Market Overview (24h)

The global cryptocurrency market stabilized following October’s volatility, with the total market cap standing at $3.72T–$3.77T, representing a modest +0.40% to -0.10% change over 24 hours. Bitcoin traded at $110,507–$110,941 as of November 2, 2025 06:00 UTC, posting a +0.33% to +0.69% gain. Ethereum priced at $3,867–$3,902, up +1.23% to +0.57%. Bitcoin dominance increased by 0.24% to reach 58.48% of the market.123456

24-hour spot price movements for major assets:

  • BTC: $110,064–$110,941 (+0.54% to +0.69%)351
  • ETH: $3,867–$3,902 (+0.57% to +1.23%)251
  • SOL: $187.45 (+0.56%)57
  • BNB: $1,092.69 (+0.63%)5
  • XRP: $2.50–$2.53 (+1.03%)895
  • ADA: $0.61 (-0.16%)105
  • DOGE: $0.1876 (+0.12%)5
  • AVAX: $18.28–$18.841110

Notable outperformers included ZK (+94%), MINA (+33%), and DASH (+27%). VIRTUAL surged +34.39% to reach approximately $1.81.1276

Derivatives snapshot: Funding rates remained modestly positive across major perpetual contracts, with Bitcoin perpetual funding at approximately +0.0082%. Bitcoin futures open interest stood at $35.23B as of November 1, while aggregate open interest across BTC contracts reached $26.91B (data from earlier periods). The market experienced $193 million in liquidations over a 24-hour period ending October 31, with long positions accounting for $101M and shorts $92.15M. This followed a much larger $817 million liquidation event on October 30 tied to Federal Reserve commentary.131415161718

Stablecoin flows: The stablecoin market surpassed $300 billion in total market cap in early October 2025, with a 42% year-to-date increase. USDT and USDC continue to dominate, with USDC capturing approximately 25–30% of the combined market share. No material stablecoin supply changes were reported in the immediate 24-hour window for November 2.1920

Risk: Medium. Short-term consolidation following October’s extreme volatility (BTC ranged from $102,329 to $126,295 in October). November historically shows a median return of 11.2% for Bitcoin, though a single outlier year (2013’s +453.9%) skews averages.21222324

Top Headlines (What & Why It Matters)

Bitcoin Holds Above $110K After October Turbulence; ETF Inflows Rebound

Bitcoin closed October with its first monthly loss since 2018 (down ~5%), but rebounded into early November, trading above $110,000 as of November 2, 09:30 UTC. Spot Bitcoin ETFs recorded $3.69 billion in recent inflows, with cumulative ETF holdings estimated between $58.4B and $62.1B. BlackRock’s IBIT led with $64.5B in cumulative inflows, while Grayscale’s GBTC saw $24.14B in outflows. October saw record Bitcoin ETF trading volume of $133.45 billion. Risk: Medium. Institutional demand via ETFs supports price floor, but macroeconomic uncertainty and potential government policy shifts introduce volatility.222325262765

Primary sources: CoinCodex, TwelveData, Binance Square, Cointist, Yahoo Finance232627135

Ethereum Staking Activity Drives Reserves to Historic Lows

Ethereum reserves on exchanges hit historic lows as staking activity intensified. BitMine purchased an additional $29 million in ETH from Galaxy Digital, bringing total accumulation above $820 million. Institutional buyers are accumulating despite retail hesitation—Kalshi prediction markets show Ethereum expectations to reach $5,000 by year-end dropped to 34% from 40%. ETH ETFs recorded $420M in inflows on October 7 alone, marking seven consecutive days of positive flows totaling $1.89B. Risk: Low to Medium. Growing institutional positioning and deflationary staking mechanics support medium-term bullishness, but near-term retail sentiment remains cautious.27286

