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Blockchain equities rebounded in Week 48 as markets recalibrated expectations for a December U.S. rate cut following softer macro data, most notably weakening retail sales and a steady PPI print. The most heavily sold-off segments, including mining operators facing tough economics and AI-infrastructure names, led the rally as risk appetite returned. Major U.S. indices ended November well above their earlier lows. Meanwhile, exchange participation in prediction markets continued to broaden with Robinhood joining Coinbase, and traditional banks further expanded their presence in crypto-linked trading and investment products.
Week 47 Key Developments in Blockchain Equities:
Index Performance: The Index gained 12.4% this week, ending November on a stronger footing despite a full-month decline of approximately (-9.8%), helped by a rebound in risk assets. PPI held steady at 0.3% MoM, while retail sales softened to 0.2% versus 0.4% expected. Coupled with increasingly dovish commentary from Fed members, market-implied odds of a December rate cut have risen to 82%, providing additional support for risk sentiment.
Block Index Key Movers: 7-day top performers: Defi Technologies (+68.4%), Cleanspark (+37.5%), Cipher Mining (+31.5%) 7-day worst performers: Softbank (-11.5%), CoinShares (-3.5%), Oracle (-2.7%)
Difficult Bitcoin mining conditions this month – Bitcoin mining profitability has weakened in November, with hashprice hovering around $38/PH/s, primarily due to softer Bitcoin prices. At the same time, both network hashrate (≈1.1 ZH/s) and difficulty (≈149.3T) remain near all-time highs, adding further pressure on margins.The deteriorating economics reinforce the broader industry trend: public miners increasingly need to diversify into AI/HPC workloads to stabilise revenue, especially with the next halving roughly 2.5 years away. CleanSpark, for example, noted on its recent earnings call that it is close to securing an AI hosting contract despite being a pure-play Bitcoin miner several months ago.
Earnings Recap – Key Holdings:
Cleanspark - Positive
Other news: Index constituent, Robinhood expanded into prediction markets this month after Coinbase announced its entry into prediction markets last week. DeFi Technologies launched one of Canada’s first regulated, fiat-backed stablecoins. Klarna is also pushing deeper into crypto infrastructure with plans for a payments-focused stablecoin, a potentially meaningful shift given its US$75–80 billion in annual GMV and the cost savings from moving settlement off traditional card rails. J.P. Morgan filed to introduce a Bitcoin-backed bond instrument, extending its Onyx division’s progress beyond the US$1 trillion in tokenised settlements. Figure Technology disclosed that Ondo Finance has invested US$25 million into its $YLDS yield-bearing stablecoin, underscoring rising institutional demand for tokenised cash-like instruments.
