By Francisco Rodrigues (All times Eastern Time unless otherwise noted)
The Czech National Bank became the first central bank in the world to buy bitcoins and a spot XRP exchange-traded fund (ETF) debuted in the US with impressive trading volume.
However, what is dominating the headlines is the fall of bitcoin below $100,000 and the decline of the cryptocurrency market. The CoinDesk 20 Index (CD20) has plunged 8.35% over the past 24 hours amid a broader decline that saw the Dow Jones Industrial Average fall 1.65% and the tech-heavy Nasdaq lose 2.29% on Thursday.
Bitcoin spot 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 between 80-120k, along with selective selling of short-term calls (classic covered call activity),” said crypto market creator Wintermute. “Positioning ranges from neutral to cautious, but shows no desire to pursue major downsides.”
As far as ether options are concerned, Wintermute noted that he is seeing “steady short covering through the end of the year and active call selling across the curve, especially between 3.5 and 4.0 mil.” Traders are positioning themselves lower.
The liquidation sparked a wave of liquidations, leading to more than $1.11 billion in the last 24 hours, according to CoinGlass. It comes as expectations of a US interest rate cut in December begin to fall and concerns grow about an AI bubble.
CME’s FedWatch tool shows the odds of a rate cut this month are close to a change, while traders on Polymarket still give a slight edge to a 25bp cut, weighing in at 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 from the now-ended government shutdown.
“Now that enthusiasm for AI is cooling and more questions about spending are emerging, concerns about America’s K-shaped economy are rising again,” Wintermute wrote.
Despite the milestones the cryptocurrency sector is reaching, with spot ETFs trading from major issuers and a central bank buying BTC, macroeconomic headwinds are keeping prices under pressure. 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
- Earnings (Estimates based on FactSet data)
- November 14: American Bitcoin (ABTC), premarket.
- November 14: Hive Digital Technologies (HIVE), post-market.
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Convex Finance is voting to discontinue OFT token support for assets like frxETH on Polygon zkEVM and Blast, citing their deprecation or inactivity. Voting ends on November 14.
- Unlock
- 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 releases
- November 14: Pieverse (Pieverse) will list on Binance, MEXC, BingX, XT 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 1.87% as of 4 pm ET Thursday to $104,909.52 (24 hours: -6.05%)
- ETH is down 0.56% to $3,160.31 (24 hours: -9.6%)
- CoinDesk 20 is down 1.17% to 3,096.79 (24 hours: -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
- DXY rises 0.2% to 99.36
- Gold futures fall 0.56% to $4,170.90
- Silver futures down 1.08% to $52.60
- The Nikkei 225 closed down 1.77% at 50,376.53
- Hang Seng closed down 1.85% at 26,572.46
- FTSE down 1.35% to 9,675.09
- The Euro Stoxx 50 falls 1.01% to 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
- Nasdaq Composite closed down 2.29% at 22,870.36
- S&P/TSX Composite closed down 1.86% at 30,253.64
- The S&P 40 Latin America closed with a fall of 1.32% to 3,103.60
- The 10-year US Treasury rate rises 1.8 basis points to 4.129%
- E-mini S&P 500 futures down 0.23% at 6,744.50
- E-mini Nasdaq-100 futures down 0.48% at 24,974.25
- The E-mini Dow Jones Industrial Average index fell 0.15% to 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
- Hashprice (spot): $40.31
- Total fees: 2.96 BTC / $300,582
- CME Futures Open Interest: 140,275 BTC
- BTC priced in gold: 22.8 oz.
- BTC market capitalization against gold: 11.46%
Technical analysis
- The chart shows daily movements in the Volmex 30-day bitcoin implied volatility index, BVIV.
- The index has formed a pennant pattern, marking a triangular consolidation following the recent breakout of the uptrend line.
- These patterns usually indicate a temporary pause that is updated higher up. Therefore, the pennant could soon resolve bullishly, paving the way for further gains in the index.
- In other words, BTC price volatility expectations could continue to rise in the near term.
Crypto Stocks
- Coinbase Global (COIN): closed on Thursday at $283.14 (-6.86%), -1.82% to $277.99 in premarket
- 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
- Bullish (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): closed 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 treasury 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 Flows
BTC Spot ETF
- Daily net flows: -$866.7 million
- Accumulated net flows: $59.33 billion
- Total BTC holdings ~1.34 million
ETH Spot ETF
- Daily net flows: -$259.6 million
- Accumulated net flows: $13.33 billion
- Total ETH holdings ~6.48 million
Source: Farside Investors
while you were sleeping
- Bitcoin Sinks Below $97,000, ETH, SOL, ADA Fall 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. Approximately $887 million came from long positions.
- Why are Bitcoin, XRP, Solana and Ether sliding while gold and silver soar? (CoinDesk) Rising credit risks are putting pressure on debt-financed cryptocurrencies, raising the threat of forced token sales, while gold and silver benefit from rising fiscal concerns and a global flight to safety.
- Three Key Charts to Watch as Ether Strengthens Against Bitcoin (CoinDesk): ETH’s outperformance lifted its BTC ratio as charts show seller exhaustion and a possible momentum shift signaled by an impending MACD crossover.
- China’s economy shaken by weakest factory output and retail sales growth in more than a year (Reuters): Disappointing factory and retail numbers for October highlight deepening structural problems and fading policy tools as Beijing hesitates on fresh stimulus despite mounting pressure.
