XRP becomes the week’s outlier

November 24, 2025

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XRP defies market outflows as ETF momentum builds

Key points:

  • Crypto funds witnessed $1.94 billion in weekly outflows while XRP attracted $89.3 million in inflows.

  • New XRP and DOGE ETFs are set to begin trading on Monday after approvals from the New York Stock Exchange.

News - Crypto investment products recorded $1.94 billion in outflows the previous week, marking one of the largest weekly losses since 2018. 

The pressure came mainly from the United States, which accounted for 97% of the withdrawals as investors reacted to Federal Reserve uncertainty and cautious macro commentary. Over the last four weeks, global outflows reached $4.92 billion, which equals about 2.9% of total assets under management.

Despite the selling, Friday delivered a sharp shift, bringing in $258 million in fresh inflows. XRP played a standout role throughout the week, attracting $89.3 million while Bitcoin and Ethereum saw heavy withdrawals.

XRP stands apart from broad market selling - Bitcoin lost $1.27 billion during the week, although a single-day recovery brought $225 million back into BTC products. Ethereum saw $589 million in outflows with a modest Friday bounce. Solana struggled as well with $156 million in outflows.

XRP moved in the opposite direction. It reversed earlier minor outflows and became the only major asset to post significant net inflows. Analysts and community voices linked the interest to Ripple’s ongoing expansion. 

Commentary across the market highlighted Ripple’s reported $2.7 billion in acquisitions related to custody, licensing, and stablecoin infrastructure, along with data showing that large holders accumulated about $7.7 billion worth of XRP over three months.

ETF demand adds another catalyst - Fresh momentum is also forming in the ETF market. The New York Stock Exchange has approved Grayscale’s XRP ETF, which will begin trading on Monday alongside its DOGE ETF. 

Franklin Templeton and WisdomTree are preparing competing XRP products, and several other issuers including Bitwise and CoinShares have already launched theirs this month.

What this means - Friday’s inflows hint at a potential shift in sentiment, although broader market direction will still depend on upcoming Federal Reserve signals and macroeconomic conditions. XRP remains the outlier for now, supported by rising institutional activity and new ETF availability.

JPMorgan faces boycott as MSCI weighs crypto index cuts

Key points:

  • JPMorgan is under fire after reports that MSCI may exclude crypto treasury companies from major equity indexes starting January 2026.

  • Strike CEO Jack Mallers’ account closure has intensified accusations of selective debanking across the crypto sector.

News - A wave of backlash has erupted across the Bitcoin community after MSCI signaled plans to remove crypto treasury companies from its global equity indexes. 

JPMorgan circulated the proposal in a research note, which stated that companies holding more than 50% of their balance sheet in digital assets could lose index eligibility. The potential exclusion targets firms such as Strategy, one of the largest Bitcoin treasury companies.

The MSCI revision, set for consideration in January 2026, could trigger forced selling from funds that are required to track specific equity benchmarks. 

Analysts warned that the ripple effect could pressure digital asset prices across the market. Strategy, which entered the Nasdaq 100 in December 2024, currently benefits from passive capital flows tied to the index.

Boycott calls intensify after account closures - Anger toward JPMorgan escalated further when Strike CEO Jack Mallers revealed that the bank abruptly closed his personal accounts in September without providing a clear reason. 

Mallers posted an alleged closure letter citing “concerning activity,” accompanied by a warning that the bank may refuse new accounts in the future.

Bitcoin advocates pointed to the incident as evidence of ongoing debanking practices. Real estate investor Grant Cardone said he withdrew $20 million from Chase and planned legal action over credit card issues. 

Max Keiser urged supporters to withdraw funds and redirect capital into Strategy and Bitcoin.

Saylor responds to MSCI’s proposal - Strategy founder Michael Saylor rejected the idea that his firm should be classified like a traditional trust or holding company. He reiterated that Strategy operates as a Bitcoin-backed structured finance company that issues and manages digital credit instruments. 

