The crypto market has taken another hit, extending its losses for a second straight day. Most major cryptocurrencies are trading in the red. The biggest drops came from AI-related tokens, which fell over 6%, while the overall crypto market slid nearly 4% on Wednesday. However, there’s a bit of hope coming from Asia, where stock markets opened strong thanks to news that the record-breaking U.S. government shutdown might end this week.

**Bitcoin (BTC) Price Movement**

Bitcoin started the week strong but quickly lost steam. After reaching a high of $107,003, BTC dropped under pressure and dipped as low as $102,480. As of now, it’s trading around $103,415, down nearly 2% in the past 24 hours. Traders are watching closely as BTC struggles to maintain upward momentum.

A key reason for the drop is a huge sell-off — over $240 million worth of BTC was dumped into the market. Large holders, also known as “mega whales,” were responsible for only a small part of it. Market analysts believe this kind of sudden drop often signals a clean-up of speculative trading and could pave the way for a more stable recovery.

Open interest in Bitcoin derivatives has fallen by over 11% in just one week. This means traders are pulling back on risky bets. Historically, this behavior often leads to a more solid foundation for a future rally. For long-term investors, this could signal a good buying opportunity.

**Ethereum (ETH) Update**

Ethereum has followed a similar path to Bitcoin. After briefly rising above $3,500 earlier this week, ETH dropped to about $3,450 and remains down by around 3%. It did show some signs of recovery during the current session, trading around $3,471.

On-chain data shows that while Ethereum’s trading volume is decreasing, there’s an increase in stablecoin activity within its ecosystem. This suggests that capital is positioning for potential moves — either upward breakouts or further corrections.

The recovery over the weekend pushed ETH above its realized price, meaning many holders are now back in profit. This shift could spark renewed optimism among investors if ETH manages to break past $3,600 in the coming days.

**Solana (SOL) Performance**

Solana has taken a bigger hit compared to BTC and ETH. It’s down over 5% and is currently trading at $156. Analysts warn that SOL could drop towards the $100 mark if bearish patterns continue to form on the chart.

Despite the price dip, interest in Solana ETFs is booming. The Bitwise and Grayscale Solana ETFs saw net inflows of $6.78 million on Monday alone. Total assets in both funds have reached $600 million — impressive growth for ETFs that launched only two weeks ago.

On the DeFi side, Solana’s decentralized exchanges (DEXs) are outperforming Ethereum and Binance Smart Chain in trading volume. In the past month alone, Solana-based DEXs handled over $139 billion in trades.

**Ripple (XRP) and ETF Buzz**

Ripple’s XRP also saw its recovery lose steam after hitting a high of $2.525. Currently trading around $2.414, XRP is still up slightly during today’s session.

The crypto community is buzzing about potential XRP ETFs. Eleven XRP ETF applications have appeared on DTCC’s list of active and pre-launch funds — including ones from big names like ProShares, Bitwise, and Franklin Templeton. If the U.S. government shutdown ends soon, analysts believe we could see the first XRP ETF launch within days.

**Chainlink (LINK) and ETF Developments**

Chainlink’s price dropped nearly 4%, currently sitting at around $15.42. However, there’s good news from the ETF front — Bitwise’s Chainlink ETF has been listed under “active” and “pre-launch” on DTCC’s platform under the ticker CLNK.

While this doesn’t guarantee SEC approval, it’s seen as a positive step forward. Bitwise has already filed an S-1 form for the ETF but still needs to file Form 8-A before it can officially launch.

**U.S. Government Shutdown Update**

The U.S. Senate passed a funding bill to keep the government running through January 31, 2026. The bill passed with a 60-40 vote and now awaits approval from the House of Representatives. If passed, it would end what has become the longest shutdown in U.S. history.

Prediction markets like Polymarket expect the government to be fully operational again by Friday. A functioning government could mean faster ETF approvals and renewed bullish sentiment in crypto markets.

**Stablecoin Deal Falls Apart**

In other news, Coinbase and BVNK have ended their talks about a possible acquisition deal. The two had entered exclusivity terms back in October but have now decided not to move forward.

This deal would have expanded Coinbase’s stablecoin revenue significantly — stablecoins currently make up around 19% ($246 million) of Coinbase’s total revenue. BVNK will now reassess its strategy after also exploring acquisition talks with Mastercard earlier this year.

**Celestia (TIA) Price Swings**

Celestia (TIA) has been highly volatile lately. On Monday (November 3), it dropped sharply by almost 17%, settling at $0.799. Sellers continued to control the market until Wednesday when TIA rebounded nearly 4%. On Friday, it surged over 32%, hitting $1.055 before falling again over the weekend.

TIA saw another dip of nearly 9% on Tuesday but is up over 3% during today’s session at $0.975. Despite wild swings, traders remain interested in TIA’s potential longer-term growth.

**Final Thoughts**

The crypto market remains shaky with widespread losses across major tokens like Bitcoin, Ethereum, Solana, Ripple, and Chainlink. However, ETF developments and hopes for an end to the U.S. government shutdown are helping some investors stay optimistic.

As always in crypto, volatility remains high — but so does interest from institutional investors through ETFs and growing activity in DeFi platforms across various blockchains like Solana and Ethereum.