By Omkar Godbole (All instances ET until indicated in any other case)
It is one other risk-off session throughout the crypto markets. Bitcoin slid 3.5% up to now 24 hours to strategy October lows round $103,600. Any additional and the biggest cryptocurrency could be at its lowest worth since June.
The CoinDesk 20 Index is down 5%, with main altcoins like ether and solana additionally hitting their lowest since August.
The same old culprits are taking the blame: hawkish feedback from Fed Chair Jerome Powell; a strengthening greenback index; persistent promoting from long-time wallets.
“Liquidity is increasing globally, but capital is not reaching crypto,” market maker Wintermute mentioned. “ETF inflows have stalled, DAT exercise has dried up, and solely stablecoins are nonetheless rising.”
However there’s one other angle, and it is one price contemplating. The bearish tone might be tied to the Oct. 17 flash crash, when a number of arbitrage bets misplaced cash on their futures legs attributable to auto-deleveraging. These companies might be quietly liquidating their remaining lengthy spot positions, including to downward strain on costs.
Talking of the market swoon, Stream Finance’s stablecoin, xUSD, collapsed 80% to 30 cents, with the DeFi agency reporting a $93 million loss stemming from an exterior fund supervisor. Stream Finance mentioned it employed a prime authorized agency, Perkins Coie LLP, to research the problem, and the crypto neighborhood is on edge, assessing the broader market fallout.
Some observers have famous that lenders of xUSD are actually incomes over 500% day by day curiosity. That is a transparent indication the protocol’s treasury may be in deep trouble.
Amidst all this gloom, some privateness cash, corresponding to Zcash, Decred and DASH, are surging, including as a lot as 200% in simply 24 hours. It seems that merchants are searching for refuge wherever they’ll.
In conventional markets, the current surge in credit score default swaps tied to Oracle is being taken to symbolize investor angst over the corporate’s booming AI-related spending. The greenback index has risen to 100 for the primary time in months, complicating issues for bitcoin bulls. Gold, in the meantime, continues to carry regular round $4,000 per ounce. Keep alert!
What to Watch
For a extra complete listing of occasions this week, see CoinDesk’s “Crypto Week Forward“.
- Crypto
- Nov. 4: IoTeX (IOTX) deploys Core v2.3.0 mainnet improve, introducing slashing for underperforming delegates and BLS PublicKey Registration for scalable signature aggregation to reinforce community reliability and scalability.
- Nov. 4, 12 p.m. UTC: THORChain (RUNE) prompts mainnet improve v3.12.0, introducing enhanced swaps, improved efficiency and Solana shopper help.
- Nov. 4, 10 a.m.: Sam Bankman-Fried will seem earlier than the Second Circuit Court docket of Appeals to argue for a brand new trial, difficult the equity of his conviction and 25-year sentence for fraud,
- Macro
- Nov. 4, 6:35 a.m.: Federal Reserve Vice Chair for Supervision Michelle W. Bowman is giving a speech on “Financial institution Supervision and Financial Coverage.” Watch reside.
- Earnings (Estimates primarily based on FactSet information)
- Nov. 4: Hut 8 (HUT), pre-market, -$0.12.
- Nov. 4: Mara Holdings (MARA), post-market, $0.02.
- Nov. 4: Sequans Communications (SQNS), pre-market, N/A.
Token Occasions
For a extra complete listing of occasions this week, see CoinDesk’s “Crypto Week Forward“.
- Governance votes & calls
- Balancer DAO is voting on a significant proposal to transition on-chain operations to a brand new authorized entity (BIP-882), alongside proposals to enhance emergency safety (BIP-883), allow the BAL token on Plasma chain (BIP-884), replace treasury permissions (BIP-885) and add a brand new Arbitrum gauge (BIP-886). Voting for all of those ends Nov. 4.
- Unlocks
- Token Launches
Conferences
For a extra complete listing of occasions this week, see CoinDesk’s “Crypto Week Forward“.
Token Discuss
By Oliver Knight
- The altcoin market suffered a bruising Asia session with a number of tokens falling by greater than 15%, leading to a $1.37 billion wave of liquidations, in keeping with CoinGlass.
- HyperLiquid rival aster led the decline, sliding 18% to $0.88. Intriguingly, that is under the value paid by Binance founder CZ, who introduced a $1.8 million buy at $0.90 over the weekend.
- “Each time I purchase cash, I get caught in a shedding place, 100% document,” CZ wrote on X Tuesday.
- Quite a few tokens together with now discover themselves again at vital ranges of help that led to a bounce two weeks in the past, though it is price noting that the likes of solana and BNB have fallen to recent lows.
- One sector that has outperformed the broader market has been privateness cash, with and each nonetheless within the inexperienced for the month.
- Tuesday additionally noticed distinctive rallies in and , two tokens thought-about “dino cash” by some as they have been launched in 2017 and 2014 respectively. Each tokens have privateness options and seem like driving the coattails of XMR and ZEC.
- DCR is up by 146% whereas DASH is up by 65% on vital quantity, demonstrating that merchants could also be rotating away from the weaker wider market.
Derivatives Positioning
- Volmex’s Bitcoin Volatility Index, BVIV, which represents the 30-day implied, or anticipated, worth turbulence, is rising, following the golden cross of its 50- and 200-day transferring averages.
- BTC’s spot worth has developed a destructive correlation with volatility over the previous yr, which suggests additional features in BVIV might be marked by worth weak spot.
- Positioning in ZEC stays elevated, with open curiosity (OI) close to lifetime highs of round 1.59 million ZEC. Nevertheless, funding charges have flipped bearish, an indication that some merchants are shorting futures, presumably in opposition to lengthy spot positions.
