Performance Update

As of November 2025, Bursera Capital's total ROI is 824.66%* since the fund's inception in 2019, with Bitcoin standing at 728.54% and the average fund reaching 590.97%. Returns are -19.58%*, with the average fund reporting 2.56% and Bitcoin at -21.60%. Our Compound Annual Growth Rate (CAGR) of 39.53% continues to lead both Bitcoin (36.83%) and the average fund (32.83%).

Market News

Key developments shaping digital asset markets and policy this month:

• ETF inflows returned as BlackRock’s IBIT reached new milestones: U.S. spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) posted their first net-positive week since October, while BlackRock’s iShares Bitcoin Trust (IBIT), surpassed $70 billion in assets, becoming the firm’s top revenue generator, and now holds more than 3% of all Bitcoin.
• Leverage-driven liquidations intensified early-week volatility: Nearly $646 million in leveraged positions were wiped out during early Asia trading, pulling Bitcoin and Ethereum back toward multi-week lows and flushing out excess leverage across major derivatives platforms.
• Global regulatory and sovereign adoption trends continued diverging: El Salvador expanded its Bitcoin reserves with a $100 million purchase, several European nations advanced sovereign Bitcoin strategies, and Australia introduced a comprehensive digital-asset regulatory framework requiring new licensing standards.
• China reaffirmed its strict crypto ban while underground activity persists: The People’s Bank of China (PBoC) restated that digital assets have no legal status and flagged stablecoins as financial stability risks, even as Chinese retail users and covert mining operations continue to drive significant on-the-ground activity.
• Klarna entered the stablecoin market with KlarnaUSD on Stripe’s Tempo chain: The company’s first stablecoin positions it to compete in on-chain payments, aligning with broader institutional adoption as stablecoin networks reach trillions in annual transaction volume and gain rapid corporate traction.

BlackRock’s Bitcoin ETF Surges as Spot Inflows Return

Spot ETF demand rebounds while BlackRock’s IBIT emerges as the firm’s most profitable product line.

U.S. spot Bitcoin and Ethereum ETFs recorded their first week of net inflows since late October, signaling renewed institutional interest after several weeks of heavy redemptions. At the same time, BlackRock’s flagship Bitcoin ETF continued its rapid ascent, now approaching $100 billion in combined global allocations and generating more revenue for the firm than any of its other 1,400+ ETFs.

• ETF flows turn positive after weeks of outflows: Spot Bitcoin ETFs brought in roughly $70 million, while Ethereum ETFs recorded approximately $313 million in the holiday-shortened week ending November 28. These inflows marked the first positive week for both asset classes since late October.
• BlackRock products continue to dominate: While flows across issuers varied, BlackRock’s IBIT remained the largest and most influential Bitcoin ETF, even amid mixed daily flows. The fund continues to lead the industry in size, liquidity, and institutional adoption.
• IBIT becomes BlackRock’s top revenue generator and major Bitcoin holder: BlackRock confirmed its Bitcoin ETF suite—IBIT in the U.S. and IBIT39 in Brazil—has become the firm’s most profitable product line, while IBIT alone now holds more than 3% of Bitcoin’s circulating supply and is approaching $100 billion in global allocations.
• Record-setting growth in assets under management: Launched in January 2024, IBIT became the fastest ETF in history to reach $70 billion in assets, achieving the milestone within 341 days. The fund now manages $70.7 billion and has generated an estimated $245 million in annual fees.
• Net inflows accelerated through the first year: IBIT surpassed $52 billion in net inflows during its first year, driven by BlackRock’s global distribution network and elevated institutional participation following U.S. regulatory approval of spot Bitcoin ETFs.
• BlackRock increases its own exposure: The firm’s Strategic Income Opportunities Portfolio recently increased its stake in IBIT by 14%, reflecting internal conviction in the ETF’s long-term trajectory. BlackRock noted that outflows during volatile periods are expected and emphasized ETFs’ role in helping investors manage liquidity efficiently.

Mass Liquidations Pressure Bitcoin and Ether as Leverage Resets

Nearly $650 million in forced unwinds during early Asia trading accelerates losses across major digital assets.

