Bitget Daily Morning Report: US stock market's three major indices close down; Fed voting members for next year stress inflation risks and oppose further rate cuts

Author: Bitget

Today's Outlook

1. The SEC is expected to make a decision on Grayscale's Polkadot (DOT) ETF application by November 8, 2025;

2. Among the top 100 crypto assets by market cap, 72 are down more than 50% from their all-time highs;

3. Circle has submitted a comment letter to the U.S. Treasury regarding the implementation of the GENIUS Act;

Macro & Highlights

1. Deribit: Bitcoin and Ethereum options worth over $5 billion will expire this Friday;

2. USDC Treasury recorded 10 minting and burning transactions exceeding $50 million each in the past 12 hours;

3. A Federal Reserve voting member for next year emphasizes inflation risks and opposes further rate cuts;

Market Trends

1. BTC and ETH are consolidating with short-term volatility; market sentiment remains cautious and leans toward fear. Approximately $563 million was liquidated in the past 24 hours, primarily long positions;

2. All three major U.S. stock indices closed lower: the Dow fell 0.84%, the Nasdaq dropped sharply by 1.90%, and the S&P 500 declined over 1%;

3. According to Bitget’s BTC/USDT liquidation map, BTC’s current price is 102,181 USDT. Short liquidations are densely concentrated in the 101,057–102,389 range. A break below this zone could trigger cascading liquidations, significantly increasing short-term risk;

4. In the past 24 hours, BTC spot inflows totaled $409 million, outflows reached $351 million, resulting in a net inflow of $58 million;

5. Over the past 24 hours, BTC, ETH, USDT, XRP, BNB and other contracts saw leading net outflows. It is recommended to closely monitor trading dynamics of major cryptocurrencies to capture potential trading opportunities;

News Updates

1. Musk: SpaceX should become a publicly traded company;

2. Block’s bitcoin revenue reached nearly $2 billion in Q3, accounting for nearly 30% of total revenue;

3. Google will integrate prediction data from Kalshi and Polymarket into Google Finance;

4. OpenAI CEO: Does not want its data centers to receive "government guarantees," expects annualized revenue to exceed $20 billion by year-end;

Project Updates

1. Credit Blockchain: Launched an AI-driven intelligent financial platform, integrating AI and blockchain innovation;

2. Ondo Finance appoints former McKinsey executive Ian De Bode as President;

3. Aave founder: Gauntlet has paused withdrawals on Compound;

4. Aerodrome: Will release major system upgrades including Slipstream V2 and Autopilot;

5. Folks Finance: Native token FOLKS officially launched on November 6, with initial circulation at 25.4%;

6. Cipher issued $1.4 billion in high-yield bonds to fund Google-related data center construction;

7. ORE mining program is now live on Solana Mobile dApp Store, available to Seeker users;

8. Berachain: Plans to launch a fund recovery claim page early next week, potentially followed by an additional hard fork;

9. ZachXBT: Collaborates with BNB Chain to jointly strengthen Web3 security infrastructure;

10. Hourglass: Adjusts Stable pre-deposit limits and clarifies KYC and settlement timelines;

Disclaimer: This report is AI-generated. Human input was limited to information verification. No investment advice is provided.