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The major topic under discussion in the Brazilian crypto sector, after the announcement of the new regulations by the Central Bank on Monday (10), is how the crypto asset market will relate to the exchange market.
In practice, Resolution No. 521 establishes that various operations with crypto assets are now classified within the national exchange system. This includes, for example, transactions for the purchase, sale, or exchange of digital assets linked to traditional currencies — the so-called stablecoins.

The shares of Digital Asset Treasury companies (DAT) are undergoing a tough test: some have already lost more than 50% compared to their peaks in 2025 and are now traded close to the value of their cryptocurrency reserves.
This intense liquidation raises a central question for investors: are we facing a justified decline or an exaggerated movement that could open up opportunities?
The numbers make the contrast clear. While Bitcoin has retreated about 20% from its 2025 record, according to data from CoinGecko, shares of the DATs have suffered much sharper declines. Strategy lost half its value since July, Metaplanet dropped nearly 80%, and SharpLink plummeted about 90%. As a result, their market valuations shrank, bringing the market value to net asset value ratio (mNAV) to levels close to or below 1, according to StrategyTracker.

Bitcoin investors continue to be seen as the true owners of 'diamond hands', as they tend to hold their coins for longer, in contrast to Ethereum users, who move and use their assets much more frequently than the so-called digital gold.
According to the analysis company Glassnode — based on data prior to the recent crypto market downturn — BTC shows low turnover, functioning as a kind of 'digital savings'. Meanwhile, ETH circulates much more, as it acts like 'digital gasoline', being stored but also constantly used as fuel for the network and as collateral in transactions.

Harvard University significantly increased its participation in Bitcoin in the third quarter, strengthening its position in BlackRock's cryptocurrency ETF, the industry leader.
According to the 13F filing submitted to the U.S. Securities and Exchange Commission (SEC), Harvard Management Company held, as of September 30, 6.8 million shares of BlackRock's iShares Bitcoin Trust. This amount was valued at approximately $442.8 million (about R$ 2.3 billion), representing a significant growth compared to the 1.906 million shares reported on June 30.

Drex is under review, but with a consolidated legacy
In recent weeks, the debate surrounding Drex has gained momentum following the announcement that the project would advance without the use of blockchain. This led some to interpret that the initiative had been suspended, but this view overlooks the structural impact left by the testing phase.
Drex is being reassessed, but what remains is a financial market more attentive to digital infrastructure, more aware of programmable logic, and more willing to consistently discuss tokenized assets. The objective has not changed — only the chosen technical path. The accumulated learning has become an essential part of the system's evolution.

Cryptocurrency entrepreneur Brock Pierce, known for co-founding Tether, participated in a conversation about Bitcoin with Larry Summers, former U.S. Treasury Secretary, at a meeting held at Jeffrey Epstein's house in Manhattan. The information appears in emails from the financier's estate, who was convicted of sexual crimes.
This exchange of messages took place after Epstein's conviction in 2008 and was reportedly mentioned in a New York Magazine article in 2015, which was never published. The text highlighted the presence of influential guests at meetings organized by Epstein.

Visa recently revealed the launch of a pilot project that enables payments in stablecoins directly to digital wallets of content creators and freelancers. The novelty, presented at the Web Summit, aims to make the receipt of payments more agile and accessible for those operating on a global scale.
With the update to Visa Direct, companies will be able to make transfers in traditional currency, while beneficiaries will have the option to receive in stablecoins pegged to the dollar, such as USDC. The initiative aims to shorten the transfer time, which in conventional banking systems can take days, to just a few minutes.

The Federal Police launched Operation Coffee Break on Wednesday (12), which revealed a corruption scheme in municipalities involving the use of cryptocurrencies to launder money from bribes. The action took place in São Paulo, the Federal District, and Paraná, targeting politicians and even the ex-daughter-in-law of President Lula.
According to Judge Raquel Coelho Dal Rio Silveira, of the 1st Federal Court of Campinas (SP), responsible for authorizing the operation, the investigations pointed to a sophisticated mechanism for concealing values. The scheme included transfers to shell companies, the actions of money changers, and movements in cryptocurrencies, both to enrich those involved and to pass resources to third parties.

On the same day that the newly launched XRP ETF recorded a historic high in net inflows in 2025, the more traditional Bitcoin and Ethereum funds faced one of their worst moments in terms of fundraising.
On Thursday (13), the 11 spot Bitcoin ETFs had outflows close to $867 million — the second largest negative volume since their creation 22 months ago. The nine Ethereum funds lost another $260 million, according to data from the British manager Farside Investors.

The XRP spot ETF (XRPC), launched by Canary Capital, began trading on Thursday (13) with around $58 million (approximately R$ 300 million) on its first day. This performance marked the most significant opening among all exchange-listed funds this year, even amid the declining cryptocurrency market.
A few days after filing its preliminary proposal with the SEC, the fund started trading and quickly attracted volumes above expectations, demonstrating strong initial demand.

