By Francisco Rodrigues (All times Eastern Time unless otherwise noted)
bitcoin and other major cryptocurrencies fell in the last 24 hours with the CoinDesk 20 Index (CD20) retreating 2.17%, caught in the pullback that has gripped global markets this week.
The broader pullback began with a selloff in tech-heavy stock indexes like the Nasdaq 100, which is down 3.4% this week. According to a Citi report, bitcoin falling below its 55-day moving average is often an early warning sign that risk appetite in stock markets is starting to fade.
Historically, when bitcoin stays above that threshold, tech stocks tend to perform better, Citi said. The recent decline in cryptocurrencies is largely due to tighter liquidity conditions.
The recent rebuilding of US Treasury cash and a drop in bank reserves, estimated at around $500 billion since July, have made risk assets less attractive.
While Treasury bond balances are approaching a point where tightening could stop, according to the report, the market has yet to see significant signs of a turnaround.
Meanwhile, AI-related stocks plunged as investors questioned testing and aggressive spending on data centers. That skepticism has spread to cryptocurrencies, 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 unless volatility increases.
Ether options flows are anchored in the $3,000 to $3,400 range, with traders using options strategies that favor protection rather than bullish bets. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto markets today
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- Nov. 7, 7 a.m.: Federal Reserve Vice Chairman Philip N. Jefferson will give a speech on “AI and the Economy.” Watch live.
- November 7, 8 am: Brazil September PPI YoY (previously 0.48%), MoM (previously -0.2%).
- November 7, 8 am: October inflation rate in Mexico. Headline Est. year-on-year 3.56%, est. monthly 0.36%. Main year-on-year est. 4.27%, est. intermonthly. 0.28%.
- November 7, 8:30 am: October estimated unemployment rate in Canada. 7.1%.
- Nov. 7, 11 a.m.: Michigan Consumer Sentiment Estimate for November (preliminary). 53.2.
- November 7, 3 pm: Federal Reserve Governor Stephen I. Miran will deliver a speech on “Stablecoins and Monetary Policy.” Watch live.
- Earnings (Estimates based on FactSet data)
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlock
- Token releases
- November 7: Aria Protocol (ARIAIP) will be listed on Binance, MEXC and others.
- November 7: to appear on Crypto.com, Biconmy and others.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.16% as of 4 pm ET Thursday to $100,913.00 (24 hours: -2.64%)
- ETH is down 0.73% to $3,300.94 (24 hours: -3.71%)
- CoinDesk 20 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
- DXY remains unchanged at 99.76
- Gold futures rise 0.57% to $4,013.70
- Silver futures rise 1.44% to $48.64
- The Nikkei 225 closed down 1.19% at 50,276.37
- Hang Seng closed down 0.92% at 26,241.83
- The FTSE is down 0.54% at 9,682.80
- The Euro Stoxx 50 falls 0.49% to 5,583.84
- The DJIA closed Thursday down 0.84% at 46,912.30
- The S&P 500 closed down 1.12% at 6,720.32
- Nasdaq Composite closed down 1.9% at 23,053.99
- S&P/TSX Composite closed down 0.78% at 29,868.59
- The S&P 40 Latin America closed with a fall of 0.15% to 3,050.45
- The 10-year US Treasury rate rises 1.3 basis points to 4.106%
- E-mini S&P 500 futures down 0.42% at 6,719.00
- E-mini Nasdaq-100 futures down 0.56% to 25,102.00
- The E-mini Dow Jones Industrial Average index fell 0.33% to 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 market capitalization against gold: 6.69%
Technical analysis
- Altcoin (excluding top 10)/BTC market cap ratio is testing 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 broken in the near term, indicating a flow back into BTC and more pain for the altcoin market.
Crypto Stocks
- Coinbase Global (COIN): closed on 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% to $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
BTC Spot ETF
- Daily net flows: $239.9 million
- Accumulated net flows: $60.5 billion
- Total BTC holdings ~1.34 million
ETH Spot ETF
- Daily net flows: $12.5 million
- Accumulated net flows: $13.93 billion
- Total ETH holdings ~6.57 million
Source: Farside Investors
while you were sleeping
- Market maker Flowdesk says crypto credit is finding a fragile balance (CoinDesk): Flowdesk says leverage is declining as traders reevaluate counterparties while credit persists. Lending in SOL, XLM, ENA, APT and BTC remains strong, driven by hedging and financing rather than speculation.
- Zcash breaks into the list of top 20 cryptocurrencies and reaches $600 for the first time since 2018 (CoinDesk): The rally coincided with renewed attention to privacy infrastructure and a wave of technical updates from Electric Coin Company, one of the network’s developers and maintainers.
- Robinhood’s Crypto Revenue Loses Mood in Strong Quarter: JPMorgan (CoinDesk): Third-quarter results were strong, but of lower quality, as cryptocurrency revenue and weaker tax benefits boosted earnings. Analysts, expecting a margin improvement, raised the price target to $130 and maintained a neutral rating.
- IREN Stock Rises in Premarket Trading on Earnings Report, AI Growth Outlook (CoinDesk): Record fiscal first-quarter earnings followed AI’s cloud expansion and rising bitcoin mining revenue, as net income hit $384.6 million in the quarter ended Sept. 30, reversing a $51.7 million loss.
- Japan government will support big banks’ project to issue stablecoins, says Finance Minister (Reuters): MUFG, SMFG and Mizuho to test jointly issued yen-pegged tokens for cross-border payments and the FSA will review legal compliance.
