Stacy in Dataland (´⊙~⊙`)

November set a new ATH for Base, with 452.9 million monthly transactions.

BNB Chain remains the top network by active addresses for the fourth straight month, reaching 57.6M users. Solana and Near follow with 43.7M and 42.1M respectively, while Polygon is gaining momentum boosted by Polymarket’s strong performance.

November 2025 turned into Bitcoin’s second-worst month in the past three years. The 16.5% drop reflects fading market confidence and a clear lack of bullish momentum, potentially hinting at the early stages of a bearish shift.

x402 activity on Solana is rapidly catching up to Base. A month ago, nearly 100% of transactions were happening on Base, but this week Solana is nearing a 50/50 split and has handled roughly 95% of dollar volume over the past few days.

A few months back, everyone was watching ICM and the rise of AI-agent plays. It still feels like that’s where the market is heading, but token performance hasn’t caught up to the narrative yet. So far this year, privacy tokens are the only sector firmly in the green.

For a long time, Polymarket and Kalshi dominated the prediction market space, but recent notional volume data signals a shift. Opinion is now pulling ahead and starting to capture the majority of activity.

Since new players entered the market, the median spread in the Timeboost Auction has dropped below $5 — roughly a 70% reduction. Selini Capital and Wintermute no longer dominate, and the rising competition is shaping a more balanced and efficient market.

Tokenized RWA has reached $36.1B across more than 554K holders. Private Credit leads with $18.8B, followed by U.S. Treasuries at $9.2B — together making up roughly 78% of the market. The shift shows traditional financial products steadily moving on-chain, offering real cash-flow assets with blockchain-level efficiency.

In October 2025, edgeX hit an ATH in monthly perp volume with $137.9B traded across just over 100 pairs. Major assets like BTC and ETH offer leverage up to 100x, while long-tail tokens trade with up to 5x.

XRP futures open interest dropped from 1.7B XRP to 0.7B XRP — roughly a 59% flush-out. With funding rates sliding from ~0.01% to 0.001%, October 10 marked a clear slowdown in speculators’ appetite for aggressive upside bets.

November recorded the highest amount raised in token sales in the past two years. Investor interest in new launches is clearly heating up again.

New insights in the first winter weekly research ❄️ General ➖ CoinShares: Digital asset bi-weekly digest - December 2nd 2025 ➖ Binance: Weekly: Markets Find Relief on Shifting Rate Expectations ➖ Galaxy: Weekly Top Stories - 11/28/25 Market ➖ CoinShares: The Talk - November 27th, 2025 ➖ CoinShares: Market update - November 28th, 2025 ➖ CoinShares: Digital asset fund flows | December 1st, 2025 ➖ CoinShares: Equities update | December 1st 2025 ➖ Glassnode: BTC Market Pulse: Week 49 ➖ Glassnode: Fasanara Digital + Glassnode: Q4 2025 Institutional Market Perspectives ➖ Galaxy: Saylor Buys Dollars for Post-Thanksgiving Treat DeFi ➖ CoinGecko: DEX to CEX Volume Ratios Reach New Highs in 2025 ➖ The Defiant: DeFi's Secret Tax Isn't Gas Fees—It's Your Time ➖ Galaxy: Leverage Unwinds and Liquidity Tightens Across Crypto Blockchains & networks ➖ 4pillars: From Platform to Infrastructure: IOTA’s Trade Revolution ➖ 4pillars: Gradient: An Open Intelligence Stack for Scalable AI Innovation ➖ 4pillars: ZK-101: The Hitchhiker's Guide to the ZK Galaxy ➖Crypto.com: Ethereum Fusaka Upgrade ➖ Cointelegraph: Eclipse brings Solana's parallel runtime to Ethereum