Dogecoin’s 6,500% Surge: The Road That Leads From $0.15 To $10 This Cycle

The crypto market suffered a severe pullback this week, wiping nearly $100 billion from global capitalization in 24 hours and sending digital-asset treasury companies (DATs) deep into the red.

Bitcoin traded around $82,864 after a volatile session, falling as much as 10% in 24 hours as broader market fear deepens.Source: Cryptonews

Ethereum hovered near $2,683 after slipping to a four-month low, while Solana steadied at $124.57, falling by 10% in the last 24 hours and 31% in the last 30 days.

The total crypto market capitalization stands at $2.92 trillion, and, to CoinGlass data, more than 416,000 traders closed their positions over the past 24 hours, which saw more than $2.24 billion liquidated from the overall crypto market. Source:

The market downturn is beginning to show sharply inside the books of major digital asset treasuries (DATs), with only a handful still in positive territory.Bitcoin DATs Bleed Red—But the Biggest Holder Still Sits on $6.1B in Unrealized Gains

Strategy remains the standout. The firm holds 649,870 BTC, acquired at an average of $74,433, leaving it with more than $6.15 billion in unrealized gains even after Bitcoin’s decline.Source:

Most other large holders are under pressure. Marathon Holdings’ 53,250 BTC position is down 23.7% over the past three months, while Metaplanet’s 30,823 BTC now sit nearly $774 million below cost.

With stocks trading at discounts to their underlying Bitcoin, several firms have turned to buybacks.

Metaplanet launched a $500 million program in late October. Strive approved a $500 million repurchase, and Block $5 billion in new buybacks on November 19.Steeper Losses for ETH Treasuries—Here’s How the Major ETH DATs Are Faring

Losses are even deeper among ETH-heavy corporate treasuries. Bitmine holds 3,559,879 ETH worth $9.75 billion and is now sitting on a $4.52 billion unrealized loss (-31.67%).

SharpLink has seen its $2.33 billion treasury fall 27.4% in three months. The firm holds 859,853 ETH, valued at $2.33 billion, leaving a $773.9 million unrealized loss (-24.9%).

Also, Bit Digital, with its $416.7 million treasury, is down 24.7%. It holds 153,546 ETH, posting a $51.4 million loss (-11%). Source:

ETHZilla recently sold $40 million in ETH to support a $250 million buyback. Data from Capriole Investments that these companies have seen negative returns of 25% to 48% on their ETH holdings. The top 10 DATs are in the red in the weekly and daily time frames.Solana and Other Altcoin DATs Also Feel the Pressure as Market Volatility Deepens

Solana-focused firms are also split. Forward Industries, holding 6.83 million SOL at an average cost of $232 per SOL, is down 44.8%, while Upexi faces a 17% loss.

In contrast, DeFi Development Corp. remains in profit, with 2.19 million SOL valued at $275.23 million, producing a 16.3% unrealized return.

Amid falling equity prices, Solana treasuries have also turned to buybacks. Forward Industries approved a $1 billion plan on November 3, while Upexi authorized a $50 million share repurchase program on November 13.

📢 Forward Industries — the Solana treasury company — has filed its Resale Prospectus Supplement with the and authorized a $1B share repurchase program. — Cryptonews.com (@cryptonews)

Broader treasury books show similar strain. Galaxy Digital is carrying $660.7 million in unrealized losses, including $561.5 million on BTC. CEA Industries is down 4.7% on BNB, while Nano Labs remains up 104%.

Across the sector, mNAV ratios have slipped below 1, indicating that many DATs now trade at a slight discount to the value of their underlying assets.DATs at a Crossroads: More Liquidations Ahead or a Bounce Back into Accumulation?

Analysts and traders are warning that treasury companies could become forced sellers. Several DATs have already begun liquidating assets. FG Nexus 21% of its ETH holdings this week, while Nakamoto 367 BTC.

Ethereum treasury company FG Nexus sold $32,766,000 in .This is roughly 21% of its ETH holdings.More DATs are selling.— Ted (@TedPillows)

Market commentators describe a growing risk that companies holding crypto far above current prices may sell to raise cash and stabilize share prices.

