bullish

Bitcoin

Rain

Balancer

This week, cryptocurrency markets staged a long-awaited recovery, following four consecutive weeks of downside momentum.
Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) price <a href="https://cointelegraph.com/news/blackrock-etf-buyers-profit-price-90k" rel="noopener noreferrer nofollow">reclaimed the $90,000</a> psychological mark on Wednesday, bringing some much-needed relief for Bitcoin exchange-traded fund (ETF) holders, who were once again back in profit as BTC traded above the key $89,600 flow-weighted cost basis of ETF buyers.
Bolstering investor sentiment, Cathie Wood, the CEO and chief investment officer of ARK Invest, said the company’s $1.5 million Bitcoin bull market price prediction remained unchanged, pointing to billions in returning liquidity following the end of the US government shutdown.
The crypto market recovery followed a sharp increase in expectations of interest rate cuts in the US, with odds rising by 46% in a week. Markets are pricing in an 85% chance of a 25 basis point interest rate cut at the US Federal Reserve’s Dec. 10 meeting, up from 39% a week before, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow">according</a> to the CME Group’s FedWatch tool.
<figure>
 <img alt="Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined" src="https://s3.cointelegraph.com/uploads/2025-11/019aca96-ca3f-7401-a2c8-c4e01a6a1960" title="">
 <figcaption>
 Interest rate cut probabilities. Source: CMEgroup.com
 </figcaption>
</figure>
However, Bitcoin is still facing the worst <a href="https://cointelegraph.com/news/bitcoin-likely-on-track-worst-november-in-7-years-analysts" rel="noopener noreferrer nofollow">November in seven years</a>, as the world’s first cryptocurrency is down about 17% on the monthly chart, despite the month averaging 41% historic Bitcoin returns, <a href="https://www.coinglass.com/today" rel="noopener noreferrer nofollow">according</a> to blockchain data provider CoinGlass.
<h2 id="cathie-wood-says-ark-s-1-5-million-bitcoin-bull-price-hasn-t-changed-as-markets-eye-rally">Cathie Wood says ARK’s $1.5 million Bitcoin bull price hasn’t changed as markets eye rally</h2>
Equities and cryptocurrency markets may be setting up for a year-end reversal as liquidity improves and US monetary policy turns more supportive following the end of the record government shutdown.
Improving market conditions will be driven by the increasing liquidity, which has already returned $70 billion into markets since the end of the <a href="https://cointelegraph.com/news/hopes-us-govt-shutdown-end-institutional-buying-etf-hopes" rel="noopener noreferrer nofollow">US government shutdown</a>, with another $300 billion expected to return over the next five to six weeks as the Treasury General Account normalizes, according to investment management company ARK Invest.
Another potential catalyst will arrive on Dec. 1, when the US Federal Reserve is scheduled to end its quantitative tightening program and pivot toward <a href="https://cointelegraph.com/explained/what-is-quantitative-easing-and-how-does-it-work" rel="noopener noreferrer nofollow">quantitative easing</a>, a shift that involves bond-buying to lower borrowing costs and stimulate economic activity.
“With liquidity returning, quantitative tightening (QT) ending December 1st, and monetary policy turning supportive, we believe conditions are building for markets to potentially reverse recent drawdowns,” wrote Ark in a Wednesday X <a href="https://x.com/ARKInvest/status/1993797871259255230" rel="noopener noreferrer nofollow">post</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aca95-060f-71d3-82b3-aa8bad154d4e" title="" alt="Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined">
 <figcaption>
 Source: ARK <a href="https://x.com/ARKInvest/status/1993797871259255230" rel="noopener noreferrer nofollow">Invest</a>
 </figcaption>
</figure>
<h3 id="crypto-and-ai-liquidity-squeeze-may-ease">Crypto and AI liquidity squeeze may ease</h3>
