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Veteran trader Peter Brandt says cash silver now trades at a small discount to Comex silver futures. In his view, that undercuts the popular “paper silver” theory, which claims futures contracts hold down the price of scarce physical metal.
The call lands on a sore spot for silver bulls. Many bought on the bet that a physical shortage would lift spot prices above silver futures, a setup known as backwardation. Instead, the metal has lost more than half its value since its January record.
What Brandt’s Silver Futures Chart Shows
Brandt shared a weekly TradingView chart that tracks the gap between spot silver and the front-month contract on Comex, the CME Group’s metals exchange in New York.
At the latest reading, spot sat a few cents below futures. That is the normal setup, since futures usually price in storage and financing costs.
The chart also shows the spread swinging by several dollars in both directions around silver’s January peak. Since then, the gap has narrowed to almost zero.
Brandt posted the chart on X with a short verdict on the shortage narrative.
Cash Silver currently trading at a discount to Comex futuresSo much for the "Paper Silver Myth" pic.twitter.com/8IaQ6msfEE
— The Factor Report (@PeterLBrandt) November 3, 2026
Why the Shortage Story Is Losing Its Grip
For years, the paper silver argument has been a pillar of the bull case. Supporters say far more silver trades on paper than sits in vaults, so a run on physical metal would eventually break the market.
A spot discount points the other way. When metal is truly scarce, buyers pay up for immediate delivery, and spot trades above futures.
Still, one weekly reading does not settle the debate. The paper silver claim rests on how much metal backs open contracts, not on the spread. A calm spread only shows the system works while few holders demand delivery.
Silver’s recent price action adds to the doubts. The metal hit a fresh 2026 low in late October, then rebounded as US-Iran peace talks lifted precious metals.
Brandt is no stranger to bearish calls on precious metals. In October, the trader flagged a bearish gold pattern on the weekly chart.
Silver’s slide has also drawn comparisons in crypto markets. Crypto analyst Benjamin Cowen has warned that Bitcoin could follow silver after a similar fake-out, a parallel based on price action rather than futures spreads.
If spot keeps trading below silver futures, though, the squeeze thesis will struggle to explain the next rally.

BlackRock’s iShares Bitcoin Trust (IBIT) posted a $405.3 million net outflow on November 2, sparking viral claims that BlackRock is selling Bitcoin (BTC). The asset manager is not trading for itself, however.
Its clients are cashing out. For BTC holders, the distinction cuts both ways, since redemptions still push coins out of the fund and onto the market.
JUST IN: BlackRock sells $405.3 million worth of $BTC. pic.twitter.com/yVkaXGv6gg
— Whale Insider (@WhaleInsider) November 3, 2026
Is BlackRock Selling Bitcoin, or Are Its Clients?
The claim spread on X after Whale Insider framed the outflow as a BlackRock sale.
Spot Bitcoin exchange-traded funds (ETFs) hold BTC directly. When investors redeem shares, the fund releases coins to match its smaller share count.
The $405.3 million therefore reflects client decisions rather than a shift in BlackRock’s own position. The firm earns a 0.25% annual fee on IBIT assets, so outflows cost it revenue.
According to Farside, it was IBIT’s largest single-day outflow since June 26. Total US spot Bitcoin ETF flows reached negative $398.6 million.
Fidelity’s FBTC was the only fund with inflows, adding $6.7 million.
Farside Investors Bitcoin ETF flow table showing IBIT’s $405.3 million outflow on November 2 / Source: Farside Investors Why Did One Day Erase a Week of IBIT Inflows?
The reversal was abrupt. IBIT attracted $410.6 million over four sessions between October 26 and October 29. Monday’s exit cancelled nearly all of it.
Adding Friday’s $233.7 million outflow, IBIT shed $639 million in two sessions. Across all funds, withdrawals topped $1.04 billion.
The selling began a day after the biggest crypto hack on record hit Binance. TRM Labs attributed the $6.36 billion theft to TraderTraitor, a North Korean hacking unit. The haul included 18,270 BTC drained from a Binance hot wallet.
Caution before the November 3 US midterm elections and a sell-off in tech stocks added pressure.
Still, the exits remain small against IBIT’s $65.9 billion in cumulative net inflows since its January 2024 launch.
The bigger question is whether redemptions persist. Spot ETFs have become the main channel connecting institutional sentiment to BTC’s price. Sustained outflows would test the support level flagged in the November Bitcoin outlook.

BitMine Chairman Tom Lee says crypto’s muted response to the $6.3 billion Binance hack signals a bull market. However, stablecoin and sentiment data show money and confidence still leaving the market.
Ethereum (ETH) traded at $2,254.11 at press time, down 1.71% over the past 24 hours, per BeInCrypto Markets. Against Bitcoin (BTC), ETH has held up better this week after losing ground through most of October. It is down 2.87% over the past week compared to BTC’s 3.6% drop.
Ethereum (ETH) Price Performance. Source: BeInCrypto Markets
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Lee Reads a Calm Crypto Market as a Bull Signal
Lee made his case in BitMine’s latest weekly holdings update. He compared the Binance theft with the $1.5 billion Bybit hack in February 2025.
ETH fell 8% on the day Bybit disclosed its theft and 20% within a week, according to Lee. Since the Binance disclosure, ETH has dropped 4%, even though the theft was about four times larger.
Lee gave six reasons for the muted reaction.
Binance can cover all customer losses.
No chain of decentralized finance (DeFi) failures followed, as it did after Bybit.
Swift industry action halved potential losses.
The FBI named North Korea within 2 days, versus up to 180 days in past heists.
The breach hit Binance’s corporate systems rather than a blockchain.
The sixth tied price action to market direction.
“Limited price downside is a sign that a crypto ‘bull market’ is underway, notwithstanding recent price declines,” he said.
Meanwhile, BitMine added 8,573 ETH over the past week, bringing its holdings to 6,060,506 ETH. That equals 4.9% of Ethereum’s 122.2 million supply.
Stablecoins and Sentiment Pull the Other Way
In contrast to Lee’s price-based argument, liquidity and sentiment data point to caution.
Total stablecoin market cap stood at $270.3 billion on October 1, per CW8900, an analyst. It has since fallen to $263.4 billion, a $6.9 billion outflow over the past month.
The analyst rated the trend bearish. Bullish phases typically begin when money flows into the market, CW8900 noted, yet funds have kept exiting.
“For a rebound to occur, stablecoins must flow back into the market. Once stablecoin flows shift back to a net inflow, the market is likely to show a rebound,” the post added.
