Market Overview
| Asset | Level | 1d Change | 7d Change | 30d Change |
|---|---|---|---|---|
| Global Crypto Market Cap | $3.64T | -3.76% | – | – |
| BTC | $107,600 | -0.54% | -11.50% | -8.10% |
| ETH | $3,853 | -1.06% | -11.57% | -14.69% |
| Dow Jones | 45,952 | -0.65% | -1.40% | +0.73% |
| S&P 500 | 6,629 | -0.63% | -1.27% | +1.95% |
| Nasdaq | 22,563 | -0.47% | -0.99% | +3.94% |
| VIX | 25.31 | +22.63% | +46.81% | +65.42% |
The U.S. federal government’s budget deficit decreased to $1.78 trillion in 2025, which is $41 billion or 2.2% less than the deficit in fiscal 2024, with tariffs and debt payments reaching new records.
The cryptocurrency market extended its losses on Thursday with Bitcoin briefly breaking below $110,000, prompting altcoins to follow suit, triggering over $700M in liquidations.
Gold reached a record high of $4,378 per ounce before retreating slightly, while silver also hit a new peak, topping at $54.5.
Tariff costs for companies are expected to reach $1.2 trillion this year, with consumers absorbing most of the impact, according to an estimate by S&P that is considered conservative.
The Federal Reserve Bank of Philadelphia’s diffusion index for current general activity plummeted to a negative 12.8 in October, indicating a contraction in regional manufacturing activity, after spiking to a positive 23.2 in September.
US Spot ETF Flows
| Asset | Daily Inflow | Daily Change | Weekly Inflow | Total Assets | Daily Volume |
|---|---|---|---|---|---|
| BTC ETFs | $-536.4M | +470.7% | $-854.4M | $146.4B | $8.1B |
| ETH ETFs | $-56.9M | -1168.2% | $-243.9M | $26.5B | $2.9B |
US BTC Spot ETF Flows
US ETH Spot ETF Flows
Crypto Liquidations Summary
| Liquidation Type | Value | % of Total | 24h Change |
|---|---|---|---|
| Total Liquidations | $740.40M | – | $+329.32M (+80.11%) |
| Shorts | $187.15M | 25.3% | $+41.47M (+28.46%) |
| Longs | $553.24M | 74.7% | $+287.85M (+108.46%) |
| BTC | $260.65M | 35.2% | $+174.40M (+202.18%) |
| ETH | $172.10M | 23.2% | $+43.54M (+33.87%) |
- BlackRock redesigned its flagship money market fund into the BlackRock Select Treasury Based Liquidity Fund (BSTBL), which began operating Tuesday and invests entirely in short-term US Treasury securities and overnight repurchase agreements to serve as a GENIUS Act-compliant reserve management vehicle for stablecoin issuers, charging 0.27% total expenses after waivers with extended trading hours until 5:00 pm Eastern Time.
- Kraken expands its US derivatives offerings with a $100 million acquisition of a a designated contract market maker (DCM), from the trading company IG Group for $100 million, building on its recent $1.5 billion purchase of NinjaTrader, to bolster its market presence and strengthen its position in the financial services industry.
- France’s Lightning Stock Exchange (Lise) received a DLT trading and settlement license from the country’s financial regulator on Thursday, enabling it to operate Europe’s first fully tokenized equity exchange focused on SME IPOs backed by major French banks including BNP Paribas and Crédit Agricole, with the first tokenized IPO expected in Q1 2026 and 10 more planned for 2027 as the platform aims to reduce IPO costs by combining trading and post-trade functions on a single blockchain infrastructure.
- Coinbase added Binance’s BNB token to its listing roadmap on Wednesday following an online debate sparked by Limitless Labs CEO CJ Hetherington’s claims about Binance requiring a 2 million BNB security deposit for spot listings versus Coinbase’s merit-based approach, with Binance initially threatening legal action before apologizing and deleting the post, while former Binance CEO CZ, who controls 64% of BNB’s circulating supply, praised the move and urged Coinbase to list more BNB Chain projects.
- At least five new crypto ETF applications were filed with the SEC this week despite the 17-day government shutdown, including VanEck’s Lido staked Ethereum ETF tracking stETH with its 3.3% yield from Lido’s $33 billion staking platform, 21Shares’ 2x leveraged Hyperliquid (HYPE) ETF, ARK Invest’s three Bitcoin ETFs offering yield strategies and downside protection, and Volatility Shares’ 3x and 5x leveraged crypto ETFs.
