Your blockchain update | November 21, 2025
Solana tweeted something cryptic, a member of the US House of Representatives introduced crypto-related legislation, and major crypto assets had a bad month.
Welcome to the Meridian Update. We will not cover exchange-traded products (ETPs) today. It’s been enough, for now. We will mention them once, though. Let’s dive in.
Something big is coming
Supposedly. If you ask the Twitter account for the Solana network. It tweeted this:
“Something big is coming”
The tweet included the two eyes looking to their right (your left) emoji. We intend to never include emojis in the Meridian Update.
We pinged some of our friends, and they wouldn’t tell. Fascinating.
It’s been a funny few days for tweets of this variety. Earlier this week, Coinbase tweeted that it had changed its Twitter bio. The bio simply said December 17. They’ve since changed it back. People quickly figured out that Coinbase is launching a grab-bag of products.
This is a creative approach to building a Strategic Bitcoin Reserve
We mentioned the Strategic Bitcoin Reserve (SBR) concept two weeks ago:
“By the way, you might be wondering what “SBR” means in the tweet we referenced. Strategic Bitcoin reserve (SBR). The idea is the US government should hold Bitcoin, and maybe other on-chain assets, as a strategic reserve. The term SBR is specifically designed to bring to mind the Strategic Petroleum Reserve (SPR). You can sort of guess why the US wants an SPR. SBR is…a little less clear?”
Well said. Anyway:
“Today, Rep. Warren Davidson (R-OH) introduced the Bitcoin for America Act to allow Americans to pay federal taxes in Bitcoin and direct all such payments into the Strategic Bitcoin Reserve.”
Say what you will about the Strategic Bitcoin Reserve. Including “You can sort of guess why the US wants an SPR. SBR is…a little less clear?” Seriously! Say what you will. But this is certainly the most Strategic Bitcoin Reserve-y way to build a Strategic Bitcoin Reserve. Build it by letting people pay their taxes with Bitcoin. And then don’t sell the Bitcoin. Keep it! Strategically, in reserve.
We are sure that what you are wondering right now is But where does the Bitcoin Policy Institute stand on this bill? It’s a great question. And we are here with an answer. They endorsed it.
Sarcasm aside, we did not ask our friends in Washington to weigh in on the likelihood of this bill advancing. We’ll simply say that a lot of legislation is introduced and almost as much dies in every Congress. We generally focus on legislation that has already passed, but this one was too fun to pass up. We’ll keep an eye on this one.
It’s just been a really bad month for crypto prices
We don’t know why. Nvidia had great earnings. The US federal government shut down ended. Crypto Twitter liked the major regulatory news. A Federal Reserve governor talked about stablecoins. All sorts of crypto ETPs went live, and did well. The White House talked about making the US the Crypto Capital of the World. Even Jamie Dimon, the CEO of J.P. Morgan Chase, said nice things about on-chain technologies.
But yesterday was a terrible day for Bitcoin. It was a terrible day for SOL. It was a terrible day for ETH. And the last 30 or so days has been terrible for each one, too. All three are down more than 20% over the last 30 days.
How is this possible? How can the news seem so good, but the prices move so badly? It’s a terrific question.
Economic theory describes the markets as perfectly efficient. Something downstream of perfectly efficient markets is that all currently available information is priced into an assets current price. That includes information that may be relevant to the future. Said a different way, the market, at all times, has information that has set its expectations for what will happen in the future. If what actually happens is more favorable than what the market had expected, this will constitute new information. The price should move up. If what actually happens is less favorable than what the market had expected, this will also constitute new information. The price should move down.
What, exactly, are we saying? Well, we aren’t saying anything. We are just sharing some economic theory that might be relevant to the context. It could be true that what has actually happened is less favorable than what the market had expected, this constituted new information, and it drove the prices down. For example, maybe the market expected the US federal government to buy $500 billion of Bitcoin, $100 billion of ETH, and $50 billion of SOL. Who knows.
All we know, for now, is that the news is good, the prices are down, and no one knows what will happen next.
By the way, here is a small reminder that Cameron Winkelvoss definitely does not know what will happen next. It was not the last chance to buy Bitcoin under $90k.
That’s a wrap
Solana tweeted something cryptic, a member of the US House of Representatives introduced crypto-related legislation, and major crypto assets had a bad month.
We are considering publishing a “week in review” over the weekends, breaking our normal weekend silence. Send us a note at email@meridianupdate.com if this is something you’d enjoy. We love hearing from all of you.