By Omkar Godbole (All times ET unless indicated otherwise)
The cryptocurrency market received a threefold boost, nudging bitcoin toward a key test of a former support-turned-resistance zone above $106,000. What happens afterward could set the tone for the next major leg in the cycle.
Optimism was first sparked by a Truth Social post from President Donald Trump, who promised a $2,000 dividend to low-income Americans, funded by trade tariff revenues. The crypto crowd quickly decided the payout would be in the form of direct stimulus checks — a clear parallel to the 2021 Covid-era payments that helped propel unprecedented altcoin rallies.
However, Treasury Secretary Scott Bessent suggested that the dividend might be delivered through less direct and less potentially bullish, measures, such as tax cuts.
The second thrust was the U.S. Senate’s decision to advance a measure likely to fund the government through January, ending a record-long shutdown that has kept crucial economic data tightly under wraps. Yet, as ING notes, the real test lies in whether Congress can keep up the momentum over the next 48 hours.
Lastly, financial conditions have eased, with the key banking sector spread reversing the late October spike. Meanwhile, the dollar index’s rally has stalled after hitting resistance at the August high of 100.25.
Taken together, these catalysts could help bitcoin move past the $106,000-$107,000 resistance zone and revive demand for the 11 U.S.-listed spot ETFs, which have collectively experienced $2.8 billion in outflows over the past four weeks.
On the other hand, a failure to penetrate the resistance zone could cement a bearish trend, opening doors for a deeper sell-off.
In altcoins, most of the action is in XRP as five spot ETFs tied to the payments-focused token have appeared on the DTCC list, raising hopes for an imminent approval. Privacy coins continue to shine as well, with ZEC rising to $630 from Friday’s drop to $500.
In other news, Acting CFTC Chair Caroline Pham said the agency is collaborating with registered exchanges to launch leveraged spot crypto products as early as next month.
In traditional markets, futures tied to the S&P 500 are up 0.5%, signaling risk-on. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Crypto
- Nov. 10: Cboe Global Markets (CBOE) aims to debut Cboe continuous futures for BTC and ETH on Cboe Futures Exchange (CFE).
- Nov. 10: Square’s Bitcoin Payments offering becomes available to eligible U.S.-based users.
- Macro
- Earnings (Estimates based on FactSet data)
- Nov.10: Bitdeer Technologies (BTDR), pre-market.
- Nov. 10: Coreweave (CRWV), post-market.
- Nov. 10: Etoro Group (ETOR), pre-market, $0.55.
- Nov. 10: Exodus Movement (EXOD), pre-market.
- Nov. 10: Fold Holdings (FLD), post-market.
- Nov. 10: Gemini Space Station (GEMI), post-market.
- Nov. 10: Terawulf (WULF), pre-market.
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Governance votes & calls
- The ENS DAO is voting on various Term 6 funding requests: 110k USDC + 15 ETH for public goods, 470k USDC for ecosystem, and 379k USDC for meta-governance. Voting ends Nov. 10.
- Unlocks
- Token Launches
- Nov. 10: Canton Network (CC) to be listed on KuCoin.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Market Movements
- BTC is up 2.13% from 4 p.m. ET Friday at $106,078.75 (24hrs: +4.13%)
- ETH is up 4% at $3,607.56 (24hrs: +5.2%)
- CoinDesk 20 is up 4.1% at 3,499.07 (24hrs: +6.44%)
- Ether CESR Composite Staking Rate is down 12 bps at 2.82%
- BTC funding rate is at 0.0063% (6.9467% annualized) on Binance
- DXY is unchanged at 99.60
- Gold futures are up 1.93% at $4,087.00
- Silver futures are up 3.47% at $49.81
- Nikkei 225 closed up 1.26% at 50,911.76
- Hang Seng closed up 1.55% at 26,649.06
- FTSE is up 0.98% at 9,777.58
- Euro Stoxx 50 is up 1.70% at 5,661.32
- DJIA closed on Friday up 0.16% at 46,987.10
- S&P 500 closed up 0.13% at 6,728.80
- Nasdaq Composite closed down 0.21% at 23,004.54
- S&P/TSX Composite closed up 0.15% at 29,912.19
- S&P 40 Latin America closed up 1.13% at 3,084.87
- U.S. 10-Year Treasury rate is up 3.7 bps at 4.13%
- E-mini S&P 500 futures are up 0.95% at 6,817.75
- E-mini Nasdaq-100 futures are up 1.47% at 25,536.25
- E-mini Dow Jones Industrial Average Index are up 0.42% at 47,285.00
Bitcoin Stats
- BTC Dominance: 59.81% (-0.16%)
- Ether to bitcoin ratio: 0.03404 (-0.56%)
- Hashrate (seven-day moving average): 1,057 EH/s
- Hashprice (spot): $43.09
- Total Fees: 2.29 BTC / $235,870
- CME Futures Open Interest: 137,690 BTC
- BTC priced in gold: 25.2 oz
- BTC vs gold market cap: 7.10%
Technical Analysis
- Wile BTC has rebounded somewhat, it has yet to top $107,250, the lower end of the weekslong trading range that recently resolved bearishly.
