The cryptocurrency market has extended its decline for a second consecutive day, with prominent tokens trading in the red. The downturn was led by AI, with the sector declining over 6%, according to data from SoSoValue. Overall, the cryptocurrency market slid nearly 4% on Wednesday. However, Asian markets opened in positive territory, buoyed by reports that the record-breaking US government shutdown could end this week
Bitcoin’s (BTC) promising start to the week has fizzled out as bears dominate proceedings for a second day. The flagship cryptocurrency had reached an intraday high of $107,003 but lost momentum as selling pressure returned. As a result, it plunged to a low of $102,480 before moving to its current level of $103,415. BTC is down nearly 2% over the past 24 hours
Ethereum (ETH) has followed a similar trajectory. The world’s second-largest cryptocurrency traded above $3,500 on Tuesday before dropping to its current level of $3,450, down almost 3%. Ripple (XRP) is also down nearly 3%, while Solana (SOL) is down over 5% at $156. Dogecoin (DOGE) is also in bearish territory at $0.172, while Cardano (ADA) is down over 3% at $0.559. Chainlink (LINK) is down almost 4% at $15.42. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) have also registered notable declines
Bitwise Chainlink ETF On The DTCC Website
The Bitwise Chainlink ETF has appeared in the Depository Trust and Clearing Corporation’s (DTCC) registry, a sign that the fund is close to launching. The ETF was added to DTCC’s “active” and “pre-launch” categories under the ticker CLNK. While the listing does not guarantee that the Securities and Exchange Commission (SEC) will approve the launch, it is generally considered a positive development. DTCC is a post-trade market infrastructure platform that clears, settles, and records transactions. It acts as a central hub for markets, ensuring that trades in stocks and ETFs are executed and processed securely and efficiently
However, Bitwise is yet to file a Form 8-A for the ETF. Form 8-A is one of the last documents that must be lodged before securities can be offered on the exchange. However, the firm filed a Form S-1 statement for the ETF in August to register the project with the SEC. Currently, over a dozen ETFs are awaiting approval thanks to the ongoing government shutdown
Senate Approves Funding Bill To Restart Government Operations
The US Senate has moved to restart the US government after nearly 40 days, as several Democratic lawmakers sided with Republicans to pass a funding bill. The US Senate held a late-night vote on Monday to vote for a bill that continues appropriations and extensions for the fiscal year 2026. The bill passed 60-40. The bill will fund the US government through January 31, 2026, but must pass through the House of Representatives before reaching President Trump’s desk
The House is expected to reconvene and vote on the bill on Wednesday, as Tuesday was a federal holiday. Prediction platform Polymarket expects the government to be functional by Friday. The shutdown, the longest in US history, saw key agencies furlough staff and reduce operations due to the lack of funding
Coinbase-BVNK Deal Collapses
Coinbase and BVNK have called off what could have been one of the largest deals for a stablecoin startup. A Coinbase spokesperson confirmed the developments, although it isn’t clear why the companies have scuppered a deal that had reached the due diligence process. Coinbase and BVNK entered into exclusivity in October, which meant the stablecoin startup could not entertain offers from other bidders. A Coinbase spokesperson stated,
“We’re continuously seeking opportunities to expand on our mission and product offerings. After discussing a potential acquisition of BVNK, both parties mutually agreed not to move forward.”
The BVNK acquisition could have significantly bolstered Coinbase’s revenue from stablecoin services, which account for $246 million (19%) of its $1.9 billion revenue. Meanwhile, BVNK will reassess its position after previously being in talks with Mastercard for a potential acquisition.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is down over 1% over the past 24 hours, as market sentiment remains flaky despite the government shutdown potentially ending by Friday. BTC started the week in positive territory, rising 2.46% on Sunday and 1.23% on Tuesday to settle at $105,979. However, the recovery’s momentum faded on Tuesday as the price fell almost 3% and settled at $103,009. BTC is marginally up during the ongoing session, trading around $103,564
According to data from TradingView, BTC dropped after hitting new November highs around $107,000. This formed a resistance zone that bulls could not overcome. Price action turned negative and pushed BTC down to current levels. The decline saw BTC fill the CME Gap at around $104,000. Prominent trader Daan Crypto Trades stated,
“Another gap closed within the first few trading days of the week. This has become an incredibly reliable and predictable pattern by now. Most people are aware of this, so you’d assume at some point it would stop happening. Usually I’d agree, but this has been a high probability event for the past 4-5 years by now.”