Saylor noted that index classifications do not influence the company’s long-term mission.

What this means - The combined pressure of MSCI’s proposal and the Mallers controversy has renewed fears of a broader chokepoint scenario. Market participants now await MSCI’s January review and further clarity from large banks that remain central to institutional capital flows.

Pump.fun’s $436 million transfers stir panic as memecoin revenue plunges

Key points:

  • Pump.fun transferred $436 million in USDC to Kraken after the $19 billion October crash.

  • Monthly revenue fell 53% to $27.3 million as retail interest and memecoin trading activity weakened.

News - Pump.fun, the Solana-based memecoin launchpad that powered this year’s speculative surge, has moved more than $436 million in USDC to Kraken since mid-October. 

The transfers were first flagged by Lookonchain and began roughly a week after the October market crash wiped out $19 billion in value and throttled activity across the memecoin sector. The platform has not yet explained the purpose of the withdrawals.

The timing of the movement triggered immediate anxiety across the market. Large transfers to a centralized exchange are often interpreted as intent to sell, and traders quickly questioned whether more liquidations might follow.

Revenue suffers as memecoin appetite fades - DefiLlama data shows Pump.fun’s November revenue fell to $27.3 million, down 53% from September’s $58.9 million and the lowest level since July. 

Analysts noted that retail traders had already begun retreating from hyper-speculative assets before the crash, but the sell-off accelerated the decline.

The slowdown aligns with comments from Nansen analyst Nicolai Sondergaard, who said repeated losses have pushed retail participants out of high-risk launches.

Were the transfers sales or withdrawals - On-chain analyst EmberCN suggested the $436 million movement may have been a withdrawal rather than an immediate sell-off, noting that the USDC originated from institutional private placements of the PUMP token at $0.004. Even so, the optics have not reassured investors.

Arkham data shows the Pump.fun wallet still holds about $855 million in stablecoins and $211 million in Solana tokens, which means any additional large transfers could pressure sentiment further.

What this means - With revenue sliding and user confidence shaken, the platform’s next treasury movements will be closely watched. The broader question now is whether the memecoin cycle can regain momentum or whether October’s collapse marks a deeper shift in speculative behavior.

Shai Hulud malware hits ENS packages in massive NPM supply-chain breach

Key points:

  • More than 400 NPM packages were compromised by the Shai Hulud malware, including at least 10 tied to the Ethereum Name Service ecosystem.

  • Researchers warn that over 25,000 repositories may already be affected as the attack continues to spread.

News - A major software supply-chain attack has struck the JavaScript ecosystem, affecting more than 400 NPM packages and compromising several libraries widely used across crypto projects. 

The breach was uncovered by Aikido Security researcher Charlie Eriksen, who confirmed each detection individually to avoid false positives. The infected packages contain the Shai Hulud malware, an autonomous credential-stealing worm that spreads across developer environments.

Many of the affected libraries are central to the Ethereum Name Service ecosystem. ENS’s content-hash, which receives nearly 36,000 weekly downloads and supports more than 90 dependent packages, was among the compromised modules. 

Other infected ENS libraries include address-encoder, ensjs, ens-validation, ethereum-ens, and ens-contracts. A separate cryptocurrency package, crypto-addr-codec, with nearly 35,000 weekly downloads, was also compromised.

Why this attack is different - Unlike earlier NPM attacks designed to steal crypto directly, Shai Hulud focuses on harvesting any available credentials. If a developer environment contains wallet keys, server access tokens, or other sensitive secrets, the worm can collect and transmit them. 

Experts warn that any system using the compromised packages should assume exposure.

Slava Demchuk, CEO of AMLBot, noted that once installed, the worm replicates itself, makes private repositories public, and continues to propagate across connected systems.

The scale of the compromise - Researchers at Wiz reported more than 25,000 affected repositories across roughly 350 users, with new infected repositories appearing every 30 minutes. 

Non-crypto packages were also impacted, including tools from Zapier and other high-download modules, some approaching 70,000 weekly installations.

