By Omkar Godbole
(All times ET unless indicated otherwise)
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**Bitcoin (BTC) Update**
Bitcoin (BTC) continues to chop around the $103,000 mark, struggling to extend Wednesday’s recovery from under $100,000. The CoinDesk 20 Index is up 2% in the last 24 hours, alongside notable gains of 18% in ZEC, ICP, and QNT.
The crypto market currently resembles a game of musical chairs: liquidity is shifting from one token to another without any new influx. Wintermute describes this as a “self-funded mode.”
New inflows have been slowing for months across the three main channels through which capital enters the ecosystem: stablecoins, ETFs, and digital asset treasuries (DATs). For example, U.S.-listed spot ETFs have registered cumulative outflows of over $1.5 billion in less than two weeks. Likewise, demand from digital asset treasury firms has dropped sharply from third-quarter peaks.
Interestingly, this absence of fiat inflows comes even as the M2 money supply in major countries continues to rise. This may be because the M2 increase, driven by fiscal spending, aims to stimulate a global capital expenditure cycle focused on technology—particularly AI and infrastructure—and boost domestic demand.
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**Key Question: When Will Liquidity Flow In Again?**
Perhaps soon, as Federal Reserve actions suggest the economy is “easing into a bubble,” a sentiment expressed by Ray Dalio on X, labeling it inflationary. Elevated inflation could sustain demand for gold and gold-like assets such as bitcoin.
Altcoins involved in AI or linked to beneficiaries of fiscal stimulus may perform well in this environment, while others may struggle.
For now, traders should watch Bitcoin’s interaction with its 50-week simple moving average, a crucial bull market support since early 2023. A strong rebound here could signal new record highs.
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**Other Crypto News**
– Crypto exchange Coinbase (COIN) urged the U.S. Treasury to ensure its upcoming regulations for the GENUIS stablecoin act do not exceed statutory requirements.
– Decentralized exchange Lighter, which recently experienced a bot glitch that pushed HYPE’s price near $100, has adopted Chainlink as its oracle partner for real-world asset derivatives.
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**Traditional Markets**
– The U.S. dollar index rally is nearing resistance at the August high of 100.25. A breakout at this level could pressure cryptocurrencies further.
– Goldman Sachs stated the U.S. Supreme Court appears increasingly likely to rule against the Trump administration’s use of emergency powers to impose tariffs, although any tariff reductions would likely apply to smaller trading partners rather than major ones like China.
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**What to Watch**
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
**Crypto Macro Events**
– Nov. 6, 7 a.m.: Bank of England interest-rate decision (Estimate: 4%).
– Nov. 6, 2 p.m.: Mexico central bank interest-rate decision (Estimate: 7.25%).
– Nov. 6, 2:30 p.m.: Federal Reserve Governor Christopher J. Waller speech on “Central Banking and the Future of Payments.” Watch live.
**Earnings (Estimates based on FactSet data)**
– Nov. 6: Block (XYZ), post-market, EPS: $0.64
– Nov. 6: Iren (IREN), post-market, EPS: $0.15
**Token Events**
– Nov. 6: OlympusDAO (OHM) hosts a community call.
– Nov. 6: Folks Finance (FOLKS) to be listed on Binance, Kraken, MEXC, BingX, and others.
– Nov. 6: UnifAI (UAI) to be listed on Binance, Bitrue, and others.
– Nov. 6: TIA ($0.8031) to be listed on Binance.
**US Conferences**
For additional listings, see CoinDesk’s “Crypto Week Ahead.”
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**Market Movements**
– BTC is down 0.77% from 4 p.m. ET Wednesday at $102,873.60 (24hrs: +0.73%).
– ETH is down 1.58% at $2,607.45 (24hrs: +1.89%).
– CoinDesk 20 Index is down 1.33% at 3,261.54 (24hrs: +1.80%).
– Ether CESR Composite Staking Rate is up 5 bps at 3.06%.
