Tazmina Rashid
Research Analyst
Last Updated:
November 14, 2025
•
5 Minutes
DeFi Analytics 14th November 2025
This week's edition of our Crypto DeFi Analytics.
Chain Fee Generation
Daily Fee Generation – Fees remained relatively subdued this week across all networks. Ethereum’s daily fees briefly spiked close to $3M in early November but otherwise mostly traded in the $0.6–1.3M range, while Solana and Tron stayed broadly below $1M and $1.3M respectively.
Daily Fees Generated across Ethereum, Solana, Tron & Sui
Ethereum Gas Market
Hourly Average Gas Fees Burnt per Block
Hourly Average Cost to Transfer ETH (21,000 Gas)
Blob Gas Usage - Over the past week, blob gas usage has remained relatively stable at an elevated level, fluctuating in the 650k–800k range per block, with only brief intraday spikes towards 900k. Excess blob gas also spiked sharply and has yet to reset, indicating consistently strong demand.
Hourly Average Blob Gas Usage per Ethereum Block
Hourly Average Excess Blob Gas per Ethereum Block
Beacon Chain Balance
Beacon Chain - ETH staked on the Beacon Chain has remained steady at around 36M since July 2025.
Beacon Chain Summary
Beacon Chain Balance
Uniswap V3
Uniswap V3 Hourly Volumes - Arbitrum
Uniswap V3 Hourly Transaction Count - Arbitrum
Liquidations
Aggregate Liquidations across Aave & Compound
Free
PREMIUM
Institutional
Crypto Market Hits Lows
Crypto is leading the latest risk-off move, with BTC dropping to ~$93–95K (now negative YTD, back to May levels) and ETH to ~$3,000–3,200, while total crypto market cap is down >25% since the 10 October liquidation. Spot flows are reinforcing the selloff: BTC ETFs saw outflows of $866.7m on Thursday and $492.1m on Friday, and ETH ETFs lost $728.3m over the week across four consecutive outflow days. Options markets are positioned for further downside, with BTC ATM vols at 45–47%, short-dated ETH trading ~5 vol points rich to the back, and 25-delta skew at -7.8% for ETH and -7.2% for BTC, with open interest concentrated in BTC $90K and $85K puts versus $120K and $140K calls. Crypto-equity proxy Strategy is under pressure, with shares down 19% over five days and 31% over a month, and its mNAV briefly dipping below 1 as broader US risk sentiment deteriorates on tech/AI bubble concerns and a more hawkish Fed.
Free
PREMIUM
Institutional
DeFi Analytics 14th November 2025
This week's edition of our Crypto DeFi Analytics.
Free
PREMIUM
Institutional
Trump Trade Reverses
Bitcoin’s slide to $97k has pushed it below its 20 January inauguration reference level, leaving it only +3% year-to-date and effectively erasing its post-inauguration performance. The drop coincided with –$866.7M in spot ETF outflows, inverted short-tenor vol, negative front-end futures basis, and over $1bn in liquidations, underscoring broad crypto de-risking. Beyond price action, sector news remained mixed: Bitfarms reported a $46M quarterly loss while announcing plans to convert its Washington mining site into an AI/HPC facility, Canary Capital’s XRPC ETF posted a strong $58M debut, and R25 launched its yield-bearing rcUSD+ stablecoin on Polygon. On the policy front, Taiwan signalled growing institutional interest, with officials preparing a report on seized Bitcoin and the feasibility of forming a national BTC reserve.