What Happened in the Crypto Market Today? November 11th 2025

Key takeaways:

• XRP’s cup-and-handle breakout setup points to a potential rally toward $5 by year’s end.

• On-chain data mirrors June’s 75% surge amid rising ETF optimism.

XRP’s price may reach $5 by year’s end, according to a “mega breakout” setup shared by one chart analyst.

Cup-and-handle sees XRP price doubling next

Analyst Milkybull shared a chart on Tuesday showing a cup-and-handle pattern, a classic bullish setup that often forms during major market bottoms.

The crypto market is never quiet for long and Bitcoin is once again at a turning point. After slipping below $100,000, on-chain data from CryptoQuant shows that major holders, or whales, are offloading billions in BTC. 

With institutional demand cooling, investors are now wondering: is this just a pause before the next leg up, or the first sign that the bull run is losing steam?

Whales Offload Billions After $100K Drop

In a tweet post, CryptoQuant founder Ki Young Ju explained that large Bitcoin holders, often called “whales,” have sold off billions worth of BTC since prices crossed the $100,000 mark. 

Such activity has created a supply overhang, meaning there’s more Bitcoin available on the market than buyers are ready to absorb. This typically adds downward pressure on prices and marks the “distribution phase” in market cycles.

Earlier this year, Ju warned that the 2024–2025 bull run might have already peaked. However, strong spot Bitcoin ETF inflows and continued buying by MicroStrategy helped stabilize the market and delay a deeper pullback. 

These factors served as key supports, preventing the market from slipping into bearish territory.

Warning Signs Are Reappearing

Now, Ju believes the continuation of ETF inflows is crucial. As inflows begin to slow and MicroStrategy’s buying pace eases, the market could face renewed selling pressure. He cautioned that if these supports fade, “sellers will dominate again.”

On-chain data appears to back this up, showing increased whale transactions and a drop in stablecoin inflows, both typical signs of a market cooldown.

At the same time, JAN3 CEO Samson Mow said the latest pullback is also driven by short-term investors taking profits after earning 20–30% gains, a normal correction phase in any bull cycle.

$111,700 Becomes Key Level to Watch

Over the coming weeks, Bitcoin’s next move will be crucial. Analysts believe the $111,700 zone is the key level to watch, a decisive point that could determine whether BTC climbs higher or enters a longer correction.

As of now, Bitcoin is trading around $105,448, down slightly on the day but with trading volume up slightly, showing that the battle between buyers and sellers is just getting started.

FAQs

Major holders are offloading Bitcoin after the $100K drop, creating market supply pressure and signaling a distribution phase.

Not necessarily. Strong ETF inflows and institutional buying are stabilizing prices, but caution is needed as selling pressure rises.

Data like whale transactions and stablecoin inflows reveal buying/selling activity, helping gauge market momentum and risk.

Profit-taking, slowed institutional demand, and whale activity are causing short-term swings in price and trading volume.

KuCoin has launched KuCoin Institutional, a new division aimed at professional investors, brokers, and strategic partners. The development follows KuCoin’s retail-focused initiatives, including KuCoin Pay, which allows merchants to accept crypto payments via QR codes and POS.

Institutional Platform Integrates Liquidity and Compliance

The company said the expansion reflects its goal of delivering secure, compliant, and high-performance infrastructure for digital asset markets. It aligns with KuCoin’s strategy to strengthen market trust and connect traditional finance with the digital economy.

Digital assets meet tradfi in London at the fmls25

KuCoin Institutional integrates infrastructure, liquidity, and compliance frameworks for institutions, quantitative traders, and brokers. The platform focuses on three areas: institutional and VIP product enhancement, financial and wealth management services, and technological infrastructure and compliance.

Platform Expands into Crypto-as-a-Service

The platform offers enhanced liquidity, VIP programs, customized trading interfaces, and asset management solutions. Institutional users have access to ultra-low-latency trading and 24/7 technical and client support.

KuCoin also provides diversified collateral management, improved capital efficiency, and Off-Exchange Settlement through strategic partnerships.

KuCoin Institutional is expanding into Crypto-as-a-Service, allowing partners to integrate KuCoin’s technology and liquidity into their operations. The platform is also pursuing tokenized real-world assets to connect blockchain markets with traditional finance.

KuCoin Launches Tokenized U.S. Equities Platform

Meanwhile, KuCoin has launched xStocks, offering tokenized U.S. equities including Tesla, NVIDIA, and the S&P 500 ETF, denominated in USDT. The tokens, issued by Swiss firm Backed and backed 1:1 with real stocks in regulated custodians, run on the Solana blockchain.

Following Kraken and Bybit, the product allows global investors to access U.S. equities and trade both stocks and cryptocurrencies within a single platform.

A massive Bitcoin mystery from 2020 has resurfaced, but this time, it’s not just about hackers and stolen crypto. China is accusing the United States of secretly taking control of 127,000 stolen Bitcoins, worth around $13 billion, in what may become one of the most controversial crypto disputes ever. The allegation has added fresh strain to the already tense relationship between the world’s two biggest powers.

