Bitcoin, the world’s largest cryptocurrency by market capitalization, fell below $95,000 on Friday, continuing a four-day decline that has caught the attention of investors across both crypto and equity markets.

The digital asset was trading around $94,896, down approximately 3.5% for the day, and has now shed a substantial portion of its recent gains. Earlier in the week, Bitcoin briefly reclaimed roughly $107,000 before sliding sharply lower.

This sell-off comes against a backdrop of heavy losses in artificial intelligence (AI) and growth-oriented technology stocks. Many of these same investor flows once supported risk-assets such as Bitcoin.

With the Nasdaq-100 futures down more than 1% in early trade, major names including Meta, Alphabet, Intel, Nvidia and Tesla all lost between 1%-5% in pre-market sessions. The linkage between Bitcoin and tech equities has grown more apparent as institutional participation in crypto deepens.

Crypto-equity Correlation Intensifies

Crypto-linked equities were among the hardest hit during this move. Shares of Strategy Inc. (formerly MicroStrategy) fell around 6%, while digital-asset platforms such as Coinbase Global, Inc. and Gemini Space Station dropped roughly 5%.

Mining and infrastructure stocks, including BitMine Immersion Technologies, also traded down by about 5%. The decline in both crypto and associated equities suggests a tilt toward risk-off sentiment rather than isolated crypto-specific issues.

Recent research indicates Bitcoin’s correlation with major equity indices has surged – reaching correlation levels above 0.80 in some periods – signifying that Bitcoin is increasingly behaving like a high-beta tech asset rather than an uncorrelated store of value. This dynamic means shocks to technology and growth sectors are now more likely to translate directly into crypto market stress.

Liquidity Pressures and Macro Triggers

Beyond the tech sell-off, several macro-level factors are exerting pressure. Analysts at banks such as Citi point to declining bank reserves and tightening liquidity as contributing to the Bitcoin retreat.

The flagging of over $300 billion in crypto market value erased in recent weeks underscores how thin crypto’s support may be when risk sentiment turns. One firm called the current phase a “sell-now, ask-questions-later” moment, detecting weak inflows and rising downside protection activity.

On-chain data reinforce this view: large volumes of Bitcoin – over 235,000 BTC worth approximately $24 billion – were moved at a loss in a 24-hour span, suggesting sellers are forcing capitulations. With fewer new buyers stepping up, many market watchers view this as a liquidity-driven stall rather than a fundamental breakdown in Bitcoin’s long-term thesis.

Technical View & Near-Term Implications

From a technical perspective, Bitcoin’s slip below the key support zone around $100,000 is significant. It has triggered warnings that the market may now enter a corrective phase rather than simply a dip. Historically, when Bitcoin breaches major psychological thresholds without robust buy-the-dip flows, the prospect of a deeper draw-down grows.

However, long-term adoption factors remain intact. Institutional entry is still unfolding, and many allocators continue to regard Bitcoin as digital gold and a hedge against inflation. The current pull-back may therefore represent a reset rather than a reversal of the bullish case—though the timing and magnitude of the recovery remain uncertain.

Calastone, the London-based global funds network, has integrated its Tokenised Distribution platform with the Polygon blockchain, enabling fund managers to issue and distribute tokenized fund share classes directly on-chain.

The rollout extends across Calastone’s global network of 4,500 financial institutions operating in over 50 markets, representing one of the most significant institutional tokenization deployments to date.

Under the new model, fund share classes – digital representations of traditional mutual fund or ETF units backed 1:1 by regulated fund assets – can move and settle via Polygon’s high-speed Layer 2 infrastructure.

Calastone said the shift is designed to streamline global fund servicing and unlock new forms of digital distribution while maintaining full compatibility with existing administrative and regulatory processes.

“Markets are demanding more efficient, transparent infrastructure, and blockchain is ready to deliver at scale,” said Simon Keefe, Calastone’s Head of Digital Solutions. He added that integrating with Polygon allows Calastone’s tokenized distribution platform to link its global fund network with the speed, programmability, and settlement capabilities of on-chain environments.

