US spot bitcoin exchange-traded funds (ETFs) recorded net inflows of approximately $240 million, marking the first positive day since October 28 and ending a six-day streak of outflows totaling nearly $1.4 billion.

This rebound signals renewed institutional interest amid bitcoin’s price hovering around $100,000, following a broader market correction. $239.9–$240 million minor variations across trackers like Farside Investors and SoSoValue.

All major providers saw positive or flat activity, with Grayscale’s GBTC remaining neutral. Trading Volume: ETFs traded over $4.77 billion in shares on the day.

The inflows coincide with bitcoin dipping below $100,000 for the first time in three months, amid $1 trillion in broader crypto market losses and over 339,000 trader liquidations. Historically, such outflow streaks have preceded market bottoms.

BlackRock’s IBIT alone captured nearly half of the total, underscoring its dominance—now managing over $100 billion in assets alongside Fidelity.Broader ImplicationsThis influx absorbs more than five days of typical global ETF issuance and suggests large allocators view sub-$100,000 bitcoin prices as buying opportunities rather than a regime shift.

However, analysts caution it doesn’t guarantee an immediate rebound; persistent pressures like the US government shutdown ongoing since October 1 could test support. Ethereum spot ETFs also turned positive with $12.5 million in inflows, ending their own six-day outflow run.

Historical Trends in US Spot Bitcoin ETF Outflows

Since their launch on January 11, 2024, US spot Bitcoin ETFs have experienced significant volatility in flows, with net inflows dominating early on but periodic outflows reflecting market corrections, profit-taking, and macroeconomic pressures.

Cumulative net inflows have reached approximately $60.3 billion as of early November 2025, representing about 6.72% of Bitcoin’s total supply. However, outflows have often clustered into streaks, typically coinciding with Bitcoin price declines and serving as indicators of short-term bottoms or consolidation phases.

These streaks have never exceeded eight consecutive days, and they’ve historically preceded rebounds, with only 0.5% of total AUM lost during major drawdowns. Outflows are driven by factors like Grayscale’s GBTC fee arbitrage (early 2024), broader crypto sell-offs, and external events such as the US government shutdown starting October 1, 2025, which eroded liquidity and confidence.

Despite outflows, institutional retention remains high—e.g., during the recent 20% BTC drawdown, only $1 billion exited amid $139 billion AUM.

BlackRock IBIT ends 31-day inflow streak; largest single-day -0.43. BTC correction amid volatility. Cumulative inflows still +44.35B since launch. Second-largest single-day; Fidelity/ARK led BTC dip; ETH ETFs also -0.15, Followed ETH’s 20-day inflow end.

US gov’t shutdown (since Oct 1); market -20%. BTC below $100K (3-month low). Second-worst streak; $2B+ incl. ETH; Solana ETFs +0.32B contrast. Post-Jan ATH correction; April monthly –

Outflow streaks occur roughly every 2–3 months, lasting 2–8 days, with totals rarely exceeding $3B. The longest (8 days, Feb 2025) aligned with a local bottom, similar to the 2018–2019 shutdown. Shorter bursts (e.g., 4 days in Jan 2024) were milder, often GBTC-specific.

Despite ~$10–15B in total outflows across periods, net inflows outpace at $60B+, with 2025 YTD at $14.8B surpassing 2024’s pace post-rally. Q1 2024 saw +$12.1B inflows, but Q2 shifted negative.

Outflows lag BTC peaks by 1–4 weeks (e.g., Jan 2025 ATH ? Feb–Apr outflows). They amplify downside (BTC -10–20%) but signal buys—99.5% AUM retention during corrections. External factors like shutdowns (Oct–Nov 2025) or model portfolio shifts (Mar 2025) exacerbate.

GBTC drove early outflows $14.7B in Q1 2024 due to fees; IBIT/FBTC now lead inflows but saw spikes (IBIT -0.43B in May 2025). BlackRock’s IBIT dominates AUM (> $100B).

US spot Bitcoin ETFs have experienced significant volatility in flows, with net inflows dominating early on but periodic outflows reflecting market corrections, profit-taking, and macroeconomic pressures.

Cumulative net inflows have reached approximately $60.3 billion as of early November 2025, representing about 6.72% of Bitcoin’s total supply. However, outflows have often clustered into streaks, typically coinciding with Bitcoin price declines and serving as indicators of short-term bottoms or consolidation phases.

