Written by Omkar Godbole (all times Eastern Time unless otherwise noted)
Bitcoin BTC$105,109.83 Rebounding from lows in early Asian trading, supporting altcoins such as Ether Ethereum$3,550.31, XRP$2.4441Solana sol$160.33. Liquidity continues to flow between sectors, with liquidity now shifting from privacy coins to smaller projects such as ASTER, RENDER, SKY, and MNT, which jumped 7%.
While this action feels typical, 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 and measures net cumulative demand over the past 30 days.
The index has recently turned around, rising to a three-month high of 5,252 BTC (approximately $549 million), according to Capriol Investments. The increase was reflected in $523 million in net inflows into the U.S.-listed Bitcoin Spot ETF on Tuesday, the largest in a month, according to SoSoValue data.
Still, traders remain cautious on the derivatives side. At Deribit, a preferred destination for sophisticated traders, the annualized funding rate remains well below the 2025 average of 5.9%. According to FRNT Financial, Ether has shown a similar pattern, complemented by Aave’s subdued stablecoin lending rates, indicating subdued risk appetite.
Market participants may be growing tired of the prolonged U.S. government shutdown. “The Senate’s stopgap bill extends funding until January 30 and removes short-term tail risks, but does nothing to resolve the underlying fiscal impasse. It is a classic ‘quick fix’ solution,” Singapore-based QCP Capital said.
And remember, the House has not yet approved this bill. Until that happens, traders will be at a loss as there will be no economic indicators.
According to QCP, the release of private sector data such as ADP salaries and the NFIB index will be given particular weight, “both of which indicate a softening of the labor environment and cautious business confidence.”
“For the Fed, this reinforces its view of ‘cautious easing’ ahead of the December FOMC meeting (December 9-10),” the company said.
In traditional markets, gold’s rally has stalled around $4,130 an ounce as the MOVE index, which measures expected 30-day volatility in Treasury securities, surges again. Increased volatility in the U.S. Treasury market typically weighs on risk assets, including gold and cryptocurrencies. Be alert!
More information: For an analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today.
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptography
- macro
- November 12, 10:20 a.m.: Federal Reserve President Christopher J. Waller speaks at the 9th Annual FinTech Conference hosted by the Federal Reserve Bank of Philadelphia. Watch it live.
- Nov. 12, 12:30 p.m.: Federal Reserve Governor Stephen I. Millan speaks at a fireside chat at Cambridge University’s Judge Business School. Watch it live.
- revenue (estimated based on FactSet data)
- November 12: Coincheck Group (CNCK), post-market, N/A.
- Nov. 12: Circle Internet Group (CRCL), premarket, $0.22.
- November 12: DeFi Development (DFDV), post-market, N/A.
token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- November 12: Maple hosts Q4 ecosystem call.
- unlock
- Activate token
- November 12: Binance to be delisted PERP$0.1294, KDA$0.03086and FLM$0.01610.
conference
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Day 2 of 3: Mining Disrupt Conference (Dallas)
- Day 1 of 2: Cardano Summit 2025 (Berlin)
- Day 1 of 3: Blockchain Summit Latam 2025 (Medellin, Colombia)
market movements
- BTC is up 1.87% since Tuesday at 4:00 PM ET to $104,545.84 (24h: -0.41%).
- ETH rose 1.99% to $3,484.95 (24 hours: -0.76%)
- CoinDesk 20 rose 1.81% to 3,377.76 (24 hours: -0.82%)
- Ether CESR comprehensive staking interest rate increases by 7bps to 2.93%
- BTC funding rate is 0.0048% (5.3020% p.a.) on Binance.
- DXY rose 0.21% to 99.65
- Gold futures rose 0.3% to $4,128.70.
- Silver futures rose 1.81% to $51.66.
- The Nikkei 225 closed 0.43% higher at 51,063.31.
- The Hang Seng rose 0.85% to close at 26,922.73.
- FTSE unchanged at 9,890.88
- The Euro Stoxx 50 rose 1.06% to 5,786.58.
- The DJIA rose 1.18% to close at 47,927.96 on Tuesday.
- The S&P 500 rose 0.21% to close at 6,846.61.
