Crypto market weekly review: Nov 2 – Nov 8, 2026

The first week of November was driven by politics and bad news from the stock market. The Nov. 3 US midterms handed Democrats the Senate, and bitcoin slid to a seven-week low overnight. It then reclaimed $80,000 on Nov. 4 as shorts were squeezed out, only to drop on Thursday alongside chipmaker stocks. Spot bitcoin ETFs lost $1.28 billion, their worst week since late June. The final blow came late on Sunday, Nov. 8, when the price fell to $73,510 in 15 minutes shortly before the weekly close. Bitcoin printed its fifth straight red weekly candle. For the live price and today's outlook, see the daily brief.

The week in 5 points

1. Bitcoin fell 4.5% on the week. On Binance candles, it opened Monday at $78,354 and closed Sunday at $74,851. The weekly high of $81,196 came on Nov. 4, and the low of $73,510 came in the last hours of Sunday. It was the fifth losing week in a row and a close below the 50-week moving average (around $75,200).
2. Democrats won the Senate. CNBC projections give them at least 51 seats, and according to the WSJ, Elizabeth Warren is set to chair the Senate Banking Committee. The future of the CLARITY Act on crypto market structure is in doubt again.
3. ETFs: worst week since June. Spot bitcoin ETFs lost $1.28 billion, with Wednesday (+$74.6 million) the only inflow day. By The Block's count, the funds are now in net outflows for 2026. Ether ETFs lost $365.3 million.
4. A strong labor market is bad news for rates. The US added 165,000 jobs in October against 62,000 expected, and unemployment fell to 4.1% (TheStreet). Polymarket prices a 76.5% chance of a Fed hike in December.
5. Altcoins underperformed bitcoin. ETH −6.5%, SOL −8.5%, XRP −11.0%, HYPE −15.1% (Binance, Monday to Sunday). The TRUMP memecoin hit an all-time low after the election and lost 31.6% over seven days. Among the big coins, INJ (+12.9%) rose on the launch of a staked ETF.

The week in numbers

CoinLab data only, no news recap.

Spot ETF flows

By fund and by day — on the ETF flows page.

Derivatives

Liquidations come from the Binance feed and are a lower bound.

Sentiment and liquidity

Top-100 movers of the week

Stablecoins excluded; 7-day change at publication time.

Data: Binance, SoSoValue, alternative.me, FRED, CoinMarketCap. Not investment advice.

Price and technical picture

The week opened at $78,354, exactly where the previous one closed (see our review of Oct. 26 – Nov. 1). Monday and Tuesday were range-bound between $76,400 and $78,900 as the market waited for the election and absorbed ETF outflows after the Binance hack.

Election night brought the first sharp move. According to Cointelegraph, bitcoin dropped to $75,618, its lowest since Sept. 16, and bounced to $78,000 within three hours. The rally continued during the day on Nov. 4: price climbed back above $80,000, and the weekly high on Binance reached $81,196. Much of that move came from forced short covering.

The gains did not hold. On Nov. 5, the Nasdaq 100 lost more than 4% in a selloff in AI and chip stocks, and bitcoin fell about 5%. Bitcoin.com recorded a drop from $81,105 to $76,059; the daily low on Binance was $75,208. On Friday the price dipped to $74,888, and the weekend was quiet around $75,600⁠–⁠76,200.

The decisive move came late on Sunday. Binance 15-minute candles show the price falling from $75,600 to $73,510, its lowest since Aug. 21, in a quarter of an hour starting around 4:45 PM ET. By the weekly close (7:00 PM ET) bitcoin had recovered part of the loss and settled at $74,851.

Daily closes for the week (Binance, 7:00 PM ET): $76,816, $77,454, $80,504, $76,088, $75,844, $75,868, $74,851.

Indicators as of Monday morning, Nov. 9 (our Binance data):

• Daily RSI(14) is 34.7: a weak zone, close to oversold.
• Price is below the EMA20 ($78,131), EMA50 ($79,286) and EMA200 ($76,813), and MACD is below its signal line.
• The 50-week average is around $75,200, and the week closed below it.
• The 200-day simple moving average is $73,224: the overnight low stopped about $300 above it. The last daily close below that average was on Aug. 18.
• The 200-week average is $67,760, about 10% below the price.

