Crypto Market Slides: BTC and ETH Lead Declines as US Data Looms

I. Crypto Market Overview

Key Takeaways

Macro Environment

Expectations for a US Fed rate cut in December are rising amid delayed economic data, fueling volatility and short-term crypto rebounds. Japan and South Korea are tightening crypto regulations, aiming to boost investor confidence and institutional trust. Regulatory clarity and stable monetary policy in Asia may help limit capital outflows from regional crypto markets.

Crypto Market

The crypto market saw broad declines over the past 12 hours, with BTC down 4.43% to $97,474 and ETH dropping 9.27% to $3,144.86, pressured by weak risk sentiment and ETF outflows. Altcoins also fell sharply: SUI lost 10.83%, KAS dropped 7.66%, and BONK slid 11.14%. Meme and DeFi tokens led losses, driven by risk-off flows and declining spot demand.

Today's Outlook

Key US macro data releases today include PPI, GDP, and Consumer Confidence Index, which may drive volatility across crypto and risk assets. Major token unlocks—$17.14M XPL, $10.61M H, $10.17M SVL, and 91.67M HUM—could impact liquidity and price action in affected tokens.

Fear and Greed Index

96.00% Annual Percentile

12 Fear

Total Crypto Market Cap

$3.03T

2.51%

Total Market Trading Volume

$160.00B

27.48%

Altcoin Season Index

0.00%

Quarterly Percentile

23 / 100

Total Futures Market Open Interest

4.48B

1.10%

Futures

796.04B

0.64%

Perpetuals

II. Industry Updates

Macro-economic Policies

Federal Reserve officials are increasingly divided on a December rate cut, as delayed jobs and inflation data create uncertainty. This ambiguity is fueling volatility in crypto markets, with traders adjusting positions ahead of the FOMC meeting.

Prediction markets now assign up to an 80% probability of a Fed rate cut in December, driven by cooling inflation and economic slowdown. Anticipation of monetary easing is supporting a short-term rebound in Bitcoin and DeFi liquidity.

Bullish options activity surged overnight, reflecting market expectations of imminent Fed policy easing. However, sustained recovery in crypto assets will depend on further capital inflows and clear macroeconomic signals.

The Bank of Korea is expected to maintain its base rate at 2.50% this week, citing concerns over currency weakness and housing market strength. A stable Korean policy rate may limit capital outflows from Asian crypto markets in the near term.

Cryptocurrency Regulatory Trends

Japan's Financial Services Agency will require crypto exchanges to establish mandatory reserve funds, aiming to enhance consumer protection and ensure swift compensation for asset losses, which may boost investor confidence in the Japanese market.

The US SEC has issued a no-action letter to Solana-based FUSE Energy, clarifying that its token is not an investment contract, providing regulatory certainty and potentially encouraging further utility token projects in the DeFi sector.

South Korea's National Assembly is reviewing three bipartisan stablecoin bills proposing a 5 billion won capital minimum for issuers and enhanced consumer protections, signaling stricter oversight and likely increased institutional trust in the Korean stablecoin market.

Circle minted an additional $500 million USDC on Solana, bringing total issuance to $10 billion, reflecting regulatory clarity and growing institutional adoption of stablecoins on compliant blockchain networks.

Trust Stamp unveiled a patent-protected framework for embedding biometric identity into stablecoins, addressing new US GENIUS Act requirements and FATF concerns, which may set a precedent for compliance-focused stablecoin infrastructure.

SUI (SUI): SUI surged 14.5% in 24h, reaching $1.55 with $1.09B volume. The rally is driven by strong DeFi ecosystem growth and high developer activity on its scalable Layer-1 blockchain.

Kaspa (KAS): KAS rose 13.7% in 24h to $0.0453, with $50.3M trading volume. The price jump follows increased adoption of its high-throughput PoW protocol and recent network upgrades.

BONK (BONK): BONK climbed 14.3% in 24h, trading at $0.000010. The gain is fueled by heavy trading volume and renewed interest in Solana ecosystem meme tokens.

Smart Money Movements

Multicoin Capital purchased 61,637 AAVE tokens for $10.94 million at $177 each, bringing its total AAVE accumulation to 278,000 tokens worth $49.52 million.

A crypto whale acquired 37 million $MON tokens for $1.35 million USDC at $0.036 per token, as tracked by Nansen AI.

Huang Licheng opened $13.35 million in ETH and $830,000 in HYPE long positions, with a $1 million USDC deposit and a current floating profit of $280,000.

A new wallet deposited $5.35 million into HyperLiquid and used 20x leverage to open a $43.53 million short position on Bitcoin.

Bitdeer sold 385.6 BTC for $34.7 million as part of its treasury management strategy to cover operational costs and maintain liquidity.

Events to Watch

Nov 25 (Tue)

US PPI, GDP, and Consumer Confidence Index data will be released; $17.14M XPL, $10.61M H, $10.17M SVL, and 91.67M HUM tokens unlock.

Nov 26 (Wed)

US Personal Income & Outlays, Eurozone Flash PMI, and Sahara token unlocks; Arbitrum hosts a major community event.

Nov 27 (Thu)

Australia Q3 CPI report and BitDealer (BIT) token generation event; Bitlayer (BTR) airdrop unlock batch releases 10% of supply.

Nov 28 (Fri)

JUP team unlocks $12.78M in tokens; Chicago Business Barometer (PMI) for November is released.

Nov 29 (Sat)

Hyperliquid unlocks $314M HYPE tokens, representing 2.66% of supply; Sahara AI token unlock expected to cause volatility.

III. Phemex Market Focus

New Listings

Nov 24: (MON/USDT)

Monad is a high-performance, Layer 1 blockchain that aims to address the scalability limitations of existing networks, particularly Ethereum, while maintaining full compatibility with the Ethereum Virtual Machine (EVM).

Nov 19: (DGRAM/USDT)

Datagram is a global, AI-driven Hyper-Fabric Network that delivers real-time connectivity and DePIN cross-network interoperability.

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