Crypto Market Slides as BTC, ETH Lead Broad Selloff Ahead of Fed Decision

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve is expected to cut rates by 25bps next week, boosting crypto liquidity. The Reserve Bank of India also cut rates and injected $12B to support growth amid US tariffs. Japan's central bank plans a rate hike to 0.75%, pressuring leveraged crypto positions and global risk appetite.

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, both pressured by ETF outflows and risk-off sentiment. Major altcoins like SOL (-8.75%), ARB (-11.73%), and FET (-12.59%) also dropped sharply. Ethena (ENA, -9.88%), XRP (-8.61%), and ADA (-8.39%) led losses among high-volume tokens, reflecting widespread risk aversion and deleveraging.

Today's Outlook

Markets are focused on the upcoming FOMC rate decision, with a 25bps cut widely expected to impact global risk assets. The LINEA airdrop claim deadline may trigger token volatility as unclaimed tokens revert to the ecosystem fund. Watch for continued volatility in high-beta altcoins amid macro uncertainty.

Fear and Greed Index

64.00% Annual Percentile

25 Fear

Total Crypto Market Cap

$3.05T

1.14%

Total Market Trading Volume

$115.75B

8.02%

Altcoin Season Index

16.67%

Quarterly Percentile

21 / 100

Total Futures Market Open Interest

4.30B

7.23%

Futures

760.53B

2.80%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Reserve Bank of India cut its repo rate by 25 basis points to 5.25% and announced a $12 billion liquidity injection to counteract the economic impact of US tariffs, supporting domestic credit growth and potentially increasing capital flows into risk assets like Bitcoin and DEFI.

The Federal Reserve is widely expected to announce a 25 basis point rate cut next week, with futures markets pricing in an 87% probability; this anticipated monetary easing has already boosted Bitcoin and Ethereum prices, signaling a more favorable environment for crypto market liquidity.

Japan's central bank is preparing to raise its benchmark interest rate to 0.75% at the December policy meeting, the highest since 1995; this shift is pressuring leveraged positions in Bitcoin and could trigger global deleveraging, impacting crypto market volatility and risk appetite.

Euro-denominated stablecoins have doubled in market capitalization to $683 million since the EU's MiCA framework took effect, reflecting increased demand for euro-based digital assets and potentially diversifying liquidity away from USD stablecoins in DeFi and crypto trading.

The US Bureau of Economic Analysis reported Core PCE inflation at 2.8% year-over-year, slightly below expectations, reinforcing market confidence in imminent Fed rate cuts and supporting bullish sentiment for risk assets, including cryptocurrencies.

Cryptocurrency Regulatory Trends

The UK HMRC issued new DeFi tax guidelines clarifying that depositing assets into DeFi platforms is not a taxable event, potentially boosting institutional and retail adoption and increasing DeFi liquidity.

Pakistan's Ministry of Finance held a high-level meeting with Binance and banking officials to advance a national digital asset framework, focusing on compliance, AML standards, and market transparency, signaling regulatory progress.

India's DRI reported a shift among smugglers to stablecoins for cross-border settlements, prompting calls for enhanced anti-money laundering tools and updated crypto regulations to address rising illicit use.

China's CSRC Chairman Wu Qing emphasized stricter risk monitoring for crypto assets, urging financial institutions to avoid unclear or unmanageable crypto activities, reinforcing China's stringent regulatory stance.

French bank BPCE enabled cryptocurrency trading for clients, reflecting growing regulatory acceptance and integration of digital assets into traditional banking, which may boost investor confidence in the sector.

Aerodrome Finance (AERO): Trading volume surged to $24.6M in 24h, with a 4.07% price increase driven by its role as Base network's central liquidity hub and strong liquidity incentives.

PUMP.fun (PUMP): 24h trading volume reached $129.7M, price up 2.44%, fueled by high user engagement on its Solana-based launchpad and recent revenue growth.

Shiba Inu (SHIB): 24h price rose 1.76% with $123.9M trading volume, supported by increased meme coin activity and renewed retail investor interest.

Smart Money Movements

Antpool transferred 1,867 BTC, valued at $167.35 million, to an unknown wallet, signaling a major strategic move in Bitcoin holdings.

Strategy moved 6,536 BTC, worth over $600 million, to Fidelity Custody, raising its total Bitcoin held with Fidelity to 183,887 BTC (28.2% of total holdings).

Bitmine purchased 22,676 ETH for $68.67 million within four hours, highlighting aggressive accumulation of Ethereum by institutional players.

A whale acquired 16.35 million PIPPIN tokens at $0.20 each, spending $3.3 million and achieving a floating profit of over $740,000.

A new address bought 2,640 ETH for $8 million USDT at an average price of $3,027.33 per ETH, marking its initial Ethereum position after withdrawing from Bitget.

