Crypto Market Rebounds: BTC, ETH Lead Gains as Altcoins Surge

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US government shutdown, now at 36 days, delays crypto legislation and heightens policy uncertainty, dampening risk appetite. Canada’s 2025 budget introduces stablecoin regulation, boosting market confidence and aligning with global standards. The EU debates expanding ESMA’s powers over crypto, raising concerns about innovation versus regulatory consistency.

Crypto Market

The crypto market rebounded in the past 12 hours, led by Bitcoin up 3.2% to $102,921 and Ethereum up 5.7% to $3,378, driven by renewed risk appetite. Altcoins showed mixed performance, with Quant (+18.9%), Internet Computer (+18.1%), and Decred (+10.4%) outperforming on strong ecosystem activity and investor rotation. Solana also gained 6%.

Today's Outlook

The DYDX network upgrade is scheduled for today at block 62,250,000 around 18:06 UTC, potentially impacting DEX trading and liquidity. The Bank of England will announce its interest rate decision, which could influence GBP volatility and global risk sentiment, indirectly affecting crypto market flows.

Fear and Greed Index

76.00% Annual Percentile

20 Fear

Total Crypto Market Cap

$3.45T

3.48%

Total Market Trading Volume

$192.97B

32.99%

Altcoin Season Index

8.33%

Quarterly Percentile

24 / 100

Total Futures Market Open Interest

3.36B

0.95%

Futures

840.92B

4.71%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US government shutdown has reached a record 36 days, causing delays in the crypto market structure bill and increasing policy uncertainty, which is dampening risk appetite and reducing liquidity in the crypto market.

The US and China have both announced tariff adjustments, signaling a potential easing of trade tensions. This move is expected to support global risk sentiment and may provide indirect support for commodity-linked cryptocurrencies and DeFi protocols.

World Economic Forum Chairman Borg Brende has warned of potential bubbles in cryptocurrencies, AI, and global debt, highlighting elevated government debt as a macro risk. This increases volatility and risk-off sentiment in crypto markets.

Cryptocurrency Regulatory Trends

Canada has officially announced plans to regulate fiat-backed stablecoins in its 2025 federal budget, requiring issuers to maintain full reserves and implement risk management, which is expected to boost market confidence and align with global standards.

The ongoing U.S. government shutdown, now at a record 36 days, is likely to delay the passage of the crucial crypto market structure bill until 2026, increasing regulatory uncertainty and potentially dampening investor sentiment.

Hong Kong's Securities and Futures Commission has introduced new rules allowing licensed crypto exchanges to share global order books with overseas affiliates, aiming to enhance liquidity and institutional participation in the region's digital asset market.

The European Commission is preparing a draft proposal to expand the European Securities and Markets Authority's powers over crypto firms, sparking debate over the balance between regulatory consistency and innovation in the EU's digital asset sector.

Quant (QNT): Quant surged 19% in the past 24 hours, reaching $84.52 with $55.6M volume, driven by strong market demand and renewed interest in interoperability protocols.

Decred (DCR): Decred jumped 14.8% to $41.22, with $66.1M in trading volume, as investors rotated into hybrid PoW/PoS projects amid increased focus on decentralized governance.

Internet Computer (ICP): Internet Computer rallied 18% to $5.84, with $691M in 24h volume, fueled by renewed ecosystem activity and developer engagement on decentralized web infrastructure.

Smart Money Movements

A Bitcoin whale transferred 1,104 BTC worth $114 million between unknown wallets shortly after Trump's economic speech announcement, indicating strategic positioning amid market volatility.

Bitmine acquired 20,205 ETH valued at $69.89 million from Coinbase and FalconX, while an unidentified entity accumulated 13,281 ETH worth $45.58 million, signaling significant Ethereum accumulation.

Justin Sun staked 45,000 ETH, valued at $154.5 million, via Lido, increasing his total Ethereum holdings to $534 million and surpassing his TRX holdings.

Remixpoint, a Japanese listed company, expanded its Bitcoin holdings by 29.46 BTC, bringing its total to 1,411.29 BTC, as reported on November 5th.

MetaPlanet secured a $100 million loan using its Bitcoin holdings as collateral on October 31, allocating funds for additional Bitcoin purchases, revenue operations, and share buybacks.

Events to Watch

Nov 6 (Thu)

dYdX Network Upgrade at block 62250000 around 18:06 UTC; Bank of England announces interest rate decision, impacting GBP and global markets.

Nov 7 (Fri)

Amnis Finance will conduct a $2 million retroactive airdrop; US Unemployment Rate and Non-Farm Payrolls for October to be released, key for market sentiment.

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