The Relief Rally Fades

DAILY MARKET OVERVIEW

BTC Rejected

👋 Hey, Crypto Enthusiasts! The market’s brief bounce might be coming to an end, let’s explore.

🔻 After running from $98K to $107K, Bitcoin’s relief rally is showing signs of exhaustion. Altcoins followed with solid 15–30% gains, but that momentum is quickly fading.

Bitcoin attempted to break above $106K, yet the move was short-lived as sellers stepped in and drove it back toward $103K.

ETF data isn’t offering much support either, with only $1.2M in BTC inflows yesterday and $0 for ETH - showing little institutional conviction.

So what’s next?

BTC appears likely to keep chopping between $100K and $106K, while select narratives like Uniswap could continue to outperform.

📆 Thursday’s U.S. CPI release is the next key catalyst - expect volatility and possible derisking tomorrow as traders position ahead of the data.

Our $90K BTC target remains valid for now, though we’re watching closely to see if this area starts forming a bottom instead.

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SOCIAL SENTIMENT

🐎 UNI Ignites

Yesterday we talked about belief creeping back into the market and pointed at UNI as one of the few setups showing real potential.

A few hours later, Uniswap’s founder, Hayden Adams, dropped one of the biggest governance proposals in the project’s history - and the market went vertical.

• The proposal finally does what everyone has been waiting years for: it turns on protocol fees and uses them to burn UNI, directly tying the token to Uniswap’s massive on-chain revenue.

• It also backdates the burn by removing 100M UNI from the treasury, representing what could have been earned if fees had been active since launch. In short, UNI just became a real value-accruing asset.

🔥 Potential Burn Rate

If the fee switch activates, Uniswap could burn roughly $500M in UNI per year.

Here’s the math: about $1T in annual trading volume, with average fees of 0.3% and around 20% of those fees going to the protocol = $600M potential burn flow.

• That equals roughly 10–13% of UNI’s circulating supply every year at current prices.

Adams explained that for the past five years, Uniswap Labs had been limited by legal uncertainty and couldn’t meaningfully participate in governance. That restriction is now gone. With the regulatory environment shifting and the new structure in place, Labs is refocusing entirely on protocol growth - even giving up its own interface and wallet fees to push more activity on-chain.

The proposal also adds new mechanics like protocol fee discount auctions, aggregator hooks in v4, and direct UNI burns from Unichain sequencer fees. It’s a full ecosystem alignment move designed to make Uniswap the primary place for token trading over the next decade.

Markets didn’t wait. UNI ripped as traders realized it was the long-awaited catalyst that finally connects fundamentals to the token.

NEWS OVERVIEW

The Latest Crypto Headlines 📰 

U.S. Solana ETFs Extend Inflow Streak to 10 Days
Solana ETFs logged their 10th straight day of inflows, adding $6.8M and pushing total net inflows to $342M since launch.

Coinbase Opens Public Token Sales to U.S. Investors
Coinbase launched a new token sales platform with global access, starting with Monad’s MON sale — its first U.S. retail offering since 2018.

SoFi Becomes First U.S. Bank to Offer Crypto Trading
SoFi launched SoFi Crypto, letting users buy, sell, and hold BTC, ETH, and SOL directly from their FDIC-insured accounts.

Lighter Raises $68M for Onchain Perpetuals Platform
Ethereum-based DEX Lighter secured $68M at a $1.5B valuation, as VCs bet big on decentralized perpetual futures infrastructure.

YOUTUBE INFLUENCER SUMMARY

Summary From The Top Influencers 📷️ 

Benjamin Cowen – Ethereum: Dubious Speculation (11.11.2025 Summary)

Benjamin Cowen reviews Ethereum’s latest pullback and whether the altcoin still has one more push left in this cycle. Despite a deeper drop than expected, he remains cautiously optimistic that ETH could recover into December – but warns the next rally might be its last before a broader market correction.

Cowen’s Outlook – Key Points

• ETH Still Bleeding Against BTC – Ethereum has gained against the dollar but continues to weaken versus Bitcoin, which Cowen says is typical before ETH bottoms.

• December Could Mark a Turning Point – Historically, ETH often finds a macro low against BTC in December. Cowen expects a similar setup this year before another potential rally.

• Bull Market Support Lost – ETH has dropped below its bull market support band, making him uneasy but not fully bearish unless BTC closes below its 50-week moving average.

• Tesla Comparison – He compares ETH’s pattern to Tesla’s past price action, suggesting a similar consolidation phase before a possible recovery.

• Final Rally Before the Drop – If ETH manages to reclaim support and rally again, Cowen believes it would likely mark the final move up before a 2026 regression phase.

Final Takeaway
Cowen stays cautiously bullish on Ethereum, expecting a possible December bounce and one last rally – but warns this may be the cycle’s final act before a larger correction.

Bankless – Inside BlackRock’s Crypto Strategy: Tokenization, Stablecoins & The Next Trillion (11.11.2025 Summary)

Robbie Mitchnick, head of crypto at BlackRock, joins Bankless to share how the world’s largest asset manager views Bitcoin, Ethereum, tokenization, and stablecoins. He explains why crypto is entering a new phase of institutional maturity and how BlackRock is helping shape that future.

Key Points

• Crypto Cycles Are Evolving – The classic four-year boom-bust cycles are flattening. Events like the October 10 liquidation flush are less impactful due to long-term ETF investors. Crypto markets are slowly stabilizing as institutional capital grows.

• Institutional Adoption Is Real, But Cautious – BlackRock sees broad interest from pensions, sovereign wealth funds, family offices, and advisors. Most investors allocate small percentages (1–3%), but inflows into IBIT (Bitcoin ETF) and ETHA (Ethereum ETF) continue steadily.

• Bitcoin's Role as Digital Gold – Institutions are watching BTC’s correlation with gold. A stronger relationship could lead to larger allocations in long-term portfolios.

• Tokenization Has a Clear Roadmap – BlackRock started with tokenized money market funds (like BUIDL) and aims to expand to bonds, equities, and real estate. Custody, liquidity, and regulation are the key challenges.

• Stablecoins Have Immediate Utility – They’re enabling faster, cheaper global payments and could become key to onboarding into tokenized finance.

Final Takeaway
BlackRock sees crypto infrastructure as a core pillar of future financial markets. The next 1–3 years will be crucial in proving blockchain’s real-world value through adoption of tokenized assets and payment rails.

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