Weekly Recap Research 24 - 30 Nov 2025
Week of November 24 - 30, 2022
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Weekly Recap Research
$2.8 Million Attack on Yearn Finance Caused by Infinite-Mint Vulnerability
Yield-farming protocols like Yearn Finance were hit, resulting in millions of dollars worth of liquid assets taken by users to Stake (liquid staking tokens) being pulled from Yearn Ether (yETH) products. Data from the blockchain suggests that the yETH pool was significantly drained through the use of a carefully designed vulnerability, making it impossible for attackers. The yETH token has been virtually unlimited, and exploiting this vulnerability, it can draw liquidity from the pool within a single transaction. From such transactions, 1,000 ETH (worth about $3 million at current prices) have been transferred to the Tornado Cash coin-mix protocol, a destination often used to conceal. The path of funds after the attack
The attack appears to involve several newly deployed Smart Contracts, some of which self-destructed after the transaction, according to information appearing on the blockchain. Initially, the full extent of the financial damage could not be clearly identified. While the yETH pool was worth $11 million long before the incident, the hack was first detected by X user Togbe, who reported. That it noticed the anomaly from monitoring large transfers, Togbe stated that the net transfer points to an abnormal amount of yETH minting, allowing attackers to drain liquidity from the pool and make a profit of around 1,000 ETH, adding that other ETH was cheap. Losses during the process, but attackers can still make a profit.
The Yearn side posted a message on X stating that it is investigating events related to the stableswap pool of yETH LST and confirmed that both V2 and V3 versions of Yearn Vaults were not affected. Later in a notice published at 23:10. As of Sunday, Yearn confirmed that the total damage from this attack is $9 million, divided into $8 million from the stableswap pool and $0.9 million from the Yeth-wETH stableswap pool on Curve. Yearn said a full post-mortem investigation is underway in conjunction with the SEAL 911 and ChainSecurity teams.
Bitcoin falls below $86,500, crypto market value lost $144 billion
Bitcoin fell below $86,500 on Sunday night, under pressure from macroeconomic factors and the Yearn Finance hack event, which together prompted investors to adjust their portfolios into risk-off positions. According to data on the index page, Bitcoin prices fell 4.8 percent in the past 24 hours (as of 23:40 p.m.). As a result, the price came in at around $86,310, while other major crypto assets faced a similar sell-off, with Ethereum falling 5.36% to $2,827, XRP down 6.39% to $2.05 and Solana plunging 6.41% to around $126, reflecting a risk-averse trend that has pressured the broader crypto market.
The big sell-off took place late Sunday evening, with the price of Bitcoin falling from around $91,300 as of 7pm. Down to near $87,000 within three hours, pulling the price back into the weakening frame seen in mid to late November and erasing the recovery throughout the previous five days that pushed the price above $90,000. Meanwhile, the overall crypto market value fell 4.5% in four hours, representing a loss of around $144 billion, driven by the bullish momentum of Bitcoin. The coin early in the month followed expectations of a December Fed rate cut, which was also a major driver of market sentiment, with data from the latest CME Group's FedWatch Tool indicating an 87.4% chance of a 25 basis point rate cut.
However, BTC Markets crypto analyst Rachael Lucas believes that hopes for a rate cut alone are not enough to reverse the market's bullish momentum, pointing out that the current situation is more dependent on “positioning” than fundamentals. Even with the chance of a December rate cut rising to around 85%, the market has reflected this point. That's already in advance from months ago, during a period when prices rose in September to October.
Top Net flows
Over the past 7 days, the most significant inflow of $308.3 million into Ethereum reflects investor sentiment that remains strong enough to keep up with other networks. Meanwhile, Starknet has shown potential above expectations with a cumulative continuous inflow of $77.7 million, resulting in one of the winners on the L2 side, while Hyperliquid remains one of the winners. Maintaining momentum from the Perp DEX's popularity stream, keeping liquidity flowing in at levels to keep track of.
Arbitrum, on the other hand, became the network facing the most outflows of the week, reflecting the weight loss and interest beginning to divert to other L2s, while Polygon PoS also faced high outflows. Despite talk of a new development plan, there is still not enough to pull the pellets back into the system. In addition, networks like Base, Linea, Avalanche C-Chain and several other platforms. The form also remains in negative territory, indicating that liquidity is moving away into a more likely network in this range.
The overall picture therefore reflects that the silver bullion in the market is clearly “picking sides”, with investors focusing on networks that are robust and practical. While platforms with declining momentum continue to be liquidated, the trend may indicate that the market is entering a new equilibrium before entering a major movement in the next phase.
Fear & Greed Index
The Crypto Fear & Greed Index of the website alternative.me is one of the tools used to assess the outlook and mood of the crypto market, citing scores ranging from 0 to 100 (0 means extreme fear or Extreme Fear and 100 means extreme greed or Extreme Greed).
The latest Fear & Greed figure dropped to level 24 in the “Extreme Fear” zone, reflecting a steadily rising climate of concern. Even when compared to yesterday's figures and the week before were still in a similar frame, the cyclical pressure intensified by a number of factors, including the price of Bitcoin fluctuating off the $87,000 level. These include the anomalous event in Yearn Finance's yETH pool, which spurred a sell-off in the DeFi market, pushed back on overall sentiment.
