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CoinCatch Market Daily Report (November 14, 2025)
Intermediate
2025-11-14 | 10m
On November 14th, the market on November 14 presents a picture of cautious recalibration. A massive single-day inflow of $520 million into the U.S. spot Bitcoin ETFs have ignited bullish price targets, yet the overall market sentiment remains deeply fearful. Meanwhile, Bitcoin’s downside from current levels appears to be “very limited,” according to JPMorgan analysts, who see its support price at around $94,000. Canary XRP ETF, which began trading on Thursday, had already beaten his full-day estimate for trading volume after just 30 minutes on the open market.
Crypto Market Overview
BTC (-2.96% | Current Price: $99,257.39)
BTC experienced a significant drop, and the market was generally shrouded in negative sentiment. The prolonged US government shutdown previously resulted in delays or even the incomplete release of a series of important economic data, such as inflation and employment reports. This has created considerable uncertainty regarding the future direction of the Federal Reserve's monetary policy, and market expectations for a December rate cut have cooled rapidly. In this "information blind spot," investors tend to withdraw from high-risk assets like Bitcoin. Internal market drivers are also weakening. Analysis indicates that inflows into spot ETFs have slowed, while long-term holders have begun sustained selling, weakening the market's narrative. When the cryptocurrency story itself is weak, its correlation with traditional risk assets like tech stocks increases, making it more susceptible to being dragged down by the latter. From both a technical and sentiment perspective, the market has weakened. Some research institutions have explicitly stated that Bitcoin and most crypto assets have entered a bear market. Data from the derivatives market also reflects a tense atmosphere, with a surge in demand for put options below $100,000, especially in the $90,000 to $95,000 range, indicating that investors are actively seeking to hedge against downside risk.
On November 13th, Bitcoin exchange-traded funds (ETFs) registered an outflow of $610.1 million. Fidelity's FBTC ETF saw an outflow of $119.9 million.
ETH (+7.16% | Current Price: $3218.12)
Ethereum (ETH) is currently trading at $3218, down 7/16% in the past 24 hours. It reached a high of $3656.15 and a low of $3156.03, with a 24-hour trading volume of $50.456 billion. Its current market capitalization is approximately $388.683 billion, a decrease of $25.248 billion from yesterday.
The flow of institutional funds reflects continued active market participation, which may provide some support for the ETH price. The ETH ecosystem continues to expand. Acurast, a decentralized privacy computing project based on smartphones, completed an $11 million funding round, with participation from Ethereum co-founder and Polkadot founder Gavin Wood, among others. Meanwhile, the programmable data chain Irys launched the Genesis NFT, offering free minting to 1000 community members. These developments indicate that the ETH ecosystem continues to innovate and expand, contributing to its long-term value.
From a technical perspective, the ETH price has experienced a significant decline in the past 24 hours, breaking through key support levels multiple times. It may face further downward pressure in the short term, but considering institutional participation and ecosystem development, its medium- to long-term prospects remain worth watching. This message is not intended as investment advice. Investors should be aware of the risks of market volatility.
On November 13th, ETH ETFs experienced a total net outflow of $122.3 million, including an outflow of $14.2 million from Fidelity's FETH.
Altcoins
The Fear & Greed Index plummeted to a score of 22, indicating fear and matching levels last seen during the bear market lows of 2022. This fear has not translated into a broad altcoin sell-off yet, but the Altcoin Season Index sits at a lowly 30, confirming that Bitcoin continues to dominate the market cycle.
Macro Data
The market is at an inflection point, pulled between strong technical potentials and fragile sentiment. The path forward will be determined by several key factors:
The Macro Data Test: The immediate reaction to the newly released CPI and PPI data will be crucial. A confirmation of moderating inflation could lower real interest rates and validate the bullish scenarios for both Bitcoin and Ethereum .
Sustaining Institutional Interest: The key question is whether the recent $520 million ETF inflow is a one-off event or the start of a renewed institutional accumulation phase. Continued strong flows would be a powerful bullish signal.
On November 13th, the S&P 500 fell 1.66%, standing at 6,737.49 points; the Dow Jones Industrial Average dropped 1.65% to 47,457.22 points, and the Nasdaq Composite fell 2.69% to 22,870.36 points.
