Dogecoin and XRP trusts launch under Grayscale; CleanSpark earnings on deck in the week ahead for crypto.

Grayscale’s Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are poised to launch on Monday, even as both tokens head toward their steepest monthly declines since February. The broader market continues to tumble, with the CoinDesk 20 Index (CD20) down 23% so far in November.

ETF trends mirror the broader slump. U.S. spot bitcoin ETFs have recorded $3.55 billion in net outflows this month, putting them within striking distance of February’s all-time monthly record of $3.56 billion.

In corporate news, bitcoin miner CleanSpark (CLSK) will release fiscal fourth-quarter earnings on Tuesday. Competitors have delivered strong results: Riot Platforms (RIOT) surprised with profit and record revenue, while Iren (IREN) reported new highs as it ramps up its artificial intelligence strategy.

What to Watch This Week

Crypto

• Nov. 24: Monad launches its public mainnet and native token MON.
• Nov. 24: Grayscale’s GDOG and GXRP spot ETFs are expected to begin trading on NYSE Arca.
• Nov. 25: Digital asset treasury firm KR1 Plc moves from AQSE to the London Stock Exchange’s main market under ticker 0A9X.
• Nov. 26: CTC-1, the first Spacecoin-powered satellite constellation, lifts off from Vandenberg Space Force Base in California.

Macro Data

• Nov. 25, 7 a.m.: Mexico September retail sales (YoY prev. 2.4%, MoM prev. 0.6%).
• Nov. 25, 8:15 a.m.: ADP weekly employment change (prev. -2.5K).
• Nov. 25, 8:30 a.m.: U.S. September PPI — headline YoY est. 2.7%, MoM est. 0.3%; core YoY prev. 2.8%, MoM prev. -0.1%.
• Nov. 25, 8:30 a.m.: U.S. September retail sales YoY prev. 5%, MoM est. 0.4%.
• Nov. 26, 8:30 a.m.: U.S. September durable goods orders MoM est. 0.3%.
• Nov. 26, 8:30 a.m.: U.S. initial jobless claims (prev. 220K) and continuing claims (prev. 1,974K).
• Nov. 28, 7 a.m.: Brazil October unemployment (prev. 5.6%).
• Nov. 28, 7 a.m.: Mexico October unemployment (prev. 3%).
• Nov. 28, 8:30 a.m.: Canada Q3 GDP — annualized (prev. -1.6%), QoQ (prev. -0.4%).

Earnings

• Nov. 25 (post-market): CleanSpark (CLSK) reports quarterly results.

Token Governance, Unlocks & Launches

DAO Governance Votes

• Moonwell DAO: Proposal to cover ~$5.25M in bad debt using reserves (USDC, cbBTC) and direct future revenue to repayment, prioritizing cbXRP and VIRTUAL. Ends Nov. 24.
• ZKsync DAO: Vote to shorten token program proposal timelines—voting delay reduced from seven days to three, late-quorum extension from seven days to two. Ends Nov. 24.
• Aave DAO: Voting on November funding plan, including treasury consolidation and purchase of 8M GHO for operations and audits. Ends Nov. 24.
• CoW DAO: Proposal to raise partner revenue cap to 5% and increase partner fee share to 75%. Ends Nov. 26.
• Arbitrum DAO: Vote to reconfirm John Kennedy and Tim Chang for the 2026 AGV Council. Ends Nov. 27.
• Lightchain.AI: Considering delaying mainnet launch by up to six months after a key developer departed mid-build. Ends Nov. 27.
• The Graph Council: Voting on introducing a Rewards Eligibility Oracle (REO) to tie indexer rewards to uptime and performance standards. Ends Nov. 30.

Token Unlocks

• Nov. 24: XPL unlocks 4.74% of supply (~$17.81M).
• Nov. 28: JUP unlocks 1.69% (~$12.39M).
• Nov. 29: HYPE unlocks 2.68% (~$318.92M).
• Nov. 30: KMNO unlocks 5.65% (~$10.59M).

Token Launches

• Nov. 24: MON (Monad) lists on major exchanges including Kraken and Bitrue as mainnet goes live.
• Nov. 24: SOLV launches on Solana via partnership with Jupiter.
• Nov. 30: Deadline for Centrifuge’s token migration.

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