🧠 GPT-5.1 Launches, DeFi Matures, Bitcoin Slips Again

Good afternoon,

Innovation and volatility continue to shape the AI and crypto landscape. OpenAI has launched GPT-5.1 with improved reasoning and more natural conversation, while Vitalik Buterin says DeFi has entered a new era of safety and everyday utility. Meanwhile, Bitcoin has slipped below $100K as liquidations surpass $500M, and France has lifted Pavel Durov’s travel ban even as the Telegram investigation remains active.

More news below! 👇

News Roundup

Artificial Intelligence

• OpenAI Rolls Out GPT-5.1 With Sharper Reasoning and Warmer Dialogue (Decrypt)

• Munich Court Says ChatGPT Illegally Reproduced Song Lyrics (Decrypt)

Decentralized, Centralized, & Traditional Finance

• Nasdaq-Listed Solana Company to Tokenize Shares via Superstate (Decrypt)

• South Korea Pushes ‘Risk-Free’ KRW Stablecoins to Keep Pace With US and Japan (DL News)

• South Korea’s NH NongHyup Bank Pilots Stablecoin-Based Tax Refunds on Avalanche (The Block)

• Dromos Labs Merges Aerodrome & Velodrome Into New Multi-Chain DEX ‘Aero’ (The Defiant)

• Calastone Expands Tokenized Fund Distribution Through Polygon’s Onchain Infrastructure (The Block)

• Tokenized Stock Platform xStocks Rockets to $10B Volume in Just Four Months (Cointelegraph)

• Bitcoin Depot Expands to Hong Kong in First Major Asian Push (Cointelegraph)

• Morpho Curator Fees Hit Record $370K Despite Liquidity Strains (Dune)

• Ark Invest Scoops Up $30M in Circle Shares After 12% Post-Earnings Drop (The Block)

• Japan’s Stock Exchange Weighs Crackdown on Crypto-Hoarding Public Companies (Bloomberg)

• Taiwan to Study Bitcoin Reserves, Pilot BTC Holdings Using Seized Coins (Bitcoin Magazine)

• Singapore to Pilot Tokenized MAS Bills Settled in CBDC (The Block)

• Cash App Now Lets Users Pay in Bitcoin—Even Without Holding Any (Bitcoin Magazine)

• Czech Central Bank Becomes First Central Bank to Add Bitcoin to Its Balance Sheet (CoinDesk)

• Circle Expands Arc With Onchain FX Engine and Multi-Currency Stablecoins (The Block)

• Grayscale Files for IPO With $35B AUM and 40+ Crypto Products (SEC)

• dYdX Community Approves Plan to Use 75% of Protocol Revenue for DYDX Buybacks (dYdX)

• Singapore Finalizes Stablecoin Rules, Expands CBDC Trials (Decrypt)

Exchanges

• Coinbase to List Nomina (NOM) for Spot Trading on Nov. 13 (Coinbase)

• Binance to List Lorenzo Protocol (BANK) and Meteora (MET) on Nov. 13 (Binance)

• Binance Wallet IDO Dominates Token Launch Platforms With 11x ROI (DeFiOasis)

• OKX Opens DEX Trading to U.S. Users as Onchain Volumes Hit New Record (Cointelegraph)

Exchange-Traded Funds

• Canary Capital Seeks SEC Approval for ETF Tracking MOG Memecoin (The Block)

• Emory University Expands Grayscale Bitcoin ETF Stake to $52M (Cointelegraph)

• On Nov. 12, U.S. Bitcoin spot ETFs saw $278 million in net outflows.

• U.S. Ethereum spot ETFs saw $184 million in net outflows on Nov. 12.

• On Nov. 12, U.S. Solana spot ETFs posted $18 million in net inflows.

