Crypto Price Analysis 11-6: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POLKADOT: DOT, OPTIMISM: OP

The cryptocurrency market recovered over the past 24 hours, as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL) registered notable gains. BTC briefly fell below $100,000 on Tuesday as selling pressure intensified. However, it rebounded from this level and reclaimed $100,000, reaching $104,526 before dropping to its current level. BTC is up over 1% in the past 24 hours, trading around $103,200. 

ETH also followed a similar trajectory, falling to a low of $3,099 before recovering and moving past $3,400. The altcoin rose over 3% in the past 24 hours, trading around $3,407. XRP is up nearly 4% while Solana (SOL) is up 2%, trading around $159. Dogecoin (DOGE) is marginally up, and Cardano (ADA) is up 1.29%, trading around $0.536. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Toncoin (TON), Litecoin (LTC), and Polkadot (DOT) have also registered notable recoveries over the past 24 hours. 

Robinhood Not Venturing Into Crypto Treasuries Anytime Soon 

Robinhood executive Shiv Verma says the trading platform is still undecided about buying and holding crypto, even if doing so aligns it with the larger crypto community. Verma stated that Robinhood had spent a lot of time thinking about such a move, adding, 

“We spent a lot of time thinking about this. We like alignment with the community. We are a big player in crypto. We want to keep doing it. We like that our customers are engaged in it. What we always try to figure out is: Is it the right thing for shareholders as well?”

Crypto treasury companies have become all the rage on Wall Street this year, generating billions in investment and boosting the share value of companies that have adopted the business model. However, some analysts have warned that crypto treasury companies could struggle as competition grows. Analysts believe these companies may need to take bigger risks or acquire smaller treasury companies to stay afloat as competition heats up. Verma concluded, 

“It has the positives that you’re aligned with the community, but it does take up capital. Is it the best use of our capital? There’s a lot of different things you’re doing, from new products, for growth, [and] investing in engineering.”

Bitcoin (BTC), Ethereum (ETH) ETFs Shed $2.6B Over The Past Week 

Spot Bitcoin and Ethereum ETFs have registered combined outflows of $2.6 billion over the past week as markets registered a substantial decline. Spot Bitcoin ETFs saw over $1.9 billion in outflows while Ethereum ETFs saw $718.9 million in outflows, putting significant selling pressure on the two largest cryptocurrencies. BTC fell below $100,000 for the first time since May on Tuesday, while ETH slipped below $3,100 as selling pressure peaked on Tuesday and Wednesday. 

Investors have avoided crypto and other risk assets since October amid concerns about the US-China trade war, the ongoing government shutdown, low liquidity, and uncertainty around a third rate cut before the end of the year. Despite the administration’s pro-crypto stance, BTC and other cryptocurrencies have registered substantial declines thanks to macroeconomic uncertainties. Spot Bitcoin ETFs registered their longest outflow streak in February, when investors pulled over $2.2 billion in a little over a week. 

Robinhood Q3 Revenue Rallies 

Trading platform Robinhood has reported a 300% surge in its third-quarter revenue compared to the same period a year ago. The jump in revenue helps the company beat Wall Street expectations. The company announced on Wednesday that its Q3 transaction-based revenue surged 129% from the same period last year to $730 million. The company attributed the gains to its $268 million in crypto revenue, which rose 300% compared to the previous year. Robinhood’s total revenues for the quarter doubled year-over-year to $1.27 billion, beating market expectations of $1.2 billion. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) is back in the red after a brief recovery on Wednesday, down nearly 1% at $103,054. The flagship cryptocurrency dropped 3.60% on Monday and briefly fell below $100,000 on Tuesday to an intraday low of $98,892 before reclaiming $100,000 and settling at $101,468. BTC recovered on Wednesday, rising over 2% to $103,869. However, it is back in the red during the ongoing session, with the recovery stalling around $104,500. 

Meanwhile, Galaxy has revised its 2025 BTC price forecast from $180,000 to $120,000, citing several macroeconomic headwinds and price volatility due to passive investment flows into Bitcoin ETFs and financial institutions. According to Alex Thorn, Galaxy’s head of research, Bitcoin whales dumping large quantities of BTC onto the market in October, and capital rotation into other assets like gold, stablecoin, and AI, have dampened the positive sentiment around BTC. Thorn stated in a post on X, 

“Bitcoin has entered a new phase, what we call the ‘maturity era,’ in which institutional absorption, passive flows, and lower volatility dominate. “If bitcoin can maintain the $100,000 level, we believe the almost three-year bull market will remain structurally intact, though the pace of future gains may be slower.”

