Ethena priceENA

The cryptocurrency market experienced a day of notable activity and shifting dynamics on Monday, November 24, 2025, marked by Bitcoin's continued price struggles, significant advancements in institutional adoption for altcoins, and a blend of optimism and challenges across various sectors.

Bitcoin Navigates Significant Downturn

Bitcoin faced a challenging period, extending a weeks-long slump that has seen its value decline significantly. The cryptocurrency dropped as much as 7.6 percent on Friday, settling around $80,553. This decline contributed to a nearly 25 percent loss in November, making it Bitcoin's worst month since the market collapses of Terra and FTX in 2022. The downturn has been attributed to factors including spot selling, redemptions from exchange-traded funds (ETFs), and complex options positioning that amplified price swings. While some analysts are referring to this as the 'Great Bitcoin Crash of 2025,' others view it as a routine correction within a volatile market. Bitcoin's price briefly dipped below $82,000 before rebounding slightly to $83,509.

Altcoins Show Divergent Performance Amid BTC Pressure

In contrast to Bitcoin's slide, several altcoins demonstrated resilience, hinting at a potential reallocation of capital within the crypto ecosystem. Ethereum (ETH), XRP, and Dogecoin (DOGE) notably fared better, with Ethereum rising 0.79 percent and XRP surging 3.17 percent in a 24-hour period. This relative outperformance is reflected in the ALT/BTC ratio, which increased by nearly 9.5 percent in November despite Bitcoin's over 24 percent fall. However, the altcoin market was not uniformly strong; some, like Solana (SOL) and Cardano (ADA), experienced significant declines of 20–35 percent from their November highs, particularly affecting DeFi and small-cap tokens. The Altcoin Season Index, which tracks the performance of the top 100 altcoins relative to Bitcoin, dropped to 25, indicating that only a quarter of these assets have outperformed Bitcoin in the last 90 days.

Milestones in Institutional Adoption for Altcoins

Today marked a significant step forward for institutional engagement with altcoins as Grayscale Investments launched spot ETFs for Dogecoin (GDOG) and XRP (GXRP) on the NYSE Arca. These listings aim to provide mainstream investors with a new, regulated avenue to invest in these cryptocurrencies through traditional brokerage accounts. Franklin Templeton and Grayscale’s XRP ETFs received approval from the US Securities and Exchange Commission (SEC) to commence trading today. This move follows the earlier launch of XRP ETFs by Bitwise and Canary Capital.

In a parallel development, the Singapore Exchange (SGX) Derivatives launched institutional-grade Bitcoin and Ethereum perpetual futures. These contracts offer a continuous, no-expiry structure with robust clearing and margining standards, providing institutional, accredited, and expert investors with regulated exposure to these major digital assets.

Ethereum's Ecosystem on the Rise

Optimism surrounded the Ethereum network today, driven by anticipation of its upcoming Fusaka upgrade, scheduled for December 3. This upgrade is expected to dramatically enhance scalability, efficiency, and reduce transaction costs, especially for Layer 2 networks. Ethereum's price climbed by 3.80 percent to $2,809, reflecting this positive sentiment. The broader Ethereum ecosystem has witnessed a surge in activity throughout November 2025, reaching new all-time highs in decentralized finance (DeFi), non-fungible tokens (NFTs), and Layer 2 network utilization.

Mixed Fortunes for DeFi and NFT Markets

The DeFi sector continues to evolve, with key trends for 2025 focusing on cross-chain interoperability, integration with AI, institutional adoption, and the development of decentralized derivatives markets. The global DeFi market is projected for substantial growth in the coming years. Conversely, the NFT market is facing a significant downturn. Its market capitalization fell to $2.78 billion, reaching its lowest point since April, indicative of waning demand. Similarly, memecoins experienced a sharp plunge, collectively shedding over $5 billion in value within 24 hours.

Evolving Regulatory Landscape

The regulatory environment for cryptocurrencies is seeing some shifts. The US SEC has indicated that cryptocurrencies will no longer be a priority in its 2026 agenda, suggesting a perception of increased market stability. However, the Financial Stability Board (FSB) recently highlighted persistent gaps in international cryptocurrency regulations, raising concerns about investor protection and financial system vulnerabilities. Meanwhile, Switzerland has initiated a consultation on stablecoins and crypto institutions, and Algeria implemented a law on July 24, 2025, criminalizing all crypto-related activities.

