Bitcoin Slides as Markets Swoon: Fed Jitters, Trump’s CZ Pardon & Crypto ETF Frenzy – Nov 3, 2025 News Roundup

Bitcoin News and Market Analysis for November 3, 2025

• Bitcoin falters around $110K, down ~3% from a week ago ( ~$114.5K on Oct 27) ^[1], yet still +60% year-on-year ^[2]. It briefly dipped under $108K amid a market sell-off ^[3].
• BTC Price Context: Trading near $110,650 today ^[4] after hitting a new all-time high above $125K in early October ^[5]. Support around $106K–$108K held during the pullback ^{[6] [7]}.
• Market Sell-off Triggers: Fed rate-cut doubts and a firmer USD spooked traders ^[8]. Over $100M in crypto longs were liquidated in an hour as Bitcoin slid to ~$108K ^[9]. Whales moved 13,000 BTC (>$1.8B) to exchanges since Oct 1, fueling fear of profit-taking ^[10].
• Regulatory Earthquakes:President Trump pardoned Binance’s CZ, declaring “the war on crypto is over” ^{[11] [12]}. U.S. lawmakers are racing to pass a landmark crypto market bill even as a historic government shutdown (34+ days) paralyzes other business ^{[13] [14]}.
• ETF Mania: October’s expected wave of Bitcoin & crypto ETF approvals got delayed by the U.S. shutdown ^[15]. In a workaround, 4 crypto ETFs launched last week without SEC action ^{[16] [17]}. New XRP and Solana spot ETFs filings could go live by Nov. 13 if the SEC doesn’t intervene ^[18].
• Macro & Policy Highlights: Fed Chair Powell’s hawkish tone dashed hopes of a quick rate cut, hitting risk assets ^[19]. Inflation worries linger and some investors warn of a broader market crash ahead ^[20]. Yet U.S. Treasury Secretary Scott Bessent praised Bitcoin’s “never shuts down” resilience on its 17th anniversary, hinting Washington should “learn from that” ^[21].
• Altcoins Mixed:Ethereum ~$3,700, down ~4% in recent days ^[22], with analysts eyeing $3,875 as a breakout trigger ^[23]. Solana ~$176 has retreated from its 2024 highs. XRP ~$2.4 nearly doubled year-on-year amid ETF buzz ^[24]. BNB ~$1,026 hit record levels ^[25], while many smaller alts lag Bitcoin – altcoin profit levels are near 2022 lows ^[26].
• Network & Mining:Bitcoin’s hash rate blasted past 1 zettahash/s for the first time ^{[27] [28]}, driving mining difficulty to record highs (~150T) and squeezing miner profits. Despite high costs, mining stocks rallied as BTC soared above $118K earlier in the fall ^{[29] [30]}.
• Expert Outlook: Analysts note BTC is consolidating in a tightening range. A decisive break above ~$111.7K could target $116K–$120K ^[31], while failure of the $106K support may spur a pullback to ~$103K ^[32]. Long-term on-chain metrics (realized cap > $1.1T) remain robust ^[33]. Some see the current fear as a typical shakeout before Bitcoin’s “best month” seasonal rally, though Robert Kiyosaki’s warnings of a “massive crash” keep others cautious ^{[34] [35]}.

Bitcoin Price Performance: Weekly Dip, Yearly Gains

Bitcoin begins the week of Nov 3, 2025 trading around $110,000, nursing a mild pullback of ~3% from last week’s peak. Seven days ago, BTC hovered near $114,500 (Oct 27 close) before volatility hit ^[36]. This dip barely dents Bitcoin’s longer uptrend – the price is still up ~60% year-on-year (it was ~$69k a year ago) ^{[37] [38]}. In fact, October’s end marked an Uptober rally handing off to early November consolidation. Just one month prior, Bitcoin blasted to a new all-time high above $125,000 intraday ^[39], shattering its 2021 peak (~$69k) by a wide margin.

By the Numbers: As of Nov 3, BTC trades near $110,650 ^[40]. It briefly fell under $108K during Asian market hours on Monday ^[41], but quickly rebounded as buyers defended the key ~$108K level. For context, Bitcoin opened October around ~$114K and spiked to ~$125K before retracing late month ^{[42] [43]}. Month-on-month, prices are slightly lower, meaning October actually ended slightly negative despite its early euphoria – prompting some to jokingly rename it “Red October” rather than Uptober ^[44]. Still, year-to-date and year-on-year gains remain hefty, underscoring the strong post-halving bull cycle: BTC is ~+60% vs. Nov 2024 when it traded around $68–$98K ^{[45] [46]}.

Price Comparison Table (USD):

Table: Bitcoin price checkpoints – illustrating the current price, last week’s level, year-ago price, and the all-time high set in early October 2025. Bitcoin is down slightly from last week’s local high, but has appreciated dramatically over 12 months ^{[51] [52]}, even after pulling back from the ~$125K peak.

Notably, Bitcoin’s market capitalization now hovers around $2.15 trillion (with ~19.94M BTC in circulation), cementing its status as a top financial asset ^[53]. Bitcoin’s dominance in the crypto market has risen as well – it accounts for roughly 50-52% of the entire $3.7T digital asset market cap ^[54], its highest share in years as investors gravitate to its relative safety.

Market Jitters Spark Sell-Off: Fed, Liquidations & Whales

Late last week and into Monday, crypto markets swooned, wiping a few percent off the board. Bitcoin slipped from the low $110Ks to briefly touch ~$107K–108K before stabilizing ^[55]. What caused the sudden risk-off move? Analysts point to macroeconomic jitters and overheated leverage as prime culprits:

