Every Monday, Wednesday, and Friday, focusing on the crypto market, Japan, South Korea, A-shares, and Hong Kong stocks, reviewing the market with data and seizing opportunities with trends, produced by PANews.
Bitcoin rebounds above $78,700, consecutive short liquidations fail to reverse three straight days of ETF outflows
Bitcoin stabilized and rebounded near a seven-week low, last reported at $78,757, up 2.0% in 24 hours, but still down 3.5% over 7 days and down 8.3% over 30 days. As of press time, BTC is at $78,806, up 2.1% in 24 hours, but still down 3.4% over 7 days and down 8.5% over 30 days, the medium-term weakness has not yet reversed.
Institutional funds are still withdrawing. SoSoValue data shows that on November 3, US Eastern Time, spot Bitcoin ETFs saw total net outflows of $116 million, marking three consecutive days of net outflows. The previous trading day saw even larger outflows of $399 million, of which BlackRock's IBIT saw single-day net outflows of $405 million. Although Bitwise BITB and Fidelity FBTC saw net inflows of $21.9165 million and $6.7568 million respectively, they failed to reverse the overall outflow trend. According to Onchain Lens monitoring, BlackRock-related addresses transferred approximately 7,244 BTC and 63,600 ETH to Coinbase Prime last night, with a combined value of approximately $702 million at the time.
Traders have differing views on the sustainability of the rebound. Liquid Capital founder Yi Lihua said that BTC has broken above the 4-hour 20-day moving average, "the first small target is to break above $80,000, and after successfully breaking above $80,000, watch the strong resistance level at $82,600," and said this is the first bullish view on a rebound since the correction. CryptoQuant analyst Darkfost pointed out that the "seller exhaustion" model has fallen back to levels seen during bear markets; historically, declining selling pressure has helped form bottoms, but market recovery still requires demand to drive it. 10x Research head Markus Thielen believes that Bitcoin is currently oversold and should rebound, and he expects Bitcoin to reach $90,000 by year-end. At the macro level, the market is digesting expectations that Democrats will win comprehensively in the US midterm elections. Thielen said Trump stated he will respect the election results, and the market is hopeful about the resumption of peace talks with Iran. CryptoQuant data shows that since 2010, the average median return for Bitcoin in the 12 months after midterm elections has been 63%, but the institution also cautions that this pattern may reflect the halving cycle, and 2026 is showing a different trend.
Ethereum consolidates near $2,330, HYPE relatively resilient
Ethereum traded around $2,330 throughout the day, up 2.4% in 24 hours, with the 7-day decline narrowing to 1.9%, but still down 14% over 30 days. Compared with BTC, Ethereum's rebound momentum is limited, and spot demand remains the main drag.
Spot Ethereum ETFs saw total net outflows of $85.3462 million yesterday, marking seven consecutive days of net outflows. BlackRock's ETHA saw net outflows of $74.4383 million, ranking first, while Grayscale Ethereum Mini Trust ETH saw net outflows of $10.9079 million.
Markus Thielen expects Ethereum may underperform Bitcoin. On the technical side, Whale Factor pointed out that after ETH broke below its multi-month uptrend line, it failed to reclaim resistance and is currently trading in a sell zone around $2,246. Three key levels: below $2,500 likely points to $1,800 (about 28% downside); $2,500–$2,683 is a transition zone; only a daily close above $2,683 would reverse the structure and open up room toward $3,430.
Intraday trader Minga believes that on the 4H chart ETH is clearly stronger than BTC, and the structure supports continued movement toward the $2,355–$2,391 area. This range needs to be reclaimed to confirm a bottom.
Another focus asset, HYPE, has been relatively resilient, up 2.9% in 24 hours and up 5.1% over 7 days. US spot HYPE ETFs saw net inflows of $605,100 yesterday, but approximately 179,700 HYPE redeemed by HyperLabs is expected to arrive, and a16z-related entities have cumulatively transferred $15.02 million worth of HYPE to exchanges over the past five days, indicating short-term selling pressure on the supply side.
