Good morning, everyone ☕ Today is Election Day for the U.S. midterms, and the crypto market is already in turmoil: BTC fell below 77,000, with over $100 million in long positions liquidated within an hour. Let’s take a look at what happened from last night through this morning 👇
📉 Market snapshot
$BTC Fell below 77,000, with short-term support at 76,000–76,600; some are eyeing 73,000 as the next level down. $ETH Fell below 2,250 and needs to reclaim 2,400 to show signs of strength. SOL and XRP also pulled back. However, BTC dominance fell below 60%, while the altcoin total market cap chart posted its first monthly MACD golden cross in three years, bringing back talk of “Moonvember.”
💸 ETF flows
U.S. spot crypto ETFs saw net outflows of about $690 million last week, with BTC, ETH, and SOL all seeing outflows. XRP ETFs bucked the trend, recording inflows for seven consecutive months.
🏦 What are institutions doing?
Strategy bought another 811 Bitcoin last week, bringing its total holdings to 849,327. Strive added 124. Coinbase’s treasury hit exactly 18,000 BTC. BitMine bought another 8,573 ETH, bringing its holdings close to 5% of ETH’s total supply. On-chain, a whale also spent about $63 million buying the dip in Ethereum. Retail investors are panicking while institutions are buying the dip.
🚨 Security alert
The Binance hack fallout continues: after withdrawals resumed, net outflows reached about $3.6 billion, and South Korean regulators urgently called on exchanges to increase their cold-wallet ratios. Next, Brazil’s largest exchange, Mercado Bitcoin, was hacked for more than $40 million and has suspended services. ZachXBT also revealed that an EU institution had been hacked for about $100 million. Remember to enable hardware security keys, set withdrawal whitelists, and manage API permissions carefully 🔐
⚖️ Regulatory updates
The U.S. SEC updated its crypto FAQ, clarifying that simply participating in community governance does not make an entity a “centralized party”—a positive sign for DAO-style projects. India’s central bank has begun investigating offshore crypto cards. In Hong Kong, HSBC’s HKD stablecoin RedCoin surpassed 50,000 users in one week, and Standard Chartered also launched tokenized deposits.
🗳 Bullish or bearish?
Bears point to history: BTC fell sharply after the 2018 and 2022 midterm elections, and they warn against using leverage. Bulls argue the election has already been priced in and that BTC has risen in the year following midterm elections historically. Short-term volatility may increase, so watch your position sizes and manage risk~
⚠️ Disclaimer: This article is compiled from publicly available information on X and is for reference only. It does not constitute investment advice. Crypto assets are volatile; please make your own assessments and decisions with caution.