What this means - Security teams advise immediate audits of any environment using NPM packages. With the attack still spreading, developers across Web3 and traditional software ecosystems face elevated risk until the full scope is contained.

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Did you know?

  • A record Bitcoin fee turned into a refund case - In November 2023, a user paid an 83.6 BTC (~$3 million) transaction fee by mistake and the involved mining pool initiated a refund after identity verification.

  • El Salvador’s geothermal Bitcoin mining milestone - Since 2021, the Salvadoran government has mined nearly 474 BTC using volcano-fueled geothermal energy, leveraging state-owned plants to build the nation’s crypto reserves.

  • NASA explored blockchain for spacecraft networks - Back in 2018, NASA published a study probing whether blockchain could secure multi-sensor satellite constellations, connecting smart contracts, data provenance, and autonomous space operations.

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Top 3 coins of the day

PancakeSwap (CAKE)

Key points:

  • At the time of writing, CAKE was trading near $2.32 after recovering from last week’s drop, placing it among today’s better performing mid-cap tokens.

  • The Madrid Ribbon stayed red as CAKE climbed into its lower band, while the Awesome Oscillator showed a mild shift toward bullish momentum.

What you should know:

CAKE moved higher after rebounding from the $2.00 region and was attempting to push deeper into the Madrid Ribbon. The ribbon continued to reflect a broader bearish trend, but CAKE’s recent candles showed steadier upward movement. Volume had picked up slightly from earlier in the month, although it remained far below the early November spike. The Awesome Oscillator signaled fading bearish pressure as the bars turned green, indicating that momentum had begun shifting toward buyers. A supporting catalyst came from PancakeSwap’s rising activity due to the recent CMC20 index launch, which boosted trading volumes and platform participation. CAKE’s long running burn program also stayed in focus, adding a supply-driven narrative to the recovery. Traders may watch resistance around $2.55 to see whether CAKE can break beyond the ribbon’s upper range.

XDC Network (XDC)

Key points:

  • XDC was last seen around $0.053 after climbing steadily from last week’s lows, putting it slightly ahead of the broader market.

  • The price shifted back above the 9-day SMA while the Stochastic RSI swung upward from oversold levels, signaling improving short term momentum.

What you should know:

XDC staged a modest recovery after sliding toward the $0.045 zone earlier in the month. The price moved back above its 9-day SMA, although the average still pointed lower, showing that the broader trend remained weak. Volume stayed consistent through the recent upswing, hinting at cautious buying rather than heavy speculative interest. The Stochastic RSI also turned higher with a clear upward cross, suggesting that momentum had started to rebuild. Outside the chart, XDC continued to benefit from stronger fundamental traction. Native USDC adoption grew rapidly across the network, while new exchange listings expanded liquidity. The ongoing Surge Program and ecosystem milestones like the Contour acquisition added further support. Traders may monitor resistance near $0.060 as the next level that could influence the trend.

Ethereum (ETH)

Key points:

  • ETH hovered near $2,802 after attempting a mild recovery from its recent slide, remaining one of the weaker large cap performers today.

  • The Supertrend continued to signal a bearish setup while the EWO stayed deep in negative territory, showing that downside momentum was still dominant.

What you should know:

Ethereum traded sideways after dropping toward the $2,750 area, with buyers showing limited conviction during the latest bounce. The Supertrend indicator stayed firmly red, keeping ETH below its trend threshold and reinforcing broader market weakness. Volumes held steady following the early November spike, suggesting that selling pressure had not fully eased. The EWO also remained in the red, indicating that bearish momentum persisted without a clear shift toward accumulation. Off the chart, ETH continued to feel the impact of heavy ETF outflows that reduced institutional demand last week. The upcoming Fusaka upgrade and historically low gas fees added some long-term positives, but traders still monitored liquidation risks tied to the broader downtrend. Immediate resistance sits around $3,000, with $2,700 acting as the nearest support.

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