According to Thorn, the flash crash on October 10, which triggered over $20 billion in liquidations in 24 hours, has “materially damaged the bull trend.” However, Thorn remains bullish about BTC’s long-term prospects. 

BTC’s recovery stuttered to a halt around the $103,500 mark, with the flagship cryptocurrency facing a major sell wall around $105,000 as well. Bitcoin bulls have been facing an uphill struggle, with exchange data confirming sell pressure. 

“Pretty clear price has been capped with the cluster of asks (sell orders) above $105,000. Often this tactic is used to drive price lower during Asian hours.”

BTC started the previous weekend on a bullish note, rising 0.84% on Friday and 0.56% on Saturday to settle at $111,666. Bullish sentiment intensified on Sunday as the flagship cryptocurrency rose nearly 3% to cross $114,000 and settle at $114,548. BTC reached an intraday high of $116,410 on Monday. However, it lost momentum after reaching this level and settled at $114,087, ultimately dropping 0.40%. Selling pressure and volatility persisted on Tuesday as the price fell 1.03% to $112,906. Bearish sentiment intensified on Wednesday as BTC fell 2.55% and settled at $110.032.

Source: TradingView

Volatility and selling pressure persisted on Thursday as BTC reached an intraday high of $111,629, fell to an intraday low of $106,279, and settled at $108,308. Despite the overwhelming selling pressure, BTC returned to positive territory on Friday, rising 1.15% and settling at $108,555. Price action remained positive over the weekend, with BTC increasing 0.45% on Saturday and 0.44% on Sunday to settle at $110,536. Bearish sentiment intensified on Monday as BTC fell nearly 4% and settled at $106,557. Selling pressure intensified on Tuesday as the flagship cryptocurrency slipped below $100,000, falling to a low of $98,892 before settling at $101,468. BTC recovered on Wednesday, rising over 2% and settling at $103,869 despite selling pressure. However, it is back in the red during the ongoing session, with the price down 1.37% at $102,420.

Ethereum (ETH) Price Analysis

Ethereum (ETH) failed to reclaim $3,500 as its recovery stalled after reaching an intraday high of $3,479. The world’s second-largest cryptocurrency is down nearly 2% during the ongoing session, trading around $3,358. ETH plunged 8.80% on Tuesday, falling to a low of $3,058 before settling at $3,286.

ETH’s modest recovery fizzled out on Tuesday as bearish sentiment continued to linger. However, the altcoin is still marginally up over the past 24 hours. While the price has reported a 12% drop in November, analysts have pointed out that major ETH holders are buying the dip. ETH holders have pumped in $1.37 billion in three days to buy large quantities of the asset. According to a report by BeInCrypto, ETH fell to a four-month low earlier this week. However, large holders saw this as an opportunity to buy rather than panic.

On-chain analytics firm Lookonchain reported substantial accumulation by ETH whales during the recent market downturn. According to the available data, eight major entities collectively purchased 394,682 ETH, valued at around $1.37 billion, at an average price of $3,462 per token. Lookonchain identified an “AAVE whale” who purchased 257,543 ETH valued at $896 million. The second-largest buyer was BitMine Immersion Technologies, ETH’s largest corporate holder. The Tom Lee-led firm purchased 40,719 ETH for approximately $139.6 million.

BitMine first purchased 20,205 ETH from Coinbase and FalconX, before adding 20,514 ETH.

ETH started the previous weekend in positive territory, rising over 2% on Friday and settling at $3,935. The price rose 0.45% on Saturday, rallying 5% on Sunday to cross $4,000, settling at $4,157. ETH reached an intraday high of $4,266 on Monday. However, it lost momentum after reaching this level and dropped 0.87% to $4,120. Selling pressure intensified on Tuesday as the price fell 3.37%, slipping below $4,000 to $3,982. Sellers retained control on Wednesday as ETH dropped 1.92% and settled at $3,905.

