By Francisco Rodrigues (All times ET unless otherwise noted)
The Czech National Bank became the first central bank in the world to buy Bitcoin and a spot XRP exchange-traded fund (ETF) debuted in the United States with impressive trading volume.
Yet what’s making headlines is bitcoin’s fall below $100,000 and the crypto market crash. The CoinDesk 20 Index (CD20) fell 8.35% in the past 24 hours as part of a broader decline that saw the Dow Jones Industrial Average fall 1.65%, with the tech-heavy Nasdaq losing 2.29% on Thursday.
Spot Bitcoin ETFs also saw significant outflows. Investors withdrew $869 million on Thursday, the second-largest daily outflow on record. Over the past three weeks, spot Bitcoin ETFs have lost $2.64 billion.
“We are seeing continued interest in owning long-term BTC volume around 80,000-120,000, coupled with selective selling of short-term calls (classic covered call activity),” said crypto market maker Wintermute. “Positioning is neutral to cautious, but shows no appetite to chase big downsides.”
As for ether options, Wintermute noted that he is seeing “consistent downside hedging through the end of the year and active call writing across the curve, particularly between 3.5 and 4.0k.” Traders are positioning themselves to the downside.
The sale sparked a wave of liquidations, resulting in more than $1.11 billion in the last 24 hours, according to CoinGlass. It comes as expectations of a December U.S. interest rate cut begin to wane and concerns about an AI bubble increase.
The CME’s FedWatch tool shows the odds of a rate cut this month are close to an increase, while traders at Polymarket still give a slight edge to a 25 basis point cut, or a 52% chance of that happening. That’s down from 90% at the end of last month.
Adding to the uncertainty, the White House said recent key economic indicators, including October inflation, may not be released at all due to delays related to the now-over government shutdown.
“Now that enthusiasm for AI has died down and more questions are being raised about spending, concerns around the K-shaped economy in the United States are being felt again,” Wintermute wrote.
Despite the milestones the crypto sector has achieved, with spot ETF trading from major issuers and BTC buying by a central bank, macro headwinds are keeping prices under pressure. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- Earnings (Estimates based on FactSet data)
- November 14: American Bitcoin (ABTC), pre-market.
- November 14: Hive Digital Technologies (HIVE), post-market.
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Convex Finance votes to discontinue OFT token support for assets such as frxETH on Polygon zkEVM and Blast, citing their depreciation or inactivity. Voting closes on November 14.
- Unlocks
- November 15: WalletConnect Token (WCT) will unlock 65.21% of its circulating supply worth $13.76 million.
- November 15: to unlock 2.92% of its circulating supply worth $25.45 million.
- November 15: to unlock 5.34% of its circulating supply worth $14.44 million.
- November 16: to unlock 1.94% of its circulating supply worth $24.76 million.
- Token Launches
- November 14: Pieverse (Pieverse) will be listed on Binance, MEXC, BingX, XT 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 1.87% from 4 p.m. ET Thursday at $104,909.52 (24 hours: -6.05%)
- ETH is down 0.56% at $3,160.31 (24 hours: -9.6%)
- CoinDesk 20 is down 1.17% at 3,096.79 (24h: -8.14%)
- Ether CESR Composite Staking Rate Up 2 Basis Points to 2.88%
- BTC funding rate is 0.0082% (8.944% annualized) on Binance
- The DXY is up 0.2% at 99.36
- Gold futures are down 0.56% at $4,170.90
- Silver futures are down 1.08% at $52.60
- The Nikkei 225 closed down 1.77% at 50,376.53
- Hang Seng closed 1.85% lower at 26,572.46
- The FTSE is down 1.35% at 9,675.09
- The Euro Stoxx 50 is down 1.01% at 5,684.85
- DJIA closed Thursday down 1.65% at 47,457.22
- The S&P 500 closed down 1.66% at 6,737.49
- The Nasdaq Composite closed down 2.29% at 22,870.36
- The S&P/TSX Composite Index closed down 1.86% at 30,253.64
- The S&P 40 Latin America closed down 1.32% at 3,103.60
- The 10-year US Treasury yield is up 1.8 bps to 4.129%
- E-mini S&P 500 futures are down 0.23% at 6,744.50
- E-mini Nasdaq-100 futures are down 0.48% at 24,974.25
- The E-mini Dow Jones Industrial Average is down 0.15% at 47,476.00
Bitcoin Statistics
- BTC dominance: 59.77% (-0.67%)
- Ether-bitcoin ratio: 0.0327 (0.84%)
- Hashrate (seven-day moving average): 1089 EH/s
- Hash price (spot): $40.31
- Total fees: 2.96 BTC / $300,582
- CME Futures Open Interest: 140,275 BTC
- BTC valued in gold: 22.8 ounces.