Investor mood has soured as well. The Crypto Fear and Greed Index fell to 26, in Fear territory, on November 3. It read 37 a day earlier, 48 a week ago, and 65, in Greed, a month ago.
CW8900 expects a rebound once stablecoin flows turn positive again. Until that happens, Lee’s crypto bull market case for ETH rests largely on price resilience.
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Vitalik Buterin fears AI could race through 50 years of math in five and break the cryptography securing Ethereum and Bitcoin. The Ethereum co-founder posted the concern on X the day he opened Devcon 8 in a smiley mask.
Quantum computers have long been the threat the industry plans for. However, his worry also covers lattice-based methods, the math behind several leading post-quantum standards. ETH and BTC holders could therefore face a risk that the planned quantum fixes may not fully remove.
What Could Break Crypto Before Quantum Does
Responding to a user who guessed at his reasoning, Buterin pointed to algorithms that may exist but remain undiscovered. His main example was the elliptic curve discrete logarithm problem (ECDLP), the math that protects private keys on both networks.
The co-founder also named pairings, a technique behind the signatures Ethereum validators use to vote on blocks.
I would describe my worry as: what if the equivalent of quadratic sieve for ECDLP or pairings (and similarly, more-powerful-than-today algorithms for breaking lattices) exist, and we've just not yet managed to find them – but AI speedrunning 50+ years of math in 5 years will.
— vitalik.eth (@VitalikButerin) November 3, 2026
His benchmark is the quadratic sieve, an early 1980s algorithm that sped up factoring large numbers and weakened RSA-style encryption. No such shortcut is known for ECDLP today. Instead, Buterin fears one exists and AI will find it first.
Beyond Devcon, the warning extends his recent focus on AI security. Last month, he unveiled his AI paranoid mode for private chats and backed an AI model that deliberately cut hacking skills.
The timing also put the issue in front of Devcon 8, Ethereum’s flagship developer conference in Mumbai.
A Devcon 8 Keynote Built Around Trust
On stage, Buterin paired the yellow mask with a cloak covered in eyes. It was one of his strangest looks since a dinosaur costume in 2022.
One user on X likened it to the Shoggoth meme, an AI image of a monster hiding behind a friendly mask. The monster stands for raw AI models, while the mask represents the training that makes chatbots look harmless. Buterin has not commented on his Devcon outfit.
Uh @VitalikButerin are you ressed as a Shoggoth? pic.twitter.com/ktt3MboIvj
— Shadow🌐 (@Shadowonchainn) November 3, 2026
@VitalikButerin just opened Devcon and set the tone for the week.A formally verified OS, open silicon, self-sovereign healthtech, free discourse, private communication, trustworthy AI — these are all part of Ethereum's mission. https://t.co/51UfMsxk5o pic.twitter.com/TynzSuzmhX
— Ethereum Foundation (@ethereumfndn) November 3, 2026
In his Devcon 8 keynote, Buterin tied Ethereum’s mission to six goals, according to the Ethereum Foundation (EF). They range from a formally verified operating system and open silicon to self-sovereign health tech and trustworthy AI. Free discourse and private communication also made the list.
We need to be able to trust our operating systems. We need to be able to trust our hardware. We need to be able to trust the things that are most relevant to our health.
Vitalik Buterin, via Devcon
Ethereum already counts more than 1 million developers across its history. Devcon 8 runs through November 6, and Buterin’s warning adds AI to the threats facing the network’s cryptography.

Disney layoffs could run into the thousands, according to a Bloomberg report. Some managers were reportedly asked to target 20% in annual cost savings.
However, CEO Josh D’Amaro plans to reinvest part of the savings into content, parks, cruises, and technology. The size of that reinvestment may shape how much Disney shareholders see in earnings.
A Year of Smaller Cuts Gives Way to a Bigger Plan
The plan comes after a year of smaller, targeted cuts at the entertainment company.
Disney eliminated about 1,000 positions in April and several hundred more in July. In September, it laid off a few hundred workers in human resources and technology.
Separately, The Wall Street Journal reported on October 1 that Disney planned to restructure its TV division.
Bloomberg, citing people familiar with the matter, said the savings could include expense cuts, with some divisions hit harder than others. Disney had about 231,000 employees at the end of fiscal 2025.
Reuters cited artificial intelligence (AI), a weaker box office, streaming rivals, and slower international park attendance as pressures. AI has been a common driver of job cuts across industries in 2026.
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The Earnings Promise the Cuts Have to Protect
Those pressures weigh on a profit target Disney has repeated to investors all year.
In its August shareholder letter, Disney reaffirmed double-digit growth in adjusted earnings per share (EPS) for fiscal 2027. Fiscal 2026 had an extra 53rd week, and Disney’s target measures growth without it.
Deeper savings would give Disney room to meet that target if parks or box office revenue softens.
Disney Layoffs Land on a Stock That Already Bounced Back
Disney stock has spent the past three months recovering from its summer lows. In late July, shares traded about 18% below where they started in 2026, according to TradingView data.
The rebound began in August, when shares jumped nearly 5% in premarket trading after quarterly results beat estimates. The rally carried the stock to within about 2% of its starting level by late August.
That gain faded through September. By early October, Disney stock had slipped back to roughly 10% below its 2026 starting level.
Shares recovered through most of October. By the November 2 close, DIS stock stood at $113.11, up 1.96% on the day.
That close left Disney stock about 0.58% below where it started the year.
Disney (DIS) Stock Performance. Source: Google Finance Disney’s Upcoming Earnings Report Puts the 20% Target Under the Lights
With the stock back near its starting level for the year, attention now turns to Disney’s next report. Disney earnings for the fiscal fourth quarter are expected before the market opens on November 17.
Analysts expect $1.68 per share, up 51.4% from $1.11 a year earlier, according to Barchart. A dollar figure for the savings and updated fiscal 2027 guidance would give investors a clearer read on the plan.
Disney is not cutting alone. Rivals such asNetflix, Sony Pictures, and Skydance’s Paramount and Warner Bros. units have also reduced staff. Those cuts trace back to falling traditional TV revenue and slower streaming subscriber growth
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Anthropic swung to a $567 million operating loss in Q3, reversing a $974 million operating profit in Q2. The Claude developer disclosed the swing in an amended initial public offering (IPO) filing.
Revenue kept growing, but not fast enough to cover rising costs. These 5 numbers from the filing show what investors will weigh before the listing.
