Grayscale’s new Dogecoin Trust (GDOG) and XRP Trust (GXRP) ETFs are set to begin trading Monday, debuting at a challenging moment for the crypto market. Both DOGE and XRP are heading toward their poorest monthly performance since February, reflecting broader weakness across digital assets. The CoinDesk 20 Index (CD20) has fallen 23% so far in November.
ETF flows underscore the downturn: U.S. spot bitcoin ETFs have recorded $3.55 billion in net outflows this month, nearly matching the record $3.56 billion seen in February. Any additional redemptions could push outflows to new highs.
Bitcoin mining firm CleanSpark (CLSK) will report fiscal Q4 earnings on Tuesday. The results follow upbeat quarters from rivals, with Riot Platforms (RIOT) posting an unexpected profit and record revenue, and Iren (IREN) reporting record growth as it expands further into AI.
What’s Coming Up This Week
Crypto
- Nov. 24: Mainnet launch of Monad and its MON token.
- Nov. 24: Grayscale’s GDOG and GXRP ETFs begin trading on NYSE Arca.
- Nov. 25: Digital asset investment company KR1 Plc starts trading on the London Stock Exchange’s main market under ticker 0A9X, transitioning from AQSE.
- Nov. 26: Launch of CTC-1, the first satellite constellation powered by the Spacecoin (SPACE) network, from Vandenberg Space Force Base.
Macro Data to Watch
- Nov. 25, 7 a.m.: Mexico’s September retail sales; YoY previous 2.4%, MoM previous 0.6%.
- Nov. 25, 8:15 a.m.: ADP weekly employment change (prev. -2.5K).
- Nov. 25, 8:30 a.m.: U.S. September PPI — headline YoY est. 2.7%, MoM est. 0.3%; core YoY prev. 2.8%, MoM prev. -0.1%.
- Nov. 25, 8:30 a.m.: U.S. September retail sales YoY prev. 5%, MoM est. 0.4%.
- Nov. 26, 8:30 a.m.: U.S. durable goods orders MoM est. 0.3%.
- Nov. 26, 8:30 a.m.: U.S. initial (prev. 220K) and continuing (prev. 1,974K) jobless claims.
- Nov. 28, 7 a.m.: Brazil October unemployment (prev. 5.6%).
- Nov. 28, 7 a.m.: Mexico October unemployment (prev. 3%).
- Nov. 28, 8:30 a.m.: Canada Q3 GDP — annualized (prev. -1.6%), QoQ (prev. -0.4%).
Earnings
- Nov. 25 (after market close): CleanSpark (CLSK) earnings release.
DAO Governance, Token Events, and Launches
Governance Proposals
- Moonwell DAO: Voting to use ~$5.25M in reserves to address bad debt and reroute future revenues, with priority on cbXRP and VIRTUAL markets. Vote ends Nov. 24.
- ZKsync DAO: Considering shorter proposal timelines — reducing the voting delay from 7 to 3 days and limiting late-quorum extensions to 2 days. Ends Nov. 24.
- Aave DAO: November funding proposal aims to consolidate treasury assets on Ethereum and acquire 8M GHO for operations. Ends Nov. 24.
- CoW DAO: Proposal to raise the revenue cap to 5% and increase partner fee share to 75%. Ends Nov. 26.
- Arbitrum DAO: Voting to reconfirm John Kennedy and Tim Chang for the 2026 AGV Council. Ends Nov. 27.
- Lightchain.AI: Vote on delaying the mainnet launch by up to six months following the departure of a core developer. Ends Nov. 27.
- The Graph Council: Deciding on a new Rewards Eligibility Oracle (REO) to align indexer rewards with performance and uptime requirements. Ends Nov. 30.
Token Unlock Schedule
- Nov. 24: XPL unlocks 4.74% (~$17.81M).
- Nov. 28: JUP unlocks 1.69% (~$12.39M).
- Nov. 29: HYPE unlocks 2.68% (~$318.92M).
- Nov. 30: KMNO unlocks 5.65% (~$10.59M).
New Token Launches
- Nov. 24: MON (Monad) lists on exchanges including Kraken and Bitrue following mainnet launch.
- Nov. 24: SOLV launches on Solana via Jupiter partnership.
- Nov. 30: Final day for Centrifuge token migration.
