Bitcoin, Ethereum Drop as $10B Options Expire; Filecoin, FET, NEAR Surge

I. Crypto Market Overview

Key Takeaways

Macro Environment

The ECB is focusing on adapting monetary policy to shrinking balance sheets and non-bank intermediaries. The European Commission is expanding ESMA's authority to centralize crypto exchange supervision. Circle urges uniform stablecoin rules under the GENIUS Act, aiming to boost regulatory clarity and investor trust.

Crypto Market

The crypto market remains volatile, with Bitcoin down 2.76% at $100,122 and Ethereum falling 4.04% to $3,229.79. Filecoin surged 59.4%, FET rose 31.8%, and NEAR gained 18% on sector-specific catalysts, while most altcoins lagged amid risk-off sentiment and ETF outflows.

Today's Outlook

Over $10 billion in Bitcoin and Ethereum options expire on Deribit today, potentially driving significant volatility. The release of the U.S. nonfarm payrolls report may impact both crypto and traditional markets, influencing risk sentiment and liquidity flows.

Fear and Greed Index

78.00% Annual Percentile

24 Fear

Total Crypto Market Cap

$3.35T

2.58%

Total Market Trading Volume

$194.71B

22.04%

Altcoin Season Index

9.09%

Quarterly Percentile

23 / 100

Total Futures Market Open Interest

3.22B

4.46%

Futures

867.26B

0.74%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Federal Reserve has maintained its benchmark interest rate at 5.25%-5.50%, marking the sixth consecutive meeting without a change. This cautious stance, driven by persistent inflation, delays anticipated rate cuts and sustains high borrowing costs, impacting Bitcoin and DeFi liquidity.

The Bank of England held its policy rate steady in a narrow vote, signaling a possible rate cut in December. The decision reflects concerns over weak demand and moderating inflation, which could influence GBP-denominated crypto assets and cross-border trading volumes.

The European Central Bank's annual Money Markets Conference, held November 6-7, focused on adapting monetary policy frameworks to shrinking central bank balance sheets and the growing role of non-bank financial intermediaries, with implications for stablecoin liquidity and crypto market structure.

Canada's latest Labour Force Survey highlights robust job growth in technology and green energy sectors, supporting consumer confidence and potentially increasing capital flows into digital assets and blockchain investments.

India's central bank clarified that relaxed external commercial borrowing limits apply only to FDI-compliant real estate projects, aiming to strengthen capital inflows and support the rupee, which may affect crypto market sentiment and INR-based trading pairs.

Cryptocurrency Regulatory Trends

Bitwise has filed for a spot Dogecoin ETF using the SEC's 8(a) process, potentially enabling automatic approval within 20 days. This move signals growing institutionalization of meme coins and could boost market confidence if approved.

ETF expert Nate Geraci predicts the first spot XRP ETF could launch within two weeks, marking a regulatory milestone for Ripple and potentially ending years of legal uncertainty, which may positively impact XRP investor sentiment.

Circle has urged the U.S. Treasury to enforce uniform rules for banks and stablecoin issuers under the GENIUS Act, emphasizing full asset backing and clear compliance standards. This could increase regulatory clarity and investor trust in stablecoins.

South Korea has identified significant anti-money laundering gaps after a 1400-fold surge in crypto transfers to Cambodia, prompting calls for stricter oversight and potentially impacting cross-border crypto flows in Asia.

The European Commission is expanding ESMA's authority over crypto exchanges, aiming to centralize supervision and reduce regulatory fragmentation across the EU. This may lead to more consistent compliance requirements for exchanges operating in Europe.

Filecoin (FIL): FIL surged 59% in 24h, driven by a DePIN sector rally, AI pivot, gas fee cuts, and new developer incentives, with $1.92B trading volume.

Artificial Superintelligence Alliance (FET): FET jumped 29% in 24h as Fetch.ai, SingularityNET, and CUDOS merged to form the Superintelligence Alliance, consolidating tokens into $ASI.

NEAR Protocol (NEAR): NEAR rose 18% in 24h, fueled by NEAR Intents approaching $3B in swaps and major industry support, with $804M in trading volume.

Smart Money Movements

U.S. investors offloaded $700 million in Bitcoin in the past 24 hours, with BlackRock selling 6,800 BTC, as global selling pressure intensified and Bitcoin hovered near $100,000.

Institutional whales accumulated 394,682 ETH worth $1.37 billion during a 3.3% price drop, signaling strategic entry amid heightened volatility and a break below $3,400 support.

Ethereum ETFs saw $12.5 million in net inflows, led by BlackRock's $8 million purchase, marking renewed institutional accumulation despite recent market turbulence.

A whale accumulated 1.5 million LINK tokens valued at $23 million since June, indicating sustained large-scale interest in Chainlink amid ongoing market volatility.

A significant minting of 250 million USDC was reported, highlighting robust demand for stablecoin liquidity and suggesting institutional preparations for major trades.

Events to Watch

Nov 7 (Fri)

Over $10 billion in Bitcoin and Ethereum options expire on Deribit; U.S. nonfarm payrolls report release may impact crypto and traditional markets.

Nov 8 (Sat)

SEC to announce decision on Grayscale DOT spot ETF; 24.64 million SXT tokens ($1.3M) unlock, 1.62% of supply.

Nov 9 (Sun)

BounceBit (BB) unlocks 29.93 million tokens ($3.3M), 3.85% of supply; Flying Tulip FT DeFi IDO event launches.

Nov 10 (Mon)

LINEA unlocks 2.58B tokens ($29M), 3.58% of supply; GamerCoin (GHX) snapshot at 14:00 UTC; Immunefi IMU IDO event.

Nov 11 (Tue)

APT unlocks 10.94M tokens ($29.31M), 1.52% of supply; Helium HNT hosts AMA livestream at 17:30 UTC; Delysium AGI launches Job Application Assistant Agent.

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