• Fed Rate Concerns: The U.S. Federal Reserve’s recent messaging turned more hawkish than markets expected. After its late-October meeting, Fed Chair Jerome Powell cautioned that a December rate cut is “not a foregone conclusion,” pushing back against the notion of imminent easing ^[56]. This dashed traders’ hopes for quick relief on interest rates, bolstering the U.S. dollar and putting pressure on risk assets like crypto ^[57]. Fading rate-cut bets made traders skittish, effectively ending the euphoric “Fed pivot” narrative that had partly fueled October’s rally.
• Holiday Liquidity & Leverage Unwind: The sell-off kicked off during a thin liquidity period (Asia trading on a Japan holiday) which amplified price swings ^[58]. Crypto had seen elevated leverage in recent weeks – many traders were heavily long after “Uptober.” As prices started to slip, automatic liquidations cascaded. Over $100 million was liquidated within one hour as Bitcoin plunged under $108K ^[59]. Heavily leveraged long positions were forced to unwind, accelerating the drop. Analysts note that funding rates and open interest had hit overheated levels, meaning the market was ripe for a flush.
• Whale Profit-Taking: On-chain data shows some large Bitcoin holders (“whales”) moved coins to exchanges en masse during October’s latter half. Since Oct 1, roughly 13,000 BTC (worth ~$1.48 billion) flowed from long-term holder wallets to major exchanges like Kraken, Binance, and Coinbase ^[60]. One notable whale (identified as early Bitcoin adopter Owen Gunden) transferred 3,265 BTC (~$364 million) to Kraken since Oct 21 ^[61]. Such moves often foreshadow selling. This surge in whale deposits stoked speculation that early investors are taking profits after Bitcoin’s huge run-up, adding downward pressure on the market.
• DeFi Hack Anxiety: Simultaneously, news broke of a potential $70 million exploit affecting the Balancer DeFi protocol, which unnerved crypto investors. On Nov 3, on-chain sleuths flagged suspicious transfers from Balancer’s pools – including ~6,850 osETH, 6,590 WETH, and 4,260 wstETH – totaling roughly $70.6M moved to a new wallet ^[62]. While not directly involving Bitcoin, this hack rattled the DeFi sector and contributed to a flight to safety. Altcoins in decentralized finance sold off on fears of contagion or further exploits. The Balancer team had not confirmed the breach at time of writing, but the wallet activity was deemed “highly suspicious” and no hacker funds have hit exchanges yet ^[63]. The incident compounded the market’s risk-off tone and reminded traders of lingering security vulnerabilities.

All these factors coalesced to push Bitcoin below its recent trading band. Within 24 hours, BTC slid ~2.5% and underperformed the broader crypto market (which was down ~2.9%) ^[64]. Ethereum and other majors fell even more sharply on a percentage basis (more on that in a later section). The total crypto market shed roughly 3-3.5%, falling to ~$3.6–$3.7 trillion market cap ^[65].

Crucially, however, Bitcoin found support in the high-$106K/low-$107K range. Markets quickly stabilized as bargain hunters stepped in. “Bitcoin stayed relatively stable compared to smaller coins, hovering around $107,500 after briefly dipping to $106,990,” one report noted ^[66]. By mid-day Nov 3, BTC was back above $109K and even inched green on the day ^[67]. This resilience suggested solid buying interest on dips – a hallmark of bull market psychology. As one analyst put it, “volatility remains elevated, but strong buy zones between $106K and $108K are attracting buyers” ^[68].

Fed, Inflation & Macros: No Cuts Yet, Eyes on Jobs Data

The macroeconomic backdrop is playing an outsized role in crypto sentiment right now. Key points on the macro front:

• Fed Policy Uncertainty: The Federal Reserve held rates steady in late October, but Powell’s cautious tone spooked markets. He emphasized that inflation is not yet vanquished and did not commit to any rate cuts in the near future ^[69]. This was a reality-check for markets that, perhaps prematurely, had been pricing in Fed easing by early 2026. The result: bond yields remained elevated, the U.S. Dollar Index (DXY) strengthened, and risk assets (stocks and crypto) faced renewed headwinds. Traders are now anxiously watching U.S. economic data – especially employment and inflation metrics – to gauge if/when the Fed might pivot dovish. Notably, the usual early November avalanche of U.S. data (jobs report, JOLTS, etc.) was delayed due to the federal shutdown, adding to uncertainty ^[70]. Instead, markets must parse private data (like ADP jobs) in a vacuum of official stats.
• Sticky Inflation & Yields:Inflation remains a concern. While down from 2022 peaks, core inflation has been stubborn, and oil prices saw spikes earlier in the fall (partly due to geopolitical tensions). The specter of “higher for longer” interest rates is keeping some big-money investors wary of speculative assets. U.S. 10-year Treasury yields have floated near multi-year highs, increasing the opportunity cost of holding non-yielding assets like gold or Bitcoin. However, some analysts argue that if economic data softens (e.g., weaker job growth or lower CPI readings), the Fed could soften its stance – which would likely ignite another crypto rally. For now, though, Fed hawkishness is a short-term damper on crypto momentum ^[71].
• Global Economic Crosswinds: Outside the U.S., global factors also play a role. China’s economy has shown signs of slowdown (real estate woes persist), Europe is grappling with stagflation risk, and emerging markets are contending with a strong dollar. Any major shifts – say, aggressive stimulus from China or an EU policy change – can ripple into crypto via risk sentiment channels. So far in early November, no single global event has dramatically moved Bitcoin, but traders remain alert. Geopolitical events (for instance, any escalation or resolution in conflict zones) could also impact safe-haven flows into Bitcoin.
• Market Crash Fears vs. Seasonal Trends: It’s worth noting the divide in market outlooks. A subset of investors is openly worried about a broader market correction looming. They cite soaring margin debt, deteriorating leading economic indicators, and the lag effects of prior rate hikes. “A major correction in stocks and crypto in the next 3–9 months” is possible, they warn ^[72]. Some have preemptively rotated into stablecoins and are positioned net short, anticipating a cascade of selling if the economy rolls over ^[73]. On the flip side, others highlight that Q4 is historically bullish for Bitcoin – especially post-halving Q4’s. November, in particular, has often delivered outsized gains (e.g., +42% on average in some past years, though medians are lower) ^[74]. With Bitcoin’s 17th birthday just passed on Oct 31, optimists suggest the crypto’s maturity and digital gold narrative might shine if traditional markets wobble. Indeed, when fear peaks, Bitcoin sometimes thrives – a contrarian view pointing to past rebounds after extreme fear. The tension between these bearish and bullish expectations sets the stage for potentially volatile weeks ahead.

In summary, macro factors – especially Fed policy and the U.S. fiscal situation – are pivotal for Bitcoin’s next move. Powell’s stance injected short-term pain, but any dovish surprise or cooling inflation print could just as swiftly swing momentum back up.

Regulatory & Political Developments: “War on Crypto” Ends?

The first days of November brought blockbuster news on the regulatory and political front, spanning the U.S. and beyond. These developments could shape the crypto landscape significantly:

Trump Pardons CZ & Signals Crypto Thaw

In an unprecedented turn, former-turned-current U.S. President Donald Trump (in office since January 2025) issued a presidential pardon for Changpeng “CZ” Zhao, the embattled founder of Binance. CZ had been facing U.S. legal troubles (reports suggest charges related to sanctions violations and money laundering, stemming from earlier crackdowns). Trump’s pardon, coming just days ago, effectively wipes CZ’s slate clean in the U.S. – a stunning reversal after years of regulatory wariness toward Binance.

When pressed in a 60 Minutes interview about why he pardoned a prominent crypto billionaire, Trump oddly claimed, “I don’t know who he is”, but then asserted his broader rationale: “the war on crypto is over.” ^[75]. This remark sent shockwaves through the community. It suggests a major policy shift at the top of the U.S. government – from the hostile stance of prior administrations (remember 2021-2023’s SEC lawsuits and calls to “destroy” crypto) to a more accommodative approach. Trump characterized the actions against CZ as a “witch-hunt” by the previous administration ^[76], and by declaring an end to the crypto war, he hinted that U.S. crypto policy may swing pro-innovation under his leadership.

