Bitcoin rebounds after sharp November sell-off

Bitcoin spent the week grinding higher, rising roughly 10% from last Friday’s levels to trade back in the low-$90,000s after last week’s steep washout. Despite the bounce, the asset is still down around a quarter from its record highs near $126,000 set in early October, leaving longer-term sentiment cautious. Analysts describe the move as a classic post-liquidation recovery: leverage has been flushed out, spot demand is slowly returning and price is stabilising above key support around $90,000. Ethereum mirrored the recovery, holding above $3,000 as broader risk markets steadied. The overall message from desks is that the immediate panic has passed, but the market remains one bad macro headline away from another bout of volatility.

ETF outflows cap brutal month for bitcoin funds

Behind the price action, bitcoin funds are on track for one of their worst months on record as investors pull billions from spot ETFs. Data compiled by Bloomberg show about $3.5 billion has been withdrawn from US-listed bitcoin products in November, nearly matching February’s record monthly outflow, with BlackRock’s flagship IBIT seeing more than $2 billion in redemptions. Analysts say the withdrawals reflect a broad risk-off shift driven by macro uncertainty and the earlier price spike, rather than a collapse in structural demand for the asset. Still, the outflows mean new money has to work harder to push prices higher, with some estimates suggesting inflows of roughly $1 billion per week would be needed to lift BTC by a few percentage points. As November closes, ETF flows are reinforcing the narrative of a liquidity reset rather than a raging bull market.

One Nevada Credit Union Joins Metallicus Stablecoin Pilot

One Nevada Credit Union has joined the Metallicus Stablecoin Pilot Program, becoming the latest U.S. credit union to explore blockchain-based payment infrastructure in a controlled, zero-risk sandbox environment. Announced on November 25, the collaboration allows One Nevada to test custom-branded stablecoin issuance, internal transfer simulations, and digital asset operational workflows without using member funds or live crypto assets. President & CEO Steve O’Donnell said the partnership positions the institution for next-generation digital payment solutions, offering members greater speed, choice, and security. Metallicus’ Frank Mazza emphasized that credit unions are helping shape the future of digital finance, with the pilot providing a compliance-forward environment for institutions evaluating blockchain strategies. The initiative is part of the broader Metal Blockchain Banking Innovation Program, which includes tools for fraud prevention, digital identity, operational efficiency, and private blockchain deployments.

Bitcoin ETF Flows

Spot bitcoin ETFs posted mixed flows this week, starting with a sizeable US$151 million net outflow on Monday 24 November as heavy redemptions from BlackRock’s IBIT and smaller outflows at Bitwise’s BITB and ARK’s ARKB outweighed modest creations in Fidelity’s FBTC. Sentiment flipped on Tuesday 25 November, when the cohort took in about US$128.7 million of net inflows, led by strong demand for IBIT and FBTC even as ARKB and WisdomTree’s HODL saw continued redemptions. Wednesday 26 November was quieter but remained positive, with roughly US$21.1 million added on the day as IBIT and Grayscale’s GBTC offset outflows from FBTC. Thursday 27th is not listed as markets were closed for Thanksgiving in the US. Looking back to Friday 21 November, the group logged a robust US$238.4 million intake thanks to solid buying in FBTC, ARKB and Grayscale’s legacy products despite sizeable selling in IBIT. Overall, bitcoin ETFs finished the period modestly in the green, suggesting institutional appetite has cooled but not disappeared after November’s drawdown.

Ethereum ETF Flows

Ethereum ETFs enjoyed a steadier week of inflows, beginning with around US$96.6 million of net creations on Monday 24 November as BlackRock’s ETHA led the charge and Grayscale’s spot ETH trust added fresh capital. Tuesday 25 November brought another constructive session, adding roughly US$78.6 million on the back of continued buying in ETHA and Fidelity’s FETH even as Grayscale’s higher-fee ETHE saw redemptions. The strongest single day of the stretch was Monday, when ETHA alone attracted more than US$90 million and helped swing the complex decisively back into positive territory after the prior week’s outflows. By Wednesday 26 November, flows had cooled but still contributed about US$60.8 million in net inflows as ETHA, Bitwise’s ETHW and Grayscale’s products drew incremental allocations. Again, markets were closed on Thursday 27th for Thanksgiving. Including Friday 21 November’s US$55.7 million intake, ETH funds quietly built a solid cushion of inflows through a volatile month, underscoring ongoing interest in staking-enabled ether exposure.

Solana SOL Flows

New Solana ETFs continued to attract capital for most of the week before a sharp mid-week reversal. On Monday 24 November the complex pulled in about US$58.0 million of net inflows, led by strong demand for Bitwise’s BSOL with additional creations in Fidelity’s FSOL and smaller allocations to VanEck’s VSOL and Grayscale’s GSOL. Tuesday 25 November saw a further US$53.1 million added, again dominated by BSOL and GSOL as institutional investors leaned into high-beta Solana exposure. The tone flipped on Wednesday 26 November when a large US$34.4 million redemption from 21Shares’ TSOL dragged the group to an overall US$8.2 million net outflow despite ongoing buying in BSOL, FSOL and GSOL, this marks the first daily outflow from SOL ETFs since their inception. Including the prior Friday 21 November’s US$10.4 million gain, Solana ETFs still ended the period with well over US$100 million of cumulative inflows, highlighting that appetite for SOL remains resilient even as broader crypto markets work through a correction.

Top Gainers (Coins Available on Metal Pay)

Metal Blockchain (METAL) led the Metal Pay list this week with a roughly 23.2% gain, outperforming both bitcoin and ether as traders hunted for high-beta rebound plays after last week’s crash. XPR Network (XPR), Hedera (HBAR), Ripple’s XRP and LOAN Protocol all posted mid-teens advances over the same period, standing out as relative winners in a market that was still digesting heavy November losses. Hedera’s move followed its continued outperformance versus major indices, while XRP benefited from renewed attention around XRP-linked products and rotation into large-cap payment tokens. For METAL and XPR, investors appear to be favoring ecosystem tokens tied to payments, DeFi infrastructure and institutional usecases, signalling that even in an extreme-fear environment, capital is rotating toward projects with clear utility narratives.