Trading resource Material Indicators highlighted that a snap sell-off by large BTC holders likely caused the price drop
“FireCharts shows a massive $240M market dump in the BTC order book. Interestingly, Brown Mega Whales only account for about $3M of that.”
Meanwhile, analysts have highlighted a major risk-off shift in derivatives traders. According to an analysis by on-chain analytics platform CryptoQuant, open interest (OI) has fallen by over 11% in just a week. CryptoQuant contributor GugaOnChain noted,
“The 11.32% drop in OI over 7 days is a sign that the market is eliminating speculative risk, which has historically been a precursor to recovery. While volatility may persist in the short term, the metric suggests that the market is consolidating on a more stable base, setting the stage for a subsequent rally and confirming the thesis that the current region represents a buying opportunity for long-term investors.”
BTC started the previous weekend in positive territory, rising 1.15% on Friday and settling at $109,555. Price action remained positive on Saturday and Sunday as BTC rose 0.45% and 0.44% to cross $110,000 and settle at $110,536. Selling pressure returned on Monday as the price fell nearly 4% and settled at $106,557. The bearish sentiment intensified on Tuesday as BTC slipped below $100,000, falling to a low of $98,892. However, it rebounded from this level to reclaim $100,000 and settle at $101,468. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 2% and settling at $103,869.
Source: TradingView
BTC returned to bearish territory on Thursday, dropping to a low of $100,235 before settling at $101,290. The price slipped below $100,000 again on Friday, falling to a low of $99,170 before recovering and settling at $103,284, ultimately rising nearly 2%. Price action was mixed over the weekend as BTC fell 0.97% on Saturday before rising 2.36% on Sunday and settling at $104,964. Buyers retained control on Monday as BTC rose 1.23% and settled at $105,979. Buyers lost momentum on Tuesday as BTC fell nearly 3% and settled at $103,009. The price has recovered during the ongoing session, with BTC up over 1% at $104,079.
Ethereum (ETH) Price Analysis
Ethereum (ETH) started the week in the red, registering a marginal decline on Monday after facing substantial volatility. The selling pressure intensified on Tuesday as the price fell by over 4% and settled at $3,417. However, ETH has recovered during the ongoing session, up 1.53% at $3,471. However, it has remained down by over 2% in the past 24 hours.
ETH slumped back below $3,500 as selling pressure returned, pushing the price down to $3,417. According to on-chain data, micro-level volume has decreased, and stablecoin flow into the Ethereum ecosystem has registered an uptick. Analysts believe the liquidity backdrop could support corrections or enhance breakouts. Stablecoin supply reported a noticeable increase in early November, indicating that capital is staging on-chain despite consolidation. If Layer-2 throughput improves and staking inflows remain consistent, ETH could push above $3,600 and potentially cross $3,700. However, a decline could see the price slump below $3,400.
ETH’s weekend recovery pushed its value above its active realized price, indicating that ETH holders are no longer in the red. The altcoin’s weekend recovery was fueled by President Trump’s promise of a $2,000 tariff dividend and growing optimism about the end of the ongoing government shutdown. ETH holders returning to profit after sitting on substantial unrealized losses could indicate the return of bullish sentiment.
ETH started the previous week in positive territory, rising 1.14% on Friday. Buyers retained control over the weekend as the price rose 0.67% on Saturday and 0.87% on Sunday to settle at $3,908. However, price action turned bearish on Monday as ETH fell nearly 8% and settled at $3,604. Selling pressure intensified on Tuesday as the price plunged to an intraday low of $3,058. However, it rebounded from this level to reclaim $3,200 and settle at $3,286, ultimately dropping almost 9%. Despite the overwhelming selling pressure, ETH recovered on Wednesday, rising over 4% to reclaim $3,400 and settle at $3,424.
Source: TradingView
Selling pressure returned on Thursday as ETH fell over 3% and settled at $3,313. The price fell to an intraday low of $3,196 on Friday as selling pressure intensified. However, it rebounded from this level to reclaim $3,400 and settle at $3,433, ultimately rising 3.63%. Price action was mixed over the weekend as ETH fell 0.94% on Saturday before rising 5% on Sunday and settling at $3,583. ETH’s momentum stalled on Monday as it registered a marginal decline and settled at $3,567. Selling pressure intensified on Tuesday as the price fell by over 4% and settled at $3,417. However, ETH has recovered during the ongoing session and is trading around $3,469.