“The war on crypto is over.” – U.S. President Donald Trump, after pardoning Binance CEO CZ ^[77]

This quote is already igniting debate. Advocates cheer it as the start of a friendlier regulatory climate, potentially paving the way for clearer rules or even government support for crypto initiatives. Skeptics, however, note Trump’s unpredictable nature; some wonder if the statement was more political theater than policy doctrine. Regardless, sentiment in crypto circles surged on the news of the pardon. Binance’s BNB token leaped on the hope that the exchange can now operate without the shadow of U.S. legal action.

U.S. Government Shutdown & Crypto Legislation

Meanwhile, Washington D.C. is in the throes of a record-breaking government shutdown, now well into its fifth week ^[78] with no resolution in sight. Ironically, this fiscal standoff has a crypto silver lining: it’s galvanizing bipartisan support to push through long-stalled crypto legislation.

Lawmakers from both parties have resumed negotiations on a comprehensive crypto market structure bill – described as a “long-awaited U.S. crypto market regulation package” – even as most other business is frozen ^[79]. The shutdown’s impact (about 900,000 federal workers furloughed, vital agencies hamstrung ^{[80] [81]}) has highlighted government dysfunction. Possibly as a response, Senators are uniting across the aisle to at least get crypto regulation done, seeing it as low-hanging fruit that both sides can agree on.

The bill, sometimes referred to as the Digital Asset Market Structure Clarity Act, aims to define which digital assets are securities vs. commodities and clarify the jurisdiction between the SEC and CFTC ^[82]. Essentially, it could reshape oversight of cryptocurrencies in the U.S.. Observers call it a rare point of cooperation in an otherwise bitterly divided Congress ^[83]. There’s urgency to finalize text before 2026 election politics fully take over ^[84]. If successful, this legislation would bring much-needed clarity – delineating, for example, how tokens can transition from securities to commodities and establishing guardrails for exchanges and stablecoin issuers.

However, the shutdown itself complicates timing. As of Oct 20, the shutdown became one of the longest ever (34 days and counting) ^{[85] [86]}. A stopgap funding measure remains stalled, so the government could remain partially closed for weeks more. That delays certain regulatory actions (the SEC, for one, was largely offline during the funding lapse) and critical economic reports. Crypto market watchers are betting that if/when the shutdown ends, regulators like the SEC will come back swinging – potentially approving pending ETFs or enforcing new rules. But until then, we have a paradox: regulatory decisions are frozen, yet informal approval by inaction (more on that in the ETF section) is enabling progress.

It’s worth noting the political backdrop: President Trump and congressional Republicans are clashing with Senate Democrats over budget issues, hence the impasse ^[87]. Trump has been vocal on social media, blaming Democrats for the “radical left shutdown” while ordering certain agencies (like USDA) to continue critical operations despite lapsed funding ^[88]. In this charged climate, Treasury Secretary Scott Bessent’s pro-Bitcoin comments (covered below) also took on a partisan tinge – he jabbed Senate Democrats in the process ^[89]. Crypto is oddly becoming part of the political narrative: Republicans, including Trump’s circle, appear to be embracing a pro-crypto, pro-innovation stance as part of their platform, while hinting that Democrats’ regulatory approach stifled the industry.

Treasury Secretary Praises Bitcoin on White Paper Day

October 31 marked Bitcoin White Paper Day – 17 years since Satoshi Nakamoto published the seminal Bitcoin whitepaper in 2008. On this anniversary, U.S. Treasury Secretary Scott Bessent made waves with a public statement praising Bitcoin’s resilience. In an Oct. 31 post on X (Twitter), Bessent highlighted that “Bitcoin never shuts down”, noting the network’s uninterrupted uptime since launch, and quipped that Washington could “learn something from that” ^[90] – a pointed reference given the federal shutdown.

Bessent’s message lauded Bitcoin’s always-on design and independence from any single authority ^[91]. Coming from the head of Treasury, this is almost unheard-of endorsement for a cryptocurrency. He effectively contrasted Bitcoin’s reliability with the U.S. government’s gridlock, “needling” Senate Democrats in the process ^[92]. The political undertone aside, it signals Treasury’s warming attitude:

• Earlier this year, Bessent supported the GENIUS Act, legislation that promotes stablecoins and even hints at an “internet-native dollar.” He called dollar-backed stablecoins “a revolution in digital finance,” suggesting they could strengthen the U.S. dollar’s global role ^[93].
• He also floated the idea of a “Strategic Bitcoin Reserve” for the U.S. In August, Bessent tweeted that any Bitcoin seized by the government (e.g., from criminal forfeitures) would seed such a reserve, and that Treasury was exploring budget-neutral ways to accumulate more BTC ^[94]. Essentially, he’s interested in getting Bitcoin on the nation’s balance sheet without needing new taxpayer funds.

These positions represent a remarkable shift from the past. Under prior Treasury leadership, crypto was often seen as a threat (recall Secretary Yellen’s skepticism). Now we have the U.S. Treasury openly discussing integrating Bitcoin into national reserves and praising its core qualities. This aligns with President Trump’s newfound crypto-friendliness. If these attitudes translate into actual policy (e.g., favorable tax rules, clearer banking guidelines for crypto companies, or even government Bitcoin holdings), it could significantly boost long-term confidence in the space.

Of course, not everyone cheered Bessent’s comments. Some Bitcoin core developers (like Luke Dashjr) retorted that Bitcoin’s network is “weaker than ever” – pointing to internal debates over recent upgrades ^[95]. Others in the crypto community are urging Treasury to move from words to action, e.g., “put Bitcoin on the balance sheet” as investor Simon Dixon responded ^[96]. Nonetheless, Bessent’s pro-BTC stance, combined with Trump’s “crypto war over” remark, paint a picture of an administration potentially preparing to embrace crypto innovation rather than fight it.