There are already signs of recovery in capital flows. DeFiLlama data shows that Binance's capital flow over the past 24 hours has shifted from net outflows to net inflows of approximately $1.6 billion, after net outflows had at one point reached approximately $7 billion. BNB's price broke above $700, edging up 0.82% within 24 hours.
Today's highlights:
- Coinbase launches global trading competition
- Approximately 179,700 HYPE redeemed by HyperLabs expected to arrive
- Moonshot AI plans to open full model weights of Kimi K3.1 Pro
- XRP Ledger vulnerability fix goes live
- Momentum (MMT) unlocks approximately 253 million tokens, worth about $32.27 million x'a
- Upbit 24-hour trading volume ranking: XRP, BTC, BMT, ETH, NEAR
- Spot Bitcoin ETFs saw total net outflows of $116 million yesterday
- Spot Ethereum ETFs saw total net outflows of $85.3462 million yesterday
Top gainers among the top 100 cryptocurrencies by market cap today: VVV up 19.4%, PUMP up 13.1%, ZEC up 12.7%, BTW up 12.2%, INJ up 9%.
A-share semiconductors surge with wave of limit-ups, STAR 50 rises nearly 10%, Japanese chip chain retreats collectively
Asia-Pacific stock markets showed clear divergence today, with A-shares and Hong Kong tech sectors rebounding strongly, South Korean stocks closing modestly higher, and Japanese chip stocks generally pulling back.
The KOSPI closed up 0.62%, and the KOSDAQ index rose 1.50%. The two semiconductor giants edged lower, with Samsung Electronics down 0.68% and SK Hynix down 0.14%. The secondary battery chain strengthened collectively, with Samsung SDI surging 11.57%, LG Energy Solution up 5.03%, and L&F, Ecopro BM, and POSCO Future M all up more than 10%. Hanwha Solutions rose 18.64% to lead gains, and Krafton rose 16.55%. Entertainment stocks weakened, with HYBE down 11.48%, SM Entertainment down 7.21%, and HLB down 17.69%.
The Nikkei 225 closed down 1.42%, and the TOPIX fell 0.89%. Chip-chain heavyweight stocks fell collectively, with Kioxia down 5.38%, Tokyo Electron down 3.42%, Advantest down 3.35%, and SoftBank Group down 3.20%. Mitsui Chemicals fell 10.34%, and Taiyo Yuden, Kyocera, and Sumitomo Electric all fell more than 7%, while Panasonic fell 6.39%. Among those rising against the trend were Yamato Holdings, up 11.54%, Mitsubishi Corporation up 7.88%, and Fast Retailing up 2.67%.
The Hang Seng Index closed up 1.67%, and the Hang Seng Tech Index rose 1.77%. SMIC surged 8.96%, and Kingboard Laminates rose 14.55%. Gold stocks and the CXO sector performed prominently, with Lingbao Gold up 17.04%, Zijin Gold International up 14.58%, and WuXi XDC, GenScript Biotech, and WuXi Biologics all up more than 12%. Tencent released its new-generation large language model Hunyuan Hy4 today, with its stock closing up 1.11%. Bloks fell 6.10%, and Smoore International fell 4.12%.
A-shares rose rapidly in the afternoon, with the Shanghai Composite Index closing up 2.16%, the Shenzhen Component Index up 4.22%, and the ChiNext Index surging 6.40%. According to Cailian Press, the STAR 50 Index rose nearly 10%, after the index had just fallen 3.81% the previous trading day. Trading volume in the Shanghai and Shenzhen markets returned above 2 trillion yuan, reaching 2.04 trillion yuan, an increase of 334.3 billion yuan from the previous trading day, with more than 4,600 stocks in the entire market rising and more than 100 stocks hitting limit-up. Semiconductor equipment led the gains, with Piotech and Skyverse Technology hitting the 20% limit-up, ACM Research Shanghai up 19.82%, Hangzhou Changchuan Technology and Hwatsing Technology up about 18%, AMEC up 16.62%, and ChangXin Technology up 13.63%. Heavyweight stocks dragged on the Shanghai index, with ICBC down 2.10%, Agricultural Bank of China down 2.53%, Kweichow Moutai down 2.27%, CNOOC down 3.10%, and China Telecom down 5.64%.
