Bitcoin's ETF boom meets a warning moment

November 17, 2025

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Bitcoin ETFs rally 100% but liquidity, outflows, and new risks cloud the outlook

Key points:

  • Bitcoin ETFs have doubled in value since January 2024, matching gold ETF returns, but outflows of $1.1B last week signal weakening demand at a pivotal time.

  • Corporate holdings, Strategy’s renewed buying, and fresh BlackRock transfers highlight rising institutional influence as debates emerge around decentralization, legal risk and quantum security.

News - Bitcoin’s spot ETF performance continues to surprise investors. Since January 2024, Bitcoin ETFs have delivered roughly 100% returns, equal to physical gold ETFs and far stronger than the S&P 500’s 45% gain. This parity has revived the debate over whether Bitcoin behaves more like digital gold or a high-risk asset.

Yet the strength of those returns contrasts sharply with recent flows. Spot Bitcoin ETFs posted about $1.1B in outflows last week, their fourth largest weekly loss on record. The pullback coincided with a 9.9% drop as Bitcoin traded near $95,740.

One research desk said the market now resembles a developing “mini” bear phase, noting that ETF weakness and macro uncertainty leave the next move dependent on upcoming Federal Reserve policy.

Corporate buys and institutional positioning - Large buyers continue accumulating. Strategy added 8,178 BTC for about $835.6M last week, bringing its holdings to 649,870 BTC at a total cost of $48.37B. Corporate treasuries now hold roughly 6.7% of Bitcoin’s supply, while spot ETFs have amassed nearly 7.3% in under two years.

Meanwhile, whale watchers flagged BlackRock transferring 4,880 BTC worth about $467M and 54,730 ETH worth roughly $176M to a major exchange. Such moves often influence short-term sentiment since tokens sent to exchanges can signal either potential selling or portfolio adjustments.

Decentralization, legal pressure and quantum safety - Some executives argue that rising institutional involvement strengthens decentralization by distributing ownership across many underlying investors. Others warn that growing custodial concentration gives large players more influence over liquidity and market behavior.

Security debates continue as well. According to leading cryptographer Adam Back, Bitcoin faces no “meaningful” quantum threat for about 20–40 years and can adopt post-quantum standards long before they are needed.

In contrast, an early Bitcoin pioneer Nick Szabo cautioned that every layer 1 network has a legal attack surface, reinforcing concerns about how governments might pressure miners, node operators or service providers during regulatory crackdowns.

Cboe and SGX push perpetual futures into the regulated mainstream

Key points:

  • Cboe and SGX are preparing new Bitcoin and Ether perpetual-style futures that aim to shift institutional traders from offshore venues to tightly supervised markets.

  • Both exchanges are offering long-term or no-expiry products designed to remove rollover risk and replicate the capital efficiency of offshore perpetual swaps.

News - Two major financial hubs are taking parallel steps to reshape the crypto derivatives landscape. In the United States, Cboe Futures Exchange will introduce continuous Bitcoin and Ether futures on December 15, giving traders long-term exposure without contract expiries. 

In Singapore, SGX will launch its own Bitcoin and Ether perpetual futures on November 24, aiming to tap into rising institutional demand for regulated access to leveraged crypto products.

Both efforts target a market segment that has historically operated on offshore platforms, where perpetual swaps dominate trading volumes but come with higher systemic risk.

Cboe and SGX are positioning their offerings as safer, more transparent alternatives supported by strong clearing, regulatory oversight, and standardized margin requirements.

Cboe brings perpetual-style futures to US markets - Cboe’s new continuous futures introduce a 10-year contract cycle with daily cash adjustments that keep pricing aligned with spot markets. This structure mirrors the mechanics of perpetual swaps while remaining fully compliant with US derivatives rules. 

Designed for long-term exposure, the contracts remove the need for position rolls and may unlock cross-margining benefits with Cboe’s existing financially settled Bitcoin and Ether futures.

To help traders prepare, Cboe will host two education sessions on December 17, 2025, and January 13, 2026, covering funding mechanics, contract specifications, and strategic use cases.

SGX targets institutional perpetual futures demand - SGX is launching regulated Bitcoin and Ether perpetual futures to capture growing demand from accredited and expert investors. The exchange is positioning the products as an alternative to offshore venues that have long dominated the perpetual futures market and contributed to high leverage-driven volatility.

The offering will be supervised by the Monetary Authority of Singapore and serves as Singapore’s second Bitcoin and Ether perpetual futures listing this year, following the earlier launch by EDXM International on July 23.

