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Crypto Whale Data

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Crypto Whale Data

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  • Kalshi and Polymarket post strongest months yet with nearly $10 billion in combined November volume Centralized and onchain prediction markets closed November with their strongest month on record, as Kalshi and Polymarket each set new all-time highs for trading volumes amid surging retail interest, expanding integrations, and a steady drumbeat of headline-driven macro events. Prediction markets let users buy and sell contracts tied to real-world events, with the price of each contract reflecting the market’s implied odds of that outcome happening. If the event occurs, the contract pays out; if not, it expires worthless. Traders use these markets to gauge sentiment on everything from elections to economic data in real time. According to The Block’s data dashboard, Kalshi’s monthly spot volume climbed from $4.4 billion in October to $5.8 billion in November, a 32% month-over-month increase and the platform's largest absolute monthly gain to date. Polymarket also posted its biggest month ever. The New York–based platform saw monthly trading volume rise from $3.02 billion in October to more than $3.7 billion in November, a 23.8% month-over-month jump, extending a run of record-setting activity that began in the summer. The volume surge continues a breakout year for both platforms, which have increasingly dominated global prediction market flows. Market share data from The Block shows that the two now control the overwhelming majority of monthly activity in the sector as their product sets, liquidity funnels, and media integrations deepen. A duopoly ascendant November’s record highs extend the trend highlighted in The Block's recent reporting on Kalshi and Polymarket’s emerging duopoly. The sector’s capital formation has also kept pace with its trading growth. Last month, Kalshi doubled its valuation in a matter of weeks, driven by a broad investor bet on the platform's regulated U.S. footprint. The rally followed $1 billion in fresh funding, which pushed Kalshi's market valuation to $11 billion. Across the table, Polymarket has also expanded aggressively following a pivotal regulatory reversal. Following the CFTC’s regulatory nod in mid-November, the company is poised to resume its U.S. operations. Since then, Polymarket has layered on new distribution partnerships — including Yahoo Finance’s exclusive integration of its prediction market, a multi-year deal with UFC, and widening media embeds via Google Finance, which recently began rolling out Polymarket and Kalshi data directly into search results. Galaxy Digital has also explored potential liquidity-provision partnerships with both platforms, according to reporting from Bloomberg. The developments underscore a growing institutionalization of a category that started as a niche retail curiosity.
  • Upbit suffers $37 million hack on Solana assets, halts withdrawals Upbit, South Korea's largest cryptocurrency exchange, was hacked for around 54 billion Korean won ($36.8 million) early morning on Thursday, local time. The exchange said it has halted withdrawals and deposits to examine an abnormal withdrawal of cryptocurrencies on the Solana network. Its announcement said that at around 4:42 a.m. in South Korea, a portion of tokens were withdrawn to an external wallet that has not been identified by the platform. The affected tokens are SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC and W, according to Upbit's announcement. It said the platform has moved all assets to a safe cold wallet to prevent further attacks, and has successfully frozen $8.18 million worth of LAYER tokens. Upbit said it will work with projects and authorities to freeze the remainder of stolen assets. The platform added that it will compensate damages to user assets using its reserve assets, and ensured that customers will not experience any personal losses. Upbit has not yet disclosed the details of the attack nor the point of entry.
  • Texas reportedly kicks off state bitcoin reserve with $5 million IBIT purchase: 'More wild stuff' Texas may have the first leg off the starting line in the race to put bitcoin on state balance sheets. The state reportedly executed its first allocation to its Texas Strategic Bitcoin Reserve, according to posts from the Texas Blockchain Council indicating a roughly $5 million purchase of BlackRock’s IBIT last week. The reported transaction appears to be the first deployment of funds authorized under SB 21, the law enacted by Governor Greg Abbott in June that created a state-managed bitcoin reserve operated by the Texas Treasury Safekeeping Trust Company. Lawmakers backing SB 21 framed the reserve as a way for Texas to treat bitcoin alongside other long-term assets. Bill author Sen. Charles Schwertner said earlier this year that the state "should have the option of evaluating the best performing asset over the last 10 years," a reference to bitcoin's long-run returns even if the asset hasn't consistently held that title in more recent periods. Texas Blockchain Council president Lee Bratcher tweeted that the purchase occurred on Nov. 20, describing it as both the reserve's first allocation and the first bitcoin buy by a U.S. state. State officials have not yet released documentation or statements confirming the transaction. The Block has reached out to Texas Treasurer Kelly Hancock, who oversees the reserve, as well as Bratcher, but did not immediately receive a response. As of its most recent Form 13F, the Texas Treasury Safekeeping Trust Company reported about $667 million in SPY and $34 million in a Janus Henderson fund. If Bratcher’s description holds, a $5 million IBIT purchase — part of a $10 million bitcoin allocation — would become the third line in that portfolio. This month, an Abu Dhabi sovereign wealth fund added to its IBIT while Harvard reported holding nearly seven million shares of IBIT as of Sept. 30 — its largest declared U.S. holding.