China Claims U.S. Involved in a Major Crypto Hack

According to China’s cybersecurity authority, the National Computer Virus Emergency Response Center (CVERC), the Bitcoin in question was stolen back in 2020, during a hack targeting the LuBian mining pool, a Chinese-based crypto mining operation.

CVERC says the attack was sophisticated and used advanced hacking tools, the kind that only “a state-level hacking organization” could manage. Chinese state media suggests that the same group that hacked the Bitcoin may be linked to the U.S. government.

China claims that rather than returning the Bitcoin or acknowledging the hack, U.S. officials seized the funds as part of an undercover operation.

U.S. Rejects the Accusations

The U.S. government strongly disputes China’s claims. According to U.S. officials, the Bitcoin was seized legally as criminal evidence as part of a law enforcement case involving Chen Zhi, a Cambodian business figure accused of running crypto-related fraud. American agencies argue that Bitcoin was part of a money laundering and fraud investigation, and insist there was no hacking involved by the U.S.

Wallet Movements Spark Suspicion

For almost four years after the hack, the stolen Bitcoin sat untouched. Then suddenly, in mid-2024, the coins began moving. Blockchain analytics firm Arkham Intelligence later labeled the new wallet addresses as belonging to the U.S. government. This is where China challenges the U.S. explanation.

CVERC claims the timing and movement of funds do not match a normal law enforcement seizure. Instead, they believe these movements suggest that the U.S. may have controlled Bitcoin earlier than admitted, possibly playing a direct role in the original hacking operation.

Moreover, the accusation comes at a time of rising friction between the U.S. and China over technology, trade, and cybersecurity. To China, this case is more than just crypto; it’s about digital power and control. To the U.S., this is a legal seizure of stolen crypto tied to crime.

Crypto Reaction

Crypto influencers are reacting sharply to the China–U.S. bitcoin dispute, warning that the stakes have now escalated from just a hack to a geopolitical battle. According to Money Ape, the involvement of $13 billion worth of bitcoin is massive and could shake market stability. Another crypto influencer adds that China’s accusations of the U.S. highlight the real political risk surrounding Bitcoin. With 127K BTC possibly moving under government control, he warns that this could trigger sudden volatility and impact overall market liquidity and sentiment. 

Both stress that traders need to stay alert. This situation could create huge opportunities, but only for those who stay level-headed instead of panicking.

FAQs

The dispute involves 127,000 Bitcoins worth approximately $13 billion. These coins were allegedly stolen from a Chinese mining pool in 2020 and remained dormant until movements were detected in 2024.

China claims the U.S. used sophisticated state-level hacking tools to steal Bitcoin from the LuBian mining pool in 2020, then secretly seized the funds instead of returning them or acknowledging involvement in the operation.

The U.S. maintains the Bitcoin was legally seized as criminal evidence in a law enforcement investigation involving fraud and money laundering, specifically related to a Cambodian businessman named Chen Zhi.

The Bitcoin sat untouched for nearly four years after the 2020 hack, then suddenly moved in mid-2024. China questions this timing, suggesting it indicates U.S. control earlier than officially acknowledged, contradicting the legal seizure narrative.

Dogecoin is attempting to stabilize after a sharp shakeout, and one technician argues the market just telegraphed its line in the sand. In a weekly chart shared on X, independent analyst Kevin (@Kev_Capital_TA) highlights a “solid bounce” from the weekly 200-EMA and a swift move back into the year’s dominant trading range. At press time on the chart, price sits near $0.1828, with the blue 200-week moving average rising just beneath the market around the $0.16 handle.

Is This The Local Dogecoin Bottom?

Kevin’s framework is straightforward and level-driven. He points to $0.202 as the immediate pivot on a three-day closing basis. Reclaiming $0.202, he says, would put DOGE back above the macro 0.5 Fibonacci retracement and simultaneously back over the 3D 200 EMA/SMA, creating the conditions for “upward momentum” if Bitcoin also holds its own above $106,800.

The weekly 200 EMA has preserved Dogecoin’s bullish structure six separate times since last summer. It’s still rising and, for now, remains the bulls’ final line of defense. Above that, the primary framework is a tight, upward-tilting channel bounded by two yellow rails, with multiple circled touches validating both support and resistance along the way.Price printed a long downside wick into the lower rail, then bounced, effectively defending the channel and the 200-week average in the $0.16 area.

That reaction returned DOGE into the previously mapped range whose key horizontal levels are stacked in close succession: $0.24, $0.26, $0.285, and $0.305 overhead. These coincide with prior weekly turning points marked on the chart, as well as repeated taps of the rising upper trendline during the summer and early autumn.

Below, the chart calls out a sequence of backstops that matter if the bounce fades. The green horizontal sits around $0.14, with deeper weekly shelves marked at $0.09 and $0.05. That ladder of support is reinforced by remnants of an older, broader down-sloping trendline whose underside now tracks just under the recent wick; those legacy trendlines are still drawn and intersect beneath current price, explaining the aggressive bid that appeared on the weekly flush.

