**Privacy Coins Outperform as Bitcoin Price Nears June Low: Crypto Daybook Americas**
*Your day-ahead look for Nov. 4, 2025*
*By Omkar Godbole*
*Nov 4, 2025, 12:15 p.m.*
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Welcome to **Crypto Daybook Americas**, your morning briefing on what happened in the crypto markets overnight and what to expect today. If you’re not yet subscribed to our email updates, [click here](#) — you won’t want to start your day without it.
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### Key Network Upgrades and Events
– **Core v2.3.0 Mainnet Upgrade:** Introduces slashing for underperforming delegates and BLS PublicKey Registration for scalable signature aggregation, enhancing network reliability and scalability.
– **THORChain (RUNE) Mainnet Upgrade v3.12.0:** Activated at 12 p.m. UTC, this upgrade brings enhanced swaps, improved performance, and adds Solana client support.
– **Legal News:** Sam Bankman-Fried will appear before the Second Circuit Court of Appeals at 10 a.m. to argue for a new trial, challenging the fairness of his fraud conviction and 25-year sentence.
– **Federal Reserve Speech:** Vice Chair for Supervision Michelle W. Bowman will deliver a speech on “Bank Supervision and Monetary Policy” at 6:35 a.m. Watch live.
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### Earnings Estimates for Nov. 4
– Hut 8 (HUT), pre-market: -$0.12
– Mara Holdings (MARA), post-market: $0.02
– Sequans Communications (SQNS), pre-market: N/A
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### Governance and Token Updates
– **Balancer DAO Voting:** The community is voting on several proposals, including transitioning on-chain operations to a new legal entity (BIP-882), emergency security improvements (BIP-883), enabling BAL token on Plasma chain (BIP-884), treasury permission updates (BIP-885), and adding a new Arbitrum gauge (BIP-886). Voting ends today.
– **Token Launch:** PayAI Network (PAYAI) begins its token migration period today.
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### Conferences This Week
– Day 2 of 5: Hong Kong FinTech Week
– Day 1 of 2: Ripple’s Swell 2025 (New York)
– Day 1 of 2: Chainlink’s SmartCon (New York)
– Day 1 of 3: Schwab IMPACT 2025 (Denver, Colorado)
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### Token Market Highlights by Oliver Knight
The altcoin market suffered a tough session in Asia, with several tokens dropping more than 15%, leading to approximately $1.37 billion in liquidations, according to CoinGlass.
– **Leading Decline:** HyperLiquid rival *Aster* (ASTER) slid 18% to $0.88, notably falling below the price Binance founder CZ paid during a $1.8 million purchase at $0.90 over the weekend. CZ admitted on X, “Every time I buy coins, I get stuck in a losing position, 100% record.”
– **Support Levels Tested:** Tokens like XRP ($2.2864) returned to critical support levels from two weeks ago, while Solana (SOL, $161.38) and Binance Coin (BNB, $951.16) fell to fresh lows.
– **Privacy Coins Outperforming:** Privacy coins have held strong with Monero (XMR, $338.67) and Zcash (ZEC, $401.28) maintaining gains this month. Additionally, older tokens with privacy features—Decred (DCR, $40.55) and Dash (DASH, $126.06)—rallied sharply. DCR surged 146% and DASH climbed 65% on significant volume, suggesting traders may be rotating funds into stronger sectors amid broader market weakness.
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### Derivatives Positioning
– **Bitcoin Volatility Index (BVIV):** The 30-day implied volatility index for Bitcoin has risen, signaling expected price turbulence. A “golden cross” of its 50- and 200-day moving averages indicates potential for further volatility ahead.
– **ZEC Futures:** Open interest remains near lifetime highs (~1.59 million ZEC), though funding rates have turned bearish, suggesting some traders are shorting futures, possibly hedging long spot positions.
– **CME Futures:** Diverging trends continue between Bitcoin and Ethereum futures, with heightened activity in Ether futures hitting near-record open interest.
– **Options Market:** Bitcoin options show a persistent bias for puts, signaling downside concerns, while Ether options reflect bullish sentiment following the February 2026 expiry.
– **OTC Flows:** Paradigm reported demand for the November 7 expiry Ether put at the $3,500 strike.
