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Sharp Crypto Market Drop: Bitcoin and Ethereum ETFs See Record Outflow
The crypto market had an extremely rough start to the week. As of Friday morning, all major assets, especially Bitcoin and Ethereum, experienced strong selling pressure; ETF data further darkened the picture. While Bitcoin ETFs and Ethereum ETFs experienced one of their worst days in history, the XRP ETF bucked the trend by recording surprisingly strong inflows around the same time.According to Coinglass data, spot Bitcoin ETFs saw $866.7 million in outflows in one day. This figure marked the third-largest net outflow since the ETFs' launch. Ethereum ETFs were even more striking, with $410 million outflows in a single session. Even the selling pressure generated by October's high volatility couldn't reach these levels.The outflow wave, led by the market's largest ETF providers like BlackRock and Fidelity, demonstrates a significant risk aversion among institutional investors. ETF data is no longer just a market detail; it has become one of the most powerful indicators of the crypto ecosystem's overall risk appetite. Therefore, each new breakout signals a deepening market fragility.Macro pressures hit all risky assetsThe crypto sell-off wasn't solely driven by internal market factors. US stock markets also experienced their worst day in a month. The mass sell-off in technology stocks, in particular, accelerated as investors grew increasingly concerned about the high valuations of AI companies. The uncertainty surrounding the economic outlook and the weakening of interest rate cut expectations further exacerbated the situation.In this atmosphere, appetite for risky assets abruptly diminished; the crypto market is typically one of the most severely affected during such periods. Under this pressure, Bitcoin fell below $100,000, losing its psychological threshold and was trading around $97,000 at the time of writing. The Crypto Fear and Greed Index also fell sharply, falling into the "extreme fear" zone.What does the technical outlook suggest?Bitcoin closed the week with a loss of over 5%, while technical indicators confirm the dominance of sellers. The RSI of 35 suggests the market is still trading in a strong selling zone. If Bitcoin closes below the $97,460 support, analysts predict the price could weaken to the $95,000 range. The outlook for Ethereum is also weak. After rejecting the broken trendline resistance at $3,592 earlier this week, ETH has lost nearly 10% in three days and retreated to the $3,200 region. If ETH loses the $3,170 support, analysts predict a new correction toward the $3,017 region.
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14 Nov 2025
Czech Republic's Central Bank Takes Historic Step: Acquires Bitcoin and Stablecoins
The Czech National Bank (CNB) has taken a groundbreaking step for central banking in Europe. The bank announced the creation of a $1 million digital asset portfolio consisting of Bitcoin, a US dollar-pegged stablecoin, and a tokenized deposit. This portfolio is not part of the institution's official international reserves; it is a test account created solely for training, experience, and future planning purposes.The Czech National Bank breaks the moldCentral banks are known to shy away from directly holding cryptocurrencies. Due to volatility, regulatory uncertainty, and institutional risks, digital assets have not been included on central banks' balance sheets until now. Therefore, the CNB's move is considered both a first in the European Union and a significant global milestone.The CNB approved this pilot on October 30th. According to the bank's statement, the aim is to directly experience the processes of purchasing, storing, and managing blockchain-based assets. The experience gained from this process will be shared in regular reports over the next 2-3 years. The bank emphasizes that the total investment amount will not be increased and that this portfolio is financed independently of existing reserves.The most interesting aspect of this pilot program is that Bitcoin will be included on a central bank's balance sheet for the first time. CNB President Aleš Michl says that this idea was first raised in January 2025. This proposal, criticized by European Central Bank (ECB) President Christine Lagarde at the time, has now received official approval from the CNB's board of directors. The Czech Republic, despite being an EU member, has not adopted the euro, giving its central bank more leeway.Michl stated the following in a statement today: “I proposed the idea of a test portfolio in January 2025. Our goal was to understand how a decentralized asset like Bitcoin is positioned from a central bank perspective and to assess its potential for diversifying our reserves.”The assets added to the bank's test portfolio aren't limited to Bitcoin. The portfolio also includes a USD stablecoin; this was included to better understand the practical application of the blockchain-based dollar. It also examines how a tokenized deposit and the digital representation of traditional financial assets work.
