Bitcoin News Today: Tether's Gold Grab Shatters Crypto Safe-Haven Myth

Bitcoin (BTC) and Ethereum (ETH) continued their November freefall, dropping 21% and 26%, respectively, as the crypto market grappled with sustained bearish pressure. Meanwhile, gold prices hit a record $4,080 per ounce, fueled by Tether's aggressive accumulation of 116 tons of bullion-rivaling the reserves of smaller central banks. This divergence has dismantled the long-held narrative that cryptocurrencies serve as a digital safe haven during market turmoil.

Leverage Shares, a European ETF provider, announced plans to launch 3x leveraged and inverse Bitcoin and Ethereum exchange-traded products (ETPs) on the Switzerland-based SIX Exchange next week. The move underscores growing institutional interest in crypto derivatives despite the market's volatility. However, analysts caution that such products could exacerbate losses during sharp price swings, with Eric Balchunas of Bloomberg noting the timing is "either really good or really bad" depending on your POV.

The crypto pessimism is palpable. Coindesk's Bitcoin Greed & Fear Index hit "extreme pessimism" levels in late October 2025, while BitMine Immersion's CEO, Thomas Lee, attributed the selloff to a historic liquidity shock akin to the 2022 FTX collapse. Despite this, BitMine-now the first major crypto firm to declare a dividend-remains bullish, predicting a V-shaped recovery akin to past market cycles.

Bitcoin ETF flows reflected the turmoil. U.S. spot Bitcoin ETFs recorded a $1.216 billion net outflow this week, though a $238 million net inflow on November 21 signaled a tentative rebound https://coinfomania.com/bitcoin-etf-inflows-fbtc-grayscale-mini-surge/. Fidelity's FBTC led the recovery with $108 million in inflows, while Grayscale's mini-trust (GSTB) added $84.93 million https://coinfomania.com/bitcoin-etf-inflows-fbtc-grayscale-mini-surge/. Total ETF assets stabilized near $110 billion, with holdings exceeding 1.05 million BTC-nearly half the total supplyhttps://coinfomania.com/bitcoin-etf-inflows-fbtc-grayscale-mini-surge/.

Tether's gold strategy has emerged as a wildcard. The stablecoin giant, which controls $12.9 billion in gold reserves, has become a major force in the physical gold market. By investing in gold royalty companies and hiring ex-HSBC traders, Tether is building a "borderless central bank" model, pairing U.S. Treasury profits with hard assetshttps://coinlaw.io/tether-gold-holdings-116-tons-market-impact/. Jefferies analysts argue this strategy has tightened gold supply and amplified the 50% rally this year.

The market's bifurcation highlights shifting investor priorities. While crypto's volatility deters safe-haven status, Tether's gold bets and central banks' de-dollarization efforts are reshaping bullion demand. Meanwhile, leveraged crypto products and ETFs remain double-edged swords, offering amplified exposure but heightening systemic risks in a fragile market.

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