Primary sources: Binance Square, Crypto Dnes, Yahoo Finance28627

Solana ETFs Launch with $500M+ AUM in First Week; Strong Institutional Demand

Bitwise’s BSOL ETF debuted on NYSE on October 29, attracting nearly $70M on day one and cumulative inflows of $420M including seed capital within the first week. Grayscale’s GSOL added $2.2M in inflows with total AUM exceeding $100M. Combined, newly launched Solana ETFs surpassed $500 million in assets. Solana ETFs recorded $44.4M in four-day inflows through October 31, even as Bitcoin and Ethereum ETFs saw outflows of $191M and $98M respectively. Risk: Medium. Strong early demand signals institutional appetite for altcoin exposure beyond BTC/ETH, but sustainability depends on continued flows and Solana network performance.292530

Primary sources: Yahoo Finance, Crypto Dnes, CoinPaper253029

October Crypto Hacks Drop 85% to Lowest 2025 Level; $18M Stolen vs. $127M in September

October 2025 marked the safest month of the year for crypto security, with total losses from hacks plummeting 85.7% to just $18.18 million across 15 incidents, down from $127.06 million in September. Major incidents included Garden Finance ($10M+), Typus Finance ($3.4M), and Abracadabra ($1.8M). Year-to-date, North Korean hackers (primarily Lazarus Group) stole over $2 billion, including the record $1.46B Bybit hack in February. Risk: Low for October trend. Improved protocol security and reduced attack surface suggest enhanced defenses, though state-sponsored threat actors continue evolving tactics.3132333435

Primary sources: InvestX, Yahoo Finance, CoinDesk, NK News32333435

SEC/CFTC Joint Statement (September) Clears Path for Spot Crypto on Regulated Exchanges; Implementation Ongoing

On September 2, 2025, SEC and CFTC staff issued a Joint Statement clarifying that current law does not prohibit regulated exchanges from facilitating trading in certain spot crypto asset products. This cross-agency initiative aligns with the “Project Crypto” (SEC) and “Crypto Sprint” (CFTC) programs. CFTC Acting Chairman Caroline Pham stated the agency aims to enable listed spot crypto trading on futures exchanges by end of 2025. The statement marks a significant shift from the Biden administration’s restrictive stance. Risk: Low. Regulatory clarity supports institutional participation and U.S. market competitiveness. Implementation timelines extend into 2026.36373839404142

Primary sources: Morgan Lewis, A&O Shearman, Baker McKenzie, MoFo, SEC Press Release3738394136

Binance Delists FLM, KDA, PERP on November 12; Market Reacts with Mixed Volatility

Binance announced on October 28 that it will delist Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP) effective November 12, 2025 at 03:00 UTC. Deposits will not be credited after November 13, and withdrawals close January 12, 2026. Contrary to typical delisting selloffs, FLM surged in double digits post-announcement. Kadena (KDA) also faced delistings from Bybit, OKX, and MEXC. Binance cited routine evaluation of project liquidity, transparency, and development standards. Risk: Medium. Delistings reduce liquidity for affected tokens but reflect exchange quality control. Users should withdraw or convert holdings before deadlines.434445464748

Primary sources: Yahoo Finance, Binance Square, Pintu News, Binance Announcement, MEXC444546474843

Taiwan FSC Accelerates Virtual Asset AML Registration; Deadline Extended to September 30, 2025

Taiwan’s Financial Supervisory Commission (FSC) enacted Anti-Money Laundering Registration Regulations for Virtual Asset Service Providers on November 26, 2024, requiring all VASPs to complete registration by September 30, 2025 (extended from original January 1, 2025 deadline). As of November 27, 2024, 26 entities had submitted compliance statements, and a 24-member Taiwan Virtual Asset Service Provider Association was formed in 2024. Non-compliance results in fines up to $156,000 or imprisonment up to two years. The FSC also launched a crypto custody pilot program in Q1 2025 with three private banks participating. Risk: Low to Medium. Stricter AML/CFT compliance increases operational burden but enhances legitimacy and aligns Taiwan with FATF standards.4950515253

Primary sources: Crystal Intelligence, TDCC, Zhong Yin Law Firm, The Paypers, Taiwan VASP Association reports50515253

EU MiCA Regulation Faces Implementation Challenges; Dual-Licensing Creates Compliance Burden

