Bitcoin holds near $110,000 as futures open interest declines and stablecoin supply reaches $158.8 billion. China's M2 money supply has expanded to $47 trillion, creating a $25 trillion gap with the U.S. figure of $22 trillion. Historical data suggest Bitcoin's price movements correlate more closely with Chinese liquidity trends than U.S. monetary policy shifts.

Bitcoin fell from approximately $118,000 to near $110,000 by October 31, 2025, breaking typical seasonal patterns. Network activity declined sharply, with active addresses dropping 26.1% to 872,000 and transaction fees falling from $8.44 to $0.56, data show. November has historically delivered a median return of 8.81% for BTC since 2013, with potential upside factors including easing trade tensions and increased probability of a December Federal Reserve rate cut.

A Japanese state-backed utility has deployed 4.5 MW of Canaan Avalon hydro-cooled mining rigs to absorb surplus renewable energy and stabilize the national power grid. The mining hardware functions as an adjustable load buffer, powering down during high demand and reactivating when renewable generation exceeds consumption. The project positions Japan as the 11th country with government-affiliated Bitcoin mining infrastructure.

Bitcoin's profitability metrics show 83.6% of supply now in profit, while leverage positions total approximately $15 billion across exchanges. Short positions worth $2.7 billion cluster above current price levels, with $1.1 billion in long positions stacked below. The compressed setup creates conditions for potential volatility.

Binance's Ethereum reserves dropped to 3.87 million ETH as of October 23, the lowest level since May, according to CryptoQuant data. The exchange has seen approximately 820,000 ETH withdrawn since late August. Corporate Ethereum holdings show signs of stabilization after months of decline, while ETH traded near $3,986 with neutral momentum indicators.

Cryptocurrency mergers and acquisitions totaled $10 billion in Q3 2025, approaching the combined deal value recorded from early 2022 through mid-2025, according to Architect Partners. The surge follows a historic global monetary easing cycle, with central banks cutting rates 312 times over 24 months. Market participants increasingly view Bitcoin alongside gold as alternative assets amid sustained monetary accommodation.

Ethereum's Estimated Leverage Ratio on Binance has reached 0.6–0.7, nearing historical peaks that typically precede significant volatility. Large holders accumulated approximately 218,000 ETH over the past week, data show. ETH traded near $3,935 at press time, with resistance at $4,000 and support around $3,800.