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According to a report by Crypto Briefing, Grayscale's research indicates that the correlation between crypto assets and Bitcoin is decreasing, with Bitcoin currently explaining only about 50% of the return volatility across various crypto sectors.The report breaks down the annualized volatility and the impact of Bitcoin-related factors by sector: the annualized volatility of the currency sector is 49%, with 43% attributed to Bitcoin; the annualized volatility of the smart contract platform sector is 58%, with 38% attributed to Bitcoin; the annualized volatility of the finance sector is 59%, with 30% attributed to Bitcoin; the annualized volatility of the utilities and services sector is 67%, with 30% attributed to Bitcoin; the annualized volatility of the consumer and culture sector is 76%, with 46% attributed to Bitcoin; the artificial intelligence sector has the highest annualized volatility at 85%, with only 35% attributed to Bitcoin.The research points out that Bitcoin's own annualized volatility has recently been around 43%, while the volatility of all sectors tracked by Grayscale is higher than that of Bitcoin. The report suggests that lower correlation does not imply lower risk, but the fact that Bitcoin explains only half of the return volatility means that the other half is driven by factors specific to each sector, providing investors with a reference for assessing which sectors can offer true diversification.

Julian Lafarge, Chief Market Strategist at Barclays Private Bank, stated that despite the uncertainty surrounding Nvidia CEO Jensen Huang's future, the uncertain returns on AI investments, and rising financing costs testing market confidence, investors should continue to participate in the AI market. Lafarge believes that AI is not a bubble but a technological revolution that will impact all industries, although its commercialization and infrastructure development cannot happen overnight.Lafarge pointed out that Nvidia is referred to as the "central bank of AI trading," but even if the company changes its CEO, it does not mean that the entire AI industry chain's trading needs to be re-evaluated or renegotiated. He compared the potential leadership transition at Nvidia to previous management transitions at Microsoft, Alphabet, and Amazon, arguing that a successor taking over does not necessarily weaken corporate value.However, Barclays lists interest rates and the financing environment as major risks that could disrupt the market. As the scale of AI infrastructure investment expands, the market's focus is shifting from whether the demand for computing power is real to whether the massive capital expenditures can generate sufficient returns. Data center construction also faces bottlenecks such as power access, equipment installation, and commercial operation cycles, while expectations of tightening Federal Reserve policies may also raise corporate financing costs and depress long-term cash flow valuations.Lafarge emphasized that the trillions of dollars in AI investment commitments cannot quickly translate into actual computing power delivery, and there will be significant divergence in investment returns among companies. Tighter financing conditions may change the pace of industry investment and competitive landscape, but it does not mean that the long-term demand for AI infrastructure will disappear. Barclays still prefers to maintain exposure to AI investments until there are clear signs of a significant slowdown in industry growth momentum.

Telegram CEO Pavel Durov posted on the X platform that amid the "bleak" cryptocurrency market, "only GRAM has risen by 8%" and called GRAM the "only token built into a real social ecosystem."Durov believes that GRAM is "severely undervalued" and stated that it "should be among the top three in CMC market capitalization." Market data shows that the price of GRAM was initially reported at $1.12, with a 24-hour increase of 8.07%.

According to Gate market data, U.S. stock index futures showed mixed trends after experiencing their best trading day, as the market awaits a key inflation report. S&P 500 futures rose slightly by less than 0.1%, while Nasdaq 100 futures fell by 0.4%. WTI crude oil prices dropped by 2%, to about $85 per barrel.

Cryptocurrency analyst Darkfost posted on the X platform, stating that while the cryptocurrency market is weakening, the trading volume of tokenized gold products has rebounded against the trend. The total trading volume of gold-backed products on the Binance platform has exceeded 8 billion dollars since its launch; excluding the peak trading volume during the initial launch period, the trading volume in the past 7 days has reached a new high of over 325 million dollars, with a single-day trading volume of 78 million dollars.According to CoinGecko data, the total market capitalization of tokenized assets is currently about 50 billion dollars, with commodity assets nearing 6 billion dollars in market value, and gold holding a significant share. However, Darkfost reminds that the price of gold has retraced over 30% since the beginning of the year and is currently stabilizing around 4,000 dollars per ounce.

The monthly non-farm payroll data in the United States is quite volatile, and economists remind us not to overinterpret a single month's report. However, the employment data for October performed strongly, with data from previous months revised upward, indicating that the recent trend in job growth has significantly improved.Over the past three months, employers added an average of 137,000 jobs per month, while the average for the previous three months was only 51,000 jobs.

Liquid Capital founder Yi Lihua stated that Bitcoin has currently broken through 80,300 USD and stabilized above the 20-day moving average. The next step requires a strong breakthrough of 82,600 USD to hope for the arrival of the second wave of the main upward trend, and to challenge the strong resistance level of 86,000 USD again. If it breaks through 86,000 USD, the subsequent target levels will look towards 97,000 USD and 104,000 USD.Yi Lihua mentioned that the pullback near 86,000 USD was a normal adjustment within the bullish trend, so even when anticipating a pullback, he would not choose to short, as the market could rebound quickly at any time. He also stated that he began to buy the dip when Bitcoin was close to 77,000 USD, but due to external factors affecting trade execution, he missed part of the rebound.

According to CoinDesk, after the Democratic Party won the U.S. midterm elections and will control both houses of Congress, Grayscale's research director Zach Pandl stated that the foundation for the development of the cryptocurrency industry is stronger than the efforts of the previous Congress. The industry has characteristics of bipartisanship, globalization, and institutionalization, and will not stagnate due to election results.Grayscale previously estimated that 80% to 85% of global cryptocurrency activity occurs outside the United States; however, this data is only indicative, and some metrics cover all of North America. BlackRock's digital assets head Robert Mitchnick stated before the election results were announced that the election would have "little impact" on their product issuance and capital inflows, as Bitcoin and Ethereum already possess most of the regulatory clarity required for investment products.