Trending Tokens
RESOLV Resolv (+32.68%, Circulating Market Cap: $49.95 Million)
RESOLV is trading at $0.1571, up approximately 32.68% in the past 24 hours. Resolv is a decentralized stablecoin protocol offering a delta-neutral stablecoin (USR) backed by ETH/BTC and an insurance liquidity pool (RLP), governed by the $RESOLV token to align incentives across its ecosystem. RESOLV broke above the $0.18 resistance on November 11, 2025, with RSI(7) at 86 (overbought) and MACD histogram rising to +0.01139. Volume spiked to $180M (291% increase), confirming momentum. Traders targeted the 200% Fibonacci extension level at $0.209 after the breakout. However, the 7-day SMA ($0.115) now lags far below the price ($0.157), increasing pullback risk if momentum stalls.
QNT Quant (+10.74%, Circulating Market Cap: $78.92 Million)
QNT is trading at $91.16, up approximately 10.74% in the past 24 hours. Quant launched in June 2018 with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system. Quant was highlighted in updates about the UK’s tokenized sterling deposits project, involving major banks like HSBC, Barclays, and Lloyds. The initiative, set to run until mid-2026, aims to streamline programmable payments and settlements using Quant’s Overledger (SanNL11). Institutional adoption of Quant’s tech for tokenized deposits (a $100T+ market potential) reinforces its role as a backbone for regulated finance. This aligns with CEO Gilbert Verdian’s vision of QuantNet becoming the “settlement fabric” for digital assets, directly tying QNT demand to enterprise usage.
SYRUP Maple Financial (+4.17%, Circulating Market Cap: $524.37 Million)
SYRUP is trading at $0.4609, up approximately 4.17% in the past 24 hours. Maple, launched in 2021, is an on-chain Asset Manager with decades of traditional finance and crypto experience. Maple combines capital markets expertise with DeFi innovation to power a suite of offerings including secured lending, Bitcoin Yield, and structured products. Maple’s AUM surged to $5B (source), driven by demand for its yield products (e.g., syrupUSDC). A partnership with Aave to bring institutional-grade assets to DeFi lending markets further validated its model. Real-world asset (RWA) narratives are resurgent, and Maple’s focus on compliant, yield-generating loans positions SYRUP as a proxy for institutional DeFi adoption.
Market News
JPMorgan Sees Bitcoin Support at $94,000, Keeps $170,000 Upside Case Intact
Bitcoin’s downside from current levels appears to be “very limited,” according to JPMorgan analysts, who see its support price at around $94,000. The analysts, led by managing director Nikolaos Panigirtzoglou, said in a Wednesday note that bitcoin’s estimated production cost — which has historically acted as a floor or support price — has risen to roughly $94,000 from a recent estimate of about $92,000. They said the steep rise in bitcoin network difficulty over the past couple of months — the amount of computing power required to mine the same number of blocks — has sharply increased estimated production costs. The ratio of bitcoin’s price to its production cost now sits just above 1.0, near the low end of its historical range, the analysts said.
At the same time, the analysts reiterated last week’s 6–12 month upside projection of about $170,000, based on bitcoin’s volatility-adjusted comparison to gold. They said bitcoin currently consumes around 1.8 times more risk capital than gold. On that basis, its market capitalization of roughly $2.1 trillion would need to rise by about 67% "implying a theoretical bitcoin price of close to $170,000" — to reach parity with the roughly $6.2 trillion of private-sector investment in gold via ETFs, bars, and coins. Last month, in a similar analysis, the analysts said bitcoin appeared significantly undervalued relative to gold, implying a potential upside toward $165,000 by year-end. However, “given the recent liquidations and given how negative sentiment is at the moment, it would not be realistic to expect this price target by year's end,” JPMorgan's Panigirtzoglou told The Block.
In August, the analysts made a comparable projection, estimating bitcoin could reach around $126,000 by year-end. Bitcoin later hit an all-time high of over $126,200 on Oct. 6 before the record liquidation event on Oct. 10.
Strategy Plunges to Weakest in 13 Months, but Still Trades at Premium to Bitcoin Holdings
Another difficult day in markets has bitcoin lowered by nearly 3% to $98,600, helping to drag down the largest corporate holder of BTC, Strategy (MSTR), by 6.6%.
