Market Overview (24h)

  • Prices \& cap: Total crypto market cap is roughly $2.9–3.1T, down ~4–6% over the past 24h, as a global risk-off move into December wipes out ~US$200B in value. BTC trades around $86k (≈–5–6% 24h), ETH ~$2.83k (≈–5–6%), with majors broadly lower: BNB ~$826 (–5.9%), XRP ~$2.05 (–6.7%), SOL ~$127 (–6.9%), ADA ~$0.39 (–8.1%), DOGE ~$0.14 (–8.3%). BTC dominance is ~57–58%.123456
  • Derivatives: BTC perpetual funding is modestly positive (~+0.01%/8h on major venues), signaling a slight long bias despite the drawdown. Recent BOJ-driven volatility saw altcoin futures OI in names like ZEC, SUI, UNI, ENA drop >10% in 24h, while BTC OI fell ~2% and ETH OI ticked higher, consistent with shorting into the dip.789
  • Liquidations: Estimates for the last 24h range from ~US$100m in total liquidations (near-even long/short) to over US$600m, with a large majority from long positions, including ≈$200m BTC and ≈$159m ETH wiped as the selloff accelerated.101112
  • Stablecoins / flows: ERC‑20 stablecoin supply is at or near all‑time highs (~$160–185B), with CryptoQuant flagging this as a key leading indicator of on‑chain “dry powder.” Tether’s float is around $184–185B (up roughly $10B since end‑Q3), USDC ~ $76.5B, underscoring structurally higher dollar liquidity despite today’s risk‑off. CoinShares reports ~$1B net inflows into crypto investment products last week after four weeks of ~$5.7B outflows, mostly into BTC, ETH and XRP.131415161718192021

Top Headlines (What \& Why It Matters)

  • PBoC reiterates full crypto \& stablecoin ban, vows crackdown
    • China’s central bank convened a multi‑agency meeting on Nov 28 (Beijing time) and restated that all virtual currency activities, including stablecoins, are illegal financial activity; it emphasized that stablecoins fail KYC/AML standards and can be used for money laundering, fraud and illicit cross‑border transfers. Hong Kong–listed “stablecoin plays” sold off 4–10% on Monday after the statement.222324252627
    • Risk: High (China policy hardens the ceiling on mainland demand, raises global regulatory pressure on stablecoins in the near term).
  • Yearn Finance yETH pool exploited for ~US$9m
    • On Nov 30 at 21:11 UTC, an attacker exploited a vulnerability in Yearn’s yETH stableswap pool to mint near‑infinite yETH, draining the pool in a single transaction; PeckShield and others estimate total losses of about $9m, with ~1,000 ETH (~$3m) laundered via Tornado Cash and ~$6m in other staked‑ETH assets still in the exploiter’s address. Yearn stated on X that V2/V3 vaults are unaffected and has set up a “war room” with auditors; remediation and a full post‑mortem are in progress.2829303132
    • Risk: Medium (localized to DeFi/LSD space but has clearly weighed on broader sentiment).
  • Upbit prepares to fully restore services after ~$37m Solana‑side hack
    • South Korea’s largest exchange Upbit froze deposits/withdrawals after detecting suspicious Solana‑network outflows on Nov 27 involving SOL, USDC and >20 other Solana tokens, with losses estimated around $30–37m and authorities pointing to North Korea’s Lazarus Group. Upbit plans phased resumption of deposits/withdrawals from Dec 1 KST (~Dec 1 15:00 UTC), migrating assets to new addresses under tighter controls, while the Financial Supervisory Service conducts an on‑site review through Dec 5.33343536
    • Risk: Medium (contained to one venue but reinforces exchange and Solana‑ecosystem risk).
  • Macro shock: BOJ \& China headlines drive crypto leg lower
    • Hawkish BOJ commentary and market pricing of a ~76% probability of a Dec 19 rate hike have pressured yen‑carry trades and risk assets; crypto derivatives markets saw sharp OI and price drops in alts and renewed BTC downside. Parallel headlines from the PBoC’s stablecoin warning added to risk‑off tone in Asia hours.8372651222
    • Risk: Medium–High (macro remains the primary driver of near‑term volatility).

Exchanges

  • Binance – Monitoring Tags \& listings
    • Binance will extend its Monitoring Tag (heightened risk / potential delisting flag) to CHESS, DENT, DF, GHST and SXP effective 2025‑12‑01 00:00 UTC, citing criteria such as liquidity, development activity and regulatory risk; tagged assets face expedited delisting if metrics deteriorate.3839
    • Binance Thailand (Gulf Binance) lists new spot pairs for Allora (ALLO), Lorenzo Protocol (BANK) and Meteora (MET) on Dec 1, with deposits live from 11:00 UTC+7 (04:00 UTC) and spot trading from 14:00 UTC+7 (07:00 UTC).[^40]
    • Risk: Low–Medium (idiosyncratic for tagged coins; neutral‑to‑positive for new listings).
  • OKX – Ethereum “Fusaka” upgrade handling
    • OKX will suspend deposits and withdrawals for ETH, Xlayer (OKB), Arbitrum, Optimism, Base, Starknet, zkSync Era, Linea, Unichain and related tokens at 2025‑12‑03 21:30 UTC (Dec 4 05:30 UTC+8) to support the Ethereum Fusaka network upgrade/hard fork, resuming once networks are stable.404142
    • Risk: Low (standard upgrade procedure; short‑term operational friction around the upgrade window).
  • Coinbase / others
    • Coinbase status pages show no new incidents or maintenance on Dec 1 UTC; a prior Polygon delayed‑sends incident on Nov 30 has been resolved. No major outages reported at Binance, Kraken, OKX, Bybit or Deribit within the last 24–48h.43444546
    • Risk: Low.

