Crypto Market Slides as BTC, ETH Drop; Pieverse Surges Amid Network Upgrades

I. Crypto Market Overview

Key Takeaways

Macro Environment

Expectations for a December Fed rate cut are rising, with CME FedWatch showing a 71.5% probability, supporting risk assets. US market volatility remains high due to thin liquidity and delayed economic data, increasing uncertainty for crypto. Regulatory advances, such as Grayscale's Dogecoin and XRP ETFs launching on NYSE, signal growing mainstream acceptance of digital assets.

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 $3,144.86, pressured by weak risk sentiment and ETF outflows. Most altcoins fell, led by FET (-12.59%), ARB (-11.73%), and SOL (-8.75%), while Pieverse surged 19.92% on strong Web3 demand. XDC and ZEC also declined, reflecting risk-off flows.

Today's Outlook

Key events today include the US PPI data release, which may impact macro sentiment, and major network upgrades for Celestia, Akash, and Dymension. The Monad mainnet and MON token launch are also expected to drive sector-specific volatility and trading activity.

Fear and Greed Index

92.00% Annual Percentile

10 Fear

Total Crypto Market Cap

$2.95T

0.50%

Total Market Trading Volume

$136.71B

29.55%

Altcoin Season Index

0.00%

Quarterly Percentile

24 / 100

Total Futures Market Open Interest

4.44B

1.30%

Futures

748.46B

0.96%

Perpetuals

II. Industry Updates

Macro-economic Policies

Federal Reserve Governor Christopher Waller has publicly supported a December interest rate cut, signaling a potential shift in US monetary policy that could boost Bitcoin price recovery and increase DeFi market liquidity.

Barclays analysts project a 25 basis point Fed rate cut in December, with CME FedWatch showing a 71.5% probability; this dovish outlook is expected to support risk assets, including BTC and altcoins, by lowering funding costs.

US equity and crypto markets are experiencing heightened volatility as traders anticipate the Fed's December decision, with thin liquidity and delayed economic data releases amplifying uncertainty and impacting BTC and DeFi flows.

The cancellation of the October US jobs report and delay of November data have increased uncertainty around Fed policy, reducing the probability of an imminent rate cut and contributing to risk-off sentiment in crypto markets.

Dow Jones, Nasdaq, and S&P futures rallied ahead of Thanksgiving on surging Fed rate cut expectations, which has improved market sentiment and may provide short-term support for digital asset prices and trading volumes.

Cryptocurrency Regulatory Trends

South Korea's National Assembly is reviewing three bipartisan stablecoin bills, proposing a 5 billion won capital minimum and strict transparency for issuers, which could boost institutional trust but limit competition.

The EU's MiCA regulations now require all ICOs to publish regulator-approved whitepapers and comply with strict AML/KYC, reducing fraudulent offerings and increasing institutional participation in European crypto markets.

Animoca Brands has received in-principle approval from Abu Dhabi's FSRA to operate as a regulated fund manager, strengthening institutional investment channels for Web3 and digital assets in the Middle East.

Ukraine's Minfin.com.ua has expanded its coverage of crypto regulation and market analytics, supporting the country's growing digital asset sector and providing transparency for investors amid evolving local legislation.

Grayscale's Dogecoin and XRP ETFs officially launched on the NYSE today after regulatory approval, signaling increased mainstream access and regulatory acceptance of altcoin-based investment products.

Monad (MON): Monad surged over 15% in 24h, driven by Bybit's spot and convert listing, a $269M raise, and mainnet launch, boosting trading volume to $14.3M.

PIEVERSE (PIEVERSE): PIEVERSE jumped 36% in 24h, with daily volume exceeding $117M and market cap at $83M, fueled by strong demand for its Web3 compliance infrastructure.

XDC Network (XDC): XDC Network rose 3.7% in 24h, reaching $0.0539 with $29.7M volume, supported by ongoing adoption in trade finance and real-world asset tokenization.

Smart Money Movements

Institutions reduced MicroStrategy exposure by $5.4 billion in Q3 2025, shifting preference to direct Bitcoin spot ETFs over indirect holdings.

Bitmine acquired 69,822 ETH last week, investing approximately $196.79 million and raising its total Ethereum holdings to 3,629,701 ETH, valued at $10.2 billion.

AVAX One purchased 9,377,475 AVAX tokens for $110 million between November 5 and 23, 2025, increasing its total AVAX holdings to over 13.8 million tokens.

BlackRock transferred 2,822 BTC ($243.59 million) and 36,283 ETH ($101.72 million) to Coinbase, signaling significant portfolio adjustments.

Justin Sun moved $150 million in Bitcoin from a BitGo custody account to his personal wallet, highlighting notable whale activity.

Events to Watch

Nov 24 (Mon)

US PPI data release; Celestia, Akash, and Dymension networks undergo major upgrades; Monad mainnet and MON token launch.

Nov 25 (Tue)

US Consumer Confidence Index and Producer Price Index (PPI) released; Humanity Protocol ($H), Plasma ($XPL), and SVL tokens unlock over $10M each.

Nov 27 (Thu)

Australia Q3 CPI report released; Bitlayer (BTR) airdrop unlocks 10% of total supply, testing market support.

Nov 28 (Fri)

Chicago Business Barometer (PMI) released; JUP team unlocks $12.78M in tokens, 1.66% of supply.

Nov 29 (Sat)

HYPE founder/team unlocks $314.56M in tokens, 3.66% of supply; Hyperliquid HYPEUSDT unlocks 9.9M tokens, $318.9M, potential price pressure.

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 19: (DGRAM/USDT)

Datagram is a global, AI-driven Hyper-Fabric Network that delivers real-time connectivity and DePIN cross-network interoperability.

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