Crypto Market Slides as BTC, ETH Lead Broad Decline; SOON Token Unlock in Focus

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve's policy uncertainty and potential December rate cut are driving volatility in crypto markets. The US Treasury's move to join the OECD's CARF will increase global tax transparency for crypto holders. Japan's $135B stimulus and crypto tax reforms are boosting risk sentiment and institutional interest in Asian 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 weak risk sentiment. Altcoins also dropped, with MYX Finance down 13.58%, Hedera down 11.35%, and Zcash down 3.97%. No major positive sector outperformed, as risk-off flows dominated.

Today's Outlook

A scheduled unlock of 15.21M SOON tokens ($13.4M) occurs today for NFT airdrops and ecosystem incentives, potentially adding bearish supply pressure to the market and impacting related token liquidity.

Fear and Greed Index

94.00% Annual Percentile

10 Fear

Total Crypto Market Cap

$2.96T

3.51%

Total Market Trading Volume

$104.65B

35.37%

Altcoin Season Index

0.00%

Quarterly Percentile

24 / 100

Total Futures Market Open Interest

4.43B

1.61%

Futures

789.71B

2.54%

Perpetuals

II. Industry Updates

Macro-economic Policies

UK inflation eased to 3.6% in October, but weak consumer confidence and falling retail sales signal a fragile economic outlook. Anticipation of the upcoming UK Budget and potential December rate cut by the Bank of England are driving volatility in crypto markets, impacting GBP-denominated trading pairs and DeFi liquidity.

The Federal Reserve is increasingly divided on interest rate policy, with analysts warning of a possible tie at the December FOMC meeting. This uncertainty has heightened volatility in Bitcoin and altcoin markets, as traders adjust positions in response to shifting US monetary policy expectations.

Japan approved a $135 billion stimulus package and is planning CRYPTO tax reforms, supporting risk sentiment in Asian markets. The fiscal expansion and friendlier crypto tax regime are expected to boost JPY-denominated CRYPTO trading and regional DEFI activity.

China continues to reduce its US Treasury holdings, now near multi-year lows at $700.5 billion, while increasing gold reserves. This "de-risking" strategy raises concerns over US dollar liquidity and could influence stablecoin demand and cross-border crypto flows.

Argentina's persistent high inflation and capital controls have accelerated stablecoin adoption, with local crypto transactions dominated by USD-pegged assets. This trend highlights the role of macroeconomic instability in driving DeFi and stablecoin usage in emerging markets.

Cryptocurrency Regulatory Trends

A US lawmaker has introduced the Bitcoin for America Act, proposing federal tax payments in Bitcoin without capital gains tax, potentially boosting crypto adoption and investor confidence.

The EU's MiCAR framework, effective from 2024, mandates unified crypto asset regulation and cross-border licensing, enhancing compliance and transparency for European crypto markets.

The US Treasury is advancing regulations to join the OECD's CARF, which will require foreign crypto platforms to report US account holders, increasing global tax transparency and compliance pressure.

Japan has reduced its crypto tax rate to 20% and reclassified Bitcoin as a financial product, aiming to foster sector growth and attract institutional investors.

South Korea's largest exchange, Upbit, was acquired by tech giant Naver, which plans to launch a won-backed stablecoin, signaling further integration of crypto into mainstream finance.

MYX Finance (MYX): Surged 16.77% in 24h with $38.97M volume, but no clear catalyst or major event identified in the latest news or social feeds.

Zcash (ZEC): Jumped 12.28% in 24h to $575.11, with trading volume at $1.72B; price rebound driven by oversold RSI and $200M+ liquidations across majors.

Hedera (HBAR): Rose 10.35% in 24h to $0.1421, 24h volume $209.7M; price action likely supported by overall market rebound and increased trading activity.

Smart Money Movements

BitMine Immersion Technologies increased its Ethereum holdings to over 3 million ETH, valued at $13.4 billion, aiming to acquire 5% of total ETH supply and triggering a 6% ETH price recovery.

A whale deposited $2 million USDC on HyperLiquid to open a $4 million long position in Ethereum with 2x leverage, targeting an exit at $2,980 per ETH.

1,800 Wrapped Bitcoin (WBTC), worth approximately $155 million, was transferred from an unknown wallet to Wrapped BTC, indicating significant strategic movement by large holders.

Bitwise CEO Hunter Horsley increased his Bitcoin holdings at the $85,000 price level, reflecting continued institutional accumulation during current market conditions.

DWF Labs partner Andrei Grachev purchased Bitcoin at current market prices, citing attractive valuation and highlighting ongoing institutional interest despite volatility.

Events to Watch

Nov 23 (Sun)

15.21M SOON tokens ($13.4M) unlock today for NFT airdrops and ecosystem incentives; may add bearish supply pressure.

Nov 24 (Mon)

Grayscale's Dogecoin and XRP ETFs launch on NYSE, signaling increased regulatory acceptance of altcoin ETFs.

Nov 25 (Tue)

US to release Retail Sales and Producer Price Index (PPI) data; Makinafi ICO launches on Legion; Starknet v0.14.1 mainnet upgrade.

Nov 27 (Thu)

BONK ETP lists on SIX Swiss Exchange; Coinbase suspends trading for CLV, EOS, LOKA, MUSE, WCFC; 7.65M MOVE tokens unlock ($401K).

III. Phemex Market Focus

New Listings

Nov 22: (BOB/USDT)

New futures trading pair BOBUSDT with linear USDT-margined and hedge mode support, max leverage 20X

Nov 19: (DGRAM/USDT)

New spot trading pair DGRAM/USDT, an AI-driven Hyper-Fabric Network for real-time connectivity

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