Operational Efficiency and Expanded Access

Calastone emphasized that the tokenized share classes do not require changes to a fund’s existing structure, custody model, or servicing workflow. Instead, fund managers gain access to new digital-native distribution channels and blockchain-based liquidity pools.

The approach aims to reduce settlement times, lower operational costs, and bring greater transparency to fund operations without introducing friction into the current asset-management stack.

The integration also enables institutions to engage with on-chain capital pools – such as tokenized treasury instruments, digital cash, and blockchain-based investor networks – while preserving traditional compliance, reporting, and oversight mechanisms.

Institutional Tokenization at Scale

Calastone’s platform first launched earlier this year across Ethereum, Polygon, and Canton, but the latest phase marks the point where live institutional flows can be processed entirely on-chain. With more than £250 billion in monthly fund activity, Calastone’s tokenized network has the potential to bring large-scale operational efficiency to the asset-management sector.

Industry analysts say the move represents a turning point in institutional tokenization, offering a pathway for asset managers to modernize distribution models without the disruption typically associated with blockchain adoption.

As tokenized real-world assets, digital fund units, and blockchain-native liquidity continue to grow, Calastone’s Polygon integration could become a blueprint for next-generation fund infrastructure.

Circle Internet Group (NYSE: CRCL) delivered a strong third quarter in 2025, reporting $740 million in combined revenue and reserve income – a 66 % increase compared with the same period a year ago. The results were driven primarily by the rapid growth of the company’s stablecoin business, backed by the fiat- and Treasury-supported USDC.

At quarter end, USDC circulation reached $73.7 billion, more than double (up 108 %) the level a year prior. Many observers view this as a meaningful inflection point in the firm’s stablecoin franchise, which now commands roughly 29 % of the dollar-backed stablecoin market.

Growth Engines and Platform Ambitions

CEO and co-founder Jeremy Allaire said the quarter reflects “accelerating adoption of USDC and our platform” as Circle lays the groundwork for what it calls the “new Economic OS for the internet.”

A major highlight was the launch of the public testnet for Circle’s Arc layer-1 blockchain in October, which enlisted over 100 institutions including major banks, asset managers, payments firms and crypto exchanges. Circle is also exploring the possibility of launching a native Arc token.

In addition to its stablecoin business, Circle’s subsidiary operations show broader traction: the Circle Payments Network (CPN) now includes 29 enrolled financial institutions with 55 additional in eligibility review and 500 in the pipeline. These developments reflect Circle’s push into global payments, merchant flows and institutional finance.

Margin Trends, Costs and Market Reaction

While top-line growth was robust, some metrics point to rising pressure. The company noted that the RLDC margin (“revenue less distribution costs”) fell modestly to 39 %, down approximately 270 basis points year-on-year, due to higher distribution and transaction costs tied to expanding USDC balances.

Operating expenses also increased materially, with the 2025 revised guidance placing adjusted operating expenses in the range of $495-$510 million, up from earlier estimates.

Despite strong fundamentals, Circle’s stock traded lower in pre-market sessions, as investors weighed the valuation, rising cost base and sensitivity to interest-rate movements. Analysts remain split: some bullish on stablecoin dominance and platform build-out, others cautious about margin erosion and regulatory risks.

Outlook and Strategy Beyond Q3

Looking ahead, Circle raised its 2025 “Other Revenue” guidance to $90-$100 million (from earlier $75-$85 million), while reaffirming its long-term objective for USDC growth at a multi-year annualised rate above 40 %.

However, the company acknowledges external risks – most notably a potential decline in short-term interest rates which could compress reserve income, a major revenue driver derived from backing USDC with high-quality liquid assets.

Circle is betting the business will evolve from stablecoin issuance toward a broader ecosystem role: programmable money, institutional rails, and blockchain infrastructure underpinning global finance. If Arc and partner integrations scale as hoped, Circle aims to shift from pure reserve-income dependence toward a diversified platform model.

JPMorgan Chase has officially launched its dollar deposit token (JPMD) on Coinbase’s Base network, marking the first time the banking giant has deployed a native payment product on a public blockchain.