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13 Nov 2025
43-Day US Government Shutdown Ends: How Crypto Markets Affected
US President Donald Trump officially ended the longest government shutdown in the country's history by signing the funding bill passed by the House of Representatives on Wednesday. This 43-day process forced federal agencies to operate at nearly half capacity, directly impacting the crypto ecosystem as well as financial markets.The bill, approved by the Senate earlier this week, took effect with Trump's signature after quickly passing the House. The new funding grants the federal government authority to operate until January 30, 2026, meaning both Democrats and Republicans have a window of several months for more comprehensive budget negotiations.One of the key points of the shutdown was healthcare spending. Democrats wanted more funding for this area, while Republicans argued that regulations should be addressed after the bill was signed. Trump stated his openness to compromise on this issue after the signing, saying, "I'm willing to work with both parties. We can do better on healthcare."What's changing on the crypto side?The government reopening means that crucial institutions, especially in the crypto ecosystem, will return to full capacity. The SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) were operating with limited staff throughout the shutdown. This had caused critical crypto applications to remain on hold. Here's what's expected now:Decision-making processes for spot crypto ETF applications will accelerate again.The CFTC will proceed with the November 19th confirmation hearing of Mike Selig, Trump's favorite for the agency, as planned.The Treasury Department will continue to review the stablecoin-focused GENIUS Act feedback, which includes feedback collected between early October and early November.All of these developments are clearly critical for the crypto markets in the medium term. Both the progress of the ETF filings and the clarification of the stablecoin regulatory framework will determine the overall direction of the sector heading into 2026.Initial market reaction is subduedThe end of previous government shutdowns throughout history has generated strong gains in crypto assets, particularly Bitcoin. However, this time the picture looks different. The Bitcoin price showed minimal movement following the news, while the broader market remained flat. According to analysts, there are two reasons for this:While the impact of this shutdown on crypto-related institutions was well-known, markets had largely priced it in.Global macro uncertainty remains high, and investor risk appetite remains weak.Nevertheless, the government's reopening represents a significant "unblocking" for the crypto market. Markets may see clearer movement in the coming weeks, particularly as the ETF application update process becomes active again.
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13 Nov 2025
Sygnum: Institutions Strong in Crypto, But 2026 Anxiety Grows
Institutional investors are turning to crypto markets again. According to a new report from Sygnum Bank, institutional interest in crypto assets increased rapidly in the last quarter of the year, this time driven not by short-term gains but by portfolio diversification. However, experts warn that this momentum may slow as 2026 approaches.Sygnum Report: Institutions Focus on CryptosIt has been revealed that institutional investors turned to crypto assets in the last quarter of the year, but expectations of a "boom" signal a slowdown towards 2026. The "Future Finance 2025" report from Sygnum Bank, the Swiss-Singapore-based digital asset bank, revealed this trend.According to the report's key findings, 61% of institutional investors plan to increase their digital asset investments, with this figure reaching 38% for the fourth quarter of the year. There is also a significant shift in the motivation for investing in crypto assets: "Speculation" is no longer the primary motivation, replacing it with portfolio diversification. The Sygnum research team interprets this shift as "institutional players are moving from thinking of crypto solely as a defensive position to seeing it as a way to participate in the structural transformation of global finance." In short, crypto assets are now beginning to be accepted as an alternative investment class, not just a short-term source of profit.Strategy ChangeA significant shift is also being observed in the approach of institutional investors. Actively managed strategies (42%) now surpass index-based strategies (39%). This suggests that investors are shifting from a "buy a token and wait" model to flexible strategies that can respond quickly to policy changes and market fluctuations.Furthermore, interest in investment instruments beyond Bitcoin and Ethereum has increased significantly. More than 80% of investors expressed interest in broader crypto ETFs, and nearly 70% said they would increase their allocation if offered staking advantages. Furthermore, the tokenization of real-world assets is also on the rise: interest in this direction has increased from 6% to 26% compared to a year ago. Cautious Outlook for 2026However, not all the data is entirely positive. The report describes 2025 as a "year of moderate risk and strong demand catalysts," noting that factors such as regulatory uncertainty and declining liquidity could weigh on momentum. Indeed, while the vast majority of investors remain confident in the long term, it predicts that crypto market momentum could begin to decline starting in mid-2026.Among the data included in the report: 91% of high-net-worth individuals believe crypto will play a key role in long-term wealth preservation. 81% view Bitcoin as a treasury reserve asset, and nearly 70% believe that holding cash for the next five years carries a higher opportunity cost than holding Bitcoin.
