I. Crypto Market Overview

Key Takeaways

1.

Macro Environment

The US government shutdown has delayed key economic data, increasing uncertainty ahead of the December FOMC meeting. Divergent Fed signals—Williams open to near-term cuts, Collins urging caution—are fueling volatility and mixed sentiment. The US dollar's strength and Japan's stimulus-driven volatility are impacting crypto market liquidity and global risk appetite.
2.

Crypto Market

The crypto market remains under pressure, with BTC down 4.43% to $97,474 and ETH dropping 9.27% to $3,144.86, both hit by weak risk sentiment and ETF outflows. Altcoins also declined: BCH fell 3.80%, CAKE lost 6.87%, and WLFI slid 8.87%. DeFi and meme sectors led losses, while no major tokens posted gains.
3.

Today's Outlook

No major token unlocks or listings are scheduled for today, but persistent macro uncertainty and recent ETF outflows may drive further volatility. Watch for shifts in risk sentiment and liquidity as traders react to delayed US economic data and evolving Fed policy signals.
Fear and Greed Index
88.00% Annual Percentile
11 Fear
Total Crypto Market Cap
$2.86T
0.65%
Total Market Trading Volume
$161.85B
42.67%
Altcoin Season Index
0.00%
Quarterly Percentile
25 / 100
Total Futures Market Open Interest
4.36B
0.90%
Futures
733.21B
13.72%
Perpetuals

II. Industry Updates

Macro-economic Policies

1.

The US Bureau of Labor Statistics has cancelled the release of October CPI and employment data due to the recent government shutdown, creating a significant data gap ahead of the December FOMC meeting. The lack of key economic indicators increases uncertainty for the Federal Reserve's rate decision, impacting BTC and DeFi market volatility as traders adjust to heightened macro unpredictability.

2.

Recent comments from New York Fed President John Williams signal openness to a near-term interest rate cut, boosting market expectations for a December FOMC rate reduction. This dovish shift has led to increased speculation in crypto markets, with BTC and ETH volatility rising as traders price in potential monetary easing.

3.

Boston Fed President Susan Collins has urged extreme caution regarding interest rate cuts, emphasizing a data-dependent approach. Her stance tempers market optimism for rapid monetary easing, contributing to mixed sentiment and short-term uncertainty in crypto asset prices and DeFi liquidity.

4.

The US dollar has surged as hopes for imminent Fed rate cuts fade, while the Japanese yen has shown unexpected strength. This shift in forex dynamics is influencing crypto market liquidity and risk appetite, with capital flows favoring USD-pegged stablecoins and impacting BTC and altcoin trading volumes.

5.

Japan's government has launched a ¥21.3 trillion stimulus package, coinciding with rising bond yields and a shift away from ultra-loose monetary policy. The resulting volatility in Japanese financial markets is increasing global risk aversion, affecting crypto market sentiment and cross-border capital flows.

Cryptocurrency Regulatory Trends

1.

The SEC has approved the Bitwise 10 Crypto Index ETF after a rule update, requiring 85% of holdings to be SEC-approved assets, signaling stricter oversight and paving the way for more diversified crypto ETFs.

2.

Grayscale's Dogecoin and XRP ETFs have received NYSE approval and will launch on November 24, reflecting growing regulatory acceptance and potentially boosting investor confidence in altcoin ETFs.

3.

Over 70 crypto organizations have urged the White House to clarify digital asset regulations, including tax rules and DeFi protections, highlighting industry demand for regulatory certainty to support innovation.

4.

SEC Commissioner Hester Peirce reiterated her opposition to enforcement-driven actions like the Ripple lawsuit, emphasizing the need for clear regulatory frameworks, which may influence future digital asset policy.

5.

A loophole in the GENIUS Act allows third-party platforms to offer yield on stablecoins, raising concerns about deposit outflows from community banks and prompting calls for legislative fixes to protect traditional finance stability.

Trending Tokens

1.

World Liberty Financial (WLFI): WLFI surged 18% in 24h, driven by increased Solana ecosystem activity and high on-chain engagement, with 8,690 holders and a $49K market cap.

2.

Bitcoin Cash (BCH): BCH jumped 16% in 24h, with trading volume exceeding $1.09B and price hitting $546, fueled by renewed interest in peer-to-peer payments and treasury accumulation.

3.

PancakeSwap (CAKE): CAKE rose nearly 8% in 24h, supported by $116M in trading volume and increased DeFi activity on BNB Chain, reflecting strong user participation in yield farming.

Smart Money Movements

1.

Wintermute transferred $200 million in cbBTC (2,376.86 cbBTC) to an unknown address on November 22, 2025, marking one of the largest recent wrapped Bitcoin moves.

2.

A prominent Ethereum whale purchased 114,684 ETH worth $319.4 million in the past two days, increasing total holdings to 489,696 ETH ($1.35 billion), with $647.7 million debt on Aave.

3.

Galaxy Digital withdrew 14,096 ETH, valued at $44.12 million, from Binance over the past month, with the latest 7,098 ETH ($19.42 million) withdrawn 11 hours ago at an average price of $3,130.

4.

Bitdeer reduced its Bitcoin holdings by 385.6 BTC this week, bringing its total to 2,084.7 BTC, with 121 BTC mined during the same period as of November 21, 2025.

5.

A whale deposited $4.1 million into HyperLiquid to increase 5x long positions in $STRK and $HYPE, after previously realizing $2.4 million profit on $STRK but now facing a $1.5 million loss.

Events to Watch

Nov 27 (Thu)

YOM (YOM) IDO launches on TrustSwap from Nov 27-28, targeting $100,000 in fundraising; event may impact YOM token liquidity and price.

Nov 29 (Sat)

HYPE token unlock begins, releasing 238 million HYPE over 24 months; expected to create significant sell pressure on Hyperliquid ecosystem.

III. Phemex Market Focus

New Listings

1.

Nov 22: (BOB/USDT)

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2.

Nov 19: (DGRAM/USDT)

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

Phemex Promotions

1.

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2.

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3.

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4.

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