11-05 Market Snapshot: Sold Off, Then Rebounded on Election Night; Reclaiming 79,400 Doesn’t Mean a Reversal
Market snapshot:
$BTC around $80,650, with an intraday range of $75,736–$81,196. It first dipped to around $75,700 overnight, then rebounded above $80,000.
$ETH around $2,425, up about 6%–7% over 24 hours, with an intraday range of $2,226–$2,450, outperforming the broader market. The Square Fear and Greed Index is 42, neutral—recovering from yesterday’s fear zone, but not yet in greed.
Capital flows:
Funds are still flowing out, but selling pressure is easing: U.S. spot BTC ETFs saw combined outflows of about $1.16 billion over the past 3 trading days, with daily outflows narrowing from $643 million and $399 million to $116 million. Outflows haven’t stopped, which doesn’t mean funds are returning. Total liquidations across the market over 24 hours were about $1 billion, including about $569 million in shorts and $432 million in longs. BTC liquidations totaled about $406 million, about 76% of them shorts—this rally was initially driven by a short-covering squeeze, not a major influx of new longs.
Key news:
1. Update
#7 on recovery from the Binance security incident: 98% of stolen assets have been replenished, and the coverage of the latest Proof of Reserves snapshot has expanded further (Square topic: 27,325 views / 211 participants).
2. Uncertainty eased after the midterm election results came in, lifting risk assets across the board. BTC rebounded above $80,000 after hitting an election-night low of $75,633.
3. Friday’s 21:30 nonfarm payrolls report is still pending, and rate-cut expectations still need to be validated by the data (Square topic: 1.1M views / 2,453 participants). Don’t bet on a direction before the data is released.
Top movers:
Among the most-searched coins on Square (6 hours), momentum diverged:
$TRUMP around $1.27, down about 17%–19% over 24 hours, leading losses after the election and diverging from the broader market rebound; NEAR around $3.99, up about 4.4%–4.8% over 24 hours, following the rise but by less than ETH. High search interest doesn’t mean buying pressure. Keep an eye on assets leading the declines against the trend; don’t chase them.
In a nutshell:
Reclaiming 79,400 is only the first step toward stopping the decline, not confirmation of a reversal. Until it holds above 82,100 for 1–2 days, treat this as a rebound. If a retest of 79,400 holds, watch for a move toward the upper end of the range; a daily close below 76,500 puts 75,000 in view. Invalidation: a high-volume hold above 82,100, or a quick recovery after a break below 76,500.
Ahead of Friday’s nonfarm payrolls report, are you waiting for the data or trading this as a rebound?