Justin Arzadon
6 minutes reading time
- Digital assets
Bitcoin and the broader crypto market hit multi-month lows over the last seven days to 10 November 2025. Bitcoin plunged below US$100K for the first time since September 2025 before slightly recovering. According to on-chain data from Glassnode, the recent weakness is being attributed to whales (wallets holding over 10K BTC) selling coins that have been dormant for years.
Bitcoin and Ethereum were down by -8.06% and -12.76% respectively over the seven days to 10 November 2025. Bitcoin’s market capitalisation is down to US$2.1 trillion while the global crypto market cap is at US$3.43 trillion. Bitcoin’s market dominance is at 59.3%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$101,721 |
$111,068 |
$99,008 |
-8.06% |
|
ETH (in US$) |
$3,403 |
$3,910 |
$3,098 |
-12.76% |
Source: CoinMarketCap. As at 10 November 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Ripple reaches US$40 billion valuation
In another sign that Wall Street is warming quickly to blockchain rails and the stablecoin economy, Ripple has just been valued at US$40 billion after securing US$500 million in new equity from investors tied to Citadel Securities and Fortress Investment Group. Other backers include Brevan Howard, along with crypto-native investors Pantera and Galaxy Digital.
The Financial Times reported the capital raise last Wednesday, noting that the deal reflects Wall Street’s growing push to gain exposure to digital payments and blockchain rails, in spite of the macro pressure that still looms over the space1.
Stablecoin partnership
Citi and Coinbase have signed a partnership to build stablecoin payment rails for Citi’s institutional clients. Crypto payment rails are the underlying systems that use blockchain technology to transfer digital assets This is being seen as another step in collapsing the divide between traditional finance and digital assets2.
The first phase will target streamlining fiat currency in and out – making it easier and faster to convert dollars into crypto and vice versa. Over time, the goal is to open the door to true 24/7 institutional payments3.
This deal could be a glimpse of where the infrastructure is heading: the legacy banking stack starting to plug directly into crypto-native settlement channels. The border between TradFi (traditional finance) and digital finance is, in my view, being engineered into reality.
CRYP company spotlight
Shortly after announcing third-quarter results, Cipher Mining Inc. (NASDAQ: CIFR) announced a deal with Amazon Web Services that sent the stock soaring. The deal, worth US$5.5 billion over 15 years, is one of the largest partnerships between a crypto mining company and the major cloud provider. Cipher will supply power and space for artificial intelligence (AI) workloads4.
Cipher reported US$72 million in revenue and adjusted earnings of $0.10 per share for the third quarter of 2025, broadly in line with market expectations5. The stock is up over 328% YTD to 8 November 2025.
Cipher Mining is held in the Betashares Crypto Innovators ETF (ASX: CRYP)6. CRYP provides exposure to global companies at the forefront of the crypto economy.7
Bitcoin (BTC): Fear and Greed
The Crypto Fear & Greed Index is an indicator from Alternative.me that aims at capturing investor sentiment in a single number by incorporating data from multiple sources. The index ranges from 0 to 100, where 0 denotes “extreme fear” and 100 means “extreme greed”.
According to data from Alternative.me as of 9 November 2025, the index sits at 20, denoting extreme fear.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Ancient Supply Spent Volume 7-10yr
Given the infamous volatility of Bitcoin markets, coins aged five years or more are typically owned by HODLers (investors who hold on for dear life) who are very experienced in market cycles (or coins that are lost). These coins are spent infrequently and represent a small fraction of daily transfer volume (if any). We refer to these colloquially as “ancient coins”.
These coins having been acquired at much cheaper prices can represent very large US dollar denominated values at modern prices.
According to data from Glassnode, as of 8 November 2025, last week saw major selling from the 5-7yr cohort with two days of extremely large selling. Monday was the largest day of selling over the last year and Friday saw a subsequent large day of selling.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Within the top 20 cryptocurrencies, only two coins had a positive return in the last seven days to 9 November 2025. The two coins are privacy coins: ZCash (ZEC) and Monero (XMR), which managed to return over 37% and 23% respectively. Zcash hit its highest price since 2018, pushing its market capitalisation into the top 20 and making it the largest privacy coin.
Privacy coins are cryptocurrencies which allow users to conduct transactions privately and anonymously, ensuring untraceable transactions. Higher prices of privacy coins implies growing fears that governments are encroaching on personal financial privacy7.
References:
1. https://cointelegraph.com/news/ripple-40b-valuation-citadel-fortress-investment
2. https://finance.yahoo.com/news/coinbase-citi-team-fix-cryptos-141604272.html
3. https://www.bankingdive.com/news/citi-coinbase-ink-stablecoin-partnership/804133/
5. https://www.thestreet.com/crypto/investing/popular-crypto-mining-stock-surges-after-amazon-deal
6. As at 7 November 2025. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
7. CRYP does not invest in crypto assets directly and does not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Product Disclosure Statement and Target Market Determination (TMD), available at www.betashares.com.au.