🍪 Daily Byte – 20.11.2025

By Byte & Block — exploring the building blocks of digital finance.

Today’s Menu:

• BTC in the 90K Zone
• India to Launch own Token ARC
• First Major Crypto Market Structure Bill

Fear & Greed Index Today

Prices as of 09:00 AM CET

BTC ₿₿₿ in the $90K Zone, Sentiment Shaky, Cycle Still Intact

Bitcoin is trading in the low-$90Ks this morning after a volatile 48 hours, with intraday wicks below the 89K low from the day before on some exchanges.

Sentiment is shaky — not capitulation, but a “late-cycle panic” kind of shaky.

But despite the fear, the broader four-year cycle structure is still intact:
• This is the first major post-halving shakeout,
• followed by elevated volatility and forced liquidations,
• and it happens in every cycle before the final major macro-driven leg.

What we’re seeing today isn’t the pattern of a cycle top — it looks much more like the “mid-cycle flush” phase where retail capitulates while structural demand quietly rebuilds.

U.S. Flows + Fed Repricing

Instead of a pure “on-chain bottom” pattern, the data right now shows regionally concentrated selling pressure, with U.S. traders leading the recent BTC sell-off

This seems to be connected to the “anticipated” FED December rate-cuts….

or lack there off…

📈 Still.. Whales Remain Active

Steady increase in whales loading up on the dip, while retail buckles

🇮🇳 India’s ARC Token Eyes January 2026 Launch 🚀

India’s debt-backed ARC token — tied to asset reconstruction companies — is moving toward a tentative January 2026 debut.

Source CoinDesk

The token will represent fractionalized exposure to distressed debt pools backed by the government.

This is one of the earliest large-scale examples of state-adjacent tokenization of real-world distressed assets, signaling how governments may quietly onboard blockchain rails.

🇺🇸 🏛️ U.S. Senate Nears Vote on First Major Crypto Market Structure Bill

The U.S. Senate is reportedly close to voting on what would be the first major crypto market structure bill in American history. Coinbase CEO Brian Armstrong met in Washington this week, saying lawmakers are “90% of the way there” on finalizing the legislation. This bill would define how digital asset trading, custody, and market oversight operate in the U.S.

If passed, this becomes the most important regulatory shift since Bitcoin launched, potentially unlocking institutional clarity that’s been missing for a decade. The U.S. — historically behind the EU and Asia on crypto rules — may finally be stepping into the arena with real legislation instead of enforcement-by-surprise.

Meme of the day

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