yyc trader & Olivia Capozzalo
November 28, 2025

Happy Friday, Defiers!

Today’s big story:

Markets remain flat on the day with BTC just below $91K and ETH back over $3K, but on the weekly timeframe, most large-caps are solidly in the green.

In other news:

MegaETH refunds pre-deposit bridge
S&P Ratings downgrades USDT
RedStone expects tokenized RWAs to surge next year
Magma launches Monad’s flagship liquid staking protocol [SPONSORED]

Read more below! But first, please give our sponsors some love; they make this newsletter possible.

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We’re back! Here’s what you need to know in web3 today

📈 Markets in the Past 24 Hours

TICKER	VALUE	24H
Bitcoin	$90,631	-0.79 %
Ethereum	$3,023.15	0.24 %
XRP	$2.18	-1.09 %
BNB	$879.61	-1.44 %
Solana	$137.31	-3.28 %

Today’s Big Story

Bitcoin Consolidates at $91,000

Crypto markets remained relatively calm heading into the weekend, with Bitcoin holding at around $91,000 as U.S. stocks rallied on Black Friday.

Bitcoin is flat over the past 24 hours after peaking at $92,800 earlier in the day, while ETH is up 0.5% and SOL is down 3.5% over the same period. Meanwhile, XRP is down 1.9% to $2.19.

BTC 24-hour chart

The overall crypto market capitalization decreased by 0.5% to $3.19 trillion, according to Coingecko.

The Top 100 digital assets posted mixed performances over the last 24 hours, led by Quant (QNT), Bitcoin Cash (BCH), and Monero (XMR), which are up 10%, 3%, and 2%, respectively.

Meanwhile, Pi Network (PI), Zcash (ZEC), and Aptos (APT) are today’s biggest losers.

Around 111,000 leveraged traders were liquidated for a total of $289 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $89 million, while ETH positions made up $61 million.

While crypto markets consolidated after a week-long rally, stocks and gold gained ground on Friday. The S&P 500 and Nasdaq climbed 0.5%, while the yellow metal traded above $4200/oz for the first time in two weeks.

yyctrader, degen in chief at The Defiant

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🎬WATCH

Tokenize Everything: Robert Leshner’s Vision for On-Chain Finance

In the latest episode of The Defiant Podcast, Cami sits down with Robert Leshner — the mind behind Compound, and now the founder of Superstate — to discuss why DeFi itself shouldn’t change, but assets will, how tokenized T-bills, basis strategies, and even equities are finally getting institutional traction, and what happens when DeFi becomes the infrastructure powering TradFi.

Pluis. what he’d do differently after Compound’s messy transition to decentralized governance.

Top News in the Past 24 Hours

MegaETH to Refund USDm Pre-Deposits After Multisig Chaos MegaETH announced it will return all funds from its Pre-Deposit Bridge campaign for its USDm stablecoin, after various issues.
Why it matters: Pre-deposit participants expected to be rewarded with MEGA as early supporters; despite the refund, MegaETH said depositor contributions “will not be forgotten.”
Tether CEO Slams S&P Ratings as ‘Propaganda Machine’ After USDT Downgrade Tether CEO Paolo Ardoino fired back at S&P Global Ratings after the agency downgraded USDT’s dollar-peg score to its lowest. Why it matters: The downgrade puts USDT in the same bucket as Justin Sun-linked TrueUSD (TUSD) and Ethena’s USDe, despite being the largest and most-used stablecoin.
RedStone Predicts Tokenized Assets Could Hit $60 Billion in 202 Tokenized real-world assets (RWAs) are expected to reach $50-60 billion in 2026, according to a report by blockchain oracle platform RedStone. Why it matters: Tokenized RWA value has already grown from $5 billion in late 2023 to over $35 billion today.