The Federal Reserve’s 25-basis-point cut last week was widely expected, but Chair Jerome Powell’s restrained tone dampened risk appetite after he hinted that December’s cut isn’t guaranteed.
[Research Shows Capital is Leaving the Market, On-Chain Liquidity Shrinking Significantly] Research institution XWIN analyzed that Bitcoin CEX reserves have risen for the first time in six weeks, indicating that investors are transferring Bitcoin back to CEX, either for profit-taking or risk aversion. Miner reserves have dropped to their lowest level since mid-2025, as energy subsidies and tax credits are suspended, forcing miners to sell Bitcoin to cover operational costs. Meanwhile, stablecoin withdrawal volumes from CEX have hit an all-time high, with capital shifting toward safe-haven assets. Three indicators suggest that capital is fleeing risk, on-chain liquidity is shrinking, and investor sentiment has dropped to an 'extreme fear' level. XWIN believes Bitcoin is currently undergoing a stress test of conviction and liquidity, and it may take longer for market confidence to recover.
[Federal Reserve Governor Bowman: Significant banks may choose to participate in the digital asset sector] Federal Reserve Governor Bowman stated that significant banks can voluntarily engage in the digital asset sector. This remark indicates that the Federal Reserve maintains an open attitude toward traditional financial institutions exploring digital asset businesses but does not mandate banks to participate in the sector. Bowman's statement may further encourage banks to explore applications in digital currencies and blockchain technology, while also highlighting regulatory agencies' cautious support for financial innovation.
[U.S. Prosecutors Request 5-Year Prison Sentence for Samourai Wallet Founders] On November 4, U.S. prosecutors requested a 5-year prison sentence for the two founders of the privacy wallet Samourai Wallet, Keonne Rodriguez and William Lonergan Hill. Prosecutors accused them of operating an unregistered crypto mixing service for an extended period, facilitating the laundering of at least $237 million, including proceeds from drug transactions, darknet activities, hacking, and illegal content. Both individuals pleaded guilty in July and will be sentenced separately this week.
[Analysis suggests weak buy support for Bitcoin below $104,800] Analyst @ali_charts, based on Glassnode's Bitcoin UTXO realized price distribution chart, pointed out that below $104,800, the number of UTXOs (Unspent Transaction Outputs) supporting the price of Bitcoin is relatively low. This indicates weaker buying interest or lower holder concentration in the lower price range, which could impact price stability if the price drops to this level.
[Binance Founder Changpeng Zhao Says Market Fluctuations Are Unrelated to Him] Binance founder Changpeng Zhao stated that market fluctuations have nothing to do with him. He emphasized that although he tweets daily, there is no correlation with market movements.