Last week in the news
The US Government started to work and some macro data were posted during this week. Still, jobs and unemployment data were mixed, not providing much guidance to investors whether the Fed will cut or not in December. At this moment higher concerns are raising a question: are we in the AI-bubble or not? The US equity markets continued with a correction, where the S&P 500 dropped by more than 5% since its ATH, closing the week at 6.602. The price of gold is holding strongly its grounds below the $4.100 level, while the 10Y yields are sticking between 4% and 4,1%. The crypto market continues to suffer high sell-off for the second week in a row. BTC dropped to $80K, but managed to close the week at $84K. The hurting question is whether the correction is over or maybe $75K is waiting to be tested?
The first set of U.S. macroeconomic data was released last week following the end of the longest government shutdown in history. Non-farm payrolls for September came in at 119K, well above the market expectation of 50K. The unemployment rate for the month rose to 4.4%, up from the previously reported 4.3%. Average hourly earnings increased by 0.2% month-over-month and 3.8% year-over-year, aligning with market forecasts. Existing home sales rose by 1.2% in October. On Friday, the University of Michigan’s final Consumer Sentiment reading for November registered at 51.0, while five-year inflation expectations declined to 3.4% from the previously reported 3.9%.
The week opened with markets highly focused on Nvidia’s quarterly results, which were posted on Wednesday. Nvidia's CEO, Jensen Huang highlighted that demand for the company’s chips, particularly its Blackwell GPUs, remains exceptionally strong. Nvidia reported Q3 revenue of $57 billion, a 62% y/y increase. The company also expects strong performance to continue through year-end, projecting $65 billion in revenue for Q4, which exceeds current Wall Street forecasts. Regarding market concerns that tech companies are currently strongly overvalued and that there is an “AI bubble” Huang commented that from Nvidia’s perspective, “something very different” is happening, a strong compute demand is compounding across training and inference.
JPMorgan warns that MicroStrategy could be removed from major equity indexes, including MSCI, once the index provider delivers its decision on January 15th, potentially triggering $2.8B in passive fund outflows, and up to $8.8B if other index providers follow suit. The bank argues this index risk, not just Bitcoin volatility, is driving the recent sharp drop in the stock.
Eli Lilly has become the first pharmaceutical company to reach a $1 trillion market capitalization, marking a milestone outside the tech sector. The surge is largely fuelled by strong sales of its weight-loss drugs. Investors have responded positively, pushing the stock to record highs and cementing Lilly’s place among the world’s most valuable companies. This achievement highlights the growing influence of innovative healthcare products on market valuations.
CRYPTO MARKET
Another challenging week for the crypto market. The sell-off continued, where all gains from this year were erased, making November one of the most difficult months in the history of the crypto market. There is no clear reason why this actually happened, but some analysts are pointing to the possibility for MicroStrategy to be excluded from the MSCI index, while others are noting just fear from over-valuation of tech companies. All the major US equity indices are in the correction for the last two weeks, reflecting this fear in investors. Anyway, this is not the first such correction on the crypto market, in which sense, many crypto investors are just sitting aside and waiting for the bottom-buy. Total crypto market capitalization decreased by 11% w/w, with a weekly outflow of $342B. Daily trading volumes remained flat on a weekly basis, moving around $313B. Total crypto market capitalization increase from the beginning of this year currently stands in a negative territory of -12%, with a total funds outflow of $379B.
BTC was leading another market sell-off season. Last week, the coin erased $215B from crypto market cap, and with a drop in value of 11,2%. ETH followed the flow, with a decrease in value of 13,3% or $51B. Almost all coins finished the week in red. Majors were leading in total volume. XRP lost 13.5% w/w with $18B outflow. BNB dropped by 11% or down $14B in market cap. Solana had a relatively smaller drop, compared to other majors, so it was down by $7,7% with an outflow of $6B. Although DASH was a gainer previous week, this week it dropped by 30% in value. ZCash also significantly dropped by 25% w/w. All other coins lost somewhere between 10% and 30% w/w.
In line with the general correction on the crypto market, increased activity in circulating coins continues. This week, Solana added 0,9% new coins to the market, Stellar had a surge in the number of coins by 0,4%, while Filecoin added 0,3% of new coins. This week was especially important as the number of BTC coins also increased by 0,1% w/w, which is not frequently seen on the market.
Crypto futures market
This week brought another wave of broad-based weakness across the cryptocurrency futures market, with both BTC and ETH futures experiencing notable declines. The sell-off was consistent across all maturities, reflecting a continuation of the risk-off sentiment that has dominated the digital asset space and broader financial markets.
BTC futures posted declines ranging from -10.03% to -10.49%, with the sharpest weekly losses seen in the mid-2026 maturities. Across the curve, prices moved lower in a nearly parallel fashion, indicating systematic selling pressure rather than maturity-specific positioning.
Ether futures saw an even more pronounced decline this week, with losses ranging from -12.72% to -12.90%. Front-end maturities dropped sharply, and longer-dated contracts out to March 2027 followed a similar trajectory. ETH futures are now priced in the $2,700–$3,000 range, marking a significant reset from levels seen earlier this month.
The synchronized move across all tenors for both BTC and ETH indicates that the market is undergoing a broad repricing rather than a structural shift. Curve shape remains intact, maintaining its usual upward slope, but the entire structure has shifted meaningfully lower.