1. $16.96 Billion in Sales, at a Slower Clip
Third-quarter revenue reached $16.96 billion, according to the amended filing. However, quarter-over-quarter growth slowed sharply to 46.7%, down from 144.2% in Q2.
After an October investor day showed the slowdown, some investors reportedly discussed an Anthropic valuation near $1.5 trillion, down from $2 trillion.
Model price cuts and contractual discounts trimmed about $600 million from Q3’s revenue gain. Operating expenses rose by $6.94 billion, outpacing the $5.40 billion revenue increase.
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2. Anthropic’s $9.86 Billion Compute Bill
Compute and infrastructure accounted for $4.31 billion of the $6.94 billion cost increase. The line rose to $9.86 billion from $5.56 billion, a jump of 77.5%.
Anthropic quarterly revenue versus compute and infrastructure expense, Q1 2025 to Q3 2026. Source: Anthropic amended S-1, chart by BeInCrypto
Compute absorbed 58 cents of every revenue dollar, up from 48 cents. The filing ties much of the quarter’s loss to one part of that compute bill.
3. Why a $567 Million Operating Loss Returned in Q3
The filing says two items primarily drove the loss. The first was $5.0 billion of compute under short-term commitments. That compute currently costs significantly more than comparable capacity under its multi-year deals. The second was $2.0 billion in non-cash donation-matching charges.
Adjusted operating income, which excludes stock-based pay and donation charges, rose to $2.46 billion from $2.24 billion. However, the adjusted margin slipped to 15% from 19%, which the filing ties to short-term compute.
Below the operating line sits a far larger loss.
4. A $23.29 Billion Net Loss That Actually Shrank
Anthropic’s Q3 net loss reached $23.29 billion, down from $66.31 billion in Q2. Of that, $21.94 billion, or 94.2%, came from fair-value changes on convertible notes and related instruments.
The filing links these charges to Anthropic’s rising valuation this year. Those charges look backward, while Anthropic’s compute contracts commit cash for years ahead.
5. An $895.4 Billion Pipeline of Compute Contracts
Anthropic’s commitments, nearly all for compute and infrastructure, total about $895.4 billion. About $69.8 billion falls due within 12 months. That is nearly double the $35.28 billion in revenue Anthropic booked over the past 4 quarters.
A reported $1.5 trillion valuation would equal 42.5 times that trailing revenue. The earlier $2 trillion figure would equal 56.7 times.
ARK Invest’s Brett Winton argues the world is short of the compute needed to meet AI demand.
“Ultimately, cash flow will tell, but the evidence suggests that, provided with compute, the frontier lab companies will be good for the bill,” Winton wrote.
Growth has rebounded before, to 132% in Q1 2026 from 48% in Q4 2025, after the Opus 4.5 launch. Whether Q3’s 46.7% marks a trend or a pause will shape what investors pay in the Anthropic IPO.
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XRP logged one of its strongest days for new wallets this year. Yet, US buyers on Coinbase and in spot exchange-traded funds (ETFs) are pulling back.
The split leaves XRP near $1.25, down almost 16% over the past month. The record Binance hack last week added fresh pressure across the market.
New XRP Wallets Keep Arriving After the Binance Hack
The XRP Ledger added 7,934 new wallets on November 1, according to Santiment. That marked the sixth-highest daily total of 2026.
The jump came on a Sunday, normally one of the quieter days for network activity.
Santiment said the hack may have encouraged more users to set up self-custodied wallets. It added that strong growth near $1.25 points to improving usage despite price pressure.
XRP Network Growth. Source: X/Santiment
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Bearish Chatter Now Outnumbers the XRP Bulls
New users are arriving, yet the wider conversation around XRP has turned gloomy. Social media sentiment toward XRP has weakened for nearly two months, Santiment data shows. The Binance hack sped up that slide.
XRP now draws about 0.61 bullish comments for every bearish one. Bitcoin (BTC) sits near 0.69, while Ethereum (ETH) holds around 1.14.
Santiment sees a relief rally as likely if sentiment stays below 1.0 while prices stop making new lows. However, the firm cautioned that fear alone does not mark the exact bottom.
“If BTC and XRP sentiment stays below 1.0 while prices stop making new lows, keep an eye out for a likely eventual mid-term relief rally,” the post read.
That caution also shows up in US trading data, where demand for XRP has softened on two fronts.
US Demand Cools on Coinbase and in ETFs
The XRP Coinbase Premium Index fell to about -0.16%, an eight-month low, according toanalyst Arab Chain.
A negative reading means XRP trades lower on Coinbase than on Binance. Coinbase is a key venue for US retail and institutional traders.
Arab Chain noted the drop alone does not confirm further downside.
“Historically, sustained negative readings have sometimes been associated with weaker buying demand on Coinbase, while a return to positive territory may indicate a relative improvement in demand,” the analyst added.
Spot XRP ETFs showed a similar slowdown. They drew $18.83 million in net inflows in October, per SoSoValue.That was the smallest monthly inflow since January. September brought $121.40 million.
Still, the funds held steady after the hack. They added $8.43 million on October 29 and lost only $496,000 on October 30.
US spot Bitcoin ETFs, meanwhile, shed $643 million on October 30. With adoption rising and US money cautious, XRP’s next move rests on a narrow price band.
XRP Price Sits on Santiment’s $1.25 Pivot
XRP trades at $1.25, down 0.65% over the past 24 hours, per BeInCrypto Markets. It has lost 4.43% over 7 days.
XRP Price Performance. Source: BeInCrypto Markets
Santiment sees $1.25 as the immediate pivot. Reclaiming $1.30 with new-wallet growth above roughly 4,000 a day would strengthen the setup.
In contrast, a drop below $1.20 with daily network growth under 3,000 would weaken that signal.
November ETF flows and the Coinbase premium will show whether US demand catches up with the new users.
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The US struck Iran’s Qeshm Island on Monday, US officials told the Wall Street Journal. Iranian state media reported several explosions on the island, which sits near the Strait of Hormuz.
According to the BBC, officials said the strikes answered Iran’s Islamic Revolutionary Guard Corps (IRGC) firing on a US aircraft. The attack came on the eve of the midterm elections, in a war that began February 28.
US Strikes Iran’s Qeshm Island
The Journal said Monday’s attack was the latest in a series of limited strikes in recent weeks. One official said Washington kept the campaign quiet to avoid signaling a return to major combat.
Three US officials described the action to CNN as defensive and meant to protect US assets. Others told the Journal the strikes aim to curb Iranian attacks on commercial shipping. The IRGC, meanwhile, claimed it captured two US drones south of Qeshm.