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11 Nov 2025
Investors Change Course: SOL, LTC, and XRP Shine on Fund Inflows
The wave of outflows in digital asset investment products continued into its second week. According to CoinShares' November 10, 2025 report, net outflows totaled $1.17 billion last week. This figure is attributed to the ongoing uncertainty in the market following the liquidity crash in mid-October and the US Federal Reserve's (Fed) hesitation regarding interest rate cuts.Trading volumes hovered around $43 billion throughout the week; while brief hopes of a US government reopening boosted fund inflows on Thursday, this optimism quickly dissipated on Friday.US-based funds led the negative trend. US markets alone saw outflows of $1.22 billion, while Germany and Switzerland saw positive inflows in Europe with $41.3 million and $49.7 million, respectively.Bitcoin and Ethereum ExplodeBitcoin and Ethereum accounted for the largest portion of fund outflows. Bitcoin products saw net outflows of $932 million and $438 million, respectively. Specifically, the iShares (BlackRock) Bitcoin ETF saw $876 million in outflows, and the Fidelity Wise Origin Bitcoin Fund saw $438 million. Grayscale also saw a $142 million decline.The sell-off in Bitcoin also fueled the shift towards short-term products. Short Bitcoin ETPs saw $11.8 million in inflows, the highest weekly increase since May 2025.Altcoins Resist: Solana Leads the WayDespite the selling pressure in major cryptocurrencies, altcoins remained resilient. Solana once again led the way with $118.4 million in weekly inflows. Over the past nine weeks, Solana funds have seen a total capital inflow of over $2.1 billion. XRP also saw a strong weekly inflow of $28.2 million. Other assets saw small but notable movements: Litecoin saw $1.9 million in inflows, and multi-asset products saw $12.3 million in inflows. In comparison, Sui saw $3.8 million in outflows, and Cardano saw $0.1 million.Table by Fund ProviderAccording to CoinShares data, iShares closed the week with the largest outflow, with $876 million. Fidelity saw a $438 million decline, while Grayscale saw a $142 million decline. In contrast, ProShares ETFs saw $158 million in inflows, 21Shares $22 million, and Bitwise $3 million.While the overall net inflow into crypto investment products has maintained $47.8 billion since the beginning of the year, outflows in the last two weeks indicate a significant cooling in investor sentiment.Regional Differences DeepenWhile the US remains at the center of outflow pressure, European markets remain relatively balanced. Germany and Switzerland maintained their positive trend, while Canada and Hong Kong experienced outflows of $7.6 million and $24.5 million, respectively. The report emphasizes that the reshaping of capital flows in the market is closely linked to Fed policies and global risk appetite.
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10 Nov 2025
Big Step from CFTC: Leveraged Crypto Trading is on the Way
The US is on the cusp of a new era in crypto markets. Caroline Pham, the interim chair of the Commodity Futures Trading Commission (CFTC), announced that legislation is underway to authorize leveraged spot crypto trading. If implemented, investors will be able to trade spot crypto with leverage on regulated platforms within the US for the first time. This move could bring liquidity, which has long been diverted to offshore exchanges, back to the US and pave the way for the country to gain a more active position in the crypto markets.Critical crypto move in the USCaroline Pham, the interim chair of the US Commodity Futures Trading Commission (CFTC), confirmed that they are preparing to authorize leveraged spot crypto trading nationwide. Pham stated that they are in discussions with regulated US-based exchanges and that the first leveraged spot products could launch next month. In a post on X, Pham officially confirmed the process, saying, "We are working towards allowing leveraged spot crypto trading in the US." She also noted that despite the partial government shutdown, discussions with industry representatives are ongoing. The CFTC is reportedly considering issuing guidance for these products.This development follows the CFTC's "spot cryptoasset contracts" initiative launched in August. This initiative aimed to gather public input on rules for retail commodity transactions conducted with collateral or financing. According to Federal Register data, "leveraged or secured retail commodity transactions" fall under the CFTC's jurisdiction as long as delivery is not made within 28 days. This means that leveraged spot trading is legal in the US only for certain periods and under certain conditions.According to CoinDesk, Pham is currently in direct talks with large CFTC-registered financial institutions and crypto-focused platforms. These institutions include major players like CME, Cboe Futures Exchange, and ICE Futures, as well as Coinbase Derivatives, Kalshi, and Polymarket US. The focus of the discussions is on the creation of new spot crypto trading infrastructures that include leverage, margin, and financing. This will allow investors to access instruments previously only available on overseas exchanges through regulated US markets.Pham emphasized that this process aligns with the recommendations of the Presidential Working Group on Digital Assets. According to these recommendations, institutions should use their existing legal authority to regulate digital asset markets while Congress drafts new legislation. "We are swiftly utilizing our existing authority while continuing to work with Congress on regulatory clarity," Pham said.If the plan goes through, the US will become the first major economy to allow leveraged spot crypto trading within its borders. This step could increase both transparency and investor protection, but it could also lead to a significant repatriation of liquidity from overseas markets to the US. Leveraged spot trading in a regulated environment could accelerate the integration of digital assets into the US financial system by increasing the participation of institutional investors.
