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## The Event in Detail Bitcoin (BTC) commenced November 2025 by falling below the **$108,000** threshold, trading around **$107,810** on November 3, 2025. This downturn followed a challenging October, which marked Bitcoin's first monthly loss since 2018 and broke its traditional "Uptober" trend. The broader cryptocurrency market reacted with heightened volatility, leading to substantial liquidations across exchanges. Long-term Bitcoin holders have notably increased their divestment activities over the past month, offloading approximately **405,000 BTC**, representing over **$43 billion** in realized value. An early Bitcoin address, identified as **195DJ**, notably sold **13,004 BTC** in October. This significant profit-taking by long-term holders contributed to the downward pressure on Bitcoin's price. The market experienced substantial liquidations, with over **$414 million** in long positions closed across various crypto exchanges. Total market liquidations during this period reached as high as **$473 million**. This volatility had cascading effects, causing other major altcoins, including Ethereum (ETH), Solana (SOL), and XRP, to also experience price declines. In a contrasting development, **Ripple** continued its strategic expansion by acquiring **Palisade**, a firm specializing in custody and wallet technology. This acquisition is part of Ripple's broader investment strategy, which has seen the company deploy approximately **$4 billion** into the crypto ecosystem through various investments, mergers, and acquisitions this year. Previous acquisitions include prime broker **Hidden Road** for **$1.25 billion**, stablecoin platform **Rail** for **$200 million**, and **GTreasury** for **$1 billion**. ## Market Implications The current market environment is characterized by **uncertain sentiment**, with liquidity rotating into traditional equity markets. While Bitcoin's ability to maintain stability above **$100,000** suggests underlying structural resilience, it is struggling to attract the same level of liquidity narrative currently favoring global equities. Market analysts are actively debating whether the prevailing weakness in cryptocurrency markets is primarily driven by macroeconomic factors or by internal market dynamics such as profit-taking. Bitcoin's price movements continue to exert a significant influence on the broader altcoin market, demonstrating the interconnectedness and sensitivity of the crypto ecosystem to internal trading pressures and wider macroeconomic uncertainties. The substantial liquidation events underscore the leveraged nature of a segment of the market and the rapid unwinding of positions during periods of price decline. ## Financial Mechanics The **$43 billion** in realized value from long-term Bitcoin holder sell-offs highlights a significant shift in supply dynamics. This figure, representing the divestment of **405,000 BTC**, indicates a strategic decision by early investors to lock in profits, a common occurrence following periods of sustained price appreciation. The liquidation of **$414 million** in long positions, contributing to a total of **$473 million** in market liquidations, demonstrates the financial leverage employed by many participants and the subsequent deleveraging during periods of increased volatility. Ripple's financial strategy involves significant capital allocation towards ecosystem development and expansion. The **$4 billion** invested through M&A and other ventures, including the **$1.25 billion** acquisition of Hidden Road and the **$1 billion** acquisition of GTreasury, is directed towards enhancing its institutional offerings. The acquisition of Palisade specifically targets the expansion of its custody capabilities, leveraging Palisade Wallets' flexible API for multi-party computation (MPC) wallet technology and Palisade Custody's fully regulated, institutional-grade storage for digital assets. ## Business Strategy & Market Positioning Ripple's strategy is clearly focused on bolstering its **institutional payments business** and expanding its service ecosystem for corporate and fintech clients. By acquiring companies like Palisade, Ripple aims to deepen its capabilities in digital asset custody and wallet technology, crucial components for attracting and serving enterprise-level clients. This approach contrasts with the direct Bitcoin treasury strategy adopted by some public companies, such as **MicroStrategy**, which primarily involves accumulating Bitcoin as a corporate reserve asset. Ripple
## Executive Summary The cryptocurrency market has commenced November under bearish pressure, with **Bitcoin (BTC)** and several prominent altcoins recording notable declines. Bitcoin is currently testing a crucial support level at $107,000, the breach of which could precipitate a broader market downturn. ## The Event in Detail Bitcoin's price trajectory indicates a strong bearish sentiment, with the digital asset trading below its 20-day Exponential Moving Average (EMA). Market analysis highlights the $107,000 level as a pivotal support point for **BTC/USDT**. Should Bitcoin close below this threshold, it is projected to confirm a double-top reversal pattern, a technical indicator often preceding significant price depreciation. Such a confirmation could see Bitcoin retesting the psychological support level of $100,000. Conversely, the $118,000 mark remains a formidable resistance for bullish momentum, with a sustained break above it potentially propelling BTC towards its all-time high of $126,199. Accompanying Bitcoin's struggle, several altcoins have also registered substantial losses. **XRP**, for instance, recorded a 4.73% decline on November 3, 2025, falling to $2.407. This positions XRP as one of the weakest major altcoins, currently testing its daily minimum support at $2.38. Further market analysis suggests a potential 50% decline for XRP, targeting $1.25. The broader cryptocurrency market is experiencing intensified weakness, reflected in the broad-based selling pressure across numerous altcoins that have fallen below their immediate support levels. ## Market Implications The potential breach of Bitcoin's $107,000 support carries significant implications for the wider cryptocurrency ecosystem. A confirmed double-top pattern would strengthen bearish sentiment, signaling a probable shift towards a new downtrend. This scenario would likely exert further downward pressure on altcoins, exacerbating their current declines and potentially triggering a cascade of liquidations if key support levels are not defended. The collective market capitalization of digital assets could experience a substantial contraction, impacting investor confidence and capital flows into the Web3 space. ## Expert Commentary Market observers emphasize the critical nature of the $107,000 support level for Bitcoin. Analysts anticipate aggressive defense from bulls at this juncture, given the implications of a breakdown. A failure to hold this level, as noted by technical experts, would unequivocally confirm the bearish double-top formation. Furthermore, the intensified selling pressure across altcoins, particularly the sharp decline and projected further depreciation for XRP, underscores a broader market vulnerability. These assessments highlight a challenging environment for digital asset investors in the immediate term. ## Broader Context The current market movements reflect a fragile sentiment that began to intensify at the start of November. Bitcoin's role as the bellwether of the cryptocurrency market means its performance at critical support and resistance levels heavily influences the trajectory of altcoins. Should the current bearish trends persist and key technical supports yield, it could signal a more protracted market correction, potentially recalibrating investor expectations and investment strategies within the digital asset landscape. This period demands close monitoring of technical indicators and macroeconomic factors influencing risk appetite.
