Alternative Investing Report - November 18, 2025

*as of 11/17; Sources: S&P, BTC, FTSE, DJRE, CL50

The crypto market had yet another rough day, with total market cap falling by more than 4% and Bitcoin dipping below $90,000 for the first time since April. The OG digital asset has lost 30% of its value since hitting an all-time high last month, and is now in negative territory for 2025. Other major coins like Ethereum and Solana have fared worse, losing nearly half their value over the past two months. But the brunt of the drawdown has been felt by smaller altcoins, as the MarketVector Digital Assets 100 Small-Cap Index hit its lowest level in five years.

➨ TAKEAWAY: Winter for crypto has begun early, and investors have reacted by selling their holdings and pulling money out of crypto-related ETFs. Investors initiated $2 billion in crypto ETF outflows in the past week, with the biggest ETF — Blackrock’s Bitcoin ETF IBIT — suffering its largest one-day withdrawal. Overall, digital asset ETFs have lost 27% of their AUM since early October. The crypto market has seen a number of significant extended declines before, and as the price of crypto tokens are largely based on buying demand and sentiment, it will take a catalyst to turn it around. A Fed rate cut or a stimulus check announcement could do the trick, but in the absence of good news, the winter doldrums could stay awhile.

🤖 Bezos AI project: Amazon founder and former CEO Jeff Bezos plans to serve as co-CEO of the new AI startup Project Prometheus, which has already raised $6.2 billion and will focus on AI to help with physical tasks to support aerospace and engineering.

💵 Private capital return: Pitchbook’s private capital return barometers for Q3 show significant increases for private equity, venture and private credit strategies, solid improvement for infrastructure, and a slight pullback for natural resources.

🏢 Small-bay industrial: The vacancy rate for smaller industrial buildings is just 4.2% compared to 7.4% for large-scale industrial properties, reflecting a trend in the sector towards smaller, more flexible properties. Rents, property values, and investor interest in small-bay properties are growing at a faster pace than larger properties.

🚀 Ramp’s value grows: Only months after its last fundraise, the fintech startup raised another $300 million at a $32 billion valuation, a 50% gain over its $22 billion valuation from July.

🏡 Home value declines: 53% of U.S. homes have gone down in value in the past year, with Denver seeing the greatest proportion of houses drop in value at 91%, followed by Austin, Sacramento, Phoenix, and Dallas.

🎨 $1 million Bob Ross painting: An auction put on by “Last Week Tonight with John Oliver” includes a painting by the public television legend that has already topped seven figures in bidding, shattering the recently-set $229,100 record for any Ross painting.

A 19,000 square foot modern castle in Fort Worth, TX, is coming up for auction in early December with an expected starting bid of $4 million - $6.5 million. The 7 bed/15.5 bathroom house has columns and towers, fireplaces in nearly every room, and double high ceilings to add to the sense of grandeur. The 2-acre property includes indoor and outdoor pools, a theater, a private pond, a gym, a wine room, a tennis court, and a 4,700 square-foot guest house. If you can’t wait for the auction, it’s also listed for sale for $11.75 million.