ETH/BTC decline hits over three-year low at 0.03508, reflecting Ethereum's underperformance and potential further downside in Q4 2024.
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Markets
Bitcoin ETFs bleed $541 million, second-largest single-day outflow since launch
The significant outflow from Bitcoin ETFs signals potential market instability and heightened volatility amid upcoming political and economic events.
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Robinhood and Kraken launch new global stablecoin network with Paxos’s USDG
Robinhood, Kraken, and Paxos launch the Global Dollar Network with USDG, a compliant stablecoin offering yield incentives for adoption.
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3 reasons why Bitcoin price bottom could have been $67.3K
Data suggests traders are ignoring the current Bitcoin price correction and betting for new highs after the US elections wrap up.
Bitcoin (BTC) fell 6.7% between Oct. 31 and Nov. 4, breaking below the $67,500 mark for the first time in eight days. This decline led to the liquidation of over $190 million in leveraged long positions and coincided with uncertainty surrounding the Nov. 5 US presidential elections.
Despite this short-term bearish momentum, three Bitcoin derivatives metrics show that the market is not panicking. These positive indicators include the long-to-short ratio of top traders on exchanges, aggregate BTC futures open interest, and stablecoin demand in China.
Exchanges top traders long-to-short ratio. Source: Coinglass
Bitcoin looks ripe for a rebound, and so do ETH, DOGE, LTC, and XMR
Bitcoin’s volatility is expected to pick up after the US elections, and charts suggest that ETH, DOGE, LTC and XMR could be the first to follow.
Bitcoin’s (BTC) rejection near the all-time high earlier in the week may have attracted profit booking by the short-term traders. Although the price has dropped near $68,000, analysts remain positive on the markets. They anticipate Bitcoin to find support between $65,000 and $68,000.
The next major trigger for the cryptocurrency markets is the United States elections. In a market report, FalconX head of research David Lawant said that volatility could increase if “results are too close to call and it takes too much time to reach an outcome.”
Crypto market data daily view. Source: Coin360
Bitcoin price peels back from its weekly high, but BTC derivatives markets look good
Wider economic and stock market-related issues are impacting Bitcoin’s softening price, but futures market data shows traders still feel bullish.
Bitcoin’s (BTC) price momentum has cooled since the Oct. 29 rally toward the all-time high, but the derivatives market continues to project traders’ optimism in a price recovery.
The analysis of Bitcoin futures and options markets suggests that traders are maintaining positions without excessive leverage, which is crucial for a sustainable push toward new all-time highs. However, understanding the trigger for Bitcoin's price drop to below $69,000 on Nov. 1 remains essential.
Bitcoin 1-month options delta skew, put-call. Source: Laevitas.ch
Arthur Hayes says Solana is a high-beta Bitcoin amid US elections
Arthur Hayes labels Solana as a high-beta Bitcoin amid elections, emphasizing its appeal over Ethereum and impact of Fed's policy.
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Mt. Gox makes $35M BTC transfer to unmarked addresses
Around 500 BTC has been moved from a Mt. Gox-associated address but it is unclear if this is related to repayments.
Bitcoin associated with the defunct Mt. Gox exchange is on the move again, with onchain data showing a $35 million transfer to several unknown addresses on Nov. 1.
Blockchain intelligence platform Arkham revealed that 500 BTC worth approximately $35 million has been transferred from the Mt. Gox cold wallet to an unmarked address starting with “12cTj”.
Shortly after, there were two transactions of 31.78 BTC and 468.24 BTC to two unmarked addresses. It is the first major coin movement from Mt. Gox associate wallets in around a month.
Altcoin season unlikely before 2025, says crypto analyst Benjamin Cowen
Benjamin Cowen says altcoin season may be delayed until 2025 as Bitcoin dominance continues to hold firm around 60%.
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Florida holds ‘$800 million in crypto-related investments,’ says state CFO
Florida CFO Jimmy Patronis reveals state holds $800M in crypto investments and explores adding digital assets to pension funds.
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