Crypto Market Slides as BTC, ETH Drop; Major $HYPE Token Unlock Today

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US Federal Reserve is widely expected to cut rates in December, supporting risk assets and crypto liquidity. Key US macro data releases, including ISM and ADP, will shape Fed policy and BTC flows. Switzerland's CARF delay and Spain's proposed crypto tax reforms add regulatory uncertainty for global crypto firms.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 4.43% to $97,474 and ETH dropping 9.27% to $3,144. Altcoins also fell, led by MYX (-13.58%) and SKY (-9.07%), while Quant (QNT) bucked the trend, rising 4.36% on strong interoperability narrative. Weak risk sentiment and ETF outflows drove the selloff.

Today's Outlook

Today, Hyperliquid unlocks 9.92 million $HYPE tokens valued at $308M–$351M as part of its 24-month vesting schedule, potentially impacting market liquidity and price dynamics for HYPE and related DeFi tokens.

Fear and Greed Index

98.00% Annual Percentile

20 Fear

Total Crypto Market Cap

$3.09T

1.45%

Total Market Trading Volume

$109.68B

1.45%

Altcoin Season Index

8.33%

Quarterly Percentile

21 / 100

Total Futures Market Open Interest

3.72B

3.39%

Futures

826.61B

2.77%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US Federal Reserve is widely expected to cut interest rates in December, with over 80% probability, driving the US Dollar Index below 100 and strengthening emerging market currencies. This dovish outlook supports risk assets, potentially boosting Bitcoin and DeFi liquidity.

Upcoming US macroeconomic data, including ISM Manufacturing PMI and ADP National Employment Report, will be pivotal for Fed rate cut expectations. Weaker data could accelerate monetary easing, increasing capital flows into crypto markets and supporting BTC price momentum.

Canada's Q3 GDP grew 2.6% annualized, far exceeding forecasts due to strong oil exports and government spending. This economic resilience may delay monetary easing, but continued trade uncertainty and tariffs could impact risk appetite and cross-border crypto flows.

The Reserve Bank of India is accelerating its digital rupee pilot amid surging crypto adoption, aiming to enhance monetary stability and digital payments. Broader CBDC adoption in India could increase on-chain transaction volumes and drive DEFI user growth.

The European Central Bank is expected to maintain its base rate at 2% as Eurozone inflation nears target and growth remains weak. Stable Eurozone policy may reduce FX volatility, supporting institutional participation in euro-denominated crypto products.

Cryptocurrency Regulatory Trends

Coinbase has submitted policy recommendations to the CFTC, advocating for clear DeFi and stablecoin regulations and proposing stablecoins as collateral in U.S. derivatives markets, which could enhance market liquidity and regulatory clarity.

China has intensified its cryptocurrency crackdown to promote digital yuan adoption, implementing stricter bans on trading and ownership, which has led to significant Bitcoin seizures and reduced market liquidity.

Belarus has launched a register for cryptocurrency wallets linked to criminal activity and adopted new transparency and tax measures, aiming to strengthen anti-money laundering compliance and reassure global regulators.

Spain's Sumar alliance has proposed major tax reforms for crypto, including higher rates on gains and classifying digital assets as seizable property, which could increase compliance costs and drive some investors out of the market.

Switzerland has delayed enforcement of the Crypto-Asset Reporting Framework (CARF) until at least 2027, creating uncertainty for global data sharing and compliance timelines for crypto firms operating in the country.

Quant (QNT): Quant surged 6.5% in 24h to $93.88, driven by $78.2M trading volume and renewed interest in interoperability solutions for multi-chain DeFi.

SKY (SKY): SKY rose 2% in 24h to $0.0545, with $43.5M volume; recent rebranding from Maker (MKR) and governance upgrades boosted market activity.

MYX Finance (MYX): MYX gained 1.1% in 24h to $2.60, with $29.1M trading volume and TVL at $23.2M, supported by strong perpetual DEX adoption on EVM chains.

Smart Money Movements

A major Ethereum whale deposited 18,000 ETH, worth $54.78 million, to Bitstamp, while still holding 66,252 ETH valued at $201 million, reflecting significant on-chain movement without impacting ETH's price above $3,000.

BlackRock executed $589 million in on-chain transfers, including 4,044 BTC and 80,121 ETH, as part of ETF redemptions, highlighting substantial capital outflows from ETF structures rather than new institutional inflows.

Circle minted $1 billion USDC on Solana within 24 hours, bringing total USDC issuance on Solana to $12.25 billion since October, underscoring growing stablecoin activity on the network.

A whale accumulated 25.56 million ENA tokens for $7.25 million over four days, using 13.12 million USDC deposited into HyperLiquid, indicating continued large-scale interest in ENA.

Prenetics, a Nasdaq-listed firm, increased its Bitcoin holdings to 504 BTC after acquiring 6 more this week, reporting a 435% year-to-date return on its Bitcoin investments.

Events to Watch

Nov 29 (Sat)

Hyperliquid unlocks 9.92M $HYPE tokens today, valued at $308M–$351M, as part of a 24-month vesting schedule for core contributors.

Dec 1 (Mon)

EigenLayer (EIGEN) unlocks $20.48M in tokens (10.79% of circulating supply); Sui (SUI) unlocks 43.92M tokens (1.19% of total supply); Alloca holds its token generation event.

Dec 2 (Tue)

Ethena (ENA) unlocks 40.63M tokens (0.58% of supply, $27.66M); VeChain launches Hayabusa hard fork and StarGate mainnet; US JOLTS Job Openings data for August released.

Dec 3 (Wed)

Ethereum Fusaka upgrade activates, introducing EIP-7918 and mainnet scalability improvements; Australian Q3 GDP figures released; HumidiFi (WET) token sale on Jupiter.

Dec 4 (Thu)

Superform Labs holds UP token sale on Cookie; US Initial Jobless Claims data released, expected at 216K.

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