- Should it succeed, the bearish outlook will be invalidated, opening doors for a jump to $110,000 and higher.
- Conversely, a bull failure would reinforce the range breakdown, potentially leading to a deeper sell-off below $100,000.
Crypto Equities
- Coinbase Global (COIN): closed on Friday at $309.14 (+4.72%), +3.25% at $319.20 in pre-market
- Circle Internet (CRCL): closed at $103.14 (+3.13%), +3.93% at $107.19
- Galaxy Digital (GLXY): closed at $31.56 (+3.88%), +4.69% at $33.04
- Bullish (BLSH): closed at $45.08 (+1.1%), +3.82% at $46.80
- MARA Holdings (MARA): closed at $15.87 (-0.56%), +4.22% at $16.54
- Riot Platforms (RIOT): closed at $17.01 (-1.9%), +4.17% at $17.72
- Core Scientific (CORZ): closed at $20.19 (-1.94%), +5.25% at $21.25
- CleanSpark (CLSK): closed at $15.57 (+1.1%), +5.20% at $16.38
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $55.09 (-2.58%), +5.28% at $58
- Exodus Movement (EXOD): closed at $21.62 (+0.79%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $241.93 (+1.99%), +2.81% at $248.72
- Semler Scientific (SMLR): closed at $27.6 (+0.66%), +2.46% at $28.28
- SharpLink Gaming (SBET): closed at $11.96 (+7.07%), +5.94% at $12.67
- Upexi (UPXI): closed at $3.31 (-0.15%), +6.81% at $3.53
- Lite Strategy (LITS): closed at $2.1 (+14.13%)
ETF Flows
Spot BTC ETFs
- Daily net flow: -$558.4 million
- Cumulative net flows: $59.94 billion
- Total BTC holdings ~ 1.33 million
Spot ETH ETFs
- Daily net flow: -$46.6 million
- Cumulative net flows: $13.88 billion
- Total ETH holdings ~ 6.58 million
Source: Farside Investors
While You Were Sleeping
- U.S. Senate Advances Bill to End Federal Shutdown (Reuters): On Sunday, a 60-40 procedural vote set funding through Jan. 30 and teed up a December vote to extend Affordable Care Act premium tax credits, pending House passage and the president’s signature.
- Hold Your Horses, BTC Bulls: Bessent Says Tariff ‘Dividend’ Could Be Tax Cuts (CoinDesk): President Trump’s announcement of a $2,000 “dividend” sparked hopes for a cryptocurrency rally, but Treasury Secretary Scott Bessent later said the financial benefit might be given through tax cuts rather than direct checks.
- Bitcoin ETF Outflows Hit $1.2B Even as Wall Street Deepens Its Crypto Bets (CoinDesk): Last week, investors also pulled $508 million from U.S.-listed spot ether products while adding $137 million to solana counterparts as funding stress eased and the dollar’s rally paused.
- Is This the Indicator That Bitcoin Treasury Companies Have Hit a Bottom? (CoinDesk): Jim Chanos, the famed short seller best known for anticipating Enron’s collapse in 2001, said he closed his position on MSTR, marking the end of an 11-month short MSTR/long bitcoin trade.
- Demand for Secure Crypto Devices Soars as Hacks Hit Record (Financial Times): In the first half of 2025, crypto theft totaled $2.2 billion, with 23% hitting individuals’ wallets, lifting sales of Ledger hardware wallets as the company prepares a capital raise.
