Bitcoin fell round 13% over the previous week as rate-cut expectations weakened and ETF outflows deepened, leaving solely 4 top-50 tokens in constructive territory, as idiosyncratic catalysts outweighed macroeconomic strain.
The shift in fee expectations and fund withdrawals was echoed broadly throughout majors, with over $3 billion exiting digital-asset funding merchandise over the past three weeks.
The unfavorable tape positioned a better bar on asset-specific information, and ZEC, XMR, UNI, and newcomer ASTER have been the one names that cleared it.
| Rank | Identify | Ticker | Value | 1h % | 24h % | 7d % |
|---|---|---|---|---|---|---|
| 12 | Zcash | ZEC | $671.41 | 2.33% | 5.02% | 9.81% |
| 18 | Monero | XMR | $418.24 | 0.47% | 5.74% | 5.29% |
| 25 | Uniswap | UNI | $7.77 | 1.57% | 5.93% | 11.82% |
| 34 | Aster (DEX) | ASTER | $1.23 | 1.05% | 1.95% | N/A |
Drivers behind every token’s outperformance
Zcash held its bid going into its subsequent halving.
Further bullish momentum additionally emerged after Electrical Coin Firm launched its This fall 2025 roadmap, which centered on privateness tooling by Zashi and protocol updates, extending the late-October rerating that coincided with rising curiosity in shielded utilization.
The roadmap offered a transparent line of deliverables at a time when privacy-oriented tokens have been outperforming. The rotation is seen as a shift in management throughout the privateness cohort, positioning ZEC’s non-compulsory privateness design as extra workable for regulated venues than default-private belongings.
The interplay between clear and shielded swimming pools continues to anchor ZEC in compliance discussions, which in flip impacts expectations for future liquidity entry.
Ahead-looking metrics, such because the shielded provide share and Zashi’s active-wallet trajectory, now function barometers for figuring out whether or not the token can keep its position within the privateness narrative because the roadmap progresses.
Monero rose in tandem with the sector’s rotation, supported by renewed consideration to its predictable tail-emission mannequin, which has yielded a steady 0.6 XMR per block since 2022.
In accordance with The Monero Undertaking, the schedule implies a each day issuance of roughly 432 XMR, a recognized baseline that appeals to market members who emphasize clear provide paths in periods of tightening liquidity. The persistence of this mannequin influences miner inventories, with tail-emission predictability shaping expectations for sell-side strain throughout drawdowns.
Regulatory divergence stays a counterweight; protection has repeatedly famous that default privateness introduces itemizing constraints, leaving XMR uncovered to potential venue strain even when sector narratives strengthen. That pressure continues to form the token’s reflexivity relative to ZEC at any time when demand for privateness accelerates.
Uniswap’s UNI superior on a structural catalyst that straight hyperlinks protocol efficiency to tokenholder economics. Uniswap Labs and the Uniswap Basis printed the UNIfication proposal outlining activation of protocol charges, a UNI burn, and new alignment mechanisms between governance layers.
The proposal marked a shift from UNI’s position as a pure governance asset towards a mannequin the place payment flows and burns might accrue worth if the neighborhood authorizes particular parameters. Elevated DEX exercise strengthened the rerate; DeFiLlama knowledge reveals Uniswap continues to carry the biggest venue share, preserving payment potential central to valuation discussions.
The governance sequence, discussion board debate, on-chain vote, and eventual fee-epoch scheduling now kind a short-term catalyst calendar.
Again-of-the-envelope modeling gained traction after the proposal. Making use of the usual system, the annualized worth of UNI equals the common each day quantity multiplied by the chosen payment fee, multiplied by 365, after which by the share allotted to holders or burned.
Utilizing situations derived from current DeFiLlama ranges, a base case that includes round $5 billion of each day quantity with a 7.5 basis-point payment and a 50% allocation implies roughly $684 million per 12 months. The next-volume, higher-take state of affairs can push properly into the billion-dollar vary, whereas a muted case nonetheless produces nine-figure output.
These figures are conditional on governance outcomes, however they illustrate why the market started treating UNI as a fee-linked asset as an alternative of a passive governance declare.
ASTER, a newly ranked top-50 token, superior as reported volumes on CoinMarketCap exceeded $1 billion alongside the token’s positioning as a multi-chain DEX with each spot and perpetual buying and selling routed by its personal chain.
Market curiosity centered on its mixed aggregator and L1 mannequin, which entered the top-50 cohort throughout a interval of elevated DEX utilization throughout the sector. Progress metrics for ASTER stay preliminary; disclosure depth throughout sources varies, and volumes require corroboration with impartial dashboards as they’re developed.
The present focus is whether or not preliminary exercise converts into retained volumes and sustainable payment technology somewhat than incentive-driven spikes, a sample noticed throughout earlier DEX launches.
Why these 4 tokens broke from broader market traits
The shared driver throughout all 4 tokens was the presence of clear catalysts throughout a risk-off week, when most massive caps traded in keeping with macroeconomic circumstances. Privateness fashioned a counter-cyclical narrative that aided ZEC and XMR as fund outflows weighed on benchmarks.
UNI benefited from a concrete governance proposal that doubtlessly alters the token’s financial construction. ASTER benefited from a sector-specific tailwind, pushed by the emphasis on on-chain buying and selling, which remained lively whilst costs declined.
In accordance with DeFiLlama, DEX volumes stayed elevated, reinforcing the notion that market members rotated towards protocols with clear payment paths or early-stage progress momentum.
Macro circumstances stay central to the backdrop. The speed atmosphere and ETF flows proceed to information broader market correlations, making any further drawdown a possible amplifying drive for privateness tokens whereas creating challenges for launch-phase belongings if exercise moderates.
Governance timing will dictate UNI’s subsequent part, and roadmap execution will form ZEC’s place throughout the privateness cohort. Monero’s provide schedule is regular, so venue accessibility turns into the important thing variable throughout regulatory shifts.
For ASTER, impartial validation of volumes and integration progress will decide whether or not the itemizing spike evolves into persistent market share.