Grayscale’s Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are slated to begin trading on Monday, launching into a market facing significant pressure. Both DOGE and XRP are on track for their weakest monthly showing since February, while broader sentiment remains deeply negative: the CoinDesk 20 Index (CD20) has dropped 23% since November began.
ETF flows reflect the pullback. U.S. spot bitcoin ETFs have seen $3.55 billion in net outflows this month, leaving them just shy of February’s record $3.56 billion. Any further redemptions could push monthly outflows to new highs.
Bitcoin miner CleanSpark (CLSK) will report its fiscal fourth-quarter earnings Tuesday. The update follows strong performances from competitors: Riot Platforms (RIOT) delivered an unexpected profit and record revenue, while Iren (IREN) also posted record results as it moves deeper into artificial intelligence.
Key Developments This Week
Crypto
- Nov. 24: Monad’s public mainnet launches with its native token MON.
- Nov. 24: Grayscale’s GDOG and GXRP ETFs expected to list on NYSE Arca.
- Nov. 25: Digital asset treasury firm KR1 Plc begins trading on the London Stock Exchange’s main market under ticker 0A9X, shifting from AQSE.
- Nov. 26: Launch of CTC-1, the first satellite constellation powered by the Spacecoin (SPACE) protocol, from Vandenberg Space Force Base.
Macro Data
- Nov. 25, 7 a.m.: Mexico September retail sales (YoY prev. 2.4%, MoM prev. 0.6%).
- Nov. 25, 8:15 a.m.: ADP weekly employment change (prev. -2.5K).
- Nov. 25, 8:30 a.m.: U.S. September PPI — headline YoY est. 2.7%, MoM est. 0.3%; core YoY prev. 2.8%, MoM prev. -0.1%.
- Nov. 25, 8:30 a.m.: U.S. September retail sales YoY prev. 5%, MoM est. 0.4%.
- Nov. 26, 8:30 a.m.: U.S. September durable goods orders MoM est. 0.3%.
- Nov. 26, 8:30 a.m.: U.S. unemployment claims — initial (prev. 220K) and continuing (prev. 1,974K).
- Nov. 28, 7 a.m.: Brazil October unemployment (prev. 5.6%).
- Nov. 28, 7 a.m.: Mexico October unemployment (prev. 3%).
- Nov. 28, 8:30 a.m.: Canada Q3 GDP — annualized (prev. -1.6%), QoQ (prev. -0.4%).
Earnings
- Nov. 25 (post-market): CleanSpark (CLSK) reports quarterly results.
Token Governance, Unlocks, and Launches
DAO Governance Votes
- Moonwell DAO: Voting to use ~$5.25M in reserves (USDC, cbBTC) to cover bad debt and redirect future revenue, prioritizing cbXRP and VIRTUAL markets. Ends Nov. 24.
- ZKsync DAO: Proposal to shorten token program proposal timelines — voting delay from seven to three days; late-quorum extension from seven to two. Ends Nov. 24.
- Aave DAO: November funding proposal seeks to consolidate treasury assets on Ethereum and purchase 8M GHO for operations and audits. Ends Nov. 24.
- CoW DAO: Voting on increasing partner incentives by raising the revenue cap to 5% and boosting the partner fee share to 75%. Ends Nov. 26.
- Arbitrum DAO: Vote to reconfirm John Kennedy and Tim Chang to the 2026 AGV Council. Ends Nov. 27.
- Lightchain.AI: Vote on potentially delaying mainnet launch up to six months after a key developer’s abrupt exit. Ends Nov. 27.
- The Graph Council: Voting on introducing a Rewards Eligibility Oracle (REO) to tie indexer rewards to performance and uptime thresholds. Ends Nov. 30.
Token Unlocks
- Nov. 24: XPL unlocks 4.74% of supply (~$17.81M).
- Nov. 28: JUP unlocks 1.69% (~$12.39M).
- Nov. 29: HYPE unlocks 2.68% (~$318.92M).
- Nov. 30: KMNO unlocks 5.65% (~$10.59M).
Token Launches
- Nov. 24: MON (Monad) lists on major exchanges such as Kraken and Bitrue as mainnet launches.
- Nov. 24: SOLV launches on Solana through a partnership with Jupiter.
- Nov. 30: Final day for Centrifuge’s token migration.
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