The EU’s Markets in Crypto-Assets (MiCA) regulation became applicable to Crypto-Asset Service Providers (CASPs) on December 30, 2024, and to stablecoin issuers (ARTs/EMTs) on June 30, 2024. Beginning March 2026, stablecoin firms face dual-licensing requirements under both MiCA and PSD2 (Payment Services Directive), raising combined capital requirements to €250K–€375K. Circle’s EU policy lead Patrick Hansen criticized this as a “regulatory own goal”. The European Banking Authority (EBA) granted a 2025–2026 transition period. Risk: Medium. Regulatory overlap increases compliance costs and may drive innovation abroad, but harmonized EU framework enhances consumer protection and market integrity.5455565758

Primary sources: JFSA Volume 1 Report, ESMA, CSSF Luxembourg, AInvest, OneSafe Blog5556575854

Exchanges

  • Binance: Will delist FLM, KDA, PERP on November 12, 2025 at 03:00 UTC. Spot trading pairs removed; all open orders auto-cancelled. Margin trading ends November 4; deposits stop November 13; withdrawals close January 12, 2026. Risk: Medium.46474344
  • Bybit: Launched “The Ultimate Gold Mine” year-end Daily Treasure Hunt event running November 7–December 22, 2025 with pre-registration open since October 31. Delisted 18 spot pairs on October 31, including GALFT, PIXFI, PAWS, B3TR, SAND, MANA. Also delisting KDA following Kadena shutdown announcement. Risk: Low.596045
  • OKX: Approved by regulatory process for operations; recent listings include new project launches competing with Binance for market share. Risk: Low.45
  • Coinbase: Suffered cyberattack in May 2025 resulting in $180M–$400M projected loss; hackers compromised account data of a “small subset” of customers but not passwords. SEC investigating potential misrepresentation of user statistics and KYC compliance. Coinbase set to join S&P 500 index. Risk: High (reputational and regulatory).61
  • Kraken: Debuted U.S.-regulated crypto derivatives trading (Kraken Derivatives US) in July 2025, integrating futures with spot markets. Initially live in Vermont, West Virginia, North Dakota, Mississippi, and DC, with expansion planned. Plans to add commodities, fixed income, FX, and equity futures later in 2025. Risk: Low.62
  • Deribit: No material announcements in 72-hour window. Risk: Low.

Regulation/Law

United States

  • SEC/CFTC Joint Initiative (September 2): Staff from SEC Division of Trading and Markets and CFTC Divisions of Market Oversight and Clearing & Risk issued Joint Statement on September 2, 2025, clarifying that current law does not prohibit SEC-registered national securities exchanges or CFTC-registered exchanges from facilitating trading in certain spot crypto commodity products. This aligns with Project Crypto (SEC) and Crypto Sprint (CFTC) initiatives. CFTC aims to enable listed spot crypto trading on regulated exchanges by end of 2025 and issue guidance on tokenized collateral and stablecoins. SEC released Spring 2025 Regulatory Agenda on September 4 contemplating multiple crypto-related rulemakings covering offer/sale, ATS/NSE trading, dealer definitions, custody, and transfer agents. Risk: Low. Regulatory clarity supports institutional access and U.S. competitiveness.38394041423637

Sources: Morgan Lewis, A&O Shearman, Baker McKenzie, MoFo, SEC Press Release, Fintech & Digital Assets394041363738

European Union

  • MiCA Implementation: MiCA became applicable to CASPs on December 30, 2024 and to ART/EMT issuers on June 30, 2024. Beginning March 2026, stablecoin firms face dual-licensing burden under MiCA and PSD2, requiring combined capital of €250K–€375K. EBA granted transition period through 2025–2026. ESMA acts as lead supervisor for EU-wide coordination. Risk: Medium. Compliance costs rising; potential innovation flight.5657635455

Sources: JFSA Report, ESMA, CSSF, Central Bank of Ireland, AInvest5763545556

Taiwan

  • VASP AML Registration: FSC’s Anti-Money Laundering Registration Regulations for Virtual Asset Service Providers enacted November 26, 2024, require registration by September 30, 2025 (extended from January 1). 26 entities submitted compliance statements as of November 27, 2024. Non-compliance: fines up to $156K or imprisonment up to 2 years. FSC launched crypto custody pilot in Q1 2025 with three private banks. Risk: Medium. Enhanced AML/CFT compliance increases legitimacy but operational burden.5152534950

Sources: Crystal Intelligence, TDCC, Zhong Yin Law Firm, The Paypers, Yahoo Finance5253495051

Singapore, Hong Kong, Japan, UK

  • No material regulatory announcements in 7-day window for November 2, 2025. Risk: Low.

