Welcome to our 245th issue of State of the Market, where we provide an overview of crypto market activity from October 30 – November 5, 2025.
This week in crypto markets:
- Bitcoin fell below $100K for the first time since June as another wave of long liquidations and macroeconomic uncertainty weighed on market sentiment.
- Solana spot ETFs from Bitwise and Grayscale launched, drawing over $200M in net inflows and $420M including seed capital.
- Ripple raised $500M at a $40B valuation as its RLUSD stablecoin surpassed $1B market cap.
- Balancer suffered a smart contract exploit, with about $120M in assets drained from its v2 “Composable Stable Pools.”
- Ethereum’s Fusaka upgrade activation was set for December 3rd, introducing PeerDAS and scaling improvements to lower Layer-2 costs.
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