Crypto Market Slides as BTC, ETH Drop; XEC and BMB Events in Focus

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US Senate's end to the government shutdown has restored regulatory activity, supporting ETF approvals and market confidence. The Federal Reserve remains divided on rate cuts, fueling volatility in risk assets. Meanwhile, the EU is advancing plans to centralize crypto oversight under ESMA, signaling a shift toward unified regulation.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.4% to $97,474 and Ethereum dropping 9.3% to $3,144.86, pressured by ETF outflows and weak risk sentiment. Zcash fell 4.0% to $494.13 after a prior surge, SOON slipped 0.3% to $2.00, and Dash dropped 6.7% to $62.70. Altcoins broadly underperformed, with privacy coins and payment tokens showing relative resilience amid volatility.

Today's Outlook

Key events today include eCash (XEC) launching 64-bit integer support and Avalanche Pre-Consensus on mainnet, Chia Network CEO's community X Space, and a 45.5M BMB token unlock (~$665K), all of which may impact related token volatility and ecosystem sentiment.

Fear and Greed Index

38.00% Annual Percentile

22 Fear

Total Crypto Market Cap

$3.22T

3.08%

Total Market Trading Volume

$233.29B

5.86%

Altcoin Season Index

75.00%

Quarterly Percentile

32 / 100

Total Futures Market Open Interest

4.26B

4.33%

Futures

835.40B

1.44%

Perpetuals

II. Industry Updates

Macro-economic Policies

The end of the US government shutdown has restored federal spending, injecting liquidity into global markets and supporting risk assets like Bitcoin, but delayed economic data releases continue to fuel volatility and uncertainty for crypto investors.

Federal Reserve officials remain divided on a potential December interest rate cut, with internal disagreements increasing market uncertainty; this indecision is contributing to heightened volatility in BTC and DeFi liquidity as traders await clear policy signals.

President Trump has signed an executive order removing tariffs on beef and coffee, aiming to lower consumer prices; this move may boost US consumer spending and indirectly support crypto market sentiment by improving macroeconomic stability.

China's fixed-asset investment dropped over 11% year-over-year in October 2024, the steepest decline since 2020, raising concerns about Q4 GDP growth and potentially reducing global demand for digital assets and DeFi activity.

Tether has deployed $1.5 billion in credit to expand into commodity trade finance, signaling increased stablecoin utility in real-world sectors and potentially enhancing USDT's role in global crypto market liquidity.

Cryptocurrency Regulatory Trends

The U.S. Senate has ended its 43-day government shutdown, allowing the SEC and CFTC to resume crypto regulatory activities. This is expected to accelerate ETF approvals and regulatory clarity, impacting investor confidence and market operations.

The SEC has issued new guidance to expedite the approval of delayed crypto ETF filings, enabling automatic effectiveness after 20 days if requirements are met. This move is likely to increase the pace of new ETF launches and support market liquidity.

The U.S. Department of Justice seized $15 million in USDT from North Korean cybercriminals, highlighting ongoing enforcement against illicit crypto use. This action reinforces regulatory scrutiny and may deter criminal activity in the sector.

Tether has expanded into commodity trade finance, deploying $1.5 billion in credit. This strategic move, amid growing stablecoin regulation, signals increased integration of crypto with traditional finance and may influence stablecoin oversight discussions.

The U.S. Senate has drafted a new regulatory framework proposing the CFTC as the primary overseer for digital commodities. This initiative aims to clarify regulatory roles and could shift market structure, but is still under discussion and not yet enacted.

Zcash (ZEC): ZEC surged 26.9% in 24h to $648.89 with $2.3B volume, driven by renewed privacy coin demand and a sharp rebound from yearly lows, making it the top gainer.

SOON (SOON): SOON jumped 23.5% in 24h to $2.60 with $258M volume, hitting a new all-time high of $5.04 before retracing, fueled by strong Layer 2 adoption and ecosystem growth.

DASH (DASH): DASH rose 21.1% in 24h to $77.94 with $472M volume, supported by increased trading activity and renewed interest in fast, low-fee payment networks amid market volatility.

Smart Money Movements

A major whale reinvested $63.82 million in Ethereum, buying 19,945 ETH at $3,200 after profiting $2.93 million from a previous trade.

Harvard University increased its IBIT Bitcoin ETF holdings by 257% to 6,813,612 shares, valued at $443 million, as of September 30.

A new wallet received 624.9 BTC worth $58.93 million from BitGo, highlighting ongoing large-scale Bitcoin transactions on-chain.

American Bitcoin acquired 3,000 BTC in Q3 2025, raising its total holdings to 3,418 BTC and reporting $64.2 million in quarterly revenue.

Circle minted $1 billion USDC on Ethereum in the past 24 hours to meet increased institutional demand and boost DeFi market liquidity.

Events to Watch

Nov 15 (Sat)

eCash (XEC) will introduce 64-bit integer support and launch Avalanche Pre-Consensus on mainnet; Chia Network CEO hosts a community X Space; Beamable Network unlocks 45.5M BMB tokens (~$665K).

Nov 16 (Sun)

Uniswap Cup football tournament launches in Buenos Aires during Devcon; Ninja Squad NST token holders meetup in Istanbul; Hyperliquid Forum held in Buenos Aires; Polkadot sub0 // SYMBIOSIS conference concludes.

Nov 17 (Mon)

Flow (FLOW) Network Upgrade at 16:00 UTC; Zilliqa (ZIL) mainnet upgrade to v0.19.0; Ethereum World Fair begins in Buenos Aires; Base Batches Demo Day features 50 startup pitches.

Nov 18 (Tue)

DePIN Day 2025 and Solidity Summit 2025 take place in Buenos Aires; Firmachain (FCT2) Network Upgrade at 06:00 UTC; Finsteco token launch; Warp Chain IDO on Eesee; Hold $MNT, $BBSOL & $COMMON event ends.

Nov 19 (Wed)

Hive (HIVE) Network Upgrade at 13:00 UTC; US October Non-Farm Payrolls data may be released, impacting global markets; Bitdealer IDO on ChainGPT launches.

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