Crypto Chaos: BTC Jumps, ETFs Swoon! 💰

by

A Most Curious Tale of Crypto… 🎩

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin, that most elusive of digital creatures, bounced off early Asian session lows, providing support for altcoins like ether 🧠, 🌐, and solana 🌟. Liquidity continues to flow between sectors – today it’s shifting from privacy coins to smaller projects, including ASTER, RENDER, SKY and MNT, which have jumped 7% 🚀. A most remarkable spectacle, if I do say so myself.

While the action feels typical, the real story lies in the demand pivot highlighted by the “apparent demand” metric. This tracks bitcoin’s issuance against the behavior of long-term holders to gauge net cumulative demand over the past 30 days. A veritable treasure map for the financially inclined!

The metric recently flipped positive, soaring to a three-month high of 5,252 BTC, about $549 million, according to Capriole Investments. This increase is echoed by the $523 million net inflow into U.S.-listed bitcoin spot ETFs on Tuesday, the most in over a month, according to SoSoValue data. A most encouraging sign for the faint-hearted!

Still, traders remain cautious on the derivatives side. On Deribit, a preferred venue for sophisticated traders, annualized funding rates remain well below the 2025 average of 5.9%. Ether shows a similar pattern, complemented by muted stablecoin lending rates on Aave, signaling subdued risk appetite, according to FRNT Financial. A most prudent approach, if I may say so.

Market participants may be growing weary of the drawn-out U.S. government shutdown. As Singapore-based QCP Capital put it: “The Senate’s stopgap bill extending funding through January 30 removes near-term tail risk but does nothing to resolve the underlying fiscal gridlock – a classic ‘kick-the-can’ fix.” A most exasperating situation, indeed.

And don’t forget, the House has yet to approve the measure. Until it does, the absence of economic data leaves traders in limbo. A most frustrating state of affairs for those who thrive on certainty.

According to QCP, private data releases, such as the ADP payrolls and NFIB Index, carry extra weight, “both pointing to softer labor conditions and cautious business sentiment.” A most intriguing development, if you’ll permit me to say so.

“For the Fed, this reinforces the ‘easing with caution’ narrative heading into the Dec FOMC (Dec 9-10),” the firm said. A most diplomatic approach, if I may add.

In traditional markets, gold‘s bounce has stalled at around $4,130 per ounce amid a renewed spike in the MOVE index, which measures the 30-day expected volatility in the Treasury notes. Increased volatility in the Treasury market typically weighs on gold and risk assets, including cryptocurrencies. Stay alert! 🚨

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. A most indispensable guide for the discerning investor.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. A veritable treasure trove of information!

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. A most enlightening resource.

  • Day 2 of 3: Mining Disrupt Conference (Dallas) 🏗️
  • Day 1 of 2: Cardano Summit 2025 (Berlin) 🌍
  • Day 1 of 3: Blockchain Summit Latam 2025 (Medellin, Colombia) 🌎

Market Movements

  • BTC is up 1.87% from 4 p.m. ET Tuesday at $104,545.84 (24hrs: -0.41%) 📈
  • ETH is up 1.99% at $3,484.95 (24hrs: -0.76%) 📈
  • CoinDesk 20 is up 1.81% at 3,377.76 (24hrs: -0.82%) 📈
  • Ether CESR Composite Staking Rate is up 7 bps at 2.93% 📈
  • BTC funding rate is at 0.0048% (5.3020% annualized) on Binance 📉

  • DXY is up 0.21% at 99.65 📈
  • Gold futures are up 0.3% at $4,128.70 📈
  • Silver futures are up 1.81% at $51.66 📈
  • Nikkei 225 closed up 0.43% at 51,063.31 📈
  • Hang Seng closed up 0.85% at 26,922.73 📈
  • FTSE is unchanged at 9,890.88 📉
  • Euro Stoxx 50 is up 1.06% at 5,786.58 📈
  • DJIA closed on Tuesday up 1.18% at 47,927.96 📈
  • S&P 500 closed up 0.21% at 6,846.61 📈
  • Nasdaq Composite closed down 0.25% at 23,468.30 📉
  • S&P/TSX Composite closed up 0.31% at 30,409.25 📈
  • S&P 40 Latin America closed up 2.21% at 3,176.04 📈
  • U.S. 10-Year Treasury rate is down 2.5 bps at 4.085% 📉
  • E-mini S&P 500 futures are up 0.34% at 6,895.00 📈
  • E-mini Nasdaq-100 futures are up 0.62% at 25,799.50 📈
  • E-mini Dow Jones Industrial Average Index are up 0.14% at 48,098.00 📈

Bitcoin Stats

  • BTC Dominance: 60.03% (-0.34%) 📈
  • Ether to bitcoin ratio: 0.03375 (1.75%) 📈
  • Hashrate (seven-day moving average): 1,077 EH/s 🧠
  • Hashprice (spot): $42.46 💰
  • Total Fees: 2.68 BTC / $281,340 💸
  • CME Futures Open Interest: 137,275 BTC 📈
  • BTC priced in gold: 24.9 oz 🏆
  • BTC vs gold market cap: 7.03% 📈

Technical Analysis

  • The chart shows the dominance rate for Tether’s USDT, or the world’s largest dollar-pegged stablecoin’s share of the total crypto market. A most fascinating spectacle! 🎭
  • The dominance is rising again, having held the macro bullish trendline. A most promising sign for the optimists among us.
  • Upswings in stablecoin dominance typically occur when investors either pivot toward DeFi opportunities or shift into a risk-averse mode, seeking safety in the U.S. dollar equivalents. A most prudent move, if I may say so.

Crypto Equities

  • Coinbase Global (COIN): closed on Tuesday at $304.01 (-4.38%), +2.01% at $310.13 in pre-market 📉
  • Circle Internet (CRCL): closed at $98.30 (-5.57%), +2.46% at $100.72 📉
  • Galaxy Digital (GLXY): closed at $30.74 (-3.3%), +1.2% at $31.11 📉
  • Bullish (BLSH): closed at $45.39 (-2.58%), +1.04% at $45.86 📉
  • MARA Holdings (MARA): closed at $14.63 (-6.1%), +1.44% at $14.84 📉
  • Riot Platforms (RIOT): closed at $16.14 (-6.81%), +1.36% at $16.36 📉
  • Core Scientific (CORZ): closed at $17.32 (-10.21%) 📉
  • CleanSpark (CLSK): closed at $14.04 (-6.55%), +2.31% at $14.37 📉
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $50.05 (-6.59%) 📉
  • Exodus Movement (EXOD): closed at $21.29 (-2.61%) 📉

Crypto Treasury Companies

  • Strategy (MSTR): closed at $231.35 (-3.15%), +1.83% at $235.59 📉
  • Semler Scientific (SMLR): closed at $27.35 (-6.56%) 📉
  • SharpLink Gaming (SBET): closed at $11.56 (-3.26%), +1.99% at $11.79 📉
  • Upexi (UPXI): closed at $3.21 (-4.18%), +4.98% at $3.37 📈
  • Lite Strategy (LITS): closed at $2.08 (-7.96%) 📉

ETF Flows

Spot BTC ETFs

  • Daily net flow: $524 million 💰
  • Cumulative net flows: $60.47 billion 💰
  • Total BTC holdings ~ 1.34 million 💰

Spot ETH ETFs

  • Daily net flow: -$107.1 million 💸
  • Cumulative net flows: $13.77 billion 💰
  • Total ETH holdings ~ 6.56 million 💰

Read More

2025-11-12 15:47