Gold Strengthens Over Thanksgiving

Find out our latest reports, listed below:

• Premia x Block Scholes: Introducing Kyan

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

• Metaplanet Is Selling Vol, Who Is Next?

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Market Snapshot: Overnight Moves

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Daily Updates:

• lthough it was Thanksgiving in the US yesterday, gold continued to edge higher and reached approximately $4,192 an ounce yesterday, up 0.20% on the day and at its strongest level since mid-November.
• The S&P 500 closed at approximately $6,800, gaining 0.69% on the day.

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• Crypto markets were comparatively muted: BTC briefly decreased towards 90K this morning before recovering to about 91.5K, up 0.15% on the day after trading in a $90K–$91.5K range yesterday, while ETH is hovering near $3,000, up 1.30%.

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• Japan’s retail sector gained momentum in October 2025, with sales rising 1.7% year-on-year, up from a revised 0.2% figure in September and above the market expectations of 0.8%. This was the fastest annual increase since June.
• On a monthly basis, retail sales grew 1.6%, reversing a flat outcome in September and marking the strongest pace in three months.

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• BTC ATM vols have declined sharply after spiking above 70% earlier in November. The 7d tenor is trading just under 40%.
• ETH ATM vols show a similar pattern but at higher absolute levels. Repeated front-end spikes during November saw 3d vol reach the 90–100% area, which has now normalised to around 45%. The 7d tenor has also moved lower, slipping below 60%.

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• BTC skew remains put skewed across all tenors.At the lows, short-dated tenors puts were trading about 20% higher than calls. Since then, the front-end skew has rebounded and is now close to flat. Further out on the curve, longer tenors remain mildly negative.
• ETH skew shows a slightly different situation. Front-end skew plunged even deeper into negative areas in mid-November, before gaining back. The skew of the 7d tenor volatility smile is now close to neutral, while smiles between 30–90d tenors are still skewed slightly towards OTM puts, with those puts trading at around 3% higher than calls.

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• Animoca Brands plans to sharpen its focus on stablecoins and real-world asset (RWA) tokenisation in 2026, launching a dedicated stablecoin initiative and an RWA marketplace.
• The company is building out these efforts through Anchorpoint Financial, its Hong Kong joint venture with Standard Chartered and Hong Kong Telecommunications, and via partnerships with Fosun Wealth, FinChain and Hang Feng Technology Innovation to distribute and tokenise institutional-grade assets.
• In parallel, Animoca intends to list on Nasdaq next year via a reverse merger with Singapore-based “Currenc Group”, where a private company becomes public by merging with an already listed entity, rather than going through a traditional IPO, offering investors diversified exposure to its extensive web3 portfolio rather than a single-token bet.

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• BitMine Immersion Technologies has reportedly added a further 14,618 ETH (around $44M) to its corporate treasury via a transfer from BitGo, according to on-chain data, following its announcement of a $200M Ethereum purchase on Monday. 

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• South Korean crypto exchange Upbit has reported a theft involving 54B Won (around $37M) in digital assets. Dunamu, the company that operates Upbit, stated that it will reimburse the full amount of the stolen funds using its own corporate assets. The stolen assets span 24 different token types based on Solana, which were moved from one of Upbit’s hot wallets to unapproved external wallet addresses.

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This Week’s Calendar:

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Charts of the Day:

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