Crypto Market Analysis: Filecoin, ZEC, BTC, ETH, and Token Unlocks

Filecoin Q3 2025 Performance

According to Messari's report, Filecoin saw network utilization rise to 36%, while total capacity decreased to 3.0 EiB. Network fees increased by 14% to $793k, with penalties accounting for 99.5%. The v27 "Golden Week" upgrade removed old sector methods, making base and batch fees near zero. Active storage decreased slightly by 1% to 1,110 PiB, and daily average transaction volume decreased by 19%. The number of live real datasets increased to 2,491, with 925 exceeding 1,000 TiB. FVM token activity remained roughly stable in FIL terms; DeFi TVL decreased by 8.4% to around $27 million; and USDFC circulation decreased by 8.5% to around $275k. The Filecoin Foundation and GSR Foundation are collaborating to promote cultural and scientific data storage.

Upbit and Bithumb Trading Volumes Decline

According to The Korea Times, Korean crypto exchanges experienced a decline in trading volumes due to market weakness, impacting profits. Upbit saw a 180% increase in operating profit to KRW 235.3 billion, revenue of KRW 385.9 billion, and a net profit of KRW 239 billion. Bithumb recorded operating profit of KRW 70.1 billion, revenue of KRW 196 billion, and a net profit of KRW 105.4 billion. Bitcoin has fallen approximately 25% from its October high, and the daily average trading volume of Upbit and Bithumb fell to $1.88 billion in November, the lowest of the year. Fees account for about 98% of the exchanges' revenue, and they are accelerating new token listings to boost activity, but overall trading remains sluggish.

Growing Losses for ZEC Short Positions on Hyperliquid

Ai姨 monitors that the unrealized losses for the largest ZEC short address on Hyperliquid have exceeded $22.04 million. As ZEC surpasses $700 and sets a new all-time high (ATH), the address holding 60,870.43 ZEC short positions has incurred severe losses. It is worth noting that the aforementioned losses are a result of some position reductions. The address currently has a latest liquidation price of $1,112.45. The industry is also watching whether it will continue to "hard-hold" the short positions.

Significant Losses for Cardano User Due to Low Liquidity

Chain detective ZachXBT reported that a Cardano user converted 14.4 million ADA (approximately $6.9 million) into 847k USDA (Cardano-based USD stablecoin) about two hours ago. Due to extremely low pool liquidity, the transaction caused the USDA price to briefly spike, resulting in a loss of approximately $6.05 million for the user. The funds had allegedly been dormant for nearly 5 years.

USDC Treasury Mints 750 Million USDC

Solscan data shows that the USDC Treasury completed 3 minting transactions in the past 15 minutes, totaling 750 million USDC. Each minting transaction was for 250 million USDC.

Additional Details on 61k Bitcoin Case

Caixin reported that Qian Zhimin, the main perpetrator in the case, provided the police with the access code to a confiscated device as well as the passwords for two encrypted wallets during his detention in September 2025. As a result, the police discovered that in addition to approximately 61k Bitcoins that were frozen, he also held approximately £67 million worth of Bitcoin and XRP.

Cardone Capital Purchases 888 BTC for Real Estate Project

Grant Cardone, founder of Cardone Capital, announced on X that he has added 888 BTC to the 101 Mizner Boca "Bitcoin Real Estate Hybrid Project."

Michael Saylor Updates on Bitcoin Holdings

Michael Saylor, founder and chairman of Strategy (formerly MicroStrategy), posted Bitcoin Tracker information on X again. Usually Strategy reveals Bitcoin increase data the day after he posts Bitcoin Tracker information.

Upcoming Token Unlocks

Token Unlocks data shows that ZRO, YZY, and ZK tokens will see significant unlocks next week. LayerZero (ZRO) will unlock approximately 25.71 million tokens on November 20, representing 7.29% of the current circulating supply, worth approximately $38.3 million. YZY (YZY) will unlock approximately 37.5 million tokens on November 19, representing 12.50% of the current circulating supply, worth approximately $14.1 million. ZKsync (ZK) will unlock approximately 173 million tokens on November 17, representing approximately $39 million of the current circulating supply of $3 billion. KAITO (KAITO) will unlock approximately 8.35 million tokens on November 20, representing 2.97% of the current circulating supply, worth approximately $6.4 million. ApeCoin (APE) will unlock approximately 15.6 million tokens on November 17.

Binance Alpha Launches Play Solana (PLAYSOLANA)

Binance Alpha has now launched Play Solana (PLAYSOLANA). Eligible Binance users can claim 2,500 PLAYSOLANA tokens by using 245 Binance Alpha points on the Alpha activity page. The points threshold will automatically decrease by 15 points every hour if all rewards are not distributed. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim on the Alpha activity page within 24 hours, otherwise they will be deemed to have forfeited the airdrop claim.

Significant Ethereum Whale Movements

A whale/institution that previously profited $24.48 million by shorting ETH has transferred 44k ETH ($140 million) to Binance. They accumulated 444.8k ETH ($1.51 billion) at an average price of $3,398 over the past few days and also used 1.5x leverage through lending. Their current floating losses on ETH are $110 million.

ZEC Contract Holdings Hit Record Highs

The latest data from Coinglass shows that the total ZEC contract holdings have increased to 2.0971 million tokens, with the market value of holdings exceeding $1.5 billion to reach $1.506 billion, setting a new record high. Binance's ZEC contract holdings reached 579.7k tokens, with a market value of $416 million; Bybit's ZEC contract holdings reached 289.8k tokens, with a market value of $208 million.

Market Focus on Fed Meeting Minutes

According to Financial Times analysis, the minutes of the Fed's October monetary policy meeting will be released. Investors are focusing on learning more about the path of US interest rates. Prior to the October meeting, the market had already priced in a 25 basis point rate cut in December, but Powell's statement that "further rate cuts at the end of the year are not a foregone conclusion" quickly reshaped market expectations. Boston Federal Reserve President Collins has questioned a rate cut next month, emphasizing that "the threshold for implementing further easing in the near term is relatively high."

Large Leveraged Bitcoin Long Position Opened

According to Lookonchain, a whale opened a 20x leveraged Bitcoin long position and deposited 300 Bitcoin, worth $28.7 million, with a liquidation price of $60,424.6. The whale previously lost $6.35 million on the Hyperliquid platform.

Large Ethereum Withdrawal from Binance

According to Onchain Lens, a whale withdrew 2450 Ethereum from Binance, worth $7.91 million. Two days ago, they also accumulated and withdrew 2560 Ethereum, worth $7.96 million.