Crypto funds have seen $1.3 billion in outflows for the second week
From October 31 to November 8, $1.17 billion was withdrawn from cryptocurrency investment products—the outflow continued for the second week in a row, according to CoinShares. This was driven by increased volatility following a wave of liquidations and uncertainty surrounding future US interest rates.
Bitcoin products suffered the largest losses, at $932 million. Ethereum-based instruments lost $438 million. Meanwhile, investors poured $11.8 million into funds shorting BTC—the highest since May. From November 3 to 7, outflows from spot Bitcoin ETFs reached $1.22 billion, and from Ethereum-based products, $508 million. This marks the third-largest weekly outflow on record for both assets.
Against this backdrop, funds began to flow into alternative assets: inflows into Solana funds amounted to $118 million, and a total of $2.1 billion over the past nine weeks. Geographically, the outflow was concentrated in the United States, while European funds (Germany and Switzerland) recorded moderate inflows.
The number of active Solana addresses has fallen to 3.3 million
The number of active addresses on the Solana network has dropped to a yearly low of 3.3 million, down from a peak of 9 million in January. The network saw its largest user influx in late 2024, when it established itself as the leading platform for meme token trading due to its high speed and low fees compared to Ethereum.
Despite the decline in on-chain activity, the ecosystem continues to develop, with new DEXs, prediction markets, and RWA solutions emerging. The sustained level of development activity indicates an attempt to establish a solid foundation, regardless of speculative interest.
USDsui stablecoin from the L1 blockchain Sui
The first-layer blockchain, Sui, has unveiled its own stablecoin, USDsui, created through the open-issuance platform, Bridge. The new asset will be a key element of the ecosystem, offering developers a ready-made solution integrated into the network's high-performance architecture.
Following its launch in 2026, USDsui will be available in Sui-based wallets and DeFi applications and will be compatible with other Bridge stablecoins, including those supported by Phantom, Hyperliquid, and MetaMask. The coin is designed to comply with the requirements of the US GENIUS Act. All proceeds from USDsui are planned to be used for network development through grants and incentives. Sui has a total TVL of $1.35 billion, and its DEX trading volume exceeds $340 million.
Large investors have bought over $360 million worth of Ethereum
Over the past week, major players have purchased over $360 million worth of Ethereum. One investor bought 10,000 ETH twice: first for $34 million on November 5, then increased his investment to almost $70 million. The largest transaction of the week was the purchase of 58,811 AaveETH for $206 million.
SynFutures co-founder Rachel Lin believes that such volumes indicate interest from institutional investors. She believes they are betting on Ethereum's growth in the medium term and are prepared to weather short-term volatility, anticipating the launch of new instruments and possible monetary easing. If external risks do not intensify, active accumulation may continue.
Bybit: 16 blockchains may freeze user funds
Lazarus Security Lab (Bybit) analysts have discovered that BNB Chain, Aptos, Sui, and 13 other major blockchains contain built-in mechanisms for freezing or restricting the movement of user funds.
These include Chiliz, VIC, XDC Network, VeChain, Harmony ONE, HVH, Supra, EOS, Oasis Network, WAX, Linea, Waves, and HECO Chain. The ability to quickly activate locks is also available in Arbitrum, Cosmos, Axelar, Babylon, Celestia, dYdX, Dymension, DymEVM, Evmos, Initia, Kava, Terra, Mantra, Nillion, OKB Chain, THORChain, Sei, SRCT, and XION.
A total of 166 networks were analyzed. The experts identified three types of interference. Hard-wired restrictions—like those in VeChain, which blocked addresses in 2019 after a $6.6 million hack—are enforced by developers. Smart contracts with blacklists are used, for example, in HECO.
Sui used this mechanism to freeze $162 million after the Cetus DEX hack. The funds were returned to liquidity. Analysts have called on projects to disclose the existence of such features and the terms of their use to users.
Gemini founders launch Zcash-based digital asset management company
Winklevoss Capital, the Winklevoss brothers' investment fund, has invested over $50 million in Cypherpunk, a company focused on acquiring the private cryptocurrency Zcash (ZEC). According to the firm's announcement, it has already begun actively accumulating coins at a price of approximately $245, which is claimed to be below their "long-term fair value." Cypherpunk initially held 203,775 ZEC (approximately 1.25% of the total supply). It plans to increase its holdings to 5%, or approximately 819,000 ZEC.
Cypherpunk is traded on the Nasdaq (currently under the ticker LPTX, and will be renamed CYPH). The company was previously known as Leap Therapeutics and operated in the biopharmaceutical sector. Judging by the deal structure, Cypherpunk could have become a SPAC shell for its market entry, similar to several crypto firms and businesses associated with Donald Trump. Following the announcement of the ZEC purchase, Cypherpunk shares jumped 368% in a single session.
