ZKsync Soars 34% Amid Tokenomics Overhaul as BTC, ETH Slide on ETF Outflows

I. Crypto Market Overview

Key Takeaways

Macro Environment

Canada will regulate stablecoins in its 2025 budget, aiming to boost institutional adoption and market stability. Hong Kong's SFC now allows licensed crypto exchanges to share global order books, enhancing liquidity and attracting institutions. Ongoing regulatory uncertainty continues to dampen crypto market confidence and innovation, increasing volatility and investor hesitation.

Crypto Market

The crypto market remains under pressure, with BTC down 1.13% at $102,628 and ETH falling 4.66% to $3,341.39, driven by ETF outflows and risk-off sentiment. Most altcoins declined, but ZKsync surged 34.41% on tokenomics overhaul, MOVA rose 0.27% after a protocol launch, and XRP gained 0.77% amid strong institutional flows. DeFi and meme sectors lagged, while utility-driven tokens outperformed.

Today's Outlook

Key events today include the release of ISM Services data for October, expected at 50.5 and signaling potential U.S. economic expansion. Nearly 880,000 ETH are set to unlock, which may impact Ethereum price and market volatility. Monitor for increased trading activity and potential sector rotation.

Fear and Greed Index

74.00% Annual Percentile

27 Fear

Total Crypto Market Cap

$3.43T

0.75%

Total Market Trading Volume

$280.10B

21.01%

Altcoin Season Index

8.33%

Quarterly Percentile

24 / 100

Total Futures Market Open Interest

3.36B

3.95%

Futures

861.97B

5.28%

Perpetuals

II. Industry Updates

Macro-economic Policies

U.S. ADP employment surged by 42,000 in October, the largest gain since July, signaling labor market strength and supporting risk sentiment for crypto assets.

Bitcoin and Ethereum are showing oversold technical patterns, with potential for a short-term rebound as macroeconomic pressures ease and liquidity conditions improve.

A prominent crypto leader maintains a bullish outlook, citing global liquidity expansion and expectations of a weaker U.S. dollar as key macro drivers for a potential market recovery.

President Trump highlighted record highs in the U.S. stock market over the past nine months, reflecting robust investor confidence that may spill over into digital asset markets.

Cryptocurrency Regulatory Trends

Canada will introduce stablecoin regulations in its 2025 federal budget, requiring issuers to maintain reserves and risk controls, which is expected to boost institutional adoption and market stability.

The American Bankers Association is urging the US Treasury to strictly enforce the GENIUS Act's ban on interest-bearing stablecoins, aiming to prevent competition with traditional banks and maintain stablecoin use as payment instruments.

Hong Kong's SFC now allows licensed crypto exchanges to share global order books and expand token offerings, a move designed to increase liquidity and attract institutional investors to the region.

The EU is considering centralizing crypto regulation under ESMA, moving towards a single rulebook similar to the US SEC model, which could streamline compliance but raise concerns among smaller market participants.

Ongoing regulatory uncertainty continues to dampen crypto market confidence and innovation, leading to increased volatility and hesitation among investors and startups.

MOVA (MOVA): MOVA token surged 370% in 24 hours after launching its derivatives protocol, with trading volume exceeding $3 million and processing speed reaching 110,547 TPS, driven by a $100 million funding round.

ZKsync (ZK): ZKsync price jumped over 10% in the past 24 hours following a major tokenomics overhaul, introducing new utility and revenue streams, with trading volume up 21.45% to $438 million.

Ripple (XRP): Ripple secured a $500 million investment, raising its valuation to $40 billion, and its RLUSD stablecoin surpassed $1 billion market cap, reflecting strong institutional adoption and increased payment flows.

Smart Money Movements

Long-term Bitcoin holders sold over $45 billion in BTC in the past month, triggering a 7.4% price drop below $100,000 and causing significant market turbulence.

Ethereum whales accumulated 323,523 ETH worth $1.12 billion over the past two days, signaling strong confidence in Ethereum's long-term value during the market dip.

Blackrock transferred 34,777 ETH, valued at $114.97 million, to Coinbase, highlighting active institutional portfolio adjustments in the Ethereum market.

MetaPlanet secured a $100 million loan using its 30,823 BTC as collateral on October 31, allocating funds for further Bitcoin purchases and share buybacks.

Remixpoint, a Japanese listed company, increased its Bitcoin holdings by 29.46 BTC, bringing its total to 1,411.29 BTC, as part of its ongoing crypto portfolio expansion.

Events to Watch

Nov 5 (Wed)

ISM Services data for October 2025 releases, expected at 50.5, signaling potential U.S. economic expansion; nearly 880,000 ETH unlock may impact Ethereum price.

Nov 6 (Thu)

dYdX Network will undergo a major upgrade at block 62250000; Bank of England announces interest rate decision, likely affecting GBP and global markets; UnifAI Network starts UAI token airdrop distribution.

Nov 7 (Fri)

U.S. Non-Farm Payrolls report for November 2025 releases, expected to show mild job softening and may trigger short-term market volatility.

Table of Contents