Crypto Market Slides: BTC and ETH Drop as Macro Headwinds Intensify

I. Crypto Market Overview

Key Takeaways

Macro Environment

Japan's proposed $110B stimulus aims to boost liquidity and risk appetite. The US Fed's neutral 4.00% rate stance has strengthened the dollar, pressuring crypto and DeFi. US small business job losses signal economic headwinds, potentially dampening crypto inflows.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.4% to $97,474 and Ethereum falling 9.3% to $3,144, driven by ETF outflows and risk-off sentiment. Altcoins also dropped, with DASH down 6.7%, Starknet down 3.3%, and Telcoin down 4.1%. No sector outperformed, and negative macro factors weighed on all major tokens.

Today's Outlook

Today, Finsteco FNST Finance and Kuvi.ai KUVI DeFi IDOs launch on Eesee and Spores, while Avalanche and Chainlink lead RWA adoption with over $19B in cross-chain transfers, highlighting institutional DeFi momentum.

Fear and Greed Index

48.00% Annual Percentile

16 Fear

Total Crypto Market Cap

$3.23T

0.97%

Total Market Trading Volume

$117.14B

30.63%

Altcoin Season Index

58.33%

Quarterly Percentile

31 / 100

Total Futures Market Open Interest

2.76B

35.13%

Futures

787.15B

5.99%

Perpetuals

II. Industry Updates

Macro-economic Policies

Japan is considering a ¥17 trillion ($110B+) economic stimulus package to inject liquidity, which could boost risk appetite and support crypto market recovery amid global uncertainty.

The US Federal Reserve has maintained a neutral stance, holding rates at 4.00%, which has strengthened the US dollar and pressured Bitcoin and DEFI liquidity as risk-off sentiment prevails.

USD/JPY surged toward 154.60 as US rate-cut expectations collapsed, widening the US-Japan yield gap and driving capital flows into USD assets, impacting crypto-forex trading pairs.

US small business employment fell by 5,907 jobs in October, marking the fourth consecutive monthly decline, signaling economic headwinds that may dampen crypto market inflows and risk sentiment.

Cryptocurrency Regulatory Trends

Japan's Financial Services Agency will reclassify 105 cryptocurrencies, including Bitcoin and Ethereum, as financial products, reducing tax rates and introducing new insider trading rules, likely boosting investor confidence and market participation.

Aave Labs has secured MiCA compliance in the EU, enabling regulated fiat-to-crypto services and euro-stablecoin conversions, which strengthens DeFi's regulatory standing and could attract more institutional users.

The US SEC is advancing a new crypto token framework, aiming to clarify digital asset classifications and reduce regulatory overlap, which may provide greater legal certainty for developers and investors.

The US Senate Agriculture Committee released a draft bill to define digital commodities and expand CFTC oversight, signaling progress toward a comprehensive US crypto market structure and potentially increasing regulatory clarity.

Tether has enhanced its compliance efforts, partnering with law enforcement to freeze illicit assets and recover over $113.8 million, reinforcing its market leadership and supporting stablecoin trust.

Starknet (STRK): STRK surged 50% in 24h as staking volume surpassed 900 million STRK, driving renewed market interest and a strong price rally.

Telcoin (TEL): TEL jumped 19% in 24h to $0.00683, fueled by a 68% rise in trading volume and growing adoption of its regulated global remittance platform.

DASH (DASH): DASH rose 17% in 24h to $94.42, supported by $798M in trading volume and increased demand for its fast, privacy-focused payment network.

Smart Money Movements

Harvard University increased its holdings in BlackRock's iShares Bitcoin Trust (IBIT) to $443 million, adding 4.9 million shares in Q3 2025, making Bitcoin ETF its largest public equity position.

A major crypto whale opened $149 million in 40x short positions on Bitcoin, $27.85 million in 20x short on XRP, and $21.07 million in 10x short on ZEC within 13 hours, now facing $1 million in unrealized losses.

Bitmine acquired 67,021 ETH worth approximately $234.47 million from Galaxy Digital, FalconX, and Coinbase over the past week, capitalizing on the recent market dip.

Maji Dage increased its Ethereum holdings by 200 ETH, now valued at $24.77 million, with a liquidation price set at $3,047 per ETH, despite an unrealized loss of $1.66 million.

XRP saw 1.4 million tokens, valued at over $336 million, withdrawn from centralized exchanges in 24 hours, coinciding with the launch of XRP ETF products and a sharp decline in exchange reserves.

Events to Watch

Nov 16 (Sun)

Finsteco FNST Finance and Kuvi.ai KUVI DeFi IDOs launch on Eesee and Spores; Avalanche and Chainlink lead RWA adoption with $19B+ in cross-chain transfers.

Nov 17 (Mon)

Monad's MON token sale begins on Coinbase at 9:00 AM ET, running until Nov 22; ZKsync (ZK) unlocks 173M tokens, 3.37% of supply, valued at $9M.

Nov 19 (Wed)

Avalanche Granite network upgrade activates, introducing dynamic block times and biometric security; Bitdealer BIT New Memes IDO on ChainGPT; YZY unlocks 37.5M tokens, 12.5% of supply, $14.1M.

Nov 20 (Thu)

LayerZero (ZRO) unlocks 25.71M tokens, 7.29% of supply, $38.3M; US September employment data release may impact USD index and risk assets.

Nov 21 (Fri)

MiRA CAML Blockchain Service IDO on Red Kite; US September real wage data release by Bureau of Labor Statistics.

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