The cryptocurrency market has dipped below the $3 trillion mark this week, driven by a decline in AI-driven trading momentum and broader macroeconomic challenges. Altcoins experienced significant losses, with Layer 2 solutions dropping 14.9%, gaming tokens down 12%, and DePIN tokens falling 11.4%. The top 10 cryptocurrencies remained closely tied to overall market sentiment. Market dynamics showed a shift as funding rates turned negative and spot trading volumes remained stable, indicating reduced leverage and a healthier market environment. The U.S. reported a modest increase in nonfarm payrolls by 119,000, while the probability of a December rate cut fell to 30%. Global economic concerns, including Japan's bond market stress and currency weakness, along with soft data from Europe, China, and the UK, added to the market's fragility. Total perpetual open interest decreased from approximately $230 billion to $135 billion, reflecting deleveraging and systematic flow withdrawals.