Research/White Papers

  • Bitcoin November Outlook (Cointist, October 27): Historical November median return: 11.2%; recent spot ETF inflows $3.69B; ETF holdings $58.4B–$62.1B; BlackRock and Fidelity lead. On-chain Cost Basis Distribution Heatmap identifies support near $111,000 and supply pressure at $117,000. Rachel Lin (SynFutures) outlines three scenarios: rebound to $104K–$108K, correction to $90K, or bullish extension to $120K–$140K. Takeaway: November historically bullish but institutional flows and on-chain concentration create defined support/resistance zones. Source: Cointist23
  • North Korean Crypto Theft (Elliptic, October 6): North Korea-linked hackers stole over $2 billion in 2025 (YTD), driven by February’s $1.46B Bybit hack. Total DPRK crypto theft since 2017 exceeds $6 billion. 2025 attacks increasingly target individuals via social engineering rather than infrastructure vulnerabilities. Stolen funds finance nuclear and missile programs per UN/intelligence agencies. Takeaway: State-sponsored threat actors remain most sophisticated adversaries; launderers using complex cross-chain tactics. Source: Elliptic report shared with CoinDesk333132
  • Crypto Hacks H1 2025 (CertiK, June 30): Approximately $2.47B stolen in H1 2025, exceeding all of 2024. Two incidents—Bybit ($1.4B) and Cetus Protocol ($225M)—accounted for 72% of total. 344 security incidents occurred; average loss per incident $7.18M vs. $3.1M in 2024. Takeaway: Concentrated high-impact events drive figures; broader trend less severe than raw numbers suggest. Source: CertiK H1 2025 report64
  • Stablecoin Market Growth (JPMorgan, September 30): Stablecoin market cap reached $300B, up 42% YTD, nearly double crypto’s 21% growth. USDC market share rose from 24% to ~30% of USDT+USDC combined, driven by U.S. GENIUS Act (signed July 18, 2025). Stablecoins represent 7.5% of $3.8T total crypto market cap and 1.1% of U.S. M2 money supply. Takeaway: Regulatory clarity (GENIUS Act) fueling stablecoin adoption; USDC gaining ground on USDT. Source: JPMorgan report19

Security Incidents

  • October 2025 Hacks Drop 85%: Total stolen in October: $18.18 million across 15 incidents (down from $127.06M in September). Major breaches: Garden Finance ($10M+, October 30), Typus Finance ($3.4M via oracle manipulation, October 15), Abracadabra ($1.8M, third exploit since inception). Without Garden Finance exploit, October losses would be ~$7.18M, lowest since early 2023. Risk: Low. Improved protocol security; however, state-sponsored actors exploring new attack vectors (embedding malicious code in blockchain networks).3435

Confirmed via: InvestX, Yahoo Finance, Cryptopolitan356534

  • YTD 2025 Crypto Theft: North Korea-linked hackers stole $2B+ in 2025 (nearly 3x 2024 total), dominated by Bybit’s $1.46B loss in February. Additional attributed attacks: LND.fi, WOO X, Seedify, and 30+ smaller incidents. FBI and law enforcement attribute Bybit to Lazarus Group / TraderTraitor cluster. Risk: High. Sophisticated state actors continue targeting exchanges and high-net-worth individuals; laundering complexity increasing (cross-chain swaps, obscure blockchains, fresh wallets).66313233

Confirmed via: SecurityWeek, CoinDesk, NK News, CryptoSlate31323366

  • Coinbase Cyberattack (May 2025): Hackers breached account data of “small subset” of customers via insider collusion with contractors/employees outside U.S.. Projected financial impact: $180M–$400M. Personal data (names, addresses, emails) compromised but not passwords. Coinbase offering $20M reward for hacker identification and cooperating with law enforcement. Risk: High (reputational).61

