Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 91,875.0 | −1.41% |
| Ethereum (ETH) | 3,066.10 | −1.78% |
| Bitcoin Spot ETF | −372.80M | Net Outflow |
| Ethereum Spot ETF | −74.20M | Net Outflow |
| Nasdaq (NAS100) | 24,517.5 | +0.29% |
| S&P 500 (SPX) | 6,617.33 | −0.83% |
| Russell 2000 (RUT) | 2,352.1 | +0.03% |
| U.S. Dollar Index (DXY) | 99.136 | −0.04% |
| VIX Volatility Index (VIX) | 24.69 | +10.32% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.118 | −0.41% |
| Brent Crude Oil (BRENT) | 64.752 | −0.32% |
| LBMA Gold (XAU) | 4,092.00 | +0.62% |
| LBMA Silver (XAG) | 51.411 | +1.61% |
Today’s Key Events
- Fed October FOMC Minutes
- FOMC Member Williams to Speak
- Nvidia Earnings Report
ADP Weekly Employment Data Points to a Slight Improvement
According to ADP, the average weekly job loss over the four weeks ending November 1 fell to 2,500, showing improvement from the previous period’s loss of 11,205. The hiring rate rose from 3.9% before the pandemic to 4.4%, while starting wages remained flat. ADP noted that new hires were primarily replacing retired and departing employees, and that this trend is likely to continue due to aging and layoffs. Therefore, employment totals may not fully reflect the weakness in working conditions.
Jobless Claims at 232,000; Data Update to Follow
Initial jobless claims reached 232,000 in the week ending October 18, while continuing claims reached 1.957 million. The Department of Labor announced that it will complete the missing weekly claim data from the shutdown by Thursday evening. The missing data was shared early due to a technical error and will be published directly on the website instead of in the regular press release once it is complete.
Statements from Fed Members
- Richmond Fed President Barkin (no vote in 2025, hawkish): Said that a rate cut in December is not guaranteed and that he shares Powell’s view. He stated that policy is still moderately restrictive. He said labor force growth has slowed, job postings have declined, and layoffs at large companies have brought labor force growth close to zero. He stated that although inflation is above target, the upside risk is limited and that increases in productivity could reduce price pressures.
Trump: “I Have Decided on My Next Fed Chair Nominee”
President Trump said he has made his decision on the next Fed Chair and will meet with candidates after Thanksgiving. Candidates include Waller, Bowman, Warsh, Hassett, and BlackRock executive Reed. It was announced that the new Fed Chair will be appointed as a Fed Governor on February 1, 2026.
Reuters/Ipsos Poll: Trump’s Approval Rating Falls to 38%
Trump’s approval rating has fallen to 38%, the lowest level since his return to the presidency. Only 26% of respondents approved of his performance on the cost of living, while 20% approved of his handling of the Epstein case. Although his support within the Republican Party has fallen to 82%, it is still considered high; however, early signs of weakening control are visible.
Saudi Crown Prince’s Visit to the US: $1 Trillion Investment Pledge
Crown Prince Mohammed pledged to increase Saudi investments in the US from $600 billion to $1 trillion during his meeting with Trump, but experts are skeptical about the feasibility of this pledge. The Abraham Accords, defense cooperation, and energy and technology partnerships were discussed during the meeting. The visit is seen as an attempt by Saudi Arabia to strengthen ties with the US during a period of low oil prices.
China-Japan Talks Tense; No Progress Made
- Liu Jinsong of the Chinese Foreign Ministry said he was dissatisfied with the outcome of the talks and that the atmosphere was “serious.”
- Asahi Shimbun reported that Prime Minister Takaichi still refuses to retract his statements on Taiwan.
- The Japanese government argued that its current stance is no different from that of previous administrations and emphasized the need to maintain communication.
- Japanese Minister Onoda said that economic dependence on China poses risks in terms of supply chains and tourism.
Michael Saylor: Bitcoin Volatility Has Declined; Long-Term Returns Could Be 1.5 Times That of the S&P 500
Saylor said Bitcoin’s annual volatility has declined from 80% in 2020 to around 50% today. Saylor noted that volatility could decrease by approximately 5 points every few years over time, predicting that as Bitcoin matures, it will have 1.5 times the volatility and 1.5 times the long-term performance of the S&P 500. He also stated that his company is structured to withstand an 80–90% decline and that he is not concerned about sudden pullbacks.
US Senate Banking Committee Prepares to Vote on Crypto Market Structure Bill
Senator Tim Scott announced that the committee plans to vote on the crypto market architecture bill next month. The bill aims to clarify the SEC–CFTC jurisdictional boundaries and introduce the concept of “ancillary assets” to define non-securities crypto assets. The bill is expected to be submitted to the Senate for enactment by Trump in early 2026.
Morgan Stanley Sold $104 Million in Structured Notes Linked to IBIT
This month, the bank issued two-year structured notes linked to BlackRock’s Bitcoin ETF, IBIT. The product offers medium-term/step-up returns as long as the price does not fall below 25% and promises higher returns at maturity if the ETF is stable or rising.
US OCC: Banks Can Hold Crypto to Pay Blockchain Gas Fees
The Office of the Comptroller of the Currency (OCC) confirmed that national banks can hold crypto assets as base currency to pay blockchain network fees and test their own platforms. It emphasized that operations must be conducted in compliance with regulations.
Movement Foundation Transfers $MOVE Reserves to Its Own Network
The Foundation announced the completion of its four-month buyback commitment and the transfer of tokens from its Ethereum mainnet strategic reserves to the Movement Network strategic reserve for ecosystem development and incentives.
Ondo Receives EU Approval for Tokenized Stock and ETF Services in Europe
Ondo Global Markets will be able to offer tokenized stocks and ETFs to individual investors across the EU and EEA with the license it received from the Liechtenstein FMA. This regulatory approval covers 30 countries and approximately 500 million investors.
Circle xReserve Unveiled: Partnership with Canton and Stacks
Circle announced the xReserve infrastructure, which enables the creation of USDC-backed, fully interoperable stablecoins. The framework, which offers cross-chain value transfer without requiring third-party bridges, will initially integrate with Canton and Stacks.
SharpLink Transfers 5,442 ETH to Galaxy Digital
The transfer, worth approximately $17 million, signals a possible sale preparation. SharpLink holds a total of 861,000 ETH and has an unrealized loss of approximately $430 million based on its average cost.
Filecoin Launches Onchain Cloud Testnet
Filecoin has launched Onchain Cloud, a fully verifiable, open, and on-chain cloud platform. The platform is built on five verifiable components, including Warm Storage, Filecoin Pay, and Synapse SDK, with the mainnet launch scheduled for January 2026.
Phantom Terminal Web Version in Beta
Phantom has opened its new Terminal web version for testing, targeting professional traders. The platform offers advanced charts, real-time data, and fast order execution, while also providing instant position synchronization with mobile devices.