Regulation / Law

  • China – renewed crackdown on virtual currencies and stablecoins
    • The PBoC’s Nov 28 coordination meeting (statement released Nov 29, Beijing time) explicitly reaffirmed the 2021 “9.24 Notice,” confirmed that all crypto and stablecoin business remains banned, and called for stronger monitoring of capital flows and stricter enforcement (especially against stablecoin‑based underground FX). This is being echoed in official and state‑linked media and is already impacting Hong Kong‑listed crypto‑adjacent equities.2347482425262722
    • Risk: High (cements mainland China as structurally off‑limits to centralized crypto, pressures cross‑border stablecoin rails).
  • EU – ESMA moves MiCA data standards into implementation phase
    • On Nov 28, ESMA issued a public statement detailing technical specifications for MiCA data standards, including XBRL taxonomies and ITS for crypto‑asset white paper templates, which start applying from 2025‑12‑23; it also released message specs for MiCA order‑book and record‑keeping formats.495051
    • Risk: Low (no immediate price impact, but important for EU‑facing issuers/CASPs preparing 2026‑era compliance).

Research / White Papers

  • Stablecoin supply at record highs despite drawdown (CryptoQuant)
    • CryptoQuant’s late‑Nov research shows ERC‑20 stablecoin supply at a new all‑time high (~$160–185B), arguing that stablecoin supply better captures crypto liquidity than broad M2 and that previous BTC up‑legs (2021 and 2024–25) were preceded by similar supply expansions.14171920
    • Risk (market impact): Medium (bullish medium‑term liquidity signal, even as short‑term price action is negative).
  • Digital asset fund flows turn positive (CoinShares)
    • CoinShares’ weekly report (through late Nov) records ~$1B net inflows into digital‑asset ETPs after four consecutive weeks of ~$5.7B outflows, with BTC, ETH and XRP the main beneficiaries; the firm links the reversal to expectations of easier rates and dip‑buying after November’s drawdown.21
    • Risk: Medium (supports the view that institutional demand remains intact on dips).

Security Incidents

  • Yearn Finance yETH exploit (~US$9m)
    • See headline above: incident at 2025‑11‑30 21:11 UTC affecting a custom yETH stableswap pool; ~1,000 ETH sent to Tornado Cash, ~US$9m total loss, V2/V3 vaults untouched; Yearn has frozen the affected product and is coordinating audits and fixes.2930313228
    • Risk: Medium (DeFi smart‑contract risk repricing; no systemic CeFi contagion noted so far).
  • Upbit Solana‑network hack (~US$30–37m), Lazarus suspected
    • Solana‑related outflows on Nov 27 led to a freeze of deposits/withdrawals; estimates put losses around US$30–37m across SOL, USDC and multiple SPL tokens, with South Korean authorities and media attributing the attack to North Korea’s Lazarus Group. Upbit is rotating to new deposit addresses and restoring networks in phases starting Dec 1 KST.34353633
    • Risk: Medium (reputational/security overhang for Korean exchanges and Solana tokens, but trading and internal ledgers remained live).

What to Watch (next 24–72h)

  • Ethereum “Fusaka” upgrade (Dec 3 2025, ~21:49 UTC) and exchange handling
    • Expect deposit/withdrawal pauses (OKX and likely other majors) around the upgrade; monitor for any client‑side issues, L2 fee changes, or unforeseen consensus bugs post‑activation.524142
  • Implementation fallout from China’s renewed crackdown
    • Watch for concrete enforcement cases (OTC desks, cross‑border stablecoin channels) and any spillover into Hong Kong’s still‑nascent stablecoin licensing regime and tokenization initiatives.53242622
  • Post‑hack flows at Upbit and Yearn
    • Upbit’s phased reopening through Dec 5 could reveal whether users materially de‑risk or regulators impose new requirements. On‑chain tracking of the Yearn exploiter may drive partial recovery attempts or negotiations.303135362933
  • Stablecoin \& ETF flows
    • With ERC‑20 stablecoin supply at record highs and Tether/USDC market caps elevated, monitor whether this “dry powder” rotates back into BTC/ETH on dips or stays sidelined. CoinShares’ next weekly flows will show whether last week’s US$1B ETP inflow was a one‑off or the start of a trend.16171819201421
  • Macro: BOJ and global rates
    • Markets are pricing a high chance of a BOJ hike on Dec 19; further moves in JGBs, yen and equity vol could extend risk‑off conditions or trigger a relief rally, with crypto highly sensitive to macro‑driven liquidity shifts.12548

Confidence: High; items cross‑checked against primary announcements, regulator statements and multiple market data providers. 555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145

⁂
[^40]: https://www.binance.th/en/announcement/new-cryptocurrency-listing delisting/6ba5a68c58214c139c2a01a97528c394

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