What an absolute rollercoaster of a week. Bitcoin is battling to hold its price above US$101,700 (AU$154,054) as the market juggles mixed signals, macro pressures and a whole lot of hope. Ethereum staking queues have blown out to record levels, altcoin season whispers are starting up again (even if the index says “not yet”), and privacy coins are suddenly the hottest trade on the board. Meanwhile, Coinbase is making power moves, regulators worldwide are rolling out new rules at lightning speed, and the crypto crowd locally is gearing up for AusCryptoCon in Sydney and the Whale Lab presented by yours truly, Wayex.
From market volatility to major protocol drama to global policy shakeups, this week proves one thing: crypto never sleeps, and neither do the headlines. Let's dive in.
What's Happening On The Wayex Platform This Week
BTC Holds The Line
Bitcoin is holding above US$101,700 (AU$159,000) as of 11:15 am AEDT despite repeated pullbacks, slipping under US$102,500 (AU$157,000). Bears continue to defend the US$106,300 to US$106,700 (AU$164,600 to AUD 165,600) zone. Still, long-term holder accumulation and declining exchange reserves show institutional confidence remains firm. Ethereum is consolidating near US$5,350 (AU$8,250), XRP is holding above USD 1.10 (AU$1.70), and most major altcoins are trading sideways, while DeFi leaders like Uniswap and World Liberty Financial show more strength. Market sentiment is neutral to bullish as Asian liquidity returns. However, uncertainty around upcoming U.S. rate cuts is keeping traders cautious ahead of CPI data on 13 November, Fed remarks, and ETF flows around the USD 101,000 (AUD 156,000) level.
Overnight weakness weighed on the broader market, with Ethereum, XRP and Solana dropping around 5% and U.S. crypto equities retreating, including Circle’s 9.5% fall and a 5–10% decline across major miners. The Coinbase Premium Index has stayed negative since late October, signalling weak U.S. demand and marking its longest negative streak since the March–April correction that sent BTC from over US$100,000 (AU$154,000) to US$75,000 (AU$115,000). Traders are watching resistance between US$100,000 (AU$152,398) and US$107,000 (AU$163,066), with some analysts arguing the US$98,000 (AU$149,350) level may have been the short-term bottom. The return of the McRib has even revived the long-running joke about a “McRib pump.” However, despite Crypto Twitter’s enthusiasm about past gains from the McRib, which include bumps varying from 23%, 71%, and 58%, these gains are far from reliable. Particularly because the McRib’s 2021 comeback preceded a 74%, current indicators, including the RSI and MACD, suggest BTC is in a corrective phase as the market awaits a clearer catalyst.
Ethereum Staking Cue Gets Longer
Ethereum staking demand is exploding, with more than 1.5 million ETH waiting to enter the validator set and another 2.45 million ETH queued to unstake. These massive queues send mixed signals: billions in ETH are locked up, showing strong confidence in the network’s long-term future, but they also mean new validators may wait days or even weeks before earning rewards. At the same time, the large unstaking queue suggests some holders are taking profits, rebalancing or chasing liquidity as the market shifts.
Staking remains popular because Ethereum’s proof-of-stake model offers 4-5% annual returns, and each validator must stake 32 ETH, with the queue system helping protect network stability. Right now, more than 46,000 validators are trying to enter, and over 76,000 want to leave, highlighting both the strength and the pressure on Ethereum’s ecosystem. CoinTribune notes that despite delays, the trend still points to rising trust, significant investment and strong long-term interest in Ethereum.
MoonVember, The Bets Are On.
We might be seeing more negative sentiment around Bitcoin right now, but the rumours of an altcoin season are heating up again. Yes, we have been let down before, but analysts say three key signals suggest a potential altcoin shift could be forming this November. First, Bitcoin Dominance (BTC.D) has slipped to around 59.94%, a sign that Bitcoin’s grip on the market is weakening and capital may start rotating into altcoins. Current chart patterns even resemble those from late 2019 and early 2020, including a possible head-and-shoulders pattern that could push dominance lower and support stronger altcoin performance.
The second factor is changing market psychology. Altcoin seasons often start when sentiment is at its lowest and most traders have checked out. Recent weekend rallies show retail interest is returning, and additional liquidity may soon flow in as the United States Federal Reserve prepares to restart quantitative easing on 1 December. While some analysts warn it might still be early for a full-scale altcoin rally, the alignment of these indicators suggests the market could be entering a vital transition phase worth watching.
But despite the crypto Twitter hype, the altcoin season index is at 29 in favour of BTC Season. So it might be hype again.
AusCryptoCon And The Wayex Whale Lab
The countdown to AusCryptoCon is here, and we are pumped! AusCryptoCon is the most significant innovation event of the year, bringing together more than 10,000 crypto fans, 1,000 cutting-edge companies, and 150 powerhouse speakers under one roof. This year, we are proud to be presenting the Whale Lab in partnership with XDC Network, Labrys, and HashLiquid to present the Whale Lab.
The Whale Lab gives founders, developers, projects, start-ups, and innovators in the Web 3 space the chance to pitch their ideas directly to top venture capital firms (Animoca Ventures, Greythorn Asset Management, Faculty Group, and Apollo Crypto. They will be pitching for a chance at $1 million AUD in funding. With a massive 1 million dollars in VC backing on the line, this is your moment to connect, compete and change everything. If you are building the next big thing, you need to be here. Apply here. Applications close on Monday!
