Market Movement:

  • Bitcoin slid 0.14% to fall below $95,000 as sentiment across traders hit “extreme panic.” Ethereum slipped 0.52% to around $3,100.

Key Events:

  • Tether is reportedly considering a $1.15 billion deal with robotics startup Neura.
  • Japan plans to roll out a stimulus package exceeding $110 billion to counter rising prices.

Trading Signals:

  • US spot Bitcoin ETFs recorded a weekly outflow of $1.11 billion from November 10 to 14, marking the third consecutive week of outflows.
  • BlackRock’s ETF IBIT experienced a net outflow of $532.41 million last week.

Narrative Shifts:

  • Japan is preparing to treat digital assets as financial products subject to insider trading laws, affecting 105 cryptocurrencies.
  • The crypto market is experiencing widespread liquidations totaling $617.45 million within 24 hours.

Risk Alerts:

  • The European Central Bank warned that the $300 billion stablecoin market poses direct risks to European financial stability.
  • Japan's economy contracted by 1.8% during the third quarter of 2025, ending a six-quarter growth streak.

Opportunities:

  • PayFi and CeFi sectors posted minimal gains, rising nearly 1%, led by strong moves in Telcoin, Nano, Aster, and OKB.
  • Japan's Financial Services Agency plans to lower the crypto tax rate from up to 55% to a flat 20%, potentially increasing onshore trading activity.

Flows & Positioning

Tether Eyes $1.15B Investment in Robotics Startup Neura

Tether is reportedly considering a significant investment of $1.15 billion in the AI robotics startup Neura. Should this deal materialize, Neura's valuation could exceed $10 billion, marking a substantial move for Tether as it diversifies its portfolio beyond stablecoins. This potential investment highlights Tether's strategy to leverage its capital in emerging technologies, which could reshape its financial landscape and influence the broader crypto market. The implications of such a large investment could signal confidence in the tech sector's future growth.

Japan's $110 Billion Stimulus Package and Bitcoin's Outlook

Japan's government has unveiled a stimulus package exceeding 17 trillion yen (approximately $110 billion) to combat economic contraction. Following a 1.8% decline in GDP, analysts suggest that this liquidity boost may redirect capital towards risk assets, including Bitcoin (BTC). The influx of capital could lead to increased demand for Bitcoin, potentially stabilizing its price amidst ongoing volatility. Investors are closely monitoring how this stimulus may affect the yen and, subsequently, the crypto market.

Bitcoin ETFs Experience $1.11B Outflows Amid Price Decline

US spot Bitcoin ETFs have recorded a staggering outflow of $1.11 billion over the week of November 10 to 14, marking the third consecutive week of negative flows. BlackRock’s ETF IBIT led the outflows with $532.41 million, contributing to a total net asset value of $125.34 billion. This trend of outflows coincides with Bitcoin's price decline, which has recently dipped to around $93,000. The cumulative net inflow of IBIT funds remains at $63.79 billion, indicating a cooling institutional demand that could further impact Bitcoin's market dynamics.

Bitcoin's Price Action and Market Sentiment

Bitcoin's price has recently plunged to $93,000, marking a significant drop that has erased all year-to-date gains for 2025. This decline has triggered a wave of liquidations totaling $617.45 million, with a notable $394.50 million in long positions being wiped out. The current market sentiment is characterized by extreme fear, as indicated by the Fear and Greed Index dropping to 10. Traders are now watching key support levels closely to gauge whether Bitcoin can recover or if further downside is imminent.

Corporate & Capital Markets

Tether Mulls $1.15B Deal with AI Robotics Startup Neura

Tether is reportedly considering a $1.15 billion bet on robotics startup Neura, which could see its valuation rise to over $10 billion should a deal be made.

Macro & Policy

Japan's Major Crypto Regulatory Overhaul Planned for 2026

Japan is set to implement significant changes to its cryptocurrency regulations, treating digital assets as financial products under insider trading laws. The Financial Services Agency (FSA) is drafting measures that will apply to 105 cryptocurrencies, including Bitcoin and Ethereum, requiring exchanges to disclose essential information about each asset, such as issuer details and technology used. This move aims to align crypto market conduct with traditional equity trading standards, prohibiting trading on non-public information related to material events like listings or bankruptcies before they are publicly disclosed.

Additionally, the FSA plans to overhaul the tax framework for cryptocurrencies, proposing a reduction in the current progressive tax rate of up to 55% to a flat 20% capital gains tax, matching the rate for stock trading. This tax reform is expected to be submitted for legislation in the ordinary parliamentary session next year, with implementation targeted for fiscal year 2026. The aim is to encourage onshore trading and reduce the appeal of foreign platforms by simplifying the tax process for investors.

Market Reactions Amid Regulatory Developments

The crypto market experienced fluctuations, with Bitcoin and the total market cap showing mild movements following a bearish week. Notably, altcoins like Soon (SOON) saw significant declines, dropping over 21% within 24 hours. The ongoing discussions surrounding Japan's regulatory changes are influencing market sentiment, as investors anticipate the potential impacts of clearer rules and tax reforms.

Peter Schiff Critiques MicroStrategy's Business Model

In a separate development, economist Peter Schiff has publicly criticized MicroStrategy's Bitcoin-centric business model, labeling it a "fraud" and predicting potential bankruptcy. He argues that the company's reliance on high-yield preferred shares is unsustainable, suggesting that once investors realize the yields will not be paid, it could trigger a financial collapse. This critique adds to the ongoing discourse about the viability of Bitcoin-focused investment strategies in the current market environment.

Security & Incidents

US DOJ Seeks to Seize $15M in USDT Tied to North Korean Hackers

The US Department of Justice is moving to seize more than $15 million in USDT linked to North Korean hackers, part of a broader effort to disrupt Pyongyang’s growing dependence on crypto theft and illicit IT work to fund its sanctioned programs. The DOJ is seeking to seize over $15 million in USDT tied to North Korean hacking group APT38. The funds were traced to four major 2023 crypto platform breaches and were first seized by the FBI in March 2025. Five individuals in the US also pleaded guilty to aiding North Korean IT workers in infiltrating American companies.

The action, announced Friday, includes two civil forfeiture complaints covering $15.1 million in Tether stolen during a series of 2023 attacks attributed to North Korea’s Advanced Persistent Threat 38 (APT38), a state-backed hacking unit known for targeting global crypto firms. Federal investigators traced the digital assets to funds stolen from four virtual currency platforms in 2023. The FBI initially seized the USDT in March 2025 and is now seeking court approval to permanently forfeit the assets so they can be returned to victims. The DOJ did not identify the specific hacked platforms, though its timeline aligns closely with several major incidents that year, including the $100 million Poloniex breach in November 2023, the $37 million CoinsPaid hack that July, the Alphapo payments attack, which the DOJ estimates at approximately $100 million, and another November 2023 theft of about $138 million from a Panama-based exchange.

According to the announcement, North Korean operatives continued to launder stolen funds through a patchwork of mixers, cross-chain bridges, crypto exchanges, and OTC brokers. “Efforts to trace, seize, and forfeit related stolen virtual currency remain ongoing, as the APT38 actors continue to launder such funds,” the DOJ said.

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