Events to Watch

Dec 9 (Tue)

The Federal Reserve's FOMC will announce its interest rate decision and economic projections; a 25bps rate cut is widely expected, with global market impact.

Dec 10 (Wed)

Bank of Canada will release its policy statement at 9:45am ET; no policy changes are expected, but markets will watch for forward guidance.

Dec 10 (Wed)

The Conference Board will host a webcast on the global economic outlook, discussing key trends and risks for 2026 and beyond.

Dec 9 (Tue)

Linea airdrop claim deadline may trigger further token volatility; unclaimed tokens will revert to the alliance ecosystem fund.

Dec 7 (Sun)

Allora and Alibaba Cloud launch AI-powered S&P 500 prediction topic, expected to drive significant user engagement from December 7.

III. Phemex Market Focus

New Listings

Dec 05: (STABLE/USDT)

Phemex to list STABLE (STABLE) for spot trading with STABLE/USDT pair available from December 8, 2025.

Dec 03: (TRADOOR/USDT)

Phemex lists TRADOOR/USDT for spot trading, offering a fast and friendly way to trade options and perps.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The Reserve Bank of India cut its repo rate by 25 basis points to 5.25% and announced a $12 billion liquidity injection to counteract the economic impact of US tariffs, supporting domestic credit growth and potentially increasing capital flows into risk assets like Bitcoin and DEFI.

The Federal Reserve is widely expected to announce a 25 basis point rate cut next week, with futures markets pricing in an 87% probability; this anticipated monetary easing has already boosted Bitcoin and Ethereum prices, signaling a more favorable environment for crypto market liquidity.

Japan's central bank is preparing to raise its benchmark interest rate to 0.75% at the December policy meeting, the highest since 1995; this shift is pressuring leveraged positions in Bitcoin and could trigger global deleveraging, impacting crypto market volatility and risk appetite.

Euro-denominated stablecoins have doubled in market capitalization to $683 million since the EU's MiCA framework took effect, reflecting increased demand for euro-based digital assets and potentially diversifying liquidity away from USD stablecoins in DeFi and crypto trading.

The US Bureau of Economic Analysis reported Core PCE inflation at 2.8% year-over-year, slightly below expectations, reinforcing market confidence in imminent Fed rate cuts and supporting bullish sentiment for risk assets, including cryptocurrencies.

Cryptocurrency Regulatory Trends

The UK HMRC issued new DeFi tax guidelines clarifying that depositing assets into DeFi platforms is not a taxable event, potentially boosting institutional and retail adoption and increasing DeFi liquidity.

Pakistan's Ministry of Finance held a high-level meeting with Binance and banking officials to advance a national digital asset framework, focusing on compliance, AML standards, and market transparency, signaling regulatory progress.

India's DRI reported a shift among smugglers to stablecoins for cross-border settlements, prompting calls for enhanced anti-money laundering tools and updated crypto regulations to address rising illicit use.

China's CSRC Chairman Wu Qing emphasized stricter risk monitoring for crypto assets, urging financial institutions to avoid unclear or unmanageable crypto activities, reinforcing China's stringent regulatory stance.

French bank BPCE enabled cryptocurrency trading for clients, reflecting growing regulatory acceptance and integration of digital assets into traditional banking, which may boost investor confidence in the sector.

Trending Tokens

Aerodrome Finance (AERO): Trading volume surged to $24.6M in 24h, with a 4.07% price increase driven by its role as Base network's central liquidity hub and strong liquidity incentives.

PUMP.fun (PUMP): 24h trading volume reached $129.7M, price up 2.44%, fueled by high user engagement on its Solana-based launchpad and recent revenue growth.

Shiba Inu (SHIB): 24h price rose 1.76% with $123.9M trading volume, supported by increased meme coin activity and renewed retail investor interest.

Smart Money Movements

Antpool transferred 1,867 BTC, valued at $167.35 million, to an unknown wallet, signaling a major strategic move in Bitcoin holdings.

Strategy moved 6,536 BTC, worth over $600 million, to Fidelity Custody, raising its total Bitcoin held with Fidelity to 183,887 BTC (28.2% of total holdings).

Bitmine purchased 22,676 ETH for $68.67 million within four hours, highlighting aggressive accumulation of Ethereum by institutional players.

A whale acquired 16.35 million PIPPIN tokens at $0.20 each, spending $3.3 million and achieving a floating profit of over $740,000.

A new address bought 2,640 ETH for $8 million USDT at an average price of $3,027.33 per ETH, marking its initial Ethereum position after withdrawing from Bitget.

Events to Watch

Dec 10 (Wed)

Dec 10 (Wed)

Dec 7 (Sun)

III. Phemex Market Focus

New Listings

Phemex Promotions