  • Galaxy Digital explores Polymarket, Kalshi partnerships as liquidity provider: Bloomberg Mike Novogratz-led Galaxy Digital is in discussions to provide liquidity for prediction market platforms Polymarket and Kalshi, Bloomberg reported Monday. Novogratz told Bloomberg in an interview that Galaxy Digital is currently doing "small-scale experimenting" with market-making on prediction markets, adding that the firm has future plans to provide "broader liquidity" on those platforms. The move signifies digital asset investment management firm Galaxy Digital's expansion into the burgeoning prediction market sector, which is increasingly being recognized as a new frontier combining information and finance. Prediction markets let users trade simple yes or no contracts, with contract prices reflecting the market-implied probability of a given outcome. Polymarket and Kalshi are the two dominant players in the field, having seen around $42.4 billion in cumulative volume. While decentralization-focused Polymarket initially led the market after it gained traction around U.S. election results, CFTC-regulated Kalshi has overtaken it in monthly volume since September. The two platforms have recently secured high-profile partners through both solitary and collaborative agreements. Galaxy Digital, Google Finance and the U.S. National Hockey League chose to partner with both platforms. Analysts at Bernstein wrote in a note to clients earlier this month that prediction markets are "evolving to be broader information markets," with demand now spreading well beyond politics and sports into economics, culture, corporate activity, and financial indicators. Meanwhile, other major players in crypto and finance are also looking to enter the space with their own platforms, with Gemini and CME Group recently announcing such plans respectively.
  • Crypto ATM operator considers $100 million sale, days after founder's $10 million money laundering charge Crypto ATM operator Crypto Dispensers said on Friday it is considering a $100 million sale offer, mere days after its founder and CEO, Firas Isa, was charged by federal prosecutors in connection with an alleged $10 million money laundering scheme. In a press release issued Nov. 21, the company stated it has retained advisors to support a "strategic review" and potential sale. The release highlighted the company's 2020 pivot from physical Bitcoin ATMs to a software-first model, a move the company claimed was designed to address "rising fraud exposure, regulatory pressure, and compliance demands." Those same issues are central to the criminal case currently facing the firm. On Tuesday, the Department of Justice announced that Isa and Virtual Assets LLC, which does business as Crypto Dispensers, were charged with one count of conspiracy to commit money laundering. As The Block previously reported, the indictment alleges that between 2018 and 2025, Isa knowingly accepted millions of dollars in proceeds from wire fraud and narcotics trafficking through the company’s ATM network. Prosecutors allege Isa arranged for the illicit funds to be converted into cryptocurrency and transferred to wallets that concealed their source. Isa has pleaded not guilty to the charges and faces a maximum sentence of 20 years in prison if convicted. Isa previously said Crypto Dispensers was "built on compliance from day one" in a statement emailed to The Block. In the Friday announcement, Isa did not address the indictment but framed the company’s history as a successful transition away from hardware limitations. "Hardware showed us the ceiling. Software showed us the scale," Isa said in the statement. "This review is about understanding the next stage of growth and determining which path creates the most value for the platform we have built." Crypto Dispensers did not immediately respond to a request for further comment from The Block regarding how the pending criminal charges might impact a potential sale, and whether or not it has a buyer lined up.
