Solana ETF Inflows Hit Record $58M With Consecutive Weekly Gains — Here’s What Solana’s Founder Just Said

Dogecoin (DOGE) is back in the spotlight after a week of explosive developments that have shifted market sentiment firmly into bullish territory.

The launch of Grayscale’s Dogecoin ETF, along with rising on-chain activity and renewed retail enthusiasm, has combined to push DOGE into a breakout zone that analysts say could define its next major trend.

As the broader crypto market remains volatile, Dogecoin is proving once again that its unique blend of cultural appeal and market structure can create outsized momentum.

Ethena's USDe, the crypto-native synthetic stablecoin that generates yield through perpetual funding rates, has recently seen its total value locked decline from $14.8 billion in October to $7.6 billion, a drawdown of over 50% despite continued growth in actual usage. The decline highlights the complexities of yield-bearing stablecoins in DeFi, where leverage mechanics can amplify both growth and contraction cycles.

USDe maintains its peg by holding spot crypto collateral while taking offsetting short positions in perpetual futures markets, capturing the funding rate differential as yield for holders. The stablecoin currently offers roughly 5.1% APY, down from double-digit yields earlier in the year as perpetual funding rates compressed amid weaker market conditions and reduced demand for leverage.

Despite the TVL decline, USDe usage has trended upward with more than $50 billion in onchain transaction volume last month, suggesting the token retains utility even as speculative positioning unwinds.

The sharp TVL contraction appears largely driven by the unwinding of leveraged looping strategies that proliferated across DeFi protocols, particularly on lending markets like Aave. These carry-trade strategies involved repeatedly depositing staked USDe (sUSDe) as collateral, borrowing USDC at high loan-to-value ratios, swapping back to sUSDe, and repeating the process to achieve effective leverage of 10x or more. As long as USDe's APY exceeded USDC borrowing costs, the trade remained profitable; however, declining yields have now dropped below the 5.4% cost of borrowing USDC on AAVE, leading some to unwind their carry trades.

USDe's deleveraging has been exacerbated by challenges facing some DeFi protocols regarding the sustainability of their stablecoin yield-farming setups, with some shuttering these operations or facing questions about their underlying mechanics. This dynamic illustrates the vulnerability of yield-bearing stablecoins to rapid capital flight when leveraged positions unwind, as the same loops that amplified TVL growth on the way up accelerate outflows on the way down.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

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.

Episode 8 of The Big Brain Podcast, hosted by The Block President Larry Cermak and MegaETH CSO Namik Muduroglu, was recorded with Vladimir Novakovski, the founder and CEO of Lighter.

Listen below, and subscribe to The Big Brain Podcast on YouTube, Apple, Spotify, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co

In episode 8 of The Big Brain Podcast, Lighter founder Vladimir Novakovski explains why he built a zero-fee, ZK-powered perp DEX as an Ethereum L2, how it stacks up against CEXs and rival perp chains, and what the Lighter team learned from recent market stress ahead of their token launch.

OUTLINE 00:00 – Introduction

04:50 – What Lighter is

06:15 – Why Ethereum L2 and ZK

11:03 – Zero-fee retail model

18:11 – Robinhood relationship & RH Chain

|20:30 – L1 vs L2 value capture

27:08 – TGE timing and token value

30:29 – DYDX, Hyperliquid and CEX vs DeFi |

35:52 – 10/10 crash and LLP risk

39:50 – Infra upgrades and closing

- Spotify: https://spoti.fi/44NT1lZ

- Larry: https://x.com/lawmaster

- Namik: https://x.com/NamikMuduroglu

- The Block Podcasts: https://x.com/TheBlockPods

GUEST LINKS

Vladimir Novakovski - https://x.com/vnovakovski

Lighter - https://x.com/Lighter_xyz

This episode of the Big Brain Podcast is brought to you by our sponsor, ⁠Canton Network⁠.

The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters

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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.

Bitcoin is struggling to reclaim the $90,000 level as selling pressure continues to dominate across the crypto market. The sharp decline from the all-time high has fueled growing speculation that the current cycle may have already peaked, with many analysts now calling for the beginning of a bear market. Sentiment has shifted rapidly, and fear is spreading as traders question whether the bullish structure has been permanently broken.

