By The Numbers: First Spot XRP ETF Achieves Record Launch Amid 900 Competitors

Seychelles, Victoria, November 14th, 2025, Chainwire

Bitget, the world’s largest Universal Exchange (UEX), announced the listing of Planck (PLANCK) in the Innovation, AI and DePIN Zone, adding it to spot trading. Trading for the PLANCK/USDT pair began on 13 November 2025, 14:00 (UTC), with withdrawals available from 14 November 2025, 15:00 (UTC).

Planck Network is the world's first layer-0 blockchain for AI and DePIN, delivering scalable, cost-effective compute infrastructure for decentralized AI applications. With a modular two-layer architecture, enterprise-grade GPUs, and a robust token ecosystem, Planck Network is redefining the intersection of blockchain, AI, and physical infrastructure.

Planck is an infrastructure-focused protocol introducing a layer-0 blockchain built specifically for decentralized AI ecosystems. Designed to power DePIN networks and emerging AI applications, it offers an open, distributed alternative to today’s highly centralized cloud computing landscape. By decentralizing access to GPU resources, Planck supports scalable, verifiable AI development and aligns with the broader Web3 shift toward open, interoperable machine intelligence. The protocol generates revenue through transaction fees, SDK usage, and developer tools, while its dual-reward model incentivizes GPU operators with the native token based on uptime (proof-of-connectivity) and actual workload usage (proof-of-delivery). This framework is intended to create a sustainable, high-performance compute layer for AI developers and onchain systems.

Bitget’s Universal Exchange (UEX) combines exchange grade infrastructure with OnChain access, giving users a single account to discover and trade millions of tokens across leading networks. While this open gateway enables broad market access without traditional listing bottlenecks, Bitget’s listing highlights a different tier of assets—projects with real backing, clear utility, strong community and partner support. Together, UEX offers both breadth and quality: universal discovery at scale, and curated opportunities for users who prefer to explore crypto's vastness. The addition of Planck (PLANCK) further broadens these opportunities, strengthening Bitget’s role in expanding access to next-generation AI and infrastructure projects within the UEX ecosystem.

For more details on Planck (PLANCK), users can visit here.

About Bitget

Established in 2018, Bitget is the world's largest Universal Exchange (UEX), serving over 120 million users with access to millions of crypto tokens, tokenized stocks, ETFs, and other real-world assets, while offering real-time access to Bitcoin price, Ethereum price, XRP price and other cryptocurrency prices, all on a single platform. The ecosystem is committed to helping users trade smarter with its AI-powered trading tools, interoperability across tokens on Bitcoin, Ethereum, Solana, and BNB Chain, and wider access to real-world assets. On the decentralized side, Bitget Wallet runs as the leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built-in the platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP, one of the world’s most thrilling championships.

For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, users can contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, users can refer to the Terms of Use.

Contact

Simran Alphonso

media@bitget.com

The crypto market is going through one of its strangest weeks. Altcoin ETFs are breaking trading records, but altcoin prices are still falling. Bitcoin has dropped below $98,000, marking its worst November in years, and altcoins are sliding even harder.

Altcoins Fall Even As New ETFs Surpass Records

The big shock is that this crash is happening while new altcoin ETFs are performing better than anyone expected. The Canary XRP ETF, named XRPC, launched on Nasdaq and recorded $58.5 million in first day volume. This beat the previous altcoin ETF record held by Bitwise Solana at $57 million. More than 2.26 million shares were traded, and XRP price failed to hit the $3 mark.

Why ETFs Did Not Trigger A Rally

Investors expected a strong rally after these ETF launches. Instead, the market dipped. According to Canary Capital CEO Steven McClurg, ETF growth will be strong for a while because crypto is a new asset class, but only top coins will benefit long term. He compared crypto ETFs to commodity ETFs where gold dominates, silver follows, and smaller metals barely attract attention. Crypto may follow the same pattern with only a few strong winners and many weak performers.

Altcoin Crash Has A Bigger Cause

The drop is not only happening to XRP or SOL. The broader crypto market is falling with Bitcoin weakness pulling everything down. Rising dominance, macro pressure and profit taking have all added to the sell off. Even strong ETF launches are not enough to fight the wider negative trend.

