PA Daily | Bitcoin ETF saw a net outflow yesterday; Nvidia's AI revenue and outlook both exceeded expectations.

Today's news highlights:

Ark Invest increased its holdings in Circle, Bullish, and BitMine stocks on Wednesday, and BitMine will announce its new quarterly financial report on November 21.

The Nillion token plummeted over 60% today, but the team claims that the treasury is secure and the network is operating normally.

The Bitcoin spot ETF has ended its net outflow, with a net inflow of over 75 million USD yesterday.

Top traders: Bitcoin may drop to $73,000, while gold may first fall to $3,500 before rising to $5,000 next year.

The probability of the Federal Reserve cutting interest rates by 25 basis points in December has dropped to about 30%.

NVIDIA's AI revenue and outlook exceeded expectations, Jensen Huang stated that sales are booming.

Trump plans to promote the “Genesis Mission” to strengthen the U.S. AI strategy.

Macro

India plans to launch a debt-backed stablecoin ARC in early 2026.

According to CoinDesk, India plans to launch a stable digital asset ARC pegged 1:1 to the rupee in the first quarter of 2026, developed jointly by Polygon and local fintech company Anq. ARC will operate on the basis of the central bank digital currency (CBDC) and will adopt a dual-layer structure, limited to issuance for corporate accounts, aiming to curb capital flows to dollar stablecoins and support domestic debt needs. This mechanism combines Uniswap v4 whitelist control to strengthen compliance and safeguard monetary sovereignty.

Trump plans to launch the “Genesis Mission” to strengthen the U.S. AI strategy.

According to Bloomberg, U.S. President Trump plans to launch the “Genesis Mission” through an executive order, akin to the Manhattan Project and the space race, aimed at strengthening the development of artificial intelligence in the United States. This order may mobilize national laboratories and promote public-private cooperation. The Trump administration also intends to sign another executive order authorizing the Department of Justice to sue states that create “unconstitutional AI regulations” and to impose financial pressure on those states. This week, Trump met with the Saudi Crown Prince and announced the approval of selling AI chips to Saudi Arabia, with Nvidia and Musk's xAI collaborating with Saudi Arabia's AI project Humain to build data centers.

Bitwise announces XRP ETF details: Management fee is 0.34%, ticker symbol XRP

According to PRNewswire, cryptocurrency asset management company Bitwise Asset Management has announced details about the upcoming Bitwise XRP ETF, which has a management fee of 0.34% (the management fee is waived until the assets under management reach $500 million). The ETF will be listed on the New York Stock Exchange under the ticker symbol XRP. It is reported that the XRP ETF is also the 49th cryptocurrency portfolio product launched by Bitwise in the United States and Europe.

The probability of the Federal Reserve lowering interest rates by 25 basis points in December has dropped to about 30%.

The Federal Reserve's October meeting minutes show that committee members are increasingly divided on whether to continue cutting interest rates in December, with some officials believing there is “insufficient reason” to do so. The minutes indicate that the last meeting resulted in a 10 to 2 vote to cut rates by 25 basis points to a range of 3.75%-4%, but several participants opposed this cut or would be acceptable to keeping rates unchanged; after the government shutdown delayed the release of employment and inflation data, the willingness to support a December rate cut has decreased. The market implied probability of a rate cut has dropped to around 33%. The minutes also suggested that regardless of the December decision, at least three dissenting votes may occur; the majority of officials still believe that further cuts are necessary after December. According to CME's “FedWatch”: the probability of a 25 basis point rate cut in December is 32.7% (down from 48.9% yesterday), while the probability of keeping rates unchanged is 67.3%. The cumulative probability of a 25 basis point cut by January next year is 49.9%, the probability of keeping rates unchanged is 33.8%, and the probability of a cumulative 50 basis point cut is 16.3%.

xAI releases Grok 4.1 Fast model and Agent Tools API

xAI has announced the launch of the new generation model Grok 4.1 Fast, along with the rollout of the Agent Tools API. Grok 4.1 Fast features a 2 million token context window, optimized for practical applications such as customer support and in-depth research, supporting tool calls, code execution, web browsing, and more. The model has been trained in various domain environments through long-term reinforcement learning. It is now available via the xAI API, priced at $0.2 per million tokens for input and $0.5 for output, with free trials available on the OpenRouter platform for the next two weeks.