Qeshm, the largest island in the Persian Gulf, reportedly houses anti-ship missiles, mines and drones in underground tunnels.
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Strike Plans Wait on the Other Side of the Vote
The Journal reported last week that CENTCOM chief Adm. Brad Cooper briefed Trump on Iran military options. Trump could still decide against action, the report said.
Earlier, Trump said no when reporters asked whether significant strikes would resume after the vote. He also told Fox News the US could target Pickaxe Mountain, an underground nuclear site south of Natanz.
Talks continue through mediators, led by Qatar. Iranian Foreign Minister Abbas Araghchi described them as very intensive. Tehran says its seven-step plan could take effect within two days.
Vice President JD Vance sounded optimistic.
“The president and I both feel really good about the prospect of potentially coming to a negotiated settlement,” he said.
He added that the Iranians are unpredictable and that Trump keeps both military and non-military options open.
Oil Gives Its Own Answer
Oil prices edged higher after the reports, though the move was small. Brent crude rose 0.67% on the day to $105.48 per barrel. West Texas Intermediate (WTI) gained 0.73% to $97.16.
Brent and WTI crude prices after the US strike on Qeshm Island. Source: TradingEconomics
That bounce recovers little of Monday’s slide of more than 6% on peace headlines. Brent now sits just above Goldman Sachs’ raised forecast of $105.
Tuesday’s vote also decides which party controls Congress. The World Gold Council has argued a Democratic Congress could restrict war funding, adding another variable for Washington’s next move on Iran.
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The S&P 500 has posted gains in the year after every US midterm since 1982. With Americans voting today, history favors stocks, but several macro risks could test that record.
Bitcoin (BTC) has also finished higher a year after recent midterms. However, its path through the following months has been far rougher than that of stocks.
Four Decades of Gains After the Midterm Vote
According to CNBC, the S&P 500 averaged a 13.7% gain one year after the 11 midterm elections since 1982. The index ended higher in every case.
CFRA senior investment strategist Arun Sundaram points to an even longer record. He says markets have never fallen in the 12 months from October of a midterm year since World War II. Those periods averaged gains of about 16%.
“I think that the midterms are a bit of a clearing event. US markets tend to do better once we get past the midterms,” Sundaram told CNBC.
S&P 500 Average Returns After Midterm and Presidential Elections, 1980–2024. Source: CNBC
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Returns have also been larger when voters split control of Washington. Elections that left divided government saw an average 15% one-year gain, versus 11.5% under single-party control.
CFRA expects Democrats to take the House and likely the Senate. CNBC found a precedent for a Democratic Congress under a Republican president. After the 1986, 1990 and 2006 midterms, the S&P 500 averaged a 10.9% one-year gain.
Sundaram, however, says markets have historically done better under a Republican president and Congress than a Democratic one. He calls a Democratic sweep of Congress the worst case. Still, he says markets tend to be up 12 months later.
A November Tailwind, With Oil and Yields in the Way
The calendar also favors stocks in the near term. Data shared by The Kobeissi Letter shows November has averaged a 2.1% gain since 1980, rising 74% of the time.
In midterm years since 1950, November has averaged 2.7%, with a 78.9% win rate.
Markets are heading into their strongest seasonal period of the year:Since 1980, the S&P 500 has rallied +2.1% on average in November, making it the strongest month of the year.Over this period, positive returns occurred 74% of the time, the best hit rate of any month.… pic.twitter.com/07UrwmEbUE
— The Kobeissi Letter (@KobeissiLetter) November 2, 2026
Sundaram still calls geopolitics the big wild card this year, especially the war with Iran. CFRA raised its oil forecast and now expects prices to average about $85 a barrel next year, up from $70.
The 10-year Treasury yield slipped below 4.9% on Monday, down from a 5.3% high about a month earlier. Meanwhile, CNBC names artificial intelligence (AI) as the big swing factor now, and whether declines in tech will continue.
Bitcoin Also Climbed After Midterms, the Hard Way
The midterm pattern has also appeared in crypto, though with far larger swings. Data from DWF Labs shows BTC rose 25%, 45%, and 92% a year after the 2014, 2018, and 2022 midterms.
However, BTC took a much rougher path than the S&P 500. It traded 31% below its election-day close three months after the 2014 vote and 46% below after 2018.
Whether either streak extends may depend on oil, yields, and AI as much as on the vote.
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Market analyst Benjamin Cowen says the Q4 market selloff in US stocks arrived on schedule, despite arguments that a widely expected correction would never happen.
The call rests on three midterm cycles, and Cowen says it is not an exact science. He says the Nasdaq has dropped over 10%, mirroring 2018. Bitcoin (BTC) holders face the same argument, since he says it also tends to bottom in Q4.
Does Consensus Protect Markets From a Correction?
Cowen said in a video that he flagged the Q4 risk all year, while stressing it was never guaranteed.
He points to 2018, when he says stocks fell 23% late in the year. In 2022, he says, another drop of about 23% began in the third quarter.
According to Cowen, the Russell index has fallen 11% to 12% and the Dow Jones Industrial Average about 7%. Meanwhile, the S&P 500 has slipped about 4%.
Stock Market Correction: Q4 2026https://t.co/oY7CZJ4GNc
— Benjamin Cowen (@benjamincowen) November 2, 2026
Skeptics argued weeks ago that broad expectations would prevent the move. However, Cowen says the same objection preceded Bitcoin’s lows in February and the summer.
He also points to Google’s post-earnings slide as evidence the correction is real. Parent Alphabet closed 12.6% lower on Oct. 29, according to Trefis.
What Could Break the Pattern?
Cowen expects a low within the next couple of months, followed by a bounce. He sees the OpenAI IPO, which he guesses could come in early 2027, as the next major narrative.
Morgan Stanley strategist Mike Wilson, however, sees any dip as a buying opportunity. He says a drop toward 7,100 on the S&P 500 could precede a rally to 8,000.
The slide follows a 2.86% Nasdaq drop on Friday, and analysts have flagged midterm and AI risks this week.
Cowen says the Iran war and today’s midterm elections add volatility. He expects the S&P 500 to be among the last to fall before a policy response from the administration.
The split tests whether broad expectations shield markets from seasonal drawdowns. For Bitcoin, the same test applies, as Cowen’s earlier price warnings show.

Jim Cramer named Ralph Lauren (RL) stock his favorite apparel pick ahead of its earnings report on Thursday, citing a 380% rally since late 2022 that has outpaced the S&P 500’s roughly 110% gain.
