Crypto Market Slides as BTC, ETH Lead Broad Decline; Institutional Flows in Focus

I. Crypto Market Overview

Key Takeaways

Macro Environment

The probability of a US Fed rate cut in December has dropped to 39.6% amid mixed jobs data and persistent inflation, increasing crypto market volatility. UK and EU inflation declines are fueling rate cut expectations, potentially driving capital into digital assets. UAE sovereign funds' large Bitcoin ETF purchases highlight accelerating institutional adoption and liquidity in crypto markets.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.43% to $97,474 and Ethereum falling 9.27% to $3,144.86, pressured by ETF outflows and risk-off sentiment. Major altcoins also dropped: Solana fell 8.75%, Cosmos Hub 6.25%, PI Network 6.49%, and Zcash 3.97%. No sector outperformed, but Zcash's smaller loss was supported by rising privacy coin demand amid regulatory debate.

Today's Outlook

Today, Metis will present ERC-8028 for AI asset anchoring at the EIP Summit in Buenos Aires, potentially impacting AI and asset tokenization narratives. Avantis (AVNT) will unlock 401,266 tokens worth $173,507, which may influence short-term price action and liquidity for AVNT holders.

Fear and Greed Index

82.00% Annual Percentile

15 Fear

Total Crypto Market Cap

$2.99T

4.22%

Total Market Trading Volume

$203.48B

13.27%

Altcoin Season Index

18.18%

Quarterly Percentile

27 / 100

Total Futures Market Open Interest

4.40B

1.86%

Futures

853.76B

5.42%

Perpetuals

II. Industry Updates

Macro-economic Policies

The probability of a Federal Reserve rate cut in December has dropped to 39.6%, with markets now expecting a pause due to mixed U.S. jobs data and persistent inflation. This uncertainty is increasing volatility in BTC and DeFi markets as traders reassess risk.

UK inflation fell to 3.6% in October, the first decline since May, raising expectations for a Bank of England rate cut in December. Lower UK rates could weaken GBP and potentially drive capital flows into crypto assets seeking higher yields.

EU headline inflation slowed to 2.1% in October, reinforcing the ECB's decision to hold rates steady. The euro's relative weakness against the USD may support euro-denominated stablecoin demand and cross-border DeFi activity.

Japan's government announced a ¥21.3 trillion ($135B) stimulus package to combat inflation and support growth, including tax cuts and cost-of-living relief. This fiscal expansion could boost risk appetite and increase liquidity in Asian crypto markets.

UAE sovereign wealth funds, including Mubadala and ADIC, acquired over 16 million shares in Bitcoin ETFs, signaling growing institutional adoption. This move enhances BTC fund liquidity and may attract further capital inflows into digital assets.

Cryptocurrency Regulatory Trends

The UK National Crime Agency revealed a Russian crypto money laundering network funded a spy ring, highlighting ongoing regulatory scrutiny on crypto's role in illicit finance and potential for stricter AML enforcement.

The Financial Stability Board urged G20 leaders to closely monitor stablecoin growth and private credit, warning that regulatory inconsistencies across jurisdictions could increase systemic risks in digital asset markets.

The UK's Serious Fraud Office launched its first major crypto-related investigation into a $28 million project collapse, signaling heightened regulatory action against crypto fraud and increased compliance pressure on the sector.

SEC Director Jamie Selway emphasized the need for trust and clear regulatory guidelines in crypto markets, announcing 'Project Crypto' to foster fair competition and innovation, which may boost institutional confidence.

PI Network (PI): Trading volume surged to $73.5M in 24h, price up 4% to $0.2476, driven by increased ecosystem adoption and active merchant participation in PiFest 2024.

Cosmos Hub (ATOM): 24h trading volume reached $229M, price up 1.8% to $2.80, supported by ongoing interoperability upgrades and strong DeFi ecosystem activity.

Zcash (ZEC): 24h trading volume hit $2.21B, price up 0.6% to $677.43, as privacy coin demand rises amid regulatory discussions on financial surveillance.

Smart Money Movements

A whale withdrew 57,700 ETH (about $162 million) from Binance after previously selling 70,000 ETH at $3,188, shifting to long positions with a current holding of 432,000 ETH worth $1.24 billion.

Tether increased its gold reserves to 116 tons by Q3 2025, including 12 tons for XAUt and 104 tons for USDT, with 26 tons added in Q3, reflecting a significant allocation of stablecoin profits into bullion.

VanEck reported that Bitcoin's recent sell-off was driven by mid-cycle holders, with wallets active in the past five years responsible for most selling, while over 278,000 BTC transitioned to long-term holders.

Bitmine acquired 17,242 ETH valued at $49.07 million through transactions with FalconX and BitGo, reinforcing its ongoing strategy to expand Ethereum holdings.

An ancient Bitcoin whale transferred 850 BTC (about $77.9 million) to Paxos, following earlier November transfers totaling 2,300 BTC, signaling a move by long-term holders toward regulated platforms.

Events to Watch

Nov 21 (Fri)

Metis will present ERC-8028 for AI asset anchoring at the EIP Summit in Buenos Aires; Avantis (AVNT) unlocks 401,266 tokens, worth $173,507.

Nov 24 (Mon)

Luxembourg Blockchain Week 2025 begins; Babylon (BABY) Network Upgrade scheduled; Monad token launches with $244M valuation.

Nov 25 (Tue)

US September Producer Price Index (PPI) report releases; Optimism (OP) Chain Network Upgrade at 16:00 UTC.

Nov 26 (Wed)

US Q3 GDP (Second Estimate) and Corporate Profits data release; US October Personal Income and Outlays data release.

Nov 27 (Thu)

Bitdealer token launches with a $500,000 valuation.

III. Phemex Market Focus

New Listings

Nov 19: (DGRAM/USDT)

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

Nov 15: (SENT/USDT)

SENTUSDT is a linear USDT-margined futures pair supporting hedge mode with up to 20x leverage.

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