- The Nasdaq Composite fell 0.25% to close at 23,468.30.
- The S&P/TSX Composite rose 0.31% to end at 30,409.25.
- The S&P 40 Latin America Index rose 2.21% to end at 3,176.04.
- US 10-year government bond interest rate fell 2.5bps to 4.085%
- E-mini S&P 500 futures rose 0.34% to 6,895.00.
- E-mini Nasdaq 100 futures rose 0.62% to 25,799.50.
- The E-mini Dow Jones Industrial Average rose 0.14% to 48,098.00.
bitcoin statistics
- BTC Dominance: 60.03% (-0.34%)
- Ether to Bitcoin ratio: 0.03375 (1.75%)
- Hashrate (7-day moving average): 1,077 EH/s
- Hash Price (Spot): $42.46
- Total fees: 2.68 BTC / $281,340
- CME futures open interest: 137,275 BTC
- BTC Gold Price: 24.9oz
- BTC vs. Gold Market Cap: 7.03%
technical analysis
Dominance of USDT. (Trading View)
- This graph shows Tether’s dominance of USDT, the world’s largest dollar-pegged stablecoin, in the overall crypto market.
- Maintaining the macro bullish trend line, the dominance is rising again.
- The rise in stablecoin dominance typically occurs when investors pivot to DeFi opportunities or move into risk-averse mode in search of the safety of the US dollar equivalent.
crypto assets
- Coinbase Global (COIN): Tuesday’s closing price was $304.01 (-4.38%), pre-market was $310.13, +2.01%.
- Circle Internet (CRCL): $98.30 (-5.57%), +2.46% to end at $100.72
- Galaxy Digital (GLXY): $30.74 (-3.3%), +1.2% to end at $31.11
- Bullish (BLSH): Ended at $45.39 (-2.58%), +1.04% $45.86
- MARA Holdings (MARA): $14.63 (-6.1%), +1.44% to end at $14.84
- Riot Platform (RIOT): Ended at $16.14 (-6.81%), +1.36% at $16.36
- Core Scientific (CORZ): Ended at $17.32 (-10.21%)
- CleanSpark (CLSK): Closed at $14.04 (-6.55%), +2.31% at $14.37
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Ended at $50.05 (-6.59%)
- Exodus Movement (EXOD): Closed at $21.29 (-2.61%)
crypto asset company
- Strategy (MSTR): $231.35 (-3.15%), +1.83% to end at $235.59
- Semler Scientific (SMLR): Ended at $27.35 (-6.56%)
- SharpLink Gaming (SBET): $11.56 (-3.26%), +1.99% to end at $11.79.
- Upexi (UPXI): $3.21 (-4.18%), +4.98% to end at $3.37
- Light Strategy (LITS): Closed at $2.08 (-7.96%)
ETF flow
Spot BTC ETF
- Net flow per day: $524 million
- Cumulative net flow: $60.47 billion
- Total BTC holdings ~ 1.34 million
Spot ETH ETF
- Net flow per day: -$107.1 million
- Cumulative net flow: $13.77 billion
- Total ETH holdings ~ 6.56 million
Source: Farside Investors
while you were sleeping
- Is Bitcoin’s volatility holiday over? Charts suggest, analysts cite three catalysts (CoinDesk): Volmex’s 30-day Implied Volatility Index (BVIV), calculated from option prices, recently surged above the trend line that marked the year-to-date decline of 73%, confirming a bullish breakout.
- JP Morgan unveils deposit token JPM Coin in digital asset push (Bloomberg): Following the conclusion of a pilot with Mastercard, Coinbase, and B2C2, the new token JPMD will allow the bank’s institutional clients to move their bank holdings in seconds via the Base blockchain.
- Kraken boss criticizes UK crypto rules (Financial Times): Kraken co-CEO Arjun Sethi said the Financial Conduct Authority’s warning labels and additional measures were creating hurdles for investors, leaving most US crypto products unavailable to UK customers.
- Visa tests stablecoin payments to speed up payments for creators and gig workers (CoinDesk): Aimed at helping creators and freelancers access funds faster across borders, Visa’s pilot will allow payments in dollar-backed stablecoins like Circle’s USDC.