Ralph Lauren holders face the print with that gain intact, while Tapestry (TPR), parent of Coach, fell more than 20% after its August report on guidance Cramer called merely in line. It reports the same morning.
Can Ralph Lauren Stock Keep Beating a 380% Rally?
Cramer said Ralph Lauren’s sales compounded at 13% a year over the past five fiscal years, while adjusted earnings per share (EPS) compounded at 57%.
He credits a pivot to direct-to-consumer (DTC) sales and fewer wholesale outlets that he says watered down the brand, a shift he links to wider gross margins.
The company reported adjusted EPS of $4.59 and revenue of $1.96 billion for its fiscal first quarter on Aug. 6, beating Wall Street estimates on both, and raised its full-year outlook.
Management guided second-quarter revenue growth of 5% to 6%, excluding currency swings.
Analysts forecast adjusted EPS of about $4.22 for the quarter, up from $3.79 a year earlier.
Cramer said the shares slid in late August and September, when rising oil prices hit consumer names broadly. A Walmart sales miss in August had already raised questions about US consumer health.
BofA Securities analyst Kendall Toscano expects a beat-and-raise quarter, meaning earnings above forecasts and a higher outlook. He keeps a $450 price target, arguing higher-income shoppers remain resilient.
Can Coach Offset Kate Spade’s Drag?
Analysts expect Tapestry to report adjusted EPS near $1.55. Cramer likes the Coach story, citing its accessible luxury niche and appeal to younger women.
Coach revenue rose 15% in the fiscal fourth quarter, while Kate Spade fell 7%, with management acknowledging that the Kate Spade turnaround is running slower than planned.
Thursday’s reports will test whether premium accessories and apparel brands that raised prices, as Coach did on handbags, can keep demand if shoppers tighten. Cramer listed consumer spending among five themes in his 2026 stock picks.

Wall Street analysts have largely held their S&P 500 earnings forecasts, Yardeni Research President Ed Yardeni said. For 2028, they still sit near $500 per share, even after Alphabet and Intel sold off.
However, Yardeni’s own 2028 forecast is $450, about 9% below the $493 consensus he cited in an October 24 note. S&P 500 holders are exposed to profit growth that he considers too bullish.
Why Are S&P 500 Earnings Not Lifting the Index?
Yardeni made the case in an interview ahead of the US midterm elections. He said weekly consensus estimates stayed roughly flat in the week of October 26. Analysts remain strongly bullish on 2027 and 2028, he added.
Meanwhile, the index has trailed those profits, based on figures in the note. Forward earnings per share, a gauge of expected profit over 12 months, was up 31% this year. At that point, the S&P 500 had gained 11.4%.
As a result, the index’s forward price-to-earnings multiple, which prices stocks against expected profit, fell 13.5% this year. Yardeni’s 7,900 year-end target applies a multiple of 18.6 to a $425 forecast for 2027 earnings.
Analysts’ 2027 consensus of $424.56 sits almost exactly on that forecast. He cut that multiple from 19.8 in September, when he moved his earlier 8,400 target to mid-2027.
Can AI Credit Stress Break the 7,900 Call?
Estimates held through a late-October Nasdaq-100 rout that erased roughly $2 trillion of market value. Alphabet had its worst session on record, and Intel fell nearly 29% in one day.
Yardeni says bond investors are policing AI borrowers and calls the trend healthy. His note cites wider credit default swap spreads, a gauge of default risk, at Oracle and AI cloud provider CoreWeave.
In addition, he said hyperscalers, the largest cloud providers, have data-center commitments and backlogs already locked in.
Yardeni said the bonds of AI companies look better placed than their stocks. In his view, it remains unclear when the spending will produce earnings.
That leaves his 7,900 call resting on the multiple, since 2027 profits already match consensus. Falling bond yields would ease that pressure, while rising AI borrowing costs could push 2028 estimates lower first.

Arthur Hayes expects Bitcoin (BTC) weakness to last until the Federal Reserve or banks start growing their balance sheets. A US dollar liquidity gauge is already up about 4.5% this year.
Hayes, BitMEX co-founder and chief investment officer of family office Maelstrom, posted the call on X. Bitcoin holders therefore face a rising liquidity gauge and a balance sheet condition Hayes ties to the weakness.
Why Is Arthur Hayes Cautious on Bitcoin Despite Rising Liquidity?
The post came with a chart of the .USDLIQ index, a gauge of dollar liquidity.
The index stood at 32.71 million as of November 2, up 4.49% since January. However, it sits about 0.6% below its October peak of 32.90 million.
A balance sheet grows when a central bank or lender buys assets or extends more credit. That adds money to the financial system.
In contrast, his written call was brief.
“USD liquidity is recharging. Expect $BTC weakness until Fed and or Banks start growing their balance sheet.”
USD liquidity is recharging. Expect $BTC weakness until Fed and or Banks start growing their balance sheet. pic.twitter.com/vC8dNMxmo2
— Arthur Hayes (@CryptoHayes) November 3, 2026
Did Hayes Already Step Back From the Market?
Hayes urged traders to go long on Bitcoin and Ethereum (ETH) in an October 15 call. He cited an expected multi-trillion-dollar bailout after the artificial intelligence (AI) data center boom.
Days later, he sold about $22.28 million in crypto from Maelstrom’s directional book, its portfolio of outright price bets. He also confirmed on X that he plans to sit out the market.
Meanwhile, Hayes has tied crypto to Fed money creation before. In September, he argued that a weaker euro against the yen could point to Fed money printing that lifts crypto.
BTC has dipped below $77,000. Source: CoinGecko
Bitcoin has also lagged liquidity-style signals. In September, it trailed a record global money supply of $103.66 trillion.
Hayes’ framing places Bitcoin’s next move with Fed and bank balance sheets rather than liquidity readings. Until those grow, his call stays cautious.

Robinhood Chief Financial Officer Shiv Verma wants retail investors to receive larger slices of initial public offerings (IPOs). He said the brokerage will take part in the Anthropic IPO.
However, Robinhood does not set the split. Issuers and their banks decide. That share determines how many customers get shares at the offer price instead of buying on the open market.
Why Are Companies Now Asking How Big Retail Can Go?
Anthropic told investors third-quarter revenue hit $16.8 billion, nearly 12 times a year earlier, Bloomberg reported. Its amended filing with the Securities and Exchange Commission (SEC) also lists about $895 billion in committed spending.
Robinhood is competing with other retail brokerages for access to that offering and later listings.
