XRP ETFs Deliver Bigger Two-Day Result Than Entire Previous Week

The altcoin market continued to consolidate on Wednesday as a period of calm and stability swept across what was a chaotic market just last week. Amid the relative calm, Dogecoin has seen a significant jump in futures activity, with volumes spiking more than 5,000%.

According to CoinGlass data, Dogecoin futures volume rose 5,590.40% in the last 24 hours to $38.71 million.

The volume surge coincides with Dogecoin testing a historical support, which marked a price bottom a number of times.

According to Ali, Dogecoin has now tested the $0.14 support level five times in a row. Ali shared a price chart, which revealed a price rebound whenever a price reached this key level.

At press time, DOGE was up 1.07% in the last 24 hours to $0.15, as it rose for four days at a stretch before slightly declining.

Dogecoin began to rise from a low of $0.133 on Nov. 21 to reach a high of $0.1549 to enter a bullish consolidation phase. Technical indicators suggest potential for upward movement if resistance at $0.1549 is surpassed.

The crypto market remains gripped by "extreme fear" following last week's sell-off and the lack of a meaningful recovery, with Dogecoin anticipating its next price move.

Broader market conditions remain cautious as speculative assets underperform large-cap crypto flows heading into year's end. Dogecoin is generally seeing subdued leverage engagement despite stable open interest, reflecting a market waiting for a clearer macro or sector-specific catalyst before directional exposure.

Dogecoin news

Bitwise Dogecoin ETF is anticipated to launch today, Nov. 26, on NYSE Arca, with the ticker BWOW. Bitwise, in a tweet, said the product launch was based on Dogecoin community demand.

Grayscale's GDOG ETF launched on NYSE Arca with a zero-fee structure, becoming the first U.S.-listed spot Dogecoin ETF. The ETF's first trading day saw $1.41 million in volume but no net inflows, suggesting balanced activity from buyers and sellers.

XRP is back in the green, trading around $2.24 after a solid 24-hour jump. With multiple XRP ETFs rolling out and millions of dollars flowing in, excitement in the community has picked up again. That excitement, however, has also brought back the same old predictions, claiming that XRP is gearing up for a run straight to $100.

But analysts say the math simply doesn’t support that fantasy.

Why the $100 Narrative Falls Apart

Crypto analyst Zach Humphries didn’t sugarcoat his view. He said he loves XRP as much as anyone, but the idea of it hitting $100 next month is “delusional.” For XRP to reach that level, the asset would need a market cap of $6 trillion. That’s more than double the size of the entire crypto market today, and there are only about 35 days left in the year.

Even so, he made it clear he believes XRP’s long-term future is strong.

Still at a Make-or-Break Moment

XRP has been mostly stable over the last 24 hours, which isn’t surprising. Yesterday, there were early signs that the market might show a bit more bearish pressure, and it did see some weakness on the lower timeframes. 

Even with the slowdown, XRP still looks healthy on the bigger charts. A small dip into $2.14–$2.12 is more realistic, and even a quick spike into $2.06 wouldn’t be surprising. But from those levels, a recovery is expected.

What Happens After the Dip

As long as the broader market stays steady, XRP still has room to move higher. The next major upside targets are:

• Around $2.41
• Possibly $2.51 if momentum picks up again

XRP may be positioned for a major rally that reshapes its broader market outlook. In a detailed analysis shared on X, crypto strategist Chad Steingraber outlines calculations showing how expanding ETF activity could set the stage for a 100-fold move, pushing XRP toward $225 per token. His commentary consolidates a series of demand-and-supply assessments that map the structural forces he believes define XRP’s potential rally, signaling a market phase increasingly driven by institutional participation.

Mapping XRP’s Path To A 100x Rally At $225

According to Steingraber, XRP’s path to $225 follows a series of milestones. He projects a fivefold rise to $11.25, tenfold to $22.50, twentyfold to $45, fortyfold to $90, sixtyfold to $135, and ultimately a 100-fold increase to $225. Each step reflects the interaction between supply absorption and price adjustment: as ETFs acquire more XRP, price rises, moderating the rate of accumulation and maintaining balance in the market. In Steingraber’s view, the only outcome is a sharp rise in XRP’s price. 

While XRP’s current market performance shows a 1.8% decline over 24 hours and an 8.4% decline over two weeks, Steingraber emphasizes that these short-term fluctuations are minor compared to structural forces. ETF-driven demand and institutional acquisition are poised to create a supply-demand imbalance that pushes XRP far beyond its current trading range.

Overall, his analysis frames XRP’s potential 100x rally to $225 as a structural outcome of institutional participation, ETF inflows, and supply scarcity. Price increases are essential to slow the rate at which asset managers acquire the token, making the rally a logical response to market mechanics rather than a speculative prediction.

