Macro Perspective: Cautious Sentiment, But Bitcoin Demand Remains Strong

Crypto Market Overview

✳️Note: Total crypto market capitalization is a key indicator of the overall size and health of the cryptocurrency market. Rising market cap typically signals increasing investor participation and positive market sentiment.

✳️Note: Total crypto trading volume reflects market activity and liquidity. Monitoring it helps assess market strength and real-time dynamics.

Crypto Fear & Greed Index

This week’s

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OSL Trading Focus

Bitcoin (BTC)

Although Bitcoin faced brief pressure this week, on-chain data shows that long-term holders (LTHs) have distributed roughly 2.57 million BTC over the past four months — about 13% of total supply — despite a net decline of only 363,000 BTC in their holdings. Despite this selling pressure, BTC’s price has remained resilient, staying within $2,000 of its July 2025 level, suggesting that strong demand continues to absorb supply.

Ethereum (ETH)

Market analysts expect Ethereum to establish a higher low in November, which could set the stage for a potential new all-time high in December. The $3,100 level remains a key support zone — holding above it would keep the uptrend intact, while a breakdown below could signal a bearish reversal.

Meme coin

The meme coin market saw a broad decline this week, with total market capitalization down 13% and trading volume falling 32% to US$6.5 billion. The sharp drop in $Giggle triggered market turbulence, Binance founder CZ to clarify that the token is a community-driven meme coin with no official affiliation.

Market Highlights – Last Week

Market Highlights

Trump Media & Technology Group’s Bitcoin holdings are insufficient to support its balance sheet, as rising costs led to a $54.8 million loss in the third quarter, according to its latest earnings report. The company reported revenue of $972,900 for the quarter, down from over $1 million a year earlier. As of September 30, Trump Media & Technology Group held 11,542 Bitcoins. The company first announced its Bitcoin purchase plan in late July and revealed in the report that it plans to further increase its holdings.

Acting CFTC Chair Caroline Pham confirmed that the agency is in discussions with regulated exchanges to launch leveraged crypto spot trading products as early as next month. Despite the ongoing government shutdown, the initiative is moving forward, signaling that regulators are accelerating efforts to integrate the crypto market into the existing Commodity Exchange Act framework.

Tether received 961 Bitcoins (worth about US$97 million) into its Bitfinex hot wallet, an address labeled as Tether’s Bitcoin reserve. According to Arkham’s data, the transfer brings Tether’s total Bitcoin holdings to at least 87,296 BTC, currently valued at approximately US$8.9 billion.

Comprehensive Insights

At Thursday’s shareholder meeting, Elon Musk said Tesla may need to build a factory capable of producing up to one million AI chips per month, and openly suggested the possibility of collaborating with Intel. Tesla currently works with TSMC and Samsung, but Musk did not rule out a potential partnership with Intel.

Last Thursday, Ark Invest purchased an additional 240,507 shares of BitMine, worth approximately US$9 million, even as BMNR’s stock price fell 9.8%. As of November 2, BitMine remains the largest Ethereum treasury company, holding nearly 3.4 million ETH valued at around US$11.2 billion.

Macro Perspective

The global crypto market is entering a

Outlook (Nov 10–14)

• Ethereum treasury firm SharpLink will announce its Q3 financial results on November 13;

• The U.S. government shutdown continues, casting doubt on the release of CPI and PPI data;

• Ethereum treasury firm ETHZilla plans to release its Q3 earnings report on November 14;

• Coinbase released a teaser video, suggesting a possible Launchpad platform debut on November 10;

• The U.S. SEC has postponed its review of Franklin’s spot XRP ETF application.