Canary Capital’s spot XRP ETF (ticker: XRPC) made its highly anticipated debut on Nasdaq, marking the first U.S.-listed ETF providing direct exposure to XRP.

The launch was nothing short of explosive, shattering expectations and setting a new benchmark for ETF debuts this year. Despite a broader crypto market downturn—with Bitcoin dipping 3% and the total market cap sliding 4% to $3.2 trillion—XRPC demonstrated robust institutional and retail demand.

XRPC clocked $58.6 million in first-day trading volume, the highest for any of the over 900 ETFs launched in 2025. This narrowly edged out Bitwise’s Solana Staking ETF (BSOL), which held the previous record with $57 million on its October 28 debut.

Earlier in the day, XRPC hit $26 million in just the first 30 minutes—more than double Bloomberg analyst Eric Balchunas’s initial estimate of $17 million—before climbing to $36 million by mid-morning and $46 million by afternoon.

The ETF attracted $245 million in net inflows on day one, pushing its assets under management (AUM) to around $115 million initially. This reflects strong pent-up interest in regulated XRP products, especially after years of regulatory hurdles for Ripple.

Trading began amid a risk-off environment, with XRP falling 5.2% to $2.30 from a pre-launch high near $2.52. The dip aligns with a “sell-the-news” pattern seen in prior crypto ETF launches, but on-chain metrics show resilience: unique XRP holders grew 15% post-approval, and exchange supply has been shrinking.

XRPC’s success underscores XRP’s evolution from a regulatory battleground to a mainstream asset. Ripple’s partial 2023 court win deeming retail XRP sales non-securities paved the way under a pro-crypto U.S. administration, accelerating approvals for altcoin ETFs.

The ETF offers 100% spot XRP exposure with audited reserves, no staking, and MiCA-compliant transparency—ideal for cross-border payments via the XRP Ledger (1,500 TPS). Analysts like Nate Geraci (ETF Store) called it a “significant” exceedance of traditional finance expectations, with potential for $10–20 billion in inflows over the next year.

This could boost XRP’s utility in remittances and DeFi, targeting $500 billion in annual flows. XRPC tops the 2025 leaderboard, outpacing even Bitcoin and Ethereum spot ETF debuts in relative terms. It pressures the SEC for faster altcoin approvals (e.g., SOL, DOGE, LTC), potentially expanding the altcoin ETF market to $50 billion by 2026 and diluting Bitcoin’s dominance.

The XRP “Army” is ecstatic, with posts celebrating the narrow win over BSOL and speculating on $5–$8 targets if support at $2.30 holds. Sentiment is 2:1 bullish despite short-term bearish technicals like a potential “death cross.”

While XRP’s price faces near-term volatility key support at $2.30; resistance at $2.84, the ETF’s organic volume—without heavy seeding—signals genuine demand. If daily volumes stabilize near $50 million, analysts project a rally to $3–$5 by year-end, fueled by ETF rebalancing and global adoption.

The Canary Capital Spot XRP ETF (XRPC)’s record-shattering $58.6 million in first-day volume and $245 million in inflows—transcends mere trading metrics. It’s a seismic shift signaling XRP’s maturation from a regulatory pariah to a Wall Street staple.

This isn’t just about XRP; it’s a blueprint for altcoin legitimacy, institutional integration, and real-world utility in a $3.2 trillion crypto market grappling with post-launch volatility XRP down 5.2% to $2.30 amid broader dips.

The ETF’s explosive start reflects pent-up demand from a decade of SEC-Ripple litigation, but expect turbulence as the market digests it:Price Pressure and Supply Shock: ETF issuers must acquire underlying XRP within 24-48 hours post-launch, often via OTC desks to minimize exchange impact.

However, with 11 XRP ETFs now DTCC-listed like Franklin Templeton on November 18, 21Shares/Bitwise by November 22, competition for XRP’s ~55 billion circulating supply intensifies. Whales offloaded 90-94 million XRP pre-launch, but shrinking exchange reserves down 15% YTD and a 31% volume surge signal impending compression.

Analysts warn of a “buy-the-rumor, sell-the-news” pullback to $2.00-$2.20, followed by a rebound to $3.00 if support holds at $2.27. This isn’t just a win for XRP; it’s proof that altcoins are graduating to Wall Street’s big leagues. Stay tuned—more launches could ignite a 20% altcoin rotation.

