November Puts Pressure on Markets

🟦The start of November proved tense: the U.S. government shutdown left markets trading without key macro releases, while geopolitical risks increased. Initial optimism around China quickly faded, liquidity remained thin, the dollar stayed strong, and mixed signals from the Federal Reserve sustained investor anxiety.

🟦Crypto markets moved in lockstep with the broader macro environment: BTC fell from $105,000 toward $80,000, while ETH slid to the $2,600 area. Record outflows of more than $2.2 billion from BlackRock’s IBIT ETF underscored weakening demand, and the shift in options positioning toward puts highlighted a growing appetite for downside protection. Volatility stayed elevated ahead of the PCE print.