Crypto Market Slides as BTC, ETH Drop; Hyperliquid Unlocks $60M HYPE

I. Crypto Market Overview

Key Takeaways

Macro Environment

The G20 is advancing unified global crypto oversight and new standards for stablecoins and DeFi, aiming to boost institutional confidence. The UAE has introduced comprehensive DeFi and stablecoin regulations, enhancing regional innovation. Japan will require liability reserves for crypto exchanges, raising operational standards.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.4% to $97,474 and Ethereum falling 9.3% to $3,144. Altcoins also retreated, as Celestia (TIA) dropped 7.9%, Quant (QNT) rose 4.4% on strong volume, and Telcoin (TEL) slid 4.1%. Weak risk sentiment and ETF outflows drove the downturn.

Today's Outlook

Today, Hyperliquid DEX unlocks 1.75 million HYPE tokens for developers, injecting over $60 million in liquidity and raising concerns about potential selling pressure and short-term volatility.

Fear and Greed Index

80.00% Annual Percentile

20 Fear

Total Crypto Market Cap

$3.12T

0.93%

Total Market Trading Volume

$85.06B

22.49%

Altcoin Season Index

25.00%

Quarterly Percentile

23 / 100

Total Futures Market Open Interest

3.70B

0.38%

Futures

756.33B

3.61%

Perpetuals

II. Industry Updates

Macro-economic Policies

Goldman Sachs expects the Federal Reserve to cut interest rates in December due to a weakening labor market, which could boost crypto market liquidity and support risk asset prices.

The G20 is advocating for unified global crypto oversight and new standards for stablecoins and DeFi, potentially increasing institutional confidence and cross-border capital flows in digital assets.

Fidelity's tokenized money market fund on Ethereum has surpassed $250 million AUM, signaling growing institutional adoption of blockchain-based financial products and enhancing DeFi's credibility.

DeFi stablecoin yields have sharply declined as token prices fall and TVL shrinks, reflecting a shift toward sustainable, real-income-based returns and impacting DeFi liquidity and investor behavior.

The United Arab Emirates has introduced comprehensive DeFi and stablecoin regulations, which may attract global capital and foster innovation in the region's digital asset ecosystem.

Cryptocurrency Regulatory Trends

The G20 is pushing for unified global crypto oversight, introducing new standards for stablecoins and DeFi, which could accelerate international regulatory harmonization and impact market compliance costs.

Nasdaq is actively seeking SEC approval to offer tokenized stocks, aiming to integrate blockchain-based trading under existing investor protection rules, potentially boosting institutional adoption and market liquidity.

Fidelity's tokenized money market fund on Ethereum has surpassed $250 million AUM, reflecting growing institutional interest in regulated tokenized financial products and supporting the case for further regulatory clarity.

The United Arab Emirates has implemented comprehensive regulations for DeFi and stablecoins, strengthening its crypto regulatory framework and enhancing legal certainty for market participants in the region.

Japan will require mandatory liability reserves for crypto exchanges, aiming to improve financial stability and consumer protection, which may increase operational requirements for local and foreign platforms.

Quant (QNT): Quant surged 13% in 24h to $106.46, driven by renewed market interest and high trading volume of $74.9M, with bulls targeting the $103 liquidity zone.

Celestia (TIA): Celestia (TIA) jumped 11.7% in 24h to $0.69, supported by $146.8M in trading volume and strong ecosystem growth as a leading modular blockchain.

Telcoin (TEL): Telcoin (TEL) rose 8.9% in 24h to $0.0055, with $4.88M volume, following its final approval as a Digital Asset Depository Institution in Nebraska.

Smart Money Movements

A major Ethereum whale transferred 1,000 ETH worth $3.03 million to a centralized exchange, having liquidated 10,500 ETH ($35.39 million) over the past month, while still holding 110,081 ETH valued above $335 million.

XRP exchange balances dropped 34.18% in two months, from 3.95 billion to 2.6 billion, as whales and ETFs accumulated, with ETFs adding $439 million in net assets within two weeks.

Hyperliquid moved $90 million in HYPE tokens (2.6 million tokens) from staking to spot, amid a 45% surge in trading volume to $1.61 billion and open interest rising over 4% to $1.48 billion.

Strategy executives increased holdings in STRC preferred shares, with director Jane Dietze buying 1,100 shares at $95.28 each on November 21, as common stock fell 38% this month but STRC preferred dropped only 2%.

BlackRock's IBIT ETF saw $2.34 billion in outflows in November after nearing $100 billion in assets, with the company describing such ETF outflows as normal for retail-driven products during asset contractions.

Events to Watch

Nov 30 (Sun)

ICE BofA Indices data update; Hyperliquid DEX unlocks 1.75M HYPE tokens for developers, worth over $60.4M, adding market liquidity.

Dec 1 (Mon)

Federal Reserve's quantitative tightening policy ends, potentially impacting global liquidity and Bitcoin price; Ontology MainNet v3.0.0 upgrade enhances network and ONG tokenomics.

Dec 2 (Tue)

Flare mainnet upgrade inspired by Cancun/Dencun goes live, boosting EVM scalability; ENA unlocks 95.31M tokens ($27.2M); India Blockchain Week Conference begins in Bangalore.

Dec 3 (Wed)

Ethereum Fusaka hard fork focuses on scaling and security; Pandu Ethereum ETF lists on Hong Kong Stock Exchange, enabling direct ETH holdings; Australia Q3 GDP data released.

Dec 5 (Fri)

US September PCE and Personal Income reports released, key for global markets; Average Hourly Earnings (USD) and crypto accounting webinar for corporates scheduled.

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