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## Executive Summary Galaxy Digital has reduced its 2025 Bitcoin price forecast to $120,000, attributing the revision to evolving market dynamics, as Solana ETFs continue to attract significant inflows, while the White House addressed the implications of Changpeng Zhao's presidential pardon. ## The Event in Detail Investment firm **Galaxy Digital** has adjusted its Bitcoin price forecast for 2025 to **$120,000**, a notable decrease from its previous estimate of **$185,000**. Alex Thorn, Galaxy's head of research, attributed this revision to a confluence of market headwinds and a shift in Bitcoin's market behavior. Factors contributing to the downward adjustment include the impact of passive investment flows into Bitcoin Exchange-Traded Funds (**ETFs**) and financial institutions, which have collectively reduced price volatility. Thorn specifically cited significant **Bitcoin** sell-offs by large holders, or whales, who divested **400,000 BTC** onto the market in October. Additionally, shifts in investment narratives favoring assets like gold, artificial intelligence (**AI**), and stablecoins, alongside leveraged liquidations, played a role. Thorn observed that "Bitcoin has entered a new phase, what we call the 'maturity era,' in which institutional absorption, passive flows, and lower volatility dominate." He highlighted the flash crash on October 10th, which triggered approximately **$20 billion** in cascading liquidations within a 24-hour period, as an event that "materially damaged" the ongoing bull trend. Despite the revised short-term forecast, Thorn maintained an optimistic long-term outlook for **Bitcoin's** underlying fundamentals and performance. Conversely, **Solana** (**SOL**) ETFs have demonstrated sustained investor confidence, attracting **$14.83 million** in net inflows on November 4th, marking their sixth consecutive day of net inflows. Over the past month, Solana-based ETFs have recorded a combined net inflow of **$84.88 million**, indicating a growing institutional appetite for diversification into alternative digital assets. These ETFs also offer competitive staking yields, with **BSOL** providing approximately **7%**. In a separate development, the White House addressed the pardon of **Binance** founder Changpeng Zhao (**CZ**) by former President Donald Trump. White House Press Secretary Karoline Leavitt stated that the pardon underwent standard review procedures before approval, asserting that the process was handled with "utmost seriousness." Leavitt clarified Trump's earlier remarks, indicating he meant he did not know Zhao personally, not that he was unaware of Zhao's identity or legal situation. Zhao had previously pleaded guilty to failing to maintain an effective anti-money laundering program, and **Binance** reached a **$4.3 billion** settlement with the Department of Justice in 2023. Leavitt added that Zhao had been "over-prosecuted by a weaponized DOJ." ## Market Implications **Galaxy Digital's** revised **Bitcoin** forecast suggests a recalibration of short-term price expectations among institutional investors, driven by the asset's transition into a more mature phase characterized by increased institutional participation and reduced volatility. This shift, while tempering immediate price appreciation projections, underscores a more stable market environment. The sustained net inflows into **Solana** ETFs signal a growing trend of institutional diversification beyond traditional large-cap cryptocurrencies, indicating confidence in **SOL's** potential as an alternative asset, possibly enhanced by attractive staking yields. President Trump's pardon of **CZ** introduces a complex dynamic into the regulatory landscape for digital assets. While interpreted by some within the digital assets community as a potentially bullish signal or a more lenient stance from a high level of government, critics argue it could undermine crucial efforts to enforce Anti-Money Laundering (**AML**) and Know Your Customer (**KYC**) protocols within the cryptocurrency industry, potentially impacting long-term regulatory credibility. ## Expert Commentary Alex Thorn, head of research at **Galaxy Digital**, emphasized the qualitative shift in the **Bitcoin** market, stating that it has entered a "maturity era" where "institutional absorption, passive flows, and lower volatility dominate." He further elaborated on the significant impact of market events, noting that the October 10th flash crash, which saw approximately **$20 billion** in liquidations, "materially damaged" the ongoing bull trend. ## Broader Context The market dynamics observed, including **Galaxy's** revised forecast and the divergence in **ETF** performance, occur within a broader context of shifting investor attention towards alternative assets such as **AI**, gold, and the rapid growth of stablecoins. This indicates a more diversified investment landscape. Concurrently, the wider cryptocurrency **ETF** market experienced notable net outflows, with **Bitcoin** and **Ethereum** (**ETH**) ETFs collectively recording approximately **$800 million** in net redemptions. This reflects a cautious market sentiment driven by broader macro uncertainty and ongoing evaluations of digital asset regulations. However, despite these broader outflows, **Solana**, **Hedera Hashgraph** (**HBAR**), and **Litecoin** (**LTC**) based funds reported net inflows, suggesting selective investor confidence in certain alternative digital assets amidst a generally risk-off environment.