When Will Altcoins Finally Pump

Analysts are watching Bitcoin dominance closely. It was rejected again at the 50 week EMA, the same pattern seen before the 2021 altcoin season. A sharp fall in dominance usually signals that altcoins are preparing for a big run.

One analyst who predicted a mini altcoin season in 2023 now believes the major altcoin season will arrive in the first quarter of 2026. If that plays out, coins like XRP, HBAR, SOL and ETH may see their strongest rallies after Bitcoin completes its next cycle move.

Conclusion

ETF launches are proving that institutional interest is rising fast. Money is flowing in, but price action is still lagging behind. Once market sentiment shifts and Bitcoin dominance breaks down, the altcoin rally investors are waiting for may finally begin.

FAQs

Altcoins are falling because Bitcoin weakness, macro pressure, and profit-taking outweigh gains from strong ETF launches.

ETF demand is rising, but broader market sentiment is negative, limiting price impact and keeping altcoins under selling pressure.

High Bitcoin dominance drains liquidity from altcoins; a sharp drop often signals the start of an altcoin-led market rally.

They show strong institutional interest, but prices may lag until sentiment improves and Bitcoin’s influence weakens.

U.S. spot bitcoin exchange-traded funds reported $869.9 million in net outflows on Thursday, marking their second-largest outflows on record.

Grayscale's Bitcoin Mini Trust led the outflows with $318.2 million, according to SoSoValue data. BlockRock's IBIT recorded $256.6 million in net outflows, while Fidelity's FBTC saw $119.9 million leave the fund. Grayscale's GBTC, along with ETFs from Ark and 21Shares, Bitwise, VanEck, Invesco, Valkyrie, and Franklin Templeton, also posted net outflows.

Thursday's exits marked the ETFs' second-largest daily net outflows since launch. The largest outflows occurred on Feb. 25, 2025, when the funds saw $1.14 billion leave in a single day.

"Large outflows signal a risk-off reset, reflecting institutions pulling back amid macro noise," said Vincent Liu, CIO of Kronos Research. "This flow weighs on short-term momentum but doesn't dent the broader structural demand. These bleed-outs align with oversold conditions, opening doors for long-term opportunists."

Min Jung, research associate of Presto Research, shared similar views. "It signals a broad de-risking across markets," said Jung. "Investors are pulling capital from higher-beta assets and rotating into safety, reflecting uncertainty around the Fed's path and deteriorating macro sentiment."

Bitcoin falls

The outflows on Thursday coincided with a broader crypto market sell-off. Bitcoin fell 6.4% in the past 24 hours to $96,956 as of 2:30 a.m. ET Friday, according to The Block's price page. 

Liu of Kronos said that bitcoin's decline came from a "liquidity let-down," as "cascading liquidations met a thinning bid stack."

"Demand support is clustered around the $92k to $95k cushion zone, with buyers gradually rebuilding depth. Until fresh flows refill the books, volatility stays front and center," said Liu.

"We're currently sitting at what should be a support zone but, should we go lower, I wouldn't be surprised to see prices drop to the next key level, in the lower $90Ks," said Justin d'Anethan, head of research at markets advisory firm Arctic Digital. "I suspect those levels would be seen by many as a buying opportunity, especially for all those left on the sidelines when BTC, not that long ago, was pushing past the mid $120Ks."

Presto's Jung noted that the pullback had no single catalyst and the move appears "driven by a mix of macro uncertainty and weakening risk appetite."

"ADP and NFIB data point to a softening labor market, reinforcing an 'easing with caution' stance from the Fed heading into the December FOMC," said Jung. 

Rate-cut expectations have also reset, with the odds of a December cut dropping to 52.1%, according to CME Group's FedWatch.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

According to data provided by Bloomberg analyst Eric Balchunas, XRPC, a spot cryptocurrency ETF offered by Canarary Capital, has become the biggest ETF launch of 2025 with $58 million in day-one trading volume. 

It has slightly outperformed the Bitwise Solana Staking ETF (BSOL), which began trading on Oct. 28. 

The ETF is the first US-based product that gives investors pure direct exposure to XRP, which means that they don't actually have to hold the tokens themselves. 

More spot XRP ETFs in the pipeline

There are also multiple other spot XRP ETFs that are currently in the pipeline.

These include offerings from such issuers as Bitwise, Canary Capital, 21Shares, Franklin Templeton, and other players. 

