Crypto Weekly Market Wrap November 10th: Global Stablecoin Push, Crypto Regulation, and ETF Momentum

Last week, the crypto market experienced notable geopolitical, regulatory, and institutional developments that shaped the mood of the investors. The governments promoted digital currency projects, while fresh compliance actions and market reforms signalled that the regulators are closely watching the industry. Major players in Bitcoin and the anticipated ETF launches highlighted the mainstream acceptance of crypto amid the volatility and legislative holdups.

Trump Pushes Bitcoin to Strengthen U.S. Dollar

During the Miami America Business Forum, Donald Trump revealed his plans to transform the U.S. into a Bitcoin superpower. He claimed his administration officially ended the federal war on crypto. Trump stressed the necessity to integrate digital assets into the national economic policy.

Donald Trump recently stated that he hopes to make the United States a “Bitcoin superpower,” framing the move as part of the broader U.S.–China rivalry. Trump emphasized that crypto assets should be part of America’s economic strategy, and further linked Bitcoin to the U.S.…

— Wu Blockchain (@WuBlockchain) November 6, 2025

Trump states that the adoption of Bitcoin relieves pressure on the U.S. dollar. He cautioned that China and other nations are on the crypto frontier. To remain a leader, he called upon American lawmakers and regulators to take immediate action.

Strategic Bitcoin Reserve Proposed by Senator Lummis

Senator Cynthia Lummis revived her call for a national Bitcoin reserve to offset the growing federal debt. She argued that Bitcoin would improve the government’s asset position in the long term. The plan has become popular in Congress, backed by President Trump. Officials at the Treasury and White House are considering various models. These involve substitutes to the traditional gold revaluation, and responsible integration is being discussed.

Japan Tests Yen Stablecoin with Three Major Banks

Japan’s FSA announced collaboration with MUFG, SMBC, and Mizuho Bank in a joint stablecoin test as part of its Payment Innovation Project. The experimental project aims at introducing a stablecoin pegged to the yen in partnership with the three banks. The trial, which is set to start in November 2025, is to enforce regulatory compliance and technical viability.

Japan’s Financial Services Agency has announced support for a pilot project in which MUFG, SMBC, and Mizuho will jointly issue a yen-backed stablecoin. As the first initiative under the Payment Innovation Project (PIP), the experiment aims to test the legal and operational…

— Wu Blockchain (@WuBlockchain) November 7, 2025

Japan aims to become a pioneer in the regulated digital currency innovation by supporting this trial. The project may establish the groundwork for broader acceptance of stablecoins by financial institutions.

South Korea Fines Upbit Operator $24.35 Million

South Korea’s FIU issued a fine of $24.35 million on Dunamu, the operator of Upbit, due to significant compliance violations. These consisted of collaborating with unregistered crypto operators and failure to fulfill transaction monitoring obligations. Failures in customer verification and reporting of suspicious activity were identified by regulators.

This fine came after other sanctions, such as a three-month business suspension of executives. Dunamu agreed to the ruling and promised to enhance its compliance system in the future.

Kazakhstan Builds National Crypto Reserve Fund

Kazakhstan announced that it plans to create a national crypto reserve fund worth around $500 million and $1 billion. The fund consists of the repatriated crypto assets and will invest in crypto-related stocks and ETFs. However, authorities made it clear that they would not hold direct cryptocurrencies. Governor of the Central Bank, Timur Suleimanov, said that the project would be launched around December 2025 and January 2026.

Canada and UK Set Timeline for Stablecoin Rules

Canada and the UK are stepping up efforts to regulate stablecoins. Canada’s upcoming 2025 budget contains strict regulations on fiat-backed tokens. These are centered on data protection, reserve standards, and transparency.

🇨🇦 Canada just made a big step forward.

Today’s federal budget includes new guidance on stablecoin regulation, signaling progress toward embracing faster, cheaper, and borderless payments.

With 60,000 advocates strong, Stand with Crypto Canada will continue to be a driving… pic.twitter.com/C0ZiO3GLsR

— Stand With Crypto Canada 🇨🇦 (@StandWCrypto_CA) November 4, 2025

Meanwhile, the Bank of England intends to adopt its own framework at a similar pace. The priority of officials was on systemic stablecoins to lead to payment systems modernization and foster digital trust.

FTX Drops Rule Blocking Repayments in 49 Nations

FTX abandoned a controversial proposal that would have limited repayments in 49 countries, such as China and Saudi Arabia. The now-defunct Restricted Jurisdiction Procedure impacted 800 million user claims. The plan was abandoned after it received heavy criticism, especially amongst the Chinese creditors. This turnaround is a relief to people who have been waiting to receive reimbursements since the collapse in 2022.

