Crypto Market Slides as BTC, ETH Drop; Aster Surges on Token Conversion

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve injected $29.4 billion into the US banking system, boosting liquidity and supporting risk assets. Persistent US inflation at 2.7% may limit further Fed rate cuts, tempering bullish sentiment. Japan's planned 13.9 trillion yen stimulus and continued monetary easing could weaken the yen and drive Bitcoin demand.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 2.46% to $107,629 and Ethereum down 3.28% to $3,721.11, pressured by weak spot demand and risk-off flows. Altcoins were mixed; Aster outperformed with an 8.7% gain, while Official TRUMP (TRUMP) rose 1.5%. MemeCore (M) was flat. Aster's surge was driven by its APX-to-ASTER token conversion and DEX capital efficiency, while TRUMP benefited from new AI product launches.

Today's Outlook

Federal Reserve Governor Lisa D. Cook's speech on economic outlook and monetary policy may influence market sentiment. Major token unlocks for Ethena, Worldcoin, and MEME could increase volatility. The US ISM Manufacturing Report is also expected to impact risk appetite and crypto price action.

Fear and Greed Index

80.00% Annual Percentile

35 Neutral

Total Crypto Market Cap

$3.61T

2.85%

Total Market Trading Volume

$150.19B

53.40%

Altcoin Season Index

27.27%

Quarterly Percentile

28 / 100

Total Futures Market Open Interest

3.21B

0.05%

Futures

855.43B

0.02%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Federal Reserve ended its Quantitative Tightening program on December 1, signaling a shift to a more accommodative monetary stance. This move increases system liquidity, which could support higher Bitcoin and DeFi asset prices by improving risk appetite.

The U.S. real-time inflation index rose to 2.7% annually, the highest since January 2025. Persistent inflation may prompt the Fed to pause further rate cuts, potentially dampening bullish momentum for Bitcoin and other risk assets.

The Federal Reserve injected $29.4 billion into the U.S. banking system via overnight repo operations, the largest since the dot-com era. This liquidity boost may enhance crypto market liquidity and support digital asset valuations.

The Reserve Bank of Australia is expected to keep its cash rate on hold at 3.60% following a higher-than-expected Q3 inflation report. Continued restrictive policy and inflationary pressures could limit AUD/USD upside, indirectly affecting crypto flows in the Asia-Pacific region.

Japan's government is preparing a major fiscal stimulus package exceeding 13.9 trillion yen to support households amid inflation. Expectations of continued monetary easing may weaken the yen, potentially increasing demand for Bitcoin as a hedge against currency depreciation.

Cryptocurrency Regulatory Trends

Regulators are intensifying crypto tax enforcement by tracking wallets and on-chain activity, increasing compliance pressure and potential penalties for users.

Custodia Bank suffered a legal setback in court, highlighting ongoing regulatory challenges for crypto banks and potentially impacting institutional confidence.

Recent security incidents in DeFi, including Balancer exploits, have prompted platforms like Venus Protocol and Harvest to suspend related services, reflecting heightened regulatory and risk scrutiny.

President Trump reaffirmed the U.S. commitment to leading the cryptocurrency sector, emphasizing the geopolitical importance of crypto innovation amid global competition.

Privacy coins surged 80% last week as demand for anonymity grows, signaling increased user focus on privacy amid evolving regulatory landscapes.

ASTER (ASTER): ASTER surged 8.9% in 24h with $2.92B volume, driven by its recent APX-to-ASTER token conversion and high capital efficiency features on its multi-chain DEX.

MemeCore (M): MemeCore rose 2.4% in 24h, reaching a $2.52B market cap, as its Proof of Meme consensus and meme-native Layer 1 ecosystem attract new holders and cultural contributors.

TRUMP (MAGA): TRUMP gained 1.5% in 24h, supported by ongoing AI-driven product launches in the MAGA ecosystem, including MAGA GPT and contract scanning tools, boosting user engagement.

Smart Money Movements

Whale investor '7 Siblings' purchased 2,210 ETH for $8.15 million USDC at $3,687 per ETH, continuing a strategy that has accumulated 8,719 ETH for $32.48 million since October 11.

Bitmine increased its Ethereum holdings by acquiring 82,353 ETH valued at $305.9 million last week, bringing its total ETH portfolio to 3,395,422 ETH worth $12.61 billion.

Strategy acquired 397 BTC for approximately $45.6 million at an average price of $114,771 per Bitcoin, raising its total holdings to 641,205 BTC with a cumulative investment of $47.49 billion.

Blackrock transferred 1,198 Bitcoin worth $129.09 million and 15,121 Ethereum valued at $56.1 million to Coinbase within the past hour, signaling significant portfolio movement.

A whale opened a $26.14 million long position on 140,366 Solana (SOL) with 20x leverage on Hyperliquid, indicating strong bullish sentiment on SOL's price.

Events to Watch

Nov 3 (Mon)

Federal Reserve Governor Lisa D. Cook delivers a speech on economic outlook and monetary policy; US ISM Manufacturing Report and major token unlocks (Ethena, Worldcoin, MEME) may impact market volatility.

Nov 4 (Tue)

Ripple's Swell Conference and ChainLink's SmartCon open in New York, gathering key crypto, finance, and regulatory leaders; FOMC member Michelle Bowman to speak on Fed policy.

Nov 5 (Wed)

US October ADP Non-Farm Employment Change and Brazil central bank interest-rate decision will provide key signals for global markets.

Nov 6 (Thu)

Bank of England, Mexico central bank to announce interest-rate decisions; US Federal Reserve Vice Chair Barr and FOMC members Williams, Waller to discuss economic outlook.

Nov 7 (Fri)

US October jobs report and nonfarm payrolls released, offering critical labor market data; Bloccelerate VC's 4th Annual Founder Summit convenes Web3 leaders in New York.

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