These streaks have never exceeded eight consecutive days, and they’ve historically preceded rebounds, with only 0.5% of total AUM lost during major drawdowns. Outflows are driven by factors like Grayscale’s GBTC fee arbitrage, broader crypto sell-offs, and external events such as the US government shutdown starting October 1, 2025, which eroded liquidity and confidence.

Despite outflows, institutional retention remains high—e.g., during the recent 20% BTC drawdown, only $1 billion exited amid $139 billion AUM. November 2025’s net remains negative despite the streak’s end.

The NEAR Protocol (NEAR), positioned as an AI-native blockchain, has indeed seen a notable rebound, driven by heightened ecosystem activity.

This positions NEAR at #32–#48 among cryptocurrencies, with live prices around $2.67 USD and circulating supply of ~1.28B tokens. Recent surges (e.g., +20–38% in early November) have pushed it toward $3.6B amid broader AI-blockchain hype.

NEAR’s DEXs (e.g., Ref Finance) benefited from a broader DeFi boom, with global DEX volumes hitting records like $1.36T in October 2025. NEAR-specific on-chain trading doubled daily ATH to $200M in early November, fueled by intents-based liquidity tools.

NEAR’s stablecoin ecosystem (e.g., USN, bridged USDC/USDT) grew in tandem with DeFi expansion. This mirrors a 2–10x global stablecoin surge since 2020, with non-USD variants up 30% due to USD volatility from U.S. tariff policies.

What Drove This Growth?

The 533% QoQ surge reflects NEAR’s shift toward “intents” user-friendly transaction abstractions, which slashed friction in DeFi trading. This led to record on-chain activity, including Zcash integration for privacy-enhanced swaps and a rotation into AI-infra tokens like NEAR amid Bitcoin/Ethereum slumps.

Stablecoin Momentum: The 28% jump supports NEAR’s role as a high-throughput L1 for AI agents and dApps. Stablecoins on NEAR enable seamless cross-Web2/Web3 interactions, with total issuance nearing institutional thresholds (e.g., USDC at $61B globally). This ties into NEAR’s founders’ AI roots—co-authoring the transformer paper behind modern LLMs.

Despite macro headwinds (e.g., $500B+ drain from global bank reserves since July), NEAR’s +24% QoQ outpaced the crypto market’s -8.8% dip. AI narratives, developer incentives, and integrations like Halliday reducing onboarding to <60 seconds amplified adoption.

NEAR’s trajectory suggests continued upside if DeFi volumes sustain projections: spot DEXs at $1.3T+ in Q4. Price forecasts for late 2025 hover at $1.90–$2.30, but volatility looms from regulatory shifts (e.g., U.S. GENIUS Act for stablecoins) and competition from Solana/Tron DEXs.

NEAR Intents: A User-Centric Transaction ModelNEAR Intents is a declarative transaction paradigm that lets users state what they want to achieve (e.g., “swap 10 USDC for the best-priced ETH”) instead of how to achieve it (writing a multi-step script across DEXs, bridges, etc.).

The network’s solvers compete to fulfill the intent in a single, atomic, gasless (for the user) transaction. Think of it as Uber for blockchain actions: you say “take me from A to B”, and specialized solvers figure out the optimal route, gas, and execution path.

Users sign a high-level intent ? Solvers race to deliver the best outcome ? The winning solution is executed atomically on-chain. User creates a signed message: I want to swap X ? Y with min output Z. No gas, no account needed upfront.

Intent Pool; Intent is posted to an on-chain or off-chain mempool like a job board. Specialized bots (solvers) scan intents and build execution paths using DEXs, bridges, lending, etc. Solvers submit bundled transactions via account abstraction that fulfill the intent.

Atomic Execution; The best solution (by user-defined criteria: price, speed, etc.) is selected and executed in one block. User pays the solver in the output asset (e.g., ETH), not NEAR gas.

Users don’t need a NEAR account. Intents are signed with any key (EOA, passkey, MPC). NEAR can sign transactions for other chains (EVM, BTC, Solana) via MPC-TSS. Enables cross-chain in one intent. Open market of solvers (like 1inch Fusion or CoW Swap) but native to L1.

