Demand Revival: Crypto Daybook Americas
Bitcoin and altcoins such as Ethereum, XRP, and Solana experienced gains, supported by increased liquidity flows and positive metrics like Bitcoin's issuance-demand indicator hitting a three-month high. Spot Bitcoin ETFs saw a significant inflow of $523 million, though derivatives markets reflected cautious trader sentiment. Macroeconomic concerns, including the U.S. government shutdown and softer labor conditions, added to market uncertainty. Gold prices stalled amid rising Treasury volatility, impacting risk assets. Traditional markets experienced mixed performance, with Bitcoin's dominance slightly declining and stablecoin dominance rising. Key developments included JPMorgan's launch of a blockchain-based deposit token and Visa's stablecoin payout tests.
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Bitcoin and Altcoin Market Overview
Bitcoin (BTC) bounced off early Asian session lows, trading at $105,109.83, which provided support for altcoins such as ether (ETH) at $3,550.31, XRP at $2.4441, and solana (SOL) at $160.33. Liquidity continued to shift across sectors, moving from privacy coins to smaller projects such as ASTER, RENDER, SKY, and MNT, which surged by 7%.
Demand Pivot and ETF Inflows
The “apparent demand” metric, which tracks bitcoin issuance relative to long-term holder activity, reached a three-month high of 5,252 BTC (~$549 million), according to Capriole Investments. This aligns with a net inflow of $523 million into U.S.-listed bitcoin spot ETFs on Tuesday—the largest single-day inflow in over a month, as reported by SoSoValue data.
Derivatives Market: Low Risk Appetite
Despite the positive demand metrics, traders remained cautious. On Deribit, annualized funding rates lagged the 2025 average of 5.9%, signaling subdued confidence. A similar pattern was observed in ether's derivatives market, supported by muted stablecoin lending rates on Aave, said FRNT Financial. This reflects a low-risk appetite among participants.
U.S. Fiscal and Market Concerns
Concerns about a prolonged U.S. government shutdown add to market uncertainty. QCP Capital highlighted that although the Senate's stopgap bill delays immediate risks until January 30, it fails to address underlying fiscal issues. Furthermore, traders face indecision due to the absence of key economic data, placing more significance on private indicators like the ADP payrolls and NFIB Index, which suggest softer labor conditions and more cautious business sentiment.
Gold and Treasury Market Dynamics
In traditional markets, gold's price movement stalled at $4,130 per ounce, affected by a spike in the MOVE index, which indicates increased volatility in Treasury notes. Such volatility typically weighs on both gold and risk assets, including cryptocurrencies, forcing traders to remain vigilant.
Crypto Market Movements and Indicators
- Bitcoin (BTC) is up 1.87% at $104,545.84 (24h: -0.41%).
- Ether (ETH) is up 1.99% at $3,484.95 (24h: -0.76%).
- USDT dominance shows rising trends within a bullish macro structure, typically associated with increasing risk aversion or a pivot toward DeFi opportunities.
- BTC funding rate is at 0.0048% (5.3020% annualized).
- Major indices like Nikkei 225, Hang Seng, and the Nasdaq Composite showed mixed results, reflecting broader market fluctuations.
Crypto Events and Developments
Key Upcoming Events
- Federal Reserve Governor Christopher J. Waller: Speaking on Nov. 12 at 10:20 a.m. ET at the Fintech Conference in Philadelphia.
- Cardano Summit 2025: Begins in Berlin on Nov. 12.
Token Updates
- Binance plans to delist PERP, KDA, and FLM.
ETF Flows
- Spot BTC ETFs witnessed a daily net inflow of $524 million, increasing total holdings to ~1.34 million BTC.
- Spot ETH ETFs saw a net outflow of $107.1 million.
Crypto Equities and Technical Trends
- Coinbase Global (COIN) closed at $304.01 (-4.38%) but rose to $310.13 in pre-market trading (+2.01%).
- Circle Internet (CRCL) saw a similar recovery, finishing at $98.30 (-5.57%) and inching up to $100.72 pre-market (+2.46%).
Technical Analysis: Stablecoin Dominance
Tether's USDT dominance continues to climb, holding the bullish macro trendline. Investors seem to be shifting to risk-averse strategies, favoring U.S. dollar-backed stablecoins as fears around economic uncertainty grow.