Bitcoin is trading above $110,000, and Ether is near $3,880 as markets in Hong Kong open this week. The prices reflect ongoing consolidation following recent declines. Bitcoin has dropped about 10% and Ether has fallen around 14% over the last month.

Market participants have mostly paused new risk positions after the Federal Reserve’s recent meeting, focusing instead on short-term trading strategies and rebalancing portfolios. Traders showed net buying interest in Bitcoin and tokens like HYPE and SYRUP, which have narratives supported by cash flows or buybacks. However, Solana-related assets have lagged amid Bitcoin’s dominance rising to about 60%.

Crypto derivatives markets experienced roughly $155 million in liquidations over the past 24 hours, with $97 million from long positions and $58 million from short positions wiped out. This points to a moderate removal of overleveraged longs rather than widespread panic selling. Funding rates and borrowing costs are stabilizing. There remains caution as options markets show elevated put skew, indicating traders buying protection (puts) while selling calls.

Borrowing demand for alternative cryptocurrencies (altcoins) stays strong as traders utilize negative funding rates and hedge locked tokens. Lending rates for decentralized finance (DeFi) protocols on Ethereum have decreased slightly to 5.3% from 5.6%. Traditional markets also show movement: Japan’s Nikkei 225 index rose past 52,000, supported by optimism over U.S.-China trade and solid tech earnings. Gold slipped 0.5% after a recent rebound, closing near $4,003 per ounce, but still gained 3.7% in October due to geopolitical tensions and fiscal uncertainty.

In other crypto developments, a new state-linked bitcoin mining project was launched in Japan through a deal involving Canaan. Additional news includes delayed decisions on U.S. crypto ETFs and a court rejecting the bid by the crypto bank Custodia to access its Federal Reserve master account. Further details can be found in these reports: Japan mining project, Custodia court ruling.

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