- Arp Digital
- Posts
- Arp's Crypto Digest
Arp's Crypto Digest
ARP Digital
November 17, 2025
General Digital Asset Market View:
This week ETF capital flow quickly reversed from inflow to outflow, reflecting that institutional capital remains cautious in the current market environment. Although there was a brief inflow on the 11th, it was quickly offset by large-scale outflows, indicating that the capital situation has not stabilized. In recent weeks, U.S. spot Bitcoin ETFs have shifted to moderate outflows, reflecting weak price trends and diminishing momentum. After strong capital inflows in the middle of the year, overall demand has leveled off, indicating a pause in institutional accumulation. Historically, this neutral liquidity regime aligns with market consolidation, which often occurs before the next directional trend.
A decisive return of capital inflow would mark a restoration of institutional confidence, while prolonged capital outflows could reinforce a more defensive market tone.
Macro:
This week will kick off a data deluge in the wake of Congress’ temporary funding deal last week which ended the record long 43-day federal government shutdown. At the time of writing the BLS, BEA and Census had begun to post some revised schedules for the backlog of federal government data releases. The main event for this week will be Thursday’s employment report for September. Regarding the BEA and Census data currently scheduled for release this week, Monday’s August construction spending, Tuesday’s August factory orders and Wednesday’s August international trade balance will inform forecasters’ estimates for Q3 GDP. In addition to the above, we will also get a handful of other data points that are less backward looking. Monday’s New York Fed Empire index, Tuesday’s NAHB housing market index, Thursday’s Philadelphia Fed survey and existing home sales for October will all provide insights into current-quarter activity within the housing and factory sectors. Otherwise, scheduled economic indicators due will include the flash November PMIs on Friday, as well as inflation in the UK, Canada and Japan. Korean 20-day trade data and Taiwan export orders for October will also be worth watching towards the tail end of the week.
From a monetary policy standpoint, the highlight is the FOMC minutes on Wednesday. The week features a bevy of Fedspeak as policymakers across the hawk and dove spectrum are poised to offer further insights into their monetary policy outlook.
More Crypto:
Source: Token Terminal
Tokenized money market funds have hit an all-time high of roughly $8.4B in AUM — a nearly 60× surge since early 2024, solidifying their place as one of the fastest-growing RWA sectors.
USDC on Solana is Circle’s native stablecoin for fast, low-fee payments, and Solana now leads all chains in monthly USDC senders, accounting for one-third of the total.
Since October 2023, that number has grown 10×, while the average monthly supply reached $12.6B — with $9.9B sitting on Solana, or 62% of its total stablecoin base.
Source: CryptoQuant
Over 28% of Bitcoin’s circulating supply is now held at a loss — nearly a third of holders are underwater.
Historically, these moments often mark local bottoms in bullish cycles, as markets flush out exhausted sellers.
What Happened This Week:
Michael Saylor says rumors of Strategy selling Bitcoin are false.
BlackRock’s BUIDL Fund now usable as Binance trading collateral.
Trump signs bill to end US government shutdown.
Czech Central Bank purchases $1M in Bitcoin and crypto.
Tether hires top HSBC gold traders to enter bullion market.
What to Look Out For:
December rate cut odds fall below 50% after White House statement.
Taiwan legislator says central bank will study Bitcoin as a strategic reserve.
SEC Chair Paul Atkins unveils “token taxonomy” to modernize crypto rules.
Circle may launch a native token on Arc Network.
Coinbase to launch a token sale platform for retail investors and issuers.
What we enjoyed reading and listening to:
ARP Digital is regulated by the Central Bank of Bahrain as a Category 3 Crypto Asset Service Provider. All communications and services are directed at Professional Clients only, persons other than Professional Clients, such as Retail Clients, are NOT the intended recipients of our communications or services. ARP Digital does not provide investment advice, and nothing herein shall be considered, construed as, or deemed to be, investment advice. Furthermore, nothing herein is intended to be, or shall constitute, an offer or invitation to buy securities or any form of financial instrument or investment product by ARP Digital or any of its related parties or persons.