## Executive Summary The privacy coin sector's market capitalization has surpassed $20 billion, marking a 7.1% increase in the last 24 hours, driven by notable gains across several privacy-focused cryptocurrencies. ## The Event in Detail The market capitalization of privacy-focused cryptocurrencies collectively exceeded **$20 billion**, reflecting a 7.1% surge over a 24-hour period. This growth was spearheaded by significant individual asset performance. **Zcash (ZEC)** experienced a substantial rally, with its price increasing by 31% in a single 24-hour cycle to trade around **$171.84**. ZEC's upward trajectory saw it reach an eight-year high of **$388** and, at one juncture, its market capitalization surged to **$6.2 billion**, briefly positioning it as the most valuable privacy-focused cryptocurrency, surpassing **Monero (XMR)**. Over the past month, Zcash's value escalated by **244%**, with its weekly gain reaching 40%. Trading volumes for Zcash also saw a marked increase, with daily volume climbing 22.4% to **$664.5 million** and derivatives volume jumping 75.7% to **$1.18 billion**. Open interest in Zcash derivatives also rose by 54.4% to **$227.2 million**, indicating heightened leveraged trading activity. The Grayscale Zcash Trust has accumulated approximately **$46 million** in ZEC, offering accredited investors exposure to the asset. **Dash (DASH)** also contributed to the sector's growth, recording a 21.7% increase, trading at **$55.05**. In contrast, **Monero (XMR)**, while part of the overall sector growth, showed a more modest 3.6% increase over 24 hours, and a 10.7% gain over seven days, with its market capitalization holding at approximately **$6.1 billion**. **Litecoin (LTC)**, often considered a privacy-enhanced asset, registered a 2.2% increase, trading at **$94.23**. Technical indicators suggest bullish momentum for LTC, with a potential target range of **$100-105**. ## Market Implications The sustained performance of privacy coins, even amid broader cryptocurrency market consolidation, underscores a distinct investor interest. Analysts attribute this resilience to significant macroeconomic shifts, including rising economic isolation and the potential for capital controls. Patrick Scott, Head of Growth at DefiLlama, noted that privacy coins have been the best-performing crypto sector during recent market downturns, highlighting a macro-driven demand. The growing use of privacy coins in various activities further drives their demand due to their enhanced anonymity features and censorship resistance. This trend indicates a market segment valuing the privacy attributes offered by these digital assets. ## Expert Commentary Prominent commentators have voiced opinions on the role of privacy coins. Naval Ravikant, for instance, described Zcash as "insurance against Bitcoin," sparking discussions within the cryptocurrency community regarding its perceived value proposition as a safeguard in certain financial scenarios. ## Regulatory Landscape and Future Outlook Despite the recent market surge, the privacy coin sector faces an evolving and increasingly stringent regulatory environment. From 2023 through 2025, regulators in the U.S. (via Financial Crimes Enforcement Network and U.S. Securities and Exchange Commission) and Europe (via Markets in Crypto-Assets Regulation – MiCA, and Financial Action Task Force – FATF) implemented stricter Anti-Money Laundering (AML) rules. These regulations mandate service providers to collect more data and monitor financial flows, directly impacting the anonymity features that once defined privacy coins. Features such as stealth addresses, mixing, and untraceable flows are now subject to increased scrutiny and regulation. In Europe, privacy coins are explicitly labeled as "anonymity-enhancing crypto-assets" under AML frameworks, categorizing them as higher-risk for exchanges and custodians. This regulatory pressure led to a peak in delistings of privacy assets, including XMR and ZEC, by exchanges in 2024 as platforms sought to mitigate regulatory exposure. The long-term viability of privacy coins will likely hinge on their ability to adapt to these regulatory challenges while continuing to address the underlying demand for financial privacy in a globalized, yet increasingly fragmented, economic landscape.
## Executive Summary The Canary HBAR Spot ETF (HBR) recorded a net inflow of $29.9 million on October 30, marking a new historical high for the fund. Concurrently, the Canary Litecoin Spot ETF (LTCC) experienced no net inflow or outflow. ## The Event in Detail On October 30, the **Canary HBAR Spot ETF (HBR)** registered a record single-day net inflow totaling $29.9 million. This influx propelled HBR's total net assets to $33.05 million. In contrast, the **Canary Litecoin Spot ETF (LTCC)** reported no net capital movement, maintaining its total net assets at $1.34 million. Reviewing preceding days, on October 29, HBR saw a net inflow of $2.2 million, with a trading volume of $6.97 million, bringing its total net assets to $3.3 million. The HBAR net asset ratio stood at 0.04% compared to HBAR's total market capitalization. On the same day, LTCC recorded a net inflow of $486,000, accompanied by a $1.5 million trading volume. Its Net Asset Value (NAV) was $1.46 million, with an LTC net asset ratio of 0.02 percent. During their inaugural trading day on October 28, both the Canary HBAR ETF and the Canary Litecoin ETF registered zero net inflows or outflows. On this first day, the HBAR ETF concluded the session with $1.09 million in total assets and $8.63 million in trading volume. The Litecoin ETF reported $968,620 in total assets and $1.38 million in volume. The HBR ETF's first trading session opened at $28.265, fluctuating to a low of $27.169, without significant recovery by closing. Over 307,000 shares of HBR exchanged hands during this period. ## Market Implications The substantial net inflow into the **Canary HBAR Spot ETF** on October 30 suggests a notable increase in investor confidence and demand for regulated exposure to the Hedera ecosystem. This milestone reinforces the growing interest in blockchain-oriented exchange-traded funds amidst evolving regulatory frameworks. The **HBAR** token was observed trading at $0.20, representing a 105% increase from its lowest level within the month. The consistent trading volume for the Hedera ETF, which remained strong at $8 million on its second day, indicates sustained market participation. In contrast, the static net capital flow for the **Canary Litecoin Spot ETF** on October 30 suggests a more subdued investor appetite for Litecoin-related investment products at present. ## Broader Context The performance of the Hedera ETF aligns with a broader trend of renewed institutional interest across the cryptocurrency market. On October 28, U.S.-listed spot Bitcoin and Ethereum ETFs collectively recorded significant net inflows. Ethereum ETFs led with total net inflows of $246 million, with **Fidelity's FETH** attracting $99.3 million and **ARK 21Shares ETHA** drawing $76.4 million. Bitcoin ETFs collectively garnered $202.4 million in net inflows, with **ARK 21Shares (ARKB)** securing $75.8 million, **Fidelity's FBTC** $67.0 million, and **BlackRock's IBIT** $59.6 million. Beyond ETF performance, the Hedera network demonstrates underlying growth indicators. The number of active developers on the network increased to a record high of 123 in the current month. Furthermore, Hedera's stablecoin supply has continued its upward trajectory, now exceeding $176 million. These fundamental metrics may contribute to the positive sentiment observed in the HBAR ETF's performance.