International: Hong Kong Opens Floodgates; EU & G20

Outside the U.S., there were notable regulatory moves:

• Hong Kong’s Crypto Hub Push: At Hong Kong FinTech Week (Nov 3), the CEO of Hong Kong’s SFC (Securities and Futures Commission), Julia Leung, announced a big policy change: Hong Kong will allow licensed crypto exchanges to tap into global liquidity pools ^[97]. In practice, this means exchanges licensed in HK can connect their order books with overseas platforms, greatly deepening liquidity for traders. A regulatory circular outlining the details is expected imminently ^[98]. This is part of Hong Kong’s ongoing effort to establish itself as a premier crypto trading hub in Asia, after a period of stricter oversight. By easing rules to let exchanges access global capital, HK aims to attract more volume and institutional activity locally. Market participants have welcomed this, noting it could restore Hong Kong’s status as a crypto gateway (especially with mainland China still banning direct trading). The timing is apt – as Western regulators tightened in 2022–2023, Hong Kong pivoted to a friendlier stance, and now they’re doubling down.
• Europe’s MiCA Era: In the EU, the comprehensive MiCA (Markets in Crypto-Assets) regulation is in the implementation phase (having been passed in 2024). Recently, EU regulators have been providing guidance on MiCA’s rules for stablecoin issuers, exchange licensing, etc. No major new EU crypto laws hit in early Nov, but the continent remains generally pro-regulation (in the sense of formalizing the industry). Some EU officials even floated the idea of a digital Euro pilot and integrating crypto taxation reporting by 2026. The absence of EU drama is notable – clarity in Europe stands in contrast to the U.S.’s past uncertainty, and some analysts think this clarity has helped Europe-based crypto firms thrive.
• G20 & Global Coordination: A G20 financial stability watchdog (the FSB) warned this week of “significant gaps” in global crypto rules, urging a coordinated approach to avoid regulatory arbitrage ^[99]. This global push suggests that even as individual jurisdictions like the U.S., EU, and Hong Kong set their own policies, international standards (for example on crypto exchange reserves, or anti-money-laundering norms) are being discussed. The bottom line: regulation is catching up with crypto’s mainstreaming, and November’s events show both risks easing (in the U.S.) and opportunities opening (in Asia) for the industry.

Bitcoin ETFs & Institutional Adoption: Delays and Workarounds

One of the hottest topics in crypto all year has been spot Bitcoin ETFs – and late October into November was supposed to be the grand finale of that saga. Here’s the latest:

• Shutdown Shuffles ETF Timeline: Several high-profile spot Bitcoin ETF applications (from BlackRock, Fidelity, etc.) were theoretically due for SEC decisions in October 2025. However, the U.S. government shutdown in October effectively paused the SEC’s clock ^[100]. The SEC cannot issue decisions or delays during a shutdown, so deadlines that fell within the shutdown simply came and went with no action. Normally, no action would mean automatic approval, but because the SEC had previously “tolled” or postponed in advance, the exact status of those ETFs is a bit murky. October was supposed to see the first U.S. spot Bitcoin ETF approvals, but it ended with none – purely because Washington was at a standstill.
• Creative “No-Approval” Launches: In the void, ETF issuers got crafty. Several companies used a procedural route involving updated S-1 filings with “no delaying amendment” clauses. Under U.S. securities law, if such a filing sits for 20 days without SEC intervention, it automatically becomes effective ^[101]. And since the SEC was effectively offline, it couldn’t intervene. The result? In the first week of November, four crypto ETFs quietly went live by default ^[102]. These included two ETFs from Canary Capital, one from Bitwise, and one from Grayscale – reportedly covering a mix of crypto assets (notably, at least one was a spot Ethereum ETF, others possibly multi-asset). They listed and began trading without the fanfare of a formal SEC approval, taking the market by surprise. This “approval by silence” method shows how issuers are finding ways forward despite regulatory gridlock. Investors cheered the development, seeing it as breaking the logjam.
• XRP and Solana ETFs Next: Emboldened by that success, major players filed similar updated paperwork for new ETFs. Fidelity, a financial giant, re-filed for its spot Solana (SOL) ETF using the no-delay tactic, and Canary Capital did the same for a spot XRP ETF ^[103]. If the SEC continues to not actively object, these products could launch by November 13 ^[104]. The prospect of an XRP ETF in particular is huge – it would be one of the first direct institutional investment vehicles for XRP in the U.S., coming on the heels of Ripple’s partial court victory vs. SEC in 2023. Eight different XRP funds have been registered at the DTCC (clearinghouse) in preparation ^[105], indicating multiple issuers gearing up. This flurry suggests November could be the new October in terms of crypto ETFs finally hitting the U.S. market ^[106], albeit via unconventional means. Analysts caution, though, that the SEC might step in for certain assets it hasn’t vetted (the XRP filings have gotten less SEC feedback historically, raising chances the agency could freeze those if it resumes normal operations) ^[107].
• Spot Bitcoin ETFs – Still Waiting: And what of the crown jewel, a spot Bitcoin ETF? As of Nov 3, no U.S. spot BTC ETF is trading yet, but optimism remains sky-high. The general expectation is that multiple spot Bitcoin ETFs will be approved or automatically effective by January 2026 at the latest, if not sooner (assuming the SEC doesn’t find new reasons to delay once it reopens fully). BlackRock, iShares, Fidelity, Invesco, and others are all in the race. Many point to massive inflows into Canadian and European Bitcoin ETFs as a sign that U.S. demand is pent-up. Indeed, one consequence of the Q4 rally is that existing offshore Bitcoin ETFs saw heavy buying – until the recent outflow noted below.
• Institutional Flows & Profit-Taking: Interestingly, in the late-October dip, Spot Bitcoin ETFs saw their largest outflows since August – about $388 million net outflow in a week ^[108]. This suggests that some institutional investors who rode the run-up past $100K took profits. A $388M outflow is significant and shows that ETFs can both inject and withdraw liquidity from the BTC market. Still, overall holdings remain much higher than mid-year. And new players (pension funds, etc.) continue to trickle in. Many believe a U.S. spot ETF will unlock a wall of capital from advisors and retirement accounts that currently can’t touch Bitcoin easily.
• Other Institutional Moves:Wall Street adoption continues in other forms. Nasdaq and CME have expanded crypto offerings (Nasdaq reportedly building crypto custody, CME seeing record volumes in BTC futures at 110K). Banks like Standard Chartered and Citi have released bullish long-term reports (with Citi analysts predicting ~$180K BTC by late 2026) ^[109]. Hedge funds are increasingly active in crypto arbitrage and liquidity provision. And corporate treasuries are once again eyeing Bitcoin: MicroStrategy, which pioneered holding BTC on balance sheets, now sits on over 200K BTC (worth ~$22B) – its bet vindicated by the price surge. Rumors swirl that other Fortune 500 companies might announce BTC treasury allocations if regulatory clarity improves.
• Global ETFs and ETPs: Outside the U.S., spot Bitcoin ETPs (exchange-traded products) are old news. Canada, Europe, Brazil, Australia all have Bitcoin ETFs or ETNs trading, and some saw explosive growth in Q4’s rally. For instance, Canada’s Purpose Bitcoin ETF crossed 35,000 BTC in assets. In Europe, Jacobi Asset Management even launched a spot Bitcoin ETF with a decarbonization mandate in mid-2025, reflecting ESG trends. Now, notably, talk has shifted to other crypto ETFs: as mentioned, XRP ETFs are being teed up, and even a proposal for a spot Dogecoin ETF is in play (the SEC set a deadline of Nov 12 for Grayscale’s spot Hedera (HBAR) ETF application ^[110], showing how far beyond Bitcoin this is going).

