BTC > $100K: Policy Tailwinds, LINK x SBI

Publication date: Nov 6, 2025 • 7 min read

Market Summary

As of the U.S. morning on Nov 6, BTC reclaimed $100K+ after dipping below earlier this week. Policy headlines are driving the tape, with a pro‑crypto speech from the President and ongoing stablecoin framework follow‑through. Altcoins lag on a relative basis. Volatility remains elevated into Friday’s macro prints and ETF flow updates. Stablecoin and tokenization narratives continue to dominate U.S. policy and institutional conversations.

Key Takeaways

• Policy tone supportive: The President signaled a pro‑crypto, anti‑CBDC stance and highlighted mining and stablecoins as strategic pillars for U.S. competitiveness.
• Stablecoin rule clarity next: Coinbase’s GENIUS Act proposal aims to narrow compliance scope and unlock wider on‑chain payments adoption.
• Institutional tokenization push: Chainlink’s exclusive partnership with SBI Digital Markets plus new enterprise tooling underscores RWA momentum.
• XRPL traction alert: 21,595 new wallets in 48 hours and a double‑digit XRP move flag renewed retail interest.

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1. Trump vows to make U.S. the “Bitcoin superpower”

At the America Business Forum in Miami, the President said the U.S. will be the “Bitcoin superpower” and the “crypto capital of the world.” He framed crypto and stablecoins as tools that support dollar primacy, reiterated opposition to a U.S. CBDC, and pointed to the White House’s Strategic Bitcoin Reserve and the GENIUS Act framework signed earlier this year.

No fresh directives were announced. But the stance is clear: pro‑mining, pro‑stablecoins, anti‑CBDC. That tone is market‑positive for listed miners, U.S. spot BTC/ETH ETFs, and payments firms integrating stablecoins.

Why it matters

• Miners: A friendlier policy path reduces headline risk around energy use, permitting, and grid participation programs.
• ETFs: Supportive rhetoric helps institutional demand normalization as investors digest ETF flow volatility.
• Stablecoins: Official recognition of payment stablecoins as dollar‑aligned strengthens the on‑chain settlement pitch to enterprises and fintechs.

What to watch

• Treasury and SEC rulemaking tied to the GENIUS Act.
• Federal procurement and energy policy that could affect U.S. mining economics.
• Further commentary linking stablecoins to U.S. competitiveness vs. China.

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2. Coinbase presses Treasury to align GENIUS Act rules with Congress’ intent

Coinbase filed comments urging Treasury to implement the GENIUS Act narrowly. The ask: exclude non‑financial software, validators, and non‑custodial tools from issuer‑style obligations; clarify that the Act’s interest ban applies to issuers (not third‑party rewards and loyalty programs); and treat payment stablecoins as cash equivalents for tax/accounting.

If adopted, the guidance would reduce compliance drag for exchanges, wallets, and developers while clarifying how companies account for USDC, USDtb, and similar payment stablecoins.

Why it matters

• On‑chain payments: Clear tax and accounting unlock CFO sign‑off, accelerating fiat‑on‑chain adoption for payroll, B2B settlements, and cross‑border flows.
• Developer ecosystem: Keeping open‑source and validator activity outside issuer rules protects innovation at the wallet and infrastructure layers.
• DeFi gateways: Reduced legal risk premia across U.S. stablecoin rails can tighten spreads and lower friction at CEX/DEX bridges.

What to watch

• Treasury’s proposed rule text and whether rewards programs remain outside the issuer interest ban.
• Accounting updates that formalize payment stablecoins as cash equivalents for corporates.
• Knock‑on effects to stablecoin velocity and merchant acceptance.

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3. Chainlink lands SBI Digital Markets; CCIP, CRE, and Confidential Compute advance

Japan’s SBI Digital Markets named Chainlink its exclusive infrastructure partner. SBI plans to integrate CCIP with Private Transactions to move tokenized RWAs between public and permissioned chains, and is exploring Chainlink’s Automated Compliance Engine for policy‑based controls across jurisdictions.

Chainlink also announced the Chainlink Runtime Environment (CRE) and previewed Confidential Compute (CC) aimed at enterprise privacy. On‑chain data shows LINK exchange balances at ~143.5M, the lowest since Oct 2019, amid whale accumulation in 2025. A shrinking liquid float can be a structural tailwind if demand rises.

Why it matters

• RWA to production: CCIP’s private‑public architecture helps banks and asset managers bridge pilot sandboxes to real‑world scale.
• Compliance by design: Policy‑based controls can map KYC/AML and transfer restrictions natively into token flows.
• Token supply dynamics: Multi‑year lows in exchange balances suggest tighter float conditions as enterprise demand ramps.

What to watch

• Live production deals using CCIP Private Transactions for cross‑venue settlement.
• CRE and Confidential Compute timelines for broader enterprise access.
• Institutional custody integrations that standardize Chainlink services in RWA stacks.

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4. XRP Ledger adds 21,595 new wallets in 48 hours; XRP pops double‑digits

The XRP Ledger recorded 21,595 new wallets in 48 hours, the fastest growth in roughly eight months, while XRP rallied ~14% over 24 hours. The burst hints at new user acquisition and renewed retail attention around XRPL payments and stablecoin pilot activity.

Why it matters

• Network effects: Sustained wallet growth often correlates with higher daily transactions and deeper liquidity.
• XRPL rails: Payments, remittances, and potential stablecoin pilots could lift base‑layer fees and DEX volume if engagement persists.
• Market structure: More active addresses can tighten spreads and reduce slippage during volatile windows.

What to watch

• Follow‑through in daily tx counts and on‑chain DEX activity.
• Exchange inflow/outflow trends around XRP if the rally draws in sidelined capital.
• Announcements from payment partners building on XRPL.

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Outlook

BTC reclaimed $100K and policy rhetoric remains constructive. Near term, volatility stays elevated into Friday’s macro releases and daily ETF flow prints. Stablecoin rulemaking is the next catalyst for U.S. adoption, especially if Treasury narrows GENIUS Act implementation around software and rewards programs. Institutional tokenization keeps building: banks want permissioned‑to‑public bridges, privacy‑preserving compute, and embedded compliance. That points to steady demand for cross‑chain interoperability and data services.

On the alt side, dispersion is likely. Names tied to stablecoin rails, RWA infrastructure, and payment networks have clearer catalysts than meme beta. Watch stablecoin supply growth, on‑chain settlement volumes, and custody integrations as leading indicators. Into year‑end, the narratives to track are unchanged: ETF flows, stablecoin clarity, and tokenization pilots going live.

Disclosures: This content is for educational purposes only and is not financial advice. Token Metrics may hold positions in assets mentioned.