Crypto Market Slides as BTC, ETH Drop; Major Token Unlocks Heighten Volatility

I. Crypto Market Overview

Key Takeaways

Macro Environment

Hawkish US Fed comments have reduced near-term rate cut expectations, strengthening the dollar and pressuring crypto prices. The ECB warns that rapid stablecoin growth poses systemic risks, signaling possible policy shifts. Japan plans a major regulatory overhaul, including a 20% crypto tax and stricter disclosure rules, reflecting global regulatory tightening.

Crypto Market

The crypto market saw broad declines over the past 24 hours, with BTC down 4.43% to $97,474 and ETH falling 9.27% to $3,144.86, both pressured by ETF outflows and risk-off sentiment. Most major altcoins dropped, led by IMX (-10.78%), UNI (-8.61%), and ENA (-9.88%), while AB bucked the trend with a 25.06% gain, likely due to capital rotation into small caps. DeFi and NFT-related tokens underperformed amid heightened volatility.

Today's Outlook

Key events today include the release of the US Federal Budget Balance and Moody's corporate bond yield averages, as well as major token unlocks (ZRO, SOON, YZY, ZEROBASE, ZK) exceeding $79M, which may increase market volatility. Devconnect Buenos Aires, a major Ethereum event, also begins.

Fear and Greed Index

50.00% Annual Percentile

18 Fear

Total Crypto Market Cap

$3.18T

1.63%

Total Market Trading Volume

$171.47B

46.40%

Altcoin Season Index

75.00%

Quarterly Percentile

32 / 100

Total Futures Market Open Interest

4.28B

0.02%

Futures

804.92B

5.69%

Perpetuals

II. Industry Updates

Macro-economic Policies

The G20 summit in Johannesburg highlighted the risks of cryptocurrencies as the market cap fell 1% to $3.3T. The Financial Stability Board warned that rapid crypto and stablecoin growth could threaten global financial stability, increasing volatility in BTC and DeFi markets.

Gold and silver futures declined after hawkish comments from US Federal Reserve officials reduced expectations for a near-term rate cut. This shift in monetary policy outlook has strengthened the US dollar, pressuring BTC and altcoin prices due to tighter liquidity.

The European Central Bank signaled potential monetary policy adjustments in response to the rapid expansion of stablecoins, citing systemic risk and inflation concerns. This stance may impact euro liquidity and cross-border crypto flows in the EU.

The US Bureau of Labor Statistics delayed the September jobs report to November 20, increasing market uncertainty over Federal Reserve rate decisions. The lack of key employment data has heightened volatility in both traditional and crypto markets.

Statistics Canada is set to release October CPI data today, with expectations of a decline in annual inflation to 2.1%. Lower inflation could influence Bank of Canada policy and affect CAD-denominated crypto trading and DeFi activity.

Cryptocurrency Regulatory Trends

The G20 summit highlighted crypto market risks, with the Financial Stability Board warning that rapid stablecoin growth to $310B lacks comprehensive regulation, raising concerns for market stability.

The U.S. Senate faces a year-end deadline to pass the crypto market structure bill, which aims to clarify regulatory frameworks and could significantly impact industry compliance and investor confidence.

Former UK Chancellor George Osborne praised the Genius Act for providing regulatory certainty to the crypto sector, but cautioned against excessive government intervention that could stifle innovation.

Japan's Financial Services Agency is advancing a proposal to reclassify digital assets as financial products, introduce a flat 20% crypto tax, and implement strict disclosure and insider trading rules, signaling a major regulatory shift.

The European Central Bank warned that a run on dollar-based stablecoins, now exceeding $300B, could force changes to ECB interest rate policy, underscoring the systemic risk stablecoins pose to EU financial stability.

Uniswap (UNI): UNI surged 4.6% in 24h with $837M volume, driven by increased DEX trading activity and renewed DeFi interest, making it the top gainer among major altcoins.

Ethena (ENA): ENA rose 3.1% in 24h with $330M volume, supported by strong protocol TVL at $8.12B and growing adoption of its synthetic dollar and DeFi savings products.

Immutable (IMX): IMX gained 2.6% in 24h with $36M volume, fueled by rising NFT and gaming activity on its Layer-2 platform, highlighting increased user and developer engagement.

Smart Money Movements

Strategy (formerly MicroStrategy) acquired 8,178 BTC for $835.6 million at an average price of $102,171, raising its total holdings to 649,870 BTC with a cumulative investment of $48.37 billion.

Bitmine purchased 54,156 ETH worth $168.98 million last week, increasing its total Ethereum reserves to 3,559,879 ETH, valued at approximately $11.1 billion.

BlackRock transferred 4,880 BTC ($467.19 million) and 54,730 ETH ($175.93 million) to Coinbase, totaling about $643 million in digital assets moved.

A whale transferred 78,290,827 XRP, valued at $175.7 million, between unidentified wallets, coinciding with the launch of the Canary XRP ETF and significant whale sell-offs.

