Ecosystem Update November 2025
We are pleased to share the November 2025 Ecosystem Update, covering developments across the macro environment, market performance, broader industry landscape, as well as the ecosystem development of Advanced Blockchain.
Macro Overview
The total crypto market capitalization declined steadily through November, falling from around $3.7 trillion at the beginning of the month to roughly $3.1 million toward the end. The downturn began early in the month as corporate crypto treasuries came under pressure. The market correction sharply reduced the dollar value of crypto held on company balance sheets, prompting some firms to reduce exposure or pause accumulation. This created an environment where institutional and corporate demand softened at the exact moment the market turned risk-off, contributing to the initial decline from November 1 to November 10.
The middle of the month saw the most intense drop, driven mainly by large-scale leveraged liquidations. As Bitcoin fell sharply, more than half a billion dollars’ worth of long positions were liquidated across centralized exchanges, triggering a cascade of forced selling. This liquidation wave created outsized volatility in both BTC and altcoins, pushing the market cap down from approximately $3.4 trillion to around $3.0 trillion within days. The data suggests that leverage, rather than spot selling, was the largest single accelerant of the mid-November drawdown.
Toward the end of the month, U.S. Bitcoin ETFs were not acting as a safety net but as an additional headwind: instead of attracting new capital, they recorded net outflows of about $903M near the end of the month. That means institutional and ETF-wrapper investors were, on balance, withdrawing exposure rather than providing fresh demand into weakness. In other words, one of the key “structural buyers” of 2024–2025 turned into a marginal seller, reinforcing the risk-off tone instead of offsetting it.
Overall, November’s decline can be understood as a combination of weakened institutional demand, mechanical deleveraging, and moderate ETF inflows that softened—but did not overcome—selling pressure. The total market cap chart reflects these phases clearly: a gentle early-month slide, a sharp mid-month drop triggered by liquidations, and a late-month stabilization supported by continued, albeit modest, ETF inflows.
Expanding Presence of Crypto in the Capital Markets
Consensys, the Ethereum software company behind MetaMask, is preparing for a stock-market debut and has selected JPMorgan and Goldman Sachs to lead what is expected to be one of the largest Ethereum-native IPOs, underscoring how core infrastructure builders—not just exchanges—are moving into public equity markets. This comes on top of a growing roster of crypto listings in 2025: major offerings such as Circle, Bullish, Galaxy Digital and Gemini are highlighted among the year’s biggest crypto IPOs, with Bullish alone raising over $1.1 billion on its U.S. debut. In aggregate, four of the 173 new U.S. listings this year have been crypto companies, and crypto asset managers such as Grayscale have filed for U.S. IPOs as well. Analysts note that AI and crypto firms dominate the best-performing IPO cohort in 2025, reinforcing investor appetite for digital-asset businesses and signaling that crypto companies—from exchanges and stablecoin issuers to infrastructure and asset-management platforms—are increasingly seen as mainstream public-equity plays, which in turn creates a more receptive environment for upcoming listings like Consensys.
On November 13, 21Shares launched the first ever U.S.-registered crypto-market index ETF under the Investment Company Act of 1940. The new funds - the 21Shares FTSE Crypto 10 Index ETF (ticker TTOP) and the 21Shares FTSE Crypto 10 ex‑BTC Index ETF (ticker TXBC) - give investors diversified exposure to the top 10 cryptocurrencies, expanding the coverage of crypto ETFs beyond BTC, ETH and SOL. According to 21Shares, the ETFs allow investors to access digital-asset exposure via a regulated, familiar structure — no need to manage wallets or custody — and thus bridge crypto and traditional finance.
Rapid Maturation of Prediction Markets - Established Giants Kalshi and Polymarket
Kalshi has raised a massive US$1 billion round at an US$11 billion valuation—just weeks after a prior US$300 million raise at US$5 billion—reflecting explosive investor confidence in the company and the broader prediction-market sector. Backed by top-tier firms including Sequoia, CapitalG, a16z, Paradigm and Anthos, Kalshi offers Commodity Futures Trading Commission(CFTC)-regulated markets where users trade contracts on real-world events ranging from politics and macroeconomic indicators to entertainment outcomes, positioning itself as a compliant, derivatives-style platform rather than a gambling product. The scale of this raise, combined with competitive pressure from fast-growing rivals like Polymarket - which is also racing toward a multi-billion-dollar valuation - highlights how prediction markets have rapidly matured into a serious fintech vertical attracting institutional capital, regulatory legitimacy, and mainstream adoption.
Political Shifts Increasingly Shape Crypto Market Expectations
Kevin Hassett - former head of the White House National Economic Council and a known “crypto super-bull” - has become the leading contender to replace Jerome Powell as U.S. Federal Reserve Chair in 2026, a development that has stirred both enthusiasm in crypto markets and conflict-of-interest concerns due to his prior advisory role with Coinbase. Hassett is widely viewed as dovish on monetary policy, arguing that the Fed has tightened too aggressively and signaling support for deeper rate cuts, a stance that could create a more liquidity-rich, risk-asset-friendly environment if he ultimately leads the central bank. His candidacy thus carries broader implications: a Hassett-led Fed could indirectly boost crypto valuations through easier monetary conditions, while his familiarity with digital-asset businesses may result in a more knowledgeable and potentially more constructive regulatory posture. Overall, the episode illustrates how macro-political developments - previously detached from crypto - are now tightly linked to digital-asset sentiment and investor expectations, with the race for Fed Chair itself becoming a catalyst for crypto-market narratives.
