Spartan Market Highlights (2 Nov 2026 - 9 Nov 2026)
Macro Need-to-Know
Crypto gave back its late-October footing in a week driven by a hawkish repricing of the Fed, heavy spot-ETF redemptions and a leverage flush. Bitcoin opened the week at $78,294, pushed to an intraweek high of $80,669 on 4 November, then rolled over and ground down to $73,982 on 8 November before settling at $74,740. The biggest single catalyst was Friday’s October payrolls print: 165,000 jobs added against a consensus near 59,000, with unemployment at 4.1%, which lifted market-implied odds of a December rate hike to roughly 78% ahead of the 8-9 December FOMC. Around that, US spot bitcoin ETFs shed about $1.28B across 2-6 November, with 5 and 6 November the heaviest sessions at about $430M and $412M out; more than $1.27B of crypto derivatives positions were liquidated in the 24 hours to 6 November, over $1.1B of them longs; US tech and AI-linked equities sold off sharply on 5 November and crypto tracked them; the dollar-pegged stablecoin float contracted about 1.9% over the week; and the 3 November midterms left the path of US market-structure legislation less certain. Bitcoin closed the week down 4.5%, taking roughly $71B off its market capitalisation, from about $1.574T to about $1.503T.
Altcoins took the harder side of the move, with no major outperforming bitcoin. Ether started at $2,274, peaked at $2,435 on 4 November and finished at $2,124, down 6.6% and closing within two dollars of its weekly low. XRP was the weakest major at -11.0% as the risk-off bid drained from the higher-beta payments names, and Solana fell 8.5% alongside a broad L1 derating; BNB was the most resilient major at -3.9%, cushioned by exchange-token buybacks, while Zcash gave up only 1.9% as the privacy trade kept a bid after a violent round trip from $1,368 to $1,128. Set against the drawdown is a more constructive reading: the selling was concentrated in leveraged and ETF flow rather than in spot holders, the policy tape kept improving with the CFTC clearing single-stock perpetual futures and Samsung putting USDC in front of 82 million US handsets, and bitcoin held above its August lows throughout. That is the week’s debate in two camps - one reading this as a rates-and-liquidity correction inside an intact structure, with roughly $69,000 the level that matters if $75,500 gives way, and the other arguing the four-year cycle has topped and the ETF complex has flipped from accumulator to distributor.
News
CFTC Clears US Exchanges to List Perpetual Futures on Individual US Stocks for the First Time, Deemed Approved Under Rule 40.3 and Treated as Security Futures Jointly Overseen With the SEC. (link)
Samsung Wallet Goes Live With a Stablecoin Account Putting Circle’s USDC on Solana in Front of About 82 Million US Galaxy Devices, With Bastion Supplying the Transfer Infrastructure and Coinbase as USDC Sub-Custodian. (link)
The White House Begins Reviewing Pending SEC Crypto Rulemakings, Including a Crypto Broker-Dealer Proposal, After the Midterms Shifted Chamber Control and Democrats Signalled a Market-Structure Approach With a Larger SEC Role. (link)
Canary’s Staked INJ ETF (INJC) Begins Trading on Nasdaq as the First US-Listed Staked Injective Fund, Holding INJ Directly With BitGo as Custodian and Staking Up to About 90% of Holdings at a 1.10% Sponsor Fee. (link)
Midnight Network Hard-Forks Its Mainnet From Ledger 8 to Ledger 9, Adding Private Stablecoin Transfers and Institutional Custody to Its Privacy-Preserving Rails. (link)
M&A Activities (5 Closed, 5 Notable)
FG Imperii Acquisition Corp. (Nasdaq: FGII) Announces Merger With tZERO Group for $350M, Taking Public an SEC-Registered Broker-Dealer, ATS and Transfer Agent With Custody, Settlement and CFTC-Registered Derivatives Clearing for Tokenized and Traditional Securities. (link)
Aave Labs Acquires the Team and Technology of Avon, Adding Order-Book-Matched Fixed-Rate and Floating-Rate Markets to Its Onchain Lending Stack; Terms Undisclosed. (link)
eToro (Nasdaq: ETOR) Acquires Argentine Finance App LB Finanzas, Extending Into Latin America With Equities, ETF, Crypto and Money Market Investing Plus Peso and US Dollar Payment Accounts; Terms Undisclosed. (link)
Yellow Card Acquires Brazilian Virtual Asset Service Provider GoMoney, Adding Stablecoin Settlement and Real-Denominated Pix Collections and Payouts for Cross-Border Payments; Terms Undisclosed. (link)
RedotPay Acquires Japan-Registered Crypto Exchange BTCBOX, Becoming Its Parent Company So That It Can Serve Japanese Customers Through a Licensed Platform as It Winds Down Its Own Japan Services; Terms Undisclosed (Announced October 2026). (link)
Fundraising (11 Closed, 2 Notable)
Global Digital Banking and Crypto Trading Platform Revolut Closes a Secondary Share Sale at a $115B Valuation, Led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price-Advised Accounts and Baillie Gifford; Amount Undisclosed. (link)
Crypto-Friendly US National Bank Erebor Raises $30M in a Preferred Stock Investment From Robinhood Ventures Fund I (Announced 21 October). (link)
