Grayscale's Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are set to debut later Monday, with the underlying tokens on course for their worst months since February, alongside the rest of the crypto market. The CoinDesk 20 Index (CD20) has lost 23% since the start of November.

ETF flows in the month reflect the underlying assets' performance. Spot bitcoin BTC$87,267.39 ETFs in the U.S. have posted net outflows of $3.55 billion since the beginning of the month. Any more might take the figure back above February's record $3.56 billion.

Bitcoin miner CleanSpark (CLSK) reports fiscal fourth-quarter earnings on Tuesday. Rival Riot Platforms (RIOT) posted unexpected profit and record revenue and Iren (IREN) reported record profit and revenue as it moves into artificial intelligence.

What to Watch

• Crypto
  • Nov. 24: Monad’s public mainnet to start up with native token MON.
  • Nov. 24: Two new spot crypto ETFs — Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) — are expected to go live on NYSE Arca.
  • Nov. 25: Digital asset treasury firm KR1 Plc to commence trading on the main market of the London Stock Exchange under ticker 0A9X, migrating from the Aquis Stock Exchange.
  • Nov. 26: CTC-1, the first satellite constellation running the Spacecoin (SPACE) protocol, will launch from Vandenberg Space Force Base in California.
• Macro
  • Nov. 25, 7 a.m.: Mexico Sept. Retail Sales YoY (Prev. 2.4%), MoM (Prev. 0.6%).
  • Nov. 25, 8:15 a.m.: ADP Employment Change Weekly (Prev. -2.5K).
  • Nov. 25, 8:30 a.m.: U.S. Sept. PPI. Headline YoY Est. 2.7%, MoM Est. 0.3%. Core YoY (Prev. 2.8%), MoM (Prev. -0.1%).
  • Nov. 25, 8:30 a.m.: U.S. Sept. Retail Sales YoY (Prev. 5%), MoM Est. 0.4%.
  • Nov. 26, 8:30 a.m.: U.S. Sept. Durable Goods Orders MoM Est. 0.3%.
  • Nov. 26, 8:30 a.m.: U.S. Initial Jobless Claims for week ended Nov. 22 (Prev. 220K), Continuing Jobless Claims for week ended Nov. 15 (Prev. 1974K).
  • Nov. 28, 7 a.m.: Brazil Oct. Unemployment Rate (Prev. 5.6%).
  • Nov. 28, 7 a.m.: Mexico Oct. Unemployment Rate (Prev. 3%).
  • Nov. 28, 8:30 a.m.: Canada Q3 GDP Growth Rate. Annualized (Prev.-1.6%), QoQ (Prev. -0.4%).
• Earnings (Estimates based on FactSet data)
  • Nov. 25: Cleanspark (CLSK), post-market.

Token Events

• Governance votes & calls
  • Moonwell DAO is voting to remediate ~$5.25M in bad debt on its Base deployment by utilizing excess reserves (specifically USDC and cbBTC) and redirecting all future protocol revenue toward repayment, with priority given to the cbXRP and VIRTUAL markets. Voting ends Nov. 24.
  • ZKsync DAO is voting to streamline token program proposals (TPPs) by reducing the voting delay from seven days to trhee days and the late quorum vote extension from seven days to two days. Voting ends Nov. 24.
  • Aave DAO is voting on its November funding update, which seeks to consolidate treasury assets on Ethereum and acquire 8 million GHO from the market to fund operations, service providers and security audits. Voting ends Nov. 24.
  • CoW DAO is voting to boost partner incentives by granting a share of Price Improvement, raising the revenue cap to 5%, and increasing the partner fee split to 75%. Voting ends Nov. 26.
  • Arbitrum DAO is voting to reconfirm John Kennedy and Tim Chang for the 2026 AGV Council to preserve institutional knowledge. Voting ends Nov. 27.
  • Lightchain.AI is voting on a proposal to potentially delay its mainnet launch by up to six months following the sudden departure of a key developer who allegedly left the consensus layer incomplete. Voting ends Nov. 27.
  • The Graph Council is voting to implement a Rewards Eligibility Oracle (REO) that restricts indexing rewards to Indexers meeting minimum uptime and service quality standards to better align incentives with network performance. Voting ends Nov. 30.
• Unlocks
  • Nov. 24: Plasma XPL$0.1898 to unlock 4.74% of its circulating supply worth $17.81 million.
  • Nov. 28: JUP$0.2337 to unlock 1.69% of its circulating supply worth $12.39 million.
  • Nov. 29: HYPE$31.54 to unlock 2.68% of its circulating supply worth $318.92 million.
  • Nov. 30: KMNO$0.05357 to unlock 5.65% of its circulating supply worth $10.59 million.
• Token Launches
  • Nov. 24: Monad (MON) token is being listed on various major exchanges including Kraken, Bitrue and others as the mainnet debuts.
  • Nov. 24: SOLV$0.01622 launches on Solana in partnership with Jupiter.
  • Nov. 30: Centrifuge’s token migration window closes.

Conferences

• Nov. 25-27: Finance Magnates London Summit 2025
• Nov. 26: Digital Securities and Digital Cash Summit Frankfurt
• Nov. 26-28: Excellence in Digital Banking International Summit 2025 (Amsterdam)
• Nov. 27-28: The Digital Asset Conference III (London)