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By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin’s bulls are battling resistance around $103,000, the price oscillating like a seesaw. Wednesday’s dip below the $100,000 mark proved to be a brief scare, but can Bitcoin sustain this upward momentum? The CoinDesk 20 Index is flashing green, up a solid 2% in the last 24 hours. But the real fireworks are in ZEC, ICP, and QNT, soaring by a staggering 18%, leaving investors wondering if this rally has legs.
The crypto market’s current dance is a frantic game of musical chairs. The music’s playing, but no one’s bringing new refreshments. Instead, existing drinks are passed around, leaving someone inevitably stranded when the beat stops. Wintermute calls it a “self-funded mode,” but it feels more like a precarious scramble for a shrinking slice of the pie.
Wintermute observes a concerning trend: the lifeblood of the crypto ecosystem, new capital, is trickling to a near standstill. The three key arteries – stablecoins, ETFs, and digital asset treasuries – are all exhibiting a significant slowdown in inflows, suggesting a potential drought on the horizon.
The bloom is off the rose for U.S. spot ETFs, which hemorrhaged over $1.5 billion in a dizzying two-week exodus. Meanwhile, the voracious appetite of digital asset treasury firms has withered from its once-insatiable feeding frenzy witnessed in the third quarter.
Even as major economies pump up their money supply (M2), fiat currency isn’t flowing where expected. Why? The expansion, fueled by government spending, seems laser-focused: jumpstarting a global investment boom in tech, especially AI, infrastructure, and homegrown demand. The cash isn’t just circulating it’s strategically deployed.
The burning question: When will the liquidity floodgates reopen? Whispers suggest “soon,” with Ray Dalio hinting at a Fed-engineered “bubble” – an inflationary elixir that could fuel gold’s resurgence, and Bitcoin’s climb. Beyond these titans, keep your eye on AI-powered altcoins and those poised to profit from government stimulus. The rest? Prepare for turbulence.
Bitcoin’s clinging to a critical lifeline: its 50-week simple moving average. Since early 2023, this line has been the bedrock of the bull run. Will it hold? A decisive bounce here could ignite a rocket to new all-time highs. Traders, keep your eyes glued – this is where fortunes are forged or fractured.
Coinbase steps into the regulatory ring, urging the U.S. Treasury to keep its GENIUS stablecoin rules leashed – no overreach allowed! Meanwhile, DeFi platform Lighter, fresh off a bot-induced HYPE price frenzy that nearly hit triple digits, is betting on Chainlink’s oracles to anchor its real-world asset derivatives.
The dollar’s surge is about to smash into a ceiling – the August peak of 100.25. If it breaks through, brace for a crypto tremor. Meanwhile, whispers from Goldman Sachs suggest the Supreme Court might clip the wings of Trump-era tariff powers. But don’t expect a full-blown trade war truce; relief, if any, will likely be small-scale, leaving giants like China untouched. Eyes peeled, the market’s about to get interesting.
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Crypto
- Nothing scheduled.
- Macro
- Nov. 6, 7 a.m.: Bank of England interest-rate decision. Est. 4%.
-
Nov. 6, 2 p.m.: Mexico central bank interest-rate decision. Est. 7.25%.
-
Earnings(Estimates based on FactSet data)
- Nov. 6: Block (XYZ), post-market, $0.64.
- Nov. 6: Iren (IREN), post-market, $0.15.
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- Nov. 6: OlympusDAO (OHM) to host a community call.
- Unlocks
- No major unlocks.
- Token Launches
- Nov. 6: Folks Finance (FOLKS) to be listed on Binance, Kraken, MEXC, BingX, and others.
- Nov. 6: UnifAI (UAI) to be listed on Binance, Bitrue, and others.
- Nov. 6:
TIA
$0.7970
to be listed on Binance.US.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Day 4 of 5: Hong Kong FinTech Week
- Day 3 of 3: Schwab IMPACT 2025 (Denver, Colorado)
- Day 2 of 2: Blockchain Futurist Conference (Miami)
- Day 1 of 2: Bluechip25 Conference (Vienna)
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
Market Movements
- BTC is down 0.77% from 4 p.m. ET Wednesday at $102,873.60 (24hrs: +0.73%)
- ETH is down 1.58% at $2,607.45 (24hrs: +1.89%)
- CoinDesk 20 is down 1.33% at 3,261.54 (24hrs: +1.80%)
- Ether CESR Composite Staking Rate is up 5 bps at 3.06%
- BTC funding rate is at 0.0071% (7.7854% annualized) on Binance
- DXY is down 0.24% at 99.96
- Gold futures are up 0.59% at $4,016.60
- Silver futures are up 0.91% at $48.46
- Nikkei 225 closed up 1.34% at 50,883.68
- Hang Seng closed up 2.12% at 26,485.90
- FTSE is down 0.28% at 9,749.73
- Euro Stoxx 50 is up 0.03% at 5,670.66
- DJIA closed on Wednesday up 0.48% at 47,311.00
- S&P 500 closed up 0.37% at 6,796.29
- Nasdaq Composite closed up 0.65% at 23,499.80
- S&P/TSX Composite closed up 1.09% at 30,103.48
- S&P 40 Latin America closed up 2.32% at 3,054.60
- U.S. 10-Year Treasury rate is down 1.9 bps at 4.138%
- E-mini S&P 500 futures are unchanged at 6,830.00
- E-mini Nasdaq-100 futures are unchanged at 25,759.50
- E-mini Dow Jones Industrial Average Index are unchanged at 47,432.00
Bitcoin Stats
- BTC Dominance: 60.57% (unchanged)
- Ether-bitcoin ratio: 0.03291 (-0.17%)
- Hashrate (seven-day moving average): 1,111 EH/s
- Hashprice (spot): $41.97
- Total fees: 4.18 BTC / $429,396
- CME Futures Open Interest: 135,525 BTC
- BTC priced in gold: 24.5 oz.