Source: TradingView

Bearish sentiment intensified on Thursday as ETH fell nearly 3% to a low of $3,682 before reclaiming $3,800 and settling at $3,805. Despite the overwhelming selling pressure, the price recovered on Friday, rising 1.14% to $3,848. Price action remained positive over the weekend, with ETH increasing 0.67% on Saturday and 0.87% on Sunday to settle at $3,908. Bearish sentiment returned on Monday as ETH plunged nearly 8% and settled at $3,604. Selling pressure intensified on Tuesday as the price fell to an intraday low of $3,058. However, it rebounded from this level to reclaim $3,200 and settle at $3,286. ETH recovered on Wednesday, rising over 4% and settling at $3,424. However, it is back in the red during the ongoing session, down nearly 1% at $3,391.

Solana (SOL) Price Analysis

Solana (SOL) is down 1% during the ongoing session as selling pressure returned after a brief recovery on Wednesday. The altcoin plunged to an intraday low of $145 on Tuesday before reclaiming $150 and settling at $155. The price recovered on Wednesday, rising nearly 5% and settling at $162 before dropping to $160 during the ongoing session.

SOL has faced substantial selling pressure this week, with price action hinting at a short-term bearish setup. Despite SOL’s price struggles, investors have pumped over $280 million into the newly launched Solana ETFs. Analysts have predicted the ETFs could register as much as $5 billion in inflows over the next year. However, some figures in the cryptocurrency market have raised doubts about whether Solana’s infrastructure can handle high-frequency activity across ETFs, wallets, and consumer apps. Web3 infrastructure firm Alchemy has completely re-architected its Solana stack, with the overhaul aiming to deliver near-zero downtime, faster responses, and greater throughput. Bitwise’s BSOL has attracted over $417 million in fresh capital for the Solana ecosystem.

Solana (SOL) rose 1.18% on Friday (October 24) and settled at $193. Price action remained positive over the weekend as SOL registered a marginal increase on Saturday before rallying over 3% on Sunday to reclaim $200. The altcoin reached an intraday high of $205 on Monday as bullish sentiment intensified. However, it lost momentum after reaching this level and fell 0.65% to $198. Sellers retained control on Tuesday as the price dropped by over 2% and settled at $194. SOL faced volatility on Wednesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as the price registered a marginal decline.

Source: TradingView

Bearish sentiment intensified on Thursday as SOL fell nearly 5% and settled at $184. Despite the overwhelming selling pressure, the price recovered on Friday, rising 1.34% and settling at $187. Price action was mixed over the weekend as SOL registered a marginal drop on Saturday before rising 0.76% on Sunday and settling at $187. Bearish sentiment intensified on Monday as SOL plunged nearly 12% to $166. Sellers retained control on Tuesday as SOL fell to an intraday low of $145. However, it rebounded from this level to reclaim $150 and settle at $155. SOL recovered on Wednesday despite overwhelming selling pressure, rising nearly 5% and settling at $162. However, selling pressure has returned during the ongoing session, with the price down almost 1%.

Polkadot (DOT) Price Analysis

Polkadot (DOT) started the previous week in the red, dropping 1.88% to $3.14. Sellers retained control on Tuesday as the price fell nearly 3% and settled at $3.05. DOT recovered on Wednesday despite selling pressure, rising 0.98% to $3.08. Selling pressure returned on Thursday as the price fell almost 7%, slipping from $3 to $2.87. DOT recovered on Friday, rising 0.70% and settling at $2.89.

Source: TradingView

Price action remained positive over the weekend as DOT rose 2.77% on Saturday and 0.67% on Sunday to settle at $2.99. Bearish sentiment returned on Monday as the price fell nearly 14% and settled at $2.58. Sellers retained control on Tuesday as DOT fell 2.71% and settled at $2.51. Positive sentiment returned on Wednesday as the price rose over 6% to $2.67. However, the price is back in the red during the ongoing session, trading around $2.62.

Optimism (OP) Price Analysis

Optimism (OP) started the previous week with a 2.54% drop, settling at $0.452. Price action remained bearish on Tuesday, falling over 4% to $0.434. OP recovered on Wednesday but was back in the red on Thursday, dropping over 9% and settling at $0.397. Sellers retained control on Friday as the price registered a marginal decline and settled at $0.400. Price action turned positive over the weekend as OP rose 3.99% on Saturday and 1.62% on Sunday to settle at $0.422.

Source: TradingView

Selling pressure returned on Monday as OP fell over 16% and settled at $0.353. The price fell 1.94% on Tuesday but recovered on Wednesday, rising 7.50% and settling at $0.371. OP is down 2.44% during the ongoing session, trading around $0.363.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.