The nearest support levels are $73,510 and $73,224, then the $69,000⁠–⁠70,000 zone. Resistance sits at $75,500⁠–⁠76,200 and then $78,000⁠–⁠78,900, where the week began. How similar setups played out in the past is shown in our fractals section; the current picture is on the bitcoin page.

Derivatives and options

The week saw three big waves of liquidations in both directions:

• Nov. 4, upside. CoinGlass data cited by crypto.news show $378 million of shorts closed within one hour, 81% of all forced closures in that hour.
• Nov. 5, downside. Bitcoin.com counted $838.5 million in liquidations over 24 hours across 166,904 traders. Bitcoin futures open interest fell from $28 billion to $26 billion, the lowest since mid-September.
• Sunday night. CoinGlass data reported by KuCoin show $745 million liquidated in an hour, $715 million of it longs. Bitcoin accounted for $343 million and ether for $229 million. Over 24 hours, per BeInCrypto, about $856 million was liquidated, 90% of it longs.

Our Binance feed shows $279.5 million of long liquidations and $134.2 million of short liquidations for the week. Average funding over the week was +0.0078% per 8 hours. On Monday morning, Nov. 9, the rate on Binance, Bybit and Hyperliquid was 0.01% per 8 hours (about 11% annualized). Even after the flush, longs are still paying shorts, so the long-side crowding has not cleared. The CoinLab squeeze index stands at −1, with no clear imbalance pointing to a squeeze in either direction (more in our market pulse).

Options. On Friday, Nov. 6, at 08:00 UTC, 33,441 BTC of options expired on Deribit with max pain at $79,000 (CryptoSlate). By then, price was already below that level. The DVOL volatility index read 40.3 on Monday morning, the same as a week earlier: despite the sharp moves, options are not pricing a volatility spike. The put/call ratio across Deribit open interest is 0.70, with open interest around 344,000 BTC ($25.6 billion).

Upcoming markers from Deribit:

• Nov. 13: 33,910 BTC, max pain $77,000.
• Nov. 27 (monthly): 72,843 BTC, max pain $80,000.
• Dec. 25 (quarterly): 141,544 BTC, max pain $75,000.

ETFs and institutions

Spot bitcoin ETFs had their worst week since late June. According to SoSoValue:

BlackRock's IBIT led the outflows, with −$403 million on Friday alone; Fidelity's FBTC was the only fund in the green that day (+$42.8 million). By The Block's count, net flows for 2026 are now about −$914 million, versus net inflows of roughly $368 million a week earlier. Assets stood near $95.9 billion at Friday's close. Details are in our story on the weekly outflow.

Ether ETFs lost $365.3 million, their sixth straight week of outflows. Solana funds lost $26.3 million.

Companies. On Monday, Nov. 2, Strategy reported buying 811 BTC for $65.5 million at an average of $80,846 between Oct. 26 and Nov. 1 (Newsquawk). The company holds 849,327 BTC at an average cost of $75,451 (CoinGecko), so Sunday's drop pushed bitcoin below its cost basis. Strategy usually reports the prior week's purchases on Monday.

Other companies were more often selling or moving coins. Keel Infrastructure sold 2,520 BTC for $192 million and is exiting mining. Riot sold 20,264 BTC over nine months. Trump Media moved 4,259 BTC to Crypto.com. On the other side, Strive posted $509 million in Q3 net income and is stepping up purchases. Tether owns about 150,000 BTC, according to Paolo Ardoino. In total, 181 public companies hold 1.30 million BTC, or 6.2% of supply (our CoinGecko-based data).

On-chain and mining

Holders. MVRV is 1.42 (as of Nov. 2): holders are on average about 42% in profit, the 33rd percentile of history. The short-term holder cost basis is around $75,725. Price has moved below it, meaning recent buyers are on average underwater and more likely to sell into rebounds at breakeven. Blockonomi flagged a whale, dormant for more than a year, that added 3,009 BTC on Nov. 6. At the same time, 21Shares estimates that long-term holders cut their balances by 248,000 BTC in Q3.

