November Monthly Review 2025

This monthly review examines the most important cryptocurrency-related news of November. The key crypto news of the month were related to several entities making bitcoin purchases, improvements in the prerequisites for bitcoin payments, Bhutan’s decision to start Ethereum staking, the XRP and Dogecoin ETFs launched in the United States, and information published in Finland regarding reported cryptocurrency taxes.

              
November in the cryptocurrency market
November was a fairly negative period in terms of cryptocurrency price movements, as the prices of several cryptocurrencies fell by more than 20 percent during the month. The decline in the crypto market was driven by macroeconomic uncertainty and fears of a bubble forming in AI and technology stocks, among other things. Among the largest cryptocurrencies by market capitalization, the price of Bitcoin decreased by about 18 percent during the month, dropping to around 90,000 dollars (about 78,000 euros). Ethereum's price decline was slightly larger, as it fell by about 23 percent, dropping below 3,000 dollars (about 2,600 euros). For many smaller-cap cryptocurrencies, price declines were even more significant in November.
Several entities made bitcoin purchases
In November, the second-largest U.S. state, Texas, became the first state to announce that it had purchased bitcoin for its state reserve. In practice, Texas bought bitcoin for its strategic reserve via asset manager BlackRock’s Bitcoin spot ETF. The size of Texas’s purchase was 5 million dollars (4.3 million euros). Last year, the pension funds of the U.S. states of Michigan and Wisconsin announced Bitcoin spot ETF purchases.
The Czech central bank CNB announced in November that it had created a test portfolio that included, among other assets, bitcoin. The portfolio is worth 1 million dollars (about 860,000 euros) and contains bitcoin, a U.S. dollar-pegged stablecoin, and tokenized deposits. According to central bank director Aleš Michl, the goal is to test decentralized Bitcoin from a central bank’s perspective and evaluate its potential role in diversifying central bank reserves.
It also became known in November that Harvard University, one of the world’s most renowned universities, had increased its bitcoin holdings. In practice, Harvard’s bitcoin exposure is through BlackRock’s Bitcoin spot ETF, which the university held, according to a November disclosure, at a value of about 440 million euros (about 380 million euros). Bitcoin was the fastest-growing component of Harvard’s endowment fund during the third quarter.
U.S. company Strategy, which specializes in buying bitcoin, also continued increasing its bitcoin holdings in November. Strategy announced three purchases that increased its holdings by a total of just under 9,100 bitcoin. The company used about 930 million dollars (about 800 million euros) for these purchases. After the November acquisitions, Strategy’s holdings have grown to roughly 650,000 bitcoin, valued at around 59 billion dollars (about 50 billion euros) at the end of the month.
4 million merchants gain the ability to accept bitcoin payments
U.S. payments company Block announced in November that merchants using its Square service can now accept bitcoin payments through the new Square Bitcoin feature. This is a significant step forward for bitcoin payments, as about 4 million merchants worldwide use Square’s services. In practice, payments take place via Bitcoin’s layer 2 scalability solution, the Lightning Network, where transactions are practically final instantaneously. Square makes bitcoin payments attractive for merchants by not charging fees for accepting such payments until 2027.
Bhutan began staking on the Ethereum network
The Kingdom of Bhutan, located between China and India, began staking on the Ethereum network in November. In practice, Bhutan staked 320 ether (valued at over 800,000 euros) through Figment, a company specializing in institutional staking services. This was not Bhutan’s first Ethereum-related initiative. In October, the country migrated its national digital identity project to Ethereum to enhance citizens’ self-sovereignty. Bhutan has previously become known in the crypto context for its bitcoin holdings and Bitcoin mining operations. 
XRP and Dogecoin ETFs launched in the United States
Grayscale, the best-known provider of cryptocurrency funds, launched XRP and Dogecoin ETFs in the United States in November. In practice, Grayscale converted its existing XRP and Dogecoin trusts into ETFs and listed them on the NYSE Arca exchange. In the case of Dogecoin, the newly launched ETF was the first Dogecoin ETF available for trading in the U.S. However, first-day trading volume fell short of expectations, reaching around 1.4 million dollars (about 1.2 million euros). The first XRP ETF, on the other hand, had been launched earlier in November by Canary Capital, a firm specializing in institutional cryptocurrency trading. Canary Capital’s XRP ETF launch was a success: with around 58 million dollars (about 50 million euros) in first-day trading volume, it became the best ETF launch of the year.
Information on reported cryptocurrency taxes published in Finland
Finnish broadcaster Yle reported having obtained information from the Finnish Tax Administration regarding reported cryptocurrency taxes. According to the data, approximately 18,000 people declared their cryptocurrency trades for the 2024 tax year, more than ever before. These declarations resulted in a total of about 225 million euros in capital gains, meaning roughly 68 million euros in tax revenue for the state. According to Senior Inspector Juho Hasa from the Tax Administration, the number of declarants should, however, be significantly higher. An estimated 30 percent of the roughly 450,000 cryptocurrency holders in Finland have made sales in at least one year. In practice, this would mean more than 100,000 individuals who have not reported their taxes. 
Summary
November was a challenging period for cryptocurrency market price developments, as widespread macroeconomic uncertainty and growing concerns about a technology-stock bubble also negatively affected the crypto market. The decline in the crypto market during November can be seen as a practical example of the market’s strong short-term sensitivity to broader macroeconomic events.
The most important crypto news of November were particularly related to Bitcoin’s strengthening position among various entities. During the month, governmental institutions, institutional investors, and private companies all increased their bitcoin holdings, highlighting Bitcoin’s growing role in the investment strategies of different types of actors. Conditions for bitcoin payments also improved significantly with Block’s new Square feature, giving millions of merchants the opportunity to accept bitcoin payments and thereby expand Bitcoin’s practical use in everyday life. For Ethereum, Bhutan’s decision to begin staking and its earlier decision to migrate the national digital identity project to Ethereum demonstrate the wide range of possibilities Ethereum offers.
In the United States, the newly launched XRP and Dogecoin ETFs improved institutional access to these cryptocurrencies. The record-setting launch of the XRP ETF is one sign of increased institutional interest in the crypto market beyond just Bitcoin and Ethereum. In Finland, the tax data revealed that cryptocurrency trading is more widespread than the number of declarants alone suggests.
Overall, November highlights the somewhat dual nature of the current cryptocurrency landscape. Institutional interest remains strong, yet the short-term price movements of the crypto market are heavily influenced by external factors. In addition to price movements, it will be interesting to observe how interest among different market participants develops toward Bitcoin, Ethereum, and other cryptocurrencies in the near future.

Ville Viitaharju
Cryptocurrency Specialist