Bitcoin's price has dropped below $68,000 as BTC and ETH short-term implied volatility remains high ahead of the upcoming election week, indicating expectations for increased market fluctuations. Traders are increasing downside protection, with rising demand for put options.

Daily Macro

Bitcoin Market Status:Bitcoin fell below $68,000, reflecting heightened risk-aversion. Both BTC and ETH short-term volatility remain high as traders brace for election-related market fluctuations.

Bitcoin ETF Activity:As of November 4, preliminary reports indicate a net outflow of $54.9 million last Friday.

Ethereum ETF Activity:As of November 4, preliminary reports indicate a net outflow of $10.9 million last Friday.

Macroeconomic Data:Last week’s core PCE came in slightly above expectations, while nonfarm payrolls significantly missed estimates, driving the DXY index back to 104. Despite Bitcoin’s price dip, open interest in BTC futures and options remains high, indicating sustained market interest.

Daily Focus

Peanut

Reason for Focus: Recently, Elon Musk pinned a post about a hamster named "Peanut," sparking increased attention toward the OG PNUT token. The hamster's story has ignited widespread social media discussions, driving interest in the PNUT token.

Related Token Performance (24h):

Peanut：-30.65%

Market Analysis: Social media hype is likely to boost PNUT’s trading volume and visibility in the short term, especially as the event continues to trend.

Next Focus

Solana

Reason for Focus: Ahead of the U.S. election, BitMEX co-founder Arthur Hayes has dubbed Solana the "high-beta Bitcoin," citing its high liquidity and potential for outsized gains if BTC performs well. This positions Solana as a viable choice for a high-volatility market environment.

CoinEx Daily: Bitcoin Drops Below $68,000 as Market Braces for Election Week Volatility