by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is down today, with the total cryptocurrency market capitalization falling by 3.0% to $3.78 trillion, according to data from CoinMarketCap.
  • Meanwhile, the 24-hour trading volume sits at $192 billion, reflecting reduced activity as major cryptocurrencies turn red.
  • BTC dropped 3.5% to $109,373, while ETH slid 3.6% to $3,868;
  • The Fed’s 25 bps rate cut and the end of quantitative tightening in December signal returning liquidity;

What Happened

Meanwhile, Swiss-based asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to launch a Hyperliquid (HYPE) exchange-traded fund (ETF) amid growing institutional appetite for altcoin-linked investment products.

The move came just weeks after Bitwise filed for a similar Hyperliquid ETF, underscoring intensifying competition among asset managers to capture investor demand for exposure to decentralized trading ecosystems.

Market Context

The crypto market is down today, with the total cryptocurrency market capitalization falling by 3.0% to $3.78 trillion, according to data from CoinMarketCap. Meanwhile, the 24-hour trading volume sits at $192 billion, reflecting reduced activity as major cryptocurrencies turn red.

The global crypto market cap fell 3.0% to $3.78T;

The Fed’s 25 bps rate cut and the end of quantitative tightening in December signal returning liquidity;

At the time of writing, 8 of the top 10 cryptocurrencies by market capitalization have declined over the past 24 hours.

Bitcoin (BTC) fell 3.5%, now trading at $109,373, maintaining a market cap of over $2.18 trillion.

XRP (XRP) recorded a 4.4% decline to $2.54, and Solana (SOL) lost 3.9%, now priced at $190.92.

In contrast, PepeNode (PNODE) and BlockchainFX (BFX) topped the list of trending tokens despite declines of 19.7% and 5.7%, showing strong retail interest amid market volatility.

However, the real market mover was the Fed’s confirmation that quantitative tightening (QT) will end in December, signaling the return of liquidity that could fuel risk assets. Analysts say this could set the stage for an “alt season,” though past patterns show such optimism often fades quickly.

Why It Matters

The US Federal Reserve’s latest 25 basis-point rate cut unfolded as expected, sending Bitcoin briefly down to $109K.

Details

TLDR:

8 of the top 10 coins and most majors in the red;

BTC dropped 3.5% to $109,373, while ETH slid 3.6% to $3,868;

Fear & Greed Index fell to 34 (Fear);

BTC ETFs saw $470.7M outflows;

ETH ETFs posted $81.44M outflows;

AUSTRAC fined CryptoLink A$56,340 (US$37,085) for AML compliance failures.

Crypto Winners & Losers

Ethereum (ETH) slipped 3.6% to $3,868, while BNB (BNB) dropped 0.5% to $1,107.

The biggest drop among the top 10 came from Dogecoin (DOGE), which fell 4.4% to $0.1872.

Despite the broader downturn, a few altcoins posted impressive gains. Aurora (AURORA) surged 65.1% to $0.08555, while Jelly-My-Jelly (JMJ) and Anvil (ANVL) rose 50.6% and 44.0%, respectively.

The HYPE token powers Hyperliquid’s decentralized exchange, offering users fee discounts and serving as the gas token for its blockchain.

Bitcoin Holds Strong as Altcoins Lag Despite Fed Rate Cut and End of QT