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Bitcoin Breaks, Japan Shifts, and $2B Vanishes From Crypto Funds

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Markets are shaking again, and this week's moves show exactly where sentiment is breaking—and where new opportunities are starting to open up.

Bitcoin dipped to six-month lows, Japan announced one of the biggest regulatory overhauls in years, and global crypto products saw billions flow out in just a few days.

If you want to understand what all of this means for your portfolio right now, this is the week to pay attention.

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Market-Moving News

Crypto just hit a pressure point, and the data is telling you more than the price charts ever will.

Bitcoin washed out into extreme fear, regulation tightened in one of the world's biggest economies, and billions left crypto products as investors rushed to reposition—revealing exactly how the market is shifting under the surface.

Markets

Bitcoin Falls Below $94,000 for First Time Since May Amid' Extreme Fear'

Bitcoin dipped under $94,000 for the first time since May, briefly touching its lowest level in over six months before bouncing slightly.

The broader market stayed deep in its extreme fear zone, with the Crypto Fear & Greed Index stuck at 10 for a second straight day.

Fear Surges as Majors Slide

Bitcoin hovered near $95,000 after the intraday dip, but the mood didn't recover as Ether, XRP, BNB, and Solana all posted fresh losses.

Retail traders dominated the chatter online, and social-dominance spikes showed just how nervous the market has become.

Analysts noted that Bitcoin broke out of a key channel that could open room for a slide toward $83,500.

Others pointed to a potential "death cross" forming, warning that the next week may determine whether the current cycle structure holds.

Market watchers also flagged how far Bitcoin has lagged behind traditional assets this year.

Gold is up 55% in 2025 while Bitcoin is barely positive, creating one of the most unusual performance gaps in a decade.

Signals to Watch

Santiment reported a major spike in Bitcoin discussions during the drop, which historically increases the odds of a reversal.

Michael Saylor also hinted that Strategy will announce a new Bitcoin purchase this week, giving traders at least one potential positive catalyst.

Take: Extreme fear usually feels terrible in the moment, but it's also where cycle bottoms often form.

If you're positioning for the long term, staying calm while sentiment is at its worst typically pays off more than reacting to the panic in real time.

Policy

Japan Moves to Classify Crypto as Financial Products, Eyes 20% Flat Tax

Japan's Financial Services Agency is preparing a major overhaul of the country's crypto framework, proposing that digital assets be reclassified as "financial products."

This shift would put crypto under the same rules that govern stocks and bonds, setting the stage for stricter oversight and improved investor protection.

Stricter Rules and More Transparency

Under the plan, exchanges would be required to disclose detailed information about all 105 tokens listed on domestic platforms.

That includes identifying whether each asset has an issuer, describing the underlying technology, and outlining its volatility profile.

The proposal would also extend insider trading regulations to crypto for the first time.

Anyone with non-public information about listings, delistings, or issuer issues would be barred from trading affected tokens.

Tax Changes and New Banking Options

Japan's current tax regime treats crypto earnings as miscellaneous income, with rates reaching as high as 55%.

The FSA wants to cut this to a flat 20%—the same tax rate Japanese investors pay on stock gains.

The agency is also considering allowing banks to hold Bitcoin and register as licensed crypto exchanges.

That move would open the door for banks to offer crypto trading and custody directly to customers.

The government expects to bring the new crypto law to parliament in 2026. If approved, Japan's rules would become some of the clearest and most investor-friendly in the world.

Take: Japan is signaling that crypto isn't going anywhere—it's simply growing up.

Lower taxes and bank-level access could spark a wave of mainstream adoption, and if you're a long-term investor, this kind of regulatory clarity tends to attract serious capital.

Trivia: Which of these is not a blockchain consensus mechanism?

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ETF Flows

Crypto ETPs See Biggest Weekly Outflows Since February as Investors Pull $2B

Crypto exchange-traded products posted their heaviest weekly outflows since February, with $2 billion leaving the market in a single week.

It marks the third straight week of redemptions, extending the total outflow streak to $3.2 billion.

Where the Money is Leaving

CoinShares reported that the outflows were driven by uncertainty around monetary policy and heavy selling from large crypto-native holders.

Total assets under management in crypto ETPs have now slipped to $191 billion, down 27% from their October peak of $264 billion.

The US accounted for 97% of the weekly outflows, shedding $1.97 billion as investors rotated out of risk.

Germany stood out as the only major region with inflows, adding $13.2 million.