Saylor Moves into the Euro Market for Bitcoin Funding

Michael Saylor’s firm launched a euro-denominated fundraising round to buy more Bitcoin. It aims to raise funds through 3.5 million STRE shares, each promising a 10% annual dividend. Strategy intends to reinvest the proceeds directly into Bitcoin. Analysts noted the company’s resilience despite stock fluctuations. Willy Woo stated that Strategy is well-positioned with good debt terms, and it remains the market leader in Bitcoin holdings.

MetaPlanet Raises $100M for Bitcoin Growth

MetaPlanet raised $100 million using Bitcoin-backed financing. The company plans to acquire additional Bitcoin and increase its business activities with the capital. It also indicated a potential share repurchase using the funds.

JUST IN: Metaplanet borrows $100 million loan by using its Bitcoin as collateral to buy more #Bitcoin pic.twitter.com/UayQKj1FKi

— Bitcoin Magazine (@BitcoinMagazine) November 5, 2025

Currently, MetaPlanet has more than 30,000 Bitcoin. The funding reflects approximately 3% of the company’s assets, a very ambitious step towards crypto-funded business growth.

XRP ETF Could Launch Soon

Several asset managers, such as Franklin Templeton and Bitwise, submitted S-1 amendments of spot XRP ETFs. These filings indicate that the ETFs might be launched as early as mid-November. Canary Capital CEO confirmed it was ready to launch next week during Ripple’s Swell event. The companies eliminated the standard delay provisions in their documents. This mirrors approaches in Solana and Litecoin ETF approvals, driving the momentum toward the increased institutional exposure of Ripple.

Ethereum Foundation Restructures Grant Program

Under its ESP program, the Ethereum Foundation introduced a new dual-track grant program. The new structure has a Wishlist track and a Request for Proposals (RFP) track. These motivate developers to develop solutions in fields such as cryptography and privacy. The Wishlist song addresses particular ecosystem requirements. Meanwhile, the RFP track allows proposals with measurable results to specific problems, simplifying the Ethereum model of funding.

U.S. Government Shutdown Delays Crypto Legislation

The current U.S. government shutdown has gone beyond 36 days, and this has impacted crypto market regulation timelines. The delay may push the key legislation till 2026. Lawmakers are still in a gridlock over the budget after a big Democratic win.

🚨 The U.S. government shutdown is putting crypto regulation on ice.

The GOP’s plan to advance the Clarity Act and RFIA out of committee by November is stalled as lawmakers focus on reopening the government.

Can this shutdown end already? pic.twitter.com/rn8cQfqMAt

— Defi Shaun (@KryptonCalls) November 8, 2025

The White House officials are hoping to complete crypto structure reforms before the end of 2025. However, according to insiders, political stalemates can lead to prolonged delays.

Ripple Partners with Mastercard and Gemini

In its Swell 2025 event, Ripple announced collaboration with Mastercard, Gemini, and WebBank. It aims to utilize RLUSD, Ripple’s stablecoin, to settle payment transactions on the XRP Ledger. Such collaboration may allow Gemini card payments to be made without the involvement of regular banks. Ripple’s president referred to it as a big breakthrough in integrating blockchain with regulated financial systems. The move is an indication of Ripple’s strategy to integrate digital assets with consumer payment platforms.

Coinbase Fined €21.4M for Compliance Failures

The Central Bank of Ireland imposed a fine of $21.4 million on Coinbase Europe as a result of anti-money laundering monitoring violations. In 2021 and 2022, the coding errors resulted in the unscreening of transactions worth €176 billion. More than 30 million transactions were not fully scrutinized because of address filtering faults.

Coinbase found out the problem internally and resolved it in weeks. Moreover, authorities provided a 30% discount following the admission of guilt and full cooperation of Coinbase during the investigation.

Ripple Launches Prime Brokerage for U.S. Institutions

Ripple announced the launch of Ripple Prime, a spot prime brokerage of digital assets by U.S. institutions. The launch came after Ripple acquired Hidden Road at a cost of $1.25 billion. Ripple Prime now offers OTC trading of major cryptocurrencies, such as XRP and RLUSD.

Ripple Prime breaks ground in the US today with the launch of digital asset spot prime brokerage capabilities – allowing clients to execute OTC spot transactions across the most prominent digital assets and stablecoins, including $XRP and $RLUSD. https://t.co/zTYb4MrPX4

— Ripple (@Ripple) November 3, 2025

Moreover, Ripple extended its custody services by purchasing Palisade, a digital asset security company. Furthermore, the company said that it currently has no IPO plans soon, concentrating on the growth and expansion within the company and expansion of its institutional services.

Balancer Exploited in $128M Crypto Hack

Balancer, a popular DeFi application, was exploited for $128 million in a smart contract logic. Hackers stole WETH, osETH, and wstETH assets by bypassing internal permissions. The exploit affected v2 Balancer vaults on a number of chains, including Ethereum and Polygon. Security analysts found the problem with the manageUserBalance function. This function did not have the right access checks, and it was able to make unauthorized withdrawals. The exploit is still under investigation on several networks.

