility and knowledge gaps remain the biggest barriers for non-holders.

⚠️ Cardano Hit by Chain Split After Developer’s Bug Trigger

Cardano experienced its first major chain split in eight years after a malformed transaction exploited an old node bug, creating two competing chains and prompting exchanges to pause ADA activity. The network reconverged after emergency patches, and founder Charles Hoskinson referred the incident to federal authorities.

🐶 NYSE Clears Grayscale DOGE and XRP ETFs for Launch

NYSE Arca approved Grayscale’s Dogecoin and XRP ETFs, which began trading on Monday. The listings added to a flood of new XRP and DOGE ETFs hitting U.S. markets this month, following loosened U.S. Securities and Exchange Commission (SEC) checks during the government shutdown.

🔗 Grayscale: Chainlink Is Core Tokenization Infrastructure

Grayscale says Chainlink is becoming the backbone of real-world asset (RWA) tokenization, citing its CCIP cross-chain messaging and institutional pilots with JPMorgan, DTCC, S&P Global, and ANZ. Grayscale’s report argues LINK offers exposure to the growing tokenized economy, and comes just days after Grayscale filed to convert its Chainlink Trust into a spot ETF with staking.

🇰🇷 South Korea Readies Major AML Penalties for Top Exchanges

Korea’s Financial Intelligence Unit (FIU) is preparing sanctions against Bithumb, Coinone, Korbit, and GOPAX after year-long on-site anti-money laundering (AML) inspections, following the heavy fine and onboarding freeze recently imposed on UPbit.

What’s Ahead

🌕 December 5: BTC–Gold Parity Day
December 5 marks Bitcoin–Gold Parity Day, commemorating the first time 1 BTC matched the price of 1 ounce of gold — a milestone that helped cement BTC’s reputation as “digital gold”.

While BTC has since far outpaced gold’s spot price, the comparison remains one of the market’s favorite reality checks on Bitcoin’s long-term trajectory. As of this writing, 1 BTC buys roughly 21 ounces of gold.

Number of the Week

Sources: CoinDesk

Chart of the Week

ETF Flows Show a Deepening Split in Market Sentiment

The past four weeks of fund flows reveal a persistent and widening disconnect across major U.S. spot crypto ETFs.

BTC ETFs saw four straight weeks of heavy outflows, and ETH ETFs mirrored the trend with consistent weekly redemptions.

But the risk-off mood looks different on the altcoin front:

• SOL ETFs maintained steady inflows every week even as BTC and ETH bled capital, showing that institutions continue accumulating high-beta Layer-1 (L1) exposure.
• XRP ETFs posted the strongest inflow momentum, led by their blockbuster launch week, pulling in more than $200 million as new products hit the market.

Large allocators are de-risking from major assets but are still rotating selectively into newly launched products, especially where early liquidity, narrative momentum, or low base positioning create an appealing entry point.

If BTC and ETH flows remain negative while alt ETFs continue to attract fresh capital, December may become a defining month for how institutions rebalance their crypto exposure into 2026.

As of November 21, 2025
Sources: Farside Investors, SoSoValue, Crypto.com Research

Research & Insights

Prediction markets have gone mainstream in 2025, topping $27.9 billion in trading volume and hitting a $2.3 billion weekly record in October 2025. These platforms use real money to turn crowdsourced sentiment into real-time event-driven price discovery, producing faster and often more accurate probabilities than traditional polls.​

Crypto.com | Predictions exemplifies the shift, combining CFTC regulation, deep liquidity, and real-time settlement, enabling both institutions and retail to trade on global events with confidence, speed, and efficiency.

👉 Read the full article here.

Crypto Trivia

Which classic book was fully minted on-chain to preserve forever?

A) Moby Dick

B) Pride and Prejudice

C) The Book of Genesis

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

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Product Updates

Experience Smarter Trading with Chart Insights
Chart Insights delivers richer data visuals in a single powerful chart view, so users can see historical entries and exits, compare multiple tokens, and fine-tune their trading strategy with ease. Try it today.

New Token

Monad (MON)

Monad is a high-performance, EVM-compatible L1 network. The blockchain aims to scale Ethereum with high performance, scalability, and low transaction fees. It utilizes parallel and asynchronous execution while preserving full bytecode compatibility with Ethereum, enabling developers to easily port existing Ethereum decentralized applications (dapps).

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

What Are Rug Pulls and How to Spot Them

A rug pull is a type of crypto scam where project creators suddenly drain funds or abandon a project, leaving investors with worthless tokens. It typically happens in DeFi projects, NFT drops, or new token launches where the team controls liquidity or has privileged access to project funds.

How Does a Rug Pull Work?

Typically, scammers launch a fake token or DeFi project with a convincing website, white paper, and roadmap. They generate hype through social media and influencers, drawing in buyers and pushing up the token’s value. Once enough capital is locked in, the insiders drain liquidity or exploit a hidden contract function. Then they disappear, taking the funds and deleting all traces of the project.

Common Red Flags:

• Anonymous Teams: No verifiable identities or public accountability
• Unverified Smart Contracts: No audits or transparency on permissions
• Unusual Tokenomics: Unlimited minting, extremely high yields, or unclear treasury control
• Fast, Hype-Driven Launches: Heavy marketing with little documentation or a vague roadmap

Learn more in this University article.

CryptoIRL

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Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

UK Fraud Office Probes $28 Million Crypto Fund Collapse

The UK Serious Fraud Office (SFO) is investigating a collapsed US$28 million crypto fund that allegedly misled investors with false promises of low-risk returns. Investors were told their funds would be used for “basis trading” — a strategy that profits from futures price differences across exchanges — marketed as a “low-risk yield opportunity”. However, investigators now claim the money was diverted to personal wallets controlled by the fund’s anonymous operators.

In one recorded investor call, a founder known as “TraderSkew” assured participants that they would own all of the assets and that the project would evolve into a decentralized liquidity pool.

However, hours after the probe was announced, the BASIS token plunged nearly 40%, eventually closing the day at a 28% loss. Historical data shows the token has been effectively inactive since April 27, 2022, when roughly $10.8 million was dumped in a single day, wiping out liquidity.

How to Safeguard Assets:

1. Avoid projects with anonymous founders or unclear custody structures.
2. Ensure funds are held with regulated custodians rather than personal wallets.
3. Do not invest more than can be affordably lost.

Crypto Trivia Answer

A) Moby Dick ✅ 

To demonstrate blockchain permanence, the full text of Moby Dick was encoded and stored on-chain, making the novel immortal, byte by byte.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.