By Omkar Godbole
(All times ET unless indicated otherwise)
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The crypto market is in the red again, with Bitcoin (BTC) at $105,086.31 showing signs of what forex traders refer to as a “CHoCH,” or change of character. In this case, it’s tipping bearish.
Since October last year, Bitcoin bulls have dominated the options market, piling into calls at $100K and above on Deribit, pushing those strikes to the top of the open interest leaderboard. Fast forward to today, and the change is evident. The $95K put option has an open interest of $1.80 billion, only slightly less than the $1.85 billion locked in the most popular option, the $140K call. Puts at strikes $80K, $85K, and $90K also carry open interest ranging between $1.40 billion and $1.55 billion.
This change of character signals that the market’s attitude toward risk is evolving. It’s not just jargon but a tool traders use to spot potential trend reversals. In an uptrend, a CHoCH happens when the price breaks below a prior swing low, indicating that the bullish momentum might be fading.
That’s exactly the case for BTC, whose spot price recently dropped below $107,250, breaching a low from early September. This move invalidated the bullish pattern of higher highs and higher lows. Although bulls attempted a recovery today, they came up short, reinforcing the shift. As a result, BTC was trading near $105,000 — a 1% decline over the past 24 hours.
Major altcoins such as Ether (ETH) at $3,574.51, XRP at $2.4652, and BNB at $982.00 registered significant losses, and the CoinDesk 20 Index dropped more than 2%. Indexes linked to memecoins, computing, and smart contract tokens excluding Ether all fell, indicating broader market weakness.
However, the DeFi Select index stood out with 6% gains, largely due to Uniswap’s UNI token surging 23%. UNI’s rally followed a proposal by protocol founder Hayden Adams to activate protocol fees, use those fees to burn UNI tokens, and remove 100 million UNI from the treasury, shifting the model toward deflation.
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**In Other Key News**
The U.S. Treasury Department and the IRS announced new guidelines that open the door for Wall Street-traded crypto products to generate staking yield for investors.
In traditional markets, concerns are mounting over the sliding share price of business-development companies like Blue Owl Capital (OWL), despite overall market strength. For some observers, this decline signals distress in the high-yield, riskiest segment of private credit.
Stay alert!
For analysis of today’s activity in altcoins and derivatives, see [Crypto Markets Today].
For a comprehensive list of upcoming events this week, see CoinDesk’s [Crypto Week Ahead].
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### What to Watch
**Crypto**
Nothing scheduled.
**Macro**
– Nov. 11, 7 a.m.: Brazil October Inflation (Headline YoY est. 4.75%, MoM est. 0.16%)
– Nov. 11, 8:15 a.m.: ADP Employment Change Weekly (Previous 14.25K)
**Earnings**
Nothing scheduled.
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### Token Events
For a complete list of this week’s events, see CoinDesk’s [Crypto Week Ahead].
**Governance Votes & Calls**
– Uniswap is voting on a proposal from GFX Labs to create a “Community Proposal Factory” (CPF), a subDAO designed to lower the barrier for governance. Voting ends Nov. 11.
**Unlocks**
– Nov. 11: APT $3.1859 to unlock 2.11% of circulating supply worth $32.35 million.
**Token Launches**
– Nov. 11: Adix (ADIX) to be listed on Gate.
– Nov. 11: KuCoin to discontinue its spot pre-market product.
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### Conferences
For more events this week, see CoinDesk’s [Crypto Week Ahead].
