Privacy Coins Surge as BTC and ETH Rebound on ETF Inflows, DeFi Strength

I. Crypto Market Overview

Key Takeaways

Macro Environment

Global liquidity has reached record highs, fueling risk-on sentiment and supporting crypto trading volumes. The US government shutdown is delaying key economic data, increasing market uncertainty and volatility. Japan's FSA approved a yen-backed stablecoin pilot, signaling growing regulatory support for digital assets in Asia.

Crypto Market

The crypto market saw broad gains in the past 12 hours, with BTC up 1.60% to $103,153 and ETH rising 3.19% to $3,484.70, driven by renewed ETF inflows and strong DeFi activity. Privacy coins outperformed, as XMR surged 21.12%, ZEC gained 19.14%, and DCR soared 55.06%, reflecting heightened demand for anonymous transactions and hybrid governance features.

Today's Outlook

No major token unlocks or macroeconomic events are scheduled for today, but traders are closely watching for volatility ahead of tomorrow's $29–35M Linea unlock and the upcoming US CPI data, which may be delayed by the government shutdown.

Fear and Greed Index

78.00% Annual Percentile

25 Fear

Total Crypto Market Cap

$3.46T

0.84%

Total Market Trading Volume

$127.04B

35.73%

Altcoin Season Index

36.36%

Quarterly Percentile

28 / 100

Total Futures Market Open Interest

3.24B

0.24%

Futures

822.53B

11.66%

Perpetuals

II. Industry Updates

Macro-economic Policies

The CME Group now forecasts a 67% probability of a US Federal Reserve rate cut in December, which could boost Bitcoin and DeFi liquidity as investors anticipate easier monetary conditions.

Goldman Sachs projects three Fed rate cuts by June 2026, starting December 2025, potentially weakening the US dollar and increasing demand for crypto assets as alternative stores of value.

Global liquidity has reached an all-time high as of November 8, 2025, fueling risk-on sentiment and supporting upward momentum in BTC, ETH, and DeFi trading volumes.

Delayed US macroeconomic data due to the ongoing government shutdown is increasing market uncertainty, prompting crypto traders to closely monitor CPI and jobs data for volatility triggers.

Dutch central bank chief Olaf Sleijpen warned on November 9, 2025, that joint EU bonds could inflate Eurozone debt, potentially weakening the euro and driving capital flows into Bitcoin and stablecoins.

Cryptocurrency Regulatory Trends

Japan's FSA has approved a yen-backed stablecoin initiative by three major banks, signaling stronger regulatory support for digital assets and potentially boosting institutional confidence in Japan's crypto market.

South Korea fined Upbit operator Dunamu $24.35 million for regulatory violations, highlighting strict enforcement and increasing compliance costs for crypto exchanges in the region.

Pakistan is considering a rupee-backed stablecoin and has established a Virtual Asset Regulatory Authority, aiming to formalize the crypto sector and attract investment, which may enhance market legitimacy.

India's tax authorities are investigating over 400 Binance users for crypto tax evasion, reflecting intensified enforcement and likely reducing offshore tax avoidance in the Indian crypto market.

Spain arrested the leader of a €260 million crypto Ponzi scheme, demonstrating increased regulatory scrutiny and law enforcement collaboration to combat crypto-related financial crimes in Europe.

Decred (DCR): Surged 51% in 24h to $36.48, driven by $75M trading volume and renewed interest in its hybrid PoW/PoS governance and privacy features.

Monero (XMR): Jumped 20% in 24h to $434.97, with $363M volume as privacy coins gain traction amid rising demand for anonymous transactions.

Zcash (ZEC): Rose 17% in 24h to $609.53, supported by $3.16B volume and increased adoption of shielded transactions, boosting privacy-focused asset appeal.

Smart Money Movements

JPMorgan Chase increased its holdings in BlackRock’s iShares Bitcoin Trust by 64% to 5.3 million shares, now valued at $343 million, reflecting rising institutional interest in Bitcoin.

BitMine discreetly acquired 744,600 ETH since October 5, 2025, amassing a stake worth over $1.5 billion, with no signs of market panic, indicating strong confidence in Ethereum.

A Bitcoin OG, Owen Gunden, sold 3,600.55 BTC worth $372 million, with 500 BTC deposited on Kraken, adding significant selling pressure as Bitcoin struggled to hold key price levels.

Ethereum institutional and ETF holdings reached a record 12.74 million ETH as of November 9, 2025, with treasury entities holding 6.14 million ETH and ETFs 6.60 million ETH, signaling robust institutional accumulation.

A prominent trader known as 'Holding the Orders Whale' opened a 25x leveraged long position in Ethereum, involving 1,976.56 ETH valued at over $6.7 million, with the position currently in profit.

Events to Watch

Nov 10 (Mon)

Linea will unlock $29–35M in tokens, part of a $190M+ unlock wave; event may trigger volatility as early investors gain liquidity.

Nov 11 (Tue)

Solayer will unlock $6.6M in tokens at 10 PM Beijing time, representing 9.51% of supply; Aptos to unlock $33.4M in tokens, 0.49% of supply.

Nov 12 (Wed)

US October CPI data scheduled for release, may be delayed by government shutdown; SEC to decide on Grayscale's spot HBAR ETF; Hedera mainnet upgrade to v0.67.

Nov 13 (Thu)

Avalanche (AVAX) will unlock $28.2M in tokens at 8:00 AM Beijing time, 0.33% of supply; US October CPI report may be delayed.

Nov 14 (Fri)

US October Producer Price Index (PPI) data will be released, impacting USD and risk assets.

Table of Contents