Crypto Daily Market Report : Key News, Trends, and Insights in Cryptocurrency & Blockchain– November 13, 2025

• Macro Environment: The U.S. House of Representatives passed a bill to end the government shutdown, boosting the consumption-led Dow Jones Index, which extended its four-day rally to a new record high. Tech stocks retreated again, and the S&P 500 barely closed higher, reflecting still-limited market liquidity that is expected to recover gradually once the shutdown officially ends.
• Crypto Market: Bitcoin briefly rebounded to $105,000 during the Asia–Europe trading session but fell 1.38% during the U.S. session following a tech stock pullback. The Crypto Fear & Greed Index dropped to its lowest level since April’s tariff shock, indicating persistent market fear. Bitcoin’s market dominance remained near 60%, showing no clear trend in overall risk appetite.

• Trending Tokens: ZEC, TEL, ZORA
• Privacy-related tokens such as ZEC, DCR, and XMR saw a collective rebound.
• ZORA: Uniswap’s founder launched a commemorative token on ZORA in honor of the recent “fee switch” governance proposal.
• DYDX: A new proposal to allocate 75% of protocol revenue for DYDX token buybacks has entered the voting phase.
• AB: WLFI officially deployed the USD1 stablecoin on the AB blockchain.
• SUI: Sui announced plans to launch a native stablecoin, USDsui.
• AVAX: South Korea’s NongHyup Bank began a VAT refund pilot program using stablecoins on the Avalanche network.
• ASTER: Astar plans to cap the total ASTR supply at 10.5 billion and introduce a new “Burndrop” mechanism.

• U.S. October CPI release may be delayed due to the government shutdown.
• The U.S. SEC will decide on November 13 whether to approve Franklin Templeton’s spot Ethereum ETF with staking features.

• The U.S. House passed a bill to end the government shutdown.
• Fed “insiders” indicate growing internal division over a potential December rate cut.
• Most regional Fed presidents are not supportive of a December rate cut.
• U.S. Treasury Secretary Besant: major tariff news expected in the coming days.

• SEC Chair announced a “Token Classification Framework” to clarify whether cryptocurrencies qualify as securities.
• The EU plans to tighten MiCA regulations, potentially banning the sharing of order books with non-EU exchanges.

• U.S. Treasury Secretary: Stablecoin market expected to reach $3 trillion by 2030.
• Strategy’s mNav fell below 1, with BTC holdings now exceeding the company’s market value.
• Visa launched a pilot program for stablecoin-based payments.
• Circle reported total Q3 revenue and reserve income of $740 million, with a net profit of $214 million.
• Polymarket became Yahoo Finance’s exclusive prediction market partner.
• Canary XRP ETF received Nasdaq listing certification and will begin trading at market open.

Expanded Analysis of Industry Highlights

1. U.S. Treasury Secretary: Stablecoin market expected to reach $3 trillion by 2030.

• Expanded Interpretation: This projection (or even more aggressive forecasts reaching $3.7 or $4 trillion) highlights the growing confidence and recognition from the U.S. government and major financial institutions that stablecoins are a core component of global payments and financial infrastructure.
• Potential Drivers: This growth will primarily be driven by three factors:
  • Increased Efficiency in Global Payments: Stablecoins offer faster and lower-cost settlement compared to traditional cross-border remittances.
  • Tokenization of Traditional Financial Assets (RWA): Tokenizing real-world assets like Treasury bills and stocks requires USD stablecoins as the primary settlement medium.
  • Expansion of the Crypto Ecosystem: As Decentralized Finance (DeFi) and Web3 applications mature, the demand for stablecoins as a medium of exchange and unit of account will continue to rise.
• Implications for the U.S.: If this projection is realized, the U.S. Dollar will further solidify its dominance in the global digital economy through stablecoins. Simultaneously, the large reserve assets backing these stablecoins (mainly short-term U.S. Treasury securities) will flow into the Treasury market, potentially having a positive impact on the U.S. government's borrowing costs and fiscal position.

