Cryptocurrency markets are once again in the spotlight this week as a cascade of major token unlocks, volatile price swings, and eye-catching mishaps test investor nerves and market infrastructure alike. With tokens like LayerZero (ZRO), YZY, ZKsync (ZK), KAITO, and ApeCoin (APE) all scheduled for significant unlock events, and with both Bitcoin and Ether facing fresh turbulence, the digital asset world is bracing for a potentially pivotal stretch.
According to the latest reports, the week of November 17, 2025, is set to see a series of large-scale token unlocks. LayerZero (ZRO) will unlock about 25.71 million tokens—representing 7.29% of its current circulation—at 7 PM on November 20, with an estimated value of $38.3 million. Just a day prior, YZY will release 37.5 million tokens (12.5% of its supply), valued at $14.1 million. ZKsync (ZK) leads the pack with a massive unlock of 173 million tokens at 4 PM on November 17, accounting for 3.37% of circulation and valued at $9 million. KAITO and ApeCoin (APE) are also in the mix, unlocking 8.35 million ($6.4 million) and 15.6 million ($5.5 million) tokens, respectively, over the next few days.
These scheduled unlocks have market watchers on edge, as sudden increases in circulating supply can put downward pressure on token prices and trigger broader volatility. This nervousness is compounded by recent price action in the market’s largest coins. On November 16, Ether (ETH) dipped below $3,100 for the first time since November 4, falling 3.4% in just 24 hours, according to CoinDesk data. Timothy Peterson, investment manager at Cane Island Alternative Advisors, noted, “Ether ETFs saw net outflows totaling roughly 7% of cost-basis capital over the past five weeks.” By contrast, bitcoin ETFs saw about 4% withdrawn over the same period, which Peterson argues reflects a perception among investors that “ether is the riskier asset compared to bitcoin.”
Cost-basis capital, Peterson explained, is the original amount of money committed to an ETF, separate from gains or losses after purchase. When withdrawals rise as a share of this base, it’s often interpreted as “an erosion of conviction among established holders rather than short-term positioning changes.” Traders are now watching closely to see if ether’s ETF outflows will ease or persist in the coming weeks, especially after the coin’s dip below a key psychological level.
Bitcoin itself wasn’t immune to drama. On November 17, the price of BTC plunged to $92,976, triggering a wave of liquidations across the market. In just four hours, $127 million in positions—mostly long bets—were wiped out, according to Bitget’s liquidation map. The main liquidation cluster for BTC is currently between $94,000 and $96,000, with prices fluctuating near the $95,258 mark. Despite these jitters, BTC spot inflows totaled $396 million over the past 24 hours, with outflows at $410 million, resulting in a net inflow of $14 million. Analysts at Greeks.live said, “This week could see a rebound, though market panic remains; all eyes are on Bitcoin’s key $90,000 support level.”
Macro factors are also adding to the uncertainty. The Nikkei 225 index dropped below 50,000 on November 17, down 0.78% for the day, highlighting global market fragility. Raoul Pal, CEO of RealVision, warned, “The Fed may be forced to take measures this week to avert a potential funding crunch at month-end or year-end.” Tom Lee, a well-known market strategist, added that it may take “6-8 weeks for the market to address balance sheet gaps among market makers.”
Meanwhile, the broader crypto ecosystem is showing signs of both stress and resilience. Only four decentralized finance (DeFi) protocols now boast a total value locked (TVL) above $10 billion, signaling ongoing consolidation in the sector. The Fear & Greed Index, a popular sentiment gauge, rose to 14 but still signals “Extreme Fear.”
There’s no shortage of unusual events either. In one of the week’s more dramatic mishaps, a dormant Cardano wallet executed a trade that resulted in a $6 million loss due to extreme slippage. The wallet swapped 14.4 million ADA for just 847,695 USDA stablecoins, causing the stablecoin’s price to spike temporarily. As reported, “The incident highlights the risks of trading large amounts in illiquid markets without slippage checks.”
Other notable developments include Qian Zhimin, convicted in a 60,000 BTC money laundering case, reportedly still holding XRP. Media outlets recall that he predicted in 2017 that BTC would reach $40,000–$55,000 by 2021—a forecast that proved prescient. On the regulatory and geopolitical front, Baisente reported that a US-China rare earth deal may be reached before Thanksgiving, potentially impacting both commodities and crypto markets.
Project-specific news continues to roll in. Messari’s Q3 report on Filecoin showed utilization up to 36%, though capacity dropped to 3.0 EiB. Michael Saylor, a prominent Bitcoin advocate, announced a new Bitcoin Tracker update, which could signal further BTC acquisitions. On the Ethereum front, an ICO wallet dormant for over 10 years transferred out 200 ETH (worth $625,000), and a pre-mine address dormant for more than a decade was reactivated, involving 1,000 ETH. Circle minted 750 million USDC on the Solana network in the past 24 hours, underscoring the continued growth of stablecoins and cross-chain activity.
Cardone Capital made headlines with the purchase of 888 BTC for its “Bitcoin-Real Estate Hybrid Project,” highlighting the growing intersection between digital assets and traditional real estate. Meanwhile, Bitcoin briefly dropped below $93,000—its lowest since May—fueling speculation about whether the market is setting up for another rebound. Over the past week, Ethereum’s net supply increased by 18,262 ETH, with 18,904 ETH added and 642 ETH burned.
Adding to the technical intrigue, Bitcoin just experienced its fourth “Death Cross” of this cycle—a chart pattern where a short-term moving average falls below a long-term one. Interestingly, the previous three “Death Crosses” were seen as excellent buying opportunities, suggesting that some investors may view the current dip as a chance to accumulate.
On November 16, Coinbase Prime saw a significant outflow of 67,600 SOL (valued at $9.43 million), further illustrating the scale and speed of institutional crypto flows. In the world of protocol infrastructure, GoPlus Security’s Token Security API averaged 717 million monthly calls in 2025, with total blockchain-level requests averaging an additional 350 million per month. Since its January 2025 launch, the $GPS token has registered over $5 billion in total spot volume and $10 billion in derivatives volume, with the GoPlus App and SafeToken Protocol as primary revenue drivers.
As the week unfolds, traders, investors, and analysts will be watching closely to see how these major unlocks, volatile price moves, and emerging trends play out. With so much at stake, the digital asset market’s next moves could set the tone for the remainder of the year.
For now, the only certainty is that the crypto world remains as unpredictable—and as fascinating—as ever.