BTC and ETH Slide as Solana Faces Major Token Unlock; XRP ETF Boosts Market Access

I. Crypto Market Overview

Key Takeaways

Macro Environment

The delayed release of key US economic data has heightened market volatility, with the Federal Reserve facing a data vacuum for its December policy decision. Global debt has reached a record $338 trillion, fueling demand for decentralized assets as a hedge. The launch of the first spot XRP ETF on Nasdaq is boosting institutional access and market confidence.

Crypto Market

The crypto market is broadly lower over the past 12 hours, with BTC down 2.95% to $99,128 and ETH falling 6.45% to $3,208, pressured by weak risk sentiment and ETF outflows. Altcoins show mixed performance: Quant (QNT) surged 11.4%, Starknet (STRK) rose 8.8%, and Ether.fi (ETHFI) gained 1.1%, driven by ecosystem upgrades and liquidity incentives, while Solana (SOL) dropped 6.4%.

Today's Outlook

Today, 472,602 SOL ($68.21M, 0.09% of supply) will be unlocked, potentially increasing volatility for Solana. Additionally, Franklin Templeton's ETF rollout begins, which may influence institutional flows and overall market sentiment.

Fear and Greed Index

70.00% Annual Percentile

25 Fear

Total Crypto Market Cap

$3.32T

3.31%

Total Market Trading Volume

$220.35B

35.48%

Altcoin Season Index

41.67%

Quarterly Percentile

28 / 100

Total Futures Market Open Interest

4.45B

1.24%

Futures

828.76B

3.19%

Perpetuals

II. Industry Updates

Macro-economic Policies

The end of the 43-day US government shutdown has triggered a rapid liquidity injection into financial markets, supporting risk assets and stabilizing bond yields, which may enhance Bitcoin and DeFi market liquidity in the short term.

The delayed release of key US economic data, including October CPI and jobs reports, has increased market uncertainty, causing heightened volatility in both crypto and traditional assets as the Federal Reserve faces a data vacuum for its December policy decision.

US stock and crypto markets experienced a sharp sell-off as expectations for a December Federal Reserve rate cut dropped from 92% to 67%, with risk assets like Bitcoin and tech stocks under pressure due to the uncertain monetary policy outlook.

The UK economy grew only 0.1% in Q3 2025, missing forecasts and weakening the British pound; this sluggish growth and fiscal uncertainty may reduce GBP-denominated crypto inflows and impact DeFi activity linked to UK-based users.

Global debt has reached a record $338 trillion, intensifying concerns about long-term financial stability; this environment may drive increased demand for decentralized assets like Bitcoin as a hedge against sovereign risk.

Cryptocurrency Regulatory Trends

Canary Capital launched the first spot XRP ETF on Nasdaq, providing regulated exposure to XRP and boosting institutional and retail investor access, which is expected to enhance market liquidity and confidence.

The Federal Deposit Insurance Corporation (FDIC) is developing new guidance for tokenized deposit insurance, clarifying that blockchain-based deposits retain their legal status, which may encourage further digital asset adoption by banks.

The Financial Accounting Standards Board (FASB) will meet on November 19 to discuss new accounting standards for cryptocurrency transfers, signaling increased regulatory focus on digital asset reporting and compliance.

The IRS has issued safe harbor guidance for crypto staking ETPs, allowing certain trusts to stake digital assets without losing their investment trust status, which could drive more institutional participation in proof-of-stake networks.

MoonPay announced plans to offer stablecoin issuance and management services across the US, leveraging its money transfer licenses, which may accelerate stablecoin adoption and regulatory scrutiny in the payments sector.

Quant (QNT): Quant surged 11.4% in 24h to $91.83, driven by a 339% spike in trading volume to $70.8M as renewed interest in interoperability and Overledger updates boosted demand.

Starknet (STRK): STRK jumped 8.9% in 24h, reaching $0.149, after attracting $276M in new deposits via a Bitcoin liquidity rewards program, despite recent network outage concerns.

ether.fi (ETHFI): ETHFI rose 8.1% in 24h to $0.95, supported by nearly $100M in daily trading volume, as liquid staking and DeFi integrations on Ethereum drive user and capital inflows.

Smart Money Movements

Bitcoin ETFs recorded a $524 million net inflow, with BlackRock adding $224 million and Fidelity $166 million, raising total ETF holdings to $60.49 billion.

BlackRock deposited 4,653 BTC and 57,455 ETH, worth over $673 million, into Coinbase Prime for ETF liquidity management amid a market downturn.

An Ethereum whale increased holdings to $1.3 billion during recent market volatility, signaling strong institutional accumulation and bullish sentiment.

MicroStrategy's market cap fell to $62.6 billion, a 2.6% discount to its $64.3 billion in Bitcoin holdings, as shares dipped below net asset value.

A dormant Bitcoin wallet moved 603 BTC valued at over $60 million after nine years of inactivity, highlighting renewed activity among long-term holders.

Events to Watch

Nov 14 (Fri)

Solana unlocks 472,602 SOL ($68.21M, 0.09% of supply); Franklin Templeton ETF rollout begins, scheduled through Nov 18.

Nov 15 (Sat)

WCT will unlock 13.76M tokens (65.21% of supply, $13.76M), potentially impacting market prices due to increased supply.

Nov 17 (Mon)

Solv Protocol unlocks 40.14M tokens; Vooi (VOOI) token generation event and IDO on LegionCookie and Cookie; ArcaneVault IDO on Spores.

Nov 19 (Wed)

US Federal Reserve releases latest meeting minutes, providing key insights into economic conditions and monetary policy.

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