Crypto Market

BTC and ETH Market Insight

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Cryptocurrency options markets over the past week witnessed a localized volatility contraction and a cooling of extreme downside fear, even as spot ETF fund flows faced persistent institutional selling pressure.

BTC 1W realized volatility stabilized at 38.04%, while short-term ATM implied volatility compressed into the 35.5%–38.5% range across the front end, drastically narrowing the Volatility Risk Premium (VRP) from the previous week's spike. ETH options experienced an even more pronounced structural cooling; its ATM IV retraced toward the 46%–53% zone across front expiries, dramatically flattening out its previous massive premium over RV. This sentiment shift was clearly visible on the 25Δ options skew surface. BTC's front-end skew dropped significantly from its prior defensive peak to sit between +4.30 and +5.00 vol points, while ETH’s 25Δ skew melted down to +4.11 points, proving that immediate panic-buying of protective puts has largely evaporated.

In contrast to the calming options landscape, institutional activity in the spot ETF market remained predominantly defensive throughout the week. Meanwhile, the Ethereum spot ETF market faced unrelenting distribution, posting substantial net outflows of -61.43K ETH (Nov 2) and -37.86K ETH (Nov 3), heavily dictated by BlackRock's ETHA liquidations.

Altcoins and Blockchain News

• Binance France will close all customer accounts on December 31, 2026, and will charge a monthly management fee starting November 29 on accounts that still hold assets.
  
• Cyber officially announced that it has cumulatively repurchased approximately $13 million worth of CYBER tokens over the past year.
• Aave Labs has acquired Avon's team and
  technology to advance its fixed-rate lending business.
• A final rule from the U.S. Department of Labor intended to make it easier for retirement plans to include alternative assets such as private equity, real estate, and cryptocurrencies was sent to the White House Office of Information and Regulatory Affairs (OIRA) for review on Thursday.
• The number of issuers opposing OKXICE's tokenized trading of their stocks has now risen to 67, with the latest objections coming from Palantir, S&P Global, KLA, Super Micro Computer, and Meta; crypto industry-related companies have not yet opposed it.
• Injective officially posted that the first U.S. ETF tracking INJ, "INJC," has officially listed on Nasdaq, becoming the first U.S. ETF to provide investment exposure to INJ.
• The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has ordered the severing of MEXC's ties to the U.S. financial system, prohibiting U.S. financial institutions from processing fund transfers involving MEXC.
• World Liberty Financial (WLFI) posted an announcement that it will launch a new WLFI token buyback program to strengthen ecosystem development and governance mechanisms

Macro

The major benchmarks finished the week lower, led by the midterm election results: the DJIA lost 0.94%, the S&P 500 dropped 2.68%, and the Nasdaq fell 3.37%. The Chinese stock market rebounded for the week: the Shanghai Composite Index rose +1.39%, the CSI 300 advanced +1.73% and the Hang Seng index surged 5.10%.