Bitget Exchange Activity

Bitget, a prominent Universal Exchange, announced its Black Friday “Invest and Enjoy Equal Bonuses” campaign, running from November 21 to December 1, 2025. This promotion offers various incentives for users engaging in spot-grid trading, including matched rewards and a substantial prize pool. Additionally, Bitget scheduled upgrades for certain spot and futures trading pairs for November 24, 2025, and has been adjusting funding rates and leverage for specific trading pairs.

Today's crypto market underscored its inherent volatility while simultaneously demonstrating ongoing maturation through institutional product launches and significant developmental milestones for key ecosystems like Ethereum.

Ethena is an innovative decentralized finance (DeFi) protocol built on the Ethereum blockchain, introducing USDe, a synthetic dollar designed to be censorship-resistant, scalable, and stable. Unlike traditional fiat-backed stablecoins, Ethena aims to provide a crypto-native solution for money, reducing reliance on conventional banking infrastructure.

At the core of Ethena's stability mechanism is a sophisticated delta-hedging strategy. When users mint USDe, they deposit crypto assets such as Ethereum (ETH) or liquid staking tokens (LSTs) like staked Ethereum (stETH) as collateral. To maintain a stable peg to the US dollar, Ethena simultaneously takes an equal and opposite short position in perpetual futures markets. This 'delta-neutral' approach ensures that the overall value of the collateral plus the derivatives position remains constant in dollar terms, regardless of price fluctuations in the underlying crypto assets. Ethena utilizes Off-Exchange Settlement (OES) providers and custodians to hold deposited assets, while centralized exchanges manage the derivative positions. This separation aims to mitigate counterparty risk and ensure the protocol retains control over its collateral.

Ethena distinguishes itself by offering a yield-bearing asset, often referred to as the 'Internet Bond.' This yield is generated primarily from two sources: the inherent staking rewards from the liquid staked Ethereum held as collateral, and the funding rates received from its short perpetual futures positions. In perpetual futures markets, long position holders typically pay a funding rate to short position holders, especially during bullish market conditions. By consistently maintaining short positions as part of its delta-hedging strategy, Ethena can capitalize on these positive funding rates, distributing them to USDe stakers as sUSDe (staked USDe).

The key advantages of Ethena's approach include its censorship resistance, as it operates entirely within the crypto ecosystem without requiring traditional bank accounts. It also boasts capital efficiency due to its 1:1 collateralization ratio, a significant improvement over the over-collateralization often seen in other decentralized stablecoins. This allows for greater scalability and transparency, as all collateral backing USDe is verifiable on the blockchain.

Despite its innovative design, Ethena faces several inherent risks. A primary concern is 'funding risk,' which arises if perpetual futures funding rates turn persistently negative. In such a scenario, Ethena would have to pay rather than receive funding, potentially impacting its yield generation and overall solvency. To counter this, Ethena maintains a reserve fund. Another risk is 'liquidation and collateral risk,' particularly concerning the stETH/ETH peg. If stETH significantly de-pegs from ETH, it could shrink the value of Ethena's collateral, potentially leading to liquidations of its short positions. Custodial risk also exists, as the protocol relies on third-party OES providers, although Ethena aims to mitigate this by working with multiple custodians and using isolated accounts. Liquidity risk, smart contract vulnerabilities, and evolving regulatory landscapes are additional challenges the project must navigate.

Ethena's native governance token is ENA. ENA holders can participate in critical decisions affecting the protocol, including voting on proposals and electing members to a Risk Committee. Recent updates to ENA tokenomics include mechanisms like mandatory locking for airdrop recipients, designed to align holders with the long-term vision of the ecosystem. Staking ENA yields sENA, which can accrue rewards and contribute to securing cross-chain transfers of USDe through restaking initiatives.

Ethena has quickly gained significant traction in the DeFi space, with USDe becoming a prominent USD-pegged asset. Its high yield generation and innovative approach have attracted considerable attention and capital. The project continues to expand its ecosystem, integrating with various DeFi protocols and exploring backing USDe with additional assets like Bitcoin and Solana. Ethena aims to compete with established stablecoins like USDT and USDC by offering a decentralized, scalable alternative.

In conclusion, Ethena presents a unique and ambitious solution for a crypto-native synthetic dollar, leveraging delta-hedging and perpetual futures to provide stability and yield. While offering significant advantages in censorship resistance and capital efficiency, its success is intrinsically linked to managing complex financial risks, particularly those associated with derivative markets and collateral volatility. Its ongoing development and strategic integrations position Ethena as a key player in the evolving landscape of decentralized finance.