The sell-off has been amplified by macro pressures. Large funds have rotated into gold, healthcare, and defensive equities as year-end positioning favors lower-risk assets.

U.S. investors have been consistent net sellers of Bitcoin in November, with ETF flows turning negative for three consecutive weeks.

The Coinbase Premium Gap briefly fell to -$90, indicating strong domestic selling pressure.

For DATs, the next phase depends on whether the downturn deepens. Continued declines could trigger more corporate selling, especially among firms whose stock prices now trade below the value of their crypto holdings.

However, a sharp rebound could draw fresh entrants back into treasury accumulation, repeating the cycle that helped fuel the sector’s rise earlier this year.

By Kevin T. Dugan and Vicky Ge Huang

Earlier this month, Cantor Fitzgerald Chairman Brandon Lutnick presided over an "unveiling" of Satoshi Nakamoto to close out the first day of his firm's Miami crypto conference. At least, it was a statue of the mysterious creator of bitcoin.

At the Ritz-Carlton, more than 200 bankers and investors gathered to see the artwork, sculpted to resemble code out of "The Matrix." Selfies were taken. Michael Saylor looked on approvingly. A string ensemble played "New York, New York." Though the statue was sitting cross-legged with a laptop, a plaque beneath it read, confusingly, "Always Standing for Freedom."

On that day, bitcoin was down about 19% since its October peak. It would fall further still, giving up all its gains for the year, and leading a $1 trillion loss in digital currencies more broadly.

The crypto market turmoil only intensified this week, with bitcoin shedding more than 10% and over $10,000 in value. In the 24 hours leading up to Friday morning, more than $2 billion worth of leveraged crypto trades were liquidated, pushing bitcoin below $81,000, according to data from CoinGlass. The largest cryptocurrency is now on track for its worst monthly performance since June 2022, when the collapse of crypto lender Celsius Network plunged the market into what became known as its crypto winter.

Some traders have said the drop in bitcoin may be forcing some other selling in the traditional markets, which swooned this week.

"Every group chat I'm in, everyone wants to know who blew up," said Nic Carter, founding partner at Castle Island Ventures. "You can't make sense of it all now. There's a general malaise with no exact catalyst to say this is why."

This was supposed to be crypto's year. There was a perfect storm of a crypto-loving White House, Wall Street adoption and friendly legislation that put a close to more than a decade of antagonistic U.S. regulation and prosecutions.

In a sense, it worked. Divisions between traditional and crypto finance seemed to blur. Portfolio managers are modeling cash flows based on the yields of stablecoins. BlackRock and Fidelity, among many others, hoovered up bitcoins for ETFs. Banks like BNY Mellon and JPMorgan Chase wanted to put funds on the blockchain, while digital token companies like Ripple tried to become banks.

"Gateways are being opened every single day," said President Trump's son, Eric Trump, who has co-founded two crypto companies. "This dam is cracking. The two were becoming one, and I think it's very exciting."

That helped make bitcoin trading less volatile than it used to be.

"Once institutions are involved, it starts to trade like an institutional asset," said Cory Klippsten, CEO of bitcoin exchange Swan Bitcoin.

The Trump family's sprawling crypto business would grow to be worth billions, the Journal has reported. The annual bitcoin conference in May, once Ground Zero for libertarian fringe types, went full-on MAGA. Saylor, whose company Strategy levered bets on the assets, lobbied Vice President JD Vance in Las Vegas.

While critics complained of conflicts, the industry's leaders took them as a green light.

"That conflict of interest, that's an argument that an opposing side is naturally going to make. I would make the argument that it's a positive, " Brock Pierce, a longtime crypto entrepreneur, said in a recent interview. "I want my leaders to actually know what they're talking about, actually having built things."

But the sky-high expectations of a golden age have tumbled down to earth. Despite all the banks and federal officials giving digital assets their blessing, crypto's provenance as an antiestablishment asset, born out of institutional distrust stemming from the 2008-2009 financial crisis, has been hard to shake.

