On November 6, the decisive battle day of the US election has arrived, the 'Trump Trade' is surging across the board, the cryptos market is soaring, with Bitcoin breaking through a new historical high, temporarily climbing above the $75,000 mark. As of the time of publication,$Bitcoin (BTC.CC)$ up 7.64% at $74,653.25, with an increase of over 9% in the past 24 hours; $Ethereum (ETH.CC)$ up 7.17% at $2,597.49.

Hong Kong cryptos spot, futures, and ETFs all surged. $Bosera HashKey Bitcoin ETF (03008.HK)$Please use your Futubull account to access the feature.$CSOP Bitcoin Futures ETF (03066.HK)$Please use your Futubull account to access the feature.$Samsung Bitcoin Futures Active ETF (03135.HK)$Please use your Futubull account to access the feature.$ChinaAMC Bitcoin ETF (03042.HK)$Please use your Futubull account to access the feature.$Harvest Bitcoin Spot ETF (03439.HK)$ Surged over 9%.$CSOP Ether Futures ETF (03068.HK)$,$Harvest Ether Spot ETF (03179.HK)$,$ChinaAMC Ether ETF (03046.HK)$,$Bosera HashKey Ether ETF (03009.HK)$Rose more than 7%.

Key Focus

• Bitcoin's market cap surpassed Meta, returning to the top ten in the global asset market cap ranking.

According to 8marketcap disclosed data, as BTC continues to hit new historical highs, its market cap ranking has surpassed Meta, returning to the top ten global asset market cap rankings. The latest data shows that the current BTC market cap is approximately $1.461 trillion, ranking tenth in the global asset market cap rankings, just below the overall stock market index ETF-Vanguard, while Meta's market cap is approximately $1.415 trillion, falling to eleventh place.

• Analysis: Trump's victory would be a significant bullish development for the cryptocurrency industry.

Zaheer Ebtikar, founder of Cryptofund Split Capital, believes, 'For Bitcoin, the election is not important, but for altcoins, they are the biggest winners or losers of this election. If Kamala Harris wins, they may not rebound as much.' Altcoins refer to cryptocurrencies smaller in scale than Bitcoin, which have often performed better in past market uptrends, especially after the significant rise of the leading cryptocurrency Bitcoin, investors tend to shift towards small cap coins. For most of this year, altcoins have generally struggled to outperform Bitcoin.

Ebtikar added that Harris's victory could mean more regulatory crackdowns on the crypto industry, perhaps Bitcoin and Ether will survive, as these two tokens are considered more decentralized than other tokens. During the campaign, Republican candidate Donald Trump took a strong stance in support of cryptocurrencies, while Democratic candidate Harris promised to support a regulatory framework for digital assets. Cryptocurrency supporters generally agree that Trump's victory would be much more beneficial for the cryptocurrency industry.

Jeffrey Ding, Chief Analyst of HashKey Group, stated that a series of policies promised by Trump during the campaign in support of cryptocurrencies, such as including Bitcoin in the national reserves, replacing the current SEC chairman Gary Gensler, are seen as significant bullish signals for the market. In August this year, former US president and Republican presidential candidate Trump released a video on X platform, stating his plans to make the USA the 'cryptocurrency capital of the world.'

• Bitcoin miners Marathon and Riot reached their highest monthly production levels since the halving.

Bitcoin miners Marathon Digital and Riot Platforms have just announced that their Bitcoin monthly production has reached the highest level since Bitcoin halved in April, indicating a strong rebound in miner rewards since the halving. Specifically: Marathon produced 717 bitcoins, valued at $48.8 million; Riot mined 505 bitcoins in October, valued at $34.4 million, a 22.6% increase month-on-month.

• On November 5th, the US bitcoin ETF saw a net outflow of 5,500 BTC, while the Ethereum ETF saw a net outflow of 13,269 ETH.

According to Lookonchain monitoring, on November 5th, the net outflow of 5500 BTC from the US Bitcoin ETF, and the net outflow of 13269 ETH from the Ethereum ETF.

• Bloomberg ETF analyst: The sudden surge in BTC prices may be one of the responses to the US presidential election.

Bloomberg ETF analyst Eric Balchunas wrote on the X platform that BTC's sudden surge today may be one of the reactions to the US presidential election. Eric Balchunas added: "If someone thinks that Bitcoin is not a good indicator worth paying attention to today, please tell me the reason. In my opinion, BTC seems to be a clean indicator because it is an issue in the election, while stocks and bonds are not that important, but I am willing to listen to other ideas."

• Trump's election may trigger the bitcoin market, with odds and prediction platforms suggesting a higher chance of winning.

Decentralized prediction market platform Polymarket's data shows that the probability of former President Trump winning the 2024 US presidential election has risen to 61.8%. Polymarket uses user bets to reflect market expectations of various events. Unlike traditional polls, such platforms pay more attention to capital trends and changes in market sentiment, attracting over $3 billion in real money support and becoming an effective reference for analyzing political situations, which is more convincing. Currently, Trump's odds of winning are 1.57, while Harris' are 2.5. These odds reflect the global market's confidence in the two candidates' chances of winning and also suggest Trump's high likelihood of winning!

