At the end of 2022, a whale that established a large position in WBTC continued to sell off, having cumulatively sold 176.17 WBTC since yesterday.

On November 20th, glassnode released its weekly market observation article. It was pointed out in the article that Bitcoin has fallen below the STH cost basis and the -1 STD range, thus putting pressure on recent buyers. The $95K-$97K USD range has now become a key resistance level. Reclaiming this range would suggest an early step towards the recovery of the market structure. On the other hand, the spot demand remains weak. The US spot ETF fund flows are severely negative, and the TradFi asset allocators are not adding any buying pressure. The speculative leverage continues to decline, which is reflected in the decrease in the open interest of futures contracts in the top 500 assets and the funding rates dropping to a cyclical low. The options market has significantly readjusted the risk pricing. The implied volatility has risen across all tenors. The skew remains low because traders have paid a high premium for the downside risk protection. This deeper drop has continued the mild b

On November 20th, the CEO of CryptoQuant released multiple Bitcoin Realized Cap Distribution charts and stated that the current sell-off is being driven by short-term holders of Bitcoin, while miners and long-term holders remain relatively restrained.

On November 20th, Raoul Pal, the co-founder and CEO of Real Vision, wrote that the liquidity operational control is transferring from the Fed to the Treasury Department. This enables (the Trump administration) to have more direct control over debt financing and rollover. Banks are utilized as conduits, and bills are issued as a liquidity injection mechanism. This is fundamentally a state/political means of managing currency devaluation through fiscal dominance, eliminating the so-called "independent" and "apolitical" checks and balances of the central bank.

On November 20th, as per official channels, the Phantom Wallet now provides support for HyperEVM tokens. Users are able to carry out token swaps and cross-chain swaps from Solana, Ethereum, Base, and Sui to HYPE. They can also send and receive HyperEVM assets. HyperEVM is enabled by default, and users can customize the enabling status of the network within the settings. Currently, only token transactions and transfers are supported; DApp interaction is not yet available.

On November 20th, according to the announcement of Bio Protocol, BioXP Season 2 has been launched. Users are required to stake BIO in order to generate veBIO and obtain eligibility for ecosystem token staking XP and airdrops. The new mechanism encompasses the following: 1) The veBIO level multiplier, which can lead to up to 10 times the XP earnings; 2) An XP bonus for staking new tokens within the first 60 days; 3) veBIO holders will automatically receive airdrops of new ecosystem tokens. All old BioXP will expire after the second ignition sale.

On November 20th, as per Reuters, the cryptocurrency asset management firm Bitwise disclosed details about the forthcoming Bitwise XRP ETF. The ETF has a management fee of 0.34% (with no management fee until the assets under management reach $500 million) and is set to be listed on the NYSE under the ticker symbol XRP. It is also reported that the XRP ETF is the 49th cryptocurrency investment product launched by Bitwise in the United States and Europe.