Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 90,730.0 | −1.96% |
| Ethereum (ETH) | 3,022.65 | −0.17% |
| Bitcoin Spot ETF | −254.15M | Net Outflow |
| Ethereum Spot ETF | −182.70M | Net Outflow |
| Nasdaq (NAS100) | 24,642.2 | −0.72% |
| S&P 500 (SPX) | 6,672.42 | −0.92% |
| Russell 2000 (RUT) | 2,329.3 | −0.66% |
| U.S. Dollar Index (DXY) | 99.111 | −0.06% |
| VIX Volatility Index (VIX) | 22.38 | +12.86% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.135 | −0.27% |
| Brent Crude Oil (BRENT) | 64.018 | −0.38% |
| LBMA Gold (XAU) | 4,011.82 | −0.82% |
| LBMA Silver (XAG) | 49.581 | −1.02% |
“Prepared at UTC 07.47 am”
Today’s Key Events
- President Trump attends a welcoming ceremony with the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia
- KULR Technology Group Inc Earnings Report
- Xiaomi Earnings Report
- US TIC Net Long-Term Transactions
Statements from Fed Members
- Fed Vice Chair Jefferson (2025–2026 voter, somewhat hawkish): Said that downside risks to the labor market have increased, but that rate cuts should be cautious and data-driven. He noted that companies remain uncertain about hiring/firing and that the duration of this uncertainty is unpredictable. He said inflation risks may have diminished and that the impact of tariffs is temporary. He emphasized that interest rates are still “somewhat restrictive” and that more caution is needed as policy approaches neutral.
- Fed Governor Waller (2025 voter, moderate): He supported a 25 bp rate cut in December and said the labor market has reached a standstill. He noted that inflation is near the 2% target, tariffs will not cause persistent inflation, and tight policy could unnecessarily weaken the economy. He does not expect the upcoming September employment data to change his view.
Nick Timiraos: Wrote that Jefferson’s cautious stance highlights the deep divide within the Fed over the direction of policy. He noted that Powell will have to manage this split before the December meeting, with the hawks (4 regional presidents + Barr) prioritizing inflation and the Trump-appointed governors prioritizing the labor market. At least three dissenting votes are expected at the December meeting, regardless of whether rates are held steady or cut.
Comments by White House National Employment Council Director Hassett
Hassett said labor market signals are mixed and that the adoption of artificial intelligence has reduced companies’ hiring needs. He stated that current data points to further rate cuts. He said approximately 60,000 non-federal workers lost their jobs due to the shutdown and that the economy suffered a total loss of $92 billion. He indicated that fourth-quarter GDP could be 1.5 points lower than in a scenario without the shutdown. He confirmed that the October employment report would include only nonfarm payrolls, without the unemployment rate.
Trump Supports Russia Sanctions
Trump supported a bipartisan bill imposing secondary sanctions on countries trading with Russia. Senator Lindsey Graham said that with Trump’s lack of objection, the bill could move forward quickly and provide Trump with “more tools” to end the war in Ukraine. The bill authorizes sanctions and tariffs on countries that purchase Russian oil and natural gas. This signals a tougher line in the Trump administration’s policy toward Russia.
China’s January-October Financial Data
- Total public budget revenue reached 18.6 trillion RMB (0.8% annual increase), growing 3.16% in October; tax revenues increased moderately while non-tax revenues continued to decline sharply.
- During the same period, public budget expenditures rose 2% to 22.58 trillion RMB; the annual increase accelerated to 9.78% in October.
- Government fund revenues reached 3.44 trillion RMB (a 2.8% increase), but land sale revenues experienced a sharp decline (a 27% drop).
- Government fund expenditures increased by 15.4%; October period expenditures accelerated due to the base effect and pre-loaded 2025 expenditures.
Japan–China Contacts: Kanai Held Talks in Beijing
Masaki Kanai, Director-General for Asian and Oceanian Affairs of Japan, met with Chinese Foreign Ministry official Liu Jinsong in Beijing. Kanai said Prime Minister Takaichi’s strong remarks on Taiwan did not change Japan’s long-standing official stance. The two sides emphasized that despite their differences, people-to-people communication should not be severed. China’s Foreign Ministry announced that Premier Li Qiang would not meet with Japanese leaders at the G20 summit, implying that diplomatic distance may continue for some time.