On Wednesday (12), Deputy Colonel Chrisóstomo (PL-RO) presented Bill No. 5819/2025, which suggests the creation of the National Fund for Compensation to Victims of Fraud (FNRVF). The proposal aims to ensure quick and effective compensation for individuals and legal entities that have suffered losses due to digital scams. Furthermore, the text provides for stricter penalties, the possibility of preventive detention in more serious cases, and the adoption of precautionary measures to protect the community.

A Bitdeer, a publicly traded Bitcoin mining company, announced on network X, during the early hours of Wednesday, that a fire hit two buildings of its facilities in Massillon, Ohio, on Tuesday (11). According to the note, the fire was quickly controlled after the arrival of local firefighters and there were no reports of casualties.
The company detailed: “Yesterday afternoon, around 2 PM, Tuesday, November 11, our unit in Massillon was hit by a fire that affected two buildings of the structure. The site is still under construction, and management is conducting an investigation to determine the origin of the incident and assess the damages.”

Thai authorities reported on Wednesday (12) that, with the support of the FBI, they managed to recover approximately R$ 2.3 million (equivalent to 14 million baht) in cryptocurrencies from a suspected Eastern European hacker, located in Phuket province, about 850 km from Bangkok.
The lieutenant general Suraphon Prempoot, head of the Cyber Crime Investigation Department (CCIB), explained that the so-called 'Operation 293' enabled the return of approximately $320,000 in digital assets to Thai victims, as reported by local media. The FBI had alerted investigators about the whereabouts of the suspect, who had reportedly fled to Thailand. 'This action shows that even experienced digital criminals cannot hide behind online anonymity,' declared Suraphon.

Hyperliquid (HYPE), a decentralized derivatives platform, suffered a loss of approximately $4.9 million (about R$ 26 million) after a suspicious operation involving the memecoin POPCAT. The episode gained attention on social media and news outlets, being pointed out as possible market manipulation.
According to the analyst Lookonchain, in a post on X, "someone manipulated the POPCAT to reach Hyperliquid, burning $3 million of their own resources — and causing losses of $4.9 million for the Liquidity Provider (HLP)."

The co-founder of Ethereum, Vitalik Buterin, along with members of the Account Abstraction Team of the Ethereum Foundation, released the “The Trustless Manifesto”, a document that reaffirms the mission of the ecosystem to create decentralized systems, in which security and fairness derive exclusively from mathematics and collective consensus, without relying on the intervention of intermediaries.
Signed by Yoav Weiss, Vitalik Buterin, and Marissa Posner, the text highlights the relevance of trustlessness — the ability to operate without needing to trust third parties — as an essential principle of Ethereum. The authors argue that “the only protection is the trustless design: systems whose correctness and fairness rely solely on mathematics and consensus, never on the goodwill of intermediaries.”

The Czech National Bank (CNB) revealed this Thursday (13) an unprecedented initiative for the cryptocurrency market: the creation of an experimental wallet worth US$ 1 million. The portfolio includes Bitcoin, a stablecoin pegged to the dollar, and a tokenized deposit. This is the first time that the world's leading cryptocurrency officially appears on the balance sheet of a central bank.
The decision, approved by the institution's council on October 30, is part of a pilot project that aims to provide the Czech Republic's central bank with practical experience with blockchain-based assets. The entity has already recognized that crypto assets have the potential to profoundly change payment systems and the functioning of the financial sector in the future.

XRP Panorama
As the cryptocurrency market remains attentive to the uncertainties of the macroeconomic scenario, XRP stands out as an asset that may face a period of strong volatility. This volatility is fueled by three main factors: the launch of a relevant ETF, the advancement of institutional adoption, and a clearer regulatory environment after the end of the U.S. government shutdown.
ETF Debut
The point of greatest immediate impact is the arrival of the first spot ETF for XRP in the United States. The fund from Canary Capital, which will be listed on Nasdaq under the code XRPC, will be backed by XRP itself and will charge a management fee of 0.50%. With this, the token becomes the fourth crypto asset — after Bitcoin, Ethereum, and Solana — to achieve a spot ETF in the country.

