The Daily: Monad sets mainnet and airdrop for Nov. 24, Ripple raises $500M, Bitcoin's 'IPO moment,' and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Wednesday! Bitcoin's dip below $100,000 on Tuesday sparked $1.7 billion in liquidations, but analysts see it as a healthy leverage reset, not the end of the bull cycle.

In today's newsletter, Monad confirms its token generation event and mainnet for Nov. 24, Ripple raises $500 million at a $40 billion valuation, Bitwise says Bitcoin's "IPO moment" means the days of 1% institutional allocations are over, and more.

Meanwhile, CryptoQuant says bitcoin could drop to $72,000 by year's end if the $100,000 level doesn't hold.

Let's get started!

P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000! Plus, don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe !

Monad unveils airdrop and public mainnet date

Monad will launch its Layer 1 blockchain and native MON token on Nov. 24 at 9 a.m. ET, a team member disclosed to The Block.

• The associated airdrop rewards thousands of early community members and roughly 225,000 verified users across major protocols like Aave, Uniswap, and Pump.fun.
• The project's claims portal, powered by Privy, saw degraded performance when it opened last month due to intense interest in the token.
• Monad has also allocated MON to educational groups, security researchers, and ecosystem contributors, though the exact tokenomics remain undisclosed.
• The network promises Solana-level speed with Ethereum compatibility through custom parallel execution, capable of running thousands of transactions at once with sub-second finality.
• At launch, Monad will integrate with apps like Uniswap, Magic Eden, and OpenSea, with wallet support including MetaMask, Phantom, and Rabby.

Ripple raises $500 million at $40 billion valuation in round led by Fortress and Citadel

Ripple raised $500 million at a $40 billion valuation in a strategic investment round led by Fortress and Citadel Securities, with participation from Galaxy, Pantera, Brevan Howard, and Marshall Wace.

• The raise follows Ripple's recent $1 billion tender offer at the same valuation, and $4 billion in acquisitions, including Hidden Road, GTreasury, and Palisade.
• "We started in 2012 with one use case — payments — and have expanded that success into custody, stablecoins, prime brokerage, and corporate treasury, leveraging digital assets like XRP," Ripple CEO Brad Garlinghouse said in a statement.
• Garlinghouse added on X that the raise "feels like the cherry on top of a mountain of good news" for Ripple, following the company's settlement with the SEC that ended its nearly five-year legal battle.

Bitcoin's 'IPO moment' means the days of 1% allocations are over, Bitwise CIO says

Bitwise CIO Matt Hougan said bitcoin's "IPO moment" signals the end of the traditional 1% portfolio allocation as institutions increasingly set 5% as the new baseline.

• Drawing on Wall Street veteran Jordi Visser's recent "silent IPO" analogy, Hougan said bitcoin's sideways slog this year reflects early investors giving way to long-term institutional buyers — similar to the performance of tech giants such as Facebook and Google after their initial public offerings before subsequently surging.
• He argued the shift marks bitcoin's maturation from a radical idea into a mainstream asset with lower volatility and growing ETF, corporate, and sovereign participation, arguing the setup is "extremely bullish."
• "If you take the long view, bitcoin chopping sideways is a gift," Hougan said. "I see it as an opportunity to buy more before it resumes its ascent."

Bitcoin and Ethereum ETFs post $800 million in combined outflows amid 'extreme fear'

U.S. spot Bitcoin and Ethereum ETFs saw $797 million in combined net outflows on Tuesday.

• The Bitcoin ETFs saw $578 million exit — marking the largest single-day withdrawal since August — while Ethereum funds experienced $219 million in outflows, as crypto prices plunged.
• Analysts said the fifth straight negative day for the ETFs signals institutional recalibration amid Fed Chair Jerome Powell's recent hawkish tone and the ongoing U.S. government shutdown.
• Meanwhile, the crypto fear and greed index plunged to 21, placing it in "extreme fear" territory as investors reacted to a stronger dollar and broader risk-off sentiment.
• Despite the selloff, analysts said bitcoin's long-term bullish structure remains intact, with potential catalysts like rate cuts and real-world asset tokenization poised to revive demand.

White House says Trump's pardon of CZ was reviewed with 'utmost seriousness'

The White House said President Trump's recent pardon of Binance founder Changpeng "CZ" Zhao was reviewed with "utmost seriousness" under standard procedures.

• Press Secretary Karoline Leavitt clarified that Trump's remark about not knowing Zhao meant he had no personal relationship with him.
• Leavitt echoed the president's view that Zhao was over-prosecuted by a "weaponized DOJ" under the previous administration, aligning with Trump's claim that the case was a "Biden witch hunt."

In the next 24 hours

• The Bank of England's latest interest rate decision is due at 7 a.m. ET on Thursday. U.S. jobless claims figures are scheduled for 8:30 a.m.
• Bank of England Governor Andrew Bailey speaks at 9:15 a.m. U.S. FOMC member John Williams follows at 11 a.m.
• RedStone and Access Protocol are set for token unlocks .
• Blockchain Futurist Conference 2025 concludes in Miami.

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