Bitcoin steadies above $100,000 after a dip, while altcoins struggle and derivatives data show rising caution across the market.

Updated Nov 6, 2025, 11:51 a.m. Published Nov 6, 2025, 11:45 a.m.

Bitcoin holds $103K as altcoins struggle (Gustavo Rezende/Pixabay modified by CoinDesk)

What to know:

• Bitcoin is trading around $103,000, up 1.8% on the day, but remains in a technical downtrend from October’s $126,000 high.
• The CoinDesk 20 Index gained as bitcoin dominance rose to 60%, with ENA and APT dropping over 20% this week.
• Over $300 million in leveraged positions were liquidated, ZEC open interest surged, and traders are buying $80K BTC puts amid growing downside hedging.

Bitcoin BTC$103,296.47 is holding around $103,000 having rebounded from Wednesday’s sub-$100,000 level. The CoinDesk 20 Index (CD20) is up 1.8% in 24 hours.

Still, the largest cryptocurrency remains in a technical downtrend from the Oct. 6 record high of $126,000, having formed a lower high at $116,000 as well as consecutive lower lows.

STORY CONTINUES BELOW

The altcoin market has fared even worse, demonstrated by bitcoin dominance ticking back up to 60% after dropping to 57% in September.

Several tokens remain well below critical levels of support including ENA$0.3204 and APT$2.6483, both of which posted declines of more than 20% over the past week.

The recent sell-off was spurred by strength in the U.S. dollar following murmurs of indecision from the Federal Reserve in terms of the rate cutting cycle.

Derivatives Positioning

By Omkar Godbole

• Over $300 million in leveraged crypto futures bets were liquidated in 24 hours, mostly shorts.
• Zcash ZEC$527.99 leads growth in open interest (OI), while BTC and ETH show muted activity.
• OI in futures for prominent altcoins like XRP has declined, while non-serious tokens like PUMP are experiencing double-digit increases, a dynamic often seen before market drops.
• ZEC’s funding rates remain deeply negative, indicating a bias toward shorts, possibly as holders hedge against a sudden correction after its strong rally.
• Bitcoin CME futures positioning is light, with OI at its lowest since late September; ether OI has also declined from record highs.
• Near-dated BTC and ETH options on Deribit show downside nervousness: Some BTC traders are buying $80,000 put options.

Token Talk

By Francisco Rodrigues

• A new governance proposal on decentralized exchange Hyperliquid is drawing sharp debate across the protocol’s community channels.
• Known as HIP-5, the proposal seeks to set aside a slice of exchange revenue to support a wider set of ecosystem tokens, potentially altering the protocol’s existing fee-distribution model.
• Right now, 99% of Hyperliquid’s revenue is used to buy back its native token, HYPE. HIP-5 would instead carve out up to 5% of total protocol fees for a second assistance fund, AF2. That fund would purchase tokens from emerging projects in the Hyperliquid ecosystem, such as PURR, Kinetiq and Felix.
• Decisions on which tokens to support, and in what amounts, would be made by HYPE stakers through governance votes. The impact is estimated to be a $150,000 daily reduction in HYPE buybacks.
• Critics argue that opening up protocol revenue to outside projects could invite abuse. One user, Altoshi, said on X that HIP-5 “may lead to bribery” and could mirror governance issues seen in Cosmos and Polkadot, where some token holders accused insiders of draining DAO treasuries.
• Others say the plan could boost developer activity on Hyperliquid and increase governance participation. The proposal hasn’t gone to a formal vote yet.

More For You

Inside Zcash: Encrypted Money at Planetary Scale

Nov 3, 2025

A deep dive into Zcash’s zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

What to know:

In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

• Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.
• The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.
• Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.
• Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.

More For You

Another Piece of Michael Saylor’s Bitcoin Strategy May Be Falling Into Place

1 hour ago

With the perpetual preferred share STRC now trading at par, Strategy may unlock a new path to acquire bitcoin through its at-the-market program.

What to know:

• The price of Strategy’s perpetual preferred share (STRC) hit an all-time high of $100.10, paving the way for potential new issuance.
• The company has $4.2 billion in available share sales that could be used to buy more bitcoin.
• Trading at par allows Strategy to tap its at-the-market offering tied to STRC.

Top Stories