Arp's Crypto Digest

General Digital Asset Market View:

Over the past week (Nov 17–21), the crypto market pulled back sharply. Bitcoin dropped around 9–10% as broader risk sentiment weakened and traders reduced exposure. Spot Bitcoin ETFs saw heavy outflows, including a massive single-day withdrawal of over half a billion dollars from one of the largest funds, signalling cooling demand. Ethereum products also faced notable redemptions. Overall, the combination of ETF outflows, reduced trading momentum, and increased volatility led to a cautious tone across the market heading into the end of the week.

Macro:

Economic indicators due next week will include the delayed US economic activity data (Sept retail sales, PPI, Conference Board and jobless claims are key), along with inflation reports from Europe/Japan and IP data from Japan/Korea/Taiwan. Indian Q3 GDP will also be in focus. From central banks, there will be the Fed’s Beige Book (blackout period underway) as well as the ECB’s account of the October meeting. The US is out for Thanksgiving on Thursday. The BoK and RBNZ are also scheduled to meet. Other highlights include the Autumn Budget in the UK.

More Crypto:

Base is the only major chain showing meaningful momentum, with transaction activity up 70% over the past 30 days.

With the U.S. government reopened, roughly $1T in Treasury cash is set to flow back into markets, including about $100B in November alone.

This creates a short-term liquidity boost that could support risk assets.

UNI, AAVE, and LDO share the same pattern: market caps are down, but fundamentals keep improving.

The gap between price action and network strength is widening.

What Happened This Week:

• US Sept. jobs beat expectations with +119K payrolls, 4.4% unemployment, and 3.8% YoY wage growth.

• Rep. Warren Davidson proposes Bitcoin tax payments to fund a BTC reserve.

• UAE’s ADIC triples its Bitcoin ETF stake to $518M ahead of the market drop.

• Kraken raised $800M at a $20B valuation.

What to Look Out For:

• BlackRock plans to launch a new staked Ethereum Trust in Delaware.

• President Trump to pick next Fed Chair before Christmas.

• Trump says tariff-funded dividend payments will begin by mid‑2026.

• Swiss National Bank is reportedly increasing Bitcoin exposure via holdings in Saylor’s Strategy and other BTC firms.

What we enjoyed reading and listening to:

• Is It All Over? What The Markets Are Saying For 2026 — Link 

• Coinbase Founder: How I Built The Largest Crypto Exchange From $0 to $100 Billion in 9 years — Link

• Surviving Brutal Crypto Sell-Offs — Link

• Crypto Trends Report 2025 — Link
  

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