**Crypto Market Update: Bitcoin Rebounds, Altcoins Gain, and Market Sentiment Shifts**
*By Omkar Godbole | All times ET unless indicated otherwise*
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**Market Overview**
Bitcoin (BTC) bounced off early Asian session lows, providing support for major altcoins including ether (ETH), XRP, and solana (SOL). Liquidity continues to flow between sectors; today, it’s shifting from privacy coins to smaller projects such as ASTER, RENDER, SKY, and MNT, each of which jumped 7%.
While this activity feels typical, the real story lies in the demand pivot highlighted by the “apparent demand” metric. This tracks bitcoin’s issuance against the behavior of long-term holders, providing insight into net cumulative demand over the past 30 days. The metric recently turned positive, soaring to a three-month high of 5,252 BTC (about $549 million), according to Capriole Investments. This increase is echoed by a $523 million net inflow into U.S.-listed bitcoin spot ETFs on Tuesday—the largest in over a month (SoSoValue).
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**Cautious Sentiment in Derivatives and DeFi**
Despite positive inflows, traders remain cautious on the derivatives side. On Deribit, a leading venue for sophisticated traders, annualized funding rates remain well below the 2025 average of 5.9%. Ether exhibits a similar pattern, with muted stablecoin lending rates on Aave signaling subdued risk appetite (FRNT Financial).
Market participants may be growing weary of the drawn-out U.S. government shutdown. As Singapore-based QCP Capital noted:
*”The Senate’s stopgap bill extending funding through January 30 removes near-term tail risk but does nothing to resolve the underlying fiscal gridlock—a classic ‘kick-the-can’ fix.”*
The House has yet to approve the measure. Until it does, the absence of economic data leaves traders in limbo. According to QCP, private data releases (ADP payrolls and NFIB Index) now carry extra weight, both pointing to softer labor conditions and cautious business sentiment.
*”For the Fed, this reinforces the ‘easing with caution’ narrative heading into the December FOMC (Dec 9-10),”* QCP noted.
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**Traditional Markets Recap**
Gold’s recovery has stalled at around $4,130 per ounce amid a renewed spike in the MOVE index, which measures 30-day expected volatility in Treasury notes. Increased volatility in the Treasury market typically weighs on gold and risk assets, including cryptocurrencies.
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**Market Movements (As of 4 p.m. ET Tuesday)**
– **Bitcoin (BTC):** Up 1.87% at $104,545.84 (24 hrs: -0.41%)
– **Ether (ETH):** Up 1.99% at $3,484.95 (24 hrs: -0.76%)
– **CoinDesk 20:** Up 1.81% at 3,377.76 (24 hrs: -0.82%)
**Additional Highlights:**
– **BTC funding rate:** 0.0048% (5.3020% annualized) on Binance
– **DXY (Dollar Index):** Up 0.21% at 99.65
– **Gold Futures:** Up 0.3% at $4,128.70
– **Silver Futures:** Up 1.81% at $51.66
**Major Global Indexes:**
– **Nikkei 225:** Closed up 0.43% at 51,063.31
– **Hang Seng:** Closed up 0.85% at 26,922.73
– **FTSE:** Unchanged at 9,890.88
– **Euro Stoxx 50:** Up 1.06% at 5,786.58
– **DJIA:** Up 1.18% at 47,927.96
– **S&P 500:** Up 0.21% at 6,846.61
– **Nasdaq Composite:** Down 0.25% at 23,468.30
– **S&P/TSX Composite:** Up 0.31% at 30,409.25
– **S&P 40 Latin America:** Up 2.21% at 3,176.04
– **U.S. 10-Year Treasury Rate:** Down 2.5 bps at 4.085%
– **E-mini S&P 500 Futures:** Up 0.34% at 6,895.00
– **E-mini Nasdaq-100 Futures:** Up 0.62% at 25,799.50
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**Bitcoin Stats**
– **BTC Dominance:** 60.03% (-0.34%)
– **ETH/BTC Ratio:** 0.03375 (1.75%)
– **Hashrate (7-day average):** 1,077 EH/s
– **Hashprice (spot):** $42.46
– **Total Fees:** 2.68 BTC / $281,340
– **CME Futures Open Interest:** 137,275 BTC
– **BTC Priced in Gold:** 24.9 oz
– **BTC vs Gold Market Cap:** 7.03%
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**Technical Analysis**
The chart shows the dominance rate for Tether’s USDT— the world’s largest dollar-pegged stablecoin and its share of the total crypto market. USDT dominance is rising again, holding the macro bullish trendline. Upswings in stablecoin dominance typically occur when investors pivot toward DeFi opportunities or shift into risk aversion, seeking safety in U.S. dollar equivalents.
