Are crypto markets finally catching their breath? After a week of turbulence, Bitcoin (BTC) and Ethereum (ETH) seem to be finding their footing. As of November 3, 2025, Bitcoin is hovering around $110,000 and Ethereum is trading near $3,900. Liquidations are easing, and market makers report that their clients are cautiously re-entering the risk game after the Federal Reserve-induced selloff.
Good morning, Asia! Here's a quick rundown of what's making headlines in the markets:
Welcome to the Asia Morning Briefing, your daily dose of the top stories from the U.S. markets, along with a look at market movements and expert analysis. For a deeper dive into U.S. market trends, be sure to check out CoinDesk's Crypto Daybook Americas.
Bitcoin (BTC) is trading above $110,000, while Ether is at $3,880 as Hong Kong kicks off its business week.
But here's where it gets interesting: Both leading digital assets have taken a hit in the past month. Bitcoin is down 10%, and Ethereum has dropped 14% as traders continue to adjust their positions.
According to market maker FlowDesk, their clients have largely paused adding new risk following last week's Federal Reserve meeting. The trading activity has been dominated by short-term strategies and portfolio rebalancing. However, FlowDesk noted that traders were showing net buying in tokens like BTC, HYPE, and SYRUP. These tokens are supported by cash flow or buyback narratives, even as Solana-linked assets lagged. Bitcoin's dominance rose to approximately 60%. FlowDesk suggests that many traders may now be underexposed if the market rebounds, indicating cleaner positioning after earlier deleveraging.
Now, let's talk derivatives – where the mood is still cautious. Roughly $155 million in crypto derivatives were liquidated in the last 24 hours, according to CoinGlass data. Of this, $97 million came from long positions, and $58 million from shorts. This pattern suggests a moderate flush of overleveraged longs rather than widespread panic selling, as funding rates and borrowing costs are returning to normal.
FlowDesk observed elevated put skew and lingering caution despite calmer volatility, while call selling and put buying dominated both BTC and ETH options. FlowDesk suggests that cheap risk reversals could be appealing if spot markets stabilize, with volatility likely to drift lower into year-end.
On the credit side, borrowing demand for altcoins remains strong as traders exploit negative funding and hedge locked tokens, while benchmark lending rates for DeFi protocols on Ethereum have eased to 5.3% from 5.6%.
Overall, crypto markets are in a wait-and-see mode, looking for a catalyst that has yet to materialize.
Market Movement
- BTC: Bitcoin held steady around $110,300 on Monday, showing signs of stabilization after a week of profit-taking and modest deleveraging across derivatives markets.
- ETH: Ether traded near $3,900, edging higher as traders cautiously rebuilt exposure following last week’s market-wide pullback.
- Gold: Gold closed at about $4,003 per ounce, easing 0.5% Friday after rebounding from a two-week low earlier in the week. Despite hawkish Federal Reserve comments and a stronger dollar cutting December rate-cut odds, the metal still gained 3.7% in October for its third straight monthly rise as geopolitical tension and U.S. fiscal uncertainty kept haven demand intact.
- Nikkei 225: Japan’s main stock index continues to push above 52,000 as investors are optimistic about U.S. - China trade developments and solid earnings from tech giants.
Elsewhere in Crypto
- Canaan’s Japan deal marks the first state-linked bitcoin mining project in the country (The Block)
- November Could Be the New October for U.S. Crypto ETFs After Shutdown Delays SEC Decisions (CoinDesk)
- Court Denies Crypto Bank Custodia's Bid to Pry Master Account From Unwilling Fed (Decrypt)
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So, what does this all mean for the future of crypto? The market seems to be in a holding pattern, waiting for the next big move. Are you bullish or bearish on Bitcoin and Ethereum right now? Share your thoughts in the comments below!