The move expands JPMorgan’s blockchain operations beyond its long-standing private networks and represents a major step toward the on-chain integration of traditional banking services.

The deposit token will initially be available to institutional clients, allowing transactions to settle instantly and around the clock via the Ethereum Layer 2 network. Unlike traditional wire transfers, which can take several business days, JPMD transactions will clear in seconds.

The token will also be accepted as collateral on Coinbase, with plans to expand to additional currencies and blockchains pending regulatory approval.

Deposit Tokens vs. Stablecoins

JPMorgan’s deposit token differs fundamentally from stablecoins like USDC or Tether (USDT). While stablecoins are issued by private entities and backed by external reserves, deposit tokens represent actual deposits held within a regulated bank. Each token carries the same claim on the bank as a standard account balance but operates natively on blockchain rails.

According to Naveen Mallela, global co-head of JPMorgan’s blockchain division Kinexys, deposit tokens offer institutions “a compelling alternative to stablecoins” that can be yield-bearing while maintaining full regulatory compliance. The bank’s next steps include developing a euro-denominated version, dubbed JPME, and expanding cross-border settlement capabilities as oversight frameworks evolve.

Institutional Integration and Risk Considerations

The JPMD rollout follows a successful trial period with Mastercard, Coinbase, and liquidity provider B2C2, during which JPMorgan tested real-time settlement and collateralization use cases.

The initiative builds on the bank’s broader digital asset expansion, which in recent months has included tokenized U.S. Treasuries on Chainlink, 24/7 client settlements with Brevan Howard Digital, and acceptance of Bitcoin, Ethereum, and crypto ETFs as loan collateral.

Industry analysts view the launch as a defining moment for on-chain banking, though not without challenges. Musheer Ahmed, Managing Director of Finstep Asia, cautioned that banks must address data privacy, anti-money-laundering risks, and blockchain reliability before scaling globally. Despite these hurdles, he said, deposit tokens “enable higher efficiency and move financial institutions toward a 24/7 financial ecosystem.”

Bridging Traditional Finance and Blockchain

The introduction of JPMD underscores JPMorgan’s conviction that blockchain will become integral to commercial banking. The Base network—a Layer 2 Ethereum scaling solution built by Coinbase – serves as the bridge connecting traditional deposits to decentralized finance. “Moving money should take seconds, not days,” the Base team said earlier this year.

While the deposit token is currently restricted to institutional use, JPMorgan plans to broaden access once regulators approve, potentially transforming how corporate and interbank settlements are conducted. As the world’s largest bank by market capitalization brings its deposits on-chain, the line between legacy banking and digital finance continues to blur – signaling that blockchain’s institutional era has officially begun.

Coinbase, the largest U.S. cryptocurrency exchange, has launched a new digital token offering platform designed to bring transparency and regulatory oversight to on-chain capital formation. The move positions Coinbase at the forefront of compliant token distribution and marks a significant evolution in how blockchain startups raise funds.

The platform’s inaugural listing will feature Monad, a next-generation Layer-1 blockchain known for its high-speed, EVM-compatible architecture. Monad’s MON token sale will be the first conducted under Coinbase’s new framework, integrating know-your-customer (KYC) and anti-money-laundering (AML) procedures to align with U.S. securities and financial regulations.

Redefining Token Distribution in the U.S.

Coinbase said the new platform aims to bridge the gap between traditional capital markets and the on-chain economy, enabling vetted projects to issue tokens in a fully compliant environment. The system leverages Coinbase’s custody and trading infrastructure while allowing investors to access token offerings directly from their verified accounts.

Industry observers view the launch as Coinbase’s response to increasing regulatory clarity following the passage of the GENIUS Act, which has established a legal framework for stablecoins and digital asset issuances. By creating a regulated distribution model, Coinbase seeks to attract institutional participation and restore confidence to token launches after years of unregulated initial coin offerings.

Monad’s Strategic Debut

For Monad, the partnership with Coinbase represents a high-profile validation ahead of its mainnet launch on November 24. The blockchain has already drawn attention for its parallel transaction engine and focus on developer-friendly infrastructure capable of rivaling Solana’s throughput while maintaining Ethereum compatibility.

