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Market Summary — Nov 10, 2025
Hi Token Metrics family and newsletter subscribers! 👋
Here's your market snapshot as of U.S. trading hours: BTC is trading around $106.0K (+~4% over 24h), ETH sits at $3,608 (+~6%), SOL climbed to $168.5 (+~6%), and XRP surged to $2.55 (+~12%). Risk appetite has improved following weekend fiscal policy headlines.
Despite today's rebound, last week saw U.S. spot BTC ETFs record net outflows of approximately $1.2B—a clear sign of institutional caution and de-risking. Key items on our radar this week: will ETF flows reverse to positive territory? Any regulatory developments from the SEC regarding the spot XRP ETF tickers now visible at DTCC? And how will liquidity conditions evolve as we push deeper into mid-November?
Published Nov 10, 2025
Key Takeaways
- DTCC displaying five spot XRP ETF tickers is an operational step, not SEC approval; price reaction was immediate and sizable.
- Weekly bitcoin ETF outflows (~$1.2B) show institutions trimmed risk last week; a turn back to net inflows would be a powerful upside catalyst.
- Ledger is exploring a U.S. IPO or private raise, signaling renewed investor appetite for crypto infrastructure names.
- zenZEC hitting ~$15M volume shows early traction for bringing Zcash privacy to Solana DeFi; watch for collateral integrations.
- Macro: The “tariff dividend” may be tax cuts, not checks—expect slower retail transmission to crypto; meme beta (DOGE) still caught a bid today.
1. Ledger explores New York IPO or private raise
Ledger is weighing a New York listing or a sizable private round. CEO Pascal Gauthier points to deep U.S. capital access and rising demand for secure self‑custody.
The company is considering U.S. capital markets as early as next year, with 2025 revenue tracking in the 9‑figure range and an estimated ~$100B of clients’ BTC secured via its solutions. A listing or large raise would fortify the balance sheet into the next cycle and speed up the roadmap across enterprise custody and wallet‑security features.
Why it matters: Infra is back in favor. After a year of ETF‑led flows, investors are reaching for durable crypto picks—custody, wallets, and security. A Ledger deal would underscore that trend and potentially widen mainstream distribution for self‑custody.
- Balance‑sheet strength: More capital for R&D, compliance, and expanding enterprise offerings.
- Product acceleration: Faster rollouts for enterprise custody, key management, and consumer security features.
- Ecosystem spillover: Self‑custody growth tends to lift on‑chain activity and DEX usage.
Investor angle: Infrastructure adoption often precedes the next wave of retail participation. If a deal prices well, expect renewed attention on custody, security, and wallet UX plays.
2. Zcash privacy meets Solana DeFi: zenZEC crosses $15M volume since Oct 31
Zenrock’s wrapped Zcash, zenZEC, has cleared ~$15M in cumulative trading volume two weeks after launch. The bridge uses an MPC‑based custody design and keeps a 1:1 backing with native ZEC, bringing Zcash exposure to Solana’s high‑throughput DeFi.
Solana users can trade zenZEC across DEX venues today, with collateral integrations into lending protocols expected next. For ZEC holders, this opens new yield routes beyond the native chain. For Solana, it’s a privacy‑tilted asset that could deepen on‑chain activity and TVL if liquidity scales.
Why it matters: Privacy assets historically struggled to plug into mainstream DeFi rails. A functional bridge into Solana reduces that friction, expanding use cases for ZEC while giving Solana users a differentiated asset in swaps, vaults, and, soon, lending.
- What to watch: Depth and spreads on major DEX pairs; whether market makers commit sustained inventory.
- Collateral status: Lending protocol integrations are the flywheel—more venues, more TVL, more utility.
- Risk lens: Bridge and custody design matter. MPC and 1:1 attestations should be transparent and regularly audited.
If integrations land and incentives align, zenZEC can become a steady flow driver between ZEC holders and Solana DeFi.
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3. Macro watch: ‘Tariff dividend’ may be tax cuts, not checks — market pares stimulus hype
Treasury Secretary Scott Bessent said the proposed $2,000 “tariff dividend” could arrive as targeted tax cuts—such as no tax on tips, overtime, or Social Security—rather than direct checks.
Markets initially bid risk on the prospect of checks. The nuance implies slower transmission to crypto demand. Direct payments historically channeled faster into exchanges and stablecoins; tax policy changes filter through paychecks and spending over time.
Trading read‑through: Today’s bounce in BTC, XRP, and select memes shows the tape remains liquidity‑sensitive. Without outright checks, the “Moonvember” impulse cools, but easing financial conditions can still support risk.
- Watch the macro calendar and liquidity gauges this week.
- Monitor stablecoin net issuance and ETF flow direction for confirmation.
- Funding remaining benign would help sustain constructive risk appetite.
4. Meme beta returns: Dogecoin jumps ~6% on stimulus chatter
DOGE +~6% today, pushing above the $0.18 zone as retail risk appetite improved. Volumes expanded, pointing to renewed sensitivity of meme beta to macro headlines.
Liquidity in large‑cap memes has improved since summer, but pullbacks remain swift when expectations reset. The meme trade tends to fade if BTC volatility spikes down or if liquidity tightens.
- Setup: Higher liquidity, faster tapes, more headline sensitivity.
- Discipline: Size positions conservatively; memes can overshoot in both directions.
- Cross‑asset watch: BTC dominance and funding shifts often flag when meme beta is nearing exhaustion.
Outlook
Flows drive this tape. A flip back to net inflows for spot BTC ETFs after last week’s $1.2B outflows would be a strong validation signal. DTCC’s display of spot XRP ETF tickers is meaningful operationally but is not SEC approval; any regulatory movement would be a major narrative catalyst.
On‑chain, watch breadth across L1/L2s, DEX volumes, stablecoin net issuance, and fee pressure. If liquidity keeps easing, risk appetite should persist into mid‑Nov, with infra names (custody/security), privacy assets bridging to high‑throughput L1s (zenZEC), and selective meme beta likely steering attention.
Token Metrics will keep tracking ETF flows, liquidity signals, and cross‑ecosystem integrations that can pull new TVL and users on‑chain.
Wall Street Isn’t Warning You, But This Chart Might
Vanguard just projected public markets may return only 5% annually over the next decade. In a 2024 report, Goldman Sachs forecasted the S&P 500 may return just 3% annually for the same time frame—stats that put current valuations in the 7th percentile of history.
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