Filecoin Soars 60% as Bitcoin, Ethereum Slide on ETF Outflows

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US government shutdown continues to disrupt economic data releases, fueling volatility and risk aversion in crypto markets. The Federal Reserve's recent rate cut and potential further easing have not stabilized sentiment, as persistent inflation and weak growth weigh on risk assets. Regulatory clarity advances, with Canada and the US moving forward on stablecoin frameworks, supporting long-term institutional confidence.

Crypto Market

The crypto market remains under pressure, with Bitcoin down 1.3% to $101,526 and Ethereum falling 1.8% to $3,315, both hit by ETF outflows and risk-off sentiment. Most altcoins declined, but Filecoin surged 60.8% on strong demand, and Zcash jumped 16.7% as privacy coins outperformed. Solana dropped 2.3%, reflecting sector rotation and ETF flow divergence.

Today's Outlook

Today, over $120 million in tokens—including OMNI, AXT, and BTG—will be unlocked at 00:00 UTC, potentially increasing market volatility. The Bank of England will announce its interest rate decision at 12:00 UTC, with a 55-60% chance of a 25bp cut, which could impact global risk sentiment and crypto flows.

Fear and Greed Index

78.00% Annual Percentile

24 Fear

Total Crypto Market Cap

$3.38T

1.89%

Total Market Trading Volume

$166.91B

13.51%

Altcoin Season Index

9.09%

Quarterly Percentile

23 / 100

Total Futures Market Open Interest

3.38B

0.38%

Futures

824.91B

4.18%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Bank of England held its base rate at 4% on November 6, with market consensus expecting a rate cut in December. This cautious stance amid persistent inflation and weak growth has kept GBP under pressure, indirectly supporting USD strength and contributing to risk-off sentiment in crypto markets.

The Federal Reserve cut its benchmark interest rate by 25 basis points in October, bringing the federal funds rate to 3.75%-4.00%. While another cut in December is likely, Chair Powell emphasized uncertainty due to limited economic data from the ongoing US government shutdown. Lower rates typically support risk assets, but current uncertainty has led to increased volatility in BTC and DeFi markets.

The US government shutdown has entered its 36th day, the longest in history, causing a data blackout and delaying key economic reports. This has heightened market volatility and reduced investor confidence, leading to outflows from Bitcoin ETFs and increased risk aversion across crypto assets.

The National Bank of Poland cut its main policy rate by 25 basis points to 4.25% in November, citing improved inflation outlook. This move signals continued monetary easing in Central Europe, which may encourage capital flows into higher-yielding crypto assets as local fiat returns decline.

Recent US CPI data showed a 3% year-over-year increase for September, slightly below expectations. While this supports the case for further Fed rate cuts, persistent inflation in goods prices and tariff effects have kept crypto markets cautious, with BTC price action closely tracking macroeconomic signals.

Cryptocurrency Regulatory Trends

Coinbase and Circle have submitted official comments to the U.S. Treasury, urging that the GENIUS Act stablecoin regulations remain aligned with congressional intent to avoid stifling innovation. This debate may impact stablecoin market growth and U.S. crypto competitiveness.

Senator Cynthia Lummis publicly opposed reopening the GENIUS Act despite banking sector criticism, emphasizing the need for regulatory stability. This stance supports continued expansion of stablecoin products and signals policy certainty for digital asset issuers.

Circle advocates for strict, uniform rules for all stablecoin issuers under the GENIUS Act, including full asset backing and monthly audits. Enhanced consumer protection and transparency could boost institutional trust in U.S. stablecoins.

The U.S. Treasury faces conflicting advice on whether to ban stablecoin interest payments for non-issuers, with Coinbase supporting limited restrictions and banking groups pushing for a blanket ban. The outcome will affect stablecoin yields and user adoption.

Canada's 2025 federal budget introduces a stablecoin regulatory framework, requiring issuers to maintain full reserves and clear redemption rules. This move aligns with U.S. policy and is expected to increase regulatory clarity and market confidence in Canadian digital assets.

Filecoin (FIL): FIL surged 60.5% in 24h to $2.19 with $1B volume, driven by a sharp rebound from recent lows and strong market demand for decentralized storage, marking its highest daily gain in months.

MYX Finance (MYX): MYX rose 17.6% in 24h to $2.33, with $31.7M volume and TVL at $24.5M, as on-chain derivatives trading activity and cross-chain collateral upgrades attracted new liquidity.

Zcash (ZEC): ZEC jumped 16.9% in 24h to $555.35, with $1.6B volume, as privacy coins outperformed amid renewed demand for anonymity and Zcash overtook Monero in market cap leadership.

Smart Money Movements

Tether increased its Bitcoin holdings by 961 BTC, valued at approximately $97.34 million, bringing its total to 87,555.97 BTC as part of its ongoing reserve strategy.

