Bitcoin's modest rebound over the weekend appears to have stalled as Monday trading began. **JPMorgan** updated its views on several **bitcoin miners**, including upgrades for **Cipher Mining (CIFR)** and **CleanSpark (CLSK)**.

Bitcoin peaked at just above $88,000 on Sunday, rebounding from around $80,000 early Friday, but dipped back toward $86,600 by Monday morning. The price of **bitcoin** is now down more than 7% this year.

Ethereum recovered near $2,900 overnight but slid back to $2,800 Monday morning, with a nearly 16% decline so far in 2024.

Spot **bitcoin exchange-traded funds (ETFs)** recorded $1.22 billion in outflows last week, marking the third consecutive week of outflows. November has seen $3.55 billion in outflows, though Friday brought a slight reprieve with $238.4 million in inflows. **BlackRock's iShares Bitcoin Trust (IBIT)** was the only ETF with outflows on Friday at $122 million, contributing to a weekly outflow of $1.09 billion and a November total of $2.2 billion.

David Morrison, senior market analyst at Trade Nation, noted little appetite for another **Federal Reserve rate cut** in December, but New York Fed President John Williams suggested rates could fall "in the near term," boosting odds of a 25-basis point cut to 71%. Morrison highlighted that November is proving challenging for markets, with concerns over the **artificial intelligence industry**, circular investments, accounting procedures, and chip lifespans. Trading volumes are expected to drop this week due to the Thanksgiving holiday.

## JPMorgan Upgrades Two Miners

JPMorgan upgraded **CleanSpark** to overweight from neutral, citing the recent pullback and its 200 megawatts of critical IT capacity at a newly-acquired Texas site. The firm maintained a $14 price target on CLSK stock, noting that high-performance compute deal activity increases conviction in bitcoin miners.

JPMorgan also upgraded **Cipher Mining** to overweight from neutral, pointing to a 45% decline from recent highs as a "nice entry point." The firm raised its price target on CIFR stock to $18 from $12, expecting additional high-performance compute deals to drive upside.

JPMorgan raised its price target on **Iren (IREN)** to $39 from $28, citing high volumes of HPC deal activity, but kept an underweight rating.

## Analysts Cut Price Targets

JPMorgan cut price targets on **Mara Holdings (MARA)** to $13 from $20 and **Riot Platforms (RIOT)** to $17 from $19, citing lower bitcoin prices and higher share counts, while maintaining overweight ratings.

Canaccord cut its price target on **Bullish (BLSH)** to $50 from $68, keeping a buy rating, and expressed optimism about the Peter Thiel-linked crypto exchange's progress in Q3 on business model and asset management expansion.

## Stock Action

IBIT and other spot bitcoin ETFs rebounded about 1.3% early Monday.

Cipher Mining shares jumped nearly 12%, CleanSpark surged almost 7%, and Iren stock advanced more than 6%.

Despite price target cuts, Mara advanced 3.2% and Riot stock surged 4% on bitcoin's gains.

Bullish stock rose about 1%.

Bitcoin attempted a modest rebound over the weekend amid major ETF outflows. JPMorgan upgrades two bitcoin miners, cuts targets for others.

Bitcoin's Rocky Rebound: JPMorgan Shakes Up Mining Stocks Amid ETF Outflows

## Bitcoin ETFs Shatter Records Amid Market Turmoil

The 11 U.S.-listed spot bitcoin ETFs shattered trading records last week, with cumulative volumes surpassing **$40.32 billion**, indicating likely **institutional capitulation**.

### BlackRock's IBIT Dominates Trading Activity

**BlackRock's IBIT** led the industry with **$27.79 billion** in trading volume, accounting for nearly **70%** of the total, according to data source SoSoValue.

On Friday alone, these funds recorded over **$11.01 billion** in trading volume, with BlackRock's IBIT contributing **$8 billion**.

### Bitcoin Price Plunge and Institutional Exodus

The record-setting activity comes hand-in-hand with a **plunge in bitcoin's price** and large redemptions, pointing to institutional capitulation – the rush by investors to exit fading bets.

**Bitcoin's price has dropped 23% this month** to $86,700, according to CoinDesk data, falling to nearly **$80,000** on some exchanges last week. BlackRock's IBIT has also fallen to its **lowest level since April**.

### ETF Holders Underwater as Redemptions Soar

BTC's price slide has pushed **most ETF holders underwater**, as the weighted-average entry price for holders is **above $90K**, according to Bianco Research.

It's no surprise that the 11 ETFs have cumulatively processed **record redemptions worth $3.55 billion** this month.

The record redemptions challenge the prevailing belief that these entities take long-term positions, suggesting a possibility that **fears of an impending macroeconomic blowup** are driving this capitulation.