Meanwhile, some investors are waiting for Anthropic IPO pricing before backing OpenAI, which cut its funding target by $10 billion.
Historically, retail received only 1% to 5% of IPOs, Verma told Bloomberg Businessweek Daily on Monday. Companies now ask whether they can offer 10% or 20%, he said.
He cited retail’s roughly 25% share of the equities market to support larger allocations.
SpaceX said it wanted 15% to 20% for retail, Verma noted. Robinhood’s own 2021 IPO, however, earmarked 20% to 35% of shares for customers, Axios reported.
Verma said Robinhood routes customer demand to issuers and banks and argues the case for retail.
“We are making sure companies know that retail is here.”
Shiv Verma, Chief Financial Officer, Robinhood, on Bloomberg Businessweek Daily
Can Customer Demand Win a Bigger Anthropic IPO Slice?
Robinhood cannot take orders until an offering opens, and a regulatory quiet period before listings limits what Verma can disclose.
Instead, Verma cited customer activity, saying people are depositing and trading more, which he called a good sign.
Larger allocations also carry exposure. SpaceX’s post-IPO slide took 20% off its peak within a week of its June listing.
As a result, if issuers keep raising retail quotas, brokerages could gain influence once held mainly by banks. Weak post-listing returns, though, could undercut that case.

Bitcoin price enters November defending $76,000, the average cost basis of short-term holders. The level was held after the Binance hack pushed BTC to a six-week low of $76,275.
The shock from Binance triggered $1.58 billion in liquidations, and BTC closed October with a 7% loss.
On-Chain Data Puts Bitcoin at a Make-or-Break Level
Glassnode data shows heavy exchange inflows during the late-October slide. Net deposits reached about 11,500 BTC and 8,000 BTC on separate days, signaling sell-side pressure.
Net outflows of roughly 40,000 BTC followed within days, among the largest of 2026. However, these flows do not suggest accumulation.
Bitcoin exchange net transfer volume. Source: Glassnode
The stolen 18,270 BTC left a Binance hot wallet during the hack, which registers as an exchange outflow. Users then pulled about $2 billion within three hours after withdrawals reopened on November 1.
Meanwhile, the attacker’s coins remain untouched across 19 addresses. Any move toward exchanges could add fresh supply pressure.
The Short-Term Holder Market Value to Realized Value (STH MVRV) ratio offers a clearer signal. It compares the market price with the average cost basis of recent buyers.
The metric sits near 1.02, meaning short-term holders are about 2% in profit. That places their cost basis close to $76,000, almost exactly at last week’s low.
Bitcoin short-term holder MVRV / Source: Glassnode
Historically, drops below 1.0 in 2026 preceded capitulation. Breakdowns in late January and late May led to the February and June lows. In contrast, the August reclaim sparked a rally toward $87,000.
The ratio has also printed lower highs since late September, falling from 1.20 to 1.03. Holding $76,000 keeps recent buyers profitable, while losing it could push them to sell at a loss.
Bitcoin Price Prediction Points to Two November Scenarios
On the weekly chart, BTC is testing the bull market support band. The band combines the 21-week exponential moving average (EMA) at $76,874 and the 20-week simple moving average (SMA) at $73,779.
However, the Gaussian channel has stayed red since March, signaling a broader downtrend. BTC was recently rejected at the channel’s declining midline, now near $81,850.
The weekly Relative Strength Index (RSI) reads 52, a neutral level that leans slightly lower.
BTC weekly chart. Source: TradingView
The daily chart adds a bearish warning. The Supertrend indicator flipped red after the hack, for the first time since May.
That May signal preceded a 25% drop to $57,800. A similar decline from the latest flip near $80,000 would target roughly $60,000.
For now, BTC is holding the 0.5 Fibonacci retracement at $77,876. Daily RSI has slipped to 38, extending a downtrend in momentum.
Resistance sits at $81,000 to $82,000, with a stronger supply zone between $85,000 and $87,000. That upper zone rejected BTC twice in late September and early October.
BTC daily chart. Source: TradingView
The November outlook therefore hinges on $76,000. Holding it and reclaiming $82,000 could open a path to $87,000.
Losing it would expose the $73,000 to $74,000 zone. The daily 0.382 Fibonacci level, the 20-week SMA, and the weekly 0.236 Fibonacci level all cluster there.
A breakdown below that zone could extend the slide to the Gaussian channel’s lower band near $71,000. A May-style repeat would put $60,000 in play.
Catalysts could accelerate either move. Bitcoin ETFs saw $643 million in outflows the day after the hack. Meanwhile, the US midterms on November 3 add another layer of uncertainty.

OpenAI’s pared-back funding round suggests AI jitters are spilling from public stocks into private markets. Some investors trimmed allocations to the roughly $20 billion raise, down from a $30 billion target.
However, the round still values OpenAI at $1.25 trillion, down from the $1.4 trillion first sought. Crossover funds, which hold both public and private companies, feel public-market swings directly, CNBC’s Kate Rooney said.
Are OpenAI’s Existing Backers Done Doubling Down?
Rooney said many private investors already hold OpenAI exposure. That makes doubling down during public-market swings harder, she added.
Some investors cut allocations before the Oct. 30 deadline. As a result, the first close will likely fall below $20 billion.
Earlier, OpenAI lowered its valuation target around Oct. 22, before cutting the round size.
In March, OpenAI raised $122 billion at an $852 billion valuation. That is about six times the current target.
A UAE consortium including MGX, a state-backed technology fund, is expected to be the round’s largest participant. OpenAI would also gain an option to lease computing capacity in the region, Reuters reported.
Does Weaker Private Demand Push AI Labs Toward Public Markets?
Weaker private demand puts more pressure on AI companies to tap public markets, Rooney said. In contrast, private markets used to move apart from public ones, she noted.
OpenAI confidentially filed for an initial public offering (IPO) in June. Its finance chief told staff in August the company will be public in 2027, CNBC reported.
Meanwhile, Anthropic filed publicly for a Nasdaq listing on Oct. 26. Some investors reportedly want to see Anthropic’s IPO price first.
The Nasdaq Composite fell 2.86% on Oct. 30, ending its worst month in over a year, CNN reported. The S&P 500 lost 1.82% that day. Investors are demanding evidence that data-center spending at Alphabet, Microsoft, Meta and Amazon will translate into profit.
If private rounds keep shrinking, AI labs may face public-market scrutiny sooner. In turn, Anthropic’s IPO price may test whether public investors still back trillion-dollar AI valuations. Reports put its target between $1.5 trillion and $2 trillion.

