Weekly: Bitcoin Drops Below $81,000, New Crypto Regulation Deadline in Ukraine, and Fresh Threats to Ethereum

Incrypted editorial staff has prepared a digest of the most important events of the cryptocurrency industry for this week. In it – analysis of the market collapse, regulation of cryptocurrencies in Ukraine and a new deadline for the adoption of the bill, threats to Ethereum, development of artificial intelligence in Ukraine with the support of Nvidia and much more.

Bitcoin news

• How did the price of the asset change during the week?

Throughout the week, the bitcoin exchange rate gradually declined. On Monday, November 17, the price reached $96,000, but has continued to fall since then. on November 19, the value dipped below $89,000, and two days later bitcoin fell below $81,000. At the time of writing, the asset is trading at around $86,400, according to TradingView.

Bitcoin BTC

Price:

$86,585

3.36%

24h Volume:

$13b

Kупить

Amid the crypto market’s decline, the Fear and Greed Index fell to 10 points, one of the lowest values in the last nine months.

Tom Lee, head of investment firm Fundstrat Capital, suggested that the current pressure on the crypto market could be due to the financial problems of major participants. According to him, one or more market makers have encountered serious balance sheet difficulties, which is affecting asset flows.

• Major bitcoin players

Harvard University increased its investment in BlackRock’s bitcoin ETF, tripling its position in iShares Bitcoin Trust (IBIT) in Q3 2025. As of Sept. 30, it owned 6.8 million shares of the fund worth $442.8 million, according to a filing with the U.S. Securities and Exchange Commission (SEC).

BlackRock’s spot bitcoin-ETF has seen the largest capital outflow in history. on November 18, IBITs recorded a net daily capital outflow of $523.15 million. Furthermore, the fund’s outflows have been ongoing since the end of October 2025, and in that time, on a weekly basis, they have exceeded $2 billion.

El Salvador bought 1,098 BTC for about $100 million – the country’s largest single-day purchase since bitcoin was recognized as an official currency. The purchase raised the total amount of bitcoins in reserves to 7,474 BTC, which at the current price of $91,500 is valued at about $683 million.

Major bitcoin players have stepped up amid the falling price. During the week, Santiment recorded over 102,900 transactions over $100,000 and over 29,000 over $1 million, marking the sixth week of increased whale activity.

In addition, analysts have noticed a change in the behavior of large players – instead of selling, they are starting to accumulate assets. According to CryptoQuant’s CEO, traders and short-term investors are dominating sales, while miners and long-term holders are not selling.

• New Hampshire has issued bitcoin bonds

The state of New Hampshire has issued $100 million in bitcoin-backed bonds. The initiative was approved by the local regulator, the Business Finance Authority. The product will allow companies to borrow against bitcoins that are held by a private custodian, BitGo.

• Capitulation of short-term bitcoin holders

Bitcoin is entering one of the most serious phases of short-term capitulation this cycle, analysts at CryptoQuant said. The STH-SOPR index has been holding below the 1 level for weeks and now stands at 0.97, indicating coin sales at a loss – a clear sign of panic that has recurred in past cycles.

The STH-MVRV index has also fallen well below 1, meaning that most recent bitcoin buyers are at a loss. In addition, more than 65,000 BTC have been transferred to centralized exchanges, indicating an active desire to get rid of the asset – a sign of late capitulation.

CryptoQuant emphasized that such dynamics usually precede the recovery phase, when weak sellers exit the market and selling pressure diminishes, creating conditions for growth.

• CryptoQuant CEO: bitcoin’s bull cycle has ended at the $100,000 level

CEO of analytics platform CryptoQuant, Ki Young Ju, suggests that bitcoin is now in a long-term accumulation phase. He believes that with low activity in the derivatives market, current market conditions favor keeping the asset in the spot.

In Ju’s estimation, onchain data suggests that the bull cycle has ended at peak levels around $100,000. According to classic market models, in such a situation, the price could correct to its realized value, which is now around $56,000, he stressed.

• Robert Kiyosaki sold $2.25 million worth of bitcoins at a price of $90,000

Robert Kiyosaki, the author of the best-selling book “Rich Dad, Poor Dad”, said that he sold his bitcoins with a total value of $2.25 million. According to him, he bought the assets several years ago at a price of about $6,000 per 1 BTC, and sold them for about $90,000 per coin.

Ethereum ecosystem news

• How did the asset price change during the week?

Throughout the week, the Ethereum exchange rate, like bitcoin, gradually declined. On Monday, November 17, the price reached $3200, but after that it continued to fall. on November 19, the price fell below $2900. At the time of writing, Ethereum is trading at around $2,800, according to TradingView.

Ethereum ETH

Price:

$2,831.54

4.16%

24h Volume:

$6.8b

Kупить

• Vitalik Buterin introduced the Kohaku framework

Ethereum co-founder Vitalik Buterin unveiled the Kohaku toolkit, a modular stack that includes a lightweight client, wallet, and protocols such as Railgun and Privacy Pools. Its goal is to make application privacy the default standard in the Ethereum ecosystem, part of a larger roadmap for end-to-end privacy.

