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Flows of new liquidity dry up: Crypto Daybook Americas

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

Bitcoin BTC$103,064.19 It continued to chop around $103,000, struggling to extend Wednesday’s recovery from under $100,000. The Coindesk 20 Index climbed 2% in 24 hours alongside 18% gains in ZEC, ICP and QNT.

The crypto market currently resembles a game of musical chairs: Liquidity moves from one token to another, without any new inflows, in what Wintermute calls a “self-funded mode.”

The new inflows are slowing down for months all three channels through which capital enters the ecosystem: StableCoins, ETFs and Digital Asset Treasury (DATS), Wintermute said.

The listed areas listed in the US, for example, registered cumulative outflows of more than $ 1.5 billion in less than two weeks and the demand from digital asset fund companies fell sharply from third-quarter peaks.

Interestingly, the absence of fiat inflows comes even as the M2 money supply in major countries continues to rise. This may be because the increase in M2, driven by fiscal spending, aims to fuel a global cycle of capital spending focused on technology, especially AI, infrastructure, and boosting domestic demand.

The key question is when will liquidity start to flow again? Perhaps soon, because the Fed is “easing a bubble,” as Ray Dalio described it X postcalling it inflationary. Elevated inflation can sustain demand for assets like gold and gold like Bitcoin. Altcoins involved in AI or those linked to the beneficiaries of the stimulus may also perform well, while others may struggle.

For now, entrepreneurs should watch Bitcoin’s interaction with The 50-week simple moving average, a key support in the bull market since early 2023. A strong rebound here could signal new record highs.

In other news, crypto exchange Powered by Coinbase (coin) The US Treasury to ensure the upcoming rules for the Genuis StableCoin Act will not exceed the legal requirements. Decentralized lighter exchange, which is recent experienced a bot glitch That pushed Hype’s price close to $100, cementing Chainlink as Oracle’s partner for real-world asset derivatives.

In traditional markets, the dollar index rallied near resistance at the August high of 100.25. A breakout could force the crypto further. Goldman Sachs said the US Supreme Court appeared likely to rule against the Trump administration’s use of emergency powers to impose tariffs, although any cuts would likely apply to smaller trading partners rather than major ones like China. Stay Alert!

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 6, 7 AM: Bank of England Interest-Rate Decision. Est. 4%
- November 6, 2 PM: Mexico Central Bank Interest-Rate Decision. Est. 7.25%
- November 6, 2:30 pm: Federal Reserve Governor Christopher J. Waller gives a speech on “Central Banking and the Future of Payments.” Watch Live
Revenue (Estimates based on factSet data)
- November 6: Block (XYZ), post-market, $0.64.
- November 6: Iren (Iren), post-market, $ 0.15.

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
- November 6: Olympusdao (ohm) to host a call to the community.
Unlocks
Launching a token
- November 6: Folks Finances (people) listed on Binance, Kraken, MEXC, Bingx, and others.
- November 6: Unifai (UAI) listed on Binance, Bitrue, and others.
- November 6: Aunt$0.7992 which is listed on Binance.us.

Conference

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

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

Market movements

BTC is down 0.77% as of 4 PM ET Wednesday at $102,873.60 (24hrs: +0.73%)
ETH is down 1.58% at $2,607.45 (24hrs: +1.89%)
Coindesk 20 is down 1.33% at 3,261.54 (24hrs: +1.80%)
Ether CESR Composite Staking Rate is up 5 bps at 3.06%
BTC funding rate is at 0.0071% (7.7854% annual) on Binance

DXY was down 0.24% at 99.96
Gold futures were up 0.59% at $4,016.60
Silver futures were up 0.91% at $48.46
NIKKEI 225 closed up 1.34% at 50,883.68
The Hang Seng closed up 2.12% at 26,485.90
The FTSE was down 0.28% at 9,749.73
The Euro Stoxx 50 was up 0.03% at 5,670.66
The DJIA closed Wednesday up 0.48% at 47,311.00
The S&P 500 closed up 0.37% at 6,796.29
The Nasdaq Composite closed up 0.65% at 23,499.80
The S&P/TSX Composite closed up 1.09% at 30,103.48
The S&P 40 Latin America closed up 2.32% at 3,054.60
The US 10-Year Treasury Rate was down 1.9 bps at 4.138%
E-Mini S&P 500 futures were unchanged at 6,830.00
E-mini Nasdaq-100 futures were unchanged at 25,759.50
The E-Mini Dow Jones Industrial Average Index was unchanged at 47,432.00

Bitcoin Stats

BTC Dominance: 60.57% (unchanged)
Ether-Bitcoin Ratio: 0.03291 (-0.17%)
Hashrate (seven-day moving average): 1,111 eh/s
HashPrice (Spot): $41.97
Total fees: 4.18 BTC / $429,396
CME Futures Open Interest: 135,525 BTC
BTC is priced in gold: 24.5 oz.
BTC vs Gold Market Cap: 6.91%

Technical Analysis

BTC broke through the 38.2% Fibonacci retracement of the April to October rally.
The next support can be seen at $94,237, which is the 61.8% retracement.
On the higher side, $116,400 is Leb

Crypto Equities

Coinbase Global (coin): Closed on Wednesday at $ 319.30 (+3.9%), -0.23% at $ 318.58 in the pre-market
Circle Internet (CRCL): Closed at $113.03 (+1.6%), +0.38% at $113.46
Galaxy Digital (GLXY): Closed at $31.44 (+0.87%), +1.72% at $31.98
Bullish (BLSH): Closed at $48.32 (+5.62%), +0.37% at $48.50
Mara Holdings (MARA): Closed at $17.13 (+3.07%), -0.41% at $17.06
Riot Platform (Riot): Closed at $18.97 (-1.58%), -0.32% at $18.91
Core Scientific (CORZ): Closed at $21.8 (+0.28%), +0.32% at $21.87
CleanSpark (CLSK): closed at $16.58 (+2.22%), unchanged in pre-market
Coinshares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $62.18 (+6.4%)
Exodus Movement (Exod): Closed at $ 23.24 (+0.48%)

Crypto Treasury Companies