14th November

You can read the last “This week in crypto” here.

The past few days have demonstrated that major financial players are refining their approach to engaging with digital assets. Grayscale Investments, one of the world’s largest crypto asset managers, reported a 20 percent fall in revenue for the first nine months of the year. That figure sounds negative at first, but it actually tells a more nuanced story. Instead of retreating from crypto, large firms are adjusting to new conditions. They are focusing less on aggressive growth and more on long-term positioning, compliance, and operational efficiency.

The tone among institutional investors is becoming increasingly pragmatic. Funds are still allocating to digital assets, but their approach is more deliberate. They are prioritising regulatory clarity, better custody solutions, and access to markets that meet higher operational standards. This marks a significant shift from the early days of institutional involvement, when many firms viewed crypto as an experiment rather than a strategic asset.

This measured tone is a positive sign for the wider market. Institutional activity gives the sector a foundation of credibility and stability. When established asset managers and hedge funds raise the bar on risk controls and transparency, those improvements filter throughout the ecosystem. Exchanges and service providers must match that standard, which benefits everyone, from individual traders to corporate treasuries.

Crypto is entering a phase where maturity matters as much as innovation. Institutional investors are not chasing the next rally, but they are quietly preparing for the next cycle. They are looking for quality over quantity, structure over speed, and partnerships that can endure rather than simply perform.

In regulatory circles, the conversation has continued to evolve. Policymakers are no longer asking whether digital assets should be part of the financial system. They are working on integrating them safely. Over the past week, this shift has been reflected in more coordinated dialogue across international bodies and further clarity from national regulators.

In the United Kingdom, the framework introduced under the Financial Services and Markets Act is gradually shaping how firms interact with customers. Regulators are pressing for clear communication around risk, transparent fee structures, and better handling of customer data. These measures aim to provide investors with confidence while encouraging responsible innovation.

Global coordination is also becoming more visible. The OECD’s Crypto-Asset Reporting Framework is a significant development that will reshape how data is shared between jurisdictions. When this framework comes into effect in 2026, service providers will be required to report detailed information about crypto transactions to tax authorities. The purpose is not to restrict participation but to ensure consistency with other financial instruments.

These moves towards formalisation are changing how the industry operates. Firms that invest early in compliance and clear reporting are likely to build lasting trust with both clients and regulators. This growing emphasis on accountability is gradually removing uncertainty from the market. Instead of a grey area, crypto is moving towards a clearly defined space within global finance.

The market tone has remained calm over the past few days. Prices are remaining within a narrow range as investors await the next catalyst. Bitcoin has hovered around 99,000 US dollars in the last 24 hours, while Ethereum is trading close to 3,500 US dollars. Both assets have slipped slightly this week, but trading volumes have remained stable and liquidity has improved compared to earlier in the month.

This consolidation phase is part of a healthy market cycle. After periods of strong volatility, sideways trading allows prices to stabilise and traders to reassess their positions. There has been no sign of panic selling, and funding rates across derivatives markets remain balanced. That suggests that the market is finding equilibrium rather than preparing for another sharp drop.

Several mid-cap tokens have outperformed during this quieter period. Privacy-focused assets such as Zcash and Dash have attracted fresh attention, while infrastructure projects like Chainlink have seen steady inflows. This type of rotation is typical when sentiment is neutral, as traders seek opportunities in smaller market segments while waiting for larger assets to establish direction.

Overall, the market feels cautious but confident. Participants are aware of macroeconomic uncertainty, yet there is no widespread withdrawal of liquidity. Capital is still active, but it is being deployed more selectively. This is a sign of a maturing environment where fundamentals and infrastructure matter as much as price action.

The total crypto market capitalisation is now around 3.8 trillion US dollars, showing a small weekly decline. Bitcoin continues to represent roughly half of that figure, while Ethereum accounts for just under one-fifth. Stablecoin circulation remains steady, with combined volumes above 160 billion US dollars.

Daily trading activity has been slightly lower than the monthly average, but market depth across major exchanges has improved. Futures data shows that leverage is contained, and long positions are holding steady despite minor price fluctuations. The data points to a period of consolidation rather than contraction.

What stands out most this week is the overall resilience of the market. Prices have cooled, yet there is no sign of structural weakness. Institutional investors are repositioning, regulators are creating stronger foundations, and trading activity remains consistent. The focus has shifted from short-term moves to long-term building.

This week was defined by maturity and measured progress. Large investors are refining their strategies, regulators are shaping clearer frameworks, and token prices are showing stability after weeks of fluctuation. The market feels calm, grounded, and more deliberate.

Rather than chasing quick gains, participants are thinking about structure, compliance, and sustainability. The groundwork being laid now is what will support the next wave of innovation and growth. In a market that often moves too fast, a week of consolidation can be a sign of strength rather than stagnation.

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