Bitcoin Surges Beyond $92,000

On November 19th, Fidelity and Canary Marinade launched a new Solana ETF today, increasing the total number of existing spot Solana ETFs to 5. · The FSOL of Fidelity is now listed on NYSE Arca with a management fee of 0.25%. · The SOLC of Canary Marinade is now listed on Nasdaq with a management fee of 0.5%.

On November 19th, based on the latest filing, the publicly traded company Sonnet Biotherapeutics in the US has postponed its merger vote to December 2nd. Previously, on July 14th, Sonnet BioTherapeutics agreed to an $8.88 billion merger deal under which it will be renamed Hyperliquid Strategies and launch the HYPE treasury strategy. The Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and initiate the treasury strategy. According to a press release issued on Monday, Rorschach I LLC is a newly established company by affiliated entities of Atlas Merchant Capital LLC, affiliated entities of Paradigm Operations LP, and other sponsoring parties. Upon the completion of the transaction, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.6 million HYPE tokens and $305 million in cash, with a total valuation of approximately $8.88 billion. The transaction has attracted strategic investors such as Paradigm,

On November 19th, Glassnode released an analysis indicating that the realized losses of short-term holders have witnessed a notable increase. The 7-day moving average has reached $4.27 billion per day, which is the highest level since November 2022. Panic selling has reached its peak and intensified significantly, exceeding the loss levels witnessed during the previous two major lows of this cycle.

On November 19th, according to CoinDesk, the cryptocurrency incubator Obex has completed a financing round with an amount of $37 million. The specific investment team has not been disclosed yet. The new funds will be employed to provide support for the development of yield-bearing stablecoins, which will be led by Framework Ventures, LayerZero, and the Sky ecosystem. The initiative is intended to invest in and fund projects that bring real-world asset (RWA)-backed strategies onto the blockchain. It aims to introduce institutional-grade risk controls and underwriting practices into this rapidly evolving field. Obex will become the latest fund allocator under Sky (formerly known as MakerDAO). Sky is the entity behind the DAI and USDS stablecoins, and the combined market capitalization of these two stablecoins is $9 billion. Through Obex, Sky will utilize its substantial protocol reserves to provide expansion funding for projects and generate returns from these strategies.

On November 19th, as reported by Bloomberg, HSBC Holdings Plc is set to commence offering tokenized deposit services to its corporate clients in the US and the United Arab Emirates during the first half of the next year. Manish Kohli, the Global Head of Payments and Receivables at HSBC Bank, declared that the tokenized deposit service will enable customers to achieve real-time, 24/7 domestic and cross-border fund transfers without being restricted by business hours, thus facilitating large enterprises in managing liquidity more effectively. HSBC Bank's tokenization service has already been launched in Hong Kong, Singapore, the UK, and Luxembourg, and the bank is currently supporting transactions in the Euro, Pound Sterling, US Dollar, Hong Kong Dollar, and Singapore Dollar. Kohli stated that when the service expands to the Middle East next year, the UAE Dirham will be included. According to Kohli, HSBC plans to expand the application scenarios of tokenized deposits in programmable pa

On November 19th, Polygon Labs disclosed that digital bank Revolut has incorporated Polygon as its primary blockchain infrastructure for stablecoin transfers, payments, and transactions. By November 2025, Revolut users had processed a transaction volume of over $6.9 billion through Polygon. Revolut has more than 65 million users in 38 countries, among which there are 14 million cryptocurrency users. Through this integration, users can send and receive USDC and USDT stablecoins on the Revolut app by using the Polygon network. They can enjoy zero-fee remittance services and directly trade and stake the POL token.