Monad’s public airdrop and token allocation program have fueled strong community anticipation, and the Coinbase listing gives the project a mainstream launchpad with built-in compliance and liquidity support. “We believe regulated exchanges will become the foundation for legitimate token markets,” a Monad spokesperson said.

Broader Market Implications

Analysts say Coinbase’s entry into token distribution could reshape how early-stage blockchain projects raise funds in the United States. By blending traditional exchange vetting with blockchain transparency, the model could accelerate institutional adoption while reducing regulatory risk.

If successful, Coinbase’s new platform may set a precedent for tokenized capital markets, giving startups a compliant path to issue assets and giving investors safer access to emerging blockchain ecosystems. For now, all eyes are on Monad’s launch — the first real-world test of Coinbase’s new approach to on-chain funding.

Kazakhstan is preparing to launch a national cryptocurrency reserve fund valued between $500 million and $1 billion, marking a major milestone in the country’s push to integrate digital assets into its sovereign investment strategy.

The fund will be built using seized and repatriated crypto assets as well as proceeds from state-backed bitcoin mining operations, according to Central Bank Governor Timur Suleimenov. The initiative, expected to debut by early 2026, positions Kazakhstan as one of the first nations to incorporate digital assets into a formal sovereign wealth framework.

Suleimenov said in London this week that the fund will take a “measured and regulated approach,” focusing on exchange-traded funds (ETFs) and shares of digital finance companies rather than direct cryptocurrency holdings. “We will be very careful about direct exposure to cryptocurrencies,” he noted, emphasizing a preference for structured, low-volatility investment vehicles.

Turning Seized Assets into Strategic Capital

Plans for a state-managed crypto fund first surfaced in 2024, when Kazakhstan’s Agency for Financial Monitoring proposed consolidating confiscated digital wallets and tokens into a national reserve. The effort aims to repurpose illicitly obtained or dormant crypto holdings into productive capital, strengthening economic sovereignty while promoting financial transparency.

By converting seized digital assets into regulated investments, Kazakhstan hopes to transform what was once a compliance and enforcement challenge into a long-term source of growth. The model mirrors similar efforts emerging in the United States and Europe, where governments have begun managing seized cryptocurrencies through official channels.

In the U.S., a crypto reserve established under a 2025 executive order functions as a strategic stockpile of government-held Bitcoin and other assets acquired through legal forfeiture. Kazakhstan’s approach follows a similar philosophy – managing, rather than speculating with, existing holdings to reinforce national financial stability and digital resilience.

Diversification Beyond Oil and Traditional Exports

For decades, Kazakhstan’s economy has been anchored by oil and gas exports, leaving it exposed to commodity price cycles. President Kassym-Jomart Tokayev has prioritized diversification through technology, innovation, and fintech – sectors increasingly central to the country’s modernization agenda.

The crypto reserve fund aligns with that broader vision. By channeling investments into blockchain infrastructure, fintech equities, and crypto-related ETFs, the central bank aims to capture value from the digital asset sector while sidestepping the volatility and custody risks of direct crypto ownership.

The initiative will operate under the Astana International Financial Centre (AIFC) – Kazakhstan’s fintech and regulatory hub – which is expected to oversee compliance, governance, and potential foreign investment partnerships. Over time, officials suggest that the fund may open to international co-investors, positioning Kazakhstan as a regional leader in regulated digital finance.

A Blueprint for Emerging Markets

The new fund also aligns with Kazakhstan’s ambition to become Central Asia’s primary fintech hub. It complements projects like Alatau CryptoCity, a government-backed innovation zone dedicated to blockchain startups, digital payments, and tokenized finance experiments.

If successful, the national crypto fund could serve as a blueprint for emerging economies looking to harness digital assets within state-controlled investment frameworks. By balancing innovation with regulatory prudence, Kazakhstan aims to bridge traditional and decentralized finance – turning seized crypto into sovereign strength.