Buterin also said that the blockchain’s base layer should gradually move to a state of stability and minimal change.

• Two major threats to Ethereum

Vitalik Buterin warned that the growing institutional interest in the network poses two major threats: the loss of the developer community that builds the platform and technical changes that could make it harder for users to access it.

He emphasized that big players like BlackRock could alienate active participants in the crypto community. He believes that the core community and developers who have spent years building Ethereum’s infrastructure are not eager to work on Wall Street.

• Analysts: Ethereum has tested an important level of support

CryptoQuant experts believe that the level around $2800 could be an important support zone for Ethereum, as this price coincides with the buying points of retail investors and whales. Historically, such levels have often marked the bottom of cycles, so this range could serve as the basis for a short-term rebound.

• 10x Research: the emergence of an Ethereum-ETF with BlackRock steaking threatens DAT companies

Corporate companies that hold crypto assets on their balance sheets have come under pressure due to BlackRock’s move towards Ethereum-based steaking funds. Analysts at 10x Research estimate that this creates direct competition to digital asset accumulation company (DAT) models.

Hetmantsev: legalization of cryptocurrencies in Ukraine is planned to be completed within two months

Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Daniil Getmantsev said that the legalization of cryptocurrencies and the introduction of taxation are planned to be completed in early 2026. According to him, originally planned to do it by the end of 2025, but due to the complexity of the document the process was delayed.

Ukraine to create AI infrastructure with NVIDIA support

The head of the Ministry of Digital Transformation of Ukraine, Mikhail Fedorov, announced the start of a joint initiative with NVIDIA. According to him, Ukraine will get access to advanced technologies, which will allow creating an independent AI system for the state and defense sectors.

As part of the cooperation, it is planned to support the development of national infrastructure based on NVIDIA AI solutions, talent development and education in the field of artificial intelligence, realization of joint R&D projects and support of the startup ecosystem.

In addition, Nvidia reported record revenue of $57 billion for Q3.

Google launched Gemini 3.0, “the most advanced model for complex tasks”

Google’s next-generation flagship model Gemini 3 Pro has become available in Google’s AI Studio. It is a high-performance multimodal model that handles text, audio, images, video and code repositories, capable of handling complex tasks.

Google emphasizes that Gemini 3 Pro0 is not an update of previous models, but a completely new architecture based on MoE (Mixture of Experts) technology. The model can generate full games, create websites with interactive elements, work with 3D animations and recognize historical handwritten text. Read more in the piece.

$800 million for Kraken and the IPO of the exchange

Cryptocurrency exchange Kraken announced it has raised $800 million in two rounds of funding to implement a new strategic roadmap to accelerate the integration of traditional financial products into blockchain.

The main tranche was funded by Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management and Tribe Capital, as well as the family office of Kraken co-CEO Arjun Sethi. The second tranche of $200 million was made by Citadel Securities. Kraken’s valuation at the time of the deal was $20 billion.

Kraken also announced that it has filed a confidential initial public offering (IPO) with the U.S. Securities and Exchange Commission, but the date of the company’s entry into the stock market is still unknown.

Media: Kalshi has raised $1 billion in investment at a valuation of $11 billion

Cryptocurrency platform Kalshi has received $1 billion in investment at a valuation of $11 billion, TechCrunch reports, citing a source. The round was led by earlier investors Sequoia and CapitalG, with participation from Andreessen Horowitz, Paradigm, Anthos Capital and Neo.

• whale lost nearly $19 million on Ethereum spot trading.
• CZ: Binance will invest in the U.S. at a $4.3 billion return.
• Kazakhstan has simplified the circulation of cryptocurrencies and opened the market to licensed exchanges.
• Brazil plans to tax cryptocurrency international transfers.
• dappRadar team announced the closure of the project.
• Fidelity Investments launched its spot Solana-ETF in the US.
• Bitfury announced the launch of a $1 billion fund for ethical technology.
• GBI exposed a scheme to ferry men to the EU for crypto assets.
• Bitwise predicted the launch of more than 100 cryptocurrency ETFs.
• a court in the US set jail terms for Samourai Wallet co-founders for money laundering.
• Aztec deployed Ignition Chain’s confidential L2 blockchain in mainnet.
• trader made more than $24 million in unrealized profits on bitcoin’s fall.
• analysts: altcoin trading volume on Binance reached 60%.
• National Police liquidated a pseudo-exchange with a call center in Kiev.

Incrypted team analyzed the situation after the fall of the crypto market and collected experts’ opinions on the current state of the market:

A brief retelling of Arthur Hayes’ new essay “Snowfall Forecast”:

Incrypted’s editorial team breaks down what features the Google Gemini 3 Pro offers and where it’s ahead of the competition:

Airdrops

Guides and activities:

• Codex;
• Pact Swap.

Updates:

• Superform.

• Gathered the key blockchain and crypto asset investments for you in one piece.
• We regularly update Incrypted cryptocalendar, where you will find a lot of interesting events and announcements.