Welcome to our 246th issue of State of the Market, where we provide an overview of crypto market activity from November 13 – November 19, 2025.
This week in crypto markets:
- Total crypto market cap fell to ~$3.1T, down ~17% this month, with Bitcoin sliding below $90K for the first time since April.
- BlackRock advanced toward a staking-enabled Ether ETF, filing a Delaware statutory trust for the iShares Staked Ethereum Trust.
- The OCC (Office of the Comptroller of the Currency) clarified that U.S. national banks may hold crypto assets on their balance sheets to support blockchain-based payment and settlement systems.
- Kraken filed confidentially for a U.S. IPO after securing a $200M strategic investment from Citadel Securities, valuing the firm at $20B.
- Coinbase launched ETH-backed loans through Morpho on Base, expanding its on-chain credit offerings.
- Aave introduced a high-yield consumer savings app, moving toward neobank-style services built on DeFi infrastructure.
We will be pausing State of the Market until further notice as we align our content strategy with Talos’s, following their acquisition of Coin Metrics earlier this year.
In the meantime, be sure to follow our State of the Network newsletter for an unbiased, weekly view of the crypto ecosystem informed by Coin Metrics’ network (on-chain) and market data.
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