Trump signs bill approving the release of the Epstein files.

U.S. President Trump signed a bill approving the release of the Epstein files. Earlier, former Treasury Secretary Summers resigned from his position on the board of OpenAI due to his close ties with Epstein.

BlackRock registers iShares Ethereum Staking ETF in Delaware

According to The Block, BlackRock has registered the name “iShares Staked Ethereum Trust” in Delaware, indicating its plan to launch a new Ethereum staking ETF. The registration was submitted by BlackRock Managing Director Daniel Schweiger, who was responsible for the registration of the first iShares Ethereum fund in 2023. Previously, Nasdaq had submitted a modification application in July to incorporate staking functionality into the existing iShares Ethereum Trust (ETHA). ETHA currently manages nearly $11.5 billion in assets, making it the largest Ethereum ETF by market size.

NVIDIA's AI revenue and outlook surpassed expectations, and Jensen Huang stated that sales are booming.

Nvidia ( NVDA.O ) has just announced its Q3 fiscal results, with chip sales at the core of the artificial intelligence boom growing faster than Wall Street expected. At the same time, the company provided a strong revenue forecast for the quarter, leading investors to believe that the AI investment frenzy will continue. Its Q3 financial report revealed that the company's revenue for the third quarter was $57 billion, a year-on-year increase of 62%, with data center revenue reaching $51.2 billion, exceeding the expected $49 billion. Additionally, its revenue outlook for the fourth quarter is about $65 billion, significantly higher than the analysts' average estimate of $61.6 billion. Following the release of the financial report, Nvidia ( NVDA.O ) saw its stock price rise over 4% in after-hours trading. Nvidia CEO Jensen Huang stated, “Blackwell's sales are through the roof, and cloud GPUs are completely sold out.” Previously, Huang had downplayed concerns about an artificial intelligence bubble.

Viewpoint

Top traders: Bitcoin may drop to $73,000, while gold may first drop to $3,500 before rising to $5,000 next year.

Gareth Soloway, a seasoned Wall Street trader with 27 years of trading experience, warned on the show that the current market, driven by the AI concept, has severely overstretched valuations for the future, and the market may face a 10%-15% correction, which is just the beginning. He pointed out that AI-related stocks accounted for 75% of the S&P 500 Index's gains over the past two years, but valuations have already factored in earnings for the next five years, posing significant risks. He stated that Bitcoin has recently underperformed due to reduced volatility, decreased institutional buying, and a trend toward de-risking. He expects Bitcoin to potentially drop to the range of $73,000 to $75,000 in the short term, or even lower, but he plans to gradually buy within that range to accumulate a long-term position. Regarding the altcoin market, Gareth maintains a cautious stance and predicts Ethereum may further decline to the $2,800 to $2,700 range, which is an important support level. He emphasized that Bitcoin, as “digital gold,” is still expected to outperform the stock market in the long run, but the current market needs to be wary of the adjustment pressure on risk assets. Meanwhile, gold may pull back to $3,500-$3,600 before entering a new upward cycle, potentially reaching $5,000 by 2026. He stressed that the Federal Reserve's monetary easing policy could exacerbate market bubbles but could also lead to a larger collapse. Soloway advises investors to remain vigilant, manage risks, and prepare for potential market turbulence in the future. Related Reading: Wall Street Trader of 27 Years: The AI Bubble Will Burst! Bitcoin is No Longer “Sexy,” and the Market Correction is Just the Appetizer.

Bubblemaps: $BULLISH token concentration is too high, suspected of being manipulated and hyped.

According to analysis by Bubblemaps, 70% of the supply of the $BULLISH token is currently held by new wallets that have been topped up via Binance, suggesting possible manipulation. Data shows that between September 13 and 24, over 150 wallets quickly recharged to new addresses via SOL, and within 30 minutes of going live on October 2, they rapidly purchased BULLISH. Currently, the FDV of the token has risen to $40 million, and the related case has been submitted to Intel Desk for community voting.

Project Updates

Binance postpones the launch of GAIBUSDT U-based perpetual contract.

The GAIBUSDT U-based perpetual contract, originally scheduled to be launched by Binance on November 20, 2025, at 17:00 (Beijing time), will be postponed, with the specific time to be announced later.