Group Update
During the month of November 2025, our team worked intensively on various topics, from developing the comprehensive financial plan for the new group strategy to further monetizing group assets and attending the Deutsches Eigenkapitalforum as well as the Bybit & DMCC Demo Day, among other key operational topics.
Broken down in detail:
Our team attended the Deutsches Eigenkapitalforum where they met potential new investors and partners. The presentation covered topics, such as recent regulatory development, key portfolio highlights, presentation of ABAG 2.0 and financial forecast of new business activities as well as recap of key financial numbers. Internally we maintain a comprehensive financial forecast for the different pillars, for simplicity and clarity we presented only the key highlights during the conference. The presentation can be viewed here.
Furthermore, we were invited by the DMCC Crypto Centre - where our subsidiary AB Labs DMCC is domiciled - to participate in a demo-day event in collaboration with Bybit. During the event, our team met not only industry builders but also potential accelerator program partners.
Our team continued its work on preparing the planning and workflow for our consulting pillar, given that it is the leanest pillar, allowing us to deliver fast and tangible results. Furthermore, communication with several potential partners for our accelerator initiative planned for next year has already been initiated.
At the group structure level, the liquidation of AB Labs FZCO and Finpro GmbH have finally been completed. Additional dormant entities are planned to be liquidated in order to further optimize the group structure.
Several follow-ups on ongoing legal cases in alignment with our legal consultants have been carried out. Due to the confidentiality of these proceedings, no further details can be shared in the time being.
Furthermore, a revamp of the company’s website is currently underway to reflect the new group strategy and present its core components in a more streamlined manner.
Lastly, we have been coordinating and planning the new slot for the postponed annual shareholder meeting. The respective page on our website will be updated once all details have been finalized.
Portfolio Update
Polymer: Polymer supports Monad since day 1 of its mainnet launch, enabling the interoperability between Monad and other chains. Polymer also crossed an important milestone of processing $1 billion of cross-chain transactions after 3 months of going live with their API.
Talisman: Talisman user base has been evolving, particularly becoming now the leading wallet in the Bittensor ecosystem. Furthermore, Talisman launched its own subnet - SN45, built in partnership with one of the largest and most respected validators in the Bittensor network.
Talisman Initial DEX Offering (IDO) on ChainGPT is commencing on the 4th of December 2025.
Peaq
In November, peaq successfully launched the world’s first robot farm with Dualmint. With 12 harvests a year, this robofarm provides greens to local supermarkets, while token holders can enjoy a fixed 18% yield from sold salads.
In addition to robofarm operation, peaq also expanded its ecosystem by onboarding Homebrew robotics, an open-source robotics ecosystem anyone can join.
Panoptic: Panoptic team is fully focused on concluding V2, an improved version of the protocol, especially after the recently announced vulnerability. Further details on Panoptic recent developments can be accessed via their November newsletter.
XMAQUINA: The DAO’s recent proposal to invest in 1X Technologies, a Norwegian–American robotics company focused on developing general-purpose humanoid robots, has passed, resulting in the purchase of 200 common shares at a price of $800,000. Read further details on 1X Technologies via following link: https://dao.xmaquina.io/web2/1x-technologies.
zCloak Network
November is a huge month for zCloak Network. zCloak network announced in the beginning of November that they are the first crypto wallet to be fully integrated into ChatGPT and Claude. Users now can ask AI chatbots to initiate a transaction, without the need to navigate through complicated wallet operations. After this announcement, zCloak Network welcomed a huge round of 14 partnerships, including big names such as IOTA. Their development breakthrough is also covered by Internet Computer (ICP), the blockchain powering zCloak Network.
Silencio
The BlockSound Foundation, issuer of the $SLC token and governance body for the Silencio Network ecosystem, has been recognized as compliant under the EU’s Markets in Crypto-Assets Regulation (MiCA). This milestone positions $SLC among the first decentralized data tokens to meet MiCA standards, ensuring full alignment with EU regulations on issuance, governance, and consumer protection. With compliance in place: $SLC can be offered, traded, and held across all EU member states under a unified legal framework; Exchanges and custodians can integrate $SLC with regulatory certainty; Institutional participants can engage with Silencio’s decentralized data economy with confidence.
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Closing Remarks
November was not a big month for the crypto industry. The industry witnessed the strong rise of Kalshi, signaling the upside of the prediction market vertical. The financial market continued to embrace crypto via new altcoin ETFs and the potential listing of crypto companies in stock exchanges. Despite all these good news, the overall market saw a constant decline in November, accompanying ETF outflows and token price correction.
Amidst such gloomy atmosphere, ABAG continued to expand its network by participating in events such as Deutsches Eigenkapitalforum and Web3 Unleashed Demo Day by Bybit. The team had good communication with industry partners as well as potential accelerator collaborators.
ABAG’s portfolio companies are making steady progress. Projects such as peaq, zCloak, Talisman, Polymer, XMAQUINA and Panoptic advanced materially, with zCloak showcasing a technological breakthrough attracting a full array of partnerships. Overall, the group remains focused on execution of the new strategy step by step while maintaining the operational and legal workflow.
We thank our shareholders and partners for their continued support and look forward to sharing further progress in the coming months.
Best regards,
Your Advanced Blockchain Team
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