1. Strategy’s mNav fell below 1, with BTC holdings now exceeding the company’s market value.

• Expanded Interpretation: "Strategy" here typically refers to MicroStrategy (MSTR), a publicly traded company known for its corporate strategy of holding large amounts of Bitcoin.
  • mNav (Market-to-Net Asset Value): Is the ratio of a company's Market Value to its Net Asset Value (NAV). For MicroStrategy, the NAV primarily refers to the market value of its Bitcoin holdings.
  • mNav Falling Below 1 Means: The company's market capitalization is less than the net value of its Bitcoin holdings. This suggests the market is assigning a negative valuation to MicroStrategy's non-Bitcoin business operations, or that the stock is trading at a discount to its underlying asset value.
• Market Impact:
  • Negative Signal: For a company positioning itself as a "Bitcoin proxy stock," mNav falling below 1 is a strong bearish signal, indicating investors' confidence in the asset premium has entirely evaporated.
  • Arbitrage Opportunity: Theoretically, this might present an opportunity for aggressive investors or arbitragers to buy the stock and gain indirect exposure to Bitcoin at a price below its intrinsic asset value.
• Background: This usually occurs during periods of significant Bitcoin price volatility or when market selling pressure on the company's stock outweighs the selling pressure on Bitcoin itself.

1. Visa launched a pilot program for stablecoin-based payments.

• Expanded Interpretation: Visa's move signifies that traditional payment giants are integrating blockchain technology, especially stablecoins, into their core global payment infrastructure.
  • Pilot Details (Often via Visa Direct): The pilot allows businesses and platforms to send payments (Payouts) directly to a recipient's stablecoin wallet. Businesses can fund the payment with fiat currency, and the recipient can choose to receive a USD-pegged stablecoin (such as USDC).
• Core Value Proposition:
  • Increased Speed of Global Transfers: Enables near-instantaneous cross-border fund transfers, eliminating the traditional banking delays and international settlement lag.
  • Expanded Financial Inclusion: Provides fast and stable access to digital USD assets for creators, freelancers, and gig economy workers who may be unbanked or located in regions with volatile currencies.
  • Distinction from Earlier Pilots: This new pilot extends the use of stablecoins to the final recipient, following previous announcements that allowed businesses to use stablecoins for pre-funding purposes.

1. Circle reported total Q3 revenue and reserve income of $740 million, with a net profit of $214 million.

• Expanded Interpretation: As the issuer of the second-largest stablecoin, USDC, Circle's strong financial results reflect the effectiveness of its business model and the institutionalization trend in the crypto industry.
  • Revenue Source: The $740 million in total revenue and reserve income is primarily derived from interest generated on the reserves backing the USDC stablecoin. In a high-interest rate environment, stablecoin issuers that hold large amounts of short-term U.S. Treasury securities as reserves can generate significant net interest income.
  • Net Profit: The $214 million net profit indicates robust profitability in its core business. Financial reports usually also show continuous growth in USDC circulation, on-chain transaction volume, and market share.
• Industry Significance: Circle's performance is a microcosm of the successful RWA (Real World Asset) tokenization business model, which combines traditional, low-risk financial instruments (like T-bills) with efficient blockchain settlement infrastructure to create substantial commercial value.

1. Polymarket became Yahoo Finance’s exclusive prediction market partner.

• Expanded Interpretation: Polymarket is a decentralized prediction market platform that allows users to place wagers on the outcomes of various real-world events (e.g., election results, economic data, sports).
• Significance of the Partnership: The collaboration with the mainstream financial news platform Yahoo Finance signifies:
  • Mainstream Acceptance: Prediction market data and insights are being integrated into mainstream financial media for the first time, shifting the perception of the platform from a niche crypto application to a source of alternative data or event probability indicators.
  • Data Provision: Polymarket will provide Yahoo Finance users with real-time event prediction odds based on its market trading, offering investors a non-traditional, market-consensus-driven reference for decision-making.
  • User Base Expansion: This will significantly boost Polymarket's exposure, extending its reach from the cryptocurrency community to a broader audience of traditional financial investors and the general public.

1. Canary XRP ETF received Nasdaq listing certification and will begin trading at market open.

• Expanded Interpretation: This event marks the listing of the first spot XRP Exchange-Traded Fund (ETF) on a major U.S. exchange, Nasdaq.
  • Importance:
    • Regulatory Endorsement: The approval of a spot ETF implies a growing regulatory acceptance of the XRP asset by the U.S. Securities and Exchange Commission (SEC), placing it within the scope of regulated traditional financial products.
    • Expanded Access: Allows traditional financial investors (such as retirement funds, institutional investors, and retail investors) to easily gain exposure to XRP through their conventional brokerage accounts, without the need to directly purchase and manage the cryptocurrency.
    • Potential Bullish Catalyst: Historically, the launch of Bitcoin and Ethereum spot ETFs has led to substantial institutional capital inflows and price appreciation. The launch of the XRP ETF is also expected to bring similar incremental demand.
  • Trading Information: The ETF is expected to trade on Nasdaq under a specific ticker (e.g., XRPC) and will charge a management fee (e.g., 0.5%).