The on-chain data platform Santiment stated that the community sentiment for Bitcoin and most altcoins has completely reversed within two weeks. On October 20, the bullish comments for BTC were about 1.8 times those of bearish comments, but as the price fell, the sentiment gradually turned bearish. After news of the theft of Binance's hot wallet emerged at the end of October, the bullish to bearish ratio once dropped to about 0.37.After a brief warming of sentiment, as preliminary results of the U.S. midterm elections showed that the Democratic Party is likely to control both houses of Congress, bearish comments once again dominated, and the current bullish to bearish ratio has fallen to about 0.51. Santiment pointed out that many retail investors view the Republican Party as the side with friendlier cryptocurrency policies, and the election results are bringing new selling pressure.Santiment believes that retail panic can often serve as a contrary indicator. In the days following the finalization of the midterm election results, attention should be paid to a "sell the expectation, buy the fact" type of reaction. If BTC reclaims $79,000 while the crowd remains bearish, it will be a strong signal that the price is starting to move against retail expectations.

According to CoinDesk, Bitcoin's market performance before the 2026 U.S. midterm elections has broken the trend observed in the previous three elections. As of November 3, Bitcoin was priced at approximately $76,990, about 5.2% higher than the 200-day simple moving average (SMA) of $73,169, indicating that its long-term trend remains above the average.In contrast, during the U.S. midterm elections in 2014, 2018, and 2022, Bitcoin's price was approximately 35%, 9%, and 22% below the 200-day average, respectively, all during bear market phases. The report noted that although Bitcoin broke through $126,000 in October 2025, the current bear market has seen relatively shallow declines, mainly concentrated in January and February of this year.Martin Lee, head of research at DWF Labs, stated that historical data shows Bitcoin typically exhibits volatility or slight weakness in the initial months following midterm elections, but has achieved gains in the subsequent 12 months. However, short-term trends may still be influenced by election results, ETF fund flows, U.S. employment data, and geopolitical risks.Additionally, Bitcoin's 30-day implied volatility index BVIV has broken through a descending triangle pattern, indicating an increase in market expectations for short-term volatility.

According to BeInCrypto, Matt Hougan, Chief Investment Officer of the cryptocurrency asset management company Bitwise, stated that if a hacker attack of the same scale, amounting to $6.3 billion, had occurred ten years ago, it would have been enough to cause Binance to collapse.Matt Hougan mentioned that this is now considered a traditional cybersecurity incident and not a vulnerability of the Bitcoin blockchain itself, and it will not change the long-term trend of Bitcoin.

DeFi researcher Ignas stated that during the current market downturn, the previously common "buy the dip" voices on social platforms have become rare. Although some market participants believe that Bitcoin holding the $77,000 to $80,000 range is bullish, most crypto traders may already hold a large amount of tokens, and some investors prefer to wait for price confirmation before buying, rather than bottom-fishing in panic. Assets like HYPE, which are decoupled from Bitcoin's movements, as well as belief-based tokens like ZEC and income-generating assets like HYPE still have appeal.However, there is currently insufficient potential buying interest. Retail investors who previously favored crypto assets are now impacted by the volatility of assets such as AI stocks, gold, and quantum computing, and the fund flow for cryptocurrency ETFs has turned into a net outflow over the past 30 days.

Cryptocurrency trader Ansem posted that the statement "6 billion dollars stolen, and Bitcoin only dropped 2%" should not be directly viewed as a bullish signal. He believes that the current trading structure of Bitcoin is significantly different from years ago, and the market's lack of immediate downward reaction to events does not mean that the downward trend will not continue.He pointed out that in 2017, Bitcoin was still the main target for leveraged speculation among retail investors, but from 2020 to 2021, retail investors took on higher risks primarily through trading altcoins, and new traders on Uniswap had limited interest in Bitcoin. After 2023, due to the poor performance of altcoins on centralized exchanges, speculative activities further shifted on-chain, making Meme coins more popular; now perpetual contracts in stocks have further diverted traders who might have leveraged long positions on BTC. Ansem believes this change has affected BTC's price performance.In 2017, Bitcoin often rose rapidly after breaking historical highs; however, in 2021 and during certain phases from 2023 to 2025, there were more instances of slight new highs followed by failed breakouts and narrow fluctuations lasting for months. He cited the "10·10" liquidation event as an example, stating that BTC's decline was limited compared to altcoins at that time, and it continued to trade above $100,000 for several weeks, while altcoins suffered severe losses within a single candlestick. In his view, this is related to high-risk speculators no longer concentrating on leveraged long positions in BTC.Ansem emphasized that the current sellers may be more passive, and there are likely fewer speculators facing leveraged liquidations in the BTC market than in the past, so one cannot conclude that the downward trend has ended solely based on short-term price resilience.

Liquid Capital founder Yi Lihua stated that the global financial markets have been quite volatile recently, and one cannot expect to make money every moment in investments and trading. He mentioned that even Duan Yongping has to endure significant unrealized losses, with some stock investors previously making ten times their investment now facing an 80% retracement, and the situation for ordinary stock and cryptocurrency investors is even worse. The overall environment is still in a rate hike cycle, and Bitcoin has become a relatively well-performing asset.Yi Lihua reiterated that the upward trend is not a straight line, nor is the pullback; he still sees a bullish market trend and continues to wait for the right pullback. With the midterm elections approaching, market volatility and trading opportunities are increasing. He also mentioned that Coinbase has launched a global derivatives trading competition with a maximum prize pool of 2 million USDC, believing that this event provides a platform for communication and testing trading strategies, and he himself will participate and learn.