Could the next altcoin season be closer than traders think, even as Bitcoin struggles below $80,000?
At TOKEN2049 Singapore, BeInCrypto spoke with Peter Anthony, founder of The House of Crypto, a popular trading education platform with a community of over 400,000 followers, as part of the Bitunix Ultra Talk interview series.
Peter believes the crypto market could be approaching another turning point. He explained why an unexpected economic indicator might signal the next altcoin rally and how traders can identify opportunities before prices take off.
Could Altcoin Season Arrive Sooner Than Expected?
Many crypto investors are still waiting for an altcoin season. Bitcoin continues to dominate the market, while most smaller cryptocurrencies have struggled to sustain meaningful rallies.
The latest Altcoin Season Index remains below the level associated with a broad altcoin rally. Bitcoin also entered November under pressure, following a difficult October and ahead of the November 3 US midterm elections.
However, Peter believes traders might be overlooking an important economic signal.
He has been studying the relationship between Bitcoin dominance and the US Institute for Supply Management’s (ISM) Manufacturing Index, which measures activity across American factories.
Peter points to a reading of 58 as a potentially important level. He believes previous periods of strong manufacturing activity have coincided with sharp declines in Bitcoin dominance, when smaller cryptocurrencies started outperforming Bitcoin.
“We haven’t seen that happen since 2021.”
Interestingly, the latest economic data appears to be moving in the direction he describes.
Altcoin Season Index
The ISM Manufacturing Index rose to 55.5 in October, up from 54.5 in September. The November 2 report showed US manufacturing expanding for the tenth consecutive month.
Peter also sees the global artificial intelligence boom as a potential driver of further economic growth.
He specifically highlighted semiconductor exports from Taiwan and South Korea as indicators worth monitoring.
South Korea’s semiconductor exports surged 259.4% in October, driven by global demand for AI infrastructure.
The theory is that stronger economic activity could eventually improve liquidity and investors’ appetite for riskier assets, including altcoins.
However, the relationship between manufacturing activity and Bitcoin dominance is a historical observation rather than a proven trading signal.
Peter remains optimistic about the possibility of an earlier recovery.
“I think we could see it sooner rather than later.”
Where Should Traders Look Before the Next Altcoin Rally?
If altcoin season does return, Peter believes traders should pay close attention to where money is moving across the crypto market.
He argues that following capital flows between blockchain networks can help identify opportunities before individual tokens start rallying.
During the interview, he discussed activity around the Robinhood ecosystem and capital shifting toward Solana, Sui, and Base.
His approach involves looking at which blockchain networks are attracting new money and identifying projects that might benefit from that activity.
“When a chain starts to pick up in volume, what does well on a chain? DEXes, lending protocols, this is the playbook.”
Decentralized exchanges and lending platforms can benefit when trading activity increases on their networks.
Peter recommends monitoring these movements through on-chain analytics platforms, including Artemis and DefiLlama.
The idea is straightforward: when a blockchain attracts more users and trading activity, some applications built on that network may see increased demand.
That can help traders narrow their research, although growing network activity does not guarantee that related tokens will rise.
How Can Traders Find Undervalued Altcoins?
Peter also believes that traders regularly overlook promising projects because their token prices have fallen sharply.
He explained that some cryptocurrencies can lose 80% or 90% of their value while the underlying businesses continue generating substantial revenue.
“People look at the chart and think, ‘Oh, it’s a scam.’ But it’s not. It’s just come down in value, token value.”
He pointed to Pump.fun and Hyperliquid as examples of projects worth studying through their financial performance.
For context, DefiLlama data shows Pump.fun generated approximately $45.35 million in protocol revenue during October 2026.
Peter believes this kind of information can help investors assess whether a cryptocurrency deserves another look after a steep decline.
“What’s their revenue looking like?”
However, protocol revenue does not automatically translate into higher token prices. Token supply, valuation, and the mechanisms through which holders benefit from a project’s success also matter.
His broader strategy is to identify projects with strong underlying activity before the market begins paying attention to them.
What’s the Biggest Mistake Traders Make During a Rally?
For Peter, one of the biggest dangers in crypto trading is buying into a popular narrative too late.
He explained that investors frequently discover new opportunities after prices have already risen and social media discussions have intensified.
His advice is to question how many potential buyers remain once an investment becomes widely popular.
“Who is left who’s stupider than me to buy in after me?”
He described missing an earlier rally around the Robinhood blockchain ecosystem because the related tokens had already surged by the time he noticed the trend.
The experience reinforced his preference for identifying market narratives early and avoiding assets that have already attracted widespread attention.
“When you spot the narrative, you need to ask yourself, when have I spotted this narrative compared to everybody else?”
The same principle applies to traders tempted to sell underperforming holdings simply because another cryptocurrency is rallying.
Peter argues that investors should understand why they own a particular asset and whether its underlying fundamentals remain strong before changing positions.
Could Bitcoin’s Bull Market Continue Into 2028?
Peter’s optimism extends beyond altcoins.
He believes Bitcoin could be experiencing a longer market cycle than the traditional four-year pattern that many investors follow.
Depending on how the broader economy develops, he sees the possibility of the current cycle continuing into 2027 or even 2028.
“I think there’s a lot more fuel in the tank. I think we’re going to see Bitcoin continue to rise.”
He also believes there is room for further adoption as more financial activity moves on-chain.
Still, his outlook depends on economic conditions continuing to improve, particularly the manufacturing and liquidity trends he has been watching.
For traders waiting for the next altcoin season, Peter’s central message is to follow capital flows, research project fundamentals, and remain alert to shifts in the broader economy.
The next rally may be difficult to predict precisely. His approach is to identify where opportunities could emerge before they become the market’s next popular trade.

Bitcoin price slipped below $77,000 today as the wider crypto market is seeing a sharp selloff. However, three altcoins are showing signs of resilience, with technical charts pointing to possible recoveries.
Hyperliquid (HYPE), Pepe (PEPE), and Stacks (STX) have held important parts of their recent price structures. Their next moves could depend on whether buyers defend support or push through resistance.
AltcoinCurrent price*OutlookWhy watch?HYPE$84.40NeutralTesting major supportPEPE$0.00000485BullishRetesting recent breakoutSTX$0.3282NeutralRecovering from sharp selloff
1. Hyperliquid (HYPE): Can Buyers Defend $85?
HYPE has maintained an upward trend since May, even as the wider crypto market weakened.
