On November 1st, sentiment in the cryptocurrency market significantly declined, with Bitcoin plummeting below the $69,000 mark intraday. As of the time of writing, $Bitcoin (BTC.CC)$ it fell by 1.47% to $69,356.15, with a drop of over 4% in the past 24 hours; $Ethereum (ETH.CC)$ it fell by 0.68% to $2,504.49.

Hong Kong cryptocurrency spot, futures, and ETFs collectively experienced a pullback. $CSOP Ether Futures ETF (03068.HK)$N/A.$ChinaAMC Ether ETF (03046.HK)$and$Harvest Ether Spot ETF (03179.HK)$,$Bosera HashKey Ether ETF (03009.HK)$Fall more than 5%. $CSOP Bitcoin Futures ETF (03066.HK)$Please use your Futubull account to access the feature.$Bosera HashKey Bitcoin ETF (03008.HK)$N/A.$Samsung Bitcoin Futures Active ETF (03135.HK)$,$ChinaAMC Bitcoin ETF (03042.HK)$and$Harvest Bitcoin Spot ETF (03439.HK)$ Fell more than 4%. $CSOP Bitcoin Futures Daily (-1x) Inverse Product (07376.HK)$ Rising nearly 5%.

Key Focus

• Trump: Congratulations on the 16th anniversary of the Bitcoin white paper.

Former USA President Trump posted on social media platform X: "I want to wish our great bitcoin enthusiasts a happy 16th anniversary of Satoshi Nakamoto's whitepaper. We will end Harris's war on cryptos, Bitcoin will be made in the USA! Vote for Trump!"

• If Bitcoin falls below $0.07 million, the cumulative long liquidation strength of mainstream CEX will reach $1.97 billion.

According to Coinglass data, if bitcoin falls below $0.07 million, the cumulative strength of mainstream CEX long liquidations will reach $1.97 billion; conversely, if bitcoin surpasses $0.0735 million, the cumulative strength of mainstream CEX short liquidations will reach $1.2 billion.

• CoinShares: Bitcoin mining cost reaches $49,500, hitting a record high.

According to the latest mining report released by CoinShares cited by Bitcoin.com News, the mining cost of bitcoin has reached a record high level. If only cash expenses are calculated, the production cost of each bitcoin is approximately $49,500; if additional expenses such as depreciation and stock compensation are included, the average cost is even higher at $961,00.

Chief Researcher James Butterfill pointed out that despite the high costs, miners are still expanding their infrastructure and planning further investments in anticipation of future price increases. Earlier reports stated that the total network hash rate of bitcoin once exceeded 800 EH/s, reaching 803.75 EH/s, hitting a historical high; the current average network hash rate over the past seven days is 749.05 EH/s. Due to high interest rates and volatility in the crypto market, mining enterprises are facing restricted financing channels, with many resorting to issuing stocks for funding.

• Analyst: The 'lowest retracement point' for Ethereum before hitting a historical high may be $2,500.

Independent analyst Poseidon stated that Ethereum had already experienced the 'last drop' over the past weekend, plunging to $2,382, but rebounded immediately to over $2,500 within 48 hours. The trader explained that ETH regained the 200-day EMA level within an 8-hour timeframe, suggesting the weekend drop was a 'bear trap/deviation,' with the 'minimum retracement point' before hitting an all-time high potentially at $2,500. The analyst stated, 'If it holds above $2600, I will add more long positions. I still believe this range will eventually break to the upside.'

• Cathie Wood's ark invest fund holds significant positions in stocks like Coinbase and Block in the third quarter.

The 13F report shows that Cathie Wood's Ark Investment Management heavily invested in Tesla, Roku, Coinbase, Roblox, and Block at the end of the third quarter. In the third quarter, they sold 0.72 million shares of Tesla (TSLA.O), reducing their holdings by 13.65%, but it remains their top holding at 10.65%.

• Before the US presidential election, the largest bitcoin ETF in the world saw record inflows.

On the election day in the USA, bitcoin ETF sees the largest net inflow in history. According to data compiled by Bloomberg, on Wednesday, the world's largest bitcoin ETF - BlackRock's iShares Bitcoin Trust ETF $iShares Bitcoin Trust (IBIT.US)$ Welcomed an inflow of 0.872 billion US dollars, setting a record for single-day fund inflows.

• Standard Chartered Bank analyst: Trump's victory will help Bitcoin reach 0.125 million dollars by the end of the year.

Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, said that before the US presidential election on November 5th, Bitcoin prices might experience a pullback, and volatility is expected to increase in the coming days. Due to traders choosing to close profitable positions before the election lands, the likelihood of Bitcoin breaking above the historical high of over $73,700 before the US election is decreasing. Geoff Kendrick also added that if the Republican party (Trump) wins big in the US Congress, Bitcoin prices will see greater volatility. This could lead Bitcoin to reach 0.125 million dollars by the end of the year and trigger a new wave of altcoin frenzy.

• Blackrock CEO: Inflation pressure will continue to drive up the prices of assets such as bitcoin.

According to Forbes, Blackrock CEO Larry Fink warned at the Saudi Future Investment Initiative Summit that the Federal Reserve will not significantly cut interest rates as expected by the market in the future, expecting only a 25 basis point rate cut, with inflation pressure continuing to drive up the prices of assets such as Bitcoin. Fink also pointed out that Blackrock's Bitcoin ETF had a net inflow of 0.872 billion USD on that day, reaching a new high for the year, benefiting from loose central bank policies and improved liquidity. Meanwhile, SkyBridge Capital founder Anthony Scaramucci predicted that Bitcoin will reach 0.17 million USD by mid-2026, with a market total value reaching 3.3 trillion USD.

• Florida CFO: The state holds $0.8 billion worth of crypto investments.

Florida Chief Financial Officer Jimmy Patronis stated in a CNBC television interview on Thursday that the state's investment portfolio holds around $0.8 billion worth of crypto-related investments. If former President Trump is re-elected next month, he would not be surprised by the growth in this figure. Earlier this week, Patronis mentioned in a letter that Florida should invest some of the state's pension system funds in cryptocurrencies.

Editor/rice