Crypto Market Drops: BTC and ETH Slide, Major Token Unlocks and Regulatory Moves

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US narrowly avoided a government shutdown, restoring market confidence and supporting risk assets. Brazil's central bank introduced new crypto regulations, aiming to boost institutional trust and transparency. The US Senate advanced a bipartisan bill to clarify digital asset oversight, signaling progress toward regulatory certainty.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 3.96% to $103,107 and ETH falling 5.56% to $3,437.89, pressured by weak risk sentiment and ETF outflows. Altcoins underperformed, with AVAX and APT both dropping over 7.5%. Notably, SOON (+7.81%), MYX (+4.06%), and CC (+3.02%) outperformed, driven by DeFi sector rotation, protocol upgrades, and institutional activity.

Today's Outlook

Today, the Singapore FinTech Festival 2025 opens, gathering global fintech leaders, while Planck Network holds its Token Generation Event. Avalanche unlocks 1.67 million AVAX tokens (~$29.84M), and Aptos unlocks $36.6M in tokens, events likely to impact market liquidity and volatility.

Fear and Greed Index

66.00% Annual Percentile

31 Fear

Total Crypto Market Cap

$3.45T

3.16%

Total Market Trading Volume

$175.80B

2.40%

Altcoin Season Index

27.27%

Quarterly Percentile

26 / 100

Total Futures Market Open Interest

3.28B

0.88%

Futures

844.73B

2.15%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Central Bank of Brazil has introduced new rules for crypto service providers, requiring minimum capital and monthly transaction reporting. This policy may reduce market risk and increase institutional confidence, potentially boosting DeFi and stablecoin flows in Latin America.

Goldman Sachs has delayed its forecast for China's rate and RRR cuts to Q1 2026, reflecting the PBOC's focus on FX stability and gradual monetary easing. This cautious stance may limit short-term liquidity inflows to crypto markets from China.

Reserve managers are diversifying away from the US dollar into smaller G10 and select EM currencies, aiming for yield and stability. This trend could weaken USD demand, potentially supporting Bitcoin's narrative as a global alternative asset.

Japan's factory sentiment hit its highest level since early 2022, driven by a weaker yen and global demand for autos and electronics. Improved Japanese economic outlook may increase risk appetite, supporting crypto trading volumes in the Asia-Pacific region.

The US government narrowly avoided a shutdown, triggering a temporary rebound in Bitcoin and Ethereum prices. The resumption of federal operations is expected to restore market confidence and support risk asset flows, including crypto.

Cryptocurrency Regulatory Trends

The Central Bank of Brazil has announced new regulations for crypto service providers, requiring licensing, capital thresholds, and monthly transaction reporting, which may increase compliance costs and impact cross-border stablecoin transfers.

The Bank of England launched a consultation on stablecoin regulation, proposing a £20,000 cap per individual and strict reserve requirements, aiming to protect financial stability but potentially limiting stablecoin adoption in the UK.

Transak secured six new US state Money Transmitter Licenses, highlighting the fragmented regulatory landscape for stablecoin payments in the US and signaling ongoing challenges for nationwide crypto compliance.

The US Senate Agriculture Committee unveiled a bipartisan draft bill to give the CFTC primary oversight of digital assets, aiming to resolve regulatory uncertainty and boost institutional confidence, though key DeFi rules remain unresolved.

The US Treasury and IRS approved new guidelines allowing crypto trusts and ETFs to stake digital assets without losing tax status, paving the way for regulated staking products and potentially increasing institutional participation in proof-of-stake networks.

SOON (SOON): SOON surged 6.6% in 24h, ranking top gainer with $146M volume; price momentum driven by inclusion in DeFi altcoin season moves and increased governance activity, as noted in recent market analysis.

MYX Finance (MYX): MYX rose 4.6% in 24h with $33M volume, supported by protocol upgrades for cross-chain margining and liquidity concentration, boosting user adoption and trading activity.

Canton Network (CC): CC gained 3.2% in 24h, trading $68M volume; growth attributed to expanding institutional partnerships and mainnet activity, with circulating supply reaching 34.96B tokens.

Smart Money Movements

BitMine Immersion Technologies purchased 18,271 ETH for $64.59 million from Kraken, reinforcing its strategy to build the largest institutional Ethereum treasury.

A whale increased Ethereum holdings by 28,262 ETH, worth $98.59 million, withdrawing from Binance and bringing total ETH holdings to 355,164 ETH ($1.21 billion).

Galaxy Digital transferred 24,007 ETH, valued at $82.04 million, to a wallet suspected to be linked to Bitmine, highlighting ongoing large-scale institutional Ethereum accumulation.