How ETF Inflows Shape XRP’s Supply Dynamics

Steingraber’s series of projections illustrates how XRP could be absorbed at a pace capable of significantly reducing its circulating supply within a short period. Under conservative estimates of $33.6 billion in annual inflows, he believes that most of the available XRP could be acquired within a year. More aggressive scenarios involving major asset managers such as BlackRock could see the entire circulating supply absorbed in less than six months.

To illustrate the scale of demand, he breaks down current acquisition rates: seven major funds are taking in an average of $20 million per day each, totaling $140 million daily, $700 million weekly, and $2.8 billion monthly, amounting to $33.6 billion annually. At XRP’s current price of $2.20, these inflows would allow institutions to accumulate massive quantities of the token, creating rapid scarcity. 

This dynamic makes a substantial price increase unavoidable, as higher prices slow accumulation under fixed allocations and prevent ETFs from depleting the market too quickly. XRP’s rising price is therefore not just a market reaction but a structural requirement to maintain balance amid large-scale institutional buy-ins.

Bitcoin has suddenly reclaimed the $90,000 level, reaching an intraday peak of $90,334, according to CoinGecko data.

The cryptocurrency is up by nearly 3% over the past 24 hours. 

The shortest bear market ever? 

Bitcoin recently dropped from a peak of $126,080 in early October to roughly $80,000, a crash of roughly 30 %. This makes it one of its steepest recent corrections.

The drop erased almost all of the gains Bitcoin made earlier in 2025, wiping out much of the bullish momentum that had built up over the year. 

After a strong rally, many long‑term holders have opted to cash in. According to analysts at Deutsche Bank, the cryptocurrency also took a beating due to risk-off sentiment as well as stalling regulatory progress. 

Entrepreneur Vinny Lingham has quipped that this could be the shortest bear market ever. 

"A feature, not a bug"

Saylor has already reacted to the recent price recovery, stating that volatility is actually a feature, not a bug. 

"Bitcoin’s volatility is a feature, not a bug — and it can be harnessed to move civilization forward," he said on X. 

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin is now a "strong relative buy," K33 says, arguing that its sharp underperformance versus equities has created a rare disconnect from fundamentals and pushed the sell-off close to saturation.

In today's newsletter, Robinhood deepens its foray into prediction markets, Grayscale files for a spot Zcash ETF, CleanSpark reports record revenue amid its AI shift, and more.

Meanwhile, turmoil inside the WLFI-focused treasury firm ALT5 Sigma reportedly includes investigations, firings, and a Rwandan money laundering conviction.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Robinhood to launch new derivatives exchange for prediction markets push

Robinhood is launching a new futures and derivatives exchange through a joint venture with Susquehanna to accelerate its push into prediction markets.

• The plan involves acquiring MIAXdx, a CFTC-licensed designated contract market and clearinghouse, to anchor the exchange infrastructure.
• Parent company MIAX will retain a 10% equity stake in the new venture, while Susquehanna will act as the day-one liquidity provider to jump-start trading activity.
• The company aims to begin offering new futures, derivatives, and prediction-market products when the exchange goes live in 2026.
• Robinhood said demand for prediction markets is surging, with more than 9 billion contracts traded by over 1 million customers since the firm launched its existing offering in partnership with U.S.-regulated platform Kalshi earlier this year.
• Analysts at Bernstein said Robinhood is now positioned to capture a larger share of the prediction-markets revenue pool as it builds out its own CFTC-regulated exchange.

Grayscale files with the SEC to launch first-ever Zcash ETF

Grayscale moved to convert its Zcash closed-end trust into an exchange-traded fund on Wednesday, filing with the SEC to launch what could be the market's first-ever ZEC-focused ETF.

• The existing Grayscale Zcash Trust currently has over $196 million in assets under management as of Nov. 25.
• Grayscale highlighted Zcash's privacy features as a growing priority in crypto and argued that ZEC plays an essential role in a diversified digital asset portfolio.
• The filing extends Grayscale's recent wave of trust-to-ETF conversions, following new XRP, DOGE, and SOL products enabled by a more favorable regulatory environment under the Trump administration.

Bitcoin miner CleanSpark reports record revenue for FY 2025 amid broader AI shift

Bitcoin miner CleanSpark posted a record $766.3 million in fiscal year 2025 revenue and swung from a net loss to net income of $364.5 million as it leaned further into AI compute infrastructure.

• CEO Matt Schultz said 2025 was the year the company achieved operating leverage and is now positioning its power and data center portfolio to capture value from both bitcoin and AI workloads.
• CleanSpark recently accelerated its expansion plans with a $1.15 billion zero-coupon convertible notes raise and new leadership hires, while reviewing sites for potential "giga-campus" conversions to meet AI demand.
• The miner ended the fiscal year with $1.2 billion in bitcoin, $43 million in cash, and $950.1 million in mining assets as of Sept. 30, while long-term debt stood at $644.6 million, and total liabilities at $1 billion.

