Key Takeaways
- • Bitcoin futures traders sold $2.7 billion more than they bought over seven sessions while spot markets recorded net buying, according to CoinMarketCap research head Alice Liu, speaking to Bloomberg on November 3.
- • US bitcoin funds lost $1.04 billion over Friday and Monday, while bitcoin slipped 1.1% to $77,773 on November 3, with resistance cited at $78,000 and support at $75,000.
- • The release attributes the deleveraging to the $6.3 billion Binance hack on October 29 and the US midterm vote, prompting traders to cut leverage.
- • The item is a promotional press release distributed via openPR for Pepeto, a meme coin sold in presale stages that claims over $11.2 million raised; its claims are company assertions and were not independently verified.
- • The release's headline market analysis is paired with unverified claims about a zero-fee bridge, 160% staking APY, and an expected Binance listing.
Summary
Bitcoin futures saw $2.7 billion more aggressive selling than buying over seven sessions while spot markets recorded net buying, according to Alice Liu, CoinMarketCap research head, speaking to Bloomberg on November 3. US bitcoin funds lost $1.04 billion across Friday and Monday. On November 3, bitcoin fell 1.1% to $77,773, with resistance at $78,000 and support at $75,000. Ether followed bitcoin to $2,291 and remained above its $2,200 support level.
The release attributes the selling to traders cutting leverage following the $6.3 billion Binance hack on October 29 and the US midterm vote. It frames a climb to $80,000, roughly 4% higher, as requiring about $60 billion in fresh buying, a figure presented without a cited source.
The bulk of the release promotes Pepeto, a meme coin sold in staged presales. The company says its presale has passed $11.2 million and that the current stage price is $0.0000001905. It describes a bridge that charges no fees and moves tokens across five chains in under 60 seconds, an AI-powered scanner, a SolidProof audit, a 160% staking APY, and an expected Binance listing. The release describes Pepeto's cofounder as having built the original Pepe. None of these claims were independently verified, and readers should treat them as promotional statements from the issuer.
The release also cites bitcoin's rally from about $27,900 on October 16, 2023 to a record $73,637 on March 13, 2024, a 164% gain, as background for its argument that early buyers were rewarded. These historical figures do not describe current market events. The content is distributed under the name of contact Dani Bonocci and is not editorial reporting.
The release attributes the selling to traders cutting leverage following the $6.3 billion Binance hack on October 29 and the US midterm vote. It frames a climb to $80,000, roughly 4% higher, as requiring about $60 billion in fresh buying, a figure presented without a cited source.
The bulk of the release promotes Pepeto, a meme coin sold in staged presales. The company says its presale has passed $11.2 million and that the current stage price is $0.0000001905. It describes a bridge that charges no fees and moves tokens across five chains in under 60 seconds, an AI-powered scanner, a SolidProof audit, a 160% staking APY, and an expected Binance listing. The release describes Pepeto's cofounder as having built the original Pepe. None of these claims were independently verified, and readers should treat them as promotional statements from the issuer.
The release also cites bitcoin's rally from about $27,900 on October 16, 2023 to a record $73,637 on March 13, 2024, a 164% gain, as background for its argument that early buyers were rewarded. These historical figures do not describe current market events. The content is distributed under the name of contact Dani Bonocci and is not editorial reporting.
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