BlackRock transferred 4,653 Bitcoin and 57,455 Ethereum, worth over $673 million, to Coinbase Prime, signaling significant institutional repositioning amid market volatility.

Over $100 billion in long-held Bitcoin was moved on-chain, coinciding with record outflows from Bitcoin ETFs, raising questions about the motivations of long-term holders and market sentiment.

Bitcoin accumulator addresses doubled to 262,000 in the past two months, with large holders acquiring 375,000 BTC, including a single-day purchase of 50,000 BTC, indicating robust on-chain accumulation despite ETF outflows.

A crypto whale deposited $25.56 million USDC into Hyperliquid and began acquiring HYPE tokens, highlighting continued large-scale interest in decentralized exchange tokens.

Events to Watch

Nov 7 (Fri)

Omni Network (OMNI), Axioma Token (AXT), and Openverse Network (BTG) will unlock tokens worth over $120 million at 00:00 UTC.

Nov 7 (Fri)

Bank of England announces interest rate decision at 12:00 UTC; 55-60% probability of a 25bp cut to 3.75%.

Nov 8 (Sat)

China releases October trade balance data, providing key insights into global trade flows and economic health.

Nov 10 (Mon)

Izakaya (IZKY) airdrop event on ProBit ends at 08:00 UTC; potential impact on token liquidity and price.

Nov 11 (Tue)

Berlin Cardano Summit hosts a session on marketing strategies at 18:00 CET; Peaq launches tokenized robo-farm mint.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The US government shutdown has entered its 36th day, the longest in history, causing a data blackout and delaying key economic reports. This has heightened market volatility and reduced investor confidence, leading to outflows from Bitcoin ETFs and increased risk aversion across crypto assets.

The National Bank of Poland cut its main policy rate by 25 basis points to 4.25% in November, citing improved inflation outlook. This move signals continued monetary easing in Central Europe, which may encourage capital flows into higher-yielding crypto assets as local fiat returns decline.

Cryptocurrency Regulatory Trends

Coinbase and Circle have submitted official comments to the U.S. Treasury, urging that the GENIUS Act stablecoin regulations remain aligned with congressional intent to avoid stifling innovation. This debate may impact stablecoin market growth and U.S. crypto competitiveness.

Senator Cynthia Lummis publicly opposed reopening the GENIUS Act despite banking sector criticism, emphasizing the need for regulatory stability. This stance supports continued expansion of stablecoin products and signals policy certainty for digital asset issuers.

Circle advocates for strict, uniform rules for all stablecoin issuers under the GENIUS Act, including full asset backing and monthly audits. Enhanced consumer protection and transparency could boost institutional trust in U.S. stablecoins.

The U.S. Treasury faces conflicting advice on whether to ban stablecoin interest payments for non-issuers, with Coinbase supporting limited restrictions and banking groups pushing for a blanket ban. The outcome will affect stablecoin yields and user adoption.

Canada's 2025 federal budget introduces a stablecoin regulatory framework, requiring issuers to maintain full reserves and clear redemption rules. This move aligns with U.S. policy and is expected to increase regulatory clarity and market confidence in Canadian digital assets.

Trending Tokens

Filecoin (FIL): FIL surged 60.5% in 24h to $2.19 with $1B volume, driven by a sharp rebound from recent lows and strong market demand for decentralized storage, marking its highest daily gain in months.

MYX Finance (MYX): MYX rose 17.6% in 24h to $2.33, with $31.7M volume and TVL at $24.5M, as on-chain derivatives trading activity and cross-chain collateral upgrades attracted new liquidity.

Zcash (ZEC): ZEC jumped 16.9% in 24h to $555.35, with $1.6B volume, as privacy coins outperformed amid renewed demand for anonymity and Zcash overtook Monero in market cap leadership.

Smart Money Movements

Tether increased its Bitcoin holdings by 961 BTC, valued at approximately $97.34 million, bringing its total to 87,555.97 BTC as part of its ongoing reserve strategy.

BlackRock transferred 4,653 Bitcoin and 57,455 Ethereum, worth over $673 million, to Coinbase Prime, signaling significant institutional repositioning amid market volatility.

Over $100 billion in long-held Bitcoin was moved on-chain, coinciding with record outflows from Bitcoin ETFs, raising questions about the motivations of long-term holders and market sentiment.

Bitcoin accumulator addresses doubled to 262,000 in the past two months, with large holders acquiring 375,000 BTC, including a single-day purchase of 50,000 BTC, indicating robust on-chain accumulation despite ETF outflows.

A crypto whale deposited $25.56 million USDC into Hyperliquid and began acquiring HYPE tokens, highlighting continued large-scale interest in decentralized exchange tokens.

Events to Watch

Nov 7 (Fri)

Nov 7 (Fri)

Nov 8 (Sat)

Nov 10 (Mon)

Nov 11 (Tue)

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