Now trading at $210, MSTR has returned to levels not seen in the weeks prior to the election of Donald Trump last November. Shares are lower by 30% year-to-date and 36% year-over-year, though remaining massively higher since Michael Saylor and the team adopted a bitcoin treasury strategy in August 2020.
The plunge in Strategy relative to the price of bitcoin prompted some on social media to declare the stock in buying territory due to its market cap now being sizably below the value of its BTC stack, i.e. a so-called mNAV below 1.
Indeed, Strategy's 641,692 bitcoin are worth $63.2 billion, or about 5% more than the current market cap of $60 billion. This calculation, however, leaves out all of the company's preferred debt issuance — both of which have a higher payback preference than common stock.
dYdX Governance Approves Buyback Increase to 75% of Protocol Revenue
The dYdX community voted in favor of an updated buy-backs program on its governance forum on Thursday.
Under earlier governance, 25% of net protocol revenue was allocated to repurchasing DYDX on the open market and then staking the tokens. The new proposal #313, which 59.38% of the community approved, charts a course to raise the buy-back allocation up to 75% of net protocol fees.
This marks a shift in how protocol revenue is distributed and indicates the community’s intention to tie token-economic incentives more directly to platform performance. In addition to 75%, protocol revenue sharing will include 5% going to Treasury SubDAO, and 5% to the MegaVault.
DYdX had already launched a buy-back program in March 2025 and token emissions were scheduled to decline in June. The rising buy-back allocation is therefore part of a broader tokenomics refinement aimed at tightening circulating supply and enhancing network security.
Canary's XRP ETF Off to Hot Start, Has 'Good Shot' of Breaking Record: Analyst
According to Bloomberg Senior ETF Analyst Eric Balchunas, who wrote on X Thursday that the newly offered Canary XRP ETF, which began trading on Thursday, had already beaten his full-day estimate for trading volume after just 30 minutes on the open market.
Balchunas had set a full-day target of $17 million worth of trading volume, but XRPC had already topped $26 million in trading after 30 minutes, per Bloomberg data.
Nashville-based Canary filed an 8-A form with the SEC on Monday to register its XRP ETF, which tracks the spot price of XRP, the fourth-largest cryptocurrency by market cap. It's the second U.S. XRP ETF, following Rex-Osprey's September launch. That fund attracted $38 million on day one and now manages over $128 million in assets.
The Canary ETF launch could help boost XRP's price prospects in the near term, along with institutional interest and easing macro concerns—including the end of the U.S. government shutdown late Wednesday.
Reference:
CoinMarketCap. (n.d.).
CoinMarketCap.
https://coinmarketcap.com
Farside Investors. (n.d.-a).
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https://investing.com/indices/usa-indices
GoldPrice.org. (n.d.).
Spot gold price today.
https://goldprice.org/spot-gold.html
CoinMarketCap. (n.d.).
Crypto Fear & Greed Index. Retrieved November 14, 2025, from
The Block. (2025, November 13).
JPMorgan sees bitcoin support at $94,000, keeps $170,000 upside case intact.
https://www.theblock.co/post/378749/jpmorgan-bitcoin-support-94000-keeps-170000-upside-case-intact
Bitcoin Treasuries. (2025, July 24).
Strategy (fka MicroStrategy): Bitcoin holdings and financials. Bitcoin Treasuries.
https://bitcointreasuries.net/public-companies/microstrategy
CoinDesk. (2025, November 13). dYdX governance approves buyback increase to 75% of protocol revenue. CoinDesk.
https://www.coindesk.com/tech/2025/11/13/dydx-governance-approves-buyback-increase-to-75-of-protocol-revenue
Decrypt. (2025, November 14).
Canary's XRP ETF off
to
hot start,
has
"good shot" of breaking record: Analyst.
https://decrypt.co/348536/canary-xrp-etf-hot-start-good-shot-breaking-record-analyst
CoinCatch Team
Disclaimer:
Digital asset prices carry high market risk and price volatility. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance. CoinCatch is not responsible for any losses that may occur. This article should not be considered financial advice.
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