🧵 𝗖𝗿𝘆𝗽𝘁𝗼 𝗠𝗮𝗿𝗸𝗲𝘁 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 | 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟭𝟭 - 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟰, 𝟮𝟬𝟮𝟱 The market is split in two: institutions are pulling billions from ETFs, while corporates, VCs, and whales are doubling down. Here’s what’s really happening 👇

1/ Institutional Divergence: ETFs vs Treasuries Spot $BTC ETFs recorded ~$3.79B in outflows; $ETH ETFs lost another $1.55B. BlackRock’s IBIT led redemptions, accounting for over half of total exits. Yet corporate treasuries bought the dip: Strategy Inc acquired 8,178 BTC ($835 M). Its largest single purchase since July. 👉 Institutional exposure didn’t vanish, it rotated.

2/ ETF Flows Flash Red Combined BTC + ETH ETF redemptions now exceed $5.3B since November 1. Single-day record: $900M in outflows on Nov 20. Solana, XRP, and Dogecoin ETFs quietly gained inflows, suggesting a diversification pivot. 👉 Institutions are now rebalancing risk.

3/ Treasury Accumulation: The Contrarian Signal Strategy Inc now holds ~649,870 $BTC (~$61B). Japan’s Metaplanet launched “Mars” & “Mercury” preferred shares to fund BTC buys. DDC Enterprise added 300 BTC, expanding holdings to 1,383 BTC. 👉 Corporate conviction continues to give hope in this cycle.

5/ Policy & Regulation: The U.S. Breakthrough SEC “Project Crypto II” formally distinguished commodities (BTC, ETH) from tokenized securities. OCC green-lit national banks to hold crypto assets as principal. Senate’s bipartisan draft bill put BTC & ETH under CFTC oversight. 👉 2025 → 2026: From uncertainty to structured regulation.

6/ International Coordination UK opened stablecoin consultations, aligning with U.S. frameworks. Basel Committee began revising the 1,250 % risk-weight rule for crypto. NCA uncovered $24M USDT used in Russian sanctions evasion, sparking enforcement focus. 👉 Global regulators are synchronizing and sanitizing the ecosystem.

7/ VC & Investor Activity: Capital Floods Back VC funding hit $2.5 B +, led by Kalshi’s $1 B raise (prediction markets) and Tharimmune’s $540 M for tokenized treasuries. Kraken raised $800 M (Citadel Securities among backers). Infrastructure & AI dominate: Monad ($187 M) & Doppel ($70 M) lead innovation capital flows. 👉 Smart money is rebuilding the rails while price consolidates.

9/ Narrative to look at: #1 Stablecoins & RWAs Stablecoins now make up 30 % of on-chain volume (~$4 T YTD). RWAs hit $350 B, +50 % YoY. BNY Mellon & Cash App launched pilot programs for tokenized assets.

10/ #2 AI × Crypto Agents Over $105 M raised by AI-crypto startups this fortnight. DeFi TVL + 15 % driven by AI-powered protocols. Projects like Donut Labs & Doppel blur the line between finance and AI.

11/ #3 Memecoins & Culture Coins Despite ETF volatility, memecoins remain the retail heartbeat. $FLOKI, $SHIB, $WIF, $PEPE integrate staking + DeFi utilities. $TON ecosystem launching $1M memecoin dev pools.

12/ Macro & Outlook ETF outflows = short-term pressure. Corporate and VC inflows = long-term conviction. Rate-cut signals + regulatory clarity = structural tailwind.

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