Coinbase Ventures eyes RWA perpetuals, AI in 2026 investment outlook

Coinbase Ventures laid out its 2026 investment playbook, focusing on perpetual futures for real-world assets, specialized trading platforms, DeFi innovations, AI and robotics.

• The firm said it sees synthetic perpetuals tied to offchain assets as a major opportunity as traders seek onchain exposure to macro themes, such as inflation, credit spreads, and volatility.
• Coinbase Ventures further flagged composable perps, unsecured onchain credit, privacy-preserving DeFi, and trading terminals for prediction markets as high-growth areas as the sector evolves.
• The team also spotlighted crypto's convergence with AI and robotics, predicting a breakout year for AI-driven smart-contract development and automated onchain business creation.

Kevin Hassett, who has crypto ties, rises to the front in Fed Chair search

Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as the frontrunner for Fed Chair, elevating a key figure in the White House's digital asset market working group who also holds a $1 million-plus stake in Coinbase.

• Hassett's policy influence, including his role in shaping recommendations on stablecoins, taxes, and a federal crypto stockpile, positions him as a potentially consequential pick for markets.
• If selected, Hassett would give President Trump a trusted ally at the Fed, people familiar with the matter told the outlet, though the final choice remains uncertain as other candidates like Christopher Waller and Kevin Warsh are still under consideration.

In the next 24 hours

• U.S. markets are closed on Thursday for Thanksgiving.
• Yield Guild Games is among the crypto projects set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.

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.

Tether has quietly overtaken every central bank to become one of the most aggressive buyers of gold in recent months.

Given Tether’s vocal commitment to the long-term future of crypto, its aggressive shift into gold has left people wondering what has prompted the change. 

Tether Outbuys Central Banks

Gold’s record 56% surge in 2025 is often attributed to concerns about fiscal dominance, rising public debt, loose monetary policy, and declining trust in major currencies. 

These concerns have prompted central banks in countries such as Kazakhstan, Brazil, and Turkey to increase their gold purchases, thereby reinforcing the metal’s status as the world’s most trusted safe-haven asset.

A recent Jefferies analysis, however, revealed a surprising twist. Tether bought 26 tonnes of gold in the third quarter — more than any central bank. By the end of September, the company’s total holdings had reached approximately 116 tonnes, valued at roughly $14 billion.

Tether’s presence in the gold market extends far beyond its tokenized product, XAUt, which holds fewer than 12 tonnes despite a $1.6 billion market cap. Jefferies reported that the company has been expanding its bullion reserves to support both USDT and XAUt.

USDT’s circulation grew from $174 billion in the third quarter to $184 billion by mid-November, according to Reuters. Gold has become a larger part of its backing as supply has increased. Precious metals now account for approximately 7% of Tether’s reserves, valued at around $13 billion.

In total, Tether holds about 104 tonnes of gold for USDT and 12 tonnes for XAUt. The scale and consistency of these purchases underscore its growing influence in the bullion market.

However, the timing of this rapid accumulation has raised a new layer of controversy.

A Move at Odds With the GENIUS Act

Tether’s growing bullion position sits awkwardly beside the new US GENIUS Act. The law bars any compliant issuer from holding gold as part of its reserves. It pushes firms seeking approval to rely on cash, Treasury bills, or other liquid and transparent assets.

Tether has already announced a GENIUS-compliant token called USAT, which will avoid gold entirely. Yet, the company continued to add to the bullion backing USDT even after the law was passed.

Why Tether doubled down on gold during this shift is still unclear. Gold prices have also cooled since hitting $4,379 in mid-October. The metal now trades more than 6% below that peak.

Even so, Tether’s commitment to physical gold highlights a deeper convergence of crypto and traditional safe-haven assets.

Different Havens, Different Risks

The convergence between gold and Bitcoin, often referred to as “digital gold,” is not entirely surprising. Both attract buyers who fear weakening major currencies. Many see finite-supply assets as protection against long-term debasement.

In practice, however, the two markets behave very differently. 

Bitcoin has grown rapidly over the past decade but remains highly volatile. Recent price swings made that clear. The token plunged sharply over the past two months, acting more like a high-beta tech asset than a monetary hedge.

Stablecoins operate on a different promise. 

They offer instant redemption at par and rely on reserves meant to stay stable. Yet the crypto sector continues to show vulnerability to sudden stress. A rapid shift in sentiment can happen at any time.

If demand for stablecoins were to collapse, pressure would fall directly on the assets backing them. That includes Tether’s growing pile of gold. A sharp market reversal could prompt bullion sales, drawing a traditionally steady asset into the turbulence of crypto-driven markets.