The U.S.-listed spot bitcoin ETFs saw a record $40 billion in trading volume last week, with IBIT leading the way. 

Record $40B Bitcoin ETF Volume Signals Institutional Capitulation as BTC Plunges 23%

## The Illusion of Physical Gold in Modern Finance

Gold has captivated humanity for centuries with its **shiny allure** and versatility in jewelry, making it a **valuable asset** used as money for millennia. Initially, this took the form of gold coins, which later evolved into **paper money backed by gold**. Even today, gold remains a **critical reserve asset**, with individuals and institutions holding it in their portfolios through instruments like **gold futures** and **gold exchange-traded funds (ETFs)**.

Much of the world's gold is stored in **underground vaults**, out of sight and untouched. When you invest in gold reserves, futures, or ETFs, you're not acquiring physical bars; instead, you receive **entries in an electronic database** that represent ownership of that buried gold. This has given rise to a **sophisticated financial system** where gold transactions occur without the metal ever moving. The gold remains heavy and stationary in the dark vaults, its inherent shininess reduced to an **abstract concept** in digital records.

Yap money stones, consultation fees, Morgan Stanley vendors, crypto-to-GSE contagion and the Epstein files.

Why Your Digital Gold Is Just a Database Entry in a Dark Vault

## Market Overview

**Dow Jones futures** are set to open Sunday evening, alongside S&P 500 and Nasdaq futures. **Bitcoin**, often viewed as a potential weak link in the market, experienced a notable rebound over the weekend, rising toward $87,000 after hitting seven-month lows below $81,000 early Friday.

This past week, the stock market faced significant losses, with major indexes breaking below key levels despite strong earnings from **Nvidia (NVDA)**. A Friday bounce, fueled by renewed Fed rate cut hopes and potential Nvidia chip sales to China, faded in the final 90 minutes of trading. Growth stocks, in particular, suffered major damage, and Bitcoin saw a sharp decline.

## Key Stock Movements

- **Apple (AAPL)**, **RTX (RTX)**, and **Medpace (MEDP)** have all formed bullish tight patterns, indicating potential breakout opportunities.
- **Eli Lilly (LLY)** made history by reaching a **$1 trillion market cap**, becoming the first healthcare company to join this elite club. The stock is featured on multiple IBD lists, including Leaderboard and IBD 50.
- **Nvidia stock** fell 5.9% for the week, breaking below its 50-day moving average and a flat-base buy point. However, reports of potential eased restrictions on AI chip exports to China provided some support.

## Bitcoin's Impact

Bitcoin plunged 10.3% last week, hitting a seven-month low of $80,587.89. Some analysts suggest that forced selling in Bitcoin may have contributed to broader market woes, especially affecting high-beta and speculative growth assets. The weekend rebound offers a glimmer of hope, but the overall market remains in a "risk off" mindset.

## ETF Performance

Several growth ETFs struggled last week:
- Innovator IBD 50 ETF (FFTY) slumped 3.3%.
- iShares Expanded Tech-Software Sector ETF (IGV) dived 6.1%.
- VanEck Vectors Semiconductor ETF (SMH) plunged 5.5%, with Nvidia as its top holding.

Defensive sectors like healthcare showed relative strength, with the Health Care Select Sector SPDR Fund (XLV) advancing 1.3%, largely driven by Eli Lilly.

## Investor Strategy

Given the market's recent volatility, investors are advised to adopt a defensive stance. Exposure should be minimal, with a focus on resilient stocks showing relative strength. While Friday's bounce was encouraging, it may not signal a sustained rally. Key indicators to watch include the Nasdaq and S&P 500 reclaiming their 50-day and 21-day moving averages, and the potential for a follow-through day to confirm a new uptrend.

Keep working on watchlists and prioritize stocks holding key levels, as they may lead the next market rally—or be the next to break.

Dow Jones futures loom as bitcoin, a possible catalyst for stock market woes, rebounded over the weekend. Watch Nvidia, Apple and Eli Lilly.

Bitcoin's Weekend Rebound Sparks Hope Amid Stock Market Turmoil: What's Next for Nvidia, Apple, and Eli Lilly?

Grayscale Investments is set to list **spot ETFs** for **Dogecoin** and **XRP** on the **NYSE Arca** on **November 24, 2025**, providing a new avenue for everyday investors to purchase these cryptocurrencies through standard brokerages.

## Grayscale Moves To List Dogecoin And XRP

Exchange notices and regulatory filings confirm that the funds will trade under the tickers **GDOG** for Dogecoin and **GXRP** for XRP. This transition converts Grayscale's existing private-placement trusts into publicly traded products, with approvals filed with the **US Securities and Exchange Commission**.