– BTC funding rate on Binance is at 0.0071% (7.79% annualized).
**Traditional Markets**
– Dollar Index (DXY) is down 0.24% at 99.96.
– Gold futures are up 0.59% at $4,016.60.
– Silver futures are up 0.91% at $48.46.
– Nikkei 225 closed up 1.34% at 50,883.68.
– Hang Seng closed up 2.12% at 26,485.90.
– FTSE is down 0.28% at 9,749.73.
– Euro Stoxx 50 is up 0.03% at 5,670.66.
– DJIA closed Wednesday up 0.48% at 47,311.00.
– S&P 500 closed up 0.37% at 6,796.29.
– Nasdaq Composite closed up 0.65% at 23,499.80.
**Bond and Futures**
– U.S. 10-Year Treasury rate is down 1.9 bps at 4.138%.
– E-mini S&P 500 futures are unchanged at 6,830.00.
– E-mini Nasdaq-100 futures are unchanged at 25,759.50.
– E-mini Dow Jones Industrial futures are unchanged at 47,432.00.
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**Bitcoin Stats**
– BTC Dominance: 60.57% (unchanged)
– Ether-Bitcoin ratio: 0.03291 (-0.17%)
– Hashrate (7-day moving average): 1,111 EH/s
– Hashprice (spot): $41.97
– Total fees: 4.18 BTC / $429,396
– CME Futures Open Interest: 135,525 BTC
– BTC priced in gold: 24.5 oz.
– BTC vs gold market cap: 6.91%
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**Technical Analysis**
BTC has penetrated the 38.2% Fibonacci retracement level of the April-October rally. The next support is seen at $94,237, corresponding to the 61.8% retracement. On the upside, $116,400 is a key resistance level to watch.
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**Crypto Equities**
– Coinbase Global (COIN): closed Wednesday at $319.30 (+3.9%), pre-market at $318.58 (-0.23%).
– Circle Internet (CRCL): closed at $113.03 (+1.6%), pre-market at $113.46 (+0.38%).
– Galaxy Digital (GLXY): closed at $31.44 (+0.87%), pre-market at $31.98 (+1.72%).
– Bullish (BLSH): closed at $48.32 (+5.62%), pre-market at $48.50 (+0.37%).
– MARA Holdings (MARA): closed at $17.13 (+3.07%), pre-market at $17.06 (-0.41%).
– Riot Platforms (RIOT): closed at $18.97 (-1.58%), pre-market at $18.91 (-0.32%).
– Core Scientific (CORZ): closed at $21.80 (+0.28%), pre-market at $21.87 (+0.32%).
– CleanSpark (CLSK): closed at $16.58 (+2.22%), pre-market unchanged.
– CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $62.18 (+6.4%).
– Exodus Movement (EXOD): closed at $23.24 (+0.48%).
– Strategy (MSTR): closed at $255 (+3.24%), pre-market at $252.11 (-1.13%).
– Semler Scientific (SMLR): closed at $28.74 (+20%), pre-market at $28.50 (-0.84%).
– SharpLink Gaming (SBET): closed at $12.13 (+3.85%), pre-market at $11.99 (-1.15%).
– Upexi (UPXI): closed at $3.67 (+5%), pre-market at $3.74 (+1.77%).
– Lite Strategy (LITS): closed at $1.85 (+5.11%).
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**ETF Flows**
– Spot BTC ETFs:
– Daily net flows: -$137 million
– Cumulative net flows: $60.26 billion
– Total BTC holdings: ~1.34 million BTC
– Spot ETH ETFs:
– Daily net flows: -$118.5 million
– Cumulative net flows: $13.91 billion
– Total ETH holdings: ~6.61 million ETH
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**Source:** Farside Investors
*While You Were Sleeping*
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For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today.
https://bitcoinethereumnews.com/crypto/inflows-of-new-liquidity-have-dried-up-crypto-daybook-americas/