Big Picture: The arrival of regulated ETFs for Bitcoin and major alts is a key marker of institutional acceptance. Despite short-term profit-taking, the overall trajectory is more money entering the space via these familiar vehicles. The fact that workarounds were used during the shutdown also indicates that issuers (and likely their investors) were eager not to wait. Assuming the U.S. doesn’t throw new roadblocks, November and December could finally see the first U.S. spot Bitcoin ETF trading on NYSE or Nasdaq, a milestone many say could eventually bring $200K+ BTC prices as retirement and sovereign wealth funds allocate. For now, the market remains patient, with an eye on Washington’s reopening.

Altcoin Round-Up: Ethereum, Solana, XRP, and More

The broader crypto market – altcoins beyond Bitcoin – experienced a mix of trends in late October and early November. Many altcoins underperformed Bitcoin during the recent pullback, continuing a theme of this cycle: a flight to quality (Bitcoin) at the expense of speculative tokens. Here are the highlights:

Ethereum (ETH)

Ethereum (ETH), the second-largest crypto, is trading around $3,700–$3,750 at present ^[111]. It fell alongside Bitcoin in the recent dip, dropping roughly 3–4% in 24 hours ^[112]. On the week, ETH is roughly flat to slightly down.

Ethereum has lagged Bitcoin’s rally in percentage terms. Notably, at ~$3.7K, ETH is still below its own all-time high (~$4.8K set in Nov 2021). One year ago in Nov 2024, ETH reached the mid-$3,000s (around $3,364 on Nov 24, 2024 ^[113]), so it’s up only modestly (~10%) year-on-year – versus BTC’s ~60% YoY leap. This reflects investors’ rotation into Bitcoin and large caps recently, leaving ETH somewhat in the shadows.

However, Ethereum’s fundamentals remain solid. The network successfully implemented its “Dencun” upgrade earlier in 2025 (bringing proto-danksharding for scalability), and staking withdrawals post-Merge have gone smoothly, with over 30 million ETH now staked. On-chain activity has been steady, though transaction fees have been low (which is good for users, but has meant less revenue burn – ETH’s supply is only slightly deflationary at current activity levels).

In the current market, traders are watching a key technical level: ~$3,875 on ETH. Analysts note a significant liquidity cluster and short positions around $3,875 – if ETH can break above that, it could trigger a short squeeze and upside momentum ^[114]. Indeed, a “liquidation map” shows a lot of stop-losses for short sellers in that area; a move beyond it could quickly propel ETH back above $4,000. On the downside, ETH has been holding the $3,600–$3,700 support region.

From a technician’s view, ETH appears to be forming a symmetrical triangle on the mid-term chart, similar to Bitcoin’s consolidation. Its 50-day EMA sits around current prices, indicating indecision ^[115]. Should volatility return, targets to watch: if bullish, ETH could revisit $4,200–$4,400 (levels last seen in early 2025). If bearish, a drop to $3,300 (where heavy buying occurred in August) could be next.

One interesting piece of analysis from late Oct: a veteran trader argued Ether could eventually top $5,000 this cycle, calling it the “best ecosystem” in crypto and noting institutional interest in ETH as essentially “tech stock-like” exposure ^{[116] [117]}. That remains speculative, but not outlandish if another wave of altcoin enthusiasm hits.

Solana (SOL)

Solana (SOL), often dubbed an “Ethereum killer,” saw a strong run-up in 2025 but has cooled recently. SOL currently trades around $175–$180 ^[118]. It is down about 5% in the latest market dip ^[119], a slightly larger drop than BTC or ETH.

Solana’s story is two-fold:

• In 2024, SOL staged a massive comeback from its late-2022 lows (it was under $10 at one point after the FTX collapse, since FTX/Alameda were big SOL backers). By Nov 2024, SOL reached ~$250+ ^[120], nearly reclaiming its 2021 ATH ($260). That rally was driven by Solana’s ecosystem growth (even without FTX, apps like Jupiter and Marinade gained traction) and a broader layer-1 resurgence.
• However, in 2025 SOL hasn’t revisited those heights. In fact, at $176 now, it’s ~30% lower than a year ago ^[121]. This makes Solana one of the few top altcoins down year-on-year versus Nov 2024’s mini-alt-peak.

That said, Solana fundamentals look strong: network reliability has improved (few to no major outages this year, a sore spot previously), daily active users and transactions are high (thanks to things like Solana Pay, NFTs, and new DeFi protocols), and Solana’s dev community is vibrant. The recent underperformance could be due to profit-taking after such a gigantic 2023–2024 gain, and perhaps rotation of capital into Bitcoin during the ETF hype.

Encouragingly, institutional interest in Solana is rising. As noted, Fidelity’s spot SOL ETF filing indicates big players see demand for Solana exposure ^[122]. If that ETF launches, it could channel fresh money into SOL. Additionally, Solana made headlines for Solana Saga, a crypto-centric smartphone launched earlier in 2025, and partnerships bringing stablecoins and payments to its chain (Visa is piloting USDC settlement on Solana, for example).

Near term, SOL seems to have support around $150 and resistance in the $180s. A break above ~$200 would be psychological and likely technical confirmation of a new uptrend. Analysts will be watching how Solana performs if the market turns up – it has a history of explosive moves once momentum returns.

XRP (XRP)

XRP – associated with Ripple – is one of the standout altcoin performers of the past year. It’s currently priced around $2.40 per token ^[123], having more than quintupled since early 2023 when it languished around $0.45. In the context of late 2024, XRP was about $1.43 in Nov 2024 ^[124], so it’s up ~70% YoY.

The catalysts behind XRP’s rise:

• Legal Clarity: In July 2023, Ripple won a partial victory in the SEC lawsuit, with a judge ruling that XRP itself is not necessarily a security in secondary market sales. That legal clarity (later reinforced by denial of the SEC’s appeal in mid-2025) paved the way for U.S. exchanges to relist XRP and for institutions to consider it without as much fear of regulatory blowback.
• Payment Adoption: Ripple’s payment network (RippleNet) and ODL (On-Demand Liquidity) have continued to see usage, especially in Asia and the Middle East for cross-border transfers. Ripple’s flagship event SWELL 2025 (held last week) showcased major TradFi players embracing blockchain – big banks, asset managers, and payment processors shared the stage, signaling that XRP and similar technologies are increasingly seen as part of mainstream finance ^[125]. This “TradFi joins the revolution” theme boosted sentiment that XRP will have a lasting role.
• ETF Ambitions: As discussed, the prospect of an XRP ETF has become real. Eight XRP ETF products have been registered for potential listing ^[126]. This kind of institutional wrapper was unimaginable a couple years ago when XRP was under the SEC cloud. If these ETFs launch, XRP could see significant inflows.

