This week in crypto, market sentiment turned cautious as Bitcoin briefly dipped below US$100,000 for the first time since June. A mix of ETF outflows, shifting institutional demand and ongoing regulatory developments shaped a volatile start to November. Despite short-term weakness, long-term positioning among major financial players continues to evolve as the industry enters a new phase of maturity.

Bitcoin recorded its worst October since 2018, with traders bracing for further downside before a possible recovery later in the quarter. Onchain data from Glassnode showed rising sell pressure from traditional finance investors, while ETF demand has weakened compared to earlier in the year. Analysts at JPMorgan noted that Bitcoin remains undervalued relative to gold when adjusted for volatility, suggesting the recent correction could be more cyclical than structural. However, some analysts warned that broader macro factors, including tariff uncertainty and elevated real yields, could limit upside potential in the near term.

Institutional behaviour is telling a similar story. Spot Bitcoin ETFs in the United States recorded more than US$2 billion in outflows this week, marking their second-worst streak on record. Ethereum ETFs also saw consistent redemptions, led by BlackRock’s ETHA, while Bitwise and VanEck funds remained steady. In contrast, Solana ETFs recorded seven straight days of inflows, highlighting how investors are starting to rotate exposure toward higher-yield assets. Although total volumes remain modest compared to Bitcoin and Ethereum, the persistent inflows into Solana suggest growing confidence in its institutional relevance.

Stablecoins took centre stage in regulatory discussions this week. Circle called for a level playing field across banks, nonbanks and stablecoin issuers as the US Treasury prepares to implement the GENIUS Act, the country’s first formal framework for payment stablecoins. The Act, signed into law earlier this year, could allow regulated banks to issue and settle stablecoins under federal oversight. Across the Atlantic, the Bank of England’s Deputy Governor Sarah Breeden said the UK will move “just as quickly as the US” to establish its own rules for the US$310 billion stablecoin industry. Speaking at the SALT conference in London, Breeden reaffirmed that alignment between the two jurisdictions is crucial for global financial stability and cross-border interoperability.

In the Web3 and entertainment sector, digital collectibles platform Cryptoys teased its upcoming launch on Abstract Chain, featuring Mickey & Friends and Star Wars. While Disney has not yet released an official statement, the teaser suggests that the company’s partnership with Cryptoys is expanding into new blockchain experiences. The move positions Abstract as a potential hub for licensed digital IP, bridging Web3 technology with mainstream entertainment. For the broader industry, this represents a step towards more practical and accessible blockchain applications that prioritise creativity and engagement over speculation.

As the first week of November wraps up, the crypto market remains at a crossroads. Bitcoin’s correction has dampened near-term optimism, yet institutional foundations continue to strengthen as regulation advances and alternative assets gain traction. If ETF flows stabilise and policy frameworks materialise as expected, November could set the stage for a more balanced and sustainable phase of growth in the months ahead.

More news stories circulating the block: 

• Ripple raises US$500 million led by Citadel and Fortress

• Strategy files IPO for euro stock to fund further BTC purchases

• Wintermute CEO denies reports of lawsuit against Binance

• Privacy-focused coins ZEC & DASH continue to gain interest