Crypto Market Tumbles as Bitcoin, Ethereum Lead Sharp Selloff on Global Risk-Off

I. Crypto Market Overview

Key Takeaways

Macro Environment

Japanese bond yields surged to 1.84%, triggering global risk-off sentiment and $640M in crypto liquidations. Canadian Q3 GDP beat expectations at 2.6%, easing recession fears and supporting risk appetite. Europol's $1.4B crypto mixer takedown signals intensified AML enforcement, raising compliance risks for exchanges.

Crypto Market

Crypto markets saw sharp declines in the past 12 hours, with Bitcoin down 4.4% to $97,474 and Ethereum dropping 9.3% to $3,144, driven by global risk-off flows and heavy liquidations. Most major altcoins fell, led by MYX (-13.6%), LINK (-9.9%), and SOL (-8.7%), while JST outperformed with a modest 0.9% dip, supported by DeFi demand. Tether Gold (XAUT) was relatively stable, down 0.5% as digital gold tokens attracted inflows amid volatility.

Today's Outlook

Key events today include the release of Euro area inflation data and major token unlocks for SANTOS, BEAT, and WAL, each exceeding $10M in value. These events may drive volatility and sector rotation across the crypto market.

Fear and Greed Index

64.00% Annual Percentile

20 Fear

Total Crypto Market Cap

$2.92T

6.40%

Total Market Trading Volume

$143.91B

69.44%

Altcoin Season Index

66.67%

Quarterly Percentile

25 / 100

Total Futures Market Open Interest

4.16B

11.70%

Futures

717.95B

4.51%

Perpetuals

II. Industry Updates

Macro-economic Policies

Japan's 10-year government bond yield surged to 1.84%, its highest since 2008, triggering a global risk-off move and $640M in crypto liquidations as investors unwind leveraged positions, impacting Bitcoin and DeFi liquidity.

Canada's Q3 GDP grew 2.6% annualized, beating expectations and reducing recession fears; this economic resilience supports risk appetite and may delay Bank of Canada rate cuts, indirectly supporting crypto market sentiment.

U.S. Treasury yields rose as traders increased bets on a Federal Reserve rate cut, fueling volatility in Bitcoin and other digital assets as monetary policy expectations shift.

Anticipation of the Federal Reserve's upcoming rate decision and key economic data releases is driving heightened volatility in crypto markets, with traders closely watching for signals that could influence BTC and DeFi flows.

India's rupee hit record lows despite strong GDP growth, as trade imbalances and U.S. tariffs pressured the currency; this currency weakness may affect capital flows into Indian crypto markets.

Cryptocurrency Regulatory Trends

Europol coordinated with German and Swiss authorities to dismantle a $1.4B crypto mixer, signaling intensified AML enforcement and raising compliance risks for exchanges and traders handling tainted funds.

A Brazilian federal court convicted 14 people for laundering $95M in drug and kidnapping proceeds via Bitcoin, highlighting increased global scrutiny and enforcement against crypto-related money laundering.

Grayscale received SEC approval to launch the first US Chainlink ETF (GLNK), marking a regulatory milestone for altcoin ETFs and potentially boosting institutional access to LINK.

NASDAQ proposed raising position limits for Bitcoin ETF options, reflecting regulatory confidence and paving the way for greater institutional participation in crypto derivatives.

HashKey, a major Hong Kong crypto exchange, advanced toward a public listing as HKEX and SFC published its post-hearing information pack, underscoring Hong Kong's regulatory push for compliant digital asset markets.

MYX Finance (MYX): MYX surged 6.8% in 24h with $72.2M volume, driven by high on-chain derivatives activity and cross-chain collateral support across 20+ networks.

JUST (JST): JST rose 3.8% in 24h with $94.9M volume, supported by strong DeFi demand on TRON and increased stablecoin lending and liquidity pool participation.

Tether Gold (XAUT): XAUT gained 0.6% in 24h with $15.96B volume, as gold-backed tokens saw inflows amid global market volatility and rising demand for digital gold.

Smart Money Movements

Bitmine increased its Ethereum holdings by 96,798 ETH, valued at $272.3 million, last week, bringing its total to 3,726,499 ETH ($10.48 billion).

MicroStrategy acquired an additional 130 BTC for $11.7 million, raising its total Bitcoin reserves to 650,000 BTC as part of its ongoing accumulation strategy.

A wallet linked to BlackRock transferred 2,156 BTC, worth approximately $186 million, to Coinbase Prime, interpreted as ETF liquidity and settlement activity.

A swing trader invested $5.37 million USDT to purchase 422,064 Chainlink (LINK) tokens at $12.72 each, despite a cumulative loss of $1.24 million on recent trades.

An early Ethereum ICO participant staked 40,000 ETH, valued at about $120 million, on Ethereum 2.0 after a decade of dormancy, signaling renewed long-term commitment.

Events to Watch

Dec 1 (Mon)

Euro area inflation data to be released; SANTOS, BEAT, and WAL tokens unlock, each exceeding $10M in value.

Dec 2 (Tue)

Travala.com hosts AMA with GoMining at 11:00 UTC; Aztec Network launches token auction using CCA method.

Dec 3 (Wed)

Fusaka blockchain mainnet launches; Ethereum Fusaka upgrade to enhance network efficiency and lower fees.

Dec 5 (Fri)

US Core PCE inflation data and PCE price data to be released, key for Fed policy; XION token unlocks $15.47M.

Table of Contents