Bitcoin ETF Outflows Jitters As Crypto Markets Turbulence Persists

U.S. spot Bitcoin ETFs experienced their second-largest single-day outflow on record, with approximately $870 million in net redemptions across the 11 funds.

This marked a sharp escalation in selling pressure, contributing to Bitcoin’s intraday dip below $97,000—the lowest since May 2025—and amplifying a broader crypto market sell-off that liquidated over $1.1 billion in positions.

Ethereum ETFs fared similarly, bleeding $260 million, pushing total crypto ETF outflows for the day to well over $1 billion and the week past $1.5 billion. Second-highest daily outflow since launch; BlackRock’s IBIT led with -$248.94M. Year-to-date inflows still +$24B.

Largest daily outflow since Oct. 13; BlackRock’s ETHA: -$135.86M. Includes minor inflows to altcoin products like Solana (+$1.49M), but dominated by BTC/ETH exits. This event extends a three-week outflow streak totaling $2.64 billion from Bitcoin ETFs alone, the third-worst weekly run since their January 2024 debut.

For context, the all-time largest single-day Bitcoin ETF outflow was over $1 billion on February 25, 2025, during a prior correction. Bitcoin hit an all-time high above $126,000 in early October, fueling a 23% pullback.

Long-term holders and institutions are cashing in gains, with on-chain data showing elevated selling from wallets dormant for 6+ months. Fading expectations for aggressive Fed rate cuts now priced at ~50% chance of extension beyond November 16 have tightened liquidity.

Crypto’s correlation with tech stocks (e.g., Nasdaq down 1.65%) is at multi-year highs, dragging BTC as a “high-beta” asset. Despite Wall Street’s ongoing crypto push (e.g., Fidelity and VanEck expanding products), ETF flows reflect a “wait-and-see” stance.

BlackRock’s IBIT, the year’s inflow leader, still holds $75.8 billion in BTC but saw heavy redemptions. $969 million in long liquidations vs. $128 million shorts created a feedback loop, with $5 billion in BTC/ETH options expiring on Deribit adding volatility.

The Crypto Fear and Greed Index plunged to 22 (“Extreme Fear”), its lowest since March 2025, echoing sentiment from past bottoms—but analysts like those at Dragonfly Capital note this dip “is nothing like 2022’s collapses.”

Altcoin Bright Spots: Solana ETFs added $1.49M, Litecoin $698K, and Hedera $5.37M. XRP’s new Canary Capital fund debuted with $245 million in inflows—the top ETF launch of 2025—hinting at rotation toward utility-focused assets.

Bitcoin ETFs: -$1.2B third-worst week; Ethereum: -$508M; Solana: +$137M since October launch. Year-to-date, Bitcoin ETFs remain net positive at $24+ billion, underscoring that this is a correction within a bull cycle, not a reversal.

JPMorgan eyes $94K as key support; a break below could signal deeper trouble, but on-chain metrics (e.g., stablecoin inflows to Binance at $7.3B in 30 days) suggest accumulation is building quietly.

This outflow wave tests Bitcoin’s resilience as “digital gold,” but history shows ETF redemptions often precede bottoms such as the eight-day outflow streaks in 2024.

With U.S. equities stabilizing post-government shutdown and potential XRP/Solana ETF launches by month-end, sentiment could flip fast. Whales are nibbling— one scooped $55 million in BTC/ETH longs post-crash—positioning for a rebound toward $100K+ if macro eases.

The massive outflows from U.S. spot Bitcoin and Ethereum ETFs on November 13, 2025—totaling over $1.13 billion—aren’t just a blip; they’re a stark signal of shifting market dynamics amid heightened volatility.

While Bitcoin’s price has plunged below $97,000 its lowest in six months, erasing much of October’s rally to $126,000, this event underscores a classic crypto correction: institutional de-risking meets macro uncertainty.

But history suggests these outflows often precede rebounds, as seen in prior eight-day streaks that marked local bottoms. For now, it’s a classic shakeout: fear sells, but conviction buys. Keep an eye on weekend flows and Monday’s open.

French authorities fully lifted the travel restrictions imposed on Pavel Durov, the CEO and founder of the encrypted messaging app Telegram.