  • Coinbase Derivatives to expand 24/7 futures trading for bevy of altcoins including ADA, AVAX, DOGE and SHIB Coinbase Derivatives is planning on expanding 24/7 trading for its listed altcoin futures, including Avalanche, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Hedera, Litecoin, Polkadot, Shiba Inu, Stellar, and SUI. Nonstop trading for these assets will go live Dec. 5, according to a post on X from Coinbase Markets. This adds to Coinbase Derivatives existing 24/7 support for Bitcoin, Ethereum, Solana, and XRP products, including nano and “perp-style” futures products. Additionally, Coinbase is looking to add U.S. perpetual-style futures for those altcoins, according to the X post on Friday. These long-dated futures are similar to other crypto-native perps contracts in that they use a funding rate mechanism to keep futures contract prices aligned with spot markets. However, they come with a five-year expiration, while true perps are indefinite. Coinbase’s CFTC-regulated derivatives arm unveiled 24/7 Bitcoin and Ethereum futures trading in May and perps-style futures in July. The product launches followed shortly after Coinbase’s historic $2.9 billion acquisition of Deribit. RELATED INDICES Coinbase’s expanding futures offerings come as more and more trading activity shifts to decentralized platforms like Hyperliquid and Lighter. The Block’s measure of DEX to CEX Futures Trade Volume is currently at an all-time high. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. TAGS AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.
  • Bitcoin plunges below $86,000 as US jobs data dampens rate cut hopes Bitcoin fell to new local lows on Thursday after the latest U.S. jobs report pointed to lingering inflationary pressures. According to The Block’s bitcoin price page, the world’s largest cryptocurrency fell 7.32% to $85,700 in the 24 hours leading up to 11:50 p.m. ET on Thursday. This marks a low in nearly seven months and a 32% decline from bitcoin’s all-time high record of $126,080 set in October. The Crypto Fear & Greed Index remains at 11, signaling “extreme fear” as the market slides further. The entire crypto market is down 6.62% in the past 24 hours. “BTC slipping below $85.5K comes as stronger-than-expected US jobs data dampens expectations for a December rate cut,” said Vincent Liu, CIO at Kronos Research. “Liquidity remains thin, and short-term profit-taking is amplifying the move. The market is recalibrating risk, reacting to macro data points.” September’s delayed non-farm payroll data on Thursday showed that the U.S. economy added 119,000 jobs in the month, vastly exceeding the Dow Jones consensus estimate of 50,000, according to a report from CNBC. The higher-than-expected inflation indicator fueled concerns that the Federal Reserve may pause its easing cycle, placing additional downward pressure on the crypto market. The CME Group’s FedWatch Tool currently gives a 35.4% chance that the Fed would cut rates by 25 basis points next month. “All eyes are focused on the potential December rate cut, but much of it may be priced in,” Liu said. “BTC will bounce on the cut, yet a sustained rally needs fresh flows or renewed on-chain demand.” The Kronos Research analyst said the market would need not only Fed’s pause of quantitative tightening, but also fresh capital, strong on-chain demand, and a shift in sentiment. “Without all four, any bounce may fizzle,” Liu said. Meanwhile, LVRG Research Director Nick Ruck told The Block that the current market correction is a “healthy repricing” of overextended positioning from the price rally last month. “On-chain metrics [are] showing stabilizing spot and futures sell pressure as signs of capitulation being almost over,” Ruck said.
