I. Crypto Market Overview

Key Takeaways

1.

Macro Environment

Expectations for a Federal Reserve rate cut are rising, fueling risk appetite and supporting crypto valuations. The SEC's halt on high-leverage ETF reviews may dampen speculative flows and reduce short-term volatility. Regulatory focus on stablecoins and digital asset frameworks is intensifying globally, shaping institutional adoption.
2.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 4.4% to $97,474 and ETH dropping 9.3% to $3,144, pressured by ETF outflows and weak spot demand. Altcoins also fell, led by CRV (-7.6%), TEL (-4.1%), and ZEC (-4.0%), despite prior sector-specific catalysts. DeFi tokens underperformed as risk-off sentiment dominated.
3.

Today's Outlook

Today, US Initial Jobless Claims data will be released, offering key labor market insights ahead of the FOMC meeting. Dubai Blockchain Week 2025 concludes, gathering global industry leaders and potentially driving sector announcements and partnerships.
Fear and Greed Index
92.00% Annual Percentile
22 Fear
Total Crypto Market Cap
$3.18T
2.50%
Total Market Trading Volume
$158.85B
0.98%
Altcoin Season Index
16.67%
Quarterly Percentile
21 / 100
Total Futures Market Open Interest
3.93B
8.59%
Futures
820.28B
6.40%
Perpetuals

II. Industry Updates

Macro-economic Policies

1.

Bond investors have raised concerns over the potential appointment of Kevin Hassett as Federal Reserve Chair, fearing aggressive rate cuts could weaken the US dollar and drive capital into Bitcoin and DEFI, increasing crypto market volatility.

2.

The US SEC has halted the review of high-leverage ETF applications, including crypto-linked products, due to risk concerns. This move may limit speculative inflows into crypto markets and reduce short-term volatility in BTC and altcoins.

3.

US stocks rallied on expectations of a Federal Reserve rate cut at the upcoming FOMC meeting, pushing Bitcoin above $93,000. Lower rates typically boost crypto prices by increasing liquidity and risk appetite across digital asset markets.

4.

The US Treasury Department has been consulting with major Wall Street banks about the impact of potential Fed leadership changes, highlighting market sensitivity to monetary policy shifts that could directly affect crypto asset flows and valuations.

5.

Softer US labor data and mixed services sector readings have lowered Treasury yields, fueling optimism for monetary easing. This environment supports higher BTC and DeFi valuations as investors seek alternative returns amid declining yields.

Cryptocurrency Regulatory Trends

1.

The SEC has halted the review of high-leverage crypto ETF applications, citing concerns over amplified market volatility and investor risk, which may delay new leveraged crypto products and impact market sentiment.

2.

Hong Kong's SFC chief outlined a regulatory roadmap for digital assets, including stablecoin oversight and secure platform development, aiming to foster innovation while maintaining financial stability in the region.

3.

Coinbase CEO warned banks to adopt stablecoins or risk obsolescence, highlighting regulatory shifts like the GENIUS Act and signaling increased institutional focus on stablecoin integration for cross-border payments.

Trending Tokens

1.

Zcash (ZEC): ZEC surged 14.7% in 24h to $349.68, driven by renewed privacy coin interest and high trading volume over $1.55B, as privacy debates and institutional attention boost demand.

2.

Telcoin (TEL): TEL rose 11.9% in 24h to $0.00624, following final approval for its Digital Asset Depository Institution charter in Nebraska, enabling on-chain stablecoin issuance and regulated DeFi access.

3.

Curve DAO Token (CRV): CRV gained 11.0% in 24h to $0.4228, with 24h volume at $142.5M, as DeFi sector activity rebounds and liquidity incentives attract new capital to the protocol.

Smart Money Movements

1.

Strategy (MicroStrategy) established a $1.44 billion reserve to cover preferred stock dividends and debt interest, aiming to manage liquidity risk amid a sharp drop in Bitcoin purchases from 134,000 BTC in November 2024 to 9,100 BTC in November 2025.

2.

BlackRock transferred 44,140 ETH, valued at approximately $135.36 million, to Coinbase Prime, coinciding with $88.7 million in net outflows from its Ethereum ETF and an 11% drop in ETH price earlier this week.

3.

Galaxy Digital moved 750 BTC, worth about $69.95 million, to an unknown wallet, drawing attention due to the significant transaction size and recipient anonymity.

4.

Major financial institutions including JPMorgan, Vanguard, and Bank of America accelerated Bitcoin adoption between November 24 and December 2, with JPMorgan filing leveraged notes linked to BlackRock’s IBIT ETF and retail investors withdrawing $3.47 billion from Bitcoin ETFs.

5.

Tom Lee purchased an additional $150 million in Ethereum, signaling continued confidence and active accumulation by prominent investors in the ETH market.

Events to Watch

Dec 4 (Thu)

US Initial Jobless Claims data will be released, providing key labor market insights ahead of the December FOMC meeting; Dubai Blockchain Week 2025 concludes, gathering global industry leaders.

Dec 5 (Fri)

US PCE Inflation Report and September PCE data will be released, shaping expectations for Federal Reserve interest rate policy.

Dec 8 (Mon)

New York Fed will publish its Consumer Inflation Expectations survey; Stable and Bitfinex-backed Stable network mainnets will launch, impacting DeFi and stablecoin infrastructure.

Dec 9 (Tue)

Federal Reserve begins its final FOMC meeting of 2025, with markets anticipating a potential 25bps rate cut; October JOLTS survey and Q3 Nonfarm Productivity final update will be released.

Dec 10 (Wed)

Federal Reserve will announce its interest rate decision and hold a press conference, with high market impact expected for USD and crypto markets.

III. Phemex Market Focus

New Listings

1.

Dec 03: (RLS/USDT)

Phemex lists the new spot trading pair RLS/USDT, connecting TradFi with DeFi.
2.

Dec 03: (RLSUSDT)

Phemex lists the new futures trading pair RLSUSDT with up to 20X leverage.
3.

Dec 03: (TRADOOR/USDT)

Phemex lists the new spot trading pair TRADOOR/USDT, offering options and perps trading.
4.

Dec 02: (IRYSUSDT)

Phemex lists the new futures trading pair IRYSUSDT with up to 20X leverage.

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1.

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2.

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3.

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