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### Market Movements (24-hour change)
– **BTC:** $103,900.89 (-2.72%)
– **ETH:** $3,494.29 (-5.87%)
– **CoinDesk 20 Index:** 3,285.49 (-5.03%)
– **Ether CESR Composite Staking Rate:** 2.93% (unchanged)
– **BTC Funding Rate (Bybit):** 0.0063% (6.893% annualized)
– **DXY (US Dollar Index):** 99.96 (+0.09%)
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### Commodities and Global Markets
– **Gold futures:** $4,003.40 (-0.26%)
– **Silver futures:** $47.54 (-1.05%)
– **Nikkei 225:** 51,497.20 (-1.74%)
– **Hang Seng:** 25,952.40 (-0.79%)
– **FTSE:** 9,602.50 (-1.02%)
– **Euro Stoxx 50:** 5,597.60 (-1.44%)
– **DJIA (closed Monday):** 47,336.68 (-0.48%)
– **S&P 500 (closed Monday):** 6,851.97 (+0.17%)
– **Nasdaq Composite (closed Monday):** 23,834.72 (+0.46%)
– **U.S. 10-Year Treasury Rate:** 4.089% (-1.8 bps)
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### Bitcoin Metrics
– **BTC Dominance:** 60.62% (-0.20%)
– **Ether to Bitcoin Ratio:** 0.03353 (-0.83%)
– **Hashrate (7-day average):** 1,114 EH/s
– **Hashprice (spot):** $42.13
– **Total Fees (24h):** 3.12 BTC (~$335,825)
– **CME Futures Open Interest:** 132,180 BTC
– **BTC Priced in Gold:** 24.6 oz
– **BTC vs Gold Market Cap:** 6.95%
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### Technical Analysis
Volmex’s Bitcoin Volatility Index (BVIV) has produced a bullish “golden crossover” of its 50- and 200-day moving averages, which often signals increased future volatility in Bitcoin prices.
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### Crypto Equities Snapshot (Nov. 4 closing/pre-market)
| Company | Close ($) | Change (%) | Pre-market ($) | Pre-market Change (%) |
|———|————|————-|—————-|———————–|
| Coinbase Global (COIN) | 330.42 | -3.89% | 318.23 | -3.69% |
| Circle Internet (CRCL) | 117.86 | -7.18% | 115.05 | -2.38% |
| Galaxy Digital (GLXY) | 34.88 | -0.37% | 32.89 | -5.71% |
| Bullish (BLSH) | 50.26 | -0.61% | 49.45 | -1.61% |
| Mara Holdings (MARA) | 17.81 | -2.52% | 17.19 | -3.48% |
| Riot Platforms (RIOT) | 20.72 | +4.75% | 19.77 | -4.58% |
| Core Scientific (CORZ) | 22.90 | +6.31% | 21.88 | -4.45% |
| CleanSpark (CLSK) | 17.42 | -2.13% | 16.58 | -4.82% |
| CoinShares Valkyrie Bitcoin Miners ETF (WGMI) | 61.46 | +7.09% | 58.91 | -4.15% |
| Exodus Movement (EXOD) | 25.19 | +2.86% | 25.16 | -0.12% |
| Semler Scientific (SMLR) | 25.41 | -3.97% | — | — |
| SharpLink Gaming (SBET) | 13.09 | -5.42% | 12.50 | -4.51% |
| Upexi (UPXI) | 3.84 | -14.09% | 3.64 | -5.21% |
| Lite Strategy (LITS) | 1.92 | -8.13% | 1.88 | -2.08% |
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### ETF Flows
– **Spot BTC ETFs:** Net outflows of -$186.5 million today; cumulative net inflows remain at $60.97 billion; total BTC holdings approx. 1.35 million BTC.
– **Spot ETH ETFs:** Net outflows of -$135.7 million today; cumulative net inflows at $14.25 billion; total ETH holdings around 6.95 million ETH.
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### Market Headlines
– **Bitcoin’s Last Support Before $100K Break:** An Asian session dip below $106,000, new lows in ETH and SOL, and a bearish moving-average crossover indicate weakening risk appetite amid fading rate-cut expectations and a stronger dollar.
– **Stream Finance Loss and Investigation:** An external fund manager revealed a $93 million loss in Stream’s assets, prompting suspension of deposits and withdrawals while an investigation is underway.
– **DeFi Sector Vulnerabilities:** Chainalysis warns that decentralized finance platforms, despite rapid growth, often sacrifice security, with hacks totaling $2.2 billion in the first half of 2025.
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### Additional Reading
**OwlTing: Stablecoin Infrastructure for the Future**
*By CoinDesk Research* | *Oct 16, 2025*
Stablecoin payment volumes have reached $19.4 billion year-to-date in 2025. OwlTing is positioned to capture this growing market by developing payment infrastructure capable of processing transactions in seconds for fractions of a cent.
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Stay tuned for more updates tomorrow with Crypto Daybook Americas. Have a great trading day!
https://www.coindesk.com/daybook-us/2025/11/04/privacy-coins-outperform-as-bitcoin-price-nears-june-low-crypto-daybook-americas
