November 28th Weekly Market Recap: “Gold Strengthens”

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DeepBook - “The Backbone of Sui DeFi Liquidity”

In our piece on perpetual decentralised exchanges (perp DEXs), we made the case that the majority of order book–based DEXs, such as dYdX and Hyperliquid, use an off-chain order book with on-chain settlement as a means to improve transaction fees and reduce latency at the order book stage.

Maintaining an order book entirely on-chain requires every order placement, cancellation, or modification to be recorded on the blockchain, incurring gas fees and introducing latency limited by block confirmation times.

Gold Strengthens Over Thanksgiving

Gold extended its move higher to ~$4,192/oz, pushing to its strongest levels since mid-November, while Japan’s October retail sales surprised to the upside with the fastest YoY pace since June (1.7% YoY, 1.6% MoM). BTC traded in a tight $90K–$91.5K range and is roughly 0.15% higher on the day, with ETH up ~1.3% around $3,000.

Animoca Brands is doubling down on stablecoins and RWA tokenisation with a 2026 build-out and planned Nasdaq reverse-merger listing, BitMine has continued scaling its ETH treasury following a $200M purchase plan, and Upbit’s parent Dunamu has committed to fully covering a ~$37M multi-token hot-wallet theft.

DeFi Analytics 28th November 2025

The weekly addition of the Crypto DeFi Analytics, covering chain fee generation, Beacon Chain Balance, Uniswap V3 and Liquidations.

Crypto Climb Before Thanksgiving

Initial US jobless claims for the week ending 22 November fell by 6K to 216K, the third consecutive decline, beating expectations for 225K and returning to the lowest level since February. BTC rebounded from last week’s lows near $81K to around $91.8K, while ETH pushed back above $3K, with CME FedWatch now pricing the probability of a December Fed cut at over 85%.

On the product side, Grayscale has filed to convert its $196M Zcash Trust into a spot ETF (ticker: ZCSH) on NYSE Arca, targeting one of the first US vehicles focused on a privacy token. In parallel, Xapo’s Byzantine BTC Credit Fund has accumulated roughly $100M in allocations since launch as Australia moves ahead with its Corporations Amendment (Digital Assets Framework) Bill 2025, which would require digital asset and tokenised custody platforms to obtain an AFSL and operate under existing financial and consumer law.

FedWatch Shows Highest Cut Odds

US data showed sticky-but-easing producer inflation and softer retail sales, yet December cut odds still pushed towards ~85% on CME FedWatch/Polymarket. Crypto barely reacted, with BTC pinned around $86k–87k and ETH near $2.9k–3k ahead of jobless claims, the Beige Book and the UK Autumn Budget.

Structural/flow positives include Hassett’s emergence as Fed chair frontrunner with digital-asset credentials, further CFTC normalisation of prediction markets (Robinhood/SIG venture, Polymarket), KRW stablecoin build-out from Kakao/Naver, strong FY25 earnings from CleanSpark, and new ETF supply via Bitwise’s DOGE product and Franklin Templeton’s near-term Solana ETF.

Solana ETFs See Strong Monday Inflows

Bitcoin slipped 1.40% to around $87K after briefly touching $88K, while ether fell 2.23% to the $2,900 area after approaching $3,000; over the past five days, BTC is up just 0.55% versus a 0.96% gain in the S&P 500 as Fed cut odds for 25bps in 2025 now exceed 80%. Solana declined 1.70% after nearly hitting $140, even as US spot SOL ETFs recorded their 20th consecutive session of net inflows, pulling in $58M on Monday and lifting cumulative net inflows to $568M and AUM to roughly $844M (about 1.1% of SOL market cap).

Flows were also strong in XRP, where spot ETFs saw $164M of net inflows on Monday (their second-largest day on record), while Grayscale’s new spot DOGE ETF, GDOG, launched with $1.41M in first-day trading volume. CME Group’s crypto derivatives complex set a new all-time daily volume record on 21 November with 794,903 contracts traded, driving average daily crypto volumes up 132% year-on-year to ~$12B and open interest up 82% to ~$26.6B.

​​From D.O.G.E. to DOGE

Bitcoin has bounced from Friday’s lows to around $86,000, even as U.S. spot ETFs log a fourth straight week of outflows and markets swing from expecting a pause to pricing over a 73% chance of a December Fed rate cut. In Washington, the Trump administration is preparing fallback legal tools to preserve its tariff regime and quietly winding down the DOGE downsizing unit, while the SEC readies a December roundtable on crypto privacy and financial surveillance.

The macro backdrop is busy, with a heavy run of U.S. data this week — including PPI, retail sales, GDP and PCE — against a softer November manufacturing PMI. On the crypto market-structure side, Grayscale is rolling out new DOGE and XRP ETFs, Coinbase Derivatives is expanding 24/7 and perp-style futures on a broader set of altcoins, and Korea’s Upbit is eyeing a Nasdaq IPO via a $14.5B Naver–Dunamu stock-swap deal.