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Bitcoin (BTC) Demand Revival: Crypto Diary Americas

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By Omkar Godbole (at all times and unless otherwise indicated)

Bitcoin BTC$105,150.52 The early Asian session bounced off, providing support for altcoins like ether Eth$3,550.31, XRP$2.4441and Solana Sol$160.33. Liquidity continues to flow between sectors – today it is moving from privacy coins to smaller projects, including aster, render, sky and MNT, which jumped 7%.

While the action feels ordinary, the real story lies in the demand pivot highlighted by the “apparent demand” metric. It tracks Bitcoin issuance against the behavior of long-term holders to measure net cumulative demand over the past 30 days.

The metric recently flipped positive, climbing to a three-month high of 5,252 BTC, about $549 million, According to Capriole Investments. This increase was spelled out by a $523 million net inflow into US-listed Bitcoin Spot ETFS on Tuesday, the most in a month, according to Sosovalue data.

However, traders remain cautious on the derivatives side. At Deribit, a preferred venue for sophisticated entrepreneurs, annual funding rates remain well below the 2025 average of 5.9%. Ether is showing a similar pattern, complemented by muted stablecoin lending rates on AAVE, which has signaled contained risk appetite, according to FRNT Financial.

Market participants may be growing weary of the drawn-out US government shutdown. As Singapore-based QCP Capital put it: “The Senate’s stopgap bill extending funding through Jan. 30 removes a near-dangerous tailwind but does nothing to resolve the underlying fiscal gridlock—a classic ‘kick-the-can’ fix.”

And don’t forget, the house has yet to approve the proposal. Until this is done, the lack of economic data leaves entrepreneurs in limbo.

According to the QCP, private data releases, such as the ADP payroll and NFIB index, carry extra weight, “both pointing to softer labor conditions and cautious business sentiment.”

“For the Fed, this reinforces the ‘easing with caution’ narrative heading at the DEC FOMC (Dec 9–10),” the firm said.

In traditional markets, gold bounced back to around $4,130 an ounce amid a renewed spike in the moving index, which measures 30-day expected volatility in Treasury notes. Increased volatility in the Treasury market typically weighs on gold and risk assets, including cryptocurrencies. Stay Alert!

Read more: For an analysis of today’s activity in altcoins and derivatives, see Crypto markets today

What to watch

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Crypto
Macros
- November 12, 10:20 AM: Federal Reserve Governor Christopher J. Waller speaks at the ninth annual FinTech conference hosted at the Federal Reserve Bank of Philadelphia. Watch Live.
- November 12, 12:30 PM: Federal Reserve Governor Stephen I. Miran speaks at a Fireside Chat at the University of Cambridge Judge Business School. Watch Live.
Revenue (Estimates based on factSet data)
- November 12: Coincheck Group (CNCK), Post-Market, N/A.
- November 12: Circle Internet Group (CRCL), pre-market, $0.22.
- November 12: DEFI DEVELOPMENT (DFDV), post-market, n/a.

Token events

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Management votes and calls
Unlocks
Launching a token

Conference

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Market movements

BTC is up 1.87% as of 4 PM ET Tuesday at $104,545.84 (24hrs: -0.41%)
ETH up 1.99% to $3,484.95 (24hrs: -0.76%)
Coindesk 20 climbed 1.81% to 3,377.76 (24hrs: -0.82%)
Ether CESR Composite Staking Rate is up 7 bps to 2.93%
BTC funding rate is at 0.0048% (5.3020% annual) on Binance

DXY was up 0.21% at 99.65
Gold futures were up 0.3% at $4,128.70
Silver futures were up 1.81% at $51.66
The Nikkei 225 closed up 0.43% at 51,063.31
The Hang Seng closed up 0.85% at 26,922.73
The FTSE was unchanged at 9,890.88
The Euro Stoxx 50 was up 1.06% at 5,786.58
The DJIA closed Tuesday up 1.18% at 47,927.96
The S&P 500 closed up 0.21% at 6,846.61
The Nasdaq Composite closed up 0.25% at 23,468.30
The S&P/TSX Composite closed up 0.31% at 30,409.25
The S&P 40 Latin America closed up 2.21% at 3,176.04
The US 10-Year Treasury Rate fell 2.5 bps to 4.085%
E-Mini S&P 500 futures were up 0.34% at 6,895.00
e-mini Nasdaq-100 futures were up 0.62% at 25,799.50
The E-Mini Dow Jones Industrial Average Index was 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 is priced in gold: 24.9 oz
BTC vs Gold Market Cap: 7.03%

Technical Analysis

The dominance rate of USDT. (TradingView)

The chart shows the dominance rate for Tether’s USDT, or the world’s largest dollar basin of the total crypto market.
The dominance is rising again, holding the macro bullish trendline.
Upswings in StableCoin’s dominance usually occur when investors either pivot towards defiant opportunities or move into a currency-averse mode, seeking safety in US dollar equivalents.

Crypto Equities

Coinbase Global (coin): Closed on Tuesday at $ 304.01 (-4.38%), +2.01% at $ 310.13 in the 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 Platform (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