Good morning. It seems the stock market is where the real bull market is. So let’s recap Big Tech’s strong Q3 earnings that overshadowed the crypto market this week.
All of that, plus your…
- Chart of the Day is a look at Bitcoin’s historic gains in November.
- Trade of the Day gives you options on Ethereum.
- Degen Play of the Day is a BTC end of year bet.
Chart of the Day
October ended in the red with Bitcoin down 3.69%, marking Bitcoin’s worst October since 2018. Not the Uptober we hoped for, but not bad at all considering BTC’s volatility.
With October closing in the red, bringing a red start to Q4, this has historically led to more red throughout the rest of the quarter. Let’s hope we break that pattern too this year.
However, there have only been 4 red November’s since 2013. November has seen an average increase of 42.51% since 2013, meaning Bitcoin could reach $160,000 this month.
With sentiment so low, I wouldn’t be surprised if we had a green November.
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Trade of the Day
The ETH chart is signaling that the bears are trying to take control, however there is still potential to bounce to the upside. So you’ve potentially got options to play this either way.
ETH is still sitting above the 200-day MA around $3,700, but it’s putting in lower highs right now. If we can get a higher low above $3,700 this could signal a potential reversal.
RSI is starting to turn up a little, so good news there. But if we lose this level of support, the channel could quickly break down toward $3,400. If ETH can hold its 200-day MA, then we hope to see some further consolidation, before a trip towards the top of the channel at $3,900 – $4,000.
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Alpha Leaks
- Coinbase [COIN] has been given a buy rating from H.C. Wainwright in a bearish to bullish U-turn and has given a price target of $425. That’s a 24% increase from its current price level.
- Ethereum [ETH] developers have officially scheduled the Fusaka upgrade for December 3rd after completing the final testnet this week. Standard Chartered also predicts the market cap for real-world assets could increase around 5,600% to $2 trillion by 2028, with most of that coming from Ethereum.
- Core Scientific [CORZ] shareholders have rejected its $9 billion merger with CoreWeave and since then Macquarie has upgraded CORZ from neutral to outperform, raising its target price by almost 90%, from $18 to $34.
- Jupiter’s [JUP] launchpad trading platform called Decentralized Token Formation is due to launch in November and the first token ICO will be HumidiFi’s WET token. HumidiFi is a Solana DEX that accounts for almost 35% of all volume on Solana. You’re not bullish enough on this.
- CleanSpark [CLSK] is a Bitcoin miner that’s expanding into the AI data center space after announcing a power supply deal totaling 285 megawatts and 271 acres of land in Austin County, Texas.
- Ripple’s [XRP] ETF application from Bitwise has been updated to include the NYSE exchange and a fee of 0.34%, which are typically the last boxes to check before going live for trading. This paves the way for listings to begin from November.
- Dogecoin [DOGE] whales have dumped 440M coins in 72 hours, pushing the price down to $0.19. This could be an early sign that a third Dogecoin cycle may be forming and eventually there will be an explosion to the upside.
Go Premium to read this week’s report on Meteora and find out if we’re bullish or bearish on the biggest liquidity engine on Solana
News Roundup
Big Tech Beats Q3 Earnings
It’s been a big week for Big Tech as Q3 earnings results came in. Whilst results were strong, price action has been volatile as investors continue to weigh up whether big tech can keep delivering on such ambitious plans.
Here’s a quick round-up of the headline results:
- Netflix [NFLX]: Announced a 10-for-1 stock split is coming on November 17th to make the stock cheaper for new investors. NFLX up 3% on the news.
- Alphabet [GOOGL]: Revenue hit $100 billion for the first time in a quarter, after its cloud business grew 34%. GOOGL share price up 6% on the news.
- Amazon [AMZN]: AWS revenue jumped 20% year over year and is growing at a pace not seen since 2022. AMZN up 10% on the news. Amazon’s latest 14,000 corporate job layoffs have been attributed to overhiring, not AI or financially driven.
- Apple [AAPL]: A record September for revenue of $102.5 billion, a September quarter revenue record for the iPhone and all-time revenue record for services. Apple hit a $4 trillion market cap for the first time. AAPL up 2.5% this week.
- Meta: Shares dropped over 11% in its biggest one-day loss since October 2022 after increasing its AI spending plans.
- Microsoft [MSFT]: Revenue up 18%, net income up 12% and AI infrastructure spending up to almost $35 billion in Q3. MSFT down 4% on the news.
- Coinbase [COIN]: Revenues jumped 37% from Q2 to Q3. ETH trading increased from 15% of total volume in Q2, to 22% of total volume in Q3. COIN up 4.65% on the news.
Earnings Results to watch out for next week:
- Palantir: November 3rd
- Cipher Mining: November 3rd
- Shopify: November 4th
- AMD: November 4th
- Robinhood: November 5th
- IREN: November 6th
BTC & ETH ETFs Down, SOL ETFs Up
The crypto market is being massively overshadowed right now by the stock market, even the spot ETFs…all except one.
Bitcoin and Ethereum
The spot Bitcoin ETFs sold off Wednesday to Friday, with $1.15 billion in net outflows across those three trading days. That brings the total inflows for the week to just $61 million. Still green though, which is positive.
Ethereum ETFs have followed a similar trend to the BTC collective, with 3-days of outflows from Wednesday to Friday, losing $363 million. That reduces the total inflows for the week to $14.3 million.
Solana
The shiny new toy is where the inflows went this week!
Bitwise’s Solana Staking ETF [BSOL] became the biggest ETF launch of the year for trading volume out of over 850 ETF launches. If this isn’t a bullish sign, I don’t know what is.
Both Bitwise’s BSOL and Grayscale’s GSOL ETFs finished their first week of trading in the green. The net inflows totaled $199 million for the week.
Despite the BTC and ETF sell-off, the fresh inflows into the Solana ETFs is a sign that the bull market is still intact and not over yet.
ECB Plans CBDC Rollout Starting 2027
The European Central Bank has been told by the European Council to accelerate its plans for a digital euro CBDC.
The revised timeline for digital euro now looks like:
- 2026: Vote by European Parliament
- 2027: Pilot launch
- 2029: Full Europe-wide rollout
ECB President, Christine Lagarde, announced on Friday that the digital euro project has moved onto its “next and final stage” of preparation and is estimated to cost around $1.5 billion up to 2029.
But of course, this CBDC is “important” because it will “bring us all together” says Largarde.
This is the biggest advertisement for Bitcoin and privacy coins.
Degen Play of the Day
October is over and there’s been no euphoric blow-off top for BTC like history suggested. So the question is: Does the 4-year cycle still stand or are we in an extended cycle? Was $126K the top and it’s all over, or is BTC going to stay above $100K and push up to new ATHs?
The line in the sand for the Bitcoin bull market is at $98K, which means a slight drop below $100K is still possible without the top being in already.
Polymarket says it’s 50/50 whether Bitcoin stays above $100K this year. Now is the time to either hedge or double down.
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Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