The current “liquidity squeeze” limiting the upside of the cryptocurrency and artificial intelligence markets is set to “reverse in the next few weeks,” wrote Cathie Wood, the CEO and chief investment officer of ARK Invest, in a Thursday X <a href="https://x.com/CathieDWood/status/1993814526337155582" rel="noopener noreferrer nofollow">post</a>.
Earlier in April, ARK Invest <a href="https://www.ark-invest.com/articles/valuation-models/arks-bitcoin-price-target-2030" rel="noopener noreferrer nofollow">predicted</a> a 2030 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) price target of $1.5 million in the company’s “bull case,” and a $300,000 price target in the “bear case.”
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aca95-0c77-7144-8789-4a1c0945e3b7" title="" alt="Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined">
 <figcaption>
 Bitcoin price target for 2030. Source: Ark-invest.com
 </figcaption>
</figure>
Despite the recent crypto market correction and stablecoins subtracting from Bitcoin’s role as a safe-haven asset, the bullish price target remains unchanged.
“The stablecoins have accelerated, taking some of the role away from Bitcoin that we expected,” but the “gold price appreciation has been far greater than we expected,” explained Wood during a <a href="https://www.ark-funds.com/webinars/november-2025-fund-webinar" rel="noopener noreferrer nofollow">webinar</a> on Monday, adding:
<blockquote>
 “So net, our bull price, which most people focus on, really hasn’t changed.”
</blockquote>
<figure>
 <img alt="Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined" src="https://s3.cointelegraph.com/uploads/2025-11/019aca98-6e98-7357-b1eb-4b300c2174f6" title="">
 <figcaption>
 Webinar by Cathie Wood, the CEO and chief investment officer of ARK Invest. Source: <a rel="noopener noreferrer nofollow">Ark-funds.com</a>
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/cathie-wood-bitcoin-15m-bull-target-holds-amid-market-rebound" rel="noopener noreferrer nofollow">Continue reading</a>
<h2 id="uk-takes-meaningful-step-forward-with-proposed-defi-tax-overhaul">UK takes “meaningful step forward” with proposed DeFi tax overhaul</h2>
The UK has floated a new tax framework that eases the burden on decentralized finance (DeFi) users, with deferred capital gains taxes on crypto lending and liquidity pool users until the underlying token is sold, which the local industry has welcomed.
<a href="https://cointelegraph.com/news/uk-crypto-investors-tax-hmrc-warning-letters-2025" rel="noopener noreferrer nofollow">HM Revenue and Customs</a> (HMRC) <a href="https://www.gov.uk/government/consultations/the-taxation-of-decentralised-finance-involving-the-lending-and-staking-of-cryptoassets/outcome/the-taxation-of-decentralised-finance-defi-involving-the-lending-and-staking-of-cryptoassets-summary-of-responses" rel="noopener noreferrer nofollow">proposed</a> on Wednesday a “no gain, no loss” approach to DeFi that would cover lending out a token and receiving the same type back, borrowing arrangements and moving tokens into a liquidity pool.&nbsp;
Taxable gains or losses would be calculated <a href="https://cointelegraph.com/explained/what-are-liquidity-provider-lp-tokens-and-how-do-they-work" rel="noopener noreferrer nofollow">when liquidity tokens</a> are redeemed, based on the number of tokens a user receives back compared to the number they originally contributed, according to the proposal.&nbsp;
Currently, when a user deposits funds into a protocol, regardless of the reason, the move may be subject to capital gains tax. In the UK, capital gains tax rates <a href="https://www.gov.uk/capital-gains-tax/rates" rel="noopener noreferrer nofollow">can</a> vary from 18% and 32%, depending on the action.
<h2 id="tax-framework-a-positive-signal-for-uk-crypto-regulation">Tax framework a “positive signal” for UK crypto regulation&nbsp;&nbsp;</h2>
Sian Morton, marketing lead at the crosschain payments system Relay protocol, <a href="https://x.com/Sian_Morton/status/1994040913107038215" rel="noopener noreferrer nofollow">said</a> HMRC’s no gain, no loss approach is a “meaningful step forward for UK DeFi users who borrow stablecoins against their crypto collateral, and moves tax treatment closer to the actual economic reality of these interactions.”