However, not everyone agrees with the bearish outlook. A segment of market participants still expects a rebound, arguing that the correction is part of a broader continuation pattern rather than the end of the cycle. These optimistic observers believe that higher prices could still unfold once selling exhaustion sets in.

According to top analyst Darkfost, the recent price action reflects a notable behavioral shift in traders. He explains that investors who attempted to long the market throughout the correction have finally been squeezed out.

Funding rates, which had remained elevated during the decline, have now cooled and even turned negative — a strong signal that sentiment has flipped. Darkfost notes that traders waited for Bitcoin to correct more than 30% before shifting aggressively into short positions, highlighting a delayed reaction that often appears near market inflection points.

Funding Rates Flip Negative as Short Dominance Takes Over

Darkfost explains that the latest shift in funding rates is more meaningful than it appears on the surface. He notes that traders often assume the neutral funding level is 0%, but that is not the case. Most exchanges — including Binance — embed an interest component of roughly 0.01% into the funding calculation.

This means that when funding drops below 0.01%, it already reflects short-side dominance. Therefore, when funding turns negative, it signals an even stronger tilt toward aggressive short positioning. According to Darkfost, this marks a clear behavioral change among derivatives traders, suggesting that the market has transitioned from forced long unwinds to conviction-based short exposure.

Historically, these shifts tend to occur only once a correction is already deep into its progression. Darkfost highlights that such funding transitions often reflect trader capitulation — where participants who fought the downtrend finally flip and attempt to follow momentum, but only after most of the move has already unfolded.

This phenomenon has appeared in previous cycle retracements and has frequently coincided with late-stage bottoms. He adds that Bitcoin may now be entering a disbelief phase, where price begins climbing while shorts continue to pile in. If this dynamic persists, it could act as fuel for an upside reversal, especially if spot demand wakes up and liquidations pressure the short side instead.

BTC Price Testing Short-Term Supply

Bitcoin is attempting to stabilize after a sharp decline, with the chart showing price currently trading around $87,000 following a rebound from the recent plunge near $80,000. The downtrend remains clearly defined, as BTC continues to trade below the 50-day, 100-day, and 200-day moving averages, signaling persistent bearish momentum.

The slope of these moving averages has turned downward, reinforcing the shift in trend structure. Despite the bounce, the recovery lacks strong volume support, which suggests that buyers have not yet returned with conviction.

The chart shows that previous support levels around $95,000 and $100,000 have now become resistance areas, making them key levels to watch for any attempted recovery. A failure to reclaim these zones could trigger renewed selling pressure and a retest of the recent lows. However, the wick below $80,000 indicates aggressive buying at the lows, which could signal that a short-term bottom is forming if buyers continue to defend higher lows in the coming days.

Market sentiment remains fragile, yet the stabilization above $85,000 hints at a potential consolidation phase rather than immediate continuation of the decline. A sustained move above the 100-day moving average would be the first meaningful signal of regained bullish momentum.

Featured image from ChatGPT, chart from TradingView.com

The newest edition of ChatGPT predicts a cautious outlook for XRP, Pi Network, and Shiba Inu, noting that all three altcoins may face substantial additional downside unless the market can sustain positive sentiment.

Crypto markets have spent the past month unwinding, leading to steep across-the-board corrections. Bitcoin briefly fell to roughly $82,000 on Friday, marking its lowest point in a year.

Despite the turbulence, the long-term landscape remains encouraging. Blockchain development continues to accelerate, and XRP, Pi Network, and Shiba Inu still rank among the most resilient and innovative projects in the sector. Once the market settles, each asset may see renewed upside.

Below is how ChatGPT outlines the most bullish and bearish potential outcomes for the coming month.XRP (XRP): ChatGPT Predicts a Possible Swing Toward Either $10 or $1 Based on December Market Conditions

According to ChatGPT’s predictive models, a negative market stretch could drag Ripple’s XRP ($XRP) down toward $1 by Christmas, a slide of over 50% from its current price near $2.20.Source: ChatGPT

Such a drop would represent a dramatic reversal for XRP, which surged to a seven-year high of $3.65 in July after Ripple secured a major court victory over the U.S. Securities and Exchange Commission.

Technically, XRP has remained stable for several months, repeatedly forming bullish flag structures that have yet to resolve. The Relative Strength Index (RSI) sits near 62, and the token has gained about 4% in the past day, showing modest recovery.

