Kraken Files for IPO
Kraken has confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), marking an official request to offer common stock in an initial public offering. The number of shares on offer and the price of the initial stock offering has yet to be determined. According to a Nov. 19 blog post on the Kraken website, the IPO is expected to occur after the SEC completes its review process. Ahead of the firm’s Form S-1 filing announcement, Kraken also announced the successful completion of an $800 million fundraising effort across tranches. The first, led by institutional investors including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, also included a significant commitment from Kraken Co-CEO Arjun Sethi’s family. Meanwhile, the second tranche involved a subsequent $200 million strategic investment from Citadel Securities and, according to a Nov. 18 press release, was executed at a $20 billion valuation. Citadel Securities will also provide Kraken with differentiated liquidity provision, risk management expertise, and market structure insights. Source: yahoo!finance
The short-term holder supply in profit/loss ratio is the lowest it’s ever been in the history of bitcoin.
Indeed, 95% of bitcoin $BTC held by short-term holders, those who bought less than 155 days ago, is underwater. Even with two 30% drawdowns this cycle, the speed and severity of the current drawdown have made it much more severe. Source: Joe Consorti, Frank @FrankAFetter
Fitch Upgrades Greece to BBB, Outlook Stable
Source: Source: Christophe Barraud @C_Barraud Bloomberg
Will Bitcoin bounce soon?
Bitcoin's sentiment is at the LOWEST level in over a year. The last 4 times this happened, Bitcoin bounced immediately. $BTC Source: Subu Trade
Long-term holders are selling hard.
~815K BTC sold in the past 30 days, the highest level since Jan 2024. With demand contracting, this sell-side pressure is weighing on the price Source: cryptoquant
Bitcoin's 50-day moving average is a few days from crossing below the 200-day moving average.
Each cross marked a local bottom: • September '23 • September '24 • April '25 If BTC is still in a bull market, the local bottom is forming. Holding $100,000 remains crucial. Source: Joe Consorti, Bloomberg
While everyone’s watching bitcoin… stablecoins quietly crossed $311 BILLION in circulation — processing more payments than Visa this year.
And nobody’s talking about it. Tether & Circle now hold $200B+ in U.S. Treasuries, earning $15B/year in interest — while moving $10 TRILLION across a system Wall Street can’t even see. Every stablecoin = a Treasury bond purchased. Every transaction = U.S. dollar dominance extended. Latin America runs on USD stables. The Middle East moves crisis liquidity through them. Corporates slash cross-border costs 70% — no banks, no permission, no friction. Welcome to the Eurodollar 2.0 era: faster, traceable, and Congress-approved. 📊 The numbers don’t lie: $1.5T Treasury demand by 2027 $50B+ in annual U.S. debt savings 55% growth in ten months 1-second settlement Meanwhile… China’s digital yuan? still not there. Where could we be heading by 2028? 💵 $2T in circulation? 🌍 25% of global remittances? 🏦 Trillions in tokenized assets? 🔗 A fully re-plumbed global financial system? The U.S. Dollar went digital — and didn’t even ask permission. Source: Shanaka Anslem Perera ⚡ @shanaka86 on X
Bitcoin has gone down more than 20% SEVEN times this cycle
Source: Bitcoin magazine
