Crypto Market Tumbles: BTC and ETH Plunge, ICP and ZK Surge Amid ETF Outflows

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Reserve Bank of Australia held rates at 3.6% amid persistent inflation, signaling prolonged tight policy. The US dollar hit a four-month high, driving risk-off sentiment and capital outflows from crypto. The SEC is reviewing multiple spot crypto ETF applications, reflecting growing regulatory openness to institutional products.

Crypto Market

The crypto market saw sharp declines over the past 12 hours, with BTC down 6.8% to $99,595 and ETH plunging 12.2% to $3,192.45, pressured by ETF outflows and risk-off flows. Altcoins were mixed: ICP surged 24.6%, DCR rose 15.9%, and ZK gained 17.9%, all driven by sector narratives and technical rebounds.

Today's Outlook

Today's key events include a $61.5M ENA token unlock, the Riksbank's interest rate decision, Australia's November PMI release, and the US Treasury's quarterly refunding estimates—each with potential to impact market liquidity and volatility.

Fear and Greed Index

74.00% Annual Percentile

27 Fear

Total Crypto Market Cap

$3.34T

5.65%

Total Market Trading Volume

$289.90B

36.18%

Altcoin Season Index

8.33%

Quarterly Percentile

25 / 100

Total Futures Market Open Interest

3.32B

2.75%

Futures

793.95B

3.02%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Reserve Bank of Australia held its cash rate at 3.6% after a spike in inflation, signaling a prolonged period of restrictive monetary policy. This has pressured the Australian dollar and may limit crypto market liquidity and risk appetite in the Asia-Pacific region.

A surge in US dollar demand, driven by asset managers, pushed the dollar to a four-month high. The strong dollar environment increases risk-off sentiment, leading to capital outflows from crypto assets and heightened volatility in BTC and DeFi markets.

Bitcoin ETFs saw $946 million in outflows over the past week, reflecting a shift in institutional sentiment amid tighter global financial conditions. This has contributed to a sharp decline in BTC price and overall crypto market capitalization.

US and China reached a temporary trade truce, but Trump administration signaled more aggressive tariff actions ahead. Ongoing trade tensions and tariff threats continue to weigh on global risk assets, including cryptocurrencies, by increasing macroeconomic uncertainty.

Philippine inflation remained steady, supporting expectations for potential rate cuts. Easing policy in emerging markets could boost local crypto adoption and trading activity by improving liquidity and risk tolerance.

Cryptocurrency Regulatory Trends

The U.S. House Ways and Means Committee is preparing new crypto tax legislation to clarify digital asset taxation, aiming to boost regulatory certainty and attract institutional investment.

The GENIUS Act's prohibition on interest-bearing stablecoins is under scrutiny, as U.S. bank groups urge the Treasury to enforce a broad ban to prevent deposit flight from community banks.

International police dismantled a €600 million crypto fraud ring in Europe, highlighting increased regulatory enforcement and potentially boosting investor confidence in compliant platforms.

The SEC is reviewing multiple spot crypto ETF applications, including XRP and Hedera, with decisions expected in November, signaling growing regulatory openness to institutional crypto products.

Nigeria's SEC, central bank, and anti-fraud agency have joined forces to monitor and freeze illicit digital wallets, reflecting a tightening of anti-money laundering controls in the crypto sector.

Internet Computer (ICP): ICP surged 25% in 24h to $4.96 with $1.42B volume, driven by strong technical rebound from its recent all-time low and renewed DePIN and AI narrative interest.

Decred (DCR): DCR jumped 22% in 24h to $37.24 with $203M volume, fueled by increased privacy coin demand and its hybrid PoW/PoS model attracting capital amid market volatility.

ZKsync (ZK): ZK gained 21% in 24h to $0.06628 with $558M volume, as Layer 2 and zero-knowledge proof sector rotation intensified, pushing ZKsync to outperform on scalability narrative.

Smart Money Movements

BitMine Immersion increased its Ethereum holdings by 82,353 ETH, investing $305.9 million and bringing its total to 3.39 million ETH, or 2.8% of supply.

A whale account was liquidated after closing all long positions, losing approximately $39.91 million as Bitcoin dipped below $100,000 and Ethereum touched $3,057.

BlackRock transferred 2,042 BTC ($213M) and 22,681 ETH ($80M) to Coinbase amid market volatility, raising concerns of potential sell-side activity.

Sequans Communications sold 970 BTC, reducing its holdings from 3,234 to 2,264 BTC and cutting total debt from $189 million to $94.5 million.

The '7 Siblings' wallets acquired 19,918 ETH for $72.49 million at an average price of $3,638 per ETH during the recent market downturn.

Events to Watch

Nov 5 (Wed)

$61.5M ENA token unlock; Riksbank announces interest rate decision; Australia releases November PMI data; US Treasury releases quarterly refunding estimates and debt issuance composition.

Nov 6 (Thu)

Bank of England holds policy meeting and releases minutes; India releases November Services PMI data.

Nov 7 (Fri)

US unemployment data release (timing uncertain due to government shutdown); Bank of Jamaica settles 30-day CD auction.

Nov 10 (Mon)

Worldcoin (WLD) completes daily token unlocks totaling ~$1M+; Solana (SOL) concludes $312M token unlock event.

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