Grayscale’s Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are set to begin trading Monday, debuting at a time when both tokens are on track for their weakest monthly performance since February. Market sentiment remains broadly negative, with the CoinDesk 20 Index (CD20) down 23% since the start of November.
That weakness is also visible in ETF flows. U.S. spot bitcoin products have seen $3.55 billion in net outflows this month — just shy of the $3.56 billion record set in February. Another round of withdrawals could push outflows to new highs.
Meanwhile, bitcoin miner CleanSpark (CLSK) is scheduled to report its fiscal fourth-quarter earnings on Tuesday. Rival miners have already delivered upbeat results: Riot Platforms (RIOT) posted unexpected profit and record revenue, and Iren (IREN) reported record financials as it accelerates its push into artificial intelligence.
Key Events to Watch
Crypto Sector
- Nov. 24: Monad’s public mainnet goes live along with its native token MON.
- Nov. 24: Grayscale’s new spot crypto ETFs — GDOG and GXRP — are expected to list on NYSE Arca.
- Nov. 25: Digital-asset treasury firm KR1 Plc begins trading on the London Stock Exchange’s main market, ticker 0A9X, after migrating from AQSE.
- Nov. 26: Launch of CTC-1, the first satellite constellation using the Spacecoin (SPACE) protocol, from Vandenberg Space Force Base.
Macro Data Releases
- Nov. 25, 7 a.m.: Mexico September retail sales (YoY prev. 2.4%, MoM prev. 0.6%).
- Nov. 25, 8:15 a.m.: ADP weekly employment change (prev. -2.5K).
- Nov. 25, 8:30 a.m.: U.S. September PPI — headline YoY est. 2.7%, MoM est. 0.3%; core YoY prev. 2.8%, MoM prev. -0.1%.
- Nov. 25, 8:30 a.m.: U.S. September retail sales YoY prev. 5%, MoM est. 0.4%.
- Nov. 26, 8:30 a.m.: U.S. September durable goods orders MoM est. 0.3%.
- Nov. 26, 8:30 a.m.: U.S. initial and continuing jobless claims (prev. 220K and 1,974K).
- Nov. 28, 7 a.m.: Brazil October unemployment (prev. 5.6%).
- Nov. 28, 7 a.m.: Mexico October unemployment (prev. 3%).
- Nov. 28, 8:30 a.m.: Canada Q3 GDP — annualized (prev. -1.6%), QoQ (prev. -0.4%).
Earnings
- Nov. 25 (post-market): CleanSpark (CLSK) reports quarterly results.
DAO Governance, Token Unlocks & Launches
Governance Votes
- Moonwell DAO: Voting to use ~$5.25M in reserves (USDC, cbBTC) to cover bad debt and redirect future revenue toward repayment, prioritizing cbXRP and VIRTUAL. Ends Nov. 24.
- ZKsync DAO: Proposal to shorten token program proposal timelines — voting delay cut from seven days to three, late-quorum extension reduced from seven to two days. Ends Nov. 24.
- Aave DAO: November funding proposal to consolidate treasury assets on Ethereum and acquire 8M GHO for operations and audits. Ends Nov. 24.
- CoW DAO: Proposal to raise the revenue cap for partner incentives to 5% and increase the partner fee split to 75%. Ends Nov. 26.
- Arbitrum DAO: Voting to reconfirm John Kennedy and Tim Chang to the 2026 AGV Council. Ends Nov. 27.
- Lightchain.AI: Considering delaying its mainnet launch by up to six months after a key developer departed, leaving the consensus layer incomplete. Ends Nov. 27.
- The Graph Council: Proposal to introduce a Rewards Eligibility Oracle (REO) to tie indexer rewards to service quality and uptime. Ends Nov. 30.
Token Unlocks
- Nov. 24: XPL unlocks 4.74% of circulating supply (~$17.81M).
- Nov. 28: JUP unlocks 1.69% (~$12.39M).
- Nov. 29: HYPE unlocks 2.68% (~$318.92M).
- Nov. 30: KMNO unlocks 5.65% (~$10.59M).
Token Launches
- Nov. 24: MON (Monad) begins trading on major exchanges including Kraken and Bitrue as mainnet launches.
- Nov. 24: SOLV goes live on Solana in partnership with Jupiter.
- Nov. 30: Deadline for Centrifuge token migration.