“A positive signal for the UK’s evolving stance on crypto regulation,” she added.
Maria Riivari, a lawyer at <a href="https://cointelegraph.com/learn/articles/defi-a-comprehensive-guide-to-decentralized-finance" rel="noopener noreferrer nofollow">the DeFi platform</a> Aave, <a href="https://x.com/MariaRiivari/status/1994180213488460111" rel="noopener noreferrer nofollow">said</a> the change “would bring clarity that DeFi transactions do not trigger tax until you truly sell your tokens.”
“Other countries facing similar questions may want to take note of HMRC’s approach and the depth of research and consideration behind it,” she added.&nbsp;
<a href="https://cointelegraph.com/news/uk-crypto-tax-reform-no-gain-no-loss-defi-lending-liquidity-pools" rel="noopener noreferrer nofollow">Continue reading</a>
<h2 id="dwf-labs-launches-75-million-fund-for-institutional-phase-of-defi">DWF Labs launches $75 million fund for “institutional phase” of DeFi</h2>
Crypto market maker and Web3 investment firm DWF Labs says it is investing up to $75 million in decentralized finance projects that could support institutional adoption.&nbsp;
The company shared its announcement via X on Wednesday, saying the fund will support projects with “innovative value” propositions that can scale to support large-scale adoption.&nbsp;&nbsp;
“The initiative will target blockchain projects building dark-pool perpetual DEXs, decentralized money markets, and fixed-income or yield-bearing asset products, [...] areas the firm believes are poised for major growth as crypto liquidity continues its structural migration onchain,” DWF Labs said.
As part of the announcement, <a href="https://cointelegraph.com/news/genius-act-legitimizes-stablecoins-institutional-adoption" rel="noopener noreferrer nofollow">DWF Labs managing partner</a> Andrei Grachev emphasized the importance of building DeFi infrastructure “with real utility” that can <a href="https://cointelegraph.com/news/defi-lending-rises-72-institutional-rwa-collateral-adoption" rel="noopener noreferrer nofollow">support institutional demand</a>.&nbsp;&nbsp;
“DeFi is entering its institutional phase,” he said, adding: “We’re seeing real demand for infrastructure that can handle size, protect order flow, and generate sustainable yield.”&nbsp;
The fund will focus on projects built across Ethereum, BNB Smart Chain and Solana, as well as Coinbase’s Ethereum layer-2 Base.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aca95-1809-70ab-a786-e8c868ca69db" title="" alt="Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined">
 <figcaption>
 Source: <a href="https://x.com/DWFLabs/status/1993730583826993319" rel="noopener noreferrer nofollow">DWF Labs</a>
 </figcaption>
</figure>
Alongside capital injections, DWF Labs will also offer support in ways such as “TVL and crypto liquidity provisioning, hands-on go-to-market strategy and execution support,” access to partnered exchanges, market makers, infrastructure providers and institutions in crypto.&nbsp;
<a href="https://cointelegraph.com/news/dwf-labs-launches-75m-fund-institutional-phase-defi" rel="noopener noreferrer nofollow">Continue reading</a>
<h2 id="balancer-community-proposes-plan-to-distribute-funds-recovered-from-hack">Balancer community proposes plan to distribute funds recovered from hack</h2>
Two members of the Balancer protocol community submitted a proposal on Thursday outlining a distribution plan for a portion of the funds recovered from the protocol’s $116 million November exploit.
About $28 million from <a href="https://cointelegraph.com/news/balancer-suspected-70m-exploit-staked-ether-new-wallet" rel="noopener noreferrer nofollow">the $116 million heist</a> was recovered by white hat hackers, internal rescuers and StakeWise — an Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) liquid staking platform.&nbsp;
However, the proposal covers only the $8 million recovered by white hat hackers and internal rescue teams, while the nearly $20 million retrieved by StakeWise will be distributed separately to its users.
<figure>