Solana (SOL) Price Analysis
Solana (SOL) could be at risk of dropping towards $100 after forming two bearish patterns on its daily chart. However, despite SOL’s price struggles, its ETFs have become a huge hit with investors. According to data from SoSoValue, the two spot Solana ETFs recorded $6.78 million in net inflows on Monday. Cumulative inflows have risen to $342 million, with the Bitwise Solana ETF (BSOL) registering $329 million in inflows, while the Grayscale Solana ETF (GSOL) recorded $12.8 million. Total assets in both ETFs currently stand at $600 million, a substantial amount for funds that began trading only two weeks ago.
Solana’s DeFi ecosystem is also doing well, with several DEX protocols in its ecosystem leading in volume. According to data from DeFiLlama, Solana-based dEX protocols handled over $139 billion in volume over the past 30 days, significantly higher than Ethereum’s $88 billion and BSC’s $102 billion.
SOL started the previous weekend in positive territory, rising 1.34% on Friday and settling at $187. The price fell 0.45% on Saturday before rising 0.76% on Sunday to end the weekend at $187. Selling pressure returned on Monday as SOL fell 11.55% and settled at $166. Sellers retained control on Tuesday as the price fell 6.65% to an intraday low of $145 before settling at $155. Despite the overwhelming selling pressure, SOL recovered on Wednesday, rising nearly 5% to cross $160 and settle at $162.
Source: TradingView
SOL lost momentum on Thursday, dropping over 4% and settling at $155. Positive sentiment returned on Friday as the price rose over 4% to reclaim $160 and settle at $161. Price action was mixed over the weekend as SOL fell 2.24% on Saturday before rising 4.09% on Sunday and settling at $164. Buyers retained control on Monday as the price rose 1.65% to $167. However, selling pressure intensified on Tuesday as SOL plunged nearly 8% to $154. The price has recovered during the ongoing session, up almost 3% at $158
Ripple (XRP) Price Analysis
Ripple’s (XRP) recovery stalled on Monday after reaching an intraday high of $2.525. However, excitement in the crypto community is growing over the potential launch of XRP funds. The US Senate has also reached a deal to end the ongoing government shutdown, a bullish catalyst for crypto
The DTCC website featured 11 XRP ETFs on its “active” and “pre-launch” listing, including applications by 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton. ETF expert Nate Geraci stated,
“Government shutdown ending = spot crypto ETF floodgates opening. In the meantime, I could see the first ‘33 Act spot XRP ETF launch this week.”
XRP started the previous week in the red, dropping nearly 9% and settling at $2.310. Sellers retained control on Tuesday as the price fell 4.51% to a low of $2.067 before settling at $2.205. Despite the overwhelming selling pressure, XRP recovered on Wednesday, rising over 6% and settling at $2.342. The price was back in the red on Thursday, dropping 5.56% but returned to positive territory on Friday, rising 4.62% and settling at $2.314.
Source: TradingView
Price action was mixed over the weekend as XRP fell 1.20% on Saturday before rising 3.48% on Sunday and settling at $2.366. Buyers retained control on Monday as the price rose almost 7% and settled at $2.524. However, XRP’s recovery lost momentum on Tuesday as it fell over 5% to $2.392. XRP is up almost 1% during the ongoing session, trading around $2.414.
Celestia (TIA) Price Analysis
Celestia (TIA) registered a sharp drop of almost 17% on Monday (November 3) and settled at $0.799. Sellers retained control on Tuesday as the price fell 1.19% to $0.789. Despite the overwhelming selling pressure, TIA recovered on Wednesday, rising almost 4% and settling at $0.820. The price dropped 2,62% on Thursday before rallying on Friday, rising over 32% and settling at $1.055.
Source: TradingView
Selling pressure returned over the weekend as TIA fell 1.09% on Saturday and almost 3% on Sunday to settle at $1.015. The price was back in positive territory on Monday, rising 2.45% and settling at $1.040. Bearish sentiment returned on Tuesday as TIA fell nearly 9% and settled at $0.947. The price has recovered during the ongoing session, up over 3% at $0.975.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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