A wave of forced liquidations swept through digital asset markets during early Asia trading on Monday, removing nearly $646 million in leveraged positions and extending the month’s late-November downturn. With longs comprising almost all of the liquidated exposure, the selloff pushed Bitcoin, Ether, and several large-cap altcoins back toward the lower end of their recent trading ranges.

• Leverage unwinds dominated the session: Data shows that long positions accounted for nearly 90% of all liquidations, highlighting the extent of bullish leverage heading into the Asian open.
• Major exchanges absorbed steep losses: Binance, Hyperliquid, and Bybit each recorded more than $160 million in liquidations, reflecting how concentrated positioning had become across derivatives platforms.
• Market structure accelerated the decline: The largest individual liquidation—a $14.48 million ETH-USDC position on Binance—demonstrated how tightly traders were positioned, enabling automated selling to cascade once margin thresholds were breached.
• Bitcoin and Ether retreated sharply: Bitcoin fell more than 5% to the $86,000 range, while Ether dropped over 6% toward $2,815. Both assets had attempted modest rebounds late last week but were pulled lower as forced selling intensified during the Asian session.
• Altcoins faced similar pressure: Solana, XRP, and BNB fell between 4% and 7%, while Cardano and Lido Staked Ether saw even deeper declines amid thin liquidity conditions and ongoing macro uncertainty.
• Leverage continues to wash out: Open interest across Bitcoin and Ether perpetual futures dropped further after the rout, suggesting a continued unwinding of the leverage accumulated during October’s rally. Traders cautioned that intraday volatility is likely to remain elevated until liquidity improves during U.S. trading hours.

Global Regulation Shifts as Nations Advance Bitcoin Strategies and Strengthen Oversight

Sovereign accumulation accelerates while Australia establishes a comprehensive digital-asset regulatory framework.

Governments are moving in sharply different directions on digital-asset policy, with several nations expanding sovereign Bitcoin exposure while others implement stricter regulatory controls. El Salvador made headlines after executing its largest single-day Bitcoin purchase—acquiring 1,090 BTC for roughly $100 million as prices briefly dipped below $90,000. The buy brings national reserves to 7,474 BTC and reinforces the country’s long-term accumulation strategy, which includes purchasing 1 BTC daily since late 2022.

• Sovereign adoption builds across Europe: The Czech National Bank executed its first crypto allocation, investing $1 million across Bitcoin, stablecoins, and tokenized deposits. In France, the Union of the Right for the Republic (UDR) party proposed establishing a national Bitcoin reserve targeting 420,000 BTC, while Luxembourg confirmed a 1% Bitcoin allocation within its sovereign wealth fund.
• Global mining dynamics continue shifting: Japan advanced a government-linked, renewable-powered mining initiative designed to stabilize its energy grid, while China has quietly resurfaced as a major mining hub—capturing roughly 14% of global hashrate despite its ongoing ban.
• Bitcoin volatility has not slowed sovereign interest: BTC has fallen sharply from recent highs near $125,000 to the ~$85,000 range, yet nations continue expanding or exploring strategic Bitcoin exposure as broader macro hedges.
• Australia introduces landmark digital-asset legislation: The Corporations Amendment (Digital Assets Framework) Bill 2025 establishes two new regulated categories—digital asset platforms and tokenized custody platforms—both requiring Australian Financial Services Licences unless operating under small-scale thresholds.
• New framework targets both risk mitigation and innovation: Licensed entities must meet standards set by the Australian Securities and Investments Commission (ASIC), which regulates financial services and markets across the country. ASIC’s requirements cover custody, settlement, liquidity sourcing, and client handling. Officials estimate the framework could unlock more than $24 billion in annual productivity gains while reducing risks tied to client-asset mismanagement.
• Regulatory guidance expands as oversight tightens: The bill builds on ASIC’s updated digital-asset guidance, which clarified that tokens, custody products, stablecoins, and yield-generating instruments are increasingly likely to be treated as regulated financial products under existing law.

China Reasserts Nationwide Ban on Digital Assets

The People’s Bank of China (PBoC) warns that virtual currencies lack legal status and labels stablecoins a threat to financial security.