- On the CME, futures tied to BTC and ETH proceed to see diverging tendencies, with exercise principally concentrated in ether futures, the place OI stays close to document highs.
- On Deribit, BTC choices present a bias for places throughout all time frames, an indication of persistent draw back considerations. Ether choices present bullishness following the February 2026 expiry.
- OTC flows over Paradigm featured demand for the Nov. 7 expiry ether put on the $3,500 strike.
Market Actions
- BTC is down 2.8% from 4 p.m. ET Monday at $103,900.89 (24hrs: -2.72%)
- ETH is down 2.98% at $3,494.29 (24hrs: -5.87%)
- CoinDesk 20 is down 2.54% at 3,285.49 (24hrs: -5.03%)
- Ether CESR Composite Staking Charge is unchanged at 2.93%
- BTC funding charge is at 0.0063% (6.893% annualized) on Bybit
- DXY is up 0.09% at 99.96
- Gold futures are down 0.26% at $4,003.40
- Silver futures are down 1.05% at $47.54
- Nikkei 225 closed down 1.74% at 51,497.20
- Cling Seng closed down 0.79% at 25,952.40
- FTSE is down 1.02% at 9,602.50
- Euro Stoxx 50 is down 1.44% at 5,597.60
- DJIA closed on Monday down 0.48% at 47,336.68
- S&P 500 closed up 0.17% at 6,851.97
- Nasdaq Composite closed up 0.46% at 23,834.72
- S&P/TSX Composite closed little modified at 30,275.06
- S&P 40 Latin America closed up 0.55% at 3,020.24
- U.S. 10-12 months Treasury charge is down 1.8 bps at 4.089%
- E-mini S&P 500 futures are down 1.06% at 6,809.75
- E-mini Nasdaq-100 futures are down 1.37% at 25,744.50
- E-mini Dow Jones Industrial Common Index are down 0.77% at 47,107.00
Bitcoin Stats
- BTC Dominance: 60.62% (-0.20%)
- Ether to bitcoin ratio: 0.03353 (-0.83%)
- Hashrate (seven-day transferring common): 1,114 EH/s
- Hashprice (spot): $42.13
- Whole Charges: 3.12 BTC / $335,825
- CME Futures Open Curiosity: 132,180 BTC
- BTC priced in gold: 24.6 oz
- BTC vs gold market cap: 6.95%
Technical Evaluation
- Volmex’s bitcoin volatility index, BVIV, which measures the anticipated worth volatility over 30 days, has produced a golden crossover, a bullish cross of the 50- and 200-day easy transferring averages.
- The sample signifies extra features for the index, implying heightened worth swings within the bitcoin market.
Crypto Equities
- Coinbase World (COIN): closed on Monday at $330.42 (-3.89%), -3.69% at $318.23 in pre-market
- Circle Web (CRCL): closed at $117.86 (-7.18%), -2.38% at $115.05
- Galaxy Digital (GLXY): closed at $34.88 (-0.37%), -5.71% at $32.89
- Bullish (BLSH): closed at $50.26 (-0.61%), -1.61% at $49.45
- MARA Holdings (MARA): closed at $17.81 (-2.52%), -3.48% at $17.19
- Riot Platforms (RIOT): closed at $20.72 (+4.75%), -4.58% at $19.77
- Core Scientific (CORZ): closed at $22.9 (+6.31%), -4.45% at $21.88
- CleanSpark (CLSK): closed at $17.42 (-2.13%), -4.82% at $16.58
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $61.46 (+7.09%), -4.15% at $58.91
- Exodus Motion (EXOD): closed at $25.19 (+2.86%), -0.12% at $25.16
Crypto Treasury Firms
- Technique (MSTR): closed at $264.67 (-1.8%), -3.65% at $255.01
- Semler Scientific (SMLR): closed at $25.41 (-3.97%)
- SharpLink Gaming (SBET): closed at $13.09 (-5.42%), -4.51% at $12.50
- Upexi (UPXI): closed at $3.84 (-14.09%), -5.21% at $3.64
- Lite Technique (LITS): closed at $1.92 (-8.13%), -2.08% at $1.88
ETF Flows
Spot BTC ETFs
- Day by day internet flows: -$186.5 million
- Cumulative internet flows: $60.97 billion
- Whole BTC holdings ~1.35 million
Spot ETH ETFs
- Day by day internet flows: -$135.7 million
- Cumulative internet flows: $14.25 billion
- Whole ETH holdings ~6.71 million
Supply: Farside Buyers
Whereas You Had been Sleeping
- Bitcoin, Ether, Solana Merchants Liquidated for Over $1B as Costs Dump 5%-10% (CoinDesk): A drop from $112,000 to beneath $106,000 triggered a leveraged-futures flush led by lengthy positions, capped by a $33.95 million HTX closure, with Hyperliquid posting essentially the most compelled exits.
- Bitcoin’s Final Assist Earlier than $100K Breaks as ‘Magazine 7’ Skew Flips, Oracle CDS Surges (CoinDesk): An Asia-session slide under $106,000, recent lows in ETH and SOL and a bearish moving-average crossover spotlight weakening threat urge for food amid ebbing rate-cut odds and a firmer greenback.
- Stream Finance Faces $93 Million Loss, Launches Authorized Investigation (CoinDesk): An exterior fund supervisor overseeing Stream funds disclosed a lack of roughly $93 million within the agency’s property, triggering a suspension of deposits and withdrawals as an investigation unfolds.
- Crypto’s ‘Decentralised Finance’ Sector at Threat of Assault, Warns Chainalysis (Monetary Occasions): In keeping with the agency, hacks totaled $2.2 billion within the first half of 2025, and CEO Jonathan Levin says this underscores how fast-growing DeFi platforms typically prioritize enlargement over safety.