This decision ends a year-long period of judicial supervision that had barred him from leaving the country without authorization, following his high-profile arrest in August 2024 at Paris’s Le Bourget Airport.

Durov, a French-Russian dual national, was detained on charges related to Telegram’s alleged failure to cooperate with law enforcement in combating illegal activities on the platform, including the distribution of child sexual abuse material, drug trafficking, and other crimes.

Prosecutors accused him of complicity in these offenses, with potential penalties of up to 10 years in prison and fines exceeding $500,000. Post-arrest, Durov was placed under strict judicial control, requiring him to remain in France and report regularly to police in Nice.

This effectively grounded him, limiting his ability to travel to Telegram’s headquarters in Dubai. In July, restrictions were relaxed, allowing limited stays in the United Arab Emirates up to two weeks at a time.

In November 13, 2025, courts removed all remaining measures, including the travel ban and mandatory police check-ins. Durov is now free to travel internationally without oversight. The move was confirmed by judicial sources and reported by multiple outlets, though the underlying criminal investigation into Telegram remains active.

Durov has consistently denied the allegations, framing his arrest as an attack on free speech and privacy. In statements, he argued that Telegram operates as a neutral platform compliant with EU laws and that the case damaged France’s reputation as a hub for innovation.

Supporters, particularly in crypto and privacy communities, hailed the decision as a win for digital rights, with social media buzz linking it to optimism around Telegram’s TON blockchain ecosystem.

Critics, including French prosecutors, maintain that the platform’s end-to-end encryption has hindered efforts to moderate illicit content, sparking ongoing debates about tech accountability versus user privacy in Europe.

This development could signal de-escalation in the case, but no trial date has been set, and Durov’s legal team continues to push for dismissal. Telegram, with over 900 million users, has emphasized its cooperation with authorities while prioritizing user protections.

The decision by French authorities on to fully lift judicial supervision on Pavel Durov—including the ban on leaving France and mandatory police check-ins—marks a significant de-escalation in a high-stakes legal saga.

While the underlying criminal investigation into Telegram’s alleged complicity in facilitating illegal activities such as child exploitation material, drug trafficking, and fraud remains active, this move carries broad ramifications across legal, business, technological, and geopolitical domains.

Durov, can now travel freely without restrictions or bi-weekly police reporting in Nice. This ends a 15-month ordeal that began with his August 2024 arrest at Paris-Le Bourget Airport.

Judicial sources cited his full compliance with supervision as a factor in the decision. No trial date is set, and Durov remains under formal investigation. His legal team continues pushing for dismissal or reduced charges, arguing procedural flaws and that holding CEOs personally liable for user actions sets a “dangerous precedent.”

A conviction could still mean up to 10 years in prison and €750,000+ fines, but this lift signals potential weakening of the case. During the probe, Durov acknowledged rising criminal abuse on the platform and committed to improvements.

Telegram rolled out AI-powered tools in early 2024 and blocked over 34 million groups/channels in 2025 alone—demonstrating proactive enforcement. This could help fend off further regulatory pressure, positioning Telegram as a more “responsible” privacy-focused app.

Freed from constraints, Durov can more actively lead from Dubai HQ, potentially accelerating features like mini-apps and payments. Social media reactions highlight optimism for user growth in Europe, where Telegram competes with WhatsApp amid privacy concerns.

If the probe uncovers more evidence, it could lead to asset freezes or platform-wide blocks in France/EU, echoing past U.S. pressures Durov has cited. Telegram’s native blockchain, TON, surged ~4% immediately after the news, with community hype around Durov’s renewed ability to promote projects like the decentralized AI network Cocoon.

Posts frame this as “TON season” intensifying, linking Durov’s freedom to innovation in DeFi, NFTs, and Web3 integrations. The case underscores tensions between privacy tech and regulation, potentially influencing EU crypto policies. Durov’s recent meetings suggest expanded global partnerships.

This could shape EU enforcement of the Digital Services Act (DSA), balancing end-to-end encryption with moderation demands. Critics like French prosecutors see Telegram as a “safe haven” for crime; supporters view the lift as a rebuke to overreach.

Durov has called it an attack on free speech, damaging France’s innovation image. Similar probes (e.g., in Brazil or India) may pause or adapt, signaling that compliance yields concessions. It reinforces Durov’s narrative of governments targeting “tech leaders who defend privacy.”