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10 Nov 2025
Is the US Government Opening? Bitcoin Surpasses $106,000
Positive developments regarding the budget package passed by the US Senate have sparked a notable rally in cryptocurrency markets. The uncertainty that had increased in the markets following the 40-day federal government shutdown has eased somewhat as the package progresses toward approval.First and foremost is data. Bitcoin rose approximately 2% in 24 hours, trading near $106,000. Ethereum rose approximately 7.8% to $3,632. XRP gained 8.4%, Binance Coin 3.7%, and Solana 7.8%. The Senate made progress on the disagreements that led to the government shutdownThe primary reason behind this rise is that the budget package, which passed the Senate with a 60-40 vote, is perceived by markets as a signal that the threat is disappearing. If enacted, it will allow for the reopening of closed institutions, the payment of government salaries, and the economy to operate at full capacity again. It's not surprising that the markets reacted in this direction. Some prominent comments in market analyses include: Peter Chung, research director at Presto Research, stated, “The prolonged lockdown has drained liquidity from overnight loans and increased anxiety in the markets. Once this burden is lifted, risk assets can be directed.” Similarly, Vincent Liu, chief investment officer at Kronos Research, said, “The decline in macro uncertainty and policy optimism have increased buying appetite in the crypto market.”Furthermore, the government reopening not only boosts market morale for the day but also normalizes economic data flow, supporting the policy decision-making process of institutions like the Federal Reserve. For example, BTSE COO Jeff Mei summarized this situation by saying, “Economic indicators will return to normal, and stimulus measures may become more visible from now on.” Furthermore, Nick Ruck, director of LVRG Research, emphasized that risk assets, including crypto, have gained momentum as the dollar index's momentum stalled and liquidity increased. Considering the crypto market movement in a broader context: As Asian markets opened, US stock futures rose, and the previous pressure on the dollar/currency front partially eased. Under these circumstances, Bitcoin and other leading digital assets re-confirmed their position in the "risky asset" category. A technically upward trend has formed in the market in the short term.However, an important side note: The Senate decision is not yet final. After receiving approval from the House of Representatives, the bill will be sent to the President for consideration for signature. Any disruption could resurface uncertainty, potentially exacerbating market turmoil. In this context, indicators investors should closely monitor include fund flows (especially ETFs focused on crypto), Bitcoin's dominance rates, and whether altcoins will join this rally.
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10 Nov 2025
$5.4 Billion in Options Expiration on Bitcoin and Ethereum: Markets Hold Their Breath
The crypto market is preparing for a new turning point with $5.4 billion in Bitcoin and Ethereum options expiring today on the Deribit exchange. This massive expiration is a critical test that will determine both price volatility and investor behavior. Bitcoin is trading around $102,000, while Ethereum is trading sideways around $3,350.In the options market, attention is particularly focused on Bitcoin's "max pain" level of $107,000. This level represents the price range where the majority of investors incur the most losses. Meanwhile, $3,800 stands out as a similar psychological and technical resistance for Ethereum.Traders are cautious, but still betting against volatilityAt a time when analysts are warning of "end-of-cycle signals," it's noteworthy that traders are trying to suppress volatility with short positions. An analysis by Greeks.live indicates that many investors continue to sell options, focusing on the ETH 3,650, 3,400, and 3,800 levels. These strategies are based on the expectation that the market will remain stable; however, it also emphasizes the potential for significant losses if prices suddenly break out. Open interest in Bitcoin options has reached 45,802 contracts. Of these, 25,570 are calls and 20,233 are puts. The total open interest exceeds $4.6 billion. This suggests that investors are still actively holding positions despite the uncertainty in the market.The defensive line for Ethereum is $3,800The outlook for Ethereum options is slightly more cautious. The put/call ratio is at 0.9, suggesting a balanced but defensive outlook. The largest open interest is concentrated in puts at $3,500 and calls at $4,200. This strengthens the possibility that the price will move within this range in the short term. According to data, the total open interest in ETH options on Deribit reaches $713 million. Traders often attempt to limit downside risk and capitalize on potential upsides with complex strategies such as "calendar spread," "risk reversal," and "straddle."Macro pressures persistThis critical juncture in the options market is compounded by increasing macro pressures. Recent US inflation data (CPI) and statements by Fed Chair Jerome Powell have weakened ETF inflows. Despite this, the high open interest rate in the options market suggests that investors are still determined to remain in the market.The general market sentiment can be described as "cautious optimism." While increased volatility is expected in the short term, the majority of traders believe prices will not fall below $100,000. However, if volatility surges after expiration, sharp price movements in the crypto market may be inevitable today.