The upside roadmap remains equally explicit. A sustained reclaim of $0.202 on three-day closes is the trigger Kevin is watching; above that, the market confronts layered supply across $0.21–$0.24, then the more consequential range highs into $0.285 and $0.305.

Higher-timeframe Fibonacci bands and historical weekly levels continue at $0.42, $0.54, and $0.74, all plotted on the right-hand scale for context, but Kevin’s emphasis is squarely on the near-term reclaim and the moving-average confluence around $0.202.

In short, the weekly bounce off the 200-EMA (~$0.16) kept DOGE inside its year-long channel and preserved a constructive pattern of higher lows. Whether that bounce evolves into trend continuation now hinges on the $0.202 reclaim on the three-day chart—Kevin’s chosen confirmation level—and, in his view, on Bitcoin maintaining strength above $106,800.

Until then, DOGE remains range-bound, with buyers defending the lower trend line and sellers repeatedly prevailing at the upper trend line.

Via X, Kevin wrote: “Solid bounce for Dogecoin off of the weekly 200 ema back into our weekly range that we have traded in for most of the year. Along with BTC reclaiming 106.8K you want to see DOGE reclaim the .202 level on 3D closes which would get you above the macro 0.5 Fib and the 3D 200 ema/sma. For BTC and Doge that could create some upward momentum if done.”

At press time, DOGE traded at $0.17678.

Stablecoin payment company Transak has secured new state Money Transmitter Licenses (MTLs) in Iowa, Kansas, Michigan, South Carolina, Vermont and Pennsylvania, expanding its US footprint as regulatory fragmentation continues to define how crypto payment companies operate across the country, according to a Tuesday announcement shared with Cointelegraph.

The approvals bring Transak’s total to 11 licensed states, including Arkansas, Delaware, Illinois and Missouri. Each license allows the company to legally process stablecoin transactions, transmit funds, and facilitate fiat-to-crypto conversions directly with users, without relying on intermediaries.

In the US, MTLs allow companies to handle customer funds, execute value transfers and operate as regulated financial intermediaries under state supervision. 

“Every new license we secure brings us closer to a future where users can move between fiat and digital assets seamlessly and lawfully,” said Bryan Keane, Transak’s compliance officer for the Americas. 

The fragmented path to stablecoin compliance

While the licenses expand Transak’s direct reach, they also highlight the complexity of the US regulatory landscape for crypto payment providers. 

In the European Union, the Markets in Crypto-Assets Regulation (MiCA) framework allows companies to “passport” a single crypto license across all its 27 member states. 

This means that a licensed company in one member state can automatically operate across member countries without needing to reapply for approval in each jurisdiction.

The model creates a unified market for crypto services, simplifying compliance and reducing costs compared to the US’s state-by-state approach.

In the US, companies are required to secure individual MTLs in each state they operate in.

This means crypto payment providers might need 50 separate applications, each with their own requirements, timelines and fees, resulting in a patchwork of approvals that makes nationwide coverage expensive and slow. 

For Transak, its push toward direct licensing started in 2024 when it received its first state-level MTL in Alabama. The license allowed the company to operate in the state without relying on third-party providers. 

While Transak can reach users in 46 states through its partners, Transak’s move toward full licensing marks a deliberate effort toward a native, regulated payments stack. 

Transak eyes nationwide coverage

Keane told Cointelegraph that the latest state approvals are less about expanding access and more about strengthening regulatory control. 

“The state licenses we’re now securing are about deepening regulatory control, not expanding access — they give us more flexibility to innovate around upcoming stablecoin use cases and new payment flow architectures,” he told Cointelegraph.

Keane added that Transak currently has 19 additional state license applications pending and aims to achieve direct coverage across all 50 states in the next 12 to 18 months. 

He told Cointelegraph that the company remains optimistic about federal stablecoin legislation, noting that clear standards would benefit users and infrastructure providers. 

“Any framework that defines how regulated stablecoins can be issued, held, and used is a net positive,” he said, while cautioning that aligning federal and state rules could take years.

Until then, Transak plans to keep building within the existing patchwork of state frameworks rather than waiting for full federal clarity.

Trasak bets on growing stablecoin adoption

On Aug. 6, Transak became the first US crypto on-ramp to enable wire transfers. This allowed crypto users to top up their crypto accounts via wire transfers.

According to its press release, it’s preparing to launch Automated Clearing House (ACH) payments — bank-to-bank transfers used for direct deposits — to make bank transfers faster for Americans.

Transak also said the new licenses are part of its mission to make stablecoin payments “usable at scale.” The company stated that additional MTL applications are in progress as it lays the foundation for nationwide stablecoin access. 

Transak added that its compliance momentum would ensure that developers, businesses and users could participate in the next wave of stablecoin-powered cross-border payments within a lawful framework.