Crypto Market Slides as BTC, ETH, and Altcoins Face Broad Selloff; XRP ETF Launches

I. Crypto Market Overview

Key Takeaways

Macro Environment

Federal Reserve officials' dovish stance has raised the probability of a December rate cut to nearly 70%, fueling risk appetite in digital assets. The GENIUS Act mandates stablecoin issuers to fully back tokens with US Treasuries, driving $109B in purchases and shifting oversight to the Treasury. Institutional acceptance grows as XRP ETFs launch on NYSE Arca, signaling regulatory progress and boosting confidence in altcoins.

Crypto Market

The crypto market remains under pressure, with Bitcoin down 4.4% to $97,474 and Ethereum falling 9.3% to $3,144, both hit by persistent ETF outflows and weak risk sentiment. Most major altcoins, including Solana (-8.7%), XRP (-8.6%), Kaspa (-7.7%), and Ethena (-9.9%), posted sharp declines, while Quant bucked the trend, rising 4.4% on renewed institutional interest. The overall downturn is driven by institutional selling and macro uncertainty.

Today's Outlook

CORE DAO (CORE) will undergo a major network upgrade at 08:00 UTC, potentially impacting transaction throughput and ecosystem activity. Valannia (VALAN) holds its Token Generation Event today, focusing on AI, gaming, NFT, and metaverse sectors, which may drive sector-specific volatility and new capital flows.

Fear and Greed Index

96.00% Annual Percentile

12 Fear

Total Crypto Market Cap

$2.99T

1.33%

Total Market Trading Volume

$152.25B

11.37%

Altcoin Season Index

0.00%

Quarterly Percentile

23 / 100

Total Futures Market Open Interest

4.62B

4.19%

Futures

772.27B

3.60%

Perpetuals

II. Industry Updates

Macro-economic Policies

Federal Reserve officials' dovish comments have pushed the probability of a December rate cut to 80%, weakening the US dollar and boosting risk appetite in digital assets, with XRP ETFs seeing $164M in net inflows.

US retail sales growth slowed to 0.2% in September, missing expectations and signaling softer consumer demand, which may increase pressure for monetary easing and impact Bitcoin and DeFi liquidity.

The US Producer Price Index (PPI) for September rose 2.7% year-over-year, in line with forecasts, indicating persistent inflationary pressures that could delay aggressive Fed rate cuts and affect crypto market volatility.

Federal Reserve Governor Stephen Miran advocated for significant interest rate cuts, highlighting economic headwinds; this stance has contributed to increased speculation of monetary easing, supporting a rebound in BTC prices.

Over 8% of Bitcoin's supply was traded in a week amid heightened Fed rate cut speculation, reflecting increased market volatility and positioning shifts as traders anticipate a potential policy pivot.

Cryptocurrency Regulatory Trends

Franklin Templeton and Grayscale launched XRP-backed ETFs on NYSE Arca, signaling growing institutional acceptance and regulatory approval, boosting investor confidence in altcoins.

The GENIUS Act, signed in July 2025, mandates stablecoin issuers to fully back tokens with US Treasuries, driving $109 billion in Treasury purchases and shifting regulatory oversight to the Treasury Department.

Privacy-focused protocols like Zcash and Railgun are gaining traction as regulatory scrutiny intensifies, reflecting increased demand for privacy solutions amid ongoing legal actions against privacy tool developers.

Kraken launched the Krak app in the UK and Europe under the EU's MiCA regulatory framework, offering a multi-asset account and DeFi-linked products, expanding regulated crypto financial services.

Tether's Hadron platform partnered with Crystal Intelligence to enhance compliance for tokenized real-world assets, supporting stricter regulatory and operational standards for institutional adoption.

Kaspa (KAS): Kaspa surged 21.9% in 24h with $114.5M volume, driven by strong Layer-1 scalability narrative and recent network upgrades boosting transaction throughput.

Ethena (ENA): Ethena jumped 15.4% in 24h with $299M volume, fueled by DeFi TVL growth to $7.53B and increased user adoption of its synthetic dollar protocol.

Quant (QNT): Quant rose 12.6% in 24h with $22.7M volume, supported by renewed institutional interest in interoperability solutions and Overledger ecosystem expansion.

Smart Money Movements

BlackRock deposited 4,471 BTC worth $390.8 million into Coinbase, signaling continued institutional activity in the Bitcoin market.

A whale executed a 20,000 BTC bullish condor options strategy on Deribit, placing a $1.76 billion bet on Bitcoin ending the year between $106,000 and $118,000.

Solana ETFs attracted $476 million in net institutional inflows as of November 19, 2025, despite a broader market downturn, with Bitwise's BSOL ETF leading with $36 million in a single day.

A significant transfer of 19,000 ETH, valued at $55.6 million, was made from an unknown wallet to the Beacon Depositor, indicating large-scale strategic positioning on Ethereum.

A Bitcoin whale reduced their short position by 50 BTC, securing $1.175 million in profit, while still holding 1,181.98 BTC short with $28.17 million in unrealized gains.

Events to Watch

Nov 25 (Tue)

Core DAO (CORE) Network Upgrade at 08:00 UTC; Valannia (VALAN) Token Generation Event, focusing on AI, Gaming, NFT, and Metaverse sectors.

Nov 26 (Wed)

US September PCE Price Index data to be released, a key indicator for Federal Reserve interest rate decisions.

Nov 28 (Fri)

Eurozone November inflation data release, potentially impacting EUR and global crypto markets.

Nov 29 (Sat)

Hyperliquid (HYPE) unlocks 9.92M tokens (~$308M) for core contributors, a major vesting event likely to affect token price.

III. Phemex Market Focus

New Listings

Nov 24: (MON/USDT)

Monad is a high-performance, Layer 1 blockchain that aims to address the scalability limitations of existing networks, particularly Ethereum, while maintaining full compatibility with the Ethereum Virtual Machine (EVM).

Nov 22: (BOB/USDT)

This futures pair is linear USDT-margined and supports hedge mode, which allows you to keep both a long and short position at the same time.

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