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$ZEC /USDT SHORT Entry: $930 – $950 SL: $1,000 TP1: $880 TP2: $820 TP3: $750 A daily close below $880 would confirm the breakdown and make the short considerably stronger.

$GRVT Crypto exchange Gemini has just reported its lowest quarterly retail trading volume in three years, despite an increase in overall crypto trading volume. Total spot trading volume rose 18% from the second quarter to $4.5 billion, according to Gemini’s Q3 earnings report. Institutional volume climbed 26% to $3.9 billion, while retail volume fell 14% to $600 million, its lowest level since the third quarter of 2023. Gemini said the quarterly increase in spot trading volume was “supported by increased institutional Zcash activity and expanded affiliated market-making,” but did not give a specific reason for the decline in retail trading. Despite the retail slump, Gemini’s exchange revenue increased 7% from the previous quarter to $13.4 million as institutional revenue more than doubled. Retail traders remained its largest source of exchange revenue, contributing nearly three-quarters of the total. Crypto exchanges turn to prediction markets for growth A number of crypto exchanges also reported softer crypto trading activity in the most recent quarter. Coinbase reported softer retail and institutional activity, with consumer spot trading volume falling 9% from the previous quarter to $23.4 billion. Coinbase chief financial officer Alesia Haas said “continued growth in prediction markets helped offset softer crypto trading activity.” At Robinhood, crypto revenue fell 55% year-on-year to $120 million, offset by a sixfold increase in event-contract revenue to $173 million. Related: Strategy stock sheds 5% amid MSCI index removal, Bitcoin sell-off Gemini also got some help from its own prediction exchange, Gemini Predictions, with revenue from that business unit increasing 52% quarter-on-quarter to $796,000, though it wasn’t significant enough to offset declines elsewhere. Gemini looks to expand prediction markets Gemini reported stronger prediction-market activity heading into the fourth quarter, with average daily traders in October running about 50% above the third-quarter average. Nearly a third of new prediction traders were new to Gemini, more than double the proportion in Q3. The company is also seeking to distribute its event contracts through other platforms. An August nonbinding agreement with Apex Fintech Solutions would make Gemini Titan the exclusive venue for crypto event contracts distributed through Apex’s futures brokerage to its brokerage customers, subject to definitive agreements. Gemini is set to host a Q3 earnings call on Friday. Magazine: NK hackers join memecoin trenches, xStocks adds Hong Kong equities: Asia Express

The crypto market has suffered another major selloff on Friday, November 13, with Bitcoin falling below $69,000, Ethereum losing $2,000 and several major altcoins posting losses of more than 6%. According to market data, $BTC traded near $68,388, down 7% over 24 hours, while $ETH fell 6.2% to $1,922. Solana dropped 5.9% to $78.30, BNB lost 6.8% to $631, and $XRP declined 4% to approximately $1. The selling follows a $14.2 billion contraction in stablecoin supply, continued withdrawals from cryptocurrency investment funds and renewed uncertainty surrounding Nvidia’s leadership. Middle East tensions and forced liquidations have added further pressure. Why is the crypto market crashing today? The latest crypto market crash comes as investors face several developments affecting demand for riskier assets. Nvidia CEO Jensen Huang’s resignation on November 12 unsettled technology stocks, particularly companies connected to artificial intelligence infrastructure. Nvidia shares declined after the announcement, while CoreWeave and other AI-related companies faced selling pressure. Bitcoin and major altcoins weakened during the same period. As previously reported, Bitcoin had already fallen below $73,000 as Nvidia’s leadership crisis developed. Meanwhile, stronger US inflation figures have raised expectations that the Federal Reserve could increase interest rates again in December. The dollar strengthened alongside Treasury yields, adding to the pressure on investments sensitive to borrowing costs. Geopolitical uncertainty continued Friday after Iran’s Revolutionary Guard Corps claimed it had attacked a US early-warning radar installation in Bahrain. The reported strike followed an alleged attack on a telecommunications tower in southern Iran. US and Bahraini authorities had not immediately confirmed the Iranian claims. Glassnode warns of $14.2B decline in crypto liquidity Separate from Friday’s market developments, blockchain analytics firm Glassnode identified a sustained decline in capital available for cryptocurrency trading. In its November 11 research report, Glassnode found that stablecoin supply had fallen $14.2 billion over 30 days through November 9. The contraction was the largest since June 2022, when cryptocurrency markets experienced substantial withdrawals following the collapse of Terra. Stablecoins such as USDT and USDC allow traders to hold dollar-linked assets before buying Bitcoin, Ethereum and other cryptocurrencies. When investors redeem stablecoins for dollars, the supply in circulation falls, reducing the amount of dollar-linked funds available within the cryptocurrency market. Glassnode warned that the decline leaves “less fuel for a rally.” The research firm identified continued withdrawals from US spot Bitcoin ETFs and weak buying activity on Coinbase as further signs of declining demand. Its report found that Bitcoin traded below the average purchase price of recent investors, which stood near $75,600. However, Glassnode identified some buying among wallets holding between 100 and 10,000 BTC, even as smaller and larger investor groups continued reducing their holdings. Bitcoin and Ethereum ETF withdrawals deepen selling pressure Institutional cryptocurrency investment products have recorded sustained withdrawals during the market decline. Glassnode reported that US spot Bitcoin ETFs lost approximately $1.6 billion across 20 trading sessions. More recent Farside Investors data showed $299.8 million in Bitcoin ETF withdrawals on November 11, including $269.7 million from BlackRock’s IBIT. Ethereum funds recorded similar selling. US spot Ether ETFs lost $144.8 million during the same session, with BlackRock’s ETHA accounting for $129.8 million. The withdrawals show investors reducing exposure through regulated funds while Bitcoin and Ethereum continue trading below important price levels. Selling pressure has reached the derivatives market. CoinGlass data showed $1.23 billion in crypto liquidations over a rolling 24-hour period. Bitcoin accounted for roughly $677.5 million, while Ethereum recorded another $249.8 million. Most liquidated positions belonged to traders betting on rising prices. Which cryptocurrencies have suffered the biggest losses? The latest data show losses across large cryptocurrencies, with privacy-focused tokens among the worst affected. Monero fell 11.1% to $510.71, while Zcash dropped 9.1% to $892.51. Dogecoin lost 6% to $0.06323, and Chainlink declined 4.2% to $9.67. Other major assets, including Avalanche, Uniswap, Aave, Hedera and NEAR, recorded declines of approximately 6% or more in subsequent market readings. Despite the selling, Glassnode’s November 11 research identified substantial Bitcoin buy orders between $68,000 and $72,500 on major exchanges. The firm reported that buy orders had outnumbered sell orders within 5% of Bitcoin’s trading price since November 5, although exchange orders can be withdrawn before execution. Glassnode identified $62,000 to $66,000 as an area where substantial Bitcoin holdings were previously acquired, while its longer-term analysis placed the June low near $58,500.

The Bot Desk: Friday scorecard. BTC is about 16% off its two-week high, and alts fell harder. Our StormRider shorts closed this week: ZEC +5.1%, HYPE +4.9%, on position size. No losers. The last miss, a HYPE long at -5.1%, closed Sunday. Live now on our Bitget account: SUI short, run by Trade Wind on TradeStaq (4h chart) Entry 0.9151, now 0.8020 +12.4% on position size Every position on this account is opened and closed by a TradeStaq strategy. The full record, losses included, is public on our Bitget trader profile: https://www.bitget.com/copy-trading/futures-trader/1484029190317043713 Not financial advice. $SUI $BTC $HYPE $ZEC