Coinbase Moves And Moves
Coinbase has had a blockbuster week, making moves that will shape its strategy heading into 2026. Its proposed US$2 billion (AU$3 billion) acquisition of UK stablecoin startup BVNK collapsed during due diligence, despite an exclusivity deal signed in October. At the same time, Coinbase announced it is leaving Delaware and reincorporating in Texas, joining a growing list of companies following Elon Musk after frustrations with recent Chancery Court rulings. The exchange also expanded its institutional push by partnering with Citi to roll out 24-hour digital asset payments, with plans to integrate stablecoins into global settlement flows.
Coinbase is also returning to token sales for the first time since 2018, launching a new regulated fundraising platform built to give smaller investors a fairer shot. Its first sale features Monad, offering 7.5% of the supply between November 17th and 22nd, with USDC bidding and smaller bids prioritised. Tokens come with a six-month lock, strict compliance checks, limits on quick flips and Coinbase approval for private or secondary sales. The platform is powered by Echo's technology, a company Coinbase acquired for US$375 million (AU$575 million). Coinbase also closed the week by settling its US$2.5 million (AU$3.8 million) Dogecoin sweepstakes lawsuit, with eligible users set to receive refunds for their trading fees.
Privacy Coins Are Having A Moment
Privacy coins are back in the spotlight, with Litecoin, Dash and Zcash posting powerful multi-year breakouts as traders rotate out of crowded AI and meme tokens. Litecoin is trading near US$108 (AU$164). CryptoNews reports that Zcash is showing extreme strength with a weekly Relative Strength Index of above 90, and Dash is holding the US$75 to US$80 (AU$114 - AU$122) zone. But valuations are getting stretched. CryptoSlate reports that Zcash has surged more than 1,488% in a month, with a market capitalisation of US$11.2 billion (AU$17 billion) and is now facing profit-taking pressure. It drew even more attention this week after Winklevoss Capital led a US$58.9 million (AU$89.8 million) raise for Leap Therapeutics. The raise will enable the company to rebrand as Cypherpunk Technologies and focus on building a Zcash treasury. At the same time, analysts say the next leg of the privacy narrative may belong to smaller, higher-upside projects such as GhostwareOS (GHOST), which has a market cap under US$5.2 million (AU$7.9 million). Between technical breakouts, billion-dollar valuations and renewed institutional interest, privacy coins are shaping up to be one of the strongest narratives heading into 2026.
Monad Faces Backlash Due To Tokenomics
Monad is facing growing backlash after releasing its full tokenomics and public sale plans, with many long-time community members saying it goes against the project’s promise of being “community first.” Monad will sell 7.5% of its MON tokens on Coinbase at a US$2.5 billion valuation (AU$3.8 billion), while only 3.3% will be distributed via an airdrop. This means just 10.8% of all tokens will be available to everyday users at launch. At the same time, more than half of the supply is going to the team, investors and the treasury. Many supporters who have been active on the Monad Discord for more than 3 years are frustrated that their allocation is small and shared with general EVM users, not just the original early supporters.
Well-known community members like Auri and Monkey Rothschild have called the tokenomics unfair, pointing out that investors get long vesting schedules. At the same time, public sale buyers receive a full unlock on day one. Some people argue that the low circulating supply and the first-ever token sale on Coinbase could still help MON perform well. But for many in the community, the bigger worry is whether Monad is becoming too centralised and whether the project still matches the values it claims to stand for.
Regulators Be Regulating: Crypto Across Borders
Global regulators are moving fast to update their digital asset rules. Kazakhstan is building a national crypto reserve worth between US$500 million (AU$762 million) and US$1 billion ($ AU$1.5 billion), using seized assets and revenue from state-backed Bitcoin mining. The Bank of England wants to introduce a temporary GBP £ 20,000 (AU$40,000) limit on how much stablecoin any one person can hold to help keep the financial system steady during its transition to new rules. Pakistan is exploring a rupee-backed stablecoin to lower remittance costs and expand financial access. At the same time, Japan has approved a significant trial in which three of its biggest banks will issue stablecoins backed by real currencies. Mitsubishi Corporation will be the first to test these tokens for payments across its local and overseas offices.
In the United States, lawmakers have released a new draft bill that would classify Bitcoin and Ethereum as digital commodities under the CFTC, require crypto companies to separate their business activities, set stronger listing standards, and allow the CFTC to collect fees for oversight. All of these moves show that governments around the world are trying to bring more clarity and structure to the digital asset space. But industry leaders warn that strict rules could slow innovation, and ASIC has also flagged that Australia risks falling behind if it does not keep up with global progress.
Things That Made Us Laugh This Week
Founder's Corner
What a week, the market’s been wild, the headlines louder than ever, and the energy in the space is electric. As Bitcoin fights to stay above six figures (USD) and Ethereum staking demand explodes, it feels like the calm before the next storm, the kind builders love. And speaking of builders, the countdown to AusCryptoCon is officially on.
This year, we’re proud to be presenting the Whale Lab, presented by Wayex alongside XDC Network, Labrys, and Hashlock. With A$1 million in VC funding up for grabs, it’s going to be a weekend that defines the next generation of Web3 founders.
Personally, I can’t wait to meet so many of our users and partners in person, like we do every year, and see what incredible ideas the community brings to the stage. Every year, this event reminds me how far the industry has come, and how much bigger it’s about to get. See you all there.
Richard Voice, Co-Founder, Wayex
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