Trump's election as US president will have a significant impact on the bitcoin market. With Trump's high probability of winning because of his promise to treat bitcoin as a strategic reserve of the country, in the past week, net inflows into bitcoin ETFs have reached $2.3 billion, indicating a positive outlook on Trump's election and bitcoin. His victory will bring great impetus and strong bullish sentiment to bitcoin! Several senior market analysts say: the best opportunity to enter is actually when there are no election results! Market volatility is increasing, investments need to remain rational.

• Matrixport: By 2024, the market dominance of bitcoin steadily rises from 50% to 60%.

Matrixport stated on X platform that driven by multiple bullish factors, the market dominance of bitcoin will steadily increase from 50% to 60% in 2024. This trend reflects the strong support of bitcoin in the entire crypto market. An increasing number of traditional financial (Trade Fi) investors are allocating bitcoin through ETFs, and the proportion of open positions in CME bitcoin futures is also significantly increasing compared to the total bitcoin futures trading volume.

At the same time, altcoins are limited by declining user activity and token unlock pressures, contrasting sharply with the explosive growth during the DeFi boom period of 2020-2021. Now, investors are seizing the opportunity to gradually shift their crypto assets to bitcoin, validating Michael Saylor's view: "The only choice is the best choice."

• Tether CEO: The blockchain market is becoming increasingly saturated and will almost certainly become a commodity in the future.

Tether CEO Paolo Ardoino believes that the blockchain market is becoming saturated, and "blockchain will almost become a commodity". Tether prefers to maintain a stance unrelated to blockchain, focusing on the highest levels of security and sustainability. This strategy enables Tether to maintain its leading position in the stablecoin market while adapting to the evolving landscape of digital assets, aiming to strengthen its market position and continue providing secure and efficient solutions to its users.

• Analyst: The worst scenario for risky assets like cryptos is "delayed or disputed election results."

Abra's OTC options trading head, Bohan Jiang, stated that the worst-case scenario for risky assets, including cryptocurrencies, would be "delayed or disputed US election results - similar to the 2000 elections. When the results are unknown for weeks, it leads to a selloff in risky assets during this period, with volatility continuing for weeks until a definitive result is obtained."

• Christopher Hui: Hong Kong has successfully issued a total of 220 billion yuan worth of government green bonds, including tokenization and other forms.

Hong Kong Financial Secretary and Treasury Secretary Christopher Hui stated during his visit to Zurich, Switzerland, that Hong Kong will seek industry feedback to expand the types of qualifying transactions eligible for tax relief for funds and single family offices. This would include emissions derivatives/emission quotas, insurance-linked securities, loans and private credit investments, virtual assets, among others. He also mentioned that the Hong Kong government has successfully issued a total value of 220 billion yuan in green government bonds to date, in various forms including retail, institutional, and tokenized bonds.

• The market cap ratio of ETH to BTC has dropped to 24.52%, the lowest since April 2021.

According to The Block data, the ETH/BTC market cap ratio has dropped to 24.52%, the lowest level since April 2021, significantly down from 32.7% at the beginning of 2024. This indicator measures the relative market sentiment and capital flow between the two major crypto assets. This decline reflects Bitcoin's increasing dominance in price performance and institutional interest, especially as investors continue to accept crypto through ETF products. Traditional financial firms show a clear preference for Bitcoin, with IBT and other Bitcoin ETFs attracting a significant inflow of funds, while interest in Ethereum ETF products is relatively small.

• Founder of Split Capital: The upcoming US election is expected to have a greater impact on altcoins.

According to Bloomberg, for most of this year, small cryptos such as Doge and Solana have generally underperformed compared to Bitcoin, but after the end of the US presidential election, they may become the riskiest cryptos. Zaheer Ebtikar, the founder of crypto fund Split Capital, said, "For Bitcoin, the outcome of the election is not crucial. However, if Harris wins, altcoins (cryptos other than Bitcoin and Ethereum) may not rebound as much. They are the biggest winners or losers of this election."

"Ebtikar added that if Harris wins, it may mean a stronger regulatory crackdown on the crypto industry, and Bitcoin and Ethereum may survive because these two cryptocurrencies are considered more decentralized than other cryptocurrencies. During the election campaign, Republican candidate Trump took a strong stance in support of cryptocurrencies, while Democratic opponent Harris promised to support the establishment of a regulatory framework for digital assets. Cryptocurrency supporters generally believe that a Trump victory would be more favorable to the crypto industry."

Other traders believe that regardless of the election outcome, it will be overall good news for the cryptocurrency market. Shiliang Tang, President of Arbelos Markets, said: 'From a midterm perspective, we believe that regardless of who wins, the market will continue to rise as we shift our focus from the election back to the macroeconomy and the Federal Reserve.'

Editor/rice