Weekly Summary: Critical Events in the World of Crypto and Digital Finance

Explore the latest developments in the cryptocurrency market, spotlighted projects, and potential investment opportunities, all consolidated in a single weekly bulletin. Gain insights through market analyses, significant announcements, and sector-wide summaries that capture the pulse of the crypto world.

Period: 17.11.2025 – 21.11.2025

Summary

Hong Kong is accelerating the blockchain-based transformation of its financial infrastructure through the Ensemble¹TX pilot, which is testing real-value transactions using tokenized deposits and digital assets. Meanwhile, Tether is both strengthening its position in the Bitcoin-collateralized lending market through a strategic investment in Ledn and potentially expanding its technology portfolio with a $1.15 billion investment in the AI and robotics venture Neura Robotics. El Salvador attracted global attention with its largest single Bitcoin purchase to date, raising its total reserves to 7,474 BTC, while Japan is creating a fairer and more predictable environment for investors by reducing cryptocurrency taxes from 55% to a flat 20%. Metaplanet is planning a new capital raise to expand its Bitcoin-based treasury model, and Ethereum co-founder Vitalik Buterin has warned that institutional funds could adversely affect the network. In the United States, Michael Selig’s nomination for CFTC chair has moved to the Senate, while in the crypto ETF market, Solana spot ETFs have recorded positive inflows for 17 consecutive days, and Bitcoin ETFs have ended a five-day outflow streak, signaling the return of institutional demand. Collectively, these developments underscore the rapid maturation of both crypto assets and digital financial infrastructure on a global scale, alongside sustained investor interest.

Hong Kong Advances Toward a Crypto Hub with Real-Value Tokenized Transactions

The Hong Kong Monetary Authority (HKMA) has officially launched Ensemble¹TX, the latest phase of Project Ensemble. This initiative marks the testing of real-value (fiat-backed) transactions alongside tokenized deposits and digital assets in a pilot environment. According to HKMA, this represents a step beyond the proof-of-concept stage and a significant milestone in the transformation of financial infrastructure through tokenization.

The primary objective of Ensemble¹TX is to enable market participants to utilize tokenized deposits in real-world transaction scenarios, particularly in money market funds and liquidity/treasury management processes. HKMA has indicated that the pilot will run through 2026.

Initially, interbank tokenized deposit transfers will be conducted via the Real Time Gross Settlement (RTGS) system using the Hong Kong Dollar (HKD). Over time, HKMA plans to evolve the pilot environment into a structure where tokenized central bank money can operate 24/7.

Participating banks and institutions are collaborating within HKMA’s Architecture Community framework, with HSBC playing an active role. On November 13, 2025, HSBC successfully transferred a tokenized deposit belonging to Ant International to a “wallet” at another bank, completing the first live cross-bank transaction. Vincent Lau, head of HSBC’s Digital Currency division, stated that this development supports Hong Kong’s vision of becoming a global center for digital currency and asset innovation.

There is also close cooperation between HKMA and the Securities and Futures Commission (SFC). Within the Ensemble¹TX framework, SFC is working alongside HKMA to regulate tokenized asset classes and their use cases. The project could enhance both process efficiency and transparency; tokenized deposits could operate around the clock, and automation and programmable features could make liquidity management more dynamic for institutions. This initiative is also part of Hong Kong’s broader digital finance vision: a strategy to merge traditional banking systems with blockchain and build forward-looking financial infrastructure.

Tether Makes Major Move: $1.15 Billion Investment in Neura Robotics

Tether, issuer of one of the world’s largest stablecoins, is exploring a strategic move into AI and robotics, stepping beyond its traditional business model. The company is reportedly in discussions to invest approximately $1.15 billion in German robotics venture Neura Robotics.

Although negotiations are not yet finalized, this move could value Neura Robotics between €8 and €10 billion. Neura Robotics focuses on developing humanoid robots for both industrial and domestic applications, with plans to produce up to five million units by 2030. The company aims to create an “iPhone moment” in robotics.

For Tether, this investment is part of a strategy to channel strong cash flows from its stablecoin operations into advanced technology. CEO Paolo Ardoino envisions a future of “trillions of AI agents, billions of robots, and a shared ecosystem with humans.” This step could position Tether as not only a financial player but also an active technology investor.

However, the risks are substantial: the robotics sector is capital-intensive, highly competitive, and technologically uncertain. While potential returns are high, the investment would entail a long-term transformation process.

El Salvador’s Historic Bitcoin Purchase

The El Salvador government grabbed global crypto headlines with a major Bitcoin acquisition on Monday evening. The country purchased 1,090 BTC in a single transaction, amounting to roughly $100 million, marking El Salvador’s largest single Bitcoin purchase to date.

This increased the nation’s total Bitcoin reserves to 7,474 BTC. President Nayib Bukele’s long-standing policy of regarding Bitcoin as a “national strategic asset” was reinforced through this aggressive move, executed during a brief price dip, signaling that the government views downturns as opportunities.

El Salvador’s Bitcoin strategy, initiated with BTC’s recognition as legal tender in 2021, continues to spark global debate. While the country had been gradually increasing reserves through daily acquisitions, this latest purchase far exceeds routine amounts.

The timing of this massive buy has sparked commentary. Some analysts suggest it reflects the government’s vision of a long-term Bitcoin reserve fund, while others debate the fiscal impact, considering El Salvador’s ongoing negotiations with international financial institutions and long-term borrowing plans. Nonetheless, the government has clearly reaffirmed its commitment to Bitcoin’s future, solidifying its position as one of the most aggressive state-level crypto investors worldwide.

