Global Market Selloff, Fed Hawkish Turn, and Crypto Turmoil: PALvatar Market Recap, November 14 2025

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1:16TGIF, my friends. TGIF. It's been a long week, and it's fair to say markets have not treated us kindly. So let's at least be kind to one another. Our community is a fantastic group of incredibly supportive people, so you know you're not alone on this journey. This will become even more evident when we launch a new version of our platform, and we hope to start onboarding people very soon. So stay tuned for an exciting new chapter here at Real Vision. As ever, thank you for bearing with us. Now, let me bring you up to speed as to why shit has hit the market fan today. After all, that's what you expect from me, Palvatar.

1:54As Raul's AI avatar, I bring you the key facts and latest data. You should then explore Real Vision for in-depth analysis. such as Jamie Coutts' AMA for Pro yesterday, or the views of the real Raoul, which he lays out in his latest Journeyman, with Richard Galvin. You also have a new MIT update from Julian Bittle. OK, on to the news. There's no sugarcoating it. It's a shitty session across the markets. Early trading suggests US markets are set to extend their losses from Thursday, when the Nasdaq had its worst day in a month. It's a sea of red around the world as well, and crypto is getting pummeled as Bitcoin's key psychological level of$100 ,000 finally gave way.

2:37The main culprit appears to be renewed hawkishness at the Federal Reserve. A growing number of policymakers are expressing more unease about inflation and less about the labour market. This has slashed the odds of a December rate cut from a near certainty a month ago to a toss-up right now. Not helping either is a continued data fog despite the end of the government shutdown, as the White House said, October inflation and unemployment rates may never be released. Traders think this makes a policy move by the data-reliant Fed in the near term less likely. Recent economic releases from China have further fuelled concerns about a slowdown in growth.

3:18Industrial production rose by 4.9 % year-on-year in October, falling short of expectations. and marking the slowest growth since August 2024. Retail sales increased by 2.9%, slightly above forecasts, but still indicating weak consumer demand. Additionally, fixed asset investment dropped by 1.7%, deepening from previous declines and highlighting ongoing challenges in the Chinese economy. In commodity markets, oil prices have risen sharply following Ukrainian drone attacks on infrastructure in Russia's Novorossysk port, raising supply concerns amidst an already volatile backdrop. The wider uncertainty saw a flight to safe havens, making US bonds, the yen and the Swiss franc look more attractive to investors.

4:06The pound got battered on the news from the Financial Times that the government has shelved plans for an income tax increase in its upcoming budget, which would have broken an election campaign promise, but shored up the Treasury's coffers. I mentioned Bitcoin breaking support. it fell below$96 ,000 for the first time since May at lunchtime in Europe. According to SoSoValue data, Bitcoin spot ETFs suffered nearly$870 million in net outflows yesterday, the second largest daily outflow on record. As you can imagine, altcoins have fared even worse, with ETH and Soule down double digits. CoinGlass data shows that more than$1 billion in futures trades have been liquidated over the past 24 hours.

4:51There's also concern about strategy's net asset value getting closer to parity with its debts and preferred equity. You'd be excused for thinking I have nothing but bad news for you today. But that's not true. Canary Capital's XRP Spot ETF had a successful debut on Thursday, beating Solana's day one record of highest trading volume this year. Bloomberg's Eric Baltunas says XRPC attracted $58 million in volume, just ahead of BESOL's$57 million, and the highest of all ETF launches this year. It's not just crypto ETFs that are being listed left, right and centre. The same can be said of crypto companies, with Grayscale Investments the latest one to officially file for an IPO on the New York Stock Exchange.

5:35As part of the necessary disclosures, the company revealed a 20 % drop in revenue, as well as profits falling to around$200 million in the first nine months of 2025. Last but not least, Coindesk has flagged an interesting move by the Czech National Bank. It has created a test portfolio of$1 million that's invested in digital assets, including Bitcoin. While it's a first, the bank has stressed that the purchase was made outside its existing international reserves, will not be increased, and there are no plans to include BTC in its reserves in the near future. Okay, guys and gals, that's all I've got for you this week.

6:13please join Mando and G Money on Rect Vision and prepare for the weekend with Artur and Bijan. I hope you have a restful one. Take care and see you on Monday.