ChatGPT’s upper target sits at $10 under favorable conditions. The U.S. SEC’s approval of nine XRP spot ETFs last week will continue attracting institutional inflows. These could ignite explosive rallies similar to those seen after Bitcoin and Ethereum ETF launches.

Additional regulatory clarity or high-profile enterprise partnerships could provide the long-term momentum needed for XRP to revisit the double-digit range by 2026.Pi Network (PI): ChatGPT Anticipates Either a Sharp Rebound or a Retest of Lows

Pi Network ($PI), known for its mobile-first mining system that rewards users for simple daily engagement, continues to show resilience. Now valued around $0.23, PI has climbed 8.5% over the past week.Source: ChatGPT

ChatGPT offers two divergent possibilities: in a bearish climate, PI may fall to about $0.02. In contrast, a bullish month could propel it above $4, implying a difference of 200× from the lower scenario.

After months of decline, November appears to mark a shift in momentum. Part of this renewed interest stems from Pi Network’s collaboration with AI company OpenMind, which showcased how Pi node operators can offer computational resources to external businesses, an innovative and practical use case for decentralized networks.

The Pi testnet has also rolled out support for decentralized exchanges, AMMs, liquidity services, and an improved KYC framework, significantly expanding the utility of the ecosystem.Shiba Inu (SHIB): ChatGPT Highlights the Potential for a 15× Rally

Lastly, there’s Shiba Inu ($SHIB). Launched in 2020 as a challenger to Dogecoin, it now boasts a market cap near $5 billion.Source: ChatGPT

Currently trading near $0.0000083, SHIB rallied 2% in the last 24 hours, beating Dogecoin’s 1% gains.

From a technical standpoint, SHIB has yet to decisively break out of the bullish flag patterns that emerged earlier this year. A move towards the critical $0.000025 resistance as November concludes could set the stage for ChatGPT’s projected year-end range of $0.00005 to $0.00009, representing gains of up to 11×.

However, ChatGPT’s projections for SHIB’s bear-case scenario are more positive than its projections for the coins above. In a pessimistic scenario, SHIB will either stay at the same value it is now, or rise 50% to $0.000012.

Shiba Inu has evolved far beyond its meme beginnings. Its ecosystem now includes Shibarium, a Layer-2 solution built for faster transactions, lower fees, broader app development, and improved privacy features, all of which distinguish SHIB from more traditional meme tokens.Maxi Doge (MAXI): A Rising Meme Coin Not Factored Into ChatGPT’s Forecasts

While ChatGPT suggests large-cap altcoins may remain under pressure, presale tokens are continuing to attract capital. Maxi Doge ($MAXI) has emerged as a notable newcomer, raising $4.2 million in its presale and boldly declaring itself the next Dogecoin.

The token’s playful lore centers on Maxi Doge, a character who spent years watching Dogecoin dominate while plotting a humorous takeover from his mother’s basement. The project amplifies this story through viral content, community competitions, and an active social media presence.

Built as an ERC-20 token on Ethereum, MAXI benefits from the network’s security, scalability, lower environmental footprint, and well-established developer community, advantages that Dogecoin’s older proof-of-work system lacks.

The project currently offers staking rewards of up to 73% APY, though returns are expected to shrink as more users stake their tokens.

Its presale launches today at $0.00027, with planned price increases in subsequent stages. Interested participants can buy using MetaMask or Best Wallet.

Dogecoin stands no chance!

Stay updated through Maxi Doge’s and pages.

Visit the Official Website Here

Ethereum is down $30.77 today or 1.04% to $2931.41

• Largest percentage decrease since Nov. 21, 2025, when it dropped 3.99%
• Snaps a two day winning streak
• Down 24.05% month-to-date; On pace for worst month since Feb. 2025 when it dropped 32.98%
• Down 12.36% year-to-date
• Down 40.84% from its all-time intraday high of $4955.23 on Aug. 24, 2025
• Down 11.83% from 52 weeks ago (Nov. 26, 2024), when it traded at $3324.67
• Up 106.00% from its 52-week intraday low of $1387.85 on April 9, 2025
• Traded as low as $2859.03
• Down 3.48% at today's intraday low

Note: The Ethereum price is a 5 p.m. ET snapshot from Kraken

Data compiled by Dow Jones Market Data