White House Reviews IRS Rule on Access to Offshore Crypto Data
The White House is evaluating a rule that would give the IRS broader access to U.S. citizens’ digital asset transactions on foreign platforms. The proposal aims to create a data-sharing structure compatible with the Crypto-Asset Reporting Framework and make offshore activities more transparent. The administration argues that this compliance will reduce the motivation for US investors to move their assets to foreign exchanges. Regulators also signaled that additional reporting requirements for DeFi would be excluded.
Fed Member Cook: Allegations Are “Political Persecution”
Attorneys for Fed Board Member Cook argued that inconsistencies in mortgage documents were not intentional and did not constitute a crime. The team stated that the allegations were politically motivated. The Supreme Court halted Trump’s attempt to remove Cook from office, and a hearing will be held in January.
Critical Regulatory Period Begins for SEC Chairman Atkins
SEC Chairman Paul Atkins is expected to take broad deregulation steps focused on crypto and tokenized securities over the next 12 months. TD Cowen analysts stated that the proposal process must begin soon for crypto rules to be finalized by 2027.
Mt. Gox Transfers Over 10,000 BTC
Approximately 10,608 BTC, worth around $954 million, was transferred from Mt. Gox’s cold wallet to different addresses. Of this, 185 BTC was transferred to a hot wallet. While the purpose of the transfer is unknown, the community is discussing the possibility of a potential repayment preparation.
El Salvador Purchased 1,098 BTC in the Last 7 Days
El Salvador purchased 1,098 BTC in one week, increasing its total holdings to 7,474 BTC. The country has purchased a total of 1,121 BTC in the last 30 days. The total value of the portfolio has reached $685 million.
Metaplanet’s Bitcoin Position Decreased by 16%
The total value of Metaplanet’s 30,823 BTC holdings has fallen to approximately $2.78 billion, with the company’s position at a 16.86% loss based on its average cost. The share price has fallen to its lowest level this year, but CEO Simon Gerovich said the long-term strategy remains unchanged and short-term volatility has not affected the company’s focus.
Grayscale DOGE ETF Could Arrive on November 24
According to analyst Eric Balchunas, based on the 20-day review cycle, Grayscale’s Dogecoin ETF could be launched on November 24. Exchange filings are awaited for confirmation.
Ethereum Foundation: “Ethereum Is a Ladder”
Ethereum Foundation co-executive director Hsiao-Wei Wang noted that reliability, flexibility, and protective responsibility are paramount in Ethereum’s transition to the Fusaka phase. He emphasized that Ethereum, which provides 100% block production with each upgrade, will maintain this stability. Comparing ecosystem development to compound interest, he said that decentralization and neutrality are non-negotiable.
ZetaChain & Alibaba Cloud Launch “Universal AI” Hackathon
ZetaChain and Alibaba Cloud announced a joint hackathon promoting artificial intelligence and cross-chain technology integration. The program provides up to $200,000 in ecosystem funding to Asia-Pacific developers. Participants will develop autonomous, multi-chain smart applications using ZetaChain’s native cross-chain infrastructure and Alibaba’s Qwen AI model.
Russia Considers Property Rights for USDT
Russia’s Constitutional Court is hearing a critical case to determine whether citizens have property rights over fiat-pegged stablecoins like USDT. Some institutions argue that USDT does not qualify as a “digital financial asset” under current laws. The ruling is expected to set a precedent for stablecoin regulations in the country.
Ondo Global Markets Surpasses $1 Billion in Trading Volume
Ondo Global Markets’ total trading volume (CEX+DEX+Mint/Redeem) has exceeded $1 billion. TVL reached $322 million, consisting entirely of tokenized ETF assets. The most sought-after tokenized stock was Alphabet Class A.
Vitalik: Ethereum is the “Exact Opposite” of FTX
Vitalik Buterin said that Ethereum is the exact opposite of FTX due to its decentralized structure. He stated that Ethereum developed in a community-focused, transparent, and impartial manner, whereas FTX’s closed corporate structure, which relied on a small number of people, led to its collapse. He emphasized that the essence of blockchain is “distrust.”
21Shares has filed an application for an ETF tracking Canton Network, coded “CANTN.” This product could be one of the first ETF initiatives targeting institutional blockchain infrastructure.