A new wallet received 1,130 BTC, valued at $116.46 million, from FalconX, marking a significant on-chain transfer and indicating active large-scale Bitcoin movements.

Bitdeer Technology Group's stock dropped 14.9% after Tether sold 7.7 million shares, reducing its stake from 23% to 18% and contributing to post-earnings volatility.

Events to Watch

Nov 12 (Wed)

Singapore FinTech Festival 2025 opens, gathering global fintech leaders; Planck Network (PLANCK) holds its Token Generation Event.

Nov 12 (Wed)

Avalanche unlocks 1.67 million AVAX tokens (~$29.84M), about 0.32% of supply; 11.31M tokens worth ~$38M also unlock today.

Nov 13 (Thu)

U.S. Consumer Price Index (CPI) for October releases, a key inflation indicator; Avalanche schedules another token unlock event.

Nov 14 (Fri)

Finsteco FNST Finance launches its Initial DEX Offering (IDO) on Kommunitas; Canada releases November unemployment rate data.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The Central Bank of Brazil has introduced new rules for crypto service providers, requiring minimum capital and monthly transaction reporting. This policy may reduce market risk and increase institutional confidence, potentially boosting DeFi and stablecoin flows in Latin America.

Goldman Sachs has delayed its forecast for China's rate and RRR cuts to Q1 2026, reflecting the PBOC's focus on FX stability and gradual monetary easing. This cautious stance may limit short-term liquidity inflows to crypto markets from China.

Reserve managers are diversifying away from the US dollar into smaller G10 and select EM currencies, aiming for yield and stability. This trend could weaken USD demand, potentially supporting Bitcoin's narrative as a global alternative asset.

Japan's factory sentiment hit its highest level since early 2022, driven by a weaker yen and global demand for autos and electronics. Improved Japanese economic outlook may increase risk appetite, supporting crypto trading volumes in the Asia-Pacific region.

The US government narrowly avoided a shutdown, triggering a temporary rebound in Bitcoin and Ethereum prices. The resumption of federal operations is expected to restore market confidence and support risk asset flows, including crypto.

Cryptocurrency Regulatory Trends

The Central Bank of Brazil has announced new regulations for crypto service providers, requiring licensing, capital thresholds, and monthly transaction reporting, which may increase compliance costs and impact cross-border stablecoin transfers.

The Bank of England launched a consultation on stablecoin regulation, proposing a £20,000 cap per individual and strict reserve requirements, aiming to protect financial stability but potentially limiting stablecoin adoption in the UK.

Transak secured six new US state Money Transmitter Licenses, highlighting the fragmented regulatory landscape for stablecoin payments in the US and signaling ongoing challenges for nationwide crypto compliance.

The US Senate Agriculture Committee unveiled a bipartisan draft bill to give the CFTC primary oversight of digital assets, aiming to resolve regulatory uncertainty and boost institutional confidence, though key DeFi rules remain unresolved.

The US Treasury and IRS approved new guidelines allowing crypto trusts and ETFs to stake digital assets without losing tax status, paving the way for regulated staking products and potentially increasing institutional participation in proof-of-stake networks.

Trending Tokens

SOON (SOON): SOON surged 6.6% in 24h, ranking top gainer with $146M volume; price momentum driven by inclusion in DeFi altcoin season moves and increased governance activity, as noted in recent market analysis.

MYX Finance (MYX): MYX rose 4.6% in 24h with $33M volume, supported by protocol upgrades for cross-chain margining and liquidity concentration, boosting user adoption and trading activity.

Canton Network (CC): CC gained 3.2% in 24h, trading $68M volume; growth attributed to expanding institutional partnerships and mainnet activity, with circulating supply reaching 34.96B tokens.

Smart Money Movements

BitMine Immersion Technologies purchased 18,271 ETH for $64.59 million from Kraken, reinforcing its strategy to build the largest institutional Ethereum treasury.

A whale increased Ethereum holdings by 28,262 ETH, worth $98.59 million, withdrawing from Binance and bringing total ETH holdings to 355,164 ETH ($1.21 billion).

Galaxy Digital transferred 24,007 ETH, valued at $82.04 million, to a wallet suspected to be linked to Bitmine, highlighting ongoing large-scale institutional Ethereum accumulation.

A new wallet received 1,130 BTC, valued at $116.46 million, from FalconX, marking a significant on-chain transfer and indicating active large-scale Bitcoin movements.

Bitdeer Technology Group's stock dropped 14.9% after Tether sold 7.7 million shares, reducing its stake from 23% to 18% and contributing to post-earnings volatility.

Events to Watch

Nov 12 (Wed)

Nov 12 (Wed)

Nov 13 (Thu)

Nov 14 (Fri)

III. Phemex Market Focus

New Listings

Phemex Promotions