CoinEx Daily: Bitcoin Dominance Hits 60% as Altcoins Falter, Market Awaits U.S. Election

Overview

Bitcoin dominance exceeded 60%, setting a new cycle high as the altcoin market remains weak. Major altcoins like Ethereum and Solana dropped around 12% from recent peaks amid a cautious market, with Bitcoin absorbing the majority of crypto inflows ahead of the U.S. election.

Daily Macro

Bitcoin Market Status:Bitcoin fell below $68,000 with dominance above 60%, reflecting an influx of capital into BTC while altcoins struggle. Investor interest in altcoins has waned, with stable funding rates and minimal speculative activity.

Bitcoin ETF Activity:As of November 5, preliminary reports indicate a net outflow of $579 million yesterday.

Ethereum ETF Activity:As of November 5, preliminary reports indicate a net outflow of $74.2 million yesterday.

Macroeconomic Data:With the election nearing, short-term volatility remains low, reflecting a cautious market awaiting election results.

Daily Focus

Mt. Gox 

Reason for Focus: On November 5, Arkham reported that a Mt. Gox wallet transferred 32,371 BTC ($2.19 billion), sparking concerns and briefly pushing Bitcoin below $67,000.

Related Token Performance (24h):

BTC：-1.14%（24h）

Market Analysis: This large transfer from Mt. Gox’s address has raised fears of a potential sell-off, likely weighing on Bitcoin’s price until it’s clear these funds won’t be liquidated imminently.

Next Focus

U.S. Presidential Election 

Reason for Focus:  Preliminary results of the 2024 U.S. presidential election are expected on November 6 (Beijing time) and could have a major impact on global markets. Currently, Harris leads with 226 electoral votes to Trump’s 219. Key swing states, including Arizona, Nevada, and Wisconsin, are expected to be decisive. Yesterday, Harris unexpectedly gained an early lead in Iowa, securing the first swing state.

Market Analysis：In this election, eight swing states, including Arizona, Nevada, and Wisconsin, are seen as decisive battlegrounds for Harris and Trump and could determine the final outcome. Yesterday morning, multiple media outlets reported that Harris unexpectedly gained a lead in Iowa, securing the first swing state.