By Francisco Rodrigues (all times ET unless otherwise noted)
Bitcoin and other major cryptocurrencies fell in the past 24 hours with the CoinDesk 20 (CD20) index retreating 2.17%, caught in the pullback that has gripped global markets this week.
The broader retreat began with a selloff in technology-heavy stock indexes such as the Nasdaq 100, which fell 3.4% this week. According to a report by Citi, bitcoin’s dip below its 55-day moving average is often an early warning sign that risk appetite in equity markets is beginning to fade.
Historically, when bitcoin holds above that threshold, tech stocks tend to outperform, Citi said. The recent crypto decline is largely due to tighter liquidity conditions.
The U.S. Treasury’s recent cash replenishment and a drop in bank reserves estimated at about $500 billion since July have made risk assets less attractive.
While treasury balances are approaching a point where tightening may stop, according to the report, the market has yet to see meaningful signs of a turnaround.
Meanwhile, AI-related stocks fell as investors questioned valuations and aggressive data center spending. That skepticism has spilled over into crypto, weighing on the bitcoin price.
Jasper de Maere, an OTC strategist at Wintermute, said bitcoin options positioning remains concentrated between $102,000 and $105,000, with limited upside unless volatility picks up.
Ether option flows are anchored in the $3,000-$3,400 range, with traders using options strategies that favor protection over bullish bets. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- 7 November at 7: Federal Reserve Vice Chairman Philip N. Jefferson delivers a speech on “AI and the Economy.” Watch live.
- Nov 7 at 8: Brazil Sep PPI YoY (Prev 0.48%), MoM (Prev -0.2%).
- Nov 7 at 8: Mexico October inflation. Headline YoY Est. 3.56%, MoM Est. 0.36%. Core YY Est. 4.27%, MoM Est. 0.28%.
- Nov 7 at 8:30 a.m.: Canada Oct. Unemployment rate estimated. 7.1%.
- 7 November at 11: Michigan Consumer Sentiment Nov. (Provisional) Est. 53.2.
- 7 November at 15: Federal Reserve Governor Stephen I. Miran delivers a speech on “Stablecoins and Monetary Policy.” Watch live.
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlocks
- The token is launched
- November 7: Aria Protocol (ARIAIP) to 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 events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.16% as of 16 ET Thursday at $100,913.00 (24 hours: -2.64%)
- ETH is down 0.73% to $3,300.94 (24h: -3.71%)
- CoinDesk 20 is unchanged at 3,197.23 (24 hours: -2.74%)
- Ether CESR Composite Staking Rate is down 12 bps to 2.94%
- BTC funding rate is at 0.0055% (6.0148% annualized) on Binance
- 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 up 1.19% at 50,276.37
- The Hang Seng closed up 0.92% at 26,241.83
- The FTSE is down 0.54% at 9,682.80
- The Euro Stoxx 50 is down 0.49% to 5,583.84
- The DJIA closed down 0.84% at 46,912.30 on Thursday
- The S&P 500 closed up 1.12% at 6,720.32
- The Nasdaq Composite closed up 1.9% at 23,053.99
- The S&P/TSX Composite closed up 0.78% at 29,868.59
- The S&P 40 Latin America closed up 0.15% at 3,050.45
- The US 10-year Treasury note 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 to 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 priced in gold: 23.7 oz
- BTC vs Gold Market Cap: 6.69%
Technical Analysis
- Altcoin Market Cap (excluding Top 10) / BTC ratio tests weekly support (around $0.113 – $0.116).
- If bitcoin confirms a weekly close below the critical $107,000 support, as expected, this alt/BTC support level is also likely to be breached in the near term, signaling a flow back 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% at $100.70
- Galaxy Digital (GLXY): closed at $30.38 (-3.37%), +0.39% at $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): closed 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% at $57
- Exodus Movement (EXOD): closed at $21.45 (-7.7%), +9.14% at $23.41
Crypto Treasury 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% at $3.39
- Lite Strategy (LITS): closed at $1.84 (-0.54%)
ETF Flows
Spot BTC ETFs
- Daily net flows: $239.9 million
- Cumulative net flows: $60.5 billion
- Total BTC holdings ~1.34m
Spot ETH ETFs
- Daily net flows: $12.5 million
- Cumulative net flows: $13.93 billion
- Total ETH holdings ~6.57m
Source: Farside Investors
While you were sleeping
- Market Maker Flowdesk Says Crypto Credit Finds Fragile Balance (CoinDesk): Flowdesk Says Leverage Declines As Traders Reevaluate Counterparties While Credit Lasts. Borrowing in SOL, XLM, ENA, APT and BTC remains strong, driven by hedging and financing rather than speculation.
- Zcash Breaks into Top-20 Crypto List, Hits $600 for First Time Since 2018 (CoinDesk): The rally coincided with renewed attention to privacy infrastructure and a wave of technical upgrades from Electric Coin Company, one of the network’s developers and maintainers.
- Robinhood’s Crypto Revenue Miss Tempers Solid Quarter: JPMorgan (CoinDesk): Third quarter results were solid but lower quality as weaker crypto revenue and tax benefits boosted earnings. Analysts expecting margin improvement raised the price target to $130 and maintained a neutral rating.
- IREN shares rise in pre-market trade on earnings report, AI Growth Outlook (CoinDesk): Record first-quarter fiscal earnings followed expansion into AI cloud and boosted bitcoin mining revenue as net income hit $384.6 million in the quarter ended Sept. 30, reversing a $51.7 million loss.
- Japan’s government to back big banks’ project to issue stablecoins, finance minister says (Reuters): MUFG, SMFG and Mizuho to pilot jointly issued yen-pegged tokens for cross-border payments and The Danish FSA will review legal compliance.