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**Crypto Equities Highlights**
– **Coinbase Global (COIN):** Closed at $304.01 (-4.38%), +2.01% at $310.13 pre-market
– **Circle Internet (CRCL):** Closed at $98.30 (-5.57%), +2.46% at $100.72
– **Galaxy Digital (GLXY):** Closed at $30.74 (-3.3%), +1.2% at $31.11
– **Bullish (BLSH):** Closed at $45.39 (-2.58%), +1.04% at $45.86
– **MARA Holdings (MARA):** Closed at $14.63 (-6.1%), +1.44% at $14.84
– **Riot Platforms (RIOT):** Closed at $16.14 (-6.81%), +1.36% at $16.36
– **Core Scientific (CORZ):** Closed at $17.32 (-10.21%)
– **CleanSpark (CLSK):** Closed at $14.04 (-6.55%), +2.31% at $14.37
– **CoinShares Valkyrie Bitcoin Miners ETF (WGMI):** Closed at $50.05 (-6.59%)
– …and other noteworthy equities as listed above.
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**ETF Flows**
– **Spot BTC ETFs**
– Daily net flow: $524 million
– Cumulative net flows: $60.47 billion
– Total BTC holdings: ~1.34 million
– **Spot ETH ETFs**
– Daily net flow: -$107.1 million
– Cumulative net flows: $13.77 billion
– Total ETH holdings: ~6.56 million
*Source: Farside Investors*
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**Events to Watch**
*Crypto*
– Nothing scheduled.
*Macro*
– **Nov. 12, 10:20 a.m.:** Fed Governor Christopher J. Waller speaks at the Ninth Annual Fintech Conference (Federal Reserve Bank of Philadelphia). [Watch live]
– **Nov. 12, 12:30 p.m.:** Fed Governor Stephen I. Miran speaks at Fireside Chat (University of Cambridge Judge Business School). [Watch live]
*Earnings* (Estimates per FactSet)
– **Nov. 12:** Coincheck Group (CNCK), post-market
– **Nov. 12:** Circle Internet Group (CRCL), pre-market, $0.22
– **Nov. 12:** DeFi Development (DFDV), post-market
*Token Events*
– **Nov. 12:** Maple Q4 ecosystem call (Governance)
– **Binance:** To delist PERP ($0.1294), KDA ($0.03086), and FLM ($0.01610)
*Conferences*
– **Day 2 of 3:** Mining Disrupt Conference (Dallas)
– **Day 1 of 2:** Cardano Summit 2025 (Berlin)
– **Day 1 of 3:** Blockchain Summit Latam 2025 (Medellin, Colombia)
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**Further Reading**
– For in-depth analysis of today’s altcoin and derivatives activity, see *Crypto Markets Today: What to Watch.*
– For a more comprehensive list of events this week, check out CoinDesk’s “*Crypto Week Ahead*”.
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**While You Were Sleeping**
Stay alert! Volatility and shifting sentiment continue to define the crypto and traditional markets. Keep an eye on macroeconomic updates and policy decisions, which remain key drivers for risk assets.
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*Disclaimer: This information is for informational purposes only and not investment advice. Please consult your financial advisor.*
https://www.coindesk.com/daybook-us/2025/11/12/demand-revival-crypto-daybook-americas
