BitMart Market Weekly Report 11.03-11.09

This Week's Crypto Market Dynamics

The crypto market continues to decline, with sentiment further weakening. Following last month's leverage-driven correction, there has been another large-scale deleveraging this week, with liquidation amounts reaching $1.2 billion and $1.6 billion over two consecutive days. BTC fell by 6.4%, while ETH, SOL, and major altcoins turned negative for the year, with high-beta assets showing particularly significant declines as funds continued to flow out of risk assets. The market has evaporated nearly $1 trillion in market value, but the pullback is primarily driven by technical deleveraging rather than a deterioration in fundamentals. The industry's fundamentals remain robust: adoption rates are at an all-time high, regulatory benefits are continuously advancing, and technological innovation is accelerating, but extremely high leverage has amplified volatility, making the market more sensitive to macroeconomic and news events. This round of liquidations has pushed BTC down from about $126,000 to around $100,000, triggering systemic risk reduction in the market. Stablecoin data shows that despite the clearing of leveraged positions, funds remain within the crypto ecosystem and have not flowed out significantly, instead shifting towards stablecoins. The long-term logic remains unchanged, but the short-term market will maintain high volatility in both directions during the leverage reset.

This Week's Popular Coins

In terms of popular coins, QRE, AIA, COTI, ZEC, and STRK have all performed well. QRE's price increased by 334% this week. AIA's price rose by 229.9%. COTI's price increased by 15.3%, with a 24-hour trading volume of 424.33M. TAO and ZEC rose by 12.5% and 8.9% this week, respectively.

U.S. Market Overview and Hot News

Last week, risk sentiment in the U.S. stock market weakened again, with the major indices experiencing significant pullbacks— the S&P 500 fell by about 2.04%, and the NYFANG+ index dropped by 4.21%, affected by weak tech earnings, AI valuation concerns, and macroeconomic uncertainties. The U.S. dollar index rose by 0.26%, supported by rising U.S. Treasury yields and safe-haven demand, while USD/JPY fell by 0.72%, with the yen strengthening due to safe-haven inflows and cautious statements from the Bank of Japan. In commodities, gold fell by 0.63%, pressured by a stronger dollar; crude oil dropped by 1.08% due to the largest increase in U.S. crude oil inventories since July and Saudi Arabia's price cuts for Asia. The 10-year U.S. Treasury yield remained volatile, pressured by a large amount of bond issuance and mixed macro data, while market volatility significantly increased— VIX surged by 19.86%, and the MOVE index rose by 10.19%, reflecting heightened hedging demand, increased liquidity concerns, and the impact of the pause in the release of key U.S. economic data. Overall, the market has shifted back to a defensive stance, with weakening tech momentum, unclear macro prospects, and rising volatility collectively suppressing the performance of risk assets.
On November 3 at 22:45, the U.S. will release the final value of the October S&P Global Manufacturing PMI; the potential government shutdown may see a breakthrough this week;
The U.S. SEC will make a decision on Grayscale's DOT spot ETF, with the decision date set for November 8;
The SBF case will begin a week of hearings on November 3;

Popular Sectors and Project Unlocks

Privacy Sector
The privacy sector performed impressively over the past week, with ZEC setting a historical high, becoming a core highlight in a weak market environment, followed by a slight pullback with the overall market; driven by this, DASH also saw significant gains, indicating a phase of capital returning to the privacy narrative. Despite the strong performance within the sector, the overall market has not yet escaped the impact of October 11, with the altcoin season index falling to 25 (BTC dominance), and the fear index reporting 36 (market fear), indicating that the current rise reflects more of a structural rotation of capital rather than a comprehensive trend reversal.
Linea (LINEA) will unlock approximately 2.88 billion tokens at 7 PM Beijing time on November 10, accounting for 16.44% of the current circulating supply, valued at about $34.4 million.
Aptos (APT) will unlock approximately 11.31 million tokens at 2 PM Beijing time on November 11, accounting for 0.49% of the current circulating supply, valued at about $33.4 million.
Solayer (LAYER) will unlock approximately 27.02 million tokens at 10 PM Beijing time on November 11, accounting for 9.51% of the current circulating supply, valued at about $6.6 million.
peaq (PEAQ) will unlock approximately 84.84 million tokens at 8 AM Beijing time on November 12, accounting for 5.57% of the current circulating supply, valued at about $6 million.
Avalanche (AVAX) will unlock approximately 1.67 million tokens at 8 AM Beijing time on November 13, accounting for 0.33% of the current circulating supply, valued at about $28.2 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 buying, selling, holding, or trading digital currencies may involve substantial risks. 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.