Crypto Market Slides: BTC and ETH Drop, Solana Unlocks $68M

I. Crypto Market Overview

Key Takeaways

Macro Environment

Global markets remain volatile as the US government shutdown creates data gaps, increasing uncertainty for the Fed and risk assets. The ECB holds rates steady, supporting EUR stability, while investors shift to safe-haven currencies amid fading US rate cut hopes. Regulatory clarity advances in the US, EU, and Asia, with new stablecoin frameworks and centralized oversight boosting institutional confidence.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 4.4% to $97,474 and ETH dropping 9.3% to $3,144.86, pressured by ETF outflows and risk-off sentiment. Zcash (ZEC) fell 4.0% to $494.13 despite recent privacy narrative momentum, Starknet (STRK) slid 3.3% to $0.137, and DASH (DASH) dropped 6.7% to $62.7. Privacy and L2 tokens remain relatively resilient, but overall market weakness dominates.

Today's Outlook

Today, 472,602 SOL tokens ($68.21M) will be unlocked, potentially increasing Solana's volatility. The US monthly retail trade and food services data release may impact macro sentiment. The Franklin Templeton ETF launch could influence institutional crypto flows and market structure.

Fear and Greed Index

70.00% Annual Percentile

25 Fear

Total Crypto Market Cap

$3.22T

6.70%

Total Market Trading Volume

$259.64B

46.00%

Altcoin Season Index

75.00%

Quarterly Percentile

32 / 100

Total Futures Market Open Interest

4.26B

2.97%

Futures

788.66B

1.80%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US October jobs report will exclude the unemployment rate due to the recent government shutdown, creating a data gap that increases uncertainty for the Federal Reserve and may heighten volatility in BTC and DeFi markets.

Global markets saw a sharp sell-off after hawkish Federal Reserve comments reduced expectations for a December rate cut, triggering risk-off sentiment and driving capital outflows from crypto assets and DeFi liquidity pools.

Investors are shifting to safe-haven currencies like the Swiss franc and Japanese yen as US rate cut hopes fade, leading to a stronger DXY and downward pressure on BTC and altcoin prices.

Eurozone Q3 GDP growth confirmed at 0.2% QoQ, supporting EUR stability as the US dollar weakens; this dynamic may encourage capital rotation into euro-denominated crypto assets and boost DeFi activity in the region.

Shanghai gold and silver futures dropped over 4% amid global market volatility, signaling risk aversion that could reduce demand for crypto as an inflation hedge and impact NFT trading volumes.

Cryptocurrency Regulatory Trends

BNY Mellon has launched the BNY Dreyfus Stablecoin Reserves Fund to help U.S. stablecoin issuers comply with the new GENIUS Act, requiring reserves to be held in ultra-safe assets. This move strengthens regulatory compliance and institutional trust in the stablecoin sector.

Aave Labs received regulatory approval from the Central Bank of Ireland under the MiCA framework to launch a euro-to-stablecoin on/off-ramp across Europe, enabling seamless, fee-free conversion between euros and stablecoins. This regulatory clarity is expected to boost DeFi adoption and user confidence in the EU.

A new draft law in Brazil's Congress seeks to nullify the Central Bank's recent stablecoin regulations, arguing the bank overstepped its authority. The proposed reversal could reduce regulatory burdens and uncertainty for Brazil's crypto industry.

South Korea's Financial Intelligence Unit clarified that decentralized exchanges are exempt from VASP regulations, allowing platforms like Aden to expand services. This regulatory clarity supports the growth of decentralized trading in the region.

The EU is advancing plans to centralize crypto regulation, aiming to streamline oversight and enhance security for digital asset businesses. This initiative is likely to increase compliance costs but may improve investor protection and market stability.

Zcash (ZEC): Zcash surged 14% in 24h to $553, with 24h trading volume reaching $1.91B. The rally is driven by renewed privacy narrative and increased market attention on zero-knowledge protocols.

Starknet (STRK): STRK gained 13.8% in 24h, trading at $0.16 with $320M volume. The price rebound follows recent network stability improvements and growing DeFi ecosystem activity.

DASH (DASH): DASH rose 3.1% in 24h to $69.8, with $288M in trading volume. The uptick is supported by increased on-chain payments and renewed interest in privacy-focused digital cash solutions.

Smart Money Movements

BitMine acquired 110,301 ETH worth $389 million, raising its Ethereum holdings to $13.2 billion as part of its '5% Alchemy' initiative to secure 5% of ETH's total supply.

BlackRock transferred 2,610 BTC ($250.2 million) and 43,240 ETH ($136.7 million) to Coinbase Prime, totaling $386.9 million in crypto moved within three hours.

A whale opened an $18 million long position on Solana (SOL) with 20x leverage on HyperLiquid, depositing $4 million USDC despite prior trading losses of $6.3 million.

Institutions purchased $405 million in Bitcoin, moving 4,094 BTC from exchanges like Coinbase and Galaxy Digital to Anchorage Digital, signaling strong long-term confidence.

A whale acquired 9,945 ETH valued at $31.89 million via OTC trades on FalconX, Wintermute, and Coinbase, continuing a pattern of large-scale Ethereum accumulation.

Events to Watch

Nov 14 (Fri)

US monthly retail trade and food services data will be released; Solana unlocks 472,602 SOL ($68.21M), may increase volatility; Franklin Templeton ETF launches, potentially impacting institutional flows.

Nov 15 (Sat)

eCash (XEC) will introduce 64-bit integer support and launch Avalanche Pre-Consensus on mainnet; Chia Network CEO Gene Hoffman joins a community X Space.

Nov 16 (Sun)

Uniswap Cup football tournament and Hyperliquid Forum take place in Buenos Aires; Polkadot hosts sub0 // SYMBIOSIS flagship conference, gathering major industry players.

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