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7 Nov 2025
Bitcoin “Still Cheap”: JPMorgan Gives Markets Hope with $170,000 Prediction
Although Bitcoin has experienced sharp fluctuations in recent weeks, according to JPMorgan analysts, it still has significant upside potential. In its latest report, the bank stated that Bitcoin remains "cheap" compared to gold and that if it reaches fair value, its price could reach as high as $170,000. Institutional analysts emphasize that the market has regained a healthy footing with the decline in leverage ratios, increasing the likelihood of a strong recovery in the next 6 to 12 months.JPMorgan analysts offer reassuranceBitcoin is back on the agenda of institutional analysts. In its new report, JPMorgan predicted that the leading cryptocurrency could reach $170,000 within 6 to 12 months. The bank's analysts stated that the normalization of leverage ratios and the fact that Bitcoin remains "extremely cheap" compared to gold could support this rise. JPMorgan strategist Nikolaos Panigirtzoglou stated that leverage ratios in the futures market have largely been eliminated following the sharp decline in October, creating a "healthier platform" for price action. According to the report, Bitcoin's volatility-adjusted "fair value" relative to gold is well above current levels. Analysts argue that if this gap closes, Bitcoin should trade around $170,000.The bank also noted that gold's recent record highs, coupled with its increased volatility, make Bitcoin more attractive on a risk-adjusted basis. According to JPMorgan data, the Bitcoin-gold volatility ratio has fallen to 1.8. This means Bitcoin is now only 1.8 times riskier than gold. The report stated, "Taking this ratio into account, Bitcoin's current market capitalization is $2.1 trillion, and this figure should increase by approximately 67%, thus equating to a theoretical price of $170,000." Meanwhile, while the sharp correction experienced by the overall market has demoralized investors, many analysts believe Bitcoin is regaining strength after the selling pressure. Crypto analyst Michaël van de Poppe noted that the $106,000 level has become a key resistance level following the recent recovery. According to Poppe, if Bitcoin can surpass this level, the market could regain positive sentiment and pave the way for a new uptrend.Some analysts highlighted the remarkable outperformance of the Nasdaq index compared to Bitcoin. Market strategist Crypto Rover stated that the gap between the two assets has "widened to a historic level" and could close soon.All these developments suggest that Bitcoin is beginning to show signs of recovery after one of its sharpest corrections in 2025. The 20% drop in October, combined with the $128 million Balancer attack and massive liquidations in futures, created a significant deleveraging in the market. However, JPMorgan analysts interpret this process as "the beginning of a new bullish cycle."Consequently, the trajectory of Bitcoin in the coming months remains uncertain. However, institutional analysts' $170,000 forecast indicates that the market still believes in its long-term potential. The deleveraging and increased gold volatility are noteworthy.As of November 7, 2025, the Bitcoin price is around $101,531.