This development offers spot exposure to two widely followed, albeit smaller, cryptocurrencies in a mainstream format, enabling access without the need for direct wallet or private key management.

> Grayscale Dogecoin ETF $GDOG approved for listing on NYSE, scheduled to begin trading Monday. Their XRP spot is also launching on Monday. $GLNK coming soon as well, week after I think

![Chart showing derivatives volume surge](https://www.newsbtc.com/wp-content/uploads/2025/11/a_833271.png?resize=1024%2C859)

## Market Activity Up Ahead Of Launch

Trading activity in related derivatives has surged in anticipation of the launch. **Dogecoin derivatives volume** increased by over **30%** to approximately **$7.22 billion**, while **XRP derivatives** saw a **51% jump** to around **$12.74 billion**, indicating traders are positioning for potential price movements.

Spot ETFs do not guarantee higher prices but expand the investor base to include brokers, retirement plans, and funds that typically avoid direct crypto custody, potentially enhancing liquidity. However, this launch occurs amid a roughly six-week downturn in the overall crypto market.

<iframe src="https://www.tradingview.com/x/4g9RPsAH/" width="2048" height="985"></iframe>

DOGE market cap currently at $21.4 billion. Chart: TradingView

### Questions Remain Over Demand And Flows

Investor appetite will be influenced by factors such as **product fees**, **custody details**, and the conversion process from trusts to ETF shares. Historical crypto ETF launches have shown varied early flows, with prices impacted by subsequent inflows and outflows.

Analysts and investors will monitor initial trading days for indicators like **high volume** and **tight spreads** to gauge demand. Speculative trading in derivatives may also provide insights into market sentiment.

The simultaneous listing of GDOG and GXRP represents a significant advancement for mainstream crypto products, structured as spot ETFs holding underlying tokens via custodians, simplifying access for a broader investor audience despite inherent price risks.

Grayscale Investments will list spot ETFs for Dogecoin and XRP on the NYSE Arca on November 24, 2025, offering a new way for everyday investors to buy

Dogecoin and XRP Go Mainstream: Grayscale ETFs Launch on Wall Street This November!

Recent on-chain data reveals that investors have been excessively betting on Bitcoin's price in recent weeks, contributing to its ongoing struggles.

### **Longs Vs Shorts Imbalance — How This Induced Price Crash**

In a November 22 post on X, Alphractal CEO and founder Joao Wedson [revealed](https://x.com/joao_wedson/status/1992263836955447788?s=20) the underlying dynamics behind Bitcoin's recent unchecked fall. He analyzed the **Estimated Long/Short Positions metric**, which estimates how much of the Open Interest across exchanges is dedicated to long positions relative to short positions.

Wedson reported that across 19 exchanges, there are about **71,000 BTC in long positions**, while only **27,900 BTC are in short positions**. This discrepancy is unusually large, even without data from the Chicago Mercantile Exchange (CME).

This imbalance is significant because when there are clusters of long positions at similar price levels, the market becomes more fragile. Moderate pullbacks beneath these clusters can trigger a cascade of forced liquidations, known as a **long squeeze**, which pushes prices further down.

![Bitcoin](https://pbs.twimg.com/media/G6XwMl_WEAEZqtd?format=jpg&name=large)
*Source: @joao_wedson on X*

Notably, Wedson pointed out that traders initially believed **$100,000 was Bitcoin's price bottom**, but this speculation failed. Then, **$90,000** became the focus, leading to another series of liquidations. Currently, **$84,000** is seen as the new price bottom by many speculative traders.

These liquidation events after the breaches of $100,000 and $90,000 supports provided more buy-side liquidity for Bitcoin's price to fall. Simultaneously, most significant short positions have been closed, making a defined price recovery difficult due to a lack of sell-side liquidity to push prices higher.

For Bitcoin to recover, Wedson explained that there needs to be a **significant decrease in long positioning** and an **increase in short exposure**.

### **Watch Out For $81,250 — Analyst**

In another post on X, technical analyst Ali Martinez [noted](https://x.com/ali_charts/status/1992314891567546445?s=20) that Bitcoin's **2-year moving average**, approximately **$81,250**, is a critical level for its future trajectory.

The analyst explained that historical failures of the 730-day SMA have often marked the beginnings of **bear markets**. If Bitcoin's price falls below this 2-year average, it could signal the start of a long bearish cycle.

As of press time, Bitcoin is valued at **$86,251**, reflecting an over 3% price jump in the past 24 hours.

![Bitcoin](https://www.tradingview.com/x/JDfx6EJW/)
*The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView*

The latest on-chain data shows investors have been excessively betting on the Bitcoin price in recent weeks, leading to its struggles.

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