Model Shows How XRP Could Hit $24 After ETFs Go Live

Key takeaways:

• Ether’s 20% monthly decline has pushed it into a clear daily downtrend, retesting $3,000 for the first time since July.

• The Mayer Multiple falling below 1 signals a historically strong accumulation zone, resembling past bottoming phases.

• Leveraged liquidity has reset, but clusters at $2,900 and $2,760 warn of further volatility before a potential recovery.

Ethereum’s native token, Ether (ETH), has slipped nearly 20% in November, from $3,900 to retesting the $3,000 level on Nov. 17, a price last seen on July 15. The drawdown has pushed ETH into a well-defined daily downtrend, marked by consecutive lower highs and lower lows, placing the market in a technically fragile zone despite long-term accumulation signals starting to emerge.

Bitcoin's recent correction appears to have run its course, according to Standard Chartered’s head of digital assets research Geoffrey Kendrick, who says the decline resembles earlier drawdowns of nearly identical magnitude over the past two years.

In a Tuesday note, Kendrick said the latest drop — though faster and more painful — matches the third major sell-off in the current cycle, pointing to chart patterns showing similar percentage pullbacks.

"It is a simple argument, but the best ones often are," he wrote.

Bitcoin price chart

A merger designed to form a Hyperliquid digital asset treasury (DAT) with aspirations of raising $1 billion will take at least another two weeks to complete.

"Annoyingly we have to delay the shareholder vote for two weeks," Hyperliquid Strategies David Schamis posted to X on Tuesday. "In order to close we need [over 50%] of the outstanding shares to vote in favor of the deal."

The plan to create Hyperliquid Strategies, a DAT focused on accumulating and holding HYPE tokens, was first announced in July when Nasdaq-listed Sonnet BioTherapeutics, Inc. said it had agreed to merge with Rorschach I LLC to create the new crypto treasury firm.

Rorschach is a recently formed company created by an entity affiliated with Atlas Merchant Capital LLC, which in turn is an affiliate of Paradigm Operations LP, a major crypto VC and Hyperliquid backer. Hyperliquid is a popular decentralized perpetual exchange.

Including existing HYPE tokens already held by participants investing in the new DAT, and $305 million in cash, the deal was valued at $888 million when first announced.

Then last month, Hyperliquid Strategies told the U.S. Securities and Exchange Commission it hoped to raise up to $1 billion by selling shares. 

Although voting on the merger has been delayed, Schamis appeared confident that those Sonnet shareholders who have yet to vote will eventually favor the deal. "While over 95% of the votes that have been received to date have voted in favor we are still lacking the requisite total number of votes to get to the finish line," Schamis said. "We are confident that we will be able to achieve this by the December 2 date that we have set."

Schamis urged Sonnet shareholders to vote as soon as possible.

By most accounts, the DAT boom subsided weeks ago as the number of newly announced treasury companies fell. Simultaneously, DATs' market caps have cumulatively been taking a hit as the wider cryptocurrency market slumps. Many treasury firms have begun launching stock repurchase programs. 

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.

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