Ripple, the company behind XRP and the RLUSD stablecoin, has announced a major partnership with Mastercard, Gemini, and WebBank to integrate stablecoins into credit card payments. The collaboration represents a significant step in merging traditional finance with blockchain-based settlement systems.

Under the new arrangement, purchases made with a Gemini-branded credit card will be settled in RLUSD, Ripple’s U.S. dollar–backed stablecoin. Settlement between Mastercard and WebBank – the Utah-based issuer of the Gemini card – will occur on Ripple’s XRPL blockchain, enabling faster and more transparent transactions.

“Mastercard is integrating regulated, open-loop stablecoins into our global payments network to support consumer choice and safety,” said Sherri Haymond, Mastercard’s head of digital commercialization. “We’re enabling stablecoin settlement today while exploring how these assets can enhance future blockchain use cases.”

Stablecoins Enter the Mainstream

The partnership highlights a growing push among major financial institutions to adopt regulated stablecoins. Ripple says this is among the first cases where a U.S. bank settles credit card transactions using stablecoins on a public blockchain.

The integration arrives amid a favorable regulatory climate following the passage of the GENIUS Act, a landmark U.S. stablecoin bill that has fueled optimism across the digital asset industry.

The stablecoin market, currently valued around $305 billion, is projected by analysts to reach $4 trillion by 2030. Major institutions including Zelle, Western Union, Wells Fargo, Santander, and Société Générale have recently announced initiatives to leverage stablecoin infrastructure. Mastercard, meanwhile, is reportedly in advanced talks to acquire stablecoin startup Zerohash in a deal estimated at up to $2 billion.

Ripple’s Expanding Financial Footprint

Ripple’s RLUSD stablecoin, launched in 2024, is backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents. It has rapidly grown to become the 11th-largest stablecoin globally, with a market capitalization of just over $1 billion.

The company has been expanding aggressively across financial services, including payments, custody, and treasury management through its acquisition of GTreasury, a firm that services Fortune 500 clients.

Speaking at Ripple’s Swell conference in New York, GTreasury CEO Renaat Ver Eecke said stablecoins could dramatically reduce settlement times in corporate finance. “What if we could reduce settlement times to minutes?” he said. “Clients immediately recognize the liquidity potential that creates.”

Initial onboarding for the Ripple-Mastercard partnership will begin in the coming months, subject to regulatory approval. If successful, the collaboration could become a blueprint for integrating stablecoins into everyday consumer payments.

Ripple has raised $500 million in fresh funding, boosting its valuation to $40 billion as the digital asset and infrastructure firm continues its rapid expansion beyond blockchain-based payments. The latest investment marks one of the largest private capital raises in the crypto sector this year.

The funding round was led by funds managed by affiliates of Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace. Ripple described the decision to accept new common equity as a strategic step to deepen relationships with key financial partners as it scales globally.

Expanding Beyond Payments

Founded in 2012, Ripple began by using blockchain technology to power cross-border payments, leveraging its XRP token to move fiat currencies quickly and efficiently. Over the past two years, however, the company has undergone a transformation into a comprehensive digital asset platform, completing six acquisitions and broadening its service offerings.

Ripple has launched its own stablecoin, introduced Ripple Prime for institutional crypto brokerage, and built out a custody and treasury management business aimed at corporate and financial clients. The company’s stablecoin, pegged to the U.S. dollar and backed by real assets, is now a core component of its strategy to modernize global liquidity and settlement networks.

Ripple’s International CEO, Michael Higgins, previously described the firm’s growth as a “record year,” noting the expansion of its U.S. presence through acquisitions and the rollout of institutional trading infrastructure. The company’s evolution reflects a wider trend of crypto firms moving toward regulated, enterprise-focused financial services.

Favorable U.S. Environment

The latest funding comes amid a more constructive environment for the U.S. digital asset industry. The passage of the GENIUS Act, a landmark stablecoin framework, and the election of President Donald Trump have renewed optimism among industry leaders about regulatory clarity and institutional participation.