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7 Nov 2025
Galaxy Lowers Bitcoin Forecast After $20 Billion Liquidation
Galaxy Digital, stating that the crypto market has entered a period of maturity with institutional participation, lowered its year-end Bitcoin (BTC) price target from $185,000 to $120,000 in its monthly report. Alex Thorn, the company's Head of Research, stated that Bitcoin has entered a "maturity period" where it is no longer driven by individual investors, but rather by large funds and ETF inflows. According to Thorn, while this doesn't completely end the upward trend, it signals the beginning of a period in which gains will progress more slowly.Galaxy Digital Lowers Bitcoin ForecastGalaxy Digital revised its forecast, particularly after the "flash crash" that occurred on October 10th. That day's sharp decline resulted in liquidations of approximately $20 billion, briefly dropping Bitcoin from $121,000 to below $105,000. This was recorded as the largest liquidation in crypto history. According to the company's analysis, long-term investors sold approximately 400,000 to 470,000 BTC during the recent downturn. These sales created supply pressures of between $43 billion and $50 billion, making it difficult for Bitcoin's price to recover. On-chain data shows the market losing momentum due to weakening spot demand and increased ETF outflows. Spot Bitcoin and Ethereum ETFs in the US saw over $1 billion outflow in just five days.Galaxy also points to a shift in capital direction behind this trend. A significant portion of investors are now shifting to areas like artificial intelligence (AI) and gold. According to Thorn, while data center and AI infrastructure company stocks have risen rapidly in recent months, Bitcoin's speculative appeal has diminished. This shift is limiting the potential for a recovery in the crypto market.Geopolitical tensions and the uncertain macroeconomic outlook are also causing investors to turn to safer havens. While gold has once again emerged as a hedge against inflation, capital outflows from digital assets continue. Thorn stated, “Even in a liquid environment, attention is a limited resource. This year, the investment focus has shifted from digital assets to the artificial intelligence sector.”Galaxy Digital notes that Bitcoin spot ETFs haven't driven the market upwards permanently, but passive inflows from institutional and individual ETF investors have reduced volatility. This provides short-term stability but limits sudden price increases.According to CryptoQuant analyst Julio Moreno, if the current selling pressure continues, the BTC price could fall to $72,000 in the short term. Moreno noted that the decline in spot demand and ETF outflows have been ongoing since the October crash.While the price of Bitcoin fell below $100,000 at the beginning of the week, it has since recovered by more than 5% to around $103,000. Ethereum has also risen from $3,100 to $3,400. However, the market remains fragile as capital outflows from ETFs continue. Galaxy Digital argues that Bitcoin's long-term fundamentals remain strong despite short-term pressures. "Market cycles are inherent to crypto assets," Thorn said. "This consolidation phase does not invalidate Bitcoin's long-term projections."
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6 Nov 2025
Trump's Crypto Statement: "We've Ended the War"
All eyes are once again on the US in the crypto markets. President Donald Trump delivered a strong message of support for the cryptocurrency industry during his speech at the America Business Forum in Miami. Sharing his vision for the future of Bitcoin and digital assets, Trump emphasized that America should not lag behind in this area and declared that the "crypto war is over."Donald Trump makes a statement on cryptocurrencyAt an event held in Florida on November 5, 2025, as part of the America Business Forum, Donald J. Trump asserted that the US will be the leading country in the cryptocurrency space. He declared, "We are making America the Bitcoin superpower and the crypto capital of the world."In his speech, he claimed that the federal "war" on the cryptocurrency sector is over. He stated, "Crypto was under pressure, but it's not anymore," and presented a new vision. However, this vision did not include concrete timelines or new institutional directions.Trump suggested that digital assets could play a significant role not only in the technology field but also in the financial sphere. He stated that cryptocurrencies reduce pressure on the dollar and could benefit the US in terms of currency sovereignty. He used the phrase, "It alleviates pressure on the dollar."He also warned that rival countries like China could use the crypto sector to their advantage, emphasizing that the US should take an active role in this area. "If it's not done right, this is a major industry, and China is about to start," he said.Government steps are also progressing, albeit slowly, in line with the vision outlined in Trump's speech. Earlier this year, there were signs of the establishment of federal structures such as the "Strategic Bitcoin Reserve" and the "Digital Asset Stockpile" in the US; however, Bitcoin purchases have not yet materialized.Furthermore, the GENIUS Act, signed in July 2025, laid the groundwork for a regulatory framework for stablecoins. However, the market structure and comprehensive regulations are not yet fully established.Why did Trump emphasize crypto?Trump's emphasis on crypto did not emerge overnight. Previous administrations' regulatory crackdown on crypto and the general atmosphere of uncertainty had led to a lack of confidence in the sector. Trump described this situation as a "war," suggesting that this perception had been reversed. He also emphasized the crypto sector's size and support from the business community: "It's a big industry. There are a lot of businesspeople... they were in other businesses, but crypto is also involved," he said. This statement aims to demonstrate that crypto goes beyond being a mere investment tool and offers the potential to create economic growth and jobs.
