BitMart Market Weekly Report 10.27-11.02

This Week's Cryptocurrency Market Dynamics

Last week, the cryptocurrency market experienced a "high surge - retreat - weak recovery" fluctuation: BTC attempted to break through $116k twice but failed, with a minimum pullback to $106.3k, and then fluctuated repeatedly in the $109k--$111k range; multiple positive expectations (interest rate cuts, trade talks) did not translate into sustained upward movement, and prices fluctuated more with the stock market and risk appetite. ETH was weaker than BTC, repeatedly falling below $4,000, dipping to the $3,681--$3,709 range during the week, and recovering over the weekend but failing to stabilize above $4k.
There was a divergence in capital flow: BTC ETF saw a net inflow of about +$0.90 billion last week, while ETH ETF experienced a net outflow of about -$0.93 billion. On the derivatives side, CME ETH futures trading and open interest continued to strengthen (monthly average trading volume has exceeded BTC since April 2025), coupled with institutional accumulation (e.g., BitMine increased its holdings by 27,316 ETH during the week), showing slight divergence between spot and derivatives signals. Key levels to watch: BTC $116k resistance, $110k/$106k support; ETH psychological level at $4,000 and $3,680 support. In terms of operations, control leverage before and after events, using volume breakthroughs/failures as trading triggers.

This Week's Popular Cryptocurrencies

In terms of popular cryptocurrencies, DASH, ZK, ICP, TAO, and ZEC all performed well. PAYAI's price rose by 74.7% this week. ZK's price increased by 52.9%. ICP's price rose by 15.3%, with a 24-hour trading volume of 424.33M. TAO and ZEC increased by 12.5% and 8.9% respectively this week.

U.S. Market Overview and Hot News

This week, the performance of risk assets (including Bitcoin) has been quite volatile. At the start of Wednesday, it was supposed to be a day of positive news for cryptocurrencies and other risk markets: the Federal Reserve met market expectations by cutting interest rates by 25 basis points and announced the end of quantitative tightening (QT). However, the market's optimistic sentiment was short-lived. In a subsequent press conference, Fed Chair Jerome Powell's hawkish stance—implying that a rate cut in December was not a certainty—completely reversed market sentiment, triggering widespread "risk-off" selling. On Thursday, news of some positive progress in the U.S.-China summit further exacerbated market volatility due to insufficient details. Although the end of the quantitative tightening policy (QT) released a technical signal of liquidity easing, the market's focus remained on Powell's tightening signals. As a result, the dollar and U.S. Treasury yields surged, putting pressure on yield-sensitive assets like Bitcoin. The traditional stock market also experienced severe fluctuations; although the S&P 500 index closed higher, its internal extreme divergence—mainly supported by Nvidia—exposed the fragility of market confidence. The mixed earnings reports from tech giants failed to significantly boost market risk appetite.
On November 3 at 22:45, the U.S. will release the final value of the October S&P Global Manufacturing PMI;
Hong Kong FinTech Week 2025 will kick off in Hong Kong on November 3;
On November 5 at 21:15, the U.S. will announce the October ADP employment figures;
FOMC permanent voting member and New York Fed President John Williams will speak at the ECB monetary market meeting on November 7 at 4 PM.
The U.S. SEC has postponed its decision on Grayscale's DOT spot ETF, with a decision date set for November 8.
The U.S. government shutdown may see a turnaround early this week.

Popular Sectors and Project Unlocks

Tokenized Gold Sector
This week, the Tokenized Gold sector performed impressively, with an overall increase of 17.3%, becoming one of the defensive hotspots attracting capital attention. With the decline in U.S. Treasury yields and strengthened expectations for interest rate cuts, the safe-haven and collateral attributes of "on-chain gold" have been reassessed, leading to a strong rebound in several gold tokens, with representative projects PAXG and XAUt leading the gains. The warming of capital combined with project narrative updates (on-chain settlement, collateral lending, and improved cross-market arbitrage efficiency) has allowed this sector to significantly outperform the broader market over the past week. Overall, the strength of Tokenized Gold reflects a renewed focus on the gold + on-chain liquidity track; against the backdrop of returning crypto capital and innovation at the application layer, gold tokens are gradually evolving from "traditional asset mapping" to foundational assets for DeFi collateral and payments, with continued rising interest from capital and developers.
Memecoin (MEME) will unlock approximately 3.45 billion tokens at 3:30 PM Beijing time on November 3, accounting for 5.98% of the current circulating supply, valued at about $5.4 million.
The Jupiter community has released a proposal on whether to burn the JUP tokens of the Litterbox Trust, with voting ending on November 4. The proposal includes whether to burn the current accumulated 120 million JUP tokens of the Jupiter Litterbox Trust.
Ethena (ENA) will unlock approximately 172 million tokens at 3 PM Beijing time on November 5, accounting for 2.52% of the current circulating supply, valued at about $67.1 million.

Risk Warning:

The risks associated with using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.
The value of digital currencies may rise or fall, and there may be significant risks associated with buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.