DC Reopens: Crypto Back Online

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Market Summary — November 13, 2025

Hello Token Metrics readers! The 42-day U.S. government shutdown ended late Wednesday, bringing key crypto-facing agencies back online. Expect accelerated activity on filings, listings, and rulemaking as SEC, CFTC, IRS, and OCC staff return to normal operations.

• Policy: With Washington back online, market structure work, ETF/ETP reviews, and comment periods re accelerate. Confirmation steps for the next CFTC chair can proceed.
• Asia: Japan Exchange Group (JPX) is weighing tighter guardrails for listed firms stockpiling tokens as treasury assets, signaling stricter equity governance around crypto exposure.
• Markets: BTC hovered near ~$101K early ET. BCH outperformed majors with a ~2% push on elevated volume.
• Flows & events: U.S. spot BTC ETF daily flow prints update late day; a Binance Alpha points based airdrop for Planck Network goes live today. Macro focus stays on CPI as traders gauge risk appetite.

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1. U.S. government reopens; crypto policy and approvals re accelerate

President Trump signed a short term funding bill late Wednesday, ending the 42 day shutdown and restoring normal operations across federal agencies. That flips the switch on a backlog of crypto market structure work—spanning ETF/ETP reviews, exchange product filings, comment periods tied to the GENIUS Act, and rulemaking that had slowed during the pause.

Why it matters now:

• Listings and products: Pending exchange and issuer workflows re enter the queue. That means crypto related public listings and exchange traded products can move through review again, boosting near term news cadence.
• Regulatory clarity: Comment periods and inter agency coordination restart, which can help surface clearer guidance on custody, market surveillance, and token classifications.
• Leadership confirmations: Senate confirmation steps for the next CFTC chair resume, setting the stage for a fuller policy agenda into year end.

Near term takeaway: a “process overhang” just lifted. Expect more headlines, tighter regulatory timelines, and potentially better liquidity as issuers and exchanges get answers faster. For investors, a steadier regulatory drumbeat typically compresses uncertainty premiums and improves price discovery.

Read the policy coverage

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2. Tokyo Stock Exchange operator weighs limits on ‘digital asset treasury’ listings

Japan Exchange Group (JPX) is considering tighter enforcement of listing rules for companies hoarding crypto on the balance sheet. The bourse has already warned several firms that fundraising could face limits if token accumulation is a core strategy. Now, additional audits and stricter backdoor listing checks are on the table.

What it signals:

• Governance first: Regulators may increasingly differentiate between operating exposure to crypto and balance sheet speculation. That could reshape how investors value “treasury co” equities.
• Less whipsaw: Guardrails could cool volatility in locally listed bitcoin treasury names while encouraging better disclosures and risk controls.
• Global read through: If adopted, JPX’s stance may influence other equity markets to draw clearer lines between crypto enabled businesses and token hoarding strategies.

For crypto native investors, this is about capital structure quality. Stronger oversight can attract more long only capital over time, even if it dampens short term speculative flows.

Full report

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3. Bitcoin Cash outperforms majors on a clean technical breakout

Bitcoin Cash (BCH) gained ~2%, briefly crossing the $530 zone before cooling and stabilizing around the $515 area on volume notably above average. The footprint points to accumulation by larger traders and improving risk tolerance across large cap alts.

Why it matters:

• Beta signal: BCH often acts as a high beta proxy for alt appetite. When it leads on heavy volume while BTC/ETH tone improves, breadth can expand.
• Structure: After the intraday push, price discovery remained orderly, a constructive sign for continuation attempts if broader conditions remain steady.
• Process over noise: Elevated participation is more telling than isolated spikes. Sustained volumes validate trend quality.

See the analytics note

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4. Nov 13 data watch: U.S. spot BTC ETF flows and events

ETF flows: Daily prints for U.S. spot BTC ETFs land late day ET. Traders track aggregate creations/redemptions to gauge incremental demand. Keep an eye on dashboard updates for the Nov 13 print.

• Flows remain a key driver for liquidity conditions and narrative momentum around BTC.
• Consistency in net creations typically aligns with healthier breadth in large caps and select alt sectors.

Track flows on the Farside dashboard

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What else today: Binance Alpha’s points based airdrop for Planck Network goes live, adding near term engagement for points hunters. Meanwhile, macro watchers focus on CPI for fresh reads on risk sentiment.

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Outlook

Washington’s reopening removes a major process bottleneck. Expect a fuller headline tape as filings, comment periods, and listings move again. That should reduce uncertainty and improve liquidity conditions into late Q4. In Asia, tighter listing oversight from JPX would be a meaningful precedent for how public markets treat crypto exposure, favoring higher quality balance sheets over speculative treasury pivots.

On the market side, breadth can improve if BTC and ETH maintain firm tone while high beta names continue to attract participation. ETF flow prints remain a crucial input for the demand picture. Stay nimble around macro releases and watch for an uptick in regulatory signals as agencies regain their cadence.