– Day 2 of 2: FTT Fintech Festival (London)
– Day 1 of 3: Mining Disrupt Conference (Dallas)
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### Market Movements
**Cryptocurrencies**
– BTC: Down 0.59% from 4 p.m. ET Monday at $104,994.61 (24 hrs: -0.78%)
– ETH: Up 0.4% at $3,555.25 (24 hrs: -1.06%)
– CoinDesk 20 Index: Down 1.08% at 3,424.67 (24 hrs: -1.92%)
**Rates & Funding**
– Ether CESR Composite Staking Rate: Up 4 bps at 2.86%
– BTC Funding Rate: -0.00013% (-0.3132% annualized) on Binance
**Traditional Markets**
– DXY: Unchanged at 99.58
– Gold futures: Up 0.58% at $4,146.00
– Silver futures: Up 0.88% at $50.76
**Global Indexes**
– Nikkei 225: Closed down 0.14% at 50,842.93
– Hang Seng: Closed up 0.18% at 26,696.41
– FTSE 100: Up 0.84% at 9,868.88
– Euro Stoxx 50: Up 0.5% at 5,692.52
– DJIA (Monday Close): Up 0.81% at 47,368.63
– S&P 500 (Monday Close): Up 1.54% at 6,832.43
– Nasdaq Composite (Monday Close): Up 2.27% at 23,527.17
– S&P/TSX Composite: Up 1.35% at 30,316.63
– S&P 40 Latin America: Up 0.73% at 3,107.50
**U.S. 10-Year Treasury Rate:** Up 2.9 bps at 4.122%
**E-mini Futures:**
– S&P 500: Down 0.19% at 6,843.75
– Nasdaq-100: Down 0.34% at 25,626.75
– Dow Jones Industrial Average: Unchanged at 47,449.00
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### Bitcoin Stats
– BTC Dominance: 60.02% (+0.14%)
– Ether-Bitcoin Ratio: 0.03398 (+0.96%)
– Hashrate (7-day moving average): 1,054 EH/s
– Hashprice (spot): $42.79
– Total Fees: 3.85 BTC / $408,527
– CME Futures Open Interest: 137,570 BTC
– BTC priced in gold: 25 oz
– BTC vs gold market cap: 7.04%
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### Technical Analysis
The Ether-Bitcoin (ETH/BTC) ratio remains stuck in a falling channel, implying Ether’s underperformance. Traders should watch for a potential breakout, as such a move would indicate an increased bias toward Ether and the broader altcoin market.
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### Crypto Equities
– Coinbase Global (COIN): Closed Monday at $317.93 (+2.84%), pre-market -1.11% at $314.40
– Circle Internet (CRCL): Closed at $104.10 (+0.93%), pre-market -0.85% at $103.22
– Galaxy Digital (GLXY): Closed at $31.79 (+0.73%), pre-market -1.23% at $31.40
– Bullish (BLSH): Closed at $46.59 (+3.35%), pre-market -0.32% at $46.44
– MARA Holdings (MARA): Closed at $15.58 (-1.83%), pre-market -0.58% at $15.49
– Riot Platforms (RIOT): Closed at $17.32 (+1.82%), pre-market -0.81% at $17.18
– Core Scientific (CORZ): Closed at $19.29 (-4.46%), pre-market -2.33% at $18.84
– CleanSpark (CLSK): Closed at $15.03 (-3.47%), pre-market -5.52% at $14.20
– CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $53.58 (-2.74%)
– Exodus Movement (EXOD): Closed at $21.86 (+1.11%), pre-market -3.02% at $21.20
– Crypto Treasury Companies Strategy (MSTR): Closed at $238.88 (-1.26%), pre-market -1.31% at $235.75
– Semler Scientific (SMLR): Closed at $29.27 (+6.05%), pre-market +1.40% at $29.68
– SharpLink Gaming (SBET): Closed at $11.95 (-0.08%), unchanged pre-market
– Upexi (UPXI): Closed at $3.35 (+1.36%)
– Lite Strategy (LITS): Closed at $2.26 (+7.62%)
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### ETF Flows
**Spot BTC ETFs**
– Daily net flows: $1.2 million
– Cumulative net flows: $59.95 billion
– Total BTC holdings: ~1.33 million
**Spot ETH ETFs**
– Daily net flows: $0 million
– Cumulative net flows: $13.88 billion
– Total ETH holdings: ~6.56 million
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*Source: Farside Investors*
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*While You Were Sleeping.*
https://www.coindesk.com/daybook-us/2025/11/11/change-of-character-crypto-daybook-americas
