Market Pulse: November 2025

Executive Summary

Digital Assets, Traditional Finance & Macro Outlook

October 2025 delivered crypto's largest liquidation event ($19B) followed by recovery following the trade deal resolution.

The cascade was exacerbated by illiquid collateral: wrapped assets like USDe, BNSOL, and WBETH—used widely as collateral for leveraged positions—depegged dramatically as forced liquidations hit thin order books, creating a self-reinforcing doom loop.

Markets repeated the April playbook: tariff shocks trigger ‘emotional’ overreactions creating buying opportunities. With Fed accommodation, ETF approvals ahead, and deleveraged market structure, BTC is likely to continue appreciating, provided institutional inflows continue.