A IBM divulgou na quarta-feira os próximos passos de sua estratégia para tornar a computação quântica prática. A empresa apresentou novos processadores, avanços em software e melhorias nos métodos de fabricação, que, segundo ela, devem acelerar o setor rumo à chamada “vantagem quântica” até 2026 e alcançar marcos importantes de tolerância a falhas até 2029.
O termo “vantagem quântica” descreve o momento em que um computador quântico realiza tarefas impossíveis para máquinas clássicas. Já a tolerância a falhas significa manter o desempenho estável mesmo diante de erros. Se o plano da IBM se concretizar, o processador Nighthawk será um passo decisivo para viabilizar comercialmente os computadores quânticos até o fim da década.
Apesar de aproximar o campo do chamado “Dia Q”, os novos chips ainda não representam ameaça imediata à criptografia que protege o Bitcoin. Para quebrar a segurança baseada em curvas elípticas, seria necessário um computador quântico tolerante a falhas com cerca de 2.000 qubits lógicos — o que, considerando a correção de erros, corresponderia a dezenas de milhões de qubits físicos. O Nighthawk, por sua vez, possui 120 qubits e foi projetado para executar cálculos mais complexos com baixa taxa de erro.
Os primeiros modelos devem ser disponibilizados até o fim de 2025, e versões futuras estão planejadas para superar 1.000 qubits conectados até 2028. O chip traz 218 acopladores ajustáveis, aproximadamente 20% a mais que o design Heron de 2023, permitindo circuitos 30% mais complexos e operações de até 5.000 portas lógicas de dois qubits.
Esse lançamento integra o roteiro Starling da IBM, que prevê a entrega de um computador quântico de grande escala e tolerante a falhas — o IBM Quantum Starling — até 2029. Para atingir esse objetivo, serão necessários avanços em arquitetura modular e técnicas de correção de erros.
O anúncio ocorre em meio a novos investimentos no setor. Em outubro, o Google revelou que seu processador Willow atingiu aceleração quântica comprovada, realizando uma simulação física mais rápido do que qualquer supercomputador clássico, reacendendo preocupações sobre a segurança futura da criptografia do Bitcoin.
Para sustentar suas metas, a IBM firmou parcerias com a Algorithmiq, o Flatiron Institute e a BlueQubit, lançando uma plataforma aberta para comparar resultados quânticos e clássicos em testes de desempenho.
A empresa também expandiu o software Qiskit para compatibilidade com o novo hardware. Segundo a IBM, os circuitos dinâmicos aumentaram a precisão em 24% na escala de 100 qubits. Além disso, uma nova interface C-API conecta o Qiskit a sistemas clássicos de alto desempenho, acelerando a mitigação de erros e reduzindo em mais de 100 vezes o custo para extrair resultados confiáveis. Até 2027, estão previstas bibliotecas voltadas a aprendizado de máquina e otimização, apoiando pesquisas em física e química.
No campo da tolerância a falhas, a IBM apresentou avanços com o processador experimental Quantum Loon, que reúne todos os elementos de hardware necessários para esse tipo de computação. O chip utiliza tecnologias já testadas, como acopladores de longo alcance e a capacidade de redefinir qubits entre operações. A empresa relatou um aumento de dez vezes na velocidade de decodificação de erros, alcançando correção em tempo real em menos de 480 nanossegundos com códigos qLDPC — resultado obtido um ano antes do previsto.
Para acelerar o progresso, a produção dos chips foi transferida para uma linha de wafers de 300 mm no Albany NanoTech Complex, em Nova York. Essa mudança teria dobrado a velocidade da pesquisa, multiplicado por dez a complexidade dos chips e permitido desenvolver vários projetos em paralelo.
Segundo a IBM, essas atualizações reforçam o avanço contínuo rumo a sistemas quânticos escaláveis e tolerantes a falhas, além de estabelecerem a base para demonstrações científicas verificadas de vantagem quântica nos próximos anos.
Jay Gambetta, diretor de pesquisa da IBM, declarou: “Acreditamos que a IBM é a única empresa capaz de inventar e escalar rapidamente software, hardware, fabricação e correção de erros quânticos para liberar aplicações transformadoras.”

Gabriel Galípolo, president of the Central Bank, commented for the first time on the decision to disconnect the Drex platform. He stated that, after years of testing, the technology chosen for the project proved inadequate, but emphasized that the BC still intends to develop a digital structure for the Brazilian financial system.
Second Galípolo, Drex never aimed to be a traditional digital currency issued by the Central Bank, like other CBDCs. Instead, the focus has always been on creating a regulated environment for the tokenization of deposits, financial assets, and real economy goods. He explained that a conventional CBDC could replace banking intermediation, which was not the purpose of Drex.

Bitcoin billionaire investor Arthur Hayes issued a warning to Zcash (ZEC) holders on Wednesday (12), recommending that they withdraw their assets from exchanges due to the increasing instability of the privacy-focused cryptocurrency.
Through a post on social media platform X, Hayes — former CEO of BitMEX — advised his nearly 766,000 followers to move their ZEC to wallets under their own custody.
“If you have $ZEC in a centralized exchange (CEX), transfer it to a self-custody wallet and keep your security,” he wrote, mentioning platforms like Coinbase and Binance.