By Francisco Rodrigues (All times ET unless otherwise noted)
Bitcoin and other major cryptocurrencies fell over the past 24 hours, with the CoinDesk 20 Index (CD20) falling 2.17%, caught in the selloff that hit global markets this week.
The broader pullback began with a selloff in tech-heavy stock indexes like the Nasdaq 100, down 3.4% this week. According to a report from Citi, bitcoin’s decline below its 55-day moving average is often a warning sign that risk appetite in the stock markets is beginning to decline.
Historically, when bitcoin holds above this threshold, tech stocks tend to perform better, Citi said. The recent decline in crypto is largely due to tighter liquidity conditions.
The recent replenishment of the U.S. Treasury’s cash flow and decline in bank reserves, estimated at around $500 billion since July, have made risky assets less attractive.
Even though Treasury balances are nearing a point where the tightening could stop, the report said, the market has yet to see significant signs of recovery.
Meanwhile, AI-related stocks fell as investors questioned valuations and aggressive spending on data centers. This skepticism has spread to crypto, weighing on the price of bitcoin.
Jasper de Maere, OTC strategist at Wintermute, said Bitcoin options positioning remains concentrated between $102,000 and $105,000, with limited upside potential unless volatility sharpens.
Ether options flows are anchored in the $3,000-$3,400 range, with traders using options strategies that favor protection over bullish bets. Stay vigilant!
Learn more: For analysis of current altcoin and derivatives activity, see Cryptocurrency markets today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- November 7, 7 a.m.: Federal Reserve Vice Chairman Philip N. Jefferson will deliver a speech on “AI and the Economy.” Watch live.
- November 7, 8 a.m.: Brazil September PPI YoY (previous 0.48%), MoM (previous -0.2%).
- November 7, 8 a.m.: inflation rate in Mexico in October. Title YoY Est. 3.56%, MoM Est. 0.36%. Core YoY Est. 4.27%, MoM Est. 0.28%.
- November 7, 8:30 a.m.: Canada, October unemployment rate, est. 7.1%.
- Nov. 7, 11 a.m.: Michigan Consumer Sentiment Nov. (Preliminary) Est. 53.2.
- November 7 at 3 p.m.: Federal Reserve Governor Stephen I. Miran will deliver a speech on “stablecoins and monetary policy.” Watch live.
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Unlocks
- Token Launches
- November 7: Aria Protocol (ARIAIP) will be listed on Binance, MEXC and others.
- November 7: to be listed on Crypto.com, Biconmy and others.
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.16% from 4 p.m. ET Thursday at $100,913.00 (24 hours: -2.64%)
- ETH is down 0.73% at $3,300.94 (24 hours: -3.71%)
- CoinDesk 20 is unchanged at 3,197.23 (24 hours: -2.74%)
- Ether CESR composite staking rate is down 12 basis points to 2.94%
- BTC funding rate is 0.0055% (6.0148% annualized) on Binance
- The DXY is unchanged at 99.76
- Gold futures are up 0.57% at $4,013.70
- Silver futures are up 1.44% at $48.64
- The Nikkei 225 closed down 1.19% at 50,276.37
- Hang Seng closed 0.92% lower at 26,241.83
- The FTSE is down 0.54% at 9,682.80
- The Euro Stoxx 50 is down 0.49% at 5,583.84
- DJIA closed Thursday down 0.84% at 46,912.30
- The S&P 500 closed down 1.12% at 6,720.32
- The Nasdaq Composite closed down 1.9% at 23,053.99
- The S&P/TSX Composite Index closed down 0.78% at 29,868.59
- The S&P 40 Latin America closed down 0.15% at 3,050.45
- The 10-year US Treasury yield rose 1.3 bps to 4.106%
- E-mini S&P 500 futures are down 0.42% at 6,719.00
- E-mini Nasdaq-100 futures are down 0.56% at 25,102.00
- The E-mini Dow Jones Industrial Average is down 0.33% at 46,874.00
Bitcoin Statistics
- BTC dominance: 60.45% (-0.15%)
- Ether/bitcoin ratio: 0.03233 (-1.13%)
- Hashrate (seven-day moving average): 1,091 EH/s
- Hash price (spot): $40.64
- Total fees: 3.33 BTC / $340,917
- CME Futures Open Interest: 135,765 BTC
- BTC valued in gold: 23.7 ounces
- BTC vs gold market capitalization: 6.69%
Technical analysis
- The Altcoin (excluding Top 10)/BTC market cap ratio is testing weekly support (around $0.113 – $0.116).
