Where’s the Liquidity Gone?: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin BTC$103.456,89 continues to chop around $103,000, struggling to extend Wednesday’s recovery from under $100,000. The CoinDesk 20 Index is up 2% in 24 hours alongside 18% gains in ZEC, ICP and QNT.

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

New inflows have been slowing for months across all three channels through which capital enters the ecosystem: stablecoins, ETFs and digital asset treasuries (DATs), Wintermute said.

U.S.-listed spot ETFs, for example, registered cumulative outflows of over $1.5 billion in less than two weeks and demand from digital asset treasury firms has dropped 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 M2 increase, driven by fiscal spending, is aimed at stimulating a global capital expenditure cycle focused on technology, particularly AI, infrastructure, and boosting domestic demand.

The key question is when will liquidity start flowing in again? Perhaps soon, as the Fed is “easing into a bubble,” as Ray Dalio described in his X post, calling it inflationary. Elevated inflation could sustain demand for gold and gold-like assets such as bitcoin. Altcoins involved in AI or those linked to beneficiaries of fiscal stimulus may also perform well, while others may struggle.

For now, traders should watch bitcoin’s interaction with its 50-week simple moving average, a crucial bull market support since early 2023. A strong rebound here could signal new record highs.

In other news, crypto exchange Coinbase (COIN) urged the U.S. Treasury to ensure its upcoming rules for the GENUIS stablecoin act do not exceed statutory requirements. Decentralized exchange Lighter, which recently experienced a bot glitch that pushed HYPE’s price near $100, adopted Chainlink as its oracle partner for real-world asset derivatives.

In traditional markets, the dollar index rally is nearing resistance at the August high of 100.25. A breakout could pressure crypto further. Goldman Sachs said the U.S. Supreme Court appears increasingly likely to rule against the Trump administration’s use of emergency powers to impose tariffs, although any reductions would likely apply to smaller trading partners rather than major ones like China. Stay alert!

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Crypto
  • Nothing scheduled.
• Macro
  • Nov. 6, 7 a.m.: Bank of England interest-rate decision. Est. 4%.
  • Nov. 6, 2 p.m.: Mexico central bank interest-rate decision. Est. 7.25%.
  • Nov. 6, 2:30 p.m.: Federal Reserve Governor Christopher J. Waller is giving a speech on “Central Banking and the Future of Payments.” Watch live
• Earnings (Estimates based on FactSet data)
  • Nov. 6: Block (XYZ), post-market, $0.64.
  • Nov. 6: Iren (IREN), post-market, $0.15.

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Governance votes & calls
  • Nov. 6: OlympusDAO (OHM) to host a community call.
• Unlocks
  • No major unlocks.
• Token Launches
  • Nov. 6: Folks Finance (FOLKS) to be listed on Binance, Kraken, MEXC, BingX, and others.
  • Nov. 6: UnifAI (UAI) to be listed on Binance, Bitrue, and others.
  • Nov. 6: TIA$0.8176 to be listed on Binance.US.

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.

• Day 4 of 5: Hong Kong FinTech Week
• Day 3 of 3: Schwab IMPACT 2025 (Denver, Colorado)
• Day 2 of 2: Blockchain Futurist Conference (Miami)
• Day 1 of 2: Bluechip25 Conference (Vienna)

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

• BTC is down 0.77% from 4 p.m. 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% annualized) on Binance

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

• 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 priced in gold: 24.5 oz.
• BTC vs gold market cap: 6.91%

• BTC has penetrated the 38.2% Fibonacci retracement of the April to October rally.
• The next support is seen at $94,237, which is the 61.8% retracement.
• On the higher side, $116,400 is the leb

• Coinbase Global (COIN): closed on Wednesday at $319.30 (+3.9%), -0.23% at $318.58 in 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 Platforms (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

• Strategy (MSTR): closed at $255 (+3.24%), -1.13% at $252.11
• Semler Scientific (SMLR): closed at $28.74 (+20%), -0.84% at $28.50
• SharpLink Gaming (SBET): closed at $12.13 (+3.85%), -1.15% at $11.99
• Upexi (UPXI): closed at $3.67 (+5%), +1.77% at $3.74
• Lite Strategy (LITS): closed at $1.85 (+5.11%)

Spot BTC ETFs

• Daily net flows: -$137 million
• Cumulative net flows: $60.26 billion
• Total BTC holdings ~1.34 million

Spot ETH ETFs

• Daily net flows: -$118.5 million
• Cumulative net flows: $13.91 billion
• Total ETH holdings ~6.61 million

Source: Farside Investors

• How Deep Are Bitcoin Traders Hedging After Recent Price Dip Below $100K? (CoinDesk): Options interest above $40 billion on Deribit clusters near $110,000 for November and December while demand builds in $80,000 puts, signaling deeper downside protection.
• Trump Says He Wants U.S. to Be ‘The Bitcoin Superpower,’ Cites Competition From China (CoinDesk): In a Miami speech, the U.S. president said his orders ended a “war on crypto,” mentioned that crypto helps the dollar and warned China could gain if Washington stumbles.
• Another Piece of Michael Saylor’s Bitcoin Strategy May Be Falling Into Place (CoinDesk): With the perpetual preferred share STRC now trading at par, Strategy may unlock a new path to acquire bitcoin through its at-the-market program.
• Milei Defies Calls to Float Argentine Peso Freely (Financial Times): President Javier Milei pledged to continue market reforms, deepen ties with Donald Trump and keep the peso in a widening band through 2027 despite criticism it inflates the exchange rate.
• Franklin Templeton Debuts Tokenized Money Market Fund in Hong Kong (CoinDesk): Franklin’s on-chain U.S. government money fund, which uses tokenized shares and invests in short-term Treasuries, is for professional investors, with a retail version in the works.