• First Spot XRP ETF Debuts as Canary Capital Launches XRPC on Nasdaq (CoinDesk)

• 21Shares Launches Two Crypto Index ETFs (The Block)

Infrastructure

• Vitalik Buterin Says DeFi Has Reached a New Era of Safety and Everyday Utility (The Block)

• EF’s Account Abstraction Team, Vitalik Release ‘Trustlessness Manifesto’ Reaffirming Trustless Coordination (EF)

Markets

• Sky Token Jumps as Savings TVL Crosses $4B (The Defiant)

• Polymarket Quietly Reenters the US With Live Beta as Prediction Markets Accelerate (Bloomberg)

• Altcoin Stability Suggests Early Risk Re-Entry as Market Awaits Next Move (Cointelegraph)

• MLM Flags Coordinated POPCAT Longs as a Targeted Exploit on Hyperliquid (MLM)

• Exodus Reports Strong Q3 on Rising Bitcoin Revenue (Decrypt)

• Data Shows Bitcoin’s 4-Year Cycle Has Broken as Volatility and Returns Flatten (Cointelegraph)

• U.S. Jobs Data Blackout Leaves Bitcoin Traders Flying Blind as Shutdown Ends (Decrypt)

• CME Group and FanDuel Launch U.S. Prediction Markets App Next Month (The Block)

• Why Bitcoin Keeps Failing at New Resistance Levels (Cointelegraph)

• Bitcoin Stalls Near $103K Despite Shutdown Ending (DL News)

• Bitcoin Whales Accelerate Accumulation as Macro Backdrop Improves (The Block)

• Trader Burns $3M to Trigger $5M Loss in Hyperliquid’s Vault (Cointelegraph)

• Polymarket, UFC Strike Multi-Year Deal to Bring Live Prediction Markets Into Fight Broadcasts (The Block)

• 2026 Set to Usher In ‘Pragmatic Privacy’ Across Crypto (Cointelegraph)

• Bitcoin Slips Under $100K Again as Liquidations Top $500M (Decrypt)

Mining

• BitFuFu Q3 Revenue Doubles as Cloud Mining Demand Surges (Cointelegraph)

Politics & Regulation

• US Government Reopens After 43-Day Shutdown, Reviving Crypto Policy Momentum (Cointelegraph)

• Taiwan Lawmaker Presses Government to Study Bitcoin as Strategic Reserve (Decrypt)

• Hong Kong Regulators Loosen ‘Closed’ Crypto Rules to Reconnect With Global Liquidity (Wu Blockchain)

Token Generation Events

• Monad Selects Anchorage Digital as Custodian Ahead of MON Token Launch (The Block)

Treasuries

• VisionSys AI Stock Crashes 88% After Share Offering and Uncertain $2B Solana Treasury Plan (Decrypt)

• Metaplanet’s Bitcoin Gains Drop 39% After October Crash (Cointelegraph)

Other News

• Dubai Court Freezes $456M Tied to Justin Sun’s TrueUSD Bailout (Decrypt)

• IBM’s New Quantum Chips Push Toward Fault Tolerance—But Bitcoin Remains Safe for Now (Decrypt)

• Scammers Exploit Australia’s ReportCyber System to Impersonate Police and Steal Crypto (Cointelegraph)

• France Lifts Pavel Durov’s Travel Ban While Telegram Probe Continues (Cointelegraph)

• Thai–FBI Sting Recovers $432K in Stolen Crypto From Alleged European Hacker (Decrypt)

• Tether Helps Thai Police and U.S. Secret Service Seize $12M Linked to Southeast Asia Scam Network (Tether)

Check This Out!

Crypto aims to be decentralized, yet many systems still rely on dApps hosted on centralized servers. A distributed cloud for compute, storage, and bandwidth—run by many rather than one—would better align with true decentralization.

Meme of the Day

Rate Today’s Edition

Share this newsletter, claim your reward! 🎁 

Participate in the On & Off Chain referral program by sharing the newsletter with your friends to claim your reward:

• ✌️2 referrals: A personal shoutout in On & Off Chain

Must be subscribed