XRP price plunges lower 

In the meantime, XRP is currently trading at $2.30, down 8% over the past 24 hours despite the ETF launch. 

DonAlt, a popular pseudonymous cryptocurrency trader, says that he has exited his XRP position after its strength fizzled out. 

Pi Network price continues to trade near $0.22, but the stability behind this price is what has captured market attention. The network is entering its heaviest unlock period until 2027, with 145.7 million tokens scheduled to be released this month and an additional 173 million in December. Normally, such expansion triggers sharp declines, yet Pi has held its structure firmly between $0.18 and $0.22. 

This calm market behavior suggests that investors are preparing for the major network developments expected to arrive over the next few weeks. Analysts say this strong base could allow the price to break above the key $0.30–$0.35 resistance area, clearing the path toward $0.50 and higher levels if momentum expands.

Open Mainnet Readiness Becomes Clear as Audits Confirm Network Maturity

Fresh audit data released on November 12 shows that Pi Network has been functioning almost like a fully open blockchain since early 2025. The audit reports between 202,000 and 350,000 active nodes, stable throughput of 49 transactions per second, a two-second network delay, full RPC and explorer availability, and zero security exploits. This level of performance demonstrates that the network is technically mature and ready for economic activation.

The DEX launch is now the most anticipated moment. All on-chain indicators show that Proposal 20 has been approved, Multisig 15 has executed, and the DEX contract is no longer paused. Activation is expected between November 20 and 22, with an 82.7 to 92.4 percent likelihood of going live on schedule. 

Once the DEX activates, Pi will enter a new era of transparent trading, real price discovery, and measurable liquidity conditions that often trigger strong upward moves for emerging digital assets.

Pi has also completed full ISO 20022 compliance, enabling direct compatibility with global banking systems. Banking integration is scheduled to begin on November 22, giving Pi one of the rarest advantages among new digital currencies and expanding its potential for real-world payments and merchant adoption. Combined, these developments signal that Pi is approaching full Open Mainnet much faster than many expected.

Ecosystem Expansion Accelerates as New Tools, Game Updates, and Testnet Performance Strengthen Utility

The Core Team has released complete documentation for creating tokens on the Pi Testnet, allowing developers to mint assets, set trustlines, build liquidity pools, and host pi.toml files. This moves Pi into a new era of DeFi development, giving builders everything they need to prepare for Mainnet deployment.

Protocol 23 continues to perform smoothly in testing, with extremely low failure rates even under heavy network load. This stability confirms that the Testnet2 upgrade is close and that the Mainnet version of Protocol 23, which enables smart contracts, will follow shortly after. Smart contracts will unlock real utility for Pi, ranging from decentralized applications to real-world integrations.

Meanwhile, Pi’s gaming system has been updated to use transparent market-based pricing. Instead of relying on the Global Consensus Value, the system now converts a fixed $5 fee into Pi based on the current market exchange rate. This shift acknowledges the growing influence of the external market and introduces economic clarity as Mainnet approaches. Users can access games at any time, and while rewards are paused, the change signals the network’s transition toward real-time market interaction.

The Global Consensus Value remains stable at $314,207 per Pi according to on-chain oracle data. While this value does not reflect current market pricing, it continues to act as a community-held benchmark and historical anchor during the pre-Open-Mainnet period. For many Pioneers, it maintains confidence as Pi moves closer to economic activation.

FAQs

Pi stays stable because investors expect major upgrades, keeping demand strong even as millions of tokens are released.

The DEX is expected to activate between November 20 and 22, marking the start of transparent trading and real price discovery.

ISO 20022 lets Pi connect with global banking systems, improving payment compatibility and boosting real-world adoption potential.

Canary Capital clients purchased $245 million worth of XRP through the firm’s newly launched spot XRP ETF on its first day of trading. The fund is the first US spot XRP ETF, giving investors direct exposure to XRP through a traditional, regulated investment vehicle.

Canary Capital's spot XRP ETF debuted on Nasdaq under the ticker XRPC, enabling mainstream investors to access XRP through traditional brokerage accounts. The ETF structure requires custodians to hold physical XRP to back shares, creating institutional demand for the underlying asset.

The XRPC fund currently manages nearly 109 million XRP valued at over $250 million, according to its holding disclosure.