It’s a story that is uniquely crypto, full of the industry’s trademark ups and downs. What was poised to be a winning year has instead turned wintry, with bitcoin falling from its all-time high of $126,000 to around $86,000. Bitcoin ETFs are on track to register their highest monthly outflows since initially being launched in the U.S., bleeding out around $3.55 billion so far in November.
The problem for the rest of blockchain finance? The crypto ecosystem is highly interconnected, and certain stablecoins use bitcoin (and bitcoin ETFs) as part of their reserve mix of backing mechanisms. Stablecoin pegs can fluctuate during depegging events, when…
Nov 25 2025
