By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market received a triple boost, pushing bitcoin towards a key test of a former support-turned-resistance zone above $106,000. What happens next could set the tone for the next important leg of the cycle.
The optimism was first sparked by a Truth Social post from President Donald Trump, who promised a $2,000 dividend to low-income Americans, funded by revenue from trade tariffs. The cryptocurrency crowd quickly decided that the payment would come in the form of direct stimulus checks, a clear parallel to the 2021 Covid-era payments that helped fuel unprecedented altcoin rallies.
However, Treasury Secretary Scott Bessent suggested the dividend could be delivered through less direct and potentially less bullish measures, such as tax cuts.
The second boost was the US Senate’s decision to advance a measure that would likely fund the government through January, ending a record shutdown that has kept crucial economic data under wraps. However, as ING points out, the real test lies in whether Congress can maintain the momentum over the next 48 hours.
Finally, financial conditions have eased and the key banking sector spread has reversed its late-October peak. Meanwhile, the dollar index rally has stalled after finding resistance at the August high of 100.25.
Together, these catalysts could help Bitcoin break through the $106,000 to $107,000 resistance zone and reignite demand for the 11 US-listed spot ETFs, which together have seen capital outflows of $2.8 billion over the past four weeks.
On the other hand, if the resistance zone cannot be penetrated, a bearish trend could consolidate, opening the doors to a deeper liquidation.
In altcoins, most of the action is occurring in XRP, as five spot ETFs linked to the payments-focused token have appeared on the DTCC listing, raising hopes of imminent approval. Privacy coins also continue to shine, with ZEC rising to $630 since Friday’s drop to $500.
In other news, CFTC Acting Chair Caroline Pham said the agency is collaborating with registered exchanges to launch leveraged spot crypto products starting next month.
In traditional markets, S&P 500 futures are up 0.5%, indicating risk aversion. 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
- November 10 – Cboe Global Markets (CBOE) aims to introduce Cboe continuous futures for BTC and ETH on the Cboe Futures Exchange (CFE).
- November 10: Square’s Bitcoin payments offering is available to eligible US-based users.
- Macro
- Earnings (Estimates based on FactSet data)
- November 10: Bitdeer Technologies (BTDR), pre-market.
- Nov 10: Coreweave (CRWV), post-market.
- Nov 10: Etoro Group (ETOR), pre-market, $0.55.
- November 10: Exodus Movement (EXOD), pre-market.
- Nov 10: Fold Holdings (FLD), post-market.
- November 10: Gemini Space Station (GEMI), post-commercialization.
- November 10: Terawulf (WULF), pre-market.
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- The ENS DAO is voting on several 6th period funding requests: 110,000 USDC + 15 ETH for public goods, 470,000 USDC for ecosystem, and 379,000 USDC for meta-governance. Voting ends on November 10.
- Unlock
- November 10 to unlock 18.44% of its circulating supply worth $32.56 million.
- Token releases
- November 10: Canton Network (CC) will list on KuCoin.
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is up 2.13% as of 4 pm ET on Friday to $106,078.75 (24 hours: +4.13%)
- ETH is up 4% to $3,607.56 (24 hours: +5.2%)
- CoinDesk 20 rose 4.1% to 3,499.07 (24 hours: +6.44%)
- Ether CESR Composite Staking Rate is down 12 basis points to 2.82%
- BTC funding rate is 0.0063% (6.9467% annualized) on Binance
- DXY remains unchanged at 99.60
- Gold futures rise 1.93% to $4,087.00
- Silver futures rise 3.47% to $49.81
- The Nikkei 225 closed up 1.26% at 50,911.76
- Hang Seng closed up 1.55% at 26,649.06
- The FTSE rises 0.98% to 9,777.58
- The Euro Stoxx 50 rises 1.70% to 5,661.32
- DJIA closed Friday up 0.16% at 46,987.10
- The S&P 500 closed up 0.13% at 6,728.80
- Nasdaq Composite closed down 0.21% at 23,004.54
- S&P/TSX Composite closed up 0.15% at 29,912.19
- The S&P 40 Latin America closed up 1.13% at 3,084.87
- The 10-year US Treasury rate rises 3.7 basis points to 4.13%
- E-mini S&P 500 futures up 0.95% to 6,817.75
- E-mini Nasdaq-100 futures rise 1.47% to 25,536.25
- The E-mini Dow Jones Industrial Average index rises 0.42% to 47,285.00
Bitcoin Statistics
- BTC dominance: 59.81% (-0.16%)
- Ether to bitcoin ratio: 0.03404 (-0.56%)
- Hashrate (seven-day moving average): 1,057 EH/s
- Hashprice (spot): $43.09
- Total fees: 2.29 BTC / $235,870
- CME Futures Open Interest: 137,690 BTC
- BTC priced in gold: 25.2 oz
- BTC market capitalization against gold: 7.10%
Technical analysis
- While BTC has recovered somewhat, it has yet to break above $107,250, the lower end of the one-week trading range that recently resolved bearishly.