Recently, XRP’s performance has been relatively strong even during Bitcoin’s pullback – it outperformed on the dip, only down ~3% vs Bitcoin’s ~2.5% but quickly bouncing. In fact, on Nov 1, XRP spiked briefly, possibly on rumors of ETF progress or large whale buys.

Technically, XRP broke above the long-term resistance of $1.70–$1.80 in Q3 2025 and the move to $2+ confirmed a multi-year breakout. Now $2 becomes a support level. Analysts have pointed out a bullish cup-and-handle pattern that could project XRP to $3+ or even $5 if momentum continues ^[127]. In trending news, there was even an “XRP $5.00 run?” prediction piece circulating ^[128]. For that to happen, broader market health is needed, but XRP holders are arguably the most optimistic they’ve been since the 2017 bull run.

One caution: Ripple’s escrow releases continue – Ripple unlocks 1 billion XRP each month and typically sells a portion. For example, on Nov 1, Ripple locked 700M XRP back into escrow after selling 300M that month ^[129]. These scheduled sales can introduce some supply pressure, but so far demand has absorbed it.

Other Altcoins & Sectors

• Cardano (ADA): ADA is around $0.58 ^[130], which is up from ~$0.40 earlier in 2025 but far below its $3 peak in 2021. ADA saw a positive technical signal with bullish divergence on charts ^[131]. Analysts noted ADA’s daily and weekly RSI are at lows, which historically preceded big rallies ^[132]. Speculation is that if momentum shifts, ADA could target $1+ again. For now, it remains relatively quiet.
• Dogecoin (DOGE): DOGE hovers near $0.17 ^[133], interestingly up from ~$0.07 a year ago but also below its Musk-era highs ($0.70 in 2021). There’s been less hype around DOGE lately; meme coin attention shifted to newer tokens. However, Elon Musk did tease potential Dogecoin integration on X (Twitter) in October, which caused a brief pump. Also, a spot DOGE ETF filing is actually in play (as part of a proposed basket ETF alongside Bitcoin and others). DOGE’s cult following remains, but its fate likely rides on renewed retail mania which isn’t present yet.
• Bitcoin Cash (BCH) & Litecoin (LTC): These older Bitcoin offshoots had mini-resurgences in 2025. BCH is around $525 ^{[134] [135]} (up significantly YTD), possibly buoyed by a narrative of “if BTC ETFs, maybe one day BCH ETF”. Litecoin, at ~$93 ^[136], is about flat on the week but had a halving event in 2023 that was lackluster. Neither are front and center, but they gain when Bitcoin dominance surges.
• Binance Coin (BNB):BNB hit the $1,000 milestone in late October, now about $1,026 ^[137]. This is a new all-time high for BNB, surpassing its previous ~$690 peak ^[138]. BNB’s strength is notable given regulatory pressures on Binance. Part of this might be BNB’s core utility (fee discounts, Binance Smart Chain activity) and perhaps speculation that with CZ pardoned, Binance’s path is clearer. However, Binance’s market share in exchanges has slipped a bit (partly due to legal fears), so it’s impressive BNB held up. There is risk: Binance is reportedly under DOJ investigation (pre-pardon) and any enforcement could jolt BNB. For now, though, the pardon news put wind in its sails.
• “AI” and Niche Tokens: An interesting facet of this cycle is the rise of thematic tokens. Last week, an “AI token” rally saw obscure projects like Virtuals Protocol and ChainOpera AI shoot up over 10% ^[139], only to crash ~5% or more when the market turned. Similarly, zkSync tokens, PayFi tokens, etc. had rotation pumps (e.g., Dash jumped 33% in a week ^[140]). These are smaller parts of the market, but they highlight that speculative fervor still exists under the surface. Meme coins have quieted down since mid-year (Pepe and Shiba Inu gave up gains), as traders favor large-caps in uncertain times.
• Stablecoins and CBDCs: Stablecoin usage remains massive (Tether’s market cap is ~$130B). On Oct 31, Tether Ltd. revealed record profits of $10B in 9 months and even started a USDT buyback program – a sign of strength ^[141]. Regulatory discussions on stablecoins continue; many expect the U.S. Congress to address stablecoin oversight soon (possibly separately from the market structure bill). Meanwhile, Central Bank Digital Currencies (CBDCs) are making incremental progress – no major news this week, but countries like Japan and India are in pilot stages. There’s an interesting dichotomy where pro-Bitcoin U.S. officials like Bessent talk up stablecoins as preserving dollar dominance ^[142], suggesting the future might see both private stablecoins and Bitcoin coexisting in the mainstream.

Altcoin Outlook: Overall, altcoins are in Bitcoin’s shadow right now. Data shows the “altcoin supply in profit” is at lows not seen since the 2022 bear market ^[143] – meaning many who bought alts at higher prices are still underwater, whereas Bitcoin holders are largely in profit. This dynamic often happens in early bull phases: Bitcoin rallies first (and its dominance surges), then if it stabilizes at high levels, capital rotates to alts for potentially higher beta gains. We may be on the cusp of such a rotation if Bitcoin can hold above $100K and calm down. If not, alts might bleed more. Traders are split – some are bottom-fishing quality alts like ETH, SOL, ADA anticipating a catch-up rally, while others stick with Bitcoin until a spot ETF is confirmed.

A few catalysts could spark an altcoin resurgence: for example, Ethereum’s next upgrade (Devnet testing of sharding is ongoing), any big DeFi protocol breakthroughs, or simply FOMO if retail returns in force. Conversely, regulatory setbacks (like if the SEC were to deem certain top alts securities in future actions) could hurt. For now, the prudent view (as CoinPedia analysts noted) is that large-caps (BTC, ETH) are preferred for stability, while smaller alts remain higher risk/reward ^[144]. The market’s current risk-off tone has indeed seen Bitcoin and a few stalwarts outperform, and that trend will likely continue until confidence fully returns.