Japan Implements Landmark Cryptocurrency Tax Reform: From 55% to a Flat 20%

The Japanese government has initiated comprehensive reforms to cryptocurrency taxation, addressing a long-awaited industry demand. Under the draft legislation, taxation on Bitcoin, Ethereum, and 105 other digital assets will be restructured, reducing the highest income tax rate of 55% to a flat 20% capital gains tax.

This aligns crypto gains with stocks and other financial instruments, and experts note that it will remove both fiscal uncertainty and the heavy tax burden for Japanese crypto investors, significantly easing market conditions.

The reform goes beyond tax cuts. By classifying crypto assets as financial products, issuers will be required to provide publicly accessible, auditable information on project structure, team composition, and potential risks. Another key measure extends insider trading regulations to crypto markets, preventing unfair gains through private information.

If enacted, investors can offset losses for up to three years against future gains, creating a fairer, more sustainable tax system. The legislation is expected to be presented to parliament and come into effect during the 2026 fiscal year. This step positions Japan to move away from one of Asia’s strictest crypto tax regimes toward becoming a highly competitive and investor-friendly crypto hub.

Tether Expands into Bitcoin-Collateralized Lending with Strategic Ledn Investment

Tether is making a strong entry into the consumer Bitcoin-collateralized lending market through a strategic investment in the leading platform Ledn. This move reflects Tether’s intent not only to issue stablecoins but also to expand its role as a provider of financial infrastructure.

Ledn’s model allows users to obtain credit without selling their digital assets. The platform provides custody, risk management, and liquidation services, enabling both retail and institutional clients to leverage Bitcoin as collateral.

Ledn’s collateralized lending volume grew rapidly in 2025, with annual recurring revenue exceeding hundreds of millions of dollars, highlighting the increasing demand for Bitcoin-backed credit. Tether CEO emphasized that the investment aligns with a broader vision to integrate digital assets into a more inclusive financial system.

This strategic partnership aligns with Tether’s long-term goals: creating products that protect users’ assets while generating utility, reflecting a vision of cryptocurrencies as financial instruments rather than mere investments.

Metaplanet Deepens Bitcoin Treasury Model with New Capital Initiative

Japanese firm Metaplanet announced a new capital structure to expand its Bitcoin-based treasury strategy. The company plans a two-tier structure of preferred shares aimed at overseas investors, designed to increase treasury assets while limiting dilution for existing shareholders.

The Class A (MARS) and Class B (MERCURY) preferred shares form the backbone of Metaplanet’s Bitcoin accumulation strategy. MARS shares offer adjustable dividends at a higher tier, while MERCURY shares provide perpetual, continuous returns. This structure allows the company to raise new funds while continuing to purchase Bitcoin.

The capital raise aims to collect approximately $150 million, significantly increasing the Bitcoin treasury. This initiative is part of Metaplanet’s “Bitcoin Flywheel 2.0” vision: accumulating Bitcoin even in volatile markets while maintaining sustainable returns for shareholders. The move not only strengthens Metaplanet’s balance sheet but also introduces a new model in the competitive landscape of corporate Bitcoin treasury management.

Vitalik Buterin Issues Ethereum Warning: Institutional Funds Could Undermine Network Fundamentals

Ethereum co-founder Vitalik Buterin has warned that recent influxes of institutional investment pose significant risks to the network’s decentralization and community dynamics. Large-scale institutional participation may erode the blockchain’s core values.

Institutional influence on technical decision-making, such as demands to accelerate block times, could marginalize ordinary users and community developers. Buterin also highlighted risks to Ethereum’s geographical and ideological diversity. A reduction in decentralization could transform the network into a “corporate financial tool,” conflicting with Ethereum’s long-term mission.

His statements have sparked a critical debate within the Ethereum ecosystem: how to balance growth and institutional adoption with a decentralized, community-driven structure. This warning calls on investors and developers to reassess strategic priorities for Ethereum’s future.

Michael Selig’s CFTC Chair Nomination Moves to Senate Vote

In the U.S., Michael Selig’s nomination as CFTC chair has advanced past the Senate Agriculture Committee to the full Senate, clearing a key hurdle. The committee’s Republican members announced their support, while no Democrats voted in favor. This indicates that the final Senate vote may involve intense political negotiation.

Selig’s nomination comes at a critical juncture for the CFTC’s role in digital asset markets. While his expertise and experience in crypto have drawn both support and criticism, he emphasized the strategic importance of digital assets for the commission and the need for a clearer, actionable regulatory framework. Critics point to potential conflicts of interest due to his past industry ties, stressing the need for the CFTC to maintain balanced oversight in traditional commodity markets.

The Senate vote outcome will be closely watched, given its implications for crypto regulation and broader financial policy.

Solana ETFs Continue Strong Inflows

Newly launched Solana (SOL) spot ETFs have continued to attract investor interest, even as market weakness exerts downward price pressure. Despite recent volatility, SOL ETFs recorded net inflows of $476 million since launch, maintaining positive inflows for 17 consecutive days.

ETF inflows provide a stabilizing factor amid market turbulence, although macroeconomic conditions and overall crypto risk appetite remain key determinants. The steady demand signals ongoing investor confidence, both retail and institutional, in Solana.

Spot Bitcoin ETFs End Five-Day Outflow Streak

On November 19, spot Bitcoin (BTC) ETFs recorded net inflows of $75.47 million, reversing a five-day outflow streak and signaling renewed institutional demand. Analysts interpret the inflows as evidence that risk-averse investors are beginning to reenter the spot Bitcoin market indirectly.

These inflows not only support prices but also reflect long-term institutional confidence in Bitcoin. While short-term volatility persists, the capital flowing into spot ETFs boosts market sentiment and may alleviate selling pressure, confirming that Bitcoin ETFs continue to serve as a safe haven for institutional investors.