Liquidity. Stablecoin supply is $294.8 billion: −1.6% on the week and −4.2% (−$12.9 billion) over 30 days (DefiLlama). No new money is coming into crypto. The Fear & Greed Index fell from 37 to 28 over the week, and the CoinLab market temperature reads 28 out of 100, in the cold zone.

Binance hack fallout. On Nov. 3, the exchange published its report: the $6.34 billion attack began with a fake job interview of an engineer, and about $2.85 billion was frozen or intercepted. By Nov. 9, Binance had restored HYPE and APT withdrawals ahead of schedule. Regulators reacted: the Fed and OCC checked in with US banks, and South Korea asked exchanges to keep more funds in cold storage.

Mining. Hashrate on mempool.space is about 970 EH/s, and difficulty is 148.4 T. The next adjustment is expected around Nov. 13, with the current estimate at about −6% as some miners switch off after the price drop. Hashprice was $32.86 per PH/s per day on Nov. 2, down 8.7% on the week (Hashrate Index). Fees are near zero at 1⁠–⁠2 sat/vB. The shift to AI continues: Riot leased its Corsicana campus to an AI lab for 15 years for $28 billion, while TeraWulf's mining revenue fell 69% as hosting income grew.

Macro

The key macro story of the week was the jobs report. On Friday, Nov. 6, the Labor Department reported 165,000 new jobs in October against 62,000 expected. August and September were revised up by a combined 84,000, unemployment fell to 4.1%, and wages rose 3.1% year over year (TheStreet). For the Fed, that argues for tightening: per the same source, the odds of a December hike rose to 74% from 67% before the report. On Polymarket, a 25 bp hike at the Dec. 8⁠–⁠9 meeting is priced at 76.5%, with a hold at 22.5% (Polymarket). The policy rate is currently 3.75⁠–⁠4.00%.

Stocks had a poor week. By our data, the S&P 500 lost 2.7% (7,377 on Friday) and the Nasdaq 3.4% (24,579), while the VIX jumped 32% to 25.6. The blow came on Thursday: per StockAnalysis, citing Reuters, the Nasdaq 100 fell more than 4%, with Nebius down 14%, Dell 11% and CoreWeave 10%. Bitcoin traded in step with tech stocks this week, not as a safe haven.

Gold played that role instead: +4.1% on the week to $4,132 an ounce. WTI crude fell 6.3% to $90.35. The dollar index DXY barely moved (102.1, +0.4% over five days). Treasury yields edged lower by Friday: the 10-year at 4.86% (−8 bp on the week) and the 2-year at 4.51% (−5 bp), per the US Treasury.

Fed Net Liquidity rose by $45 billion to $5.79 trillion over the week. So far, that has not helped crypto.

Altcoins of the week

Altcoins fell harder than bitcoin. BTC's share of total market cap is 60.1%, ETH's 10.5% (CoinGecko).

USDT pairs on Binance, Monday 00:00 UTC to Monday 00:00 UTC.

Ethereum (−6.5%). Ether lagged bitcoin all week, and the Sunday night drop took it to $2,060 (−7.3% within minutes). ETH/BTC fell to 0.0285, its lowest since the September peak (KuCoin). A sixth week of ETH ETF outflows is weighing on demand. On the positive side, tokenization continues: Amundi launched a tokenized fund tracking the STOXX Europe 600 on Ethereum. More on the ether page.

Solana (−8.5%). Schroders brought an emerging-markets bond fund to Solana. Meanwhile, China's central bank called Solana advertising in Shanghai illegal. SOL ETFs lost $26.3 million.

Hyperliquid (−15.1%). After gaining 15% the week before, HYPE gave it all back. Broad risk-off selling and a team unlock weighed on the token: per Tokenomist, the early-November HYPE unlock is the second-largest of the month. Hyperliquid Strategies filed with the CFTC for FCM status.