 <img alt="Cybercrime, Cybersecurity, Hacks" src="https://s3.cointelegraph.com/uploads/2025-11/019aca95-1c6b-7b05-8d1c-f43e1862f917" title="">
 <figcaption>
 Balancer community proposal to distribute recovered funds. Source: <a href="https://forum.balancer.fi/t/rfc-distribution-of-rescued-funds-from-balancer-v2-november-3rd-2025-attacks/6883" rel="noopener noreferrer nofollow">Balancer</a>
 </figcaption>
</figure>
The authors proposed that all reimbursements should be non-socialized, meaning that funds would be distributed only to the specific liquidity pools that lost the funds and paid out on a pro-rata basis according to each holder’s share in the liquidity pool, represented by Balancer Pool Tokens (BPT).
Reimbursements should also be paid in-kind, with victims of the hack receiving payment denominated in the tokens they lost to avoid price mismatches between different digital assets, according to the authors.&nbsp;
The Balancer hack was one of the <a href="https://cointelegraph.com/news/116m-balancer-hack-insiders-sophisticated-hacker-months-preparation" rel="noopener noreferrer nofollow">“most sophisticated” attacks in 2025</a>, according to Deddy Lavid, the CEO of blockchain cybersecurity company Cyvers, highlighting the need for crypto user safety as security threats continue to evolve.
<a href="https://cointelegraph.com/news/balancer-community-distribute-recovered-assets-hack" rel="noopener noreferrer nofollow">Continue reading</a>
<h2 id="nasdaq-listed-enlivex-plans-212-million-rain-token-play-with-ex-italian-pm-onboard">Nasdaq-listed Enlivex plans $212 million RAIN token play with ex-Italian PM onboard</h2>
A Nasdaq-listed biotech firm is raising $212 million in a late-cycle pivot into crypto, planning to buy the token of a decentralized prediction market even as other digital-asset treasuries (DATs) struggle to stay afloat.
Enlivex Therapeutics (ENLV), a clinical-stage macrophage reprogramming immunotherapy company, said on Monday it plans to raise $212 million through private investment in public equity, selling 212 million shares at $1 each. The price represents an 11.5% discount to Friday’s close, according to the company’s filing with the US Securities and Exchange Commission.
The company plans to invest the majority of the $212 million in Rain (RAIN), the utility token behind the Rain decentralized prediction market on the Arbitrum network, marking the first corporate strategy centered on a prediction market token, according to a Monday announcement shared with Cointelegraph.
“We see prediction markets as one of the most exciting emerging sectors in the blockchain space,” with “exceptional” long-term growth potential, Shai Novik, executive chairman at Enlivex Therapeutics, told Cointelegraph.
<blockquote>
 “By entering now, we benefit from a first-mover advantage in a fundamentally strong category.”
</blockquote>
When asked about the reason for choosing the Rain protocol, Novik said that its “decentralized” architecture stood out, as it serves as a “scalable model which supports global access and growth.”
Enlivex expects to complete its Rain purchases within 30 days of the offering’s close.
<a href="https://cointelegraph.com/news/biotech-penny-stock-raise-212m-prediction-market-token-play" rel="noopener noreferrer nofollow">Continue reading</a>
<h2 id="strong-defi-market-overview-strong">DeFi market overview</h2>
According to data from <a href="https://pro.cointelegraph.com/users/sign_in" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The SPX6900 (SPX) memecoin rose over 43% as the week’s biggest winner, followed by the Layer-1 blockchain Kaspa’s (KAS) token, up 39% during the past week.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-11/019aca95-227d-73cb-9fb4-cd187ea35612" title="" alt="Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined">
 <figcaption>
 Total value locked in DeFi. Source: DefiLlama
 </figcaption>
</figure>
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Cathie Wood still bullish on $1.5M Bitcoin price target: Finance Redefined

Table of Contents

Cointelegraph

Other articles published on Nov 28, 2025

Join our free newsletter for daily crypto updates!