Author: Haotian
I can already vaguely smell the gunpowder of the X402 racetrack:
1) The Launchpad battle is about to begin. @pingobserver is personally in charge of the c402 Market, which is full of suspense. The goal is to give the $PING token a positive flywheel effect, but this is just the prelude to the battle.
The x420 Dev abandoned its somewhat cumbersome launch method and proactively embraced xEcho, which proposed the "Pay to X" innovative empowerment concept. (@agileadtodark; @memeputer)
It seems that a developer has standardized multiple scenarios such as shopping, NFTs, and transactions through Agent + Pay. There are similar developers like @awenetwork_ai... In short, many differentiated launchapd will emerge, challenging the Bounding Curve again and exploring fair, fun, and practical token issuance methods.
2) The competition in the Facilitator track should not be underestimated. The $PAYAI token migration is underway, the Solana x402 hackathon is in full swing, @star_okx has also entered the x402 track with the xlayer ecosystem, and the Base ecosystem is also expanding globally with Coinbase CDP; @MetisL2 has also introduced GMPayer and integrated ZKP, TEE and other technologies to support agents to make cross-chain self-service payments, and there are many more.
To reiterate, while the barrier to entry for Facilitator is not high, the battle for payment channels in Facilitator is no less intense than the early DeFi aggregator and yield farming battles, which will bring about a booming scene of multiple chains vying to enter the Facilitator market.
3) Providers, acting as the infrastructure builders of the x402 sector, are not usually very visible, but they may well become a key force driving the x402 sector forward thanks to their experience and well-developed resources. @questflow is actively promoting multi-chain x402 Facilitators and has collaborated with Mantle, Xlayer, and others for integration; $dreams once achieved a FDV exceeding 40M and was hailed by the community as the new leader.
There are still many variables, and I don't think the Provider role will be the focus of hype in the near future, but confidence in the x402 track needs to be built by observing what they are doing.
above.
In other aspects, competition in the Scanner field is also fierce. @x402scan is iterating rapidly, and 8004scan has also become compatible with ERC8004. @yq_acc's boss has been consistently advocating for it. While the competition surrounding indexers isn't as intense, it's crucial. As I've said before, in an open x402 track without standards, a new "L2Beat" will emerge in the Scanner field.
I won't go into detail about the Agent application market, but a large number of established Agents, especially those from the @virtuals_io family, are seeking a new lease on life through new payment features. However, a new batch of Utility Agents, particularly those in the GameFi and SocialFi sectors, seems to be brewing something, and we look forward to their rapid emergence, which will open up some space for Agent applications.


Bitcoin (BTC)
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Ethereum (ETH) is down by 9.2%, now changing hands at $3,208. This, along with Lido Staked Ether (STETH), is the highest fall in the category.
Solana (SOL) is in in the second place, having dropped 8.6% to the price of $142.
The smallest fall is 2.3% by Tron (TRX), which now stands at $0.2927.
When it comes to the top 100 coins, only four are green. Among these, Zcash (ZEC) appreciated the most, rising to the price of $507.
Leo Token (LEO) follows with a 2% rise to $9.17.
On the other hand, three coins saw double-digit drops. Story (IP) fell 15%, now trading at $3.34.
It’s followed by Aave (AAVE)’s 13.6% and Hedera (HBAR)’s 10.4% to $185 and $0.1606, respectively.
‘Bitcoin Appears To Be Fighting One Battle After Another’
Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, argues that the “crypto market has been struggling to regain momentum since October’s pandemonium.”
“Bitcoin appears to be fighting one battle after another, dragged down by US dollar strength and higher Treasury yields, long-term holders selling, and macro uncertainty,” he says.
Puckrin finds it “unsettling” to see crypto and tech stocks diverging when they typically move in lockstep. This dynamic shows that BTC “isn’t just a proxy for the Nasdaq.”
Rather, it’s more sensitive to macro headwinds and liquidity concerns and is “perfectly positioned to break out once those concerns dissipate.”
Notably, as the US re-opens and data starts flooding back in, “we may see the BTC price wobble over the coming weeks.”
The real test could be the interest rate decision in the US on 10 December. Still, “it remains likely that the news will be positive, which could set the stage for a Santa rally in crypto and other risk assets,” Puckrin concludes.
