Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 101,900.0 | +0.33% |
| Ethereum (ETH) | 3,314.77 | +0.87% |
| Bitcoin Spot ETF | −566.4M | Net Outflow |
| Ethereum Spot ETF | −219.4M | Net Outflow |
| Nasdaq (NAS100) | 25,362.9 | −0.30% |
| S&P 500 (SPX) | 6,771.54 | −1.17% |
| Russell 2000 (RUT) | 2,429.9 | +0.08% |
| U.S. Dollar Index (DXY) | 100.194 | 0.00% |
| VIX Volatility Index (VIX) | 18.99 | +10.66% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.070 | −0.32% |
| Brent Crude Oil (BRENT) | 64.225 | +0.20% |
| LBMA Gold (XAU) | 3,965.970 | +0.86% |
| LBMA Silver (XAG) | 47.6408 | +1.01% |
“Prepared at UTC 07.30 am”
Today’s Key Events
- U.S. Supreme Court hearing on the legality of Trump administration tariffs (Bessent participating)
- U.S. ADP Nonfarm Employment Change (October)
- U.S. CFTC Commissioner Pham Speaks
- Robinhood Markets Inc Earnings Report
Trump’s Influence Over Congress Wanes as Democrats Gain Momentum in Midterm Elections
Democrats scored significant victories in the Virginia and New Jersey gubernatorial elections in the US, dealing a blow to Trump’s political power. Abigail Spanberger (Virginia) and Mikie Sherrill (New Jersey) won their elections comfortably. According to polls, 60% of voters are “angry or dissatisfied” with the current state of the country. According to CNN data, more than half of voters cast their ballots as a message to Trump. The election results, coinciding with the sixth week of the government shutdown, made economic dissatisfaction with the Trump administration even more apparent.
Bessent: Will Defend Trump’s Tariff Policy at the Supreme Court
US Treasury Secretary Scott Bessent announced that he will participate in the Supreme Court hearing on the legality of President Trump’s tariffs. Bessent stated that his participation is not political but emphasizes the “economic crisis.” The hearing on Wednesday will discuss the legal limits of the President’s authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA).
Tensions Between the US and China Ease: Fentanyl Tariffs Cut in Half
The White House issued an executive order reducing tariffs on Chinese goods related to fentanyl from 20% to 10%, effective November 10. Treasury Secretary Bessent announced the creation of a joint task force to monitor fentanyl supply chains.
Senator Lummis: “Strategic Bitcoin Reserve Could Be a National Debt Solution”
U.S. Senator Cynthia Lummis argued that creating a strategic Bitcoin reserve is the most viable solution to the national debt crisis. According to Lummis, Bitcoin could be a safe haven against inflation in the long term and an alternative store of value in the national reserve system.
U.S. Government Shutdown
The U.S. Senate failed to pass a temporary funding bill in the 14th vote on November 4, bringing the government shutdown to a record 35 days. The vote result remained the same as before, with 54 in favor, 44 against, and 2 abstentions. President Trump proposed removing the filibuster rule in the Senate to speed up the process. Meanwhile, a bipartisan House group proposed a new plan that would extend Affordable Care Act (ACA) tax credits for two years while limiting subsidies for high-income households.
Chinese Vice Premier He Lifeng – Goldman Sachs Meeting
Chinese Vice Premier He Lifeng emphasized during his meeting with Goldman Sachs CEO David Solomon that the agreements reached by the leaders of the two countries “must be faithfully implemented.” He stated that this would provide economic stability and predictability for businesses in both China and the US. China welcomed Goldman Sachs’ intention to increase its investments and said cooperation between the two countries would contribute to global financial stability.
Nvidia-China Talks Blocked
The Wall Street Journal reported that Trump’s plan to allow Nvidia to sell its next-generation artificial intelligence chips to China was rejected by senior advisers. The advisers argued that the issue should not be raised at the China-US leaders’ meeting.
Trump Re-Nominates Musk Ally for NASA Chief
US President Donald Trump has re-nominated Jared Isaacman as NASA chief. Isaacman is a close friend of Elon Musk and founder of Shift4 Payments. The nomination had previously been withdrawn due to a disagreement.
CZ Denies Claims of Being an Aster Token Whale
Binance founder CZ denied claims that he was associated with a whale purchase of $4.6 million worth of Aster (ASTER). CZ put an end to the rumors in a statement on the X platform, saying, “I am not the whale.”
MARA Transfers 2,348 BTC Worth $236 Million
On-chain data shows that mining company Marathon Digital (MARA) transferred 2,348 BTC (approximately $236 million) to FalconX, TwoPrime, Galaxy Digital, and Coinbase Prime addresses in the last 12 hours. The transfers are being interpreted as a signal of preparations to sell BTC.
Strong Inflows into Hedera and Litecoin ETFs
According to SoSoValue data, the Canary Hedera (HBAR) ETF recorded a net inflow of $1.57 million on November 4. The ETF’s total value reached $60.42 million. The Litecoin ETF (LTCC) saw $200,000 in inflows on the same day. These figures indicate that institutional interest in spot crypto ETFs is continuing to grow at an increasing pace.
Linea Launches Dual Token Burn Mechanism
The Linea Layer-2 network announced its new burning system: 20% of all transaction fees are burned as ETH, and 80% as LINEA. This dual deflation model creates a value-enhancing mechanism for both ETH and LINEA in the long term.
Perp DEX Trading Volume Hits Record in October: $1.75 Trillion
According to Artemis data, the trading volume of decentralized derivatives exchanges (Perp DEX) reached $1.75 trillion in October. Lighter, Aster DEX, and Hyperliquid were the main drivers of growth. Kalshi, in particular, broke the record by reaching a trading volume of $4.4 billion on its own.
Polymarket: 20% Chance of Government Shutdown Ending by November 7
Polymarket data shows a 20% chance of the government reopening between November 4–7 and a 33% chance between November 8–11. The probability of the shutdown continuing after November 16 is 32%.
Jupiter Approves Decision to Burn 130 Million JUP Tokens
The Jupiter community approved the burning of 130 million JUP tokens (4% of the supply) from the “Litterbox Trust” fund with an 86% vote. This step strengthens the long-term trust goal by reducing the circulating supply in the ecosystem.
SEC’s Crypto Treasury Investigation Suspended Due to Government Shutdown
Due to the US government shutdown, the SEC’s investigation into public companies’ digital asset treasury (DAT) strategies has been temporarily suspended. Former SEC officials stated that the investigation will resume once the government reopens, and subpoenas could be issued within 1–2 months.