Solvers front gas; users pay in target asset. Intents can route through Zcash shielded pools or Nightshade sharding for MEV protection. Solver bridges via Rainbow Bridge, swaps on Ref Finance, delivers NEAR.

Solver checks Ref, Burrow Swap, Trisolaris ? picks optimal path. AI agent signs intent; solver executes on approval signal. User writes script (approve ? swap ? bridge). User signs one message. Multi-step, high failure rate. Atomic, all-or-nothing. Pays gas in native token. Pays in output asset.

German defense giant Rheinmetall AG and Finnish satellite company ICEYE formally established a joint venture named Rheinmetall ICEYE Space Solutions GmbH.

This partnership focuses on manufacturing Synthetic Aperture Radar (SAR) satellites and other space-based solutions, primarily for military reconnaissance and intelligence purposes. The venture is headquartered in Neuss, Germany (near Düsseldorf), where an existing Rheinmetall automotive plant is being repurposed for defense production.

Operations are slated to begin in late 2025, with the first locally produced satellites expected in 2026.This development builds on an initial memorandum of understanding (MoU) signed on May 8, 2025, which has now progressed to full establishment following regulatory approvals.

The JV is part of Rheinmetall’s broader “Space Cluster” initiative to expand its capabilities in space technology, responding to growing global demand for sovereign defense assets in Europe.

Initial production of SAR satellites; expansion to other space solutions (e.g., additional reconnaissance tech). High-resolution imaging independent of weather, time of day, or light conditions—ideal for all-weather military surveillance

Enhances ISR (Intelligence, Surveillance, Reconnaissance) for allied nations; supports Ukraine’s defense needs via existing ICEYE data feeds. Rheinmetall invested in ICEYE through its subsidiary Rheinmetall Nordic, gaining access to the world’s largest SAR satellite constellation.

September 2024: Rheinmetall secured exclusive marketing rights for ICEYE’s SAR satellites to military/government users in Germany and Hungary.

November 2024: The pair signed a German government-backed deal to supply SAR data to Ukraine’s Ministry of Defence, extending ICEYE’s support since 2022 amid Russia’s invasion.

Rheinmetall CEO Armin Papperger highlighted the JV as a step to “make further inroads into the space domain” while bolstering Germany’s tech ecosystem. ICEYE CEO Rafal Modrzewski emphasized its role in “securing sovereign defense capabilities for Europe” and positioning ICEYE as a key ISR provider for allies.

This move addresses surging demand for space-based reconnaissance amid geopolitical tensions, particularly in Europe. By localizing production, the JV aims to reduce reliance on foreign supply chains and accelerate delivery for defense forces.

It also repurposes civilian infrastructure for military use, creating jobs in Neuss and aligning with Europe’s push for strategic autonomy in space tech.

Synthetic Aperture Radar (SAR) is a powerful active remote sensing technology that uses microwave radar signals to create high-resolution images of the Earth’s surface—day or night, through clouds, rain, smoke, or darkness.

Synthesize a large antenna Computer algorithms combine all echoes as if they came from a giant virtual antenna hundreds of meters long— this is the synthetic aperture. Generate High-Res Image. The processed data forms a detailed 2D or 3D radar image with resolution down to 25 cm or better.

Real-world example: During the 2022 Ukraine conflict, ICEYE SAR satellites detected Russian troop movements at night and in bad weather when optical satellites were blind.

ICEYE operates the world’s largest SAR constellation. The Rheinmetall ICEYE Space Solutions GmbH joint venture will:Build SAR satellites in Germany (sovereign production)
Reduce dependency on US/foreign systems
Supply NATO allies and Ukraine with real-time ISR.

Repurpose automotive plant in Neuss for space tech. First German-made SAR satellites expected 2026. SAR in One SentenceSAR satellites use radar pulses and clever math to create detailed, all-weather, day-and-night images of Earth—revolutionizing intelligence, disaster response, and environmental monitoring.

Imagine a satellite “painting” the ground with radar beams while flying, then stitching thousands of echoes into a photo-quality image—even during a hurricane at 3 AM. That’s SAR.

Germany Push for UN Reform in the 21st Century

Germany’s top diplomat has indeed called for urgent reforms to the United Nations, emphasizing the need to adapt the organization to contemporary global challenges.