China’s central bank reaffirmed its prohibition on digital asset activity following a multi-agency meeting in Beijing, signaling the government’s most forceful stance on the topic since its 2021 blanket ban on crypto trading and mining. The bank emphasized that virtual currencies hold no legal status within the country and warned that stablecoins present material risks to financial stability, anti–money laundering safeguards, and consumer protection frameworks.

• PBoC reiterates digital assets are illegal in China: The central bank restated that virtual currencies do not possess the legal standing of fiat currency, cannot be used as money, and fall outside the scope of lawful financial instruments. It pledged to continue “severely cracking down” on prohibited activity.
• Thirteen-agency meeting addressed renewed speculation: Representatives from thirteen government departments convened in Beijing to address what officials described as a resurgence in digital asset speculation. Authorities said prior actions, including the September 2021 trading and mining ban, had “rectified the chaos” of earlier market activity but warned that enforcement would intensify.
• Stablecoins receive heightened regulatory focus: The PBoC flagged stablecoins as failing to meet know-your-customer and anti–money laundering requirements, citing risks related to illicit fundraising, money laundering, illegal cross-border transfers, and underground payment channels. Officials labeled stablecoin circulation a threat to national financial security.
• Mainland policy diverges from Hong Kong’s regulated approach: While China maintains a strict prohibition on cryptocurrency activity, Hong Kong has established licensing frameworks for exchanges and stablecoin issuers. Still, Beijing has recently intervened, pressuring major brokerages to pause tokenization initiatives and discouraging certain technology firms from issuing stablecoins within the jurisdiction.
• Widespread retail and mining participation persists despite prohibitions: Earlier reporting this year showed that many Chinese citizens continue to buy, hold, and engage with digital assets through offshore channels, while China itself has quietly reemerged as one of the world’s largest Bitcoin mining hubs, despite the ban in 2021. This ongoing participation highlights the persistent disconnect between official policy and real-world adoption.

Klarna Enters Stablecoin Market With Launch of KlarnaUSD on Stripe’s Tempo Network

The buy-now-pay-later giant expands into on-chain payments as global stablecoin adoption accelerates.

Klarna, the Swedish financial services company best known for its buy-now-pay-later model, has taken a major step into digital assets with the launch of KlarnaUSD, its first stablecoin. The token makes Klarna the first bank to issue a stablecoin on Tempo, the payments-oriented blockchain developed by Stripe and Paradigm—marking a strategic shift toward on-chain settlement and cross-border payment efficiency.

• KlarnaUSD enables faster, lower-cost global payments: Klarna said the token will support cheaper and more efficient cross-border transactions for its 114 million customers, integrating directly with Tempo and Bridge, Stripe’s stablecoin infrastructure provider.
• Stablecoin rails are scaling rapidly: Klarna highlighted that stablecoin networks now process more than $27 trillion in annual volume, with Visa estimating that figure closer to $52.4 trillion. The sector’s market capitalization has surged to $304 billion, up from $180 billion one year ago, led by Tether’s USDT with a 61% market share.
• Strategic pivot beyond traditional BNPL services: The rollout signals a broader shift in Klarna’s global payments strategy, positioning the company to compete directly with legacy networks. Management said Klarna’s $118 billion in annual gross merchandise value (GMV) gives the firm the scale to redefine international settlement.
• Financial institutions deepen stablecoin integration: Klarna joins a growing list of established institutions adopting stablecoin technology, including PayPal, Société Générale, and BNY Mellon—whose new money market fund is designed specifically to strengthen stablecoin reserve backing.
• Corporate adoption expected to accelerate: A recent survey found 13% of global financial institutions already use stablecoins, with more than half of non-users expecting adoption within the next 6–12 months. Analysts project that 5–10% of all cross-border payments could move over stablecoin rails by 2030.
• Broader crypto integration underway: Earlier this year, Klarna announced plans to accept Bitcoin and other cryptocurrencies for customer payments. Its shares currently trade at $29.25, flat on the day as investors assess the company’s expanded on-chain strategy.

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*Data from November 2025 subject to crystallization.