Durov accused Paris of censorship and weakness; the lift may mitigate backlash but highlights EU-U.S. alignment on tech ccrackdowns. This is a partial victory for Durov and Telegram—easing immediate pressures while amplifying their privacy ethos—but the open investigation keeps the stakes high.

It could catalyze Telegram’s expansion and TON’s rally, but also fuel stricter EU rules if unresolved. Watch for Durov’s next moves, like Cocoon updates, as indicators of momentum.

As of pre-market trading on November 14, 2025, MicroStrategy now rebranded as Strategy shares have fallen below $200 for the first time since early October 2024, when the stock traded around $180–$190 amid post-election volatility following Donald Trump’s victory.

The stock closed at $208.54 on November 13, down 7.15% for the day, and is extending losses today with pre-market bids around $195–$198. This marks a roughly 63% drawdown from its all-time high of $543 earlier in 2025, and a staggering 54% decline since mid-July.

MicroStrategy’s stock is essentially a leveraged bet on Bitcoin (BTC), holding over 397,000 BTC valued at approximately $70 billion (as of Q3 2025). The recent slide mirrors BTC’s pullback below $100,000—down 20% from its October peak—but MSTR has underperformed dramatically, decoupling from its crypto proxy role.

Historically correlated at 0.92 with BTC, MSTR has amplified downside due to its aggressive debt-fueled BTC acquisitions. BTC is only -20% YTD, while MSTR is -73% from its 2025 peak. The stock’s multiple-to-net-asset-value (mNAV) has collapsed to 1.06x from 2.7x last year, now trading near or briefly below the value of its BTC holdings per share adjusted for debt.

This erodes the “premium” investors once paid for CEO Michael Saylor’s strategy. The stock has experienced significant volatility in 2025, peaking at $543 in early November before a sharp correction. It is now trading about 62% below its all-time high, with the multiple-to-net-asset-value (mNAV) ratio—comparing stock price to Bitcoin holdings per share—compressing to around 1.22x, down from highs above 2.7x earlier in the year.

This narrowing premium has raised concerns about the sustainability of its “Bitcoin treasury” strategy, though CEO Michael Saylor has emphasized continued accumulation rather than sales. -29.22% underperforming the S&P 500’s ~20% gain.

These figures reflect a broader downtrend in crypto-related equities, with MSTR down over 10% in the past month alone as Bitcoin fell more than 10% from its recent peak.

MSTR’s stock has declined in tandem with Bitcoin’s drop to a six-month low, amplifying losses due to the company’s leveraged exposure via debt-financed BTC purchases. Despite this, Strategy recently added to its holdings, bringing total BTC to 641,692.

Analyst Sentiment: Of 15 analysts, 12 rate it “Strong Buy,” 1 “Moderate Buy,” 1 “Hold,” and 1 “Strong Sell.” The average price target is $523, implying over 155% upside potential from current levels.

RSI at 23.7 deeply bearish, price below the 200-day SMA ($342). Death cross confirmed: 50-day EMA crossed below 200-day EMA. Short interest up to 10% from 7% YTD low, with bears like Jim Chanos who recently closed his short warning of potential BTC liquidation if mNAV dips below 1x.

Inverse cup-and-handle pattern suggests further downside. Q3 earnings showed $2.8B net income from unrealized BTC gains, but core BI software revenue ~$480M TTM grows modestly at 5–7% YoY and remains unprofitable without crypto boosts.

High debt/equity (14%) creates negative carry but boosts ROE to 25.59%. Recent upsized stock offerings for BTC buys have sparked dilution fears, especially as passive funds post-2022 inclusion hold steady.

Further downside to $187–$190 next support, or even $180 if BTC tests $90K. Analysts see risk of BTC sales if mNAV <1x, potentially flooding the market. High-beta nature could drag it 80% from ATH as in 2022.

Oversold bounce if BTC reclaims $110K. Contrarians eye a 2023-like +1700% run if premium rebuilds to 2x+. Saylor’s playbook remains intact with $70B treasury, and passive inflows could stabilize.

Traders call it “brutal AF” and a “deep correction,” with some eyeing $180 targets, while others insist “$MSTR will never go below $200 again!” ironically, just before it did. If you’re holding or trading, watch BTC’s $100K level closely—it’s the linchpin.