Despite broader crypto market volatility—highlighted by Bitcoin’s recent dip below $100,000—Ripple’s fundraising underscores investor confidence in blockchain-driven financial infrastructure. With new capital and a diversified product base, the company appears well-positioned to strengthen its leadership role in the next phase of institutional crypto adoption.

BitMine Immersion Technologies (BMNR) has announced total crypto and cash holdings of $13.7 billion, further cementing its position as one of the largest digital asset treasuries in the world.

The company revealed that it now holds 3.4 million Ethereum (ETH) tokens – roughly 2.8% of the total ETH supply – alongside $389 million in unencumbered cash and smaller positions in Bitcoin and equity investments.

The Las Vegas–based firm, which focuses on long-term crypto accumulation through mining and investment, has become a standout among public blockchain companies for both the scale of its holdings and the liquidity of its stock. BitMine now ranks as the #60 most traded stock in the United States, with a five-day average daily volume of $1.5 billion, according to company data.

Ethereum Leadership and Institutional Support

BitMine’s chairman, Thomas “Tom” Lee of Fundstrat, highlighted the company’s growing influence within the Ethereum ecosystem. He noted that the recent accumulation of 82,000 ETH in a single week pushed the firm past the halfway mark toward its goal of owning 5% of all Ethereum, an objective Lee refers to as the “alchemy of 5%.”

Lee emphasized that Ethereum’s underlying fundamentals are strengthening, citing rising stablecoin supply and record-high application revenues as indicators of long-term momentum. Despite October’s severe liquidation event, Lee suggested that the resulting decline in leverage was a healthy reset for the market.

BitMine’s investor base includes ARK Invest, Founders Fund, Pantera Capital, Galaxy Digital, and several prominent institutional players. This support has positioned BitMine as a preferred vehicle for institutional exposure to Ethereum’s performance and broader crypto market trends.

Position Among Global Treasuries

BitMine’s crypto reserves place it second only to Strategy Inc. (MSTR) among global corporate crypto treasuries. While Strategy Inc. dominates Bitcoin holdings with 640,808 BTC, BitMine leads in Ethereum exposure.

The firm continues to expand its operations across low-cost energy regions in Texas and Trinidad, leveraging mining and synthetic hashrate products to increase its crypto net asset value per share.

As the company moves closer to its goal of acquiring 5% of Ethereum’s total supply, BitMine is positioning itself at the intersection of corporate treasury strategy, digital asset accumulation, and institutional-grade market liquidity.

Ripple has launched digital asset spot prime brokerage services for U.S.-based institutional clients, marking a significant expansion of its trading and financial infrastructure. The move follows Ripple’s acquisition of Hidden Road, a multi-asset prime brokerage platform, earlier this year.

Operating under the new brand Ripple Prime, the platform will now allow clients to execute over-the-counter (OTC) spot transactions across dozens of leading digital assets, including XRP and Ripple’s stablecoin RLUSD.

The launch extends Ripple’s existing OTC derivatives and clearing services, providing a fully integrated suite for institutional investors seeking exposure to crypto markets under regulated conditions.

According to Ripple Prime’s International CEO Michael Higgins, the addition of OTC spot execution capabilities complements the company’s broader trading infrastructure. “It positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs,” Higgins said in the announcement.

Institutional Expansion and Integration

Ripple Prime now supports a wide range of product types – including FX, derivatives, swaps, and fixed income – giving institutions unified access to digital and traditional financial instruments. The platform also enables cross-margining between OTC spot holdings and derivatives positions, allowing clients to manage exposure more efficiently across asset classes.

The acquisition of Hidden Road in October 2025 played a pivotal role in enabling Ripple’s expansion into prime brokerage. By integrating Hidden Road’s technology and licenses, Ripple has positioned itself to bridge the gap between digital assets and institutional finance, strengthening its role as a full-service provider for global markets.

Ripple continues to broaden its suite of institutional offerings, which includes Ripple Payments for cross-border settlements and Ripple Custody for secure digital asset storage. Through Ripple Prime, the company now provides U.S. clients with access to a multi-asset prime brokerage platform, reflecting the increasing convergence between crypto markets and traditional finance.