Gate Daily (November 25): Japan plans to set up encryption exchange reserves; Grayscale launches XRP and DOGE ETF

Bitcoin (BTC) has welcomed a rebound, temporarily reported at around $88,010 on November 25. The Japanese Financial Services Agency plans to establish new regulations requiring encryption exchanges to set up reserve funds. In the past four weeks, nearly $5 billion has flowed out of crypto assets investment products. Grayscale launched XRP and DOGE ETF on NYSE Arca.

Macroeconomic Events & Coin Circle Hotspots

1. The Japanese Financial Services Agency will require crypto exchanges to establish reserve funds to protect customers from potential security vulnerabilities and operational risks. As the country's main financial regulatory body, the Japanese Financial Services Agency is implementing this reserve requirement aimed at bringing virtual currencies closer to a regulatory framework similar to that of traditional securities and promoting a safer market participation environment. The new regulations focus on ensuring that exchanges have the capability to cover operational risks and safeguard customer funds. With the adjustment of regulatory policies, Japanese asset management institutions are actively exploring new types of crypto investment products, and these changes are expected to expand trading services in the digital asset space and stimulate market competition.

2. Over the past four weeks, there has been a nearly $5 billion outflow from cryptocurrency investment products, but the inflows in the last few days of last week slightly indicate an improvement in market sentiment. A research report released by CoinShares on Monday showed that the outflow from cryptocurrency exchange-traded products (ETPs) last week was $1.94 billion, a slight decrease from the $2 billion outflow the previous week. The total outflow over the past four weeks has reached $4.9 billion, marking the third-largest record in history, only behind the sell-off impacted by tariffs in March and the stock market crash in February 2018.

3. Grayscale XRP Trust (GXRP) provides direct investment in XRP, which is currently the third largest cryptocurrency used for cross-border payments globally. Grayscale Dogecoin Trust (GDOG) is the first spot Dogecoin ETF in the United States, holding over 11 million DOGE, supported by its loyal community. Both funds charge a fee of 0.35%, but the first $1 billion in assets is exempt from this fee.

News Updates

1. Vitalik comments on the SitusAMC attack incident: Privacy is not an option, but a “hygienic practice.”

2. Slow Mist: Users who have not received the Monad airdrop are advised to check if the bound address on the claim page has been replaced by hackers.

3. Multicoin Capital today purchased AAVE tokens worth $10.94 million.

4. “Maji Brother” Huang Licheng opened a long position worth 13.35 million USD in ETH and 830,000 USD in HYPE.

5. TD Cowen: MicroStrategy's Bitcoin premium is approaching the “crypto winter” low, but still maintains a buy rating.

6. A certain Bitcoin OG whale has deposited 10 million USDC into Hyperliquid, using 5x leverage to long ETH.

7. The Japanese Financial Services Agency plans to establish new regulations requiring encryption exchanges to set up responsibility reserves.

8. The US SEC issued a no-action letter to Fuse Energy regarding ENERGY tokens.

9. Brevan Howard is reported to have a “refund right” of $25 million for its investment in Berachain.

Market Trend

1. Latest news on Bitcoin: $BTC has experienced a Rebound, currently reported around 88,010 USD, with 125 million USD liquidated in the past 24 hours, mainly from short positions;

2. The four major U.S. stock indices closed higher on November 24, continuing the upward trend from last Friday, led by technology stocks, with the Nasdaq soaring over 2%. This was due to economic data showing a soft U.S. labor market, making traders more optimistic about the possibility of a Federal Reserve rate cut in December. The Dow Jones Industrial Average closed up 202.86 points, a rise of 0.44%, at 46,448.27 points. The S&P 500 index rose by 102.13 points, an increase of 1.55%, finishing at 6,705.12 points, marking the best single-day performance in six weeks. The Nasdaq index surged by 598.92 points, an increase of 2.69%, to 22,872.01 points, achieving the largest single-day gain since May. The Philadelphia Semiconductor Index climbed 296.77 points, a rise of 4.63%, to 6,703.20 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 88,116.30 USDT, if it drops to around 87,714 USD, the total liquidation amount of long positions exceeds 230 million USD; if it rises to around 89,220 USD, the total liquidation amount of short positions exceeds 104 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 3.02 billion USD, outflow was 2.8 billion USD, with a net inflow of 220 million USD.

(Source: Coinglass)

5. In the past 24 hours, the net outflow of contract transactions such as $BTC, $ZEC, $BNB, $HYPE, $XPL and other contracts is leading, and there are trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “After Williams announced support for the Federal Reserve to cut interest rates in December last Friday, Waller and Daly also spoke on Monday, supporting the Fed's decision to cut rates in December. Waller is not worth mentioning, as he is originally a Trump person, and now Daly also supports the rate cut, which is better news for the market. After all, this decline started when Powell announced that there would be no rate cut in December, and it has been stagnant since then.”

“The key point is that the dove faction supporting interest rate cuts has basically exceeded half, and according to the CME's forecast data, the probability of a rate cut by the Federal Reserve in December has already exceeded 85%. Therefore, the market is gradually warming up, not only are U.S. stocks rising, but $BTC is just a step away from ninety thousand dollars. This week is Thanksgiving and Black Friday, mainly the first three days. After that, we can take a break, hoping there won't be any issues. Some friends asked about filling the gap; recently, the gaps for BTC and $ETH have all been filled, and there is a minor gap of only a dozen dollars that can be ignored, it's too small, clearly gone.”

Looking back at the data for Bitcoin, the turnover rate has dropped to a more normal level for Monday, and investor sentiment has significantly eased. Although there has been an improvement in expectations regarding the Federal Reserve, the bigger issue for the December meeting may be the dot plot and the potential interest rate cuts in January 2026. From the current perspective, the dot plot for 2026 shows that yesterday's change in CEX wallets resulted in significant fluctuations, leading to a substantial increase to $85,000. However, the structure of the loss-making chips remains unaffected, and support has not been impacted either; the probability of returning to the support level is still quite high.

Today's Outlook

1. Germany's third quarter seasonally adjusted GDP revision (annualized), previous value was 0.3%.

2. Germany's third quarter seasonally adjusted GDP revision (quarterly rate), previous value was 0.0%.

3. U.S. September Retail Sales (MoM), previous value 0.6%

4. U.S. Producer Price Index (year-on-year) for September, previous value was 2.6%

5. The U.S. November Conference Board Consumer Confidence Index, previous value was 94.6

6, U.S. October NAR seasonally adjusted existing home sales index (month-on-month), previous value was 0.0%