Why regulated perps are gaining traction - Both exchanges are responding to rising institutional appetite for transparent, onshore crypto derivatives.

If liquidity develops and market-makers support these new order books, Cboe and SGX could gradually shift perpetual futures activity from offshore platforms to regulated environments while preserving the flexibility traders expect from perpetual-style contracts.

Ethereum faces liquidity strain as BitMine loads up on ETH

Key points:

  • BitMine Immersion Technologies purchased more than 54,000 ETH worth about $173 million, lifting its holdings to nearly 3.6 million ETH as liquidity concerns pressure the broader market.

  • Ethereum’s price behavior reflects competing forces, including ETF outflows, whale sell-offs, long-term accumulation patterns, and renewed debate over whether ETH is entering a Bitcoin-like supercycle.

News - Ethereum’s market structure tightened this week as BitMine Immersion Technologies made a major treasury addition, buying more than 54,000 ETH and raising its total holdings to nearly 3.6 million ETH. The company also increased its cash reserves to $607 million, while its stock slipped 2.6% during the broader market downturn. 

BitMine chairman Thomas Lee said recent weakness stems from thinning liquidity, possibly caused by a wounded market maker scaling back activity after the October crash. He noted that similar liquidity shocks in 2022 lasted up to eight weeks.

Ethereum briefly broke below $3,100 for the first time since early November before stabilizing near $3,185. The drop came as spot Ether ETFs shed about 7% of their cost-basis capital over five weeks, compared with 4% for Bitcoin ETFs, a gap that some analysts interpret as investors viewing ETH as the riskier asset at the moment.

Whales move, Hayes sells, and long-term holders stir - Large players were active throughout the weekend. BitMEX co-founder Arthur Hayes sold around $4.1 million worth of crypto, including 780 ETH, LDO, UNI, ENA, and AAVE, sending assets to institutional trading desks during the pullback.

 At the same time, two dormant Ethereum wallets from the ICO and pre-mining era moved a combined 1,200 ETH for the first time in more than a decade. One wallet originally received 1,000 ETH during the Ethereum genesis phase for a $310 investment, illustrating the scale of long-term gains early holders continue to unlock.

Glassnode reported that Ethereum long-term holders move their coins at a rate three times higher than Bitcoin long-term holders. The report attributed this behavior to Ethereum’s role as network fuel for applications, staking, and collateral activity, which increases the likelihood of ETH being mobilized rather than kept dormant.

Cycle debate heats up as volatility rises - Thomas Lee reiterated that Ethereum may be starting the same kind of supercycle that helped Bitcoin rise one hundredfold since his 2017 recommendation. He argued that crypto markets often discount large future outcomes and that investors must endure drawdowns to benefit from long-term cycles.

Critics pushed back, questioning Ethereum’s utility advantage over competing chains and whether traditional finance will actually settle activity on Ethereum’s infrastructure.

With ETF outflows, whale repositioning, long-term holders becoming more active, and new capital flowing in from BitMine, Ethereum sits at the intersection of contrasting signals. The coming weeks will show whether the asset can defend the $3,100 zone or if liquidity pressure continues to dictate its near-term direction.

Trump Organization and Dar Global unveil Maldives resort as first fully tokenized luxury development

Key points:

  • The Trump Organization and Dar Global are launching the first luxury hotel development in the Maldives to be tokenized from the ground up, offering early-stage investor access before construction finishes.

  • The project expands real-world asset tokenization into high-end hospitality, aligning with the rapid growth of tokenized RWAs across global markets.

News - The Trump Organization and London-listed luxury developer Dar Global have announced a landmark real-estate initiative: the tokenization of the upcoming Trump International Hotel Maldives during its development phase. 

Unlike traditional tokenized real-estate projects that fractionalize completed properties, this structure gives investors exposure from day one, marking one of the first major hospitality projects to tokenize before construction.

Set to open by the end of 2028, the resort will sit a 25-minute speedboat ride from Malé and feature about 80 ultra-luxury beach and overwater villas designed for maximum privacy and exclusivity. Both companies describe the model as a global first that blends luxury development with blockchain-native financing.

How tokenization reshapes luxury real estate - Dar Global and the Trump Organization say the tokenized structure opens early access to investors who typically wait until a project is complete. Fractionalized digital ownership lowers capital barriers, offers 24/7 tradability, and introduces near-instant liquidity to an asset class known for long lock-up periods.