Moreover, Dom Harz, co-founder of BOB, commented on institutional involvement in BTC as the coin’s price drops below $100,000.
“Despite recent price movement, 2025 has been the year of institutional investment into digital assets, with institutions now holding over 4 million BTC,” Harz writes in an email commentary.
These institutions are “increasingly looking to store excess cash in DeFi vaults for higher-yield opportunities. These two movements are converging with Bitcoin DeFi; moving the world’s biggest digital asset beyond a store of value and into a yield-generating asset. “
He continues: “As this mainstream appetite for DeFi grows, serious technological advancements are unlocking Bitcoin’s utility. Key players in institutional crypto and Bitcoin DeFi adoption are opening up access to BTCFi, where institutions can leverage yield-bearing opportunities for their BTC holdings. Bitcoin DeFi is poised to be at the forefront of the global financial system – from Wall Street to Main Street.”
Levels & Events to Watch Next
At the time of writing on Friday morning, BTC fell below the $100,000 mark and to the $96,000 level, now standing at $97,033.
The coin has dropped from the intraday high of $103,737 to the low of $96,170. It’s now down 4.7% in a week, 13.7% in a month, and 22.9% from its all-time high.
We may see BTC pull back towards $94,500 and further towards the $90,000 level. A higher plunge could drag it lower. Conversely, if there is a change in course, the coin could climb back above $100,000 and move towards $103,000.Bitcoin Price Chart. Source: TradingView
Ethereum is currently changing hands at $3,208. It plunged from today’s high of $3,545 to the currently lowest point of $3,126.
Over this past week, it has been trading between $3,172 and $3,633. ETH is down 4.3% in a day, 22.2% in a month, and 35.1% from its ATH.
ETH may continue dropping today and over the next few days. Should that happen, it could retreat below the $3,000 level – far from the near-$5,000 zone where it stood just weeks ago. If there is a market rebound, the coin could return to the $3,500 territory and potentially $3,650.
Ethereum (ETH)
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Meanwhile, the crypto market sentiment has decreased again, holding firmly to the fear zone and moving to extreme fear. The crypto fear and greed index fell from 25 yesterday to 22 today.
Some investors are selling assets, driven by fear and worry over the continuously falling prices. If the market continues to ride this instability, it may decline further.
However, if assets are oversold, as high fear can sometimes indicate, the market could potentially see a rebound. Undervalued prices could also present a potential buying opportunity.Source: CoinMarketCap
ETFs See Significant Outflows
On Thursday, the US BTC spot exchange-traded funds (ETFs) recorded $869.86 million in outflows, the highest since February 2025 and the second-highest on record. The total net inflow is back down to $60.21 billion, but it still stands above $60 billion.
Ten of the 12 BTC ETFs recorded negative flows, and there were no positive flows. Grayscale let go of $256.64 million. It’s followed by BlackRock’s $256.64 million. One more triple-digit is $119.93 million by Fidelity.Source: SoSoValue
At the same time, the US ETH ETFs continued their outflow streak, recording another $259.72 million leaving on 13 November. The total net inflow pulled back to $13.31 billion.
Five of the nine funds recorded outflows. There were no positive flows. BlackRock is the reddest among these, letting go of $137.31 million. Grayscale follows with $67.91 in outflows.Source: SoSoValue
Meanwhile, Canary Capital’s XRPC, the first US spot exchange-traded fund offering direct exposure to XRP, made its debut on Thursday with $58 million in trading volume.
Such notable opening performance indicates that there is a rising institutional appetite for exposure to other major assets, besides BTC and ETH.
Quick FAQ
Why did crypto move against stocks today?
The crypto market has decreased again over the past day, and the stock market closed sharply lower on Thursday, dragged by technology shares. By the closing time on 13 November, the S&P 500 was down by 1.66%, the Nasdaq-100 decreased by 2.05%, and the Dow Jones Industrial Average fell by 1.65%.
Is this drop sustainable?
The market may see an extended downturn over the next few days as investors’ worries persist. However, should there be macroeconomic and/or geopolitical signals that would ease these concerns and reassure investors, the market could see a rebound.
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