DOGE and XRP ETFs Launch: Crypto Traders Show Indifference Amid Market Decline

The U.S. SEC has approved spot ETFs for Dogecoin (DOGE) and XRP, marking a significant regulatory shift toward cryptocurrency acceptance. Unlike Bitcoin and Ethereum, which serve as value stores, meme coins like DOGE rely on social media trends and community support. Despite this milestone, the crypto market reacted negatively, with DOGE falling over 2% and XRP dropping similarly. Bitcoin and Ethereum also faced pressure, while the CoinDesk 20 Index declined 1.3%. Traders sought downside protection in options markets, reflecting cautious sentiment. Meanwhile, Ethereum's Fusaka upgrade is set for December 3, aiming to enhance data availability and reduce layer-2 costs. Traditional markets added to the bearish tone, with a stronger dollar and higher Treasury yields. Key events include Grayscale's ETF uplisting and token unlocks, while Aster token surged 33% amid controversy. Derivatives data shows capital outflows and rising risk aversion, signaling potential altcoin declines.