Dar Global CEO Ziad El Chaar said the initiative “marks a global first that blends luxury, innovation, and technology.” Eric Trump added that it will “set a new benchmark for tokenized real estate investments.”

A boost for RWA adoption and Trump’s crypto footprint - The announcement comes as real-world asset tokenization accelerates, with tokenized treasuries, money-market funds, and asset-backed products seeing significant inflows.

The Trump family’s broader crypto ecosystem has also grown rapidly, reporting around $1B in pre-tax profit across tokens such as WLFI and Melania’s Meme token.

If the Maldives model succeeds, developers may increasingly use blockchain-native funding for large-scale hospitality projects, signaling the next stage of tokenized RWAs moving into mainstream luxury markets.

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Did you know?

  • Bitcoin miners have quietly become a revenue engine for Uncle Sam - The U.S. Treasury has been pulling in substantial tax revenue from mining operations, thanks to soaring block rewards and higher capital-gains reporting. America’s mining boom isn’t just powering hash rates, it’s padding government coffers.

  • Venture capital is creeping back into crypto’s bloodstream - In Q1 2025, investors poured $4.8 billion into blockchain startups across 446 deals, more than doubling the previous quarter. The rebound marks one of the strongest post-bear-market funding surges the industry has seen in years.

  • The “crypto is for criminals” myth has collapsed under real data - Multiple studies show that less than 1% of all crypto transactions involve illicit activity, a figure far lower than estimates for cash-based crime. The narrative may be loud, but the numbers tell a very different story.

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Top 3 coins of the day

Uniswap (UNI)

Key points:

  • UNI was last seen trading near $7.80, marking a solid rebound after cooling from its recent spike toward the $9.70 region.

  • The Squeeze Momentum Indicator stayed green while Bollinger Bands widened, showing that momentum remains constructive as volatility picks up.

What you should know:

UNI held on to a portion of its early November gains after rising sharply from the $4.20 zone. The latest candle closed in green near $7.80, showing that buyers kept control even after the price eased from its recent peak. Volume stayed higher than October levels, hinting that market interest remained strong. The Bollinger Bands continued to widen, and the price hovered slightly above the midline, suggesting that traders may still look for upside opportunities. Moreover, the Squeeze Momentum Indicator maintained rising green bars, signaling that positive momentum has not faded. Sentiment also drew support from optimism around the UNIfication fee switch proposal and renewed attention following Amber Group’s recent UNI transfer to institutional custody. The immediate levels to watch are the $7.20 support and the $8.85 to $9.00 resistance zone.

Bitcoin Cash (BCH)

Key points:

  • BCH hovered close to $500 after recovering from a sharp early November drop that briefly pushed it toward the $440 zone.

  • The Awesome Oscillator showed a red bar forming just below the zero line while the HH-HL structure shifted into a lower-high pattern, signaling softer momentum.

What you should know:

Bitcoin Cash spent most of the recent sessions moving sideways after rebounding from its marked Low in the $440 range earlier this month. The climb toward the mid-$500 region lost traction, and the latest candles settled just under $500 as buyers struggled to form a new higher high. Volume remained moderate compared to the spikes seen during the November dip, suggesting that traders were cautious rather than aggressively accumulating. The Awesome Oscillator printed its latest red bar slightly under the zero line, indicating that momentum tilted mildly bearish. At the same time, the Higher High Lower Low sequence continued to reflect a broader shift into lower highs. A small sentiment boost came from ongoing interest in BCH’s May 2025 network upgrades. For now, traders are watching the $480 support and the $510 to $515 resistance zone.

Immutable (IMX)

Key points:

  • IMX traded close to $0.38 after steady losses earlier in the month pushed it toward the $0.34 area.

  • The Parabolic SAR held above the candles while the Stochastic RSI stayed in its lower band, hinting that the trend remained pressured despite a small green move.

What you should know:

IMX attempted a mild lift after sliding through most of November, with the latest candle closing slightly higher near $0.38. The token had previously dipped toward the $0.34 zone during a sharp selloff before finding some stability. Trading volumes picked up a little during the latest green session, although activity stayed far below the spikes seen during the earlier breakdown. The Parabolic SAR continued to sit above recent candles, showing that downward pressure has not fully eased. Simultaneously, the Stochastic RSI hovered near the oversold region, indicating that IMX remained under strain even as buyers tried to regain footing. Sentiment also drew some support from whale interest and continued attention on Immutable’s gaming partnership with Ubisoft. The levels to track now are the $0.34 support and the $0.40 resistance zone.

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