The Nillion token dropped over 60% today, with the team stating that the treasury is secure and the network is operating normally.

According to Binance market data, the Nillion token (NIL) experienced significant volatility at 2 AM today, with its price dropping from a peak of $0.23 yesterday to a low of $0.084 within the past 24 hours, a decline of over 63%. It has currently rebounded to $0.112, with the decline narrowing to 49.8%. The official statement indicates that there has been no movement of team and treasury tokens, all Nillion wallets are completely secure, and the network is operating normally without any impact. The team is currently investigating the external variables causing the price fluctuations and will announce the investigation results as soon as possible.

CoinList will launch the Reya public offering at midnight on November 26.

According to a CoinList announcement, the Reya token sale will begin at 1:00 AM Beijing time on November 26 (5:00 PM UTC on November 25) on CoinList. Reya is one of the top six perpetual contract DEXs with a daily trading volume of $1-1.5 billion, supported by Framework Ventures, Coinbase Ventures, and Selini Capital. The sale is valued at $150 million, with 50% unlocked at TGE, and it adopts a “bottom-up allocation” mechanism prioritizing small investors. Participation is not allowed in certain regions, including the United States and Canada.

WLFI will reallocate funds for users who have fallen victim to phishing attacks, provided they complete KYC verification.

According to a WLFI announcement, prior to the official launch of the platform, some users' wallets were compromised due to phishing attacks or mnemonic phrase leaks. WLFI emphasized that the incident was not caused by platform or contract vulnerabilities, but stemmed from third-party security issues. The team has developed a new contract logic that allows for the redistribution of assets to a secure new wallet after completing KYC verification. Wallets that have not submitted an application or have not passed verification will remain frozen, and users can still initiate the recovery process through the customer service center. According to Emmett Gallic, World Liberty Fi destroyed a total of 166.67 million WLFI tokens (valued at approximately $22.14 million) from a wallet suspected of being breached and redistributed an equal amount of tokens to a new secure address.

Aztec Network has launched the L2 solution Ignition Chain on the Ethereum mainnet.

According to The Block, Aztec Network has officially launched its new Layer 2 solution, Ignition Chain, on the Ethereum mainnet, claiming to be the first fully decentralized Ethereum L2. Previously, the network had initiated the sale of AZTEC tokens, which are used for staking, governance, and block rewards. Ignition Chain aims to provide an end-to-end DeFi privacy experience, combining zero-knowledge proofs to ensure privacy and verifiability. Currently, the number of validators in the queue has reached 500, and the mainnet block production has started. The public auction for AZTEC tokens will begin on December 2.

The DeFi protocol Spark has suspended its app launch plan and is shifting its focus towards institutional liquidity.

According to CoinDesk, DeFi giant Spark has decided to suspend its cryptocurrency mobile app development plans and instead focus on DeFi-native liquidity infrastructure and institutional trading, such as its recent $1 billion investment in PayPal's stablecoin PYUSD. The CEO of Phoenix Labs, the developer behind Spark, stated that the current market competition is fierce, and the company will concentrate on its strengths without blindly expanding into the retail sector. Spark's current TVL exceeds $9 billion, and it may still restart its app plans in the future.

Coinbase will list Aster (ASTER)

According to the announcement from Coinbase Markets, Aster (ASTER) will go live for spot trading on November 21, 2025, at 1:00 AM (Beijing time) in supported regions, with the trading pair being ASTER-USD, subject to liquidity conditions being met.

Aave V4 testnet is now live, and the code repository has been opened for public review.

According to the official blog, Aave has announced that the Aave V4 testnet is now online, and the codebase has been opened for public review. It has also deployed a developer preview version called “Aave Pro,” which is a new interface for Aave network applications aimed at native DeFi users. The community can use this to test new features, and developers can experiment with implementation solutions. Aave V4 introduces a brand new “Hub and Spoke” architecture. This architecture brings multiple new design paradigms to Aave, each with its unique advantages. Funds are no longer scattered across various markets on the same chain. Instead, all liquidity flows through “Liquidity Hubs.”

Important data

The Bitcoin spot ETF ended its net outflow, with a net inflow of over $75 million yesterday.