  • RippleX engineer explores potential for native XRP staking as David Schwartz weighs in on future XRPL design RippleX Head of Engineering J. Ayo Akinyele and outgoing Ripple CTO David Schwartz sparked a discussion on how the XRP Ledger (XRPL) might evolve to expand XRP's utility across decentralized finance. RippleX is Ripple’s developer division focused on building tools and infrastructure for the XRP Ledger. In a post on Wednesday, Akinyele said XRP's role now spans tokenized assets, settlement, real-time value transfer, DATs, and, most recently, the launch of Canary's first pure spot U.S. XRP ETF, reflecting its growing place in institutional markets. Akinyele argued that this expansion naturally raises questions about future incentive models and participation, including whether native staking might make sense on XRPL. Staking in other networks aligns validators and token holders through financial rewards. "For holders, these models can offer a more direct way to participate in network governance, though they can also introduce new complexities around fairness and distribution," he said. However, such incentives would challenge long-standing design principles on the XRPL, Akinyele continued, where under its current model, fees are burned rather than redistributed and validator trust is earned through their performance, not their stake. The developer said native staking would require two foundations: a sustainable source of staking rewards and a fair distribution mechanism. The current fee-burning model would need to be reconsidered, with new programmability fees potentially directed to a rewards pool, he suggested. Staking could strengthen engagement, he added, but introduces governance and fairness trade-offs that must be handled carefully. Akinyele emphasized that the XRPL's existing Proof of Association model has remained stable for more than a decade by prioritizing trust and reliability over financial incentives. He also pointed to existing ecosystem experimentation — including Uphold, Flare, Doppler Finance, Axelar, and MoreMarkets — as evidence that developers are already exploring staking-like models without requiring protocol-level changes. Ripple CTO David Schwartz weighs in Ripple CTO David Schwartz — who recently announced his decision to depart the role at the end of this year after a decade at the firm — weighed in on the discussion. Schwartz noted on X that his "own thoughts on governance and consensus models have evolved" and that the ecosystem has reached a moment where it makes sense to discuss potential new designs. Ongoing programmability and smart contract initiatives make this an appropriate time to explore what native DeFi capabilities could look like on XRPL, he said, especially given that the network's original model was built in 2012, long before the current DeFi landscape. Schwartz outlined two technically compelling but likely impractical short-term ideas currently being discussed in the community. One would introduce a two-layer consensus model in which a small inner validator set — selected based on stake — advances the ledger, while the existing outer layer governs fees, amendments, and oversight. This structure, he said, could increase validator diversity without slowing throughput, allow faster and lighter consensus rounds, and ensure the network only halts if both layers fail. The second idea would keep XRPL's current consensus mechanism but use transaction fees to fund zero-knowledge proofs that verify smart contract execution. That would let nodes avoid running smart contracts directly while still guaranteeing correctness, he said. Both ideas, Schwartz noted, are "awesome technically but probably not realistically likely to be good, at least not any time soon." Community members raised concerns about incentive alignment, fee dynamics, and competition among validators. One user argued that incentives often create tension between validators and users over fees and validator count. Schwartz responded that in the two-layer model, outer validators would still police inner validators without staking, while the inner set would rely on slashing protections against double-signing. Even so, he questioned whether the potential performance gains justify the added complexity and risks. In both Akinyele's and Schwartz's view, the point of these early discussions is not to advocate for immediate changes but to understand how emerging incentive models, programmability features, and governance structures might influence the network's long-term trajectory. As the ecosystem grows, they said, examining ideas like staking clarifies what the XRPL should preserve and where new capabilities could fit, welcoming the community's input.
  • Japan moves to reclassify crypto and adopt major tax relief: report Japan's Financial Services Agency has finalized plans to reclassify certain cryptocurrencies as financial products under the Financial Instruments and Exchange Act, while also seeking to cut taxes on crypto income. According to a report from Asahi, the reclassification will subject 105 cryptocurrencies, including bitcoin and ether, to new disclosure requirements. Exchanges listing these crypto assets will be required to disclose their key characteristics such as whether the token has an issuer, the underlying blockchain technology and price volatility. The FSA also plans to introduce preventive measures on insider trading, potentially prohibiting issuers or exchange executives from trading crypto assets based on non-public information, including exchange listing schedules. These changes are expected to be submitted as amendments to Japan's financial laws during the ordinary Diet session in 2026, according to the report. Tax cut As these 105 crypto assets move toward being treated as traditional financial products, Japanese authorities are seeking to lower the tax rate on crypto income to match that of stock investments — from a maximum of 55% to 20%. The tax reform is expected to be reviewed in the coming fiscal year, Asahi reported. Japan, which assumed a rather cautious stance on digital assets after Mt. Gox collapsed, has begun actively reforming its financial system to reinvent itself as a Web3 hub. Last month, the FSA was reportedly looking into ways to allow local banks to trade cryptocurrencies like stocks and government bonds. It has also been pushing a yen-pegged stablecoin initiative, with the country's first local stablecoin JPYC going live on Oct. 27.
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