On the one hand, the market continues to keep an eye on policy signals from the Fed after announcing the end of the balance sheet reduction (QT), which could affect the liquidity outlook in the future. Despite being seen as a positive development, the atmosphere during this period is full of caution from investors, resulting in easy market volatility and a lack of direction, hence the Extreme Fear Index. Reflecting the fragility of market sentiment, and waiting for new momentum to help calm sentiment to recover.
Bitcoin ETF Flow
Bitcoin ETF cash flows between November 24—28, 2025 clearly reflect a market picture that is in a “cautious but still unyielding” state, with several major funds facing a sustained sell-off since the beginning of the week. November 24 opened with a net cash outflow of about $151 million from sales force across major funds, IBIT, including funds. Several other secondary funds, a direct result of concerns that continued to weigh on the market after the severe volatility of the previous week. Both the risks from DeFi and the continued decline in Bitcoin prices caused the first day ETF Flow to close sharply negative, and aggressive speculation was immediately dampened.
The 25th of November began to see a change. The market experienced some buying back, especially in IBIT, FBTC and BTCO funds that returned to record inflows. Despite not being a large inflow, a total of more than $128 million in a single day alleviates the previous accumulated pressure. This type of rebound usually occurs when institutional players see prices adjust. So much so that it begins to attract accumulation, but it is not yet considered a sign of a structural recovery of the market.
However, on November 26, the positive momentum began to weaken immediately, with inflows shrinking to just $21 million and FBTC returning to the downside again, bringing the atmosphere back into cautious mode, reflecting the hesitancy of major players who are not yet ready to gain weight on the bullish side, at a time when the market is still lacking new positives and facing off. Pressure from uncertainty in the crypto ecosystem
The end of the week on November 28 closed with a mixed picture. Even though IBIT had an outflow of over $113 million, other funds such as FBTC, BITB, ARKB and BTCO returned inflows, resulting in a positive return of the total for the day at around $71 million. Such a dispersed inflow reflects that the market has not yet chosen a “media winner”. “But there is a gradual accumulation of forces, spreading risks and not too hasty, showing caution but not completely withdrawing from the market.
The overview over the period of November 24—28 shows that the market is still full of fear, but the flow of money does not flow in a straight line. The major players are “carefully adjusting their portfolios” rather than decisively reducing their positions. ETF Flow, which alternates between positive and negative, indicates that the market is in a natural adjustment phase and waiting for the factors to become clear. Moreover, to determine the next direction. If there is momentum from monetary policy or positive news about Bitcoin, then there is a possibility that the inflow will resume rising again.
Ethereum ETF Flow
The Ethereum ETF's cash flow between November 24—28, 2025 reflects a shift in market sentiment that has begun to improve. After ETH faced continued heavy selling in the middle of the month, the movement from day 24 began to show clear signs of buying power. On November 24, there was a net inflow of around $96.6 million in piles. Core funds like ETHA poured in $92.6 million, along with other funds like ETHV and ETHE that flipped positive, easing concerns that had weighed on the ETH market for several days earlier. This inflow often reflects the “bullish buying” of major players after ETH was bought. Pressured by negative factors such as the Yearn Finance issue and volatility across the crypto market.
On November 25, buying momentum continued. Net inflows were around $78.6 million, with inflows dominated by major funds such as ETHA ($46.1 million) and FETH ($47.5 million). Fidelity's offshore inflows mirrored the rebalancing of institutional investment returnees into ETH, even Grayscale's ETHE. There will still be a slight outflow of money, but the overall picture remains firmly in the positive zone.
November 26 continued to see some cash inflows. Despite the numbers dropping to $60.8 million, the third consecutive day of inflow indicated that the institution was not making a single purchase, but was accumulating according to the adjusted market range investment pattern. ETHA and FETH funds remained the leaders in receiving funding, while many secondary funds did not have additional outflows, giving signs of additional outflows. ETH market stability becomes clearer
The end of the week on November 28th closed with another $76.6 million inflow. Despite not being the highest figure of the week, the continuous inflow throughout November 24—28 reflects that market concerns are beginning to subside. Even if the ETH price has not yet fully recovered, the inflow of ETF bullion is often one of the first signs of an outflow. Begins to recover structurally, before price dips further into the next phase.
Overall, the period of November 24—28 marked a significant turning point for the Ethereum ETF's cash flow from the previous period of heavy selling to the resumption of several consecutive days of inflow. The institutional reversal indicates that ETH's adjustment is likely to be deep enough, and that it is more of an accumulation rhythm than risk mitigation, resulting in sentiment. Confident to recover, even as overall crypto market conditions continue to face uncertainty.
Important news:
Reasons Why Gold Beats Bitcoin in 2025: Liquidity, Trade (Transaction), and Confidence
Nasdaq's crypto chairman pledges to take action as soon as possible for tokenized stocks
Australia Proposes Crypto Custody Bill With Harsh Penalties for Violations
Source:
https://www.theblock.co/post/380835/bitcoin-slides-below-86500
Note: This analysis is provided every Monday, so some articles may have data discrepancies.
Nota: Questo analisi è situato ogni monday, quindi alcuni parti del articolo possono contengono informazioni inaccurati
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Thank you for following.
Thanakarn & JP. Daniel
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