- If Bitcoin confirms a weekly close below critical support at $107,000, as expected, this alt/BTC support level is also likely to be broken in the near term, signaling a return to BTC and more pain for the altcoin market.
Crypto Stocks
- Coinbase Global (COIN): Closed Thursday at $295.22 (-7.54%), -0.6% at $297
- Circle Internet (CRCL): closed at $100.01 (-11.52%), +0.69% to $100.70
- Galaxy Digital (GLXY): closed at $30.38 (-3.37%), +0.39% to $30.50
- Bullish (BLSH): closed at $44.59 (-7.72%), -0.31% at $44.45
- MARA Holdings (MARA): closed at $15.96 (-6.83%), -0.5% at $15.88
- Riot Platforms (RIOT): close at $17.34 (-8.59%), -0.58% at $17.24
- Core Scientific (CORZ): closed at $20.59 (-5.55%)
- CleanSpark (CLSK): closed at $15.4 (-7.12%), +0.13% at $15.42
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $56.55 (-9.05%), +0.8% to $57
- Exodus Movement (EXOD): closed at $21.45 (-7.7%), +9.14% to $23.41
Crypto Cash Companies
- Strategy (MSTR): closed at $237.2 (-6.98%), -0.54% at $235.91
- Semler Scientific (SMLR): closed at $27.42 (-4.59%)
- SharpLink Gaming (SBET): closed at $11.17 (-7.91%), -0.18% at $11.15
- Upexi (UPXI): closed at $3.31 (-9.93%), +2.42% to $3.39
- Lite Strategy (LITS): closed at $1.84 (-0.54%)
ETF Feed
Spot BTC ETF
- Daily net flows: $239.9 million
- Cumulative net flows: $60.5 billion
- Total BTC holdings ~1.34 million
ETH Spot ETF
- Daily net flow: $12.5 million
- Cumulative net flows: $13.93 billion
- Total ETH holdings ~6.57 million
Source: Farside Investors
While you were sleeping
- Market Maker Flowdesk Says Crypto Credit Strikes a Fragile Balance (CoinDesk): Flowdesk Says Leverage Is Easing as Traders Revalue Counterparties While Credit Persists. Borrowing in SOL, XLM, ENA, APT and BTC remains strong, driven by hedging and financing rather than speculation.
- Zcash Enters Top 20 Cryptocurrencies, Hits $600 for First Time Since 2018 (CoinDesk): The rally coincided with a renewed focus on privacy infrastructure and a wave of technical upgrades from Electric Coin Company, one of the network’s developers and maintainers.
- Robinhood’s Lack of Crypto Revenue Tempers Strong Quarter: JPMorgan (CoinDesk): Third-quarter results were strong, but substandard, as weak crypto revenue and tax benefits boosted earnings. Analysts, expecting margin improvement, raised the price target to $130 and maintained a neutral rating.
- IREN Stock Rises in Pre-Market Trading on Earnings Report, AI Growth Outlook (CoinDesk): Record first-quarter profits followed AI cloud expansion and rising Bitcoin mining revenue, with net profit rising to $384.6 million in the quarter ended Sept. 30, reversing a $51.7 million loss.
- Japanese government will support big banks’ plan to issue stablecoins, finance minister says (Reuters): MUFG, SMFG and Mizuho to pilot jointly issued yen-linked tokens for cross-border payments And the FSA will review legal compliance.
