On November 13, 2025, Metallicus published a major roadmap update titled “Locking in to 2025,” outlining significant developments across the XPR Network and Metal X ecosystem. The update introduces several groundbreaking features scheduled for release throughout 2025, positioning Metallicus as a leader in bridging traditional finance with blockchain technology.
Fiat On-Ramp Integration in WebAuth is now in development, enabling users in the U.S., Australia, and New Zealand to purchase crypto directly within WebAuth using debit or credit cards without third-party platforms. This proprietary fiat gateway offers low fees and high acceptance rates, streamlining the transition from traditional finance to XPR Network.
A Portfolio View feature will provide users with a unified, real-time dashboard displaying tokens, NFTs, and multiple chains within WebAuth. Additionally, a custom-trained AI assistant is coming to WebAuth, allowing users to ask questions about trades, DeFi protocols, Metallicus products, and crypto trends directly within their wallet.
Futures trading and leveraged trading on Metal X is also on the roadmap, expanding the platform’s capabilities for sophisticated traders. The team announced the launch of Metal L2, connecting the Optimism Superchain to The Digital Banking Network (TDBN), with plans to bring Metal Dollar and Metal X to more chains within the Superchain in 2025.
Metal X Pro will feature an AI trading assistant that enables users to place trades, deposit to lending markets, and navigate exchange functions with AI support. Marshall Hayner, CEO of Metallicus, confirmed that the framework to facilitate LLM queries using XPR as payment has already been established and will continue advancing throughout 2025.
Canary Capital’s XRPC ETF launched on Nasdaq on November 13, 2025, recording the highest first-day trading volume of any ETF launched in 2025 across more than 900 fund launches. The fund posted $58 million in day-one trading volume and attracted nearly $250 million in inflows, making it the largest crypto ETF debut of the year.
The XRPC ETF narrowly edged out Bitwise’s Solana ETF (BSOL), which logged $57 million on its first day, with the third-place ETF trailing by over $20 million. Bloomberg ETF analyst Eric Balchunas confirmed that XRPC’s debut showcased unprecedented institutional demand for XRP exposure through regulated investment vehicles.
“XRP is one of the most established and widely used digital assets in the world. Accessibility to XRP through an ETF will enable the next wave of adoption and growth in a critical blockchain system,” stated Steven McClurg, CEO of Canary Capital. The XRP Ledger (XRPL) was designed to make transferring money as easy as sending an email, settling transactions in seconds with minimal fees.
Following the ETF launch, XRP’s price surged 3% over 24 hours to $2.40, with a weekly increase of 7%, showing positive momentum despite a downturn in the broader crypto market. JPMorgan analysts estimate a spot XRP product could attract up to $8 billion in inflows, with some forecasters seeing a path toward $5 by late 2026 if ETF-driven inflows and liquidity hold.
On November 10, DTCC listed five spot XRP ETFs in the pre-launch stage, including products from Bitwise, Franklin Templeton, 21Shares, and CoinShares, signaling a wave of institutional XRP products coming to market.
Bitcoin crashed below $90,000 on November 18, 2025, marking its lowest level in seven months and officially erasing all gains made since the start of 2025. Trading at $89,812 at one point, Bitcoin fell 28.6% from its all-time high of $126,080 reached just six weeks earlier on October 9.
The Crypto Fear and Greed Index plummeted to 11 (Extreme Fear) on November 18, down from 14 the previous day, marking its lowest level since February 2025. Bitcoin formed a death cross pattern on the daily chart as the 50-day EMA crossed below the 200-day EMA, reinforcing negative market sentiment.
Total liquidations reached $1.01 billion in 24 hours on November 18, with $718 million coming from long liquidations as leveraged traders were forced to close positions. This follows the massive $20 billion in liquidations experienced in October during the flash crash, which left investor confidence rattled.
Bitcoin and Ethereum ETFs experienced a combined $2 billion in outflows for the third consecutive week, with institutional demand remaining muted. US-listed Bitcoin ETFs recorded approximately $255 million in outflows on Monday, November 17, bringing cumulative net inflow volume to $58.6 billion. Ethereum ETFs faced prolonged outflows of nearly $183 million on the same day.
Stablecoin reserves across exchanges dropped to $85 billion on November 18, continuing a downtrend since November 10 when reserves peaked at $89 billion. Falling stablecoin balances signal reduced capital available for immediate crypto purchases, dampening chances of a short-term recovery.
Standard Chartered analyst Geoffrey Kendrick stated that Bitcoin’s sell-off is likely “complete,” with a rally into year-end still in his base case scenario. However, economist Peter Schiff forecasted that losses for crypto investors could exceed those of the dot-com bubble collapse.
The Solana ETF market exploded during the week of November 17-19, with three major asset managers launching competing spot Solana ETFs, bringing the total number of spot Solana ETFs to five.
VanEck launched the VanEck Solana ETF (VSOL) on November 18, offering investors exposure to SOL and staking rewards. To attract early inflows, VanEck is waiving its 0.30% sponsor fee for the first $1 billion in assets or until February 17, 2026, whichever comes first. The staking service provider is also waiving its fee during the same period.
Fidelity Investments, one of the world’s largest asset managers with $6.4 trillion in AUM, launched the Fidelity Solana ETF (FSOL) on November 19 with a 0.25% management fee. Bloomberg analyst Eric Balchunas confirmed that Fidelity is “easily the biggest asset manager in this category with BlackRock sitting out”.
Canary Capital also launched its Canary Marinade Solana ETF (SOLC) on November 19 with a 0.50% management fee, becoming the fifth spot Solana ETF in the U.S. market. The fund is listed on Nasdaq and collaborates with Marinade Finance for staking services.
Bitwise’s Solana Staking ETF (BSOL), which launched in October, has already attracted $417 million to $450 million in assets, offering a 7.1% staking reward and establishing a strong early lead. The fund’s success prompted competing asset managers to accelerate their launches.
Meanwhile, REX-Osprey’s earlier Solana + Staking ETF (SSK) saw its assets under management decline from $450 million to $200 million as Bitwise captured most of the market’s interest with its superior staking structure. Solana rallied 6% following the Fidelity launch announcement, though it remains down 25.6% year-to-date, trading around $140.
VanEck Director of Digital Assets Product Kyle DaCruz stated: “Solana has quickly emerged as a leading proof-of-stake network, offering speed, scalability, and efficiency that continue to attract developers and real-world use cases”.
Bloomberg analyst Eric Balchunas predicts Grayscale will launch the first Dogecoin ETF by November 24, 2025, under the ticker GDOG. Grayscale filed an S-1 registration statement for the Dogecoin Trust on August 15 and a 19b-4 application with NYSE Arca on January 31, using the traditional SEC approval route. This contrasts with REX-Osprey’s DOJE ETF, which began trading on September 18 using a faster Investment Company Act of 1940 structure. DOGE currently has a market cap of $24.2 billion, making it the 10th largest cryptocurrency.
The total cryptocurrency market capitalization fell below $3 trillion, down from the October peak above $4 trillion. Ethereum dropped below $3,000 to $2,966, capping a brutal 17% slide over the past week. XRP is trading around $2.18, Solana at $140, and Dogecoin faces continued pressure amid broader market weakness.
Investors are now awaiting key catalysts including Nvidia’s quarterly earnings on November 20 and the FOMC minutes from the Federal Reserve’s November 12-13 meeting, which could determine the near-term direction of both equity and crypto markets.