- BTC vs. gold market capitalization: 11.46%
Technical analysis
- The chart shows the daily movements of Volmex’s 30-day Bitcoin Implied Volatility Index, BVIV.
- The index formed a pennant pattern, marking a triangular consolidation following the recent breakout of the uptrend line.
- Such patterns usually indicate a temporary pause that refreshes higher. Therefore, the pennant may soon resolve bullishly, paving the way for more gains in the index.
- In other words, expectations for BTC price volatility may continue to rise in the near term.
Crypto Stocks
- Coinbase Global (COIN): Closed Thursday at $283.14 (-6.86%), -1.82% at $277.99 in pre-market
- Circle Internet (CRCL): closed at $82.34 (-4.59%), -0.62% at $81.83
- Galaxy Digital (GLXY): closed at $27.24 (-12.89%), -3.34% at $26.33
- Bull (BLSH): closed at $41.02 (-9.85%), -2% at $40.20
- MARA Holdings (MARA): closed at $12.78 (-11.31%), -2.11% at $12.51
- Riot Platforms (RIOT): close at $13.88 (-10.22%), -2.59% at $13.52
- Core Scientific (CORZ): closed at $15.16 (-7.79%), -2.97% at $14.71
- CleanSpark (CLSK): closed at $11.98 (-10.13%), -3.09% at $11.61
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $41.97 (-12.07%)
- Exodus Movement (EXOD): closed at $18.15 (-8.84%)
Crypto Cash Companies
- Strategy (MSTR): closed at $208.54 (-7.15%), -1.89% at $204.59
- Semler Scientific (SMLR): closed at $23 (-10.61%)
- SharpLink Gaming (SBET): closed at $10.99 (-5.01%), -2.37% at $10.73
- Upexi (UPXI): closed at $3.22 (-4.73%), -0.62% at $3.20
- Lite Strategy (LITS): closed at $1.9 (-5.47%)
ETF Feed
Spot BTC ETF
- Daily net flows: -$866.7 million
- Cumulative net flows: $59.33 billion
- Total BTC holdings ~1.34 million
ETH Spot ETF
- Daily net flows: -$259.6 million
- Cumulative net flows: $13.33 billion
- Total ETH holdings ~6.48 million
Source: Farside Investors
While you were sleeping
- Bitcoin Dips Below $97,000, ETH, SOL, ADA Down 8% as $880 Million in Bullish Bets Liquidated (CoinDesk): Bitcoin fell below $98,000 for the first time since May, as $1 billion in leveraged crypto positions were wiped out in 24 hours. About $887 million came from long positions.
- Why Bitcoin, XRP, Solana and Ether are sliding while gold and silver are soaring? (CoinDesk) Growing credit risks are putting pressure on debt-funded crypto treasuries, increasing the threat of forced token sales, while gold and silver benefit from growing fiscal concerns and a global flight to safety.
- 3 Key Charts to Watch as Ether Strengthens Against Bitcoin (CoinDesk): ETH’s outperformance has increased its BTC ratio as charts show seller exhaustion and a potential momentum shift signaled by an impending MACD crossover.
- China’s economy rocked by weakest factory output, retail sales growth in more than a year (Reuters): Disappointing factory and retail sales figures for October highlight deepening structural problems and weakening policy tools as Beijing hesitates to launch new stimulus measures despite growing pressure.
