I. Crypto Market Overview

Key Takeaways

1.

Macro Environment

The Federal Reserve is expected to cut rates next week, fueling volatility in CRYPTO markets as traders adjust risk. The FDIC will release draft stablecoin rules under the GENIUS Act by year-end, supporting stablecoin legitimacy. Vanguard's move to allow CRYPTO ETF trading is set to boost institutional access and market liquidity.
2.

Crypto Market

The crypto market saw a sharp downturn in the past 12 hours, with Bitcoin down 4.4% to $97,474 and Ethereum dropping 9.3% to $3,144.86, driven by hawkish Bank of Japan comments and broad risk-off sentiment. Altcoins also declined, with ZEREBRO down 6.2%, Jelly-My-Jelly off 3.1%, and PIPPIN losing 8.7%. Over $430M in altcoin liquidations and negative funding rates highlight bearish momentum.
3.

Today's Outlook

Vanguard will begin offering crypto ETF trading today, expanding institutional access to Bitcoin, Ethereum, XRP, and Solana. Euro area inflation data will be released, with a 2.2% YoY rise expected, potentially influencing ECB policy and risk sentiment. Aztec Network launches its public token auction at 14:00 UTC, which may drive activity in the DeFi and token sale sectors.
Fear and Greed Index
92.00% Annual Percentile
20 Fear
Total Crypto Market Cap
$2.94T
0.82%
Total Market Trading Volume
$168.50B
71.55%
Altcoin Season Index
66.67%
Quarterly Percentile
25 / 100
Total Futures Market Open Interest
4.21B
14.19%
Futures
758.63B
1.10%
Perpetuals

II. Industry Updates

Macro-economic Policies

1.

The Federal Reserve is expected to cut interest rates at its meeting next week, with market participants pricing in a high probability of a 25bps reduction. This anticipated monetary easing is driving volatility in Bitcoin and DeFi markets as traders adjust risk positions.

2.

The Federal Deposit Insurance Corporation (FDIC) will release a draft of stablecoin rules under the GENIUS Act by the end of December, outlining application requirements for issuers. The move is seen as a step toward greater legitimacy for dollar-pegged digital assets, supporting stablecoin liquidity and usage in DeFi.

3.

Federal Reserve Governor Michelle Bowman confirmed that new rules for banks and stablecoin issuers are advancing, including capital and asset diversification requirements. This development is expected to impact stablecoin-backed DeFi protocols and overall market liquidity.

4.

Vanguard will allow trading of crypto ETFs and mutual funds, including Bitcoin, Ethereum, XRP, and Solana, starting December 2, 2025. This institutional access is likely to boost crypto market liquidity and could increase trading volumes across major digital assets.

5.

India reported 8.2% GDP growth in Q3 2025, but the rupee remains at record lows due to trade imbalances and US tariffs. Strong economic data has not translated into currency strength, affecting capital flows and potentially influencing crypto market sentiment in the region.

Cryptocurrency Regulatory Trends

1.

The FDIC will release draft stablecoin regulations under the GENIUS Act by the end of December, setting new compliance standards for issuers and aiming to enhance consumer protection and market legitimacy.

2.

The Federal Reserve is advancing new rules for banks and stablecoin issuers, including capital, asset diversification, and 1:1 USD reserve requirements, to ensure fair competition and financial stability.

3.

Jordan will lift its ban on cryptocurrency trading and introduce a regulatory framework by year-end, allowing licensed entities to operate and potentially increasing regional market participation.

4.

Vanguard will allow trading of crypto ETFs and mutual funds, including Bitcoin, Ethereum, XRP, and Solana, starting December 2, 2025, signaling growing institutional acceptance and likely boosting investor confidence.

5.

The U.S. Senate is preparing to introduce bill S.710 to hold crypto ATM operators accountable for fraud, reflecting heightened regulatory scrutiny and potential operational challenges for the crypto ATM industry.

Trending Tokens

1.

ZEREBRO (ZEREBRO): ZEREBRO surged 40.4% in the past 24 hours with $34.5M volume, leading Top Gainers. No major news or event was identified as the direct catalyst for this move.

2.

Jelly-My-Jelly (JELLYJELLY): JELLYJELLY jumped 40.3% in 24 hours with $55.3M trading volume, ranking second among gainers. No specific project news or event was found to explain the spike.

3.

PIPPIN (PIPPIN): PIPPIN rose 35.1% in the last 24 hours, reaching $184.6M in volume. Despite the strong price action, no clear market driver or news was detected for this rally.

Smart Money Movements

1.

A dormant whale deposited 6.2 million Lido DAO (LDO) tokens worth $3.6 million to Binance after 1-2 years of inactivity, realizing a $6.26 million loss.

2.

A wallet received 7,080 ETH valued at $19.89 million from FalconX, bringing its total holdings to 23,772 ETH ($66.77 million), possibly linked to Bitmine or Sharplink Gaming.

3.

Bitcoin experienced its largest hidden-buying spike of the current cycle as large players accumulated significant amounts despite the price dropping below $90,000.

4.

A major Bitcoin transaction of 4,670 BTC, valued at approximately $404 million, was executed between two unknown wallets, drawing attention to potential market impact.

5.

Strategy (formerly MicroStrategy) increased its Bitcoin holdings by 130 BTC for $12 million, reaching a total of 650,000 BTC, as global listed companies net purchased $21.86 million in Bitcoin last week.

Events to Watch

Dec 2 (Tue)

Vanguard will begin offering crypto ETF trading to clients, expanding access to Bitcoin, Ethereum, XRP, and Solana funds.

Dec 2 (Tue)

Euro area inflation data will be released, with expectations of a 2.2% YoY rise, potentially impacting ECB policy.

Dec 2 (Tue)

Aztec Network launches its public token auction using the Continuous Clearing Auction method at 14:00 UTC; Travala.com hosts an AMA with GoMining at 11:00 UTC.

Dec 3 (Wed)

Ethereum's Fusaka upgrade goes live, aiming to boost network efficiency and ETH staking demand; Fusaka blockchain mainnet launches.

Dec 5 (Fri)

US Core PCE inflation data and PCE price index will be released, providing key signals for Federal Reserve policy decisions.

III. Phemex Market Focus

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1.

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2.

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3.

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1.

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