"When Trump got elected, we were saying 'gosh, finally we're going to get all the institutions, ETF approvals, pretty much all the headlines that we dreamed of in crypto,'" said Santiago Roel Santos, a longtime crypto investor and chief executive of Inversion. "The market just has not reacted the way that you would have thought."

Instead crypto continues to struggle to break free of its reputation as the deranged, foul-mouthed little sibling of Wall Street, too volatile to trust, too entertaining to look away. Jamie Dimon, ever the mouthpiece for traditional finance, maligned the industry as a fraud, a Ponzi scheme and a collection Pet Rocks, among other colorful descriptors. The many attempts to go legit met with predictable ends. (See: Sam Bankman-Fried).

This year has included new chapters from its Wild West. Meme coins spawned on sites like Pump.fun, where the awful and the brainless alike became speculative fodder. One investor was allegedly kidnapped in the West Village. Another lost fingers in France.

Throughout the summer, traders increased their leverage to crypto, only to get caught off-guard by the risks from the real-world economy. On Oct. 10, Trump's surprise tariff announcement against China triggered a selloff that forced exchanges to liquidate over $19 billion worth of trades. The shock waves from the crash continue to push bitcoin prices lower.

Bitcoin's recent declines have dragged down the shares of the so-called crypto treasury companies, which sell stock or debt to fund their token acquisitions. Strategy, which pioneered the business model, has seen its market cap more than halved to about $50 billion from a peak of $128 billion in July.

The selloff also soured sentiment toward crypto exchange-traded funds. Investors have sold around $4 billion of bitcoin and ether ETFs from issuers including BlackRock and Fidelity Investments in November, according to JPMorgan data.

"The truth is this hangover trend started months ago," said Thomas Perfumo, global economist for crypto exchange Kraken, in a note.

Despite the sudden downturn, some in the crypto industry don't feel the need to rein it in. MoonPay, a crypto payments company, held a private dinner in the back room of Torrisi, a chic SoHo restaurant, to celebrate a partnership with Dorsia, an app for restaurant reservations.

Around the time bitcoin fell to about $86,000 on Thursday — the lowest since May — Keith Grossman, MoonPay's president, was at a doctor's office in Manhattan, where he was diagnosed with kidney stones.

"I was more frustrated by my current kidney stone situation than by the crypto markets," Grossman said. "Crypto kills nerves. If you're in crypto long enough, none of this stuff phases you."

Write to Kevin T. Dugan at kevin.dugan@wsj.com and Vicky Ge Huang at vicky.huang@wsj.com

As Bitcoin suffers one of its steepest monthly pullbacks this year, Binance CEO Richard Teng spent Friday reflecting on the market’s health. But a different question dominated the room: what happens next with Changpeng “CZ” Zhao following his presidential pardon?

Teng attributed Bitcoin’s roughly 21% November decline to “risk-off sentiment” and widespread deleveraging across asset classes. He described the correction as “healthy” and noted that Bitcoin still trades at more than double its 2024 levels.

Digital assets meet tradfi in London at the FMLS25

Market Slump Takes Centre Stage, but CZ Still Looms Large

When asked about Zhao’s status, Teng reiterated that there has been no decision regarding his potential return to Binance.Richard Teng, CEO of Binance

“CZ has always been a controlling shareholder… he has more shareholder rights associated with that,” Teng said at the Sydney media roundtable. “Day to day, I work very closely with our seven-member board, including three independent directors. We continue to chart the future strategy of the company.”

Zhao, who served nearly four months in prison after pleading guilty to violating U.S. anti-money-laundering laws, received a presidential pardon from Donald Trump on 23 October 2025.

According to legal experts, the pardon removes the federal criminal conviction and related criminal restrictions, allowing Zhao to hold shares and even return to management if the company chooses — and if other jurisdictions do not impose separate limitations.Corporate obligations resulting from Binance’s settlement with U.S. authorities, including long-term compliance monitoring, remain fully in place.

Shortly after receiving the presidential pardon, Zhao published a statement on X, writing: Changpeng Zhao, ex-CEO of Binance

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”

Binance declined to comment on Zhao’s post.