## Executive Summary The crypto industry's onchain economy has matured into a **$20 billion economic powerhouse** in 2025, driven by concrete fees, active users, and real demand, according to a comprehensive report by crypto investment firm 1kx. This marks a strategic shift away from mere price speculation, with the first half of 2025 witnessing users collectively paying **$9.7 billion in onchain fees**, representing the highest H1 total on record and a 41% increase from the prior year. This growth is predominantly fueled by application-layer activities, rather than blockchain-layer fees. ## The Onchain Economy in Detail The 1kx Onchain Revenue Report (H1 2025), which aggregates verified onchain data across over 1,200 protocols, highlights a robust and expanding digital economy. The total onchain revenue for 2025 has reached **$20 billion**. The **$9.7 billion in fees generated during H1 2025** is the second-highest level recorded since H2 2021. This surge in fee generation coincides with a significant reduction in transaction costs, which have fallen over 90% from 2021 highs, leading to a **126% year-over-year application growth**. **Decentralized Finance (DeFi)** protocols continue to dominate, accounting for approximately 63% of all onchain fees. In H1 2025, DeFi generated **$6.1 billion** in fees, primarily from trading activity on decentralized exchanges (DEXs) and derivatives platforms. Noteworthy is the growth in the derivatives sector, where platforms like **Jupiter** increased its fee share from 5% to 45%, and **Hyperliquid**, launched less than a year ago, now comprises 35% of category fees. In lending markets, **Aave** remains the largest DeFi protocol with a Total Value Locked (TVL) of $39 billion, while **Morpho**, a lending aggregator, increased its share to 10% from near zero in H1 2024, now holding an $8.25 billion TVL. Beyond DeFi, newer verticals are experiencing accelerated expansion. **Wallets** saw a **260% year-over-year increase** in revenue, establishing interfaces as significant profit centers. **Consumer-facing applications** jumped **200%**, and **Decentralized Physical Infrastructure Networks (DePIN)** grew by **400%**. The report also acknowledges the impact of evolving blockchain technology, with **Ethereum's Dencun/Pectra upgrades** in 2025 reducing gas fees by 50-95% through blob transactions. This has enabled Layer 2 (L2) solutions such as **Base, Arbitrum, and Optimism** to handle 47% of Ethereum's total transaction volume at near-zero costs, driving **DeFi TVL to $38.75 billion** and fostering significant NFT sales volumes. ## Market Implications and Growth Drivers This sustained growth in onchain fees signals a fundamental shift in the crypto market towards **utility-driven value creation**. The reduction in transaction costs has directly facilitated an explosive growth in applications, demonstrating that efficient infrastructure fosters user adoption and economic activity. The increasing revenue from specific application categories underscores a maturing ecosystem where value is derived from active usage rather than speculative trading alone. Looking ahead, 1kx projects that onchain fees will reach **$32+ billion by 2026**, representing a 60-63% year-over-year increase, with this entire growth attributed to application development. The primary drivers identified for this expansion include **Real-World Asset (RWA) tokenization**, the continued development of **DePIN networks**, further **wallet monetization strategies**, and the proliferation of **consumer-facing crypto applications**. The **DePIN ecosystem** itself has already witnessed substantial growth, with its market capitalization exceeding **$16 billion by late 2025**. **Ethereum** and **Solana** have emerged as the leading blockchains for DePIN projects, hosting dozens of top-tier initiatives. Furthermore, the increasing focus on **RWA tokenization** is anticipated to transform traditional asset markets. Regulation is deemed crucial for this sector, building trust, attracting institutional adoption, and ensuring the long-term success and scalability of RWA projects by providing legal clarity, investor protection, and operational transparency. ## Broader Context and Outlook The findings from the 1kx report align with broader industry sentiments pointing towards an **institutionalized and more regulated digital asset ecosystem**. This transition is supported by projections from analyses such as Forbes', which anticipate significant institutional capital inflows into the digital asset space, exceeding **$300 billion by 2026**, alongside the expansion of stablecoins beyond **$400 billion by 2025**. The underlying trend indicates a move from purely speculative activity to a more structured and robust financial environment, where blockchain technology is increasingly recognized for its capability to generate tangible economic value through diverse applications. The increased stability and reliability of blockchain technology contribute to steady earnings despite historically lower individual user transaction costs, reinforcing the ecosystem's long-term viability.