U.S. Sanctions North Korean Crypto Launderers

Eight North Korean individuals and two organizations were sanctioned by the U.S. for money laundering on cyberattacks, and crypto fraud. The Treasury uncovered that the money financed the development of nuclear weapons by Pyongyang. Sanctioned individuals controlled more than $5 million of digital assets via shell companies and proxy accounts.

The government also confiscated $7.7 million of cryptocurrency associated with deceptive American jobs. North Korean IT employees relied on stolen identities to obtain remote jobs and remit money to the regime.

Berachain Recovers $12.8M from Exploit

Berachain confirmed that $12.8 million stolen during the Balancer v2 attack was fully recovered. The team liaised with a white hat hacker to secure the stolen money. The foundation has reverted the assets to its deployer wallet.

We are happy to confirm that all funds (approx $12.8m) from the BEX / Balancer v2 exploit have been returned to the Berachain Foundation Deployer (https://t.co/HjCONAGpOZ). Chain is live.

We'd like to thank the white hat who worked with us to make this happen – we'll ensure that…

— Berachain Foundation 🐻⛓ (@berachain) November 4, 2025

After the attack, Berachain claimed an emergency hard fork to prevent additional theft. The fork represented weaknesses in its decentralized exchange as well as securing all the vulnerable pools. There are also ongoing infrastructure upgrades to restore network operations.

JPMorgan Increases Bitcoin ETF Investment

JPMorgan boosted its investment in BlackRock’s Bitcoin ETF. The bank currently possesses more than 343 million IBIT shares, marking a 64% increase from its previous position. The move indicates an increased institutional trust in Bitcoin ETFs. The shift in JPMorgan was driven by the demand for regulated crypto exposure.

UK Prepares Stablecoin Rules to Match U.S. Speed

The Bank of England confirmed the rapid implementation of stablecoin regulations. The first rules will focus on coins that are used to make payments. Other tokens will be subjected to less rigorous supervision by the FCA. Deputy Governor Breeden stated that the UK will move as quickly as the U.S. upcoming plans involve usage limits for individuals and businesses. The consultation will start on November 10.

Bank of England Deputy Governor Sarah Breeden said new stablecoin rules will be up and running “just as quickly as the US,” rebuffing industry concerns that Britain is falling behind on setting up a regime https://t.co/rCO8nJmdLF

— Bloomberg (@business) November 5, 2025

Pakistan Explores Digital Rupee and Stablecoin Plans

Pakistan is developing a rupee-backed stablecoin and CBDC. The move is meant to lower the cost of remittances and increase access to finance. The prototype is being developed by the State Bank of Pakistan.

Authorities estimated the digital rupee would open up $25 billion of expansion. More than 100 million adults remain unbanked. This initiative is being undertaken with the World Bank and IMF by the country, and a pilot rollout will be coming soon.

Digital Asset Investment Products Market Overview

Digital asset markets experienced their second consecutive week of losses, amounting to $1.17 billion in outflows according to the CoinShares’ report. The volatility in the markets rose following the liquidity shake-up of October 10, heightening the fear of a U.S. interest rate decision in December.

Bitcoin recorded the greatest capital outflow, where outflows stood at $932M. Ether came next, losing $438 million in the same period. Short Bitcoin products experienced significant interest, and $11.8 million came into the market, the highest since May 2025.

According to CoinShares, digital asset investment products saw a second consecutive week of outflows totaling $1.17 billion, driven by post-liquidity cascade volatility and uncertainty over a potential U.S. rate cut. Bitcoin and Ethereum recorded significant outflows of $932…

— Wu Blockchain (@WuBlockchain) November 10, 2025

Although the major tokens went down, altcoins were on the upswing. Solana registered a record inflow of $118 million last week, propelling its nine-week inflows to $2.1 billion. HBAR and Hyperliquid were also not left behind, attracting $26.8 million and $4.2 million, respectively.

The U.S., geographically, was the biggest loser of sentiment, with outflows of $1.22 billion. Meanwhile, Germany and Switzerland kept increasing their pace, attracting $41.3 million and $49.7 million, respectively. Strong trading activity continued with ETP volumes of $43 billion last week. The mid-week optimism was short-lived as hopes of avoiding a U.S. government shutdown faded on Friday.

Bitcoin Price Performance

The largest asset, Bitcoin, experienced a rocky performance last week as the price dropped from highs of $108k to a low below $100K. During that period, BTC lost almost 2% with its market capitalization and trading volume declining to $2.10 trillion and $70 billion, respectively.

Looking at the technical indicators on the weekly chart, BTC has formed a descending channel pattern. The price started declining after facing a stiff rejection around the $123,330 region. As the bears mounted, the asset dropped further beyond the immediate resistance at $113,730.

The price is currently hovering around the lower Bollinger band with green candlesticks forming, indicating a recovery path. The Relative Strength Index (RSI) is holding around 47 levels, indicating a neutral market sentiment.