CMC Market Pulse delivers actionable market insights, giving you all the key narratives and developments you need in under 5 minutes.
Market Overview 📉
*Data as of 6:45 AM UTC on November 28, 2025.
Bitcoin (BTC) ended the week up 6.78%, while Ethereum (ETH) finally showed some strength, up 7.74% in the same period. Total crypto market cap recovered slightly by 4.68% to finish the week at $3.196T, up from $3.053T in the week before.
This week’s liquidations stayed muted after $1.5B in longs were liquidated last Friday, with most days seeing less than $300M in liquidations on both shorts and longs. Funding rates continue to show little to no change, remaining at their current low levels.
📌 Naver Financial, the payment arm of South Korean internet giant, Naver, acquires Dunamu, the parent company of centralized exchange, Upbit, in a $10B deal. - Link
📌 Korea’s largest exchange, Upbit, has been exploited for $36M on the Solana Network. All users will be compensated accordingly. - Link
📌 Buy now pay later (BNPL) firm, Klarna, launches their own stablecoin, KlarnaUSD, on Stripe’s blockchain, Tempo. - Link
Why does it matter?
Despite an initial rocky start to the week, with the crypto markets breaking lower, the weekend saw a quick relief pump, which carried on the bullish energy into the week. The reclaim of the 90K level has renewed hopes for some bulls, although many traders remain cautious. The S&P 500 fared well this week, recovering 1.1% from the prior week, while the Nasdaq was dragged down by NVDA’s underperformance, returning only 0.42% this week.
Notable altcoin outperformers this week included Rain (RAIN), Basic Attention Token (BAT), Kaspa (KAS), SPX6900 (SPX), and Fartcoin (FARTCOIN).
Narrative of the Week 📰
On-chain stocks, in both spot and perps, continue to grow in activity as a bridge between traditional finance and the crypto world.
📌 Perpetual DEX, Lighter, introduces perps for stocks, kicking off with COIN and HOOD at 10x leverage, with TSLA, NVDA and PLTR added later in the week. - Link
📌 Binance Wallet introduces on-chain stocks, powered by RWA protocol, Ondo Finance, now tradable with fees as low as 0%. - Link
📌 Several traders note the issue of funding rates on many stock perpetual trading platforms, stating that 10% annual funding is much more than what most traditional finance participants would be comfortable with. - Link
Why does it matter?
Perpetuals and tokenized stocks both bring stocks into the crypto space, albeit via different mechanisms, seeking to bridge the gap between traditional and decentralized finance.
Major Project Updates 🗓️
📌 MegaETH opens pre-deposits for the chain, with the launch falling flat due to a variety of technical issues, eventually deciding to refund all deposits, with the deposits to reopen at a later date. - Link
📌 Monad mainnet goes live, opening claims for the MON token airdrop to eligible recipients as well as Coinbase ICO participants. - Link
📌 Coinbase acquires social memecoin trading platform, Vector.fun. - Link
📌 Skale Network expands to tap on Coinbase L2, Base, enabling builders to deploy a Skale chain on Base via Skale Manager. - Link
Why does it matter?
MegaETH and Monad compete for attention and capital as the two highly anticipated chains launch in the same week.
DeFi Brief 🏦
*Data as of 6:45 AM UTC on November 28, 2025
📌 Hyperliquid introduces Growth Mode for HIP-3, allowing HIP-3 deployers to reduce fees by 90%. - Link
📌 Perpetual DEX aggregator, Ranger Finance, introduces rgUSD, a yield-bearing stableocin powered by Elemental. The minting cap is set at $1M currently. - Link
📌 Crypto superapp, Infinex, announces plans to sell 5% of the INX token supply at a fully-diluted valuation of $300M via Sonar, with Patron NFT holders to get guaranteed allocations. - Link
Why does it matter?
Perpetual DEXes continue to expand their product suites, including new features to drive new revenue streams.
Fundraises 💰
📌 TON restaking protocol, Nexton, raises $4M in a strategic funding round led by Danal Pay, with other investors including TON Foundation, Amber Group, MetaLab Ventures, and more. - Link
📌 RWA protocol, Pruv Finance, raises $3M in a pre-A funding round, with investors including UOB Venture Management, Saison Capital, Taisu Ventures, Spiral Ventures, and Royal Group. - Link
📌 SpaceComputer raises $10M in a seed round led by Maven11 and Lattice, with support from Superscrypt, Amber Group, Arbitrum, HashKey, and more. - Link
📌 Leveraged yield exchange, RateX, raises $7M in a strategic round, with investors including GSR, Gate, Animoca Ventures, Crypto.com Capital and more. - Link
Airdrops Abound 🎁
📌 AI infrastructure blockchain, Talus, opens registration for their upcoming airdrop for early supporters. The airdrop claim date is yet to be announced. - Link
📌 Hyperliquid liquid staking protocol, Kinetiq, launches their governance token, KNTQ, airdropping tokens to eligible users via HyperCore. - Link
Tweet of the Week 📝
Source: @chud_eth
One for the history books.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