Bitcoin ETPs lost almost $1.4 billion last week—roughly 2% of their total assets. Ether products saw around $700 million in redemptions, representing about 4% of their AUM.

Investors Turn Defensive

Smaller ETPs weren't spared either, with Solana and XRP products posting $8.3 million and $15.5 million in outflows.

Meanwhile, multi-asset ETPs attracted $69 million in inflows over the past three weeks as investors sought diversified coverage.

Short-Bitcoin funds also saw $18.1 million in inflows, suggesting traders are hedging aggressively.

With uncertainty rising, investors are rotating toward safer baskets and defensive strategies rather than exiting the market entirely.

Take: This isn't a "crypto is dying" moment—it's a "money is getting cautious" moment.

Big outflows often show investors waiting for better clarity, and when that clarity hits, those same flows tend to snap back faster than most people expect.

Coin Leaderboard

Crypto Pulse

Some parts of the market may be drowning in fear right now, but the small-cap trenches clearly didn't get the memo.

BANANAS31 doubled overnight, LIGHT ripped higher like it's still celebrating its Binance Alpha debut, and JCT kept climbing as if the rest of the market isn't busy panicking about death crosses.

This is the side of crypto that never waits for permission—money rotates fast, momentum hits out of nowhere, and the traders paying attention always catch the weird winners first.

Banana For Scale (BANANAS31) $0.004746 (+103.18%)

BANANAS31 exploded 103.18% in the past 24 hours, grabbing the top spot on today's Crypto Pulse and completely ignoring the market's doom-and-gloom backdrop.

Bitlight (LIGHT) $1.81 (+53.88%)

LIGHT jumped 53.88% today, continuing its strong momentum roughly a month after landing on Binance Alpha.

Janction (JCT) $0.004789 (+36.45%)

JCT added another 36.45% as traders keep piling in following its recent Binance listing.

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Future Forward

The next wave of crypto winners isn't being hyped on X or plastered across influencer threads—it's being built quietly in forgotten Discord channels, half-broken testnets, and GitHub branches with commit messages like "fix later."

These are the corners of the ecosystem you only find when you're curious enough to dig past the noisy stuff everyone else is arguing about.

The teams behind these projects aren't chasing likes, retweets, or sponsored threads; they're chasing things that actually work.

By the time the mainstream figures out what they've built, the early users have already discovered the next strange experiment—and that's usually where the real advantage shows up.

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Crypto Know-How: What Is a Death Cross?

A death cross sounds dramatic, but it's really just a technical signal used by traders to judge whether momentum is weakening.

It happens when the 50-day moving average drops below the 200-day moving average, showing that short-term price action is slipping under long-term trend strength.

Traders watch this because it sometimes lines up with periods of fear or cooling market sentiment.

When the faster-moving line crosses below the slower one, it tells you buyers have been losing steam over the past few weeks.

But here's the twist: in crypto, death crosses aren't always bearish in the way people expect.

In past cycles, several death crosses formed right around major local bottoms—meaning the signal often showed up after most of the downside was already done.

What really matters is how the market behaves around the cross.

If price stabilizes, sentiment resets, and volume starts creeping back in, a so-called "death" cross can actually become the starting point for the next leg up rather than the end of anything.

Everything Else

  • XRP is still up 89% year-over-year despite the recent pullback, outpacing Bitcoin, Ether, and every major index while also carrying some of the highest volatility in the market.

  • A dormant Cardano whale accidentally burned over $6 million in a single swap after routing size through an illiquid USDA pool, showing how unforgiving on-chain execution can be when slippage checks are ignored.

  • Bitcoin is approaching a "death cross" that many see as bearish, but every death cross in this cycle has marked a major local bottom, making this setup one that traders are watching closely.

  • Singapore's SGX is launching new Bitcoin and Ether perpetual futures on November 24 as institutional demand climbs, further blending TradFi infrastructure with crypto-native trading.

  • A massive ICIJ investigation revealed how criminal networks have used major exchanges and stablecoins to move illicit funds globally, sparking fresh scrutiny over how crypto platforms handle compliance and enforcement.

Crypto rarely rewards the people waiting for perfect conditions—it rewards the ones who keep exploring while everyone else is staring at the same chart.

Stay curious, follow the flows that matter, and don't be afraid to wander into the weird corners of the market, because that's where the next breakout usually starts quietly taking shape.

Best Regards,
— Benjamin Vitaris
Crypto Intel