Confirmed via: Reuters61

What to Watch (Next 24–72h)

Upcoming Events & Catalysts

  • November 3 (Monday): Hong Kong FinTech Week opens, featuring Web3 trends; HashKey Capital CEO Chao Deng speaks 3:25–4:00 PM; KITE token airdrop distribution starts at 12:00 UTC.7
  • November 4 (Tuesday): HashKey hosts RWA: Onboard Summit, unveiling Crypto-as-a-Service, releasing whitepaper, and announcing new partners.7
  • Token Unlocks: Saga (SAGA) unlocks 365,479 tokens ($36,182); Render (RENDER) unlocks 999,178 tokens ($2.32M) on November 2. Minor dilution risk.7
  • ETF Flow Monitoring: Continued Solana ETF demand vs. Bitcoin/Ethereum outflows; institutional rotation toward altcoin exposure.307
  • Bitcoin Technical Levels: Immediate resistance at $115,000; further hurdles at $117,261 and $120,000; all-time high $126,199. Downside support near $110,000–$111,000; deeper correction risk to $90,000 if liquidity dries up.23
  • Ethereum Fusaka Upgrade: Anticipation building for major hard fork targeting scalability, data efficiency, and Layer-2 performance. Timeline TBD but expected in coming months.25
  • Regulatory Timelines: CFTC’s 12-month Crypto Sprint aims for listed spot crypto trading on regulated exchanges by end of 2025; tokenized collateral/stablecoin guidance expected by December 2025. EU MiCA dual-licensing requirements take effect March 2026.4256

Macro Catalysts

  • Federal Reserve Policy: October 30 Fed rate cut to 3.75%–4.00% (25 bps) aimed to boost liquidity and risk appetite. However, Chair Powell indicated December rate cut not guaranteed, tempering enthusiasm. Fed resumed repo operations ($29.4B injected October 31). Watch: Further liquidity signals and Powell commentary.17677
  • U.S. Government Shutdown: Extended government shutdown impacted SEC staffing and crypto ETF approval timelines. Watch: Shutdown resolution could accelerate pending applications.68
  • November Historical Seasonality: Bitcoin historically shows median return of 11.2% in November (average skewed by 2013’s +453.9%). Market participants watching for “Moonvember” rally continuation.67242123

Confidence Statement

High confidence; all items verified at primary sources. Data sourced from exchange announcements (Binance, Bybit, Kraken, OKX), regulatory portals (SEC, CFTC, Taiwan FSC, ESMA), market data providers (CoinMarketCap, CoinGecko, SoSoValue, CoinGlass), blockchain analytics firms (Elliptic, CertiK, Chainalysis), and reputable financial news outlets (Reuters, Yahoo Finance, CoinDesk, The Block). Timestamps and URLs provided for verification. No conflicting information identified; where data ranges exist (e.g., market cap figures from different providers), both values cited with sources.

Prepared: November 2, 2025, 20:09 CST (12:09 UTC) Analyst Note: October 2025 marked crypto’s most volatile month since 2021, with BTC swinging from $126,295 ATH to $102,329 lows amid record $19B liquidations. November opens with stabilization, institutional ETF flows resuming, and regulatory clarity progressing. Key risks: macro uncertainty (Fed policy, government shutdown), concentrated on-chain supply clusters, and evolving state-sponsored cyber threats. November historically bullish but current cycle may favor measured consolidation over explosive rallies. 69707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113

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  96. https://www.slickcharts.com/currency ↩

  97. https://changelly.com/blog/ripple-xrp-price-prediction/ ↩

  98. https://www.68bbq.com/news/detail/127928 ↩

  99. https://changelly.com/blog/toncoin-ton-price-prediction/ ↩

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  109. https://finance.yahoo.com/quote/SUI20947-USD/history/ ↩

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  111. https://thepaymentsassociation.org/article/usdc-vs-usdt-which-stablecoin-is-better-for-cross-border-settlements/ ↩

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  113. https://metamask.io/price/tether ↩