## Executive Summary Nordic cryptocurrency exchange Safello, in collaboration with Deutsche Digital Assets (DDA), a firm backed by Deutsche Bank, is set to launch the first Bittensor (TAO) Exchange Traded Product (ETP) on the SIX Swiss Exchange, aiming to increase regulated access to the cryptocurrency. ## The Event in Detail Safello, a prominent cryptocurrency exchange in the Nordics, has announced the issuance of its physically backed, staked TAO ETP. This product is developed in partnership with Deutsche Digital Assets, an entity supported by Germany's Deutsche Bank. The ETP, named **Safello Bittensor Staked TAO ETP**, is issued by DDA ETP AG. Its listing on the SIX Swiss Exchange is scheduled for November 19 under the ticker **STAO**, carrying a management fee of **1.49%**. The ETP is designed to offer investors exposure to Bittensor, a network positioned at the intersection of blockchain and artificial intelligence, as stated by Emelie Moritz, CEO at Safello. ## Financial Mechanics and Product Structure The **Safello Bittensor Staked TAO ETP** is physically backed, meaning it holds actual TAO tokens. These tokens are maintained in **cold storage** with a regulated crypto custodian, emphasizing security and compliance. A key feature of the ETP is its staking rewards mechanism: investors are slated to receive the full TAO staking rewards, net of service provider fees, which are automatically reinvested into the ETP. This reinvestment directly impacts and is reflected in the product's net asset value (**NAV**). The ETP is structured to track the **Kaiko Safello Staked Bittensor Index (KSSTAO Index)**, providing a transparent and secure avenue for both retail and institutional investors to gain regulated exposure to the Bittensor network and participate in its staking economy through a traditional exchange-traded framework. ## Business Strategy and Market Positioning Safello's entry into the ETP market through this collaboration with DDA represents a strategic expansion beyond its core cryptocurrency exchange operations. For Deutsche Digital Assets, the launch aligns with its stated strategy to establish itself as an independent crypto ETP issuer and a white-label partner. This approach enables DDA to facilitate other partners in bringing innovative crypto investment strategies to market while adhering to regulatory standards. The selection of Bittensor (**TAO**) for this inaugural ETP is notable, capitalizing on its unique positioning at the confluence of blockchain and AI, a sector attracting increasing investor interest. This development is consistent with a broader trend in the financial markets, where crypto ETP filings are accelerating globally. As of October 21, 2025, there were **155 crypto ETP filings** tracking **35 different digital assets**, a number Bloomberg ETF analyst Eric Balchunas anticipates could exceed **200 within the next 12 months**. ## Broader Market Implications The introduction of the **Safello Bittensor Staked TAO ETP** is poised to significantly impact the accessibility and adoption of Bittensor and, by extension, the broader cryptocurrency market. By offering a regulated and traditional financial product for TAO, the ETP can attract a wider base of investors, including institutions, who prioritize compliant investment vehicles. This increased accessibility could further legitimize cryptocurrency investments within established financial paradigms. The move also underscores the growing intersection of traditional finance and digital assets. Deutsche Bank's recent strong performance in fixed-income trading, which surpassed analyst expectations, signals robust activity in traditional financial markets that can have ripple effects on cryptocurrency trading strategies. Historically, positive bank earnings correlate with an increased appetite for alternative investments, potentially driving higher trading volumes in digital assets. Bittensor itself has already demonstrated significant capital inflow, with its trading volume nearly tripling from **$2.3 billion to $7.03 billion** in October 2025. This ETP launch contributes to the maturation of the Web3 ecosystem by bridging traditional investment structures with decentralized technologies, further integrating digital assets into the global financial landscape.