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6 Nov 2025
Bitcoin Drops Below $100,000: $1.7 Billion Liquidated
The crypto market is experiencing a sharp sell-off. Bitcoin fell below $100,000, and a total of $1.7 billion worth of leveraged positions were liquidated in the last 24 hours. US-traded spot Bitcoin and Ethereum ETFs also saw a net outflow of $797 million on the same day. Investors are avoiding risk due to hawkish messages from Fed Chair Jerome Powell and the uncertainty created by the US government shutdown.Massive liquidations in the crypto marketAccording to SoSoValue data, spot Bitcoin ETFs saw $577.74 million in outflows. This was the highest daily outflow since August 1st. Fidelity's FBTC fund withdrew $356.6 million, Ark & 21Shares' ARKB fund $128 million, and Grayscale's GBTC fund $48.9 million. A total of seven Bitcoin funds closed with negative flows on the day. This extended a five-day outflow trend that has exceeded $1.9 billion.The situation was similar on the Ethereum side. Spot Ethereum ETFs saw $219.37 million in outflows, with BlackRock's ETHA fund leading the way with $111 million. Grayscale and Fidelity's Ethereum funds also saw outflows. Solana ETFs saw only a small inflow of $14.83 million, the lowest daily net inflow since launch.These fund movements led to sharp liquidations in derivatives markets. In the last 24 hours, $1.78 billion worth of positions were liquidated in the cryptocurrency markets. Long positions accounted for 77 percent of these liquidations, while long trades accounted for 72 percent of the $1.07 billion liquidations over the 12-hour period. An additional $7.1 million was liquidated in the last hour. According to the data, investors quickly closed their leveraged positions, thus deepening the decline rapidly. According to BTC Markets analyst Rachael Lucas, this isn't a "simple pause," but rather a strategic repositioning by institutional investors. "This fifth consecutive day of gains represents a recalibration focused on risk management," Lucas said.Macroeconomic headwinds are also weighing on crypto. Recent statements by US Federal Reserve (Fed) Chair Jerome Powell have weakened the likelihood of a December interest rate cut. This has pushed the dollar index (DXY) back above 100. The strengthening dollar has put pressure on crypto assets, which are highly correlated with technology stocks. Lucas commented, "The unraveling of the valuation bubble in AI stocks could spill over into crypto; the high correlation with the Nasdaq is driving this."Bitcoin fell 2.7 percent to $101,731 in the last 24 hours, while Ethereum fell 4.7 percent to $3,326. The 24-hour period also saw Bitcoin lose support at $100,000 and drop to $99,076. The Fear and Greed Index fell to 21, entering "extreme fear" territory. Experts believe such periods signal periods of increased volatility but also opportunities for long-term investors.
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5 Nov 2025
French Company Sold Some of Its Bitcoin to Pay Off Debt
French semiconductor company Sequans Communications sold some of its Bitcoin holdings to reduce its debt burden. By selling 970 Bitcoins, the company repaid 50% of its convertible bonds. This move reduced its total debt from $189 million to $95 million, while strengthening its balance sheet.Sequans sold 970 BitcoinsThe company's Bitcoin reserves, which stood at 3,234 before the recent sale, decreased to 2,264. At current market prices, the total value of these assets is approximately $240 million. This has reduced Sequans's debt-to-net-asset ratio from 55% to 39%. With this reduction, the company aims to increase its financial flexibility and create shareholder value. Sequans CEO Georges Karam stated, “Our Bitcoin asset strategy and belief in this asset have not changed. This sale is a tactical decision made in response to market conditions. We wanted to increase our balance sheet strength in the interest of our shareholders.”Following the debt repayment, the company also plans to accelerate its previously announced ADS (American Depositary Share) repurchase plan. It is also stated that the removal of some restrictions in the debt agreements will allow for more capital markets initiatives in the future. These initiatives include issuing new preferred shares or generating returns with a portion of Bitcoin holdings.Paris-based Sequans Communications develops wireless 4G/5G cellular connectivity solutions and focuses particularly on the Internet of Things (IoT). The company adopted Bitcoin as its primary reserve asset in early 2025. This decision was part of a corporate trend where digital assets are considered a long-term store of value instead of traditional cash management. From a financial perspective, Sequans' second-quarter revenues were $8.1 million, a 1.1% increase compared to the previous year. However, the company reported a net loss of $9.1 million. Despite this, market analysts believe that debt reduction and its Bitcoin strategy could positively impact the company's balance sheet in the medium term.Research firm B. Riley has issued a "buy" recommendation on Sequans shares and set a target price of $13. According to analysts, the company's shares currently trade at just 0.7 times adjusted net asset value, a valuation below the industry average.
