Crypto Market Slides as BTC, ETH Lead Declines; Major Token Unlocks Ahead

I. Crypto Market Overview

Key Takeaways

Macro Environment

US Q3 GDP growth of 4.3% and a new S&P 500 high highlight strong economic momentum, but persistent inflation and delayed Fed rate cuts are limiting crypto inflows. The US is nearing comprehensive crypto regulation, with a pro-crypto CFTC chair and stablecoin rules advancing. Ghana has enacted a formal crypto regulatory framework, enhancing market integrity and consumer protection.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.43% to $97,474 and Ethereum falling 9.27% to $3,144.86, pressured by ETF outflows and weak risk sentiment. Altcoins also dropped sharply; IMX fell 10.78%, AVAX 10.75%, and SOL 8.75%. Despite recent surges, speculative tokens like PIPPIN (-8.67%) and 31CC (-26.2% from prior highs) reversed as profit-taking intensified.

Today's Outlook

Key events today include the Newton Protocol unlocking 6.25 million tokens and Nillion unlocking 10.84 million tokens, both of which may increase short-term volatility. Hyperliquid validators are concluding a $1B HYPE token burn vote, a significant event that could impact HYPE's supply and market sentiment.

恐怖と欲望指数

76.00% 年間パーセンタイル

29 恐怖

暗号資産市場の総時価総額

$2.96T

1.41%

市場全体の取引量

$101.44B

1.36%

アルトコインシーズン指数

63.64%

四半期パーセンタイル

19 / 100

先物市場の未決済建玉総額

3.44B

0.50%

先物

789.41B

2.44%

無期限契約

II. Industry Updates

Macro-economic Policies

The S&P 500 reached a new closing high at 6,900, driven by strong US Q3 GDP growth of 4.3%, signaling robust economic momentum. This equity rally supports risk-on sentiment, but crypto market cap remains stagnant, reflecting weaker liquidity and limited capital rotation into digital assets.

CME FedWatch data shows an 86.7% probability that the Federal Reserve will keep rates unchanged in January 2026, with only a 13.3% chance of a 25bps cut. This expectation of stable US monetary policy is constraining Bitcoin and Ethereum price action, keeping major crypto assets range-bound.

The US dollar index (DXY) declined 0.35% to 97.94 as the euro and pound strengthened, reflecting market anticipation of continued Fed easing. Dollar weakness typically supports crypto valuations, but current risk appetite is favoring equities over digital assets, limiting upside for BTC and DeFi tokens.

The Bank of Canada maintained its policy rate at 2.25% amid ongoing USMCA review and global economic resilience. This decision stabilizes CAD-denominated crypto trading pairs and signals a cautious approach to monetary easing, with limited immediate impact on global crypto liquidity.

US Q3 GDP growth of 4.3% exceeded expectations, boosting investor confidence in traditional markets. However, persistent inflation above the Fed's 2% target and delayed rate cut expectations are dampening institutional flows into crypto, as reflected by negative ETF inflows and subdued DeFi activity.

Cryptocurrency Regulatory Trends

Ghana's parliament has passed the Virtual Asset Service Providers Bill, establishing a formal regulatory framework for cryptocurrencies and digital assets. This move brings all crypto activities under the supervision of the Bank of Ghana, enhancing consumer protection and market integrity.

The Bank of Ghana and Securities and Exchange Commission will issue detailed directives and regulatory instruments within the first quarter of 2026 to operationalize the new crypto law, providing clarity for licensing and compliance requirements.

The United States is nearing the approval of a comprehensive crypto market structure bill, with CFTC Chair Michael Selig confirming the legislation is close to presidential sign-off. The bill aims to clarify regulatory roles and boost institutional confidence.

Michael Selig has been sworn in as the new CFTC Chairman, signaling a pro-crypto regulatory approach in the U.S. His leadership is expected to accelerate the implementation of clear digital asset rules, potentially increasing market stability and investor participation.

The FDIC has proposed new application requirements for banks seeking to issue stablecoins under the GENIUS Act, focusing on safety, soundness, and compliance. This regulatory clarity is likely to encourage more traditional financial institutions to enter the stablecoin market.

Immutable (IMX): IMX surged 42.6% in 24h, driven by $18.8M trading volume and strong NFT/gaming sector demand, ranking #87 by market cap.

Pippin (PIPPIN): PIPPIN jumped 33.2% in 24h with $73.6M volume, fueled by speculative trading and increased attention among top gainers.

Canton (31CC): 31CC rose 26.2% in 24h, reaching $323M in trading volume, as market participants speculated on new project developments.

Smart Money Movements

A newly created wallet purchased 40,975 ETH worth $121 million from Binance and deposited it into Aave V3, then lent out $63 million USDT, indicating significant whale activity.

Bitmine received 31,750 ETH valued at $93.5 million from FalconX, highlighting a major on-chain transfer and potential strategic accumulation by a large entity.

A crypto whale initiated $243 million in leveraged short positions across Bitcoin, Ethereum, and Solana, including 1,899 BTC at 10x, 18,527.53 ETH at 15x, and 151,209.08 SOL at 20x leverage.

Ripple transferred 65 million XRP, equivalent to $121 million, to an unidentified address as XRP's price dipped to $1.89, drawing attention to possible liquidity shifts.

Fasanara Capital acquired 6,569 ETH worth $19.72 million, deposited it into Morpho, and borrowed $13 million USDC to purchase additional Ethereum, demonstrating a leveraged institutional strategy.

Events to Watch

Dec 24 (Wed)

Newton Protocol unlocks 6.25 million tokens; Hyperliquid validators conclude $1B HYPE token burn vote; Nillion unlocks 10.84M tokens.

Dec 25 (Thu)

Uniswap UNIfication proposal vote closes, deciding on protocol fee activation and 100M UNI burn; Humanity Protocol unlocks 105.36M tokens, worth $21M.

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