- BTC vs gold market cap: 6.91%
Technical Analysis
BTC’s daily chart. (TradingView)
- BTC has penetrated the 38.2% Fibonacci retracement of the April to October rally.
- The next support is seen at $94,237, which is the 61.8% retracement.
- On the higher side, $116,400 is the leb
Crypto Equities
- Coinbase Global (COIN): closed on Wednesday at $319.30 (+3.9%), -0.23% at $318.58 in pre-market
- Circle Internet (CRCL): closed at $113.03 (+1.6%), +0.38% at $113.46
- Galaxy Digital (GLXY): closed at $31.44 (+0.87%), +1.72% at $31.98
- Bullish (BLSH): closed at $48.32 (+5.62%), +0.37% at $48.50
- MARA Holdings (MARA): closed at $17.13 (+3.07%), -0.41% at $17.06
- Riot Platforms (RIOT): closed at $18.97 (-1.58%), -0.32% at $18.91
- Core Scientific (CORZ): closed at $21.8 (+0.28%), +0.32% at $21.87
- CleanSpark (CLSK): closed at $16.58 (+2.22%), unchanged in pre-market
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $62.18 (+6.4%)
- Exodus Movement (EXOD): closed at $23.24 (+0.48%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $255 (+3.24%), -1.13% at $252.11
- Semler Scientific (SMLR): closed at $28.74 (+20%), -0.84% at $28.50
- SharpLink Gaming (SBET): closed at $12.13 (+3.85%), -1.15% at $11.99
- Upexi (UPXI): closed at $3.67 (+5%), +1.77% at $3.74
- Lite Strategy (LITS): closed at $1.85 (+5.11%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$137 million
- Cumulative net flows: $60.26 billion
- Total BTC holdings ~1.34 million
Spot ETH ETFs
- Daily net flows: -$118.5 million
- Cumulative net flows: $13.91 billion
- Total ETH holdings ~6.61 million
Source: Farside Investors
While You Were Sleeping
Bitcoin bulls took a hit, briefly dipping below the psychological $100,000 mark. Now, traders are scrambling for safety nets, and the options market is flashing some intriguing signals. Deribit, a major crypto options exchange, shows a massive $40 billion in open interest piling up around the $110,000 strike price for November and December. Is this wishful thinking, or strategic positioning for a yearend rally? Simultaneously, demand for $80,000 put options is surging, suggesting a growing number of investors are preparing for a potentially steeper fall. Are these downside hedges sufficient, or are bitcoin traders underestimating the potential turbulence ahead?
Miami roared as Donald Trump declared his ambition: to crown the U.S. as the undisputed “Bitcoin Superpower.” In a bold address, he claimed his administration had ended the “war on crypto,” recognizing its potential to bolster the dollar. But Trump’s vision extends beyond mere adoption. He issued a stark warning: a misstep by Washington could hand China the keys to the crypto kingdom. The race for digital dominance is on, and Trump wants America in the lead.
MicroStrategy’s preferred share, STRC, hitting par value could be the key to unlocking a fresh Bitcoin acquisition strategy. Is Saylor about to unleash his “atthemarket” program to amass even more Bitcoin?
Milei Doubles Down: Defiant Peso Plan Alarms Critics. Argentina’s President Javier Milei is forging ahead with controversial market reforms and a firm grip on the peso. Bucking expert advice to fully float the currency, Milei vows to maintain its managed band until 2027, deepening ties with Trump along the way. Is this bold economic strategy or a risky bet? Critics warn the fixed exchange rate masks deeper problems, inflating the peso’s true value.
Franklin Templeton Breaks Ground in Hong Kong with Tokenized Treasury Fund
Franklin Templeton is pioneering a new era of finance in Hong Kong, launching an onchain U.S. government money market fund. This innovative fund leverages tokenized shares to tap into the stability of shortterm Treasuries, initially targeting professional investors. Stay tuned: a retail version is on the horizon, promising broader access to this cuttingedge investment vehicle.
Thanks for reading Wheres the Liquidity Gone?: Crypto Daybook Americas