According to SoSoValue data, on November 19, Eastern Time, the Bitcoin spot ETF recorded a total net inflow of $75.4696 million on the previous day (November 19), marking the first net inflow after five consecutive days of net outflows. Among them, BlackRock's IBIT had the highest net inflow of $60.6084 million, followed by Grayscale's BTC with a net inflow of $53.8383 million; Fidelity's FBTC had a net outflow of $21.3517 million. As of now, the total net asset value of the Bitcoin spot ETF stands at $117.345 billion, accounting for 6.57% of the total Bitcoin market capitalization, with a historical cumulative net inflow of $58.3 billion.

Data: Solana spot ETF saw a net inflow of over $55 million yesterday.

According to SoSoValue data, on November 20, 2025, Eastern Time, the total net inflow of Solana spot ETFs in the United States reached $55.61 million. 21Shares' TSOL officially listed on the CBOE on November 19, Eastern Time, with a trading volume of $400,000 on its first day and a net asset value of $104 million, with no net inflow so far. Bitwise's BSOL had a single-day net inflow of $35.87 million, leading the pack, with a total net inflow of $424 million. Currently, the total net asset value of Solana spot ETFs stands at $715 million, with a cumulative net inflow of $476 million. The 21Shares Solana ETF (code TSOL) was officially listed on the CBOE after SEC approval, and the total number of Solana spot ETFs listed for trading in the United States has reached 6.

Investment and Financing / Acquisition

Layer1 decentralized autonomous smart chain CratD2C receives a strategic investment of $30 million from Nimbus Capital.

According to Cryptopolitan, the Layer1 Decentralized Autonomous Smart Chain (DASC) CratD2C has received a strategic investment of $30 million from the private equity alternative investment group Nimbus Capital. This funding will strengthen CratD2C's global infrastructure, expand its “12+1” diversified ecosystem, and accelerate the promotion of flagship products within its network. It is reported that the CratD2C Decentralized Autonomous Smart Chain (DASC) is an EVM-compatible Layer-1 blockchain that supports an interconnected ecosystem covering e-commerce, real estate, DeFi, and asset tokenization. CratD2C is based on the DPoS mechanism and has been audited by CertiK and Hacken.

AI-driven social engineering defense platform Doppel completes $70 million Series C funding.

According to official news, the AI-driven social engineering defense platform Doppel has announced the completion of a $70 million Series C financing, led by Bessemer Venture Partners, with participation from George Kurtz, NTT DOCOMO Ventures, Aurum Partners, Nneka Ogwumike, Breanna Stewart, Kelsey Plum, a16z, South Park Commons, Script Capital, 9Yards Capital, Sozo Ventures, and Strategic Cyber Ventures. Doppel aims to protect organizations from social engineering threats such as phishing, impersonation, and deepfake fraud, and the new funds will be used to support the construction of a digital protection infrastructure that combines generative AI with expert human analysis.

Luma AI has secured $900 million in Series C funding led by Humain.

According to an official announcement from Luma Labs, to expand the research and deployment of multimodal AGI, Luma has completed a $900 million Series C funding round and will collaborate with Humain to build a 2GW computing power supercomputing cluster named “Project Halo,” which is expected to start deployment in the first quarter of 2026 and be completed by 2028-2029. This funding round was led by Humain, with participation from AMD and others. Luma emphasizes that AGI needs to be trained using multimodal signals such as text, video, audio, and images in combination to promote the development of general artificial intelligence.

The DeFi platform TRONBANK has received strategic investments from multiple institutions, with BlockX leading the investment with $10 million.

According to Chainwire, TRONBANK, a provider of infrastructure in the TRON ecosystem, has announced that it has secured strategic investments from five international institutions, with BlockX leading the round with $10 million. Other participating institutions include: Sky Venture Labs, K300 Ventures, Blockin.Ventures, and Onebit Ventures. It is reported that TronBank is a DeFi platform on the TRON blockchain that offers energy leasing, TRX staking, and on-chain yield services through secure and transparent smart contracts. TRONBANK is currently focused on three main areas: energy leasing, TRX staking finance, and yield optimization mechanisms.

The crypto bank fintech company Deblock has completed a €30 million Series A financing round, led by Speedinvest.

According to TFN, French crypto bank fintech company Deblock has completed a 30 million euro Series A funding round to support its expansion in Europe, with Germany becoming its next core market. This round of financing was led by Speedinvest, with CommerzVentures and Latitude participating, while existing investors 20VC, Headline, Chalfen Ventures, and Kraken Ventures also took part in this financing.