## Executive Summary Edge & Node, the core development team behind **The Graph**, has unveiled **ampersend**, a new management dashboard designed to provide visibility, control, and compliance for payments and interactions of autonomous AI agents. The platform, which builds upon **Coinbase's x402** and **Google's A2A** frameworks, aims to address the complexities of the growing agentic economy. This initiative signals a strategic move to standardize and govern the expanding **Web3** machine economy. ## The Event in Detail **ampersend** unifies payments, policies, and visibility for autonomous agents at scale. It extends **Coinbase's x402 payment protocol** and **Google's A2A communication framework** by integrating a management layer that provides observability, automated policy enforcement, and audit-ready controls. The platform aims to resolve the fragmentation in agent interactions by stitching together payment rails and agent-to-agent communications. This development aligns with emerging standards such as **ERC-8004** for agent discovery and reputation, thereby integrating several protocol-level innovations into a cohesive operational system. The development of **ampersend** involved collaboration with significant entities, including **Coinbase**, **Google**, and the **Ethereum Foundation's dAI team**. The **ERC-8004** protocol, which provides on-chain identity, reputation, and verification mechanisms for AI agents, was jointly spearheaded by the **Ethereum Foundation's dAI team** and **Consensys**, with contributions from major institutions such as **MetaMask**, **Google**, **Coinbase**, **EigenLayer**, **ENS**, and **The Graph**. The official live launch of **ampersend** is scheduled for **Pragma Buenos Aires** on November 20, 2025. A virtual preview event titled “Powering the Agentic Economy” will precede this, taking place on X Spaces from 9:00 a.m. to 12:00 p.m. PST on October 30, 2025. This virtual session will feature representatives from **Coinbase**, **Google**, and **Ethereum**, with Rodrigo Coelho formally announcing **ampersend** and participating in a Q&A session. ## Market Implications The introduction of **ampersend** by **Edge & Node**, a prominent **Web3** infrastructure developer, underscores an increasing industry focus on operationalizing the burgeoning **agentic economy**. By offering a standardized and controllable framework for **AI agent** interactions and payments, the platform is poised to facilitate broader enterprise adoption of **AI agents**, particularly by mitigating existing compliance and management complexities. This development is expected to enhance trust and transparency within the **machine economy**, potentially attracting increased capital and fostering further innovation in the **decentralized AI (dAI)** sector. The strategic collaborations with technology giants like **Coinbase** and **Google** suggest a potential convergence between traditional tech infrastructure and decentralized protocols, establishing a significant precedent for future integrations. The prevailing market sentiment, as indicated by analysis, is bullish regarding the long-term impact of such standardization efforts on the broader digital economy. ## Expert Commentary While specific direct quotes from analysts are not available, the collaborative effort involving organizations such as **Coinbase**, **Google**, and the **Ethereum Foundation's dAI team** in developing **ampersend** and the underlying **ERC-8004** protocol highlights a collective industry recognition of the need for robust infrastructure for autonomous agents. This joint initiative suggests a consensus on the critical requirement for standardized, auditable, and transparent systems to support the growth of the **agentic economy**. The emphasis on "visibility, control, and compliance" reflects a strategic imperative to underpin the evolving **machine economy** with reliable operational frameworks, aligning with a generally bullish outlook on solutions that address significant operational challenges in decentralized **AI**. ## Broader Context **ampersend** represents a pivotal advancement in the evolution of both the **Web3** and **AI** ecosystems, specifically targeting the emerging **agentic economy**. This platform directly addresses the critical need for enhanced interoperability, security, and effective governance as autonomous agents become increasingly integrated into global commerce and data processing. The initiative mirrors a broader industry trend toward standardizing decentralized technologies, aiming to enable more widespread mainstream and institutional adoption, akin to how foundational internet protocols facilitated extensive digital interaction. By aligning with **ERC-8004** and integrating with established frameworks like **x402** and **A2A**, **ampersend** is positioned to serve as a foundational layer for future decentralized **AI** applications. This strategic development has the potential to unlock new economic models and significantly expand the capabilities within the **machine economy**, contributing to a more mature and resilient digital infrastructure.
Hyperliquid (HYPE) current price is $37.41, down 8.51% today.
Hyperliquid (HYPE) daily trading volume is $816.4M
Hyperliquid (HYPE) current market cap is $10.0B
Hyperliquid (HYPE) current circulating supply is 270.7M
Hyperliquid (HYPE) fully diluted market cap (FDV) is $37.0B
Hyperliquid (HYPE) is founded by Jeff Yan