Broader Market Context

The crypto downturn comes amid a global risk-off shift, driven by concerns over valuations in AI-linked equities and the possibility of a broader correction, despite strong earnings from major U.S. companies such as Nvidia.

Despite recent declines, Teng noted that Bitcoin still trades at more than double its 2024 levels, supported by institutional inflows earlier in the year.

Khurram Dara, a former policy lawyer at cryptocurrency exchange Coinbase, officially launched his campaign for New York State Attorney General.

In a Friday notice, Dara cited his “regulatory and policy experience, particularly in the crypto and fintech space” among his reasons to try to unseat Attorney General Letitia James in 2026.

The former Coinbase lawyer had been hinting since August at potential plans to run for office, claiming that James had engaged in “lawfare” against the crypto industry in New York.

Until July, Dara was the regulatory and policy principal at Bain Capital Crypto, the digital asset arm of the investment company. According to his LinkedIn profile, he worked as Coinbase’s policy counsel from June 2022 to January 2023 and was previously employed at the crypto companies Fluidity and Airswap.

James, who took office in 2019, has faced criticism from many in the crypto industry for filing lawsuits against companies on behalf of affected New Yorkers, including Genesis, KuCoin and NovaTech. Whoever assumes the role of New York’s attorney general would have significant discretion over whether to file charges against crypto companies.

Related: New York AG urges Congress to bolster protections in crypto bills

Dara, who said he plans to run as a Republican, also echoed Mayor-elect Zohran Mamdani’s recent winning campaign, citing New Yorkers’ concerns about the cost of living and affordability. Cointelegraph reached out to Dara for comment, but had not received a response at the time of publication.

The lawyer who represented XRP holders is also running for office again

As the deadline approached for candidates for various offices to announce their runs, former Massachusetts senatorial candidate John Deaton said he would try to unseat a Democrat again. 

Deaton ran against Senator Elizabeth Warren in 2024, losing by about 700,000 votes. On Nov. 10, however, he announced he would run as a Republican again, attempting to unseat Senator Ed Markey in 2026.

Deaton gained recognition in the crypto industry by advocating on behalf of XRP holders in the US Securities and Exchange Commission’s lawsuit against Ripple.

Like Dara, Deaton will be running in a race that largely favors Democrats: The last Republican to win a US Senate seat for Massachusetts was in 2010. Both candidates are expected to face competition in their respective Republican primaries.

BitMine, a crypto treasury company that accumulates Ether and Bitcoin , said on Friday it plans to launch the “Made in America Validator Network” (MAVAN) to stake its ETH holdings. 

The company is piloting MAVAN with three staking infrastructure providers, ahead of the launch slated for the first quarter of 2026, according to an announcement from BitMine.

Staking tokens to validate proof-of-stake (PoS) blockchains secures networks and generates revenue in the form of staking rewards paid out in the native token of the blockchain network, in this case, ETH.

“At scale, we believe our strategy will best serve the long-term best interests of our shareholders," BitMine chairman Tom Lee said.

Former BitMEX CEO Arthur Hayes has opined that Bitcoin might be close to bottoming out following a truly violent sell-off that took place earlier this week. 

That said, Hayes has cautioned traders not to buy the dip prematurely, claiming that they have to wait for a steeper sell-off in the stock market.

A "weathervane" for liquidity

In a Nov. 17 blog post, Hayes explicitly attributed the cryptocurrency market sell-off to reduced US dollar liquidity, which is the amount of money circulating in the system. 

According to him, Bitcoin’s price primarily reflects expectations about future USD liquidity.

Earlier this year, the cryptocurrency managed to rally to all-time highs due to a combination of strong ETF inflows, liquidity-positive rhetoric, as well as treasury companies buying a lot of coins.

Now, however, liquidity is contracting once again, and Strategy's premium has collapsed. Hence, Michael Saylor's company is no longer capable of raising capital efficiently.

Will the Fed change course? 

Bitcoin's plunge has coincided with the fading odds of the Fed implementing another rate cut this year.

However, Hayes is convinced that a significant stock market correction could potentially restart QE-like liquidity injections. 

Once money printing resumes, Bitcoin could potentially surge all the way to $200,000.