- If successful, the bearish outlook will be invalidated, opening the doors to a jump to $110,000 and beyond.
- Conversely, a bullish failure would reinforce the range breakout, which could lead to a deeper sell-off below $100,000.
Crypto Stocks
- Coinbase Global (COIN): Closed Friday at $309.14 (+4.72%), +3.25% to $319.20 in pre-market
- Circle Internet (CRCL): closed at $103.14 (+3.13%), +3.93% at $107.19
- Galaxy Digital (GLXY): closed at $31.56 (+3.88%), +4.69% at $33.04
- Bullish (BLSH): closed at $45.08 (+1.1%), +3.82% to $46.80
- MARA Holdings (MARA): closed at $15.87 (-0.56%), +4.22% to $16.54
- Riot Platforms (RIOT): Closed at $17.01 (-1.9%), +4.17% at $17.72
- Core Scientific (CORZ): closed at $20.19 (-1.94%), +5.25% to $21.25
- CleanSpark (CLSK): closed at $15.57 (+1.1%), +5.20% at $16.38
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $55.09 (-2.58%), +5.28% to $58
- Exodus Movement (EXOD): closed at $21.62 (+0.79%)
Crypto treasury companies
- Strategy (MSTR): closed at $241.93 (+1.99%), +2.81% at $248.72
- Semler Scientific (SMLR): closed at $27.6 (+0.66%), +2.46% at $28.28
- SharpLink Gaming (SBET): closed at $11.96 (+7.07%), +5.94% to $12.67
- Upexi (UPXI): closed at $3.31 (-0.15%), +6.81% at $3.53
- Lite Strategy (LITS): closed at $2.1 (+14.13%)
ETF Flows
BTC Spot ETF
- Daily net flow: -$558.4 million
- Accumulated net flows: $59.94 billion
- Total BTC holdings ~1.33 million
ETH Spot ETF
- Daily net flow: -$46.6 million
- Accumulated net flows: 13,880 million dollars
- Total ETH holdings ~6.58 million
Source: Farside Investors
while you were sleeping
- US Senate advances bill to end federal shutdown (Reuters): A 60-40 procedural vote on Sunday set funding through Jan. 30 and set up a vote in December to expand premium tax credits for the Affordable Care Act, pending House approval and the president’s signature.
- Hold Your Horses, BTC Bulls: Bessent Says Tariff ‘Dividend’ Could Be Tax Cuts (CoinDesk): President Trump’s announcement of a $2,000 “dividend” raised hopes of a cryptocurrency rally, but Treasury Secretary Scott Bessent later said the financial benefit could be delivered through tax cuts rather than direct controls.
- Bitcoin ETF outflows hit $1.2 billion even as Wall Street deepens its crypto bets (CoinDesk): Last week, investors also pulled out $508 million from US-listed spot ether products and added $137 million to their Solana counterparts as funding strain eased and the dollar’s rally stalled.
- Is this the indicator that Bitcoin treasury companies have hit bottom? (CoinDesk): Jim Chanos, the famous short seller best known for anticipating the collapse of Enron in 2001, said he closed his position in MSTR, marking the end of an 11-month long MSTR/bitcoin short trade.
- Demand for Secure Crypto Devices Soars as Hackers Hit Record (Financial Times): In the first half of 2025, cryptocurrency theft totaled $2.2 billion, of which 23% affected individual wallets, boosting Ledger’s hardware wallet sales as the company prepares a capital raise.