Its latest correction has brought prices toward $85.19, a key Fibonacci support level that also aligns with the middle of its rising trading channel.
However, HYPE has now slipped slightly below that level. Its earlier daily Relative Strength Index (RSI) reading of 55 suggested momentum remained moderately positive, although low trading volume showed limited buying conviction.
Whether $85 is recovered could determine the next move.
Bullish: Reclaiming $85.19 could open a move toward the $97.99 record high.
Bearish: Continued weakness could push HYPE toward $75.14.
HYPE daily chart. Source: TradingView 2. Pepe (PEPE): Can the Breakout Survive?
PEPE has been making higher highs since August and recently broke above a trading range that had limited its price for months.
However, sellers have repeatedly rejected attempts to climb beyond $0.00000534.
PEPE is now trading close to $0.00000474, a key support level. A successful bounce would suggest buyers are defending the breakout. Its earlier RSI reading of 54 also showed room for further gains.
Bullish: Holding $0.00000474 could send PEPE toward $0.00000534, followed by $0.00000618.
Bearish: Falling below $0.00000445 could trigger a decline toward $0.00000415.
PEPE daily chart. Source: TradingView 3. Stacks (STX): Can a 42% Crash Turn Into a Recovery?
STX suffered a roughly 42% correction from its mid-October peak, reaching $0.2852 during the October 30 market selloff.
Buyers stepped in around that level, helping the token recover toward $0.33.
The recovery remains fragile. STX is testing resistance near $0.3248, while $0.34 presents the bigger obstacle. Its earlier RSI reading near 50 suggests neither buyers nor sellers have a clear advantage.
Bullish: A daily close above $0.34 could open the way to $0.3811, roughly 16% above its current price.
Bearish: Losing $0.2852 could expose the 0.229–0.245 support zone.
STX daily chart. Source: TradingView
For all three altcoins, daily closing prices around these levels will offer the clearest indication of whether their recoveries can continue.

The SEC has clarified an important question for governance cryptocurrencies like Uniswap (UNI): Does giving thousands of investors voting power make a token a security?
SEC staff now says generally no, provided the network is genuinely decentralized. The clarification could remove a major regulatory concern for decentralized finance (DeFi) projects and their investors.
What Has the SEC Changed?
In its November 2 update, SEC staff explained how governance tokens fit into the agency’s March crypto framework.
Governance tokens let holders vote on how a crypto project operates. For example, UNI holders can vote on changes to Uniswap, including how the protocol spends its funds.
Previously, there was uncertainty over whether thousands of people voting together could be considered one controlling group.
That matters because a cryptocurrency operating without central control may qualify as a digital commodity rather than a security, potentially facing different regulatory requirements.
The SEC staff clarified that independent holders voting through a decentralized system generally do not count as a controlling group.
However, projects must demonstrate that voting power is widely distributed. If a company or small group can independently change network rules, restrict access or override decisions, that could still indicate central control.
What Does This Mean for UNI and Other Crypto Traders?
For investors, the clarification reduces one source of uncertainty surrounding governance tokens.
It could make exchanges and institutional investors more comfortable dealing with qualifying tokens over time. However, it does not automatically classify UNI or every governance token as a commodity.
Uniswap is particularly relevant because its community voted on adopting a Wyoming DUNA, a legal structure designed for decentralized organizations.
The SEC just released a helpful new FAQ to clarify its token taxonomy further. 🔹Q 1.4 – Establishes that systems can maintain decentralized governance and make use of legal entities like DUNAs.🔹Q 1.5 – Distinguishes between permissioned and permissionless systems.🔹Q 1.6… pic.twitter.com/9bads1MviE
— miles jennings (@milesjennings) November 2, 2026
There is one important catch. This is nonbinding SEC staff guidance, not a new law. Future regulators could interpret the issue differently.
Congress could provide stronger certainty through the CLARITY Act, which failed to advance in September. Tuesday’s midterm elections will determine the next Congress responsible for revisiting i

Police in Dorset are investigating a series of local burglaries. Thieves stole Pokémon cards, jewellery, watches, and cash worth about £10,000 ($13,400) from several nearby homes.
The thefts reveal how a booming collectible market has turned rare cards into valuable targets.
Why Burglars Are Targeting Pokémon Cards in Dorset
The break-ins hit homes on Oakhurst Road and Pinehurst Road between September 30 and October 11, 2026. In each case, the residents were away.
Thieves took jewellery, watches, and cash alongside the cards.
However, the collectibles stand out because they are small, portable, and easy to resell online.
Officers have released images of the missing cards. They are also asking for dashcam footage, doorbell recordings, and tips from anyone who was offered the cards for sale.
The FBI is investigating thieves using stolen credit cards to buy valuable Pokemon cardsSeven stores in New Jersey were targeted, with some losing tens of thousands of dollars in stock pic.twitter.com/HZvF4BvMvi
— Dexerto (@Dexerto) October 31, 2026
Police Constable Anya Parvin said the force is still examining the break-ins. She urged witnesses of suspicious activity to come forward. She also asked anyone who has seen the stolen cards offered for sale to contact the force.
Officers also reminded residents to review home-security advice on the force website.
Why Are Pokémon Cards Worth So Much Now?
Scarcity is the main reason. Before 2019, the company printed roughly 1.5 to 2 billion cards a year.
Today, production exceeds 10 billion cards a year.
As a result, two-thirds of all cards ever made appeared only after 2019:
Older, well-preserved copies are therefore finite, and collectors pay large sums for them.
Even modern chase cards fetch four-figure prices. The “Sunbreon” Umbreon ex, Rayquaza VMAX, and “Moonbreon” Umbreon VMAX often trade above £1,000 ($1,340).
These Special Illustration Rares and Alternate Arts come from sets such as Prismatic Evolutions and Evolving Skies.
The best examples exceed £2,000 ($2,690)—moreover, one rare card sold for a record $16.5 million this year.
Logan Paul sold his PSA 10 Pikachu Illustrator for a record $16.5 million.He said he told himself he would be responsible with the money and put it into something like Tesla.Instead he put most of it straight back into more Pokémon cards.Paul described the usual collector… pic.twitter.com/NqHSDDdlpH
— Sepreth (@acidxhost) October 31, 2026
Meanwhile, recent index data show top Pokémon cards outpacing Bitcoin. Tokenized funds, digital vaults, and on-chain pack platforms all need physical cards to back their products.
Historically, card prices have moved almost independently of Bitcoin and stocks. However, analysts say continued crypto inflows could change that link. For now, burglaries may keep rising as values climb.