Mining and Network Health: Hash Power Hits the Stratosphere

The Bitcoin network’s fundamentals are arguably stronger than ever, even as price consolidates. Notably, Bitcoin’s mining hash rate and difficulty have been hitting all-time highs consistently through 2025, which speaks to the network’s security and miner confidence:

• Hash Rate > 1 Zettahash: In early October, Bitcoin’s total computational power crossed a historic milestone – averaging above 1.05 ZH/s (zettahashes per second) ^{[145] [146]}. One zettahash is a trillion gigahashes, or effectively an almost unfathomable number of hashes per second. This means miners worldwide are contributing more power than ever to secure Bitcoin. It’s a far cry from even a few years ago; for perspective, the hash rate is roughly 4–5x higher than in late 2021’s bull run. Driving factors include new-generation mining rigs (more efficient ASICs), large mining farm expansions (especially in North America, the Middle East, and Asia), and relatively cheap energy in certain regions (some miners capitalized on excess hydroelectric power in rainy seasons, etc.).
• Record Difficulty & Miner Strain: As a result of surging hash rate, the network’s mining difficulty has kept adjusting upward. On Oct 2, difficulty hit 150.8 trillion – the highest ever at that time ^[147] – and it has likely increased further by November. Difficulty adjustments every two weeks ensure the block time stays ~10 minutes, but for miners it means tougher competition and lower odds for each machine to find a block. A run of seven straight difficulty increases was observed through October ^[148], illustrating how relentless the hash power growth has been. This has put pressure on mining profitability.
• Hashprice at Lows: “Hashprice” – the revenue per unit of hash power (usually measured in dollars per petahash per second per day) – has been declining. According to Luxor Technologies, hashprice is hovering under $50/PH/day recently ^{[149] [150]}, near multi-year lows. It briefly hit $52 when Bitcoin was above $118k over the summer, but as difficulty rose and fees stayed low, hashprice fell back. Low hashprice means miners’ earnings are slimmer, squeezing those with older equipment or higher energy costs. Essentially, even though Bitcoin’s price is high, the competition is so intense that the BTC rewards per hash are lower.
• Miner Profitability Outlook: For miners to improve margins, one of three things needs to happen: (1) Bitcoin price rises further (which would increase USD revenue per hash), (2) transaction fees increase (adding to miner income; fees have been muted after the Ordinals craze subsided earlier in 2025), or (3) the hash rate growth slows or reverses (reducing difficulty) ^[151]. So far, none of these have significantly materialized. However, miners tend to be long-term players; many are banking on Bitcoin’s price continuing upward into 2026, which would offset the difficulty growth.
• Mining Stocks & Investment: Interestingly, publicly traded mining companies have been thriving in tandem with Bitcoin’s price surge. Despite the margin compression, their stock prices soared in Q4. Cipher Mining (CIFR) stock jumped 51% in a month, Marathon Digital (MARA) up ~16%, BitDigital (BTBT) +25%, etc., as investors value their BTC treasuries and future capacity ^[152]. This suggests the equity market expects miners to weather the difficulty and eventually reap big rewards if BTC keeps climbing. Additionally, fresh capital is flowing into mining infrastructure. Example: a New Zealand firm RockToken announced expansion of cloud mining and hash rate facilities on Oct 30 ^[153]. And in places like Texas, mining is even being credited with stabilizing energy grids by absorbing excess power and promoting renewables ^[154].
• Geographic Shifts: The global distribution of hash rate continues to evolve. The U.S. remains a leading location (with estimates of 35%-40% of hash power), but there are headwinds like higher electricity rates and environmental scrutiny. Kazakhstan, Russia, and Canada have significant shares. Notably, Middle Eastern countries (UAE, Oman, Saudi) and even El Salvador have invested in mining projects to capitalize on stranded energy. China, despite its 2021 ban, still has some covert mining (~10% of hash by some estimates) via hydro in provinces like Sichuan during the wet season.
• Environmental Aspect: With hash rate at ATH, Bitcoin’s energy usage is again a topic. However, mining proponents point out a growing portion of mining uses renewable or otherwise wasted energy. Also, efficiency gains mean more hashes per watt than ever. The narrative of Bitcoin mining driving renewable energy development (by acting as a buyer of last resort for energy producers) gained traction. For instance, a Forbes article this week discussed Bitcoin mining as a catalyst for cheaper energy in Texas by monetizing flared natural gas and stabilizing grids ^[155].

In summary, Bitcoin’s network is highly secure and robust – a fact underscored by Treasury Secretary Bessent’s praise of its resilience. The trade-off is miners are facing tight economics, but so far there’s little sign of capitulation; on the contrary, miners seem optimistic (as evidenced by them holding or even increasing their BTC reserves in many cases). If Bitcoin’s price makes another leg up (say to $130K+), hashprice would improve and miners could breathe easier. Until then, we have a somewhat paradoxical situation of “all-time high hash power, but low per-hash profits.” Yet, this dynamic often occurs in bull runs – in 2017 and 2021 we saw similar miner margin compression until a blow-off top. The takeaway for investors is positive: a record hash rate means the network is ultrasecure, and it reflects massive investment conviction in Bitcoin’s future by mining companies.

Expert Analysis & Predictions: What’s Next for Bitcoin?

With Bitcoin hovering around $110K and the market at a crossroads, analysts and industry veterans are offering their takes on what comes next. Here’s a digest of notable quotes and forecasts from experts:

• Support & Resistance – Arslan Butt (Crypto Analyst): “Bitcoin is trading around $110,414, showing resilience despite volatility… BTC’s price action shows a symmetrical triangle pattern… consistent support along an ascending trendline near $106,375, with overhead resistance at $111,675.” ^{[156] [157]} Butt notes this narrowing range indicates a likely breakout imminent. He outlines key triggers: “If Bitcoin closes decisively above $111,700, momentum could lift prices toward $116,350 or even $119,750… Conversely, a dip below $106,000 could trigger a correction toward $103,500.” ^[158] In short, $106K is vital support to maintain the bullish structure, and $112K the hurdle to clear for another leg up. Many traders share this view – they’re effectively waiting for a break of the $106K–$112K consolidation to either long the breakout or short the breakdown.
• Market Sentiment – Robert Kiyosaki (author, Rich Dad Poor Dad): The outspoken investor Robert Kiyosaki issued a dramatic warning on Nov 1: “MASSIVE CRASH BEGINNING: Millions will be wiped out. Protect yourself. Silver, gold, Bitcoin, Ethereum will protect you. Take care.” ^[159]. He’s essentially predicting a major market crash across stocks and possibly real estate, advising people to hold hard assets like gold and crypto as protection. Kiyosaki has long been a gold and Bitcoin advocate, and while his doomsday predictions are infamous (and sometimes premature), they tap into the current anxiety about elevated asset valuations. His advice notably includes Bitcoin and Ether as safe-havens alongside precious metals – a sign that even traditionally minded investors see crypto as part of a “disaster hedge” strategy. His tweet got 4.6 million views, showing the reach of such narratives ^[160]. For Bitcoin, if mainstream investors heed this, it could mean new buying from those hedging against a stock crash. However, if a crash does occur, there’s debate whether Bitcoin would initially drop with other risk assets or hold firm. Historically, in sudden panics (e.g., March 2020), Bitcoin hasn’t been spared; but in slow downturns with inflation fears, it sometimes shines.
• On-Chain Strength – Riya Sehgal (Research Analyst, Delta Exchange): “While long-term holders have begun light profit-taking, Bitcoin’s realized cap above $1.1 trillion and stable on-chain activity indicate enduring structural strength ahead of a historically bullish November.” ^[161]. Realized cap is an on-chain metric valuing each coin at the price it last moved; hitting $1.1T means a lot of value was bought into the network, reflecting strong holder bases. Sehgal suggests that despite some OG whales selling, the network health and HODLer conviction is robust. She also hints that November, seasonally, tends to be bullish (on average). This aligns with the notion that the uptrend may still have legs, as solid fundamentals can support higher prices once the current shake-out concludes.
• Crash vs. Rally – Mixed Opinions: The community is split. Some analysts from major banks have turned cautious after Bitcoin broke $100K. For instance, Standard Chartered put out a note saying Bitcoin’s party above $100K “could end fast,” predicting a possible dip into five figures again before resuming uptrend ^[162]. They see any dip below $100K as likely brief, though – essentially a buy-the-dip opportunity. On the flip side, crypto-native analysts like TechDev and PlanB (known for stock-to-flow) are extremely bullish, with models suggesting $200K+ in 2026 if cycles repeat. A recent Finbold piece even cited a chartist claiming if historical trend lines hold, BTC could hit $250,000 in the coming weeks (which seems overly optimistic) ^[163]. More realistically, a Citigroup analysis (via Motley Fool) forecasted $180K by next year as a base case ^[164].
• Psychology & “Max Pain”: Market commentators note that many retail investors who missed buying sub-$100K are now praying for a pullback to those levels. Often in bull markets, the “max pain” scenario is the market not giving an easy retest of round numbers (e.g., Bitcoin might refuse to dip below $100K in a neat way, leaving sideline money chasing higher entries). If Bitcoin holds the $108K support strongly now, it could indicate that the broader market has accepted six-figure BTC as the new normal floor.
• Long-Term Events: Halving & Beyond: Bitcoin’s next halving is expected in April 2028, but typically the year or two after a halving sees bull runs (as happened in 2021 post-2020 halving, and seemingly in 2025 post-2024 halving). Many experts believe we are mid-cycle now – not at the top. For instance, Pantera Capital’s forecast calls for Bitcoin to peak around $148K in mid-2026 (they use stock-to-flow-ish logic). Meanwhile, ARK Invest’s Cathie Wood stands by an eye-popping $1 million per BTC by 2030 target, based on exponential adoption similar to early internet growth. These long-term forecasts didn’t specifically come out this week, but they frame the backdrop against which current news is set: institutions and forward-looking investors still see massive upside in Bitcoin’s future if it continues on its trajectory of global adoption.
• Contrarian Signals: Some traders are eyeing the Fear & Greed Index, which recently hit “Greed” levels when BTC was at $120K, and has since pulled back to neutral after the dip ^[165]. If sentiment resets to a bit of fear now, that ironically could set the stage for the next rally (as the saying goes, markets climb a wall of worry). Also, November kicked off with many altcoins in the red and Bitcoin dominance high – historically, Bitcoin often surges first, then after a cooling period, altcoins explode (“altseason”). A number of analysts predict an altseason in Q1 2026, but for that to happen, they suggest Bitcoin must consolidate without a deep crash, to give confidence for rotating into alts.

In conclusion, expert sentiment ranges from short-term cautious to long-term wildly bullish. The consensus seems to be that Bitcoin’s bull thesis remains intact (strong fundamentals, increasing institutional embrace) but the asset could see continued choppiness in the near term as it digests its large gains and navigates macro uncertainties. Traders are laser-focused on the $100K–$112K range – a clear break either way will likely dictate the direction for the rest of Q4.

The optimistic camp highlights that November–December often bring strong rallies (e.g., BTC famously had huge runs in late 2013, 2017, 2020). With an ETF catalyst possibly looming and the halving cycle momentum, they believe new highs above $125K are achievable by year-end or early 2026.

The cautious camp urges vigilance – noting that after such a rapid rise from $30K to $110K in 12 months, a healthy correction (perhaps to $90K or even $80K) wouldn’t be abnormal and could shake out excess leverage before climbing higher.

As always in crypto, expect the unexpected. One thing is clear: Bitcoin is no longer in the fringes; it’s front-page news, with U.S. Presidents, Treasury Secretaries, billionaires, and global regulators all in the dialogue. That mainstream attention is a double-edged sword – it validates crypto’s importance, but also means volatility as various forces (policy, macro, technicals) interplay. For now, market participants will be watching if Bitcoin can maintain its footing above six figures and close out 2025 on a high note, capping what has already been one of the most historic years in Bitcoin’s timeline.

Sources:

• 99Bitcoins Live Update, Nov 3, 2025: Crypto sell-off, Bitcoin defending $107K ^{[166] [167]}
• CoinPedia Live News, Nov 3, 2025: Bitcoin down 2.5%, Fed’s impact, ETF outflows ^{[168] [169]}; Whale movements ^[170]; Altcoin supply in profit ^[171]; Crash warnings ^[172]
• CoinDesk Asia Market Open, Nov 2, 2025: Bitcoin <$108K on Powell comments ^{[173] [174]}; Market snapshot ^[175]; On-chain quote (Sehgal) ^[176]
• CoinDesk News Analysis, Nov 2, 2025: Shutdown delayed ETF approvals; November workarounds ^{[177] [178]}; XRP/SOL ETFs by Nov. 13 ^[179]
• CoinDesk Policy, Nov 1, 2025: Treasury Sec. Bessent praises Bitcoin uptime on White Paper anniversary ^{[180] [181]}
• CryptoNews, Nov 2, 2025: Kiyosaki crash warning; BTC technical outlook ^{[182] [183]}
• CryptoNews, Nov 3, 2025: Senators push crypto bill during shutdown ^{[184] [185]}; Balancer $70M exploit details ^[186]
• YCharts Data (Nov 3, 2025): Bitcoin price $110,650; +59.7% vs year ago ^{[187] [188]}; Historical daily prices ^{[189] [190]}
• CoinMarketCap Snapshot (Nov 24, 2024): Prices – BTC ~$98K, ETH ~$3.36K, SOL ~$253, BNB ~$660, XRP ~$1.43 ^{[191] [192]}
• CoinDesk Markets, Oct 2, 2025: Mining hash rate 1.05 ZH/s, difficulty record, hashprice <$50/PH ^{[193] [194]}
• Binance/TradingView prices (Nov 3, 2025): BTC ~$107K intraday low ^[195]; ETH ~$3,720 (-3.8% 24h) ^[196]; SOL ~$176 (-5.4%) ^[197]; BNB ~$1,026 ^[198].

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