November 5 Watch: Trading Volumes Are In; Lending Capacity Expansion Awaits Implementation
As of 13:00 Shanghai time on November 5, the new evidence in this round needs to be separated into actual trading, observations and parameter recommendations from risk service providers, and operations already carried out by the central bank. These cannot be directly translated into profits or rising asset prices.
① Cboe: Index options up; multiply listed options down
Complete October data disclosed at 16:30 Eastern Standard Time on November 4 (05:30 Shanghai time on November 5): average daily trading volume for index options was 6.889 million contracts, up 25% year over year; average daily volume for multiply listed options was 14.253 million contracts, down 10.3% year over year.
Stage ③ actual trading, Evidence A (dated primary-source text). The company explicitly states that revenue per contract and net revenue capture data lag by one month. October volume multiplied by September rates cannot be presented as confirmed October revenue.
Research implication (inference): Demand is diverging across products. Same-month net fees and costs must be examined to determine whether shareholder cash flow improved.
https://ir.cboe.com/news/news-details/2026/Cboe-Global-Markets-Reports-Trading-Volume-for-October-2026/default.aspx
② Aave: Capacity expansion does not mean funds have arrived
LlamaRisk’s V4 report dated November 4 shows that, as of November 4, borrowing on the Ethereum Main Spoke was 35.65 million USDC against a 40 million limit, with a recommendation to raise the limit to 50 million. Available liquidity for Main USDT was only 1.72 million USDT, and its limit is proposed to increase from 20 million to 30 million.
Stage ③ borrowing/liquidity observation, ② parameter recommendation, Evidence A/A-P (planned); the adjustment is still awaiting implementation. The data come from a named risk service provider and were not independently verified on-chain in this round. The page does not specify a time zone, so no precise Shanghai publication time is inferred.
Research implication (inference): Even after limits are raised, available funds may remain a constraint. Increasing limits does not mean new loans, protocol revenue, or returns for token holders.
https://governance.aave.com/t/risk-stewards-cap-increases-on-aave-v4-2026-11-04/26011
③ China’s central bank: Executed gross volume does not equal net inflow
Announcement at 09:20:30 Shanghai time on November 5: 263 billion yuan in overnight reverse repos were conducted at an interest rate of 1.25%; both the bid amount and the awarded amount were 263 billion yuan.
Stage ③ instrument execution, Evidence A. Another 300 billion yuan in 91-day outright reverse repos was verified only as planned in this round; no transaction result was verified. It cannot be added to claim that 563 billion yuan has flowed in.
Research implication (inference): Maturities and withdrawals, along with other instruments, must also be considered. The operation volume cannot be directly treated as a net inflow into stocks or crypto assets.
https://www.pbc.gov.cn/zhengcehuobisi/125207/125213/125431/125475/2026110509101362150/index.html
As of 13:00 Shanghai time on November 5, the new evidence in this round needs to be separated into actual trading, observations and parameter recommendations from risk service providers, and operations already carried out by the central bank. These cannot be directly translated into profits or rising asset prices.
① Cboe: Index options up; multiply listed options down
Complete October data disclosed at 16:30 Eastern Standard Time on November 4 (05:30 Shanghai time on November 5): average daily trading volume for index options was 6.889 million contracts, up 25% year over year; average daily volume for multiply listed options was 14.253 million contracts, down 10.3% year over year.
Stage ③ actual trading, Evidence A (dated primary-source text). The company explicitly states that revenue per contract and net revenue capture data lag by one month. October volume multiplied by September rates cannot be presented as confirmed October revenue.
Research implication (inference): Demand is diverging across products. Same-month net fees and costs must be examined to determine whether shareholder cash flow improved.
https://ir.cboe.com/news/news-details/2026/Cboe-Global-Markets-Reports-Trading-Volume-for-October-2026/default.aspx
② Aave: Capacity expansion does not mean funds have arrived
LlamaRisk’s V4 report dated November 4 shows that, as of November 4, borrowing on the Ethereum Main Spoke was 35.65 million USDC against a 40 million limit, with a recommendation to raise the limit to 50 million. Available liquidity for Main USDT was only 1.72 million USDT, and its limit is proposed to increase from 20 million to 30 million.
Stage ③ borrowing/liquidity observation, ② parameter recommendation, Evidence A/A-P (planned); the adjustment is still awaiting implementation. The data come from a named risk service provider and were not independently verified on-chain in this round. The page does not specify a time zone, so no precise Shanghai publication time is inferred.
Research implication (inference): Even after limits are raised, available funds may remain a constraint. Increasing limits does not mean new loans, protocol revenue, or returns for token holders.
https://governance.aave.com/t/risk-stewards-cap-increases-on-aave-v4-2026-11-04/26011
③ China’s central bank: Executed gross volume does not equal net inflow
Announcement at 09:20:30 Shanghai time on November 5: 263 billion yuan in overnight reverse repos were conducted at an interest rate of 1.25%; both the bid amount and the awarded amount were 263 billion yuan.
Stage ③ instrument execution, Evidence A. Another 300 billion yuan in 91-day outright reverse repos was verified only as planned in this round; no transaction result was verified. It cannot be added to claim that 563 billion yuan has flowed in.
Research implication (inference): Maturities and withdrawals, along with other instruments, must also be considered. The operation volume cannot be directly treated as a net inflow into stocks or crypto assets.
https://www.pbc.gov.cn/zhengcehuobisi/125207/125213/125431/125475/2026110509101362150/index.html