Institutional Holdings

Ark Invest increased its holdings in Circle, Bullish, and BitMine stocks on Wednesday, and BitMine will announce its new quarterly financial report on November 21.

Ark Invest, led by Cathie Wood, increased its holdings in Circle, Bullish, and BitMine stocks on Wednesday across three ETFs, amounting to $17.7 million, $16.9 million, and $7.6 million, respectively. Specifically, the ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF collectively purchased 216,019 shares of Circle, 463,598 shares of Bullish, and 260,651 shares of BitMine. On the same day, the stock prices of all three companies fell significantly. Circle's stock price dropped by 8.98% to $69.72; Bullish fell by 3.63% to $36.39; BitMine decreased by 9.6% to $29.18. Notably, despite the stock price fluctuations, Bullish reported a net profit of $18.5 million for the third quarter, compared to a loss of $67.3 million in the same period last year; Circle's net income for the same period was $214 million, a year-on-year increase of 202%. BitMine is expected to announce its latest quarterly earnings report on November 21. Prior reports indicated that Ark Invest increased its holdings in cryptocurrency stocks Coinbase, Circle, and Bullish on Tuesday.

The suspected Bitmine address received over 24,000 ETH from BitGo.

According to Onchain Lens monitoring, a newly created wallet received 24,827 ETH from BitGo, worth approximately $75.9 million. Preliminary judgment suggests that this address may belong to the mining-related entity Bitmine.

SharpLink address transferred over 10,000 ETH to Galaxy Digital within two days.

According to Yu Jin monitoring, 10,975 ETH (approximately $33.54 million) have been transferred from the SharpLink address to the Galaxy Digital over-the-counter trading wallet in the past two days, with 5,533 ETH (approximately $16.52 million) transferred within the last 3 hours.

Block releases three-year growth outlook and adds $5 billion stock repurchase authorization, with stock price soaring 8%.

According to The Block, Block, the company founded by Jack Dorsey, released a three-year financial outlook on Investor Day, projecting an average annual growth in gross profit in the double digits to $15.8 billion by 2028, with adjusted operating profit expected to increase by 30%, exceeding $4.6 billion. At the same time, it announced an additional $5 billion stock repurchase authorization. Driven by this news, the stock price jumped about 8% to $62. Analysts are optimistic about the growth of Cash App lending and the improvement of Square's business, believing that the stock still has more than 40% upside potential.

The UAE has accumulated approximately 6,450 bitcoins through national support for mining activities.

According to Cryptobriefing, based on data from Arkham Intelligence, the Royal Group, a large corporate group in the UAE closely related to the ruling family of Abu Dhabi, has accumulated about 6,450 bitcoins through state-supported mining activities, making the country one of the largest sovereign holders of bitcoin. As of the end of August 2025, Arkham reported that the Royal Group held over 6,300 bitcoins, worth approximately $700 million. Since then, due to significant fluctuations in bitcoin prices, the current value of these holdings is about $590 million. These digital assets were accumulated through Citadel Mining, a publicly traded company controlled by the UAE International Holdings Company. Citadel Mining operates a mining facility covering 80,000 square meters, which was built in Abu Dhabi in 2022 and was developed in collaboration with another UAE-listed mining company, Phoenix Group.

Abu Dhabi Investment Authority significantly increased its holdings in Bitcoin ETFs in Q3, with a total holding value of approximately $518 million at that time.

According to Bloomberg, the Abu Dhabi Investment Council (ADIC) more than doubled its holdings in Bitcoin ETFs in the third quarter. According to regulatory filings, this sovereign wealth fund's independently operated entity under Mubadala Investment Co. increased its holdings in BlackRock's iShares Bitcoin Trust ETF to nearly 8 million shares as of September 30, valued at approximately $518 million. Three months prior, its share count was only 2.4 million shares. A representative from ADIC stated that as part of a long-term diversification investment strategy, the company is gradually allocating a small amount of Bitcoin. Additionally, Mubadala separately disclosed that as of the end of the third quarter, the company held 8.7 million shares of the same Bitcoin ETF (ticker symbol IBIT), valued at $567 million, which is unchanged from three months ago.