The US Government started to work and some macro data were posted during this week. Still, jobs and unemployment data were mixed, not providing much guidance to investors whether the Fed will cut or not in December. At this moment higher concerns are raising a question: are we in the AI-bubble or not? The US equity markets continued with a correction, where the S&P 500 dropped by more than 5% since its ATH, closing the week at 6.602. The price of gold is holding strongly its grounds below the $4.100 level, while the 10Y yields are sticking between 4% and 4,1%. The crypto market continues to suffer high sell-off for the second week in a row. BTC dropped to $80K, but managed to close the week at $84K. The hurting question is whether the correction is over or maybe $75K is waiting to be tested?
The first set of U.S. macroeconomic data was released last week following the end of the longest government shutdown in history. Non-farm payrolls for September came in at 119K, well above the market expectation of 50K. The unemployment rate for the month rose to 4.4%, up from the previously reported 4.3%. Average hourly earnings increased by 0.2% month-over-month and 3.8% year-over-year, aligning with market forecasts. Existing home sales rose by 1.2% in October. On Friday, the University of Michigan’s final Consumer Sentiment reading for November registered at 51.0, while five-year inflation expectations declined to 3.4% from the previously reported 3.9%.
The week opened with markets highly focused on Nvidia’s quarterly results, which were posted on Wednesday. Nvidia's CEO, Jensen Huang highlighted that demand for the company’s chips, particularly its Blackwell GPUs, remains exceptionally strong. Nvidia reported Q3 revenue of $57 billion, a 62% y/y increase. The company also expects strong performance to continue through year-end, projecting $65 billion in revenue for Q4, which exceeds current Wall Street forecasts. Regarding market concerns that tech companies are currently strongly overvalued and that there is an “AI bubble” Huang commented that from Nvidia’s perspective, “something very different” is happening, a strong compute demand is compounding across training and inference.
JPMorgan warns that MicroStrategy could be removed from major equity indexes, including MSCI, once the index provider delivers its decision on January 15th, potentially triggering $2.8B in passive fund outflows, and up to $8.8B if other index providers follow suit. The bank argues this index risk, not just Bitcoin volatility, is driving the recent sharp drop in the stock.
Eli Lilly has become the first pharmaceutical company to reach a $1 trillion market capitalization, marking a milestone outside the tech sector. The surge is largely fuelled by strong sales of its weight-loss drugs. Investors have responded positively, pushing the stock to record highs and cementing Lilly’s place among the world’s most valuable companies. This achievement highlights the growing influence of innovative healthcare products on market valuations.
CRYPTO MARKET
Another challenging week for the crypto market. The sell-off continued, where all gains from this year were erased, making November one of the most difficult months in the history of the crypto market. There is no clear reason why this actually happened, but some analysts are pointing to the possibility for MicroStrategy to be excluded from the MSCI index, while others are noting just fear from over-valuation of tech companies. All the major US equity indices are in the correction for the last two weeks, reflecting this fear in investors. Anyway, this is not the first such correction on the crypto market, in which sense, many crypto investors are just sitting aside and waiting for the bottom-buy. Total crypto market capitalization decreased by 11% w/w, with a weekly outflow of $342B. Daily trading volumes remained flat on a weekly basis, moving around $313B. Total crypto market capitalization increase from the beginning of this year currently stands in a negative territory of -12%, with a total funds outflow of $379B.
BTC was leading another market sell-off season. Last week, the coin erased $215B from crypto market cap, and with a drop in value of 11,2%. ETH followed the flow, with a decrease in value of 13,3% or $51B. Almost all coins finished the week in red. Majors were leading in total volume. XRP lost 13.5% w/w with $18B outflow. BNB dropped by 11% or down $14B in market cap. Solana had a relatively smaller drop, compared to other majors, so it was down by $7,7% with an outflow of $6B. Although DASH was a gainer previous week, this week it dropped by 30% in value. ZCash also significantly dropped by 25% w/w. All other coins lost somewhere between 10% and 30% w/w.
In line with the general correction on the crypto market, increased activity in circulating coins continues. This week, Solana added 0,9% new coins to the market, Stellar had a surge in the number of coins by 0,4%, while Filecoin added 0,3% of new coins. This week was especially important as the number of BTC coins also increased by 0,1% w/w, which is not frequently seen on the market.
Crypto futures market
This week brought another wave of broad-based weakness across the cryptocurrency futures market, with both BTC and ETH futures experiencing notable declines. The sell-off was consistent across all maturities, reflecting a continuation of the risk-off sentiment that has dominated the digital asset space and broader financial markets.
BTC futures posted declines ranging from -10.03% to -10.49%, with the sharpest weekly losses seen in the mid-2026 maturities. Across the curve, prices moved lower in a nearly parallel fashion, indicating systematic selling pressure rather than maturity-specific positioning.
Ether futures saw an even more pronounced decline this week, with losses ranging from -12.72% to -12.90%. Front-end maturities dropped sharply, and longer-dated contracts out to March 2027 followed a similar trajectory. ETH futures are now priced in the $2,700–$3,000 range, marking a significant reset from levels seen earlier this month.
The synchronized move across all tenors for both BTC and ETH indicates that the market is undergoing a broad repricing rather than a structural shift. Curve shape remains intact, maintaining its usual upward slope, but the entire structure has shifted meaningfully lower.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.