GM!
Today’s top news: – Crypto majors pump out of Midterms then retrace; BTC at $79.6k – House Democrats talk about Clarity Act amendments – BTC and ETH ETFs flip to inflows, breaking outflow streak – STRC hits $100 par for the first time since May – Coinbase says 99% of customer assets are held in cold storage 🗳️ Democrat Sweep Pumps Crypto as Market Structure Bill Resurfaces Bitcoin spent Tuesday night under $76,000, a seven-week low, with traders bracing for whatever a Democratic Congress meant for crypto
By Wednesday afternoon it was back above $80,800, up 4% on the day. The easy story is that uncertainty lifted and crypto exhaled. And that could be part of it.
But oil helped. WTI fell 9% to $88 a barrel, down almost 17% on the week, as Iran’s parliament speaker said voters had “said NO TO WAR.” The DOW jumped 3% on the day and Nasdaq +1.6% in what was a huge green day across markets. James Butterfill of CoinShares put it plainly: “For Bitcoin, real yields, dollar liquidity and ETP flows still carry more weight than the elections.” But the policy news that landed Wednesday afternoon matters more than the candles.