Arthur Hayes, BitMEX co-founder, sold over $5 million in altcoins, including $2.48 million in ETH, while increasing his Zcash (ZEC) holdings amid $620 million in market liquidations.

Events to Watch

Nov 17 (Mon)

US Federal Budget Balance for October 2025 is released, showing a $215.3B deficit; Moody's Daily Corporate Bond Yield Averages released; Empire State Manufacturing Survey and Construction Spending data published.

Nov 17 (Mon)

Major token unlocks: ZRO, SOON, YZY, and ZEROBASE (ZBT) unlock over $79M in tokens, potentially increasing market volatility; 173.08MM ZK tokens unlocked.

Nov 17 (Mon)

Devconnect Buenos Aires, a major Ethereum community event, begins and runs through Nov 22, focusing on Ethereum applications and infrastructure.

Nov 18 (Tue)

Somnia participates in a Devcon Buenos Aires side event at 19:30 UTC, streamed on-chain; Lombard (BARD) and FC Porto (PORTO) token unlocks worth $7.97M and $2.71M, respectively.

Nov 19 (Wed)

Federal Open Market Committee (FOMC) Minutes released, providing insights into US monetary policy; YZY (YZY) unlocks 37.5M tokens, 12.5% of supply, valued at $14.1M.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The G20 summit in Johannesburg highlighted the risks of cryptocurrencies as the market cap fell 1% to $3.3T. The Financial Stability Board warned that rapid crypto and stablecoin growth could threaten global financial stability, increasing volatility in BTC and DeFi markets.

Gold and silver futures declined after hawkish comments from US Federal Reserve officials reduced expectations for a near-term rate cut. This shift in monetary policy outlook has strengthened the US dollar, pressuring BTC and altcoin prices due to tighter liquidity.

The European Central Bank signaled potential monetary policy adjustments in response to the rapid expansion of stablecoins, citing systemic risk and inflation concerns. This stance may impact euro liquidity and cross-border crypto flows in the EU.

The US Bureau of Labor Statistics delayed the September jobs report to November 20, increasing market uncertainty over Federal Reserve rate decisions. The lack of key employment data has heightened volatility in both traditional and crypto markets.

Statistics Canada is set to release October CPI data today, with expectations of a decline in annual inflation to 2.1%. Lower inflation could influence Bank of Canada policy and affect CAD-denominated crypto trading and DeFi activity.

Cryptocurrency Regulatory Trends

The G20 summit highlighted crypto market risks, with the Financial Stability Board warning that rapid stablecoin growth to $310B lacks comprehensive regulation, raising concerns for market stability.

The U.S. Senate faces a year-end deadline to pass the crypto market structure bill, which aims to clarify regulatory frameworks and could significantly impact industry compliance and investor confidence.

Former UK Chancellor George Osborne praised the Genius Act for providing regulatory certainty to the crypto sector, but cautioned against excessive government intervention that could stifle innovation.

Japan's Financial Services Agency is advancing a proposal to reclassify digital assets as financial products, introduce a flat 20% crypto tax, and implement strict disclosure and insider trading rules, signaling a major regulatory shift.

The European Central Bank warned that a run on dollar-based stablecoins, now exceeding $300B, could force changes to ECB interest rate policy, underscoring the systemic risk stablecoins pose to EU financial stability.

Trending Tokens

Uniswap (UNI): UNI surged 4.6% in 24h with $837M volume, driven by increased DEX trading activity and renewed DeFi interest, making it the top gainer among major altcoins.

Ethena (ENA): ENA rose 3.1% in 24h with $330M volume, supported by strong protocol TVL at $8.12B and growing adoption of its synthetic dollar and DeFi savings products.

Immutable (IMX): IMX gained 2.6% in 24h with $36M volume, fueled by rising NFT and gaming activity on its Layer-2 platform, highlighting increased user and developer engagement.

Smart Money Movements

Strategy (formerly MicroStrategy) acquired 8,178 BTC for $835.6 million at an average price of $102,171, raising its total holdings to 649,870 BTC with a cumulative investment of $48.37 billion.

Bitmine purchased 54,156 ETH worth $168.98 million last week, increasing its total Ethereum reserves to 3,559,879 ETH, valued at approximately $11.1 billion.

BlackRock transferred 4,880 BTC ($467.19 million) and 54,730 ETH ($175.93 million) to Coinbase, totaling about $643 million in digital assets moved.

A whale transferred 78,290,827 XRP, valued at $175.7 million, between unidentified wallets, coinciding with the launch of the Canary XRP ETF and significant whale sell-offs.

Arthur Hayes, BitMEX co-founder, sold over $5 million in altcoins, including $2.48 million in ETH, while increasing his Zcash (ZEC) holdings amid $620 million in market liquidations.

Events to Watch

Nov 17 (Mon)

Nov 17 (Mon)

Nov 18 (Tue)

Nov 19 (Wed)

III. Phemex Market Focus

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