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By Omkar Godbole (All times ET unless otherwise noted)
It’s another risky session in the crypto markets. Bitcoin slid 3.5% in the last 24 hours to approach the lows of October around $ 103 600. Each more and the largest cryptocurrency would be at its lowest price since June.
The CoinDesk 20 Index is down 5%, with major altcoins such as ether and solana also hit its lowest since August.
The usual culprits take the blame: hawkish comments from Fed Chairman Jerome Powell; an index of strengthening of the dollar; persistent selling from long-term portfolios.
“Liquidity is expanding globally, but capital is not reaching crypto,” said market maker Wintermute. “ETF inflows have stalled, DAT activity has dried up, and only stablecoins are still growing.”
But there is another angle, and it is worth considering. The bearish tone could be linked to the October 17 flash crash, when many arbitrageurs lost money on their futures legs due to self-deleveraging. These firms could quietly liquidate their remaining long positions, adding to the downward pressure on prices.
Speaking of market swoon, Stream Finance’s stablecoin, xUSD, collapsed 80% to 30 cents, with the DeFi a firm that reported a $93 million loss stemming from an outside fund manager. Stream Finance said it has hired a leading law firm, Perkins Coie LLP, to investigate the issue, and the crypto community is on edge, assessing the broader market fallout.
Some observers have noted that xUSD lenders are now earning more than 500% daily interest. It is a clear indication that the treasure of the protocol could be in serious trouble.
In the midst of all this darkness, some privacy coins, such as Zcash, Decred and DASH, are growing, adding as much as 200% in just 24 hours. It seems that traders are looking for shelter wherever they can.
In traditional markets, the recent surge in Oracle-linked credit default swaps has been taken to represent investor anxiety over the company’s growing spending on AI. The dollar index rose to 100 for the first time in months, complicating business for bitcoin bulls. Gold, meanwhile, continues to hold firm around $4,000 per ounce. Stay tuned!
What to Watch
For a more complete list of events this week, see CoinDesk »Crypto Week Ahead“.
- Crypto
- November 4: IoTeX (IOTX) deploy Core v2.3.0 mainnet update, introducing slashing for underperforming delegates and BLS PublicKey Registration for scalable signature aggregation to enhance network reliability and scalability.
- November 4, 12:00 UTC: THORChain (RUNES) set off mainnet upgrade v3.12.0, introducing enhanced exchanges, improved performance and support for Solana customers.
- November 4, 10 am: Sam Bankman-Fried will appears before the Second Circuit Court of Appeals to argue for a new trial, challenging the fairness of his conviction and sentence of 25 years for fraud,
- Macro
- November 4, 6:35 am: Federal Reserve Vice Chair for Supervision Michelle W. Bowman delivers a speech on “Banking Supervision and Monetary Policy.” Watch live.
- Earnings (Estimates based on FactSet data)
- November 4: Hut 8 (HUT), pre-market, -$0.12.
- November 4: Mara Holdings (MARA), post-market, $0.02.
- November 4: Sequans Communications (SQNS), pre-market, N/A.
Token events
For a more complete list of events this week, see CoinDesk »Crypto Week Ahead“.
- Government votes and calls
- Balancer DAO votes on a major proposal to transition the operations on the chain to a new legal entity (BIP-882), alongside proposals to improve emergency security (BIP-883), activate the BAL token on the Plasma chain (BIP-884), update the treasury permissions (BIP-885) and add a new Arbitrum gauge (BIP-886). Voting for all of these ends on November 4th.
- Unlock
- Token throw
Conferences
For a more complete list of events this week, see CoinDesk »Crypto Week Ahead“.
Token Talk
By Oliver Knight
- The altcoin market suffered a bruising session in Asia with several tokens falling by more than 15%, resulting in a wave of liquidations of $1.37 billion, according to the CoinGlass.
- HyperLiquid rivals aster led the decline, sliding 18% to $ 0.88. Interestingly, this is below the price paid by Binance founder CZ, who announced a $1.8 million purchase at $0.90 over the weekend.
- “Every time I buy coins, I get stuck in a losing position, 100% record”, CZ wrote about X Tuesday.
- Numerous tokens included now it finds itself at critical levels of support that led to a rebound two weeks ago, although it is worth noting that the likes of solana and BNB they fell to cool lows.
- One sector that has outperformed the broader market has been privacy coins, with and both still in the green for the month.
- Tuesday also saw exceptional demonstrations and two tokens considered “dino coins” by some as they were launched in 2017 and 2014 respectively. Both tokens have privacy features and seem to be riding on the coattails of XMR and ZEC.
- DCR is up 146% while DASH is up 65% on significant volume, showing that traders can rotate out of a weaker market.