This statement comes at a pivotal time, as the UN faces criticism for its outdated structures amid rising geopolitical tensions, climate crises, and technological disruptions.

Annalena Baerbock, Germany’s former Foreign Minister (2021–2025), who was recently appointed President of the UN General Assembly for the 2025–2026 session. Germany nominated her for this role in June 2025, selecting her over veteran diplomat Helga Schmid.

In a May 2025 address at the UN headquarters in New York, Baerbock declared, “The United Nations is needed more than ever before.” She advocated for structural reforms to enhance efficiency, reduce costs, and better address 21st-century issues like climate change, conflict resolution, and equitable representation.

This aligns with broader German foreign policy priorities, including a pivot toward climate diplomacy and multilateralism. Baerbock’s appointment underscores Germany’s commitment to revitalizing the UN, where it has long pushed for Security Council expansion to include more diverse voices.

The UN, founded in 1945, has been criticized for its veto powers held by the five permanent Security Council members (U.S., Russia, China, UK, France), which often paralyze action on modern threats. Baerbock’s role could amplify calls for: Reform Proposals: Streamlining bureaucracy, increasing funding transparency, and integrating digital governance tools.

German Perspective: As a major EU player and economic powerhouse, Germany views UN fitness as essential for global stability, especially post-Ukraine war and amid U.S.-China rivalry.

The United Nations Security Council (UNSC), established in 1945 with 15 members—five permanent (P5: China, France, Russia, UK, US) holding veto power and ten non-permanent elected for two-year terms—has faced growing calls for reform to reflect 21st-century geopolitics.

Expansion is a core focus, driven by the need for better representation of emerging powers, regions like Africa and Asia, and contributions to global peace. Germany’s advocacy, through the G4 nations (Germany, Brazil, India, Japan) and figures like Annalena Baerbock, emphasizes inclusive growth without diluting effectiveness.

As of November 2025, negotiations in the Intergovernmental Negotiations (IGN) continue, with a revised “Elements Paper” on convergences and divergences released in June 2025, but no binding changes yet.Current Structure vs. Proposed ExpansionsReform proposals aim to increase membership to 25–26 while addressing veto rights, regional balance, and working methods.

These models build on the UN Charter’s Article 108/109 requirements for amendments, needing two-thirds General Assembly approval and P5 ratification— a high bar given veto interests.

Germany’s Position and Baerbock’s InfluenceGermany, as the EU’s largest economy and a top UN contributor over one-third of the regular budget, pushes for expansion to include “under-represented” voices while prioritizing rules-based order.

In April 2025 IGN remarks, Germany endorsed G4’s model, stating: “The reform expands both categories… with new permanent members firmly committed to a rules-based international order.”

This avoids a “zero-sum game,” balancing European seats (already two P5) with global equity. Annalena Baerbock, Germany’s former Foreign Minister (2021–2025) and UN General Assembly President for 2025–2026, amplifies this. Elected in June 2025 despite Russian opposition, she calls Security Council reform “long overdue” but step-by-step, citing veto paralysis on Ukraine and Gaza.

Her vision—”Better Together”—prioritizes UN-wide reforms via the UN80 initiative, including Security Council inclusivity, funding, and climate integration. Baerbock opposes unilateral veto suspension (e.g., Zelenskyy’s 2023 idea for Russia) but supports broader changes.

Germany also seeks a non-permanent seat for 2027–2028 to build momentum.Challenges and. The Uniting for Consensus group (Italy, Pakistan, etc.) favors longer non-permanent terms over new permanents. P5 divisions persist—US backs Japan/India/Germany but limits African vetoes; China opposes Japan; Russia critiques Western bias.

The 2024 Pact for the Future and 2025’s 80th anniversary spurred talks, with a proposed General Assembly decision on enlargement by September 2025. UK/France support G4; BRICS (2025 Rio Summit) echoes calls for India/Brazil.

Beyond size, proposals include veto limits on atrocities, better General Assembly-UNSC ties, and tech for transparency (e.g., interactive working methods handbook, May 2025). As Baerbock noted in May 2025: “The United Nations is needed more than ever before,” but fitness requires action.

With IGN timelines extending into 2026, 2025 could yield a framework, though full expansion may take years. This development signals a proactive European stance on international institutions, potentially influencing upcoming UN summits.