Grayscale’s newly approved Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are scheduled to begin trading on Monday, even as both underlying tokens head toward their weakest monthly performance since February. The broader market has mirrored that downturn, with the CoinDesk 20 Index (CD20) sliding 23% since the start of November.

ETF flows have reflected the negative sentiment. U.S. spot bitcoin ETFs have recorded $3.55 billion in net outflows so far this month—just shy of February’s record $3.56 billion. Any additional withdrawals could push the figure to a new all-time high.

Bitcoin miner CleanSpark (CLSK) is set to report fiscal fourth-quarter results on Tuesday. Its competitors have posted surprisingly strong numbers: Riot Platforms (RIOT) reported unexpected profit and record revenue, while Iren (IREN) logged record highs as it expands into artificial intelligence.

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Key Events This Week

Crypto

• Nov. 24: Monad’s public mainnet launches alongside its native token MON.
• Nov. 24: Grayscale’s GDOG and GXRP spot crypto ETFs expected to begin trading on NYSE Arca.
• Nov. 25: Digital asset treasury firm KR1 Plc begins trading on the London Stock Exchange’s main market under the ticker 0A9X, migrating from AQSE.
• Nov. 26: Launch of CTC-1, the first satellite constellation running the Spacecoin (SPACE) protocol, from Vandenberg Space Force Base, California.

Macro

• Nov. 25, 7 a.m.: Mexico September retail sales (YoY prev. 2.4%, MoM prev. 0.6%).
• Nov. 25, 8:15 a.m.: ADP weekly employment change (prev. -2.5K).
• Nov. 25, 8:30 a.m.: U.S. September 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. September retail sales YoY prev. 5%, MoM est. 0.4%.
• Nov. 26, 8:30 a.m.: U.S. September durable goods orders MoM est. 0.3%.
• Nov. 26, 8:30 a.m.: U.S. initial jobless claims (prev. 220K) and continuing claims (prev. 1,974K).
• Nov. 28, 7 a.m.: Brazil October unemployment rate (prev. 5.6%).
• Nov. 28, 7 a.m.: Mexico October unemployment rate (prev. 3%).
• Nov. 28, 8:30 a.m.: Canada Q3 GDP — annualized (prev. -1.6%), QoQ (prev. -0.4%).

Earnings

• Nov. 25 (post-market): CleanSpark (CLSK) reports quarterly results.

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Token-Related Developments

DAO Votes

• Moonwell DAO: Voting on using ~$5.25M in reserves (USDC, cbBTC) to cover bad debt and direct future revenue toward repayment, prioritizing cbXRP and VIRTUAL markets. Ends Nov. 24.
• ZKsync DAO: Voting to shorten token program proposal timelines—reducing voting delay from seven days to three and late-quorum extensions from seven days to two. Ends Nov. 24.
• Aave DAO: Voting on November funding proposal to consolidate treasury assets on Ethereum and acquire 8M GHO for operations and audits. Ends Nov. 24.
• CoW DAO: Proposal to expand partner incentives by raising the revenue cap to 5% and increasing partner fee share to 75%. Ends Nov. 26.
• Arbitrum DAO: Vote to reconfirm two AGV Council members for 2026. Ends Nov. 27.
• Lightchain.AI: Voting on potentially delaying mainnet launch up to six months after a key developer’s unexpected departure. Ends Nov. 27.
• The Graph Council: Voting on implementing a Rewards Eligibility Oracle (REO) to tie indexer rewards to minimum uptime and performance benchmarks. Ends Nov. 30.

Token Unlocks

• Nov. 24: Plasma (XPL) unlocks 4.74% of supply (~$17.81M).
• Nov. 28: JUP unlocks 1.69% (~$12.39M).
• Nov. 29: HYPE unlocks 2.68% (~$318.92M).
• Nov. 30: KMNO unlocks 5.65% (~$10.59M).

Token Launches

• Nov. 24: Monad (MON) lists on major exchanges including Kraken and Bitrue as mainnet goes live.
• Nov. 24: SOLV launches on Solana in partnership with Jupiter.
• Nov. 30: Deadline for Centrifuge’s token migration.