Bitcoin slipped below the $100,000 mark on Thursday amid renewed selling pressure and ETF outflows, marking its sharpest weekly decline since September. Market sentiment has soured further, with the Crypto Fear & Greed Index plunging to 16 (Extreme Fear) – down from 24 last week and 34 a month ago. The steep drop reflects traders’ growing anxiety over tightening liquidity, ETF reversals, and macroeconomic uncertainty, reinforcing a risk-off mood across digital assets.

J.P. Morgan Launches USD-Denominated Deposit Token on Base

J.P. Morgan Chase & Co. has officially rolled out a USD-denominated deposit token, branded JPM Coin (ticker JPMD), aimed at its institutional clients on the public blockchain Base. The token, introduced following a pilot initiated in June 2025 with partners including Coinbase and Mastercard, represents a digital claim on dollar-denominated deposits held at the bank, enabling near-instant, 24/7 settlement. Unlike conventional stablecoins, JPM Coin is explicitly a bank deposit token rather than an independently issued asset. The move signals a significant push by the bank to bridge traditional institutional finance with on-chain payment infrastructure and opens the door to programmable money flows within a regulated banking context. Sources noted the initiative as a key milestone in the evolving interface between legacy banking and blockchain networks.

U.S. Senators Release Draft Bill Granting CFTC Oversight of Crypto Market Structure

A bipartisan group of U.S. senators has released a discussion draft of legislation that would give the Commodity Futures Trading Commission (CFTC) primary regulatory oversight of spot-digital-commodity markets, including many crypto tokens, as part of a broader rewrite of the crypto market structure. The draft, published this week, defines key terms such as “digital commodity” and imposes new obligations on brokers, custodians, and trading venues - including registration, customer-fund segregation, and conflict-of-interest safeguards. The document also outlines coordination mechanisms between the CFTC and the SEC, and creates a funding stream for the CFTC to oversee the digital-commodity sector. Industry stakeholders view the development as a meaningful step toward regulatory clarity after years of uncertainty, though major questions remain around token classification and DeFi oversight.

Bank of England Proposes New Stablecoin Rules with £20,000 Individual Holding Limit

The Bank of England (BoE) has published consultation proposals for a regulatory regime governing sterling-denominated “systemic stablecoins,” including a cap of £20,000 per individual and £10 million per business. The rules, published on 10 November 2025, require issuers to be backed by a mix of central-bank deposits and UK government debt, and subject to oversight by the BoE and Financial Conduct Authority (FCA). The limits are described as temporary while the Bank assesses financial-stability implications. The consultation also suggests that up to 40 % of backing assets could be held directly at the BoE without earning interest. Industry reaction has been critical, warning the proposals could stifle innovation and undermine the UK’s bid to be a global crypto-finance hub.

Bitcoin ETF Flows

Spot Bitcoin ETFs saw a volatile week. After modest inflows of about $1 million on Monday (10 Nov), Tuesday brought a strong rebound with $524 million in net inflows, led by BlackRock’s IBIT (+$224 m), Fidelity’s FBTC (+$166 m), and ARK’s ARKB (+$102 m).

However, sentiment quickly turned negative: Wednesday registered $278 million in outflows, and Thursday saw another sharp withdrawal of $867 million, driven by heavy redemptions from Grayscale’s BTC Trust (-$318 m) and IBIT (-$257 m). Overall, the week closed deeply negative, showing continued institutional risk-off positioning.

Ethereum ETF Flows

Ethereum spot ETFs also remained under pressure, posting four straight days of redemptions. Tuesday’s flows (11 Nov) saw about $107 million in outflows, followed by $184 million on Wednesday and $260 million on Thurs. In total, Ethereum funds lost over $500 million for the week, marking one of their weakest weeks since launch, underscoring persistent investor caution amid macro volatility and ETH’s muted price action.

Top Gainers (Coins Available on Metal Pay)

The standout performer this week was Litecoin (LTC), gaining +9.8 % over the past seven days and clearly outpacing peers. Meanwhile Metal DAO (MTL) rose +4.8 %, Ripple (XRP) gained +5.1 % and XPR Network (XPR) moved +3.9 %. The meme-token Dogecoin (DOGE) barely advanced (+1.4 %) in a market where sentiment remains fragile. Other tokens on the marketplace we track remained flat or turned negative for the week.