Crypto closed out November on shaky footing. Bitcoin price is down over 20% this month, slipping after a death cross, cooling ETF demand, and a stubborn macro backdrop. Rate-cut hopes faded as the Fed signaled caution, while whispers of an AI bubble added fresh nerves across risk assets.
Even as global inflation eases and Bitcoin reclaims the $90K zone, the recovery looks fragile. Analysts say BTC must break $92K–$95K and rebuild spot volume before any real momentum returns. ETF flows finally stabilized after weeks of brutal outflows, but the broader market is still searching for direction.
From Dogecoin’s ETF slump to Ethereum whale sell-offs, major hacks, regulatory wins, and token burn milestones, a lot happened this week.
Read the full recap below to catch every major story.
Dogecoin Slips as ETF Demand Weakens, but Analysts See Long-Term Setup
Dogecoin fell to about $0.149 as demand for the new DOGE ETF plunged, with Grayscale’s GDOG posting an 80% drop in inflows on day two. The token remains stuck in a tight range, showing weak momentum. Still, analysts highlight repeating long-term accumulation patterns and a confirmed trendline breakout, suggesting DOGE could stage a major upside phase if renewed demand returns.
Ethereum Slips as Major Whales Dump Millions Ahead of Fusaka Upgrade
Ethereum fell to around $3,022 after two large whales sold nearly 38,000 ETH worth over $112 million, stalling its recent recovery. Despite selling pressure, BitMine has accumulated 316,000+ ETH this month, bringing its total to 3.6 million tokens. With ETH forming a bearish flag and a death cross, analysts warn of a drop toward $2,620, though the upcoming Fusaka upgrade and a falling wedge pattern could support a rebound toward $3,500.
Lazarus Group Suspected in ₩44.5B Upbit Hack as Korea Launches Full Investigation
South Korean authorities say the ₩44.5 billion ($30–32M) hack on Upbit shows strong links to North Korea’s Lazarus Group, mirroring tactics from the exchange’s 2019 breach. The attack drained a hot wallet, then quickly moved funds through multiple wallets and mixers. Regulators have begun on-site inspections, while Upbit’s operator, Dunamu, pledged full customer reimbursement and now faces heightened cybersecurity scrutiny.
Injective Holds $6 Support as RWA Boom Fuels Bullish Outlook
Injective burned 6.78 million INJ in November, removing 13.5% of the supply in two months, as RWA perpetual markets pushed cumulative volume past $6B, driving higher protocol fees and buybacks. Despite the surge in activity, INJ trades near $6.05, holding key support. Analysts see consolidation inside a long-term descending channel, with a breakout above $8 potentially targeting $40–$67 in a new bullish cycle.
Tom Lee Predicts Ethereum Could Reach $9K as Recovery Strengthens
Ethereum has rebounded from $2,627 to around $3,035, with analyst Tom Lee forecasting a rise to $9,000 in the coming years. Lee says October’s crash was an “engineered washout” and expects major tailwinds from tokenization and stablecoin growth, where Ethereum leads in market share. Technically, ETH has broken out of a falling wedge and now targets $3,600, unless it falls back below $2,627.
Ripple’s RLUSD Stablecoin Wins Full Regulatory Approval in Abu Dhabi
Ripple’s USD-backed stablecoin RLUSD has been officially approved as an “Accepted Fiat-Referenced Token” by Abu Dhabi’s FSRA, making it one of the first fully regulated institutional stablecoins in the Middle East. The ruling allows banks, payment firms, and brokers in ADGM to use RLUSD for settlement, collateral, lending, and treasury operations, subject to strict reserve and compliance rules. The approval strengthens RLUSD’s cross-border payment strategy and reinforces Abu Dhabi’s push to become a leading global digital-asset hub.
Nasdaq Seeks Fourfold Increase to IBIT Bitcoin ETF Options Limit
Nasdaq has asked the SEC to raise the position and exercise limits for options on BlackRock’s IBIT Bitcoin ETF from 250,000 to 1,000,000 contracts. The exchange argues that a higher cap would support institutional hedging, deepen liquidity, and align with limits on major ETFs. Nasdaq also says the risk to the underlying Bitcoin market is minimal. The SEC will review the proposal through its public comment process.
Pi Network Surges After New Gaming Partnership and Ecosystem Push
Pi Network jumped 67% from yearly lows after announcing a major partnership with CiDi Games, backed by its $100 million venture fund. The deal expands Pi’s gaming ecosystem and signals broader ambitions in gaming and AI. With its MiCA white paper submitted, the odds of exchange listing have improved. Technically, Pi is nearing key resistance at $0.2945, with a breakout potentially targeting $0.50.
Chainlink Faces Mixed Signals as ETFs Launch and Analysts Warn of $10 Risk
Chainlink traded around $12.89 after volatile swings driven by conflicting technical signals and anticipation of new crypto ETF launches, including Grayscale’s $GLINK. While institutional access via ETFs could boost long-term demand, analysts are split: some warn that LINK’s failed monthly close reopens the door to a drop toward $10. In contrast, others see short-term bullish momentum from a breakout on lower timeframes.
Polymarket Wins CFTC Approval to Relaunch as a Regulated U.S. Exchange
Polymarket has received formal approval from the CFTC to operate as a fully regulated intermediated exchange in the United States. The move comes after its 2022 penalty and user restrictions, followed by its acquisition of licensed entities QCX and QC Clearing. The new designation allows Polymarket to onboard brokerages and FCMs, enabling U.S. clients to trade event contracts through traditional intermediaries ahead of a planned 2025 relaunch.
AVAX Hits One-Year Low Despite Rapid Avalanche Network Growth
AVAX fell to $12.50, its lowest price since November 2023, dropping over 62% from its September peak despite strong network expansion. Avalanche processed 62M transactions in 30 days, grew to 670,000 users, and saw stablecoin supply rise to $2.08B. AVAX also gained traction in RWAs and rolled out the Granite upgrade. Technically, the trend remains bearish, with downside risk toward $10.