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4 Nov 2025
Sharp Correction in the Crypto Market: Bitcoin and Altcoins Drop
The crypto market was caught in a sharp sell-off again in the first week of November. Bitcoin tested below $105,000 for the first time in three weeks, while altcoins experienced even deeper losses. The combination of fear and liquidity squeeze across the market significantly reduced investor risk appetite. With Bitcoin's decline, the Crypto Fear and Greed indicator dropped from 42 to 21, reaching the "Extreme Fear" level. This was its lowest point in seven months. The last time the index fell this sharply was in April. At the time of writing, the index was down 29 percent. According to experts, there are multiple reasons behind the sell-off. The first factor is the lack of liquidity in the market. According to analyst Michaël van de Poppe, the circulating supply of many altcoins is limited. If only 10% of the total supply is traded, a large sell order can easily destabilize the market. Because the order books lack sufficient depth, the decision by a few large investors to sell can quickly drive prices down. This makes altcoins both more vulnerable to declines and more reactive to rises. Van de Poppe says, “Be patient. The cycle is not over. Altcoins may recover more strongly when liquidity returns.”Another pressure factor in the market is Bitcoin's increasing dominance. Bitcoin, which holds more than 60% of the total market capitalization, is causing capital outflows from altcoins. As dominance increases, investors are turning to BTC again as a safe haven, accelerating the weakening of altcoins.On the macro front, the liquidity shortage in the US is negatively impacting cryptocurrencies. The government shutdown and Treasury spending cuts have reduced cash flow in the market. The accumulation of approximately $1 trillion in the Treasury General Account (TGA) has reduced reserves in the system and pushed up money market interest rates. This squeeze has led to a flight from risky assets. Furthermore, cautious statements from Fed Chair Jerome Powell accelerated the sell-off. While markets were anticipating further interest rate cuts, Powell's message that "we won't rush" disappointed investors. Bitcoin fell below $108,000, while leading altcoins like Ethereum and Solana lost between 6-8 percent of their value. Trading volumes have decreased by nearly 40 percent since mid-October.What lies ahead?However, the outlook isn't entirely bleak. Historically, when Bitcoin dominance peaks and altcoins are weak, a strong altcoin rally usually follows. Experts suggest that the Fed could become dovish again (dovish, positive monetary policy) if the US government resolves the shutdown and economic data weakens. Such a scenario could trigger a potential liquidity expansion or a new wave of quantitative easing in 2026. In short, the crypto market is currently under pressure from shrinking liquidity, rising fear, and Bitcoin-centric capital influx. However, such periods can herald a new bullish cycle for patient investors.
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4 Nov 2025
The Powell Effect: Bitcoin Funds Exit, Solana, and Flow into 6 Altcoins
Crypto asset investment products recorded a total net outflow of $360 million last week. This decline is primarily due to Fed Chair Jerome Powell's emphasis that a new interest rate cut in December is "not a certainty." Powell's cautious remarks have plunged investors into uncertainty, dampening risk appetite.CoinShares data draws attention: Bitcoin's significant outflowAccording to CoinShares data, the United States is at the center of these outflows. US-based funds saw $439 million in outflows, partially offset by inflows of $32 million from Germany and $30.8 million from Switzerland. Canada also closed the week in positive territory with $8.5 million in flows. Sweden, on the other hand, recorded an outflow of $11 million.Bitcoin ETFs were the hardest-hit product group, with $946 million in outflows for the week. Despite the interest rate cut, Powell's "hawkish" rhetoric reiterated Bitcoin's sensitivity to monetary policy. While Bitcoin's total assets under management fell to $175.6 billion, the year-to-date inflow of $29.4 billion remained.Solana was the star of the week. Driven by the launch of new Solana ETFs in the US, the funds saw $421 million in inflows. This figure marked the second-highest weekly inflow in Solana's history. This brings SOL's total positive year-to-date inflow to $3.3 billion. Ethereum also saw $57.6 million in inflows. However, daily flow data suggests investors remain hesitant. Nevertheless, it's noteworthy that Ethereum maintained its strong year-to-date inflow of $14.3 billion. XRP also closed the week positive with $43.2 million in positive flow, bringing its total year-to-date inflow to $1.97 billion.The picture was mixed for smaller altcoins. Sui saw $9.4 million inflows, Litecoin $1.5 million, Cardano $700,000, and Chainlink $500,000. Multi-asset funds saw a small inflow of $8.3 million, while Zcash remained stable. However, the "other" category saw a notable outflow of $43 million.Among fund providers, iShares ETFs led the way with $390 million in outflows. Fidelity's Wise Origin Bitcoin Fund saw $156 million, Bitwise $92 million, and ARK 21Shares $76 million. ProShares and 21Shares AG also saw positive outflows, with $47 million and $21 million, respectively.While a total of $49 billion has flowed into digital asset funds since the beginning of the year, fluctuations in recent weeks suggest that investors are still closely monitoring Fed policy.
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3 Nov 2025