TRUMP (−31.6% over 7 days). The biggest loser in the top 100. After the Democratic win, the memecoin fell to an all-time low of $1.12 from $1.70 before the vote, leaving a market cap of about $340 million (Futurism). The market is pricing in the risk of investigations into businesses tied to the Trump family.

Injective (+12.9% over 7 days). A rare gainer: on Nov. 5, Canary's staked INJ ETF began trading on Nasdaq.

Regulation and events

• The new Senate. Democrats won a majority with at least 51 seats. If the CLARITY Act does not pass by January, the next Congress will have to start over. According to the WSJ, the Banking Committee will be chaired by Elizabeth Warren, the industry's leading critic in the Senate. Sen. Richard Blumenthal requested records from Binance, Tether and Trump-linked companies, with a Jan. 4, 2027 deadline.
• SEC and CFTC write rules without a law. On Nov. 3 the regulators signed a memorandum of understanding. The CFTC cleared equity perpetual futures in the US and gave exchanges 30 days to drop state geoblocks. The SEC said Canton Coin is a digital commodity.
• US Treasury. FinCEN cut the MEXC exchange off from the US financial system. FinCEN and the Fed withdrew a plan to lower the Travel Rule threshold to $250. Sanctions hit 41 companies in the Prince Group network and eight Canadian money services businesses tied to Iran.
• Retirement. The Labor Department sent a rule to the White House on alternative assets, including crypto, in 401(k) plans.
• Worldwide. Nigeria's central bank introduced stablecoin licenses and banned algorithmic ones. Indian authorities searched CoinDCX and Delta Exchange. Thailand will block Bitget from Dec. 5, and Binance will close French customer accounts on Dec. 31.
• Security. Korean exchange Gopax halted withdrawals over a hacking threat. Keplr paused Google and Apple login, and the tBTC bridge partially resumed while Aave's $120 million reserve stays frozen.

Calendar for the week ahead

• Monday, Nov. 9. Strategy usually reports the prior week's purchases. At 3:00 AM ET, 8,591 BTC of options expire on Deribit (max pain $75,500).
• Tuesday, Nov. 10, 8:30 AM ET. October US Consumer Price Index (BLS), the week's key event for rates. Fed Governor Christopher Waller also speaks that day.
• Wednesday, Nov. 11. Veterans Day in the US. CoreWeave earnings and an ALLO token unlock (about $26 million), per KuCoin's calendar.
• Thursday, Nov. 12. US initial jobless claims; a RAIN unlock worth about $197 million.
• Friday, Nov. 13. October Producer Price Index at 8:30 AM ET. Deribit expiry at 3:00 AM ET: 33,910 BTC, max pain $77,000. The US Supreme Court considers Custodia's petition against the Fed at its private conference. The mining difficulty adjustment is due around this date.
• Saturday, Nov. 14. Remarks by Fed Vice Chair Philip Jefferson.

Bottom line: base case for the week

The week showed that bitcoin is currently trading as a risky tech asset. ETF outflows, expectations of a December rate hike and the selloff in AI stocks are pulling it lower. The strong jobs data added pressure, and post-election political uncertainty hit Trump-linked tokens and hopes for the CLARITY Act.

The base case for the week is a range with downside pressure, roughly $73,000⁠–⁠78,000, with the 200-day average ($73,224) as the key support. The Polymarket median for Nov. 10 is around $74,600. The main fork is Tuesday's CPI. Soft data could reduce the odds of a hike and bring price back to $76,000⁠–⁠78,000, where the EMA200 ($76,813) and EMA20 ($78,131) sit. Hot inflation would likely deepen ETF outflows and put the $69,000⁠–⁠70,000 zone in play. On Polymarket, a touch of $70,000 before the end of November is priced at 50.5%, and a return to $80,000 at 45%.

What to watch: daily ETF flows, Strategy's report, funding (as long as longs keep paying, the risk of another flush remains) and the difficulty adjustment. Daily updates are in the brief and the market pulse.

This is not investment advice.