Markets across digital assets and equities fell in tandem as investors priced in lower odds of a December rate cut.
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The Fear & Greed Index slumped to 16, signaling deep caution, while BTC dominance rose to 60.13%.
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Stablecoins showed continued pressure, with a $342.09M net outflow on November 14. USDT saw $20.90M inflow, but USDC lost $467.08M, bringing total stablecoin supply to $266.92B. Over the last one week, stablecoins experienced an overall positive gain of $1.28B, reflecting a moderate risk appetite and potentially growing investor confidence despite today's spike in the Fear and Greed index.
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Spot ETF data on November 12 revealed ETH ETF outflows of $183.7M, BTC ETF outflows of $278.1M, and a minor SOL ETF inflow of $18.1M.
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The standout event came as Canary XRP ETF began trading, marking the first spot XRP ETF and broadening institutional access beyond BTC, ETH, and SOL.
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Traditional markets
Global markets moved defensively as tightening liquidity and softer risk appetite pressured major asset classes.
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Wall Street: The Dow Jones fell 1.65%, S&P 500 dropped 1.66%, while the Nasdaq slipped 2.29%.
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Bonds and dollar: The 10 year U.S. Treasury yield rose 1.23% to 4.12%, while the U.S. Dollar Index dipped 0.22% to 99.25.
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Gold: Spot prices inched up 0.18% to $4,178.71.
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Macro policy updates
White House National Economic Council Director Kevin Hassett projected U.S. Q4 GDP may fall by 1.50% if the government shutdown drags on. A jobs report will be released this week but will exclude the unemployment rate, keeping focus on aggregate employment trends.
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In Europe, the Czech National Bank (CNB) launched a $1M pilot portfolio containing BTC, a USD stablecoin, and a tokenized deposit, aiming to test blockchain asset management over 2–3 years. The CNB emphasized it has no immediate plans to include BTC or other digital assets in its official reserves.
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Industry highlights
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KOL sentiment cools: Many influencers are avoiding newly listed tokens amid declining liquidity.
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EIP-7702 upgrade: A major exchange announced instant support for EIP-7702, which allows EOA addresses to execute smart contract code. This enables account abstraction, batch transactions, and gas fee delegation for a smoother user experience.
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Risk warning: A leading executive cautioned that DAT (Digital Asset Token) structures could face severe stress in prolonged downturns, echoing prior collapses like STEPN, Luna, and FTX, where leverage triggered reflexive selloffs.
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Alpha watch
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Polymarket x UFC: A multi-year partnership brings on-chain prediction markets into live UFC broadcasts, visualizing fan sentiment in real time.
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Stable network: The team confirmed a November 26 TGE, with USDT as the native gas token to stabilize fees and ensure predictable payment costs.
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Aztec Network: Private L2 project Aztec Network priced a secondary sale at $0.03, implying a $337.8M FDV.
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Uniswap's new CCA protocol: The Continuous Clearing Auction enables fair, transparent token launches on Uniswap v4, co-developed with Aztec using ZK Passport for private but verifiable participation.
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Concluding note
Markets continue to be cautious and sentiment remains fragile, as rate-cut hopes fade and ETF flows turn negative today. Still, innovation continues with XRP's ETF debut, CNB's digital asset experiment, and Uniswap's on-chain auction model, showing structural progress even as risk appetite retreats.
