- Market Commentary: BTC and ETH have each reclaimed the psychological thresholds of $90,000 and $3,000, signaling a notable recovery in market sentiment. Several sectors — including exchange tokens, Layer-1 chains, and Meme coins — are showing signs of capital rotation. Merlin (+157.9%) surged over 150% driven by its mainnet upgrade and a short squeeze; XION (+98.6%) jumped nearly 100% boosted by KRW trading pairs; BANANAS31 (+66.6%) saw its trading volume spike to $470 million.
- Highlight Data: S&P downgraded Tether-USDT’s stability rating to “Weak” due to structural deficiencies in disclosure, asset segregation, hedging mechanisms, and counter-party risk management. The Cosmos community has initiated research into a new ATOM token economics model, exploring the use of ecosystem revenue for revitalization. Ethereum co-founder Vitalik donated 128 ETH each to privacy-focused messaging apps Session and SimpleX, reaffirming the importance of privacy.
- This Week’s Focus: The Plasma token has dropped 90% from its early-stage peak, with the project far from delivering on its ambitious promises — making it one of the most representative examples of a failed new-token listing this cycle. Supported by investor enthusiasm for AI, equities continue rising, while the crypto market — driven by excessive leverage — has seen Bitcoin fall more than 20% over the past month. This Friday, Bitcoin faces $13.6 billion in monthly options expiry, with 77% of contracts out-of-the-money; related hedging activity may continue to amplify short-term volatility.
- Next Week to Watch: HYPE, SUI, and EIGEN will unlock approximately $359 million, $68.51 million, and $22.62 million worth of tokens in the next 7 days, representing 3.7%, 1.2%, and 8.3% of their circulating supply. These unlocks may exert some short-term pressure on price movements.
Discover more details today → Gate Research: Plasma Token Down 90% From Early Peak | Bitcoin Faces $13.6B in Monthly Options Expiry
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
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Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
November 27, 2025
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