Derivatives positioning
- Volmex’s Bitcoin Volatility Index, BVIV, which represents implied, or expected, 30-day price volatility is rising, following the golden cross of its 50- and 200-day moving averages.
- The spot price of BTC has developed a negative correlation with volatility over the past year, meaning further gains in BVIV could be marked by price weakness.
- Positioning in ZEC remains high, with open interest (OI) near lifetime highs of around 1.59 million ZEC. However, financing rates have slipped downward, a sign that some traders are shorting futures, possibly against long spot positions.
- On the CME, futures linked to BTC and ETH continue to see divergent trends, with activity mostly focused on ethereum futures, where OI remains close to record highs.
- On Deribit, BTC options show an all-time bias for puts, a sign of lingering concerns. Ether options show bullishness after February 2026 expiration.
- OTC flows on Paradigm showed the demand for ether for November 7 expiration placed at the $3,500 strike.
Market movements
- BTC is down 2.8% as of 4pm ET Monday at $103,900.89 (24 hours: -2.72%)
- ETH is down 2.98% at $3,494.29 (24 hours: -5.87%)
- CoinDesk 20 is down 2.54% to 3,285.49 (24 hours: -5.03%)
- Ether CESR Composite Staking Rate is unchanged at 2.93%
- BTC funding rate is 0.0063% (6.893% annualized) on Bybit
- DXY is up 0.09% at 99.96
- Gold futures were down 0.26% at $4,003.40
- Silver futures were down 1.05% at $47.54
- Nikkei 225 closed up 1.74% at 51,497.20
- The Hang Seng closed up 0.79% at 25,952.40
- FTSE is down 1.02% to 9,602.50
- The Euro Stoxx 50 is down 1.44% at 5,597.60
- The DJIA closed Monday up 0.48% at 47,336.68
- The S&P 500 closed up 0.17% at 6,851.97
- The Nasdaq Composite closed up 0.46% at 23,834.72
- The S&P/TSX Composite closed little changed at 30,275.06
- The S&P 40 Latin America closed up 0.55% at 3,020.24
- US 10-year Treasury rate down 1.8 bps to 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
- The E-mini Dow Jones Industrial Average is down 0.77% at 47,107.00
Bitcoin Statistics
- BTC Dominance: 60.62% (-0.20%)
- Ether to bitcoin ratio: 0.03353 (-0.83%)
- Hashrate (seven-day moving average): 1,114 EH/s
- Hashprice (spot): $42.13
- Total Fees: 3.12 BTC / $335,825
- CME Futures Open Interest: 132,180 BTC
- BTC gold price: 24.6 oz
- BTC vs Gold market cap: 6.95%
Technical analysis
- Volmex’s bitcoin volatility index BVIV, which measures expected price volatility over 30 days, produced a golden crossover, a bullish cross of the 50- and 200-day simple moving averages.
- The pattern indicates more gains for the index, which implies a high price swing in the bitcoin market.
Crypto Equities
- Coinbase Global (COIN): closed Monday at $330.42 (-3.89%), -3.69% at $318.23 in pre-market
- Circle Internet (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 Movement (EXOD): closed at $25.19 (+2.86%), -0.12% at $25.16
Crypto Treasury Company
- Strategy (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 Strategy (LITS): closed at $1.92 (-8.13%), -2.08% at $1.88
ETF flows
Spot BTC ETF
- Daily net flows: – $186.5 million
- Cumulative net flows: $60.97 billion
- Total holdings of BTC ~ 1.35 million
Spot ETH ETF
- Daily net flows: – $135.7 million
- Cumulative net flows: $14.25 billion
- Total holding of ETH ~ 6.71 million
Source: Farside Investors
While You Sleep
- Bitcoin, Ether, Solana Traders Liquidate Over $1B As Prices Dump 5%-10% (CoinDesk): A drop from $112,000 to below $106,000 triggered a flow of leveraged futures led by long positions, capped by a $33.95 million HTX close, with Hyperliquid posting the strongest exit.
- Bitcoin’s Last Support Before $100K Breaks As ‘Mag 7’ Skew Flips, Oracle CDS Surges (CoinDesk): An Asian session slide below $106,000, fresh lows in ETH and SOL and a bearish crossover in moving averages highlight weakening risk appetite amid ebbing rate-cut probabilities and a firmer dollar.
- Stream Finance makes $93 million loss, launches legal investigation (CoinDesk): An external fund manager overseeing Stream funds has disclosed a loss of approximately $93 million in the firm’s assets, prompting a freeze on deposits and withdrawals while an investigation unfolds.
- Crypto ‘Decentralized Finance’ Sector at Risk of Attack, Chainalysis Warns (Financial Times): According to the firm, hacks totaled $2.2 billion in the first half of 2025, and CEO Jonathan Levin says this highlights how fast-growing DeFi platforms often prioritize expansion over security.
