Morning Report | U.S. stocks closed lower with all three major indices down; Grayscale announced it will waive management fees for the Solana ETF until the fund's assets under management reach $1 billion; Ripple completed a $500 million financing at a valuation of $40 billion
Overview of Important Market Events on November 5整理：ChainCatcher
Important News:
- U.S. stock market closes with all three major indices down, Nasdaq plunges 2%
- Tonight's ADP becomes a rare indicator under the U.S. government shutdown, non-farm payrolls still expected to be absent this week
- Grayscale announces no management fees for Solana ETF until fund AUM reaches $1 billion
- Ripple completes $500 million financing at a $40 billion valuation, led by Fortress and others
- Trump's control of Congress begins to loosen, Democrats score major victories in midterm election battlegrounds
- WLFI: Has accumulated Meme coin 1 as a strategic reserve
- State Council Tariff Commission: Stops implementing additional tariffs on certain imported goods originating from the U.S.
What important events have occurred in the past 24 hours?
U.S. stock market closes with all three major indices down, Nasdaq plunges 2%
According to ChainCatcher, citing Jin10, the U.S. stock market closed on Tuesday with the Dow Jones down 0.53%, the S&P 500 down 1.17%, and the Nasdaq down 2%. Tesla (TSLA.O) fell 5%, Nvidia (NVDA.O) dropped nearly 4%, MicroStrategy (MSTR.O) declined over 6%, while Berkshire Hathaway (BRK.A.N, BRK.B.N) rose over 2%. The Nasdaq Golden Dragon China Index fell 2.05%, Alibaba (BABA.N) dropped 2%, and Baidu (BIDU.O) rose 3%.
According to ChainCatcher, the latest ADP data on private sector employment growth in the U.S. will be released at 21:15 Beijing time on Wednesday. Due to the U.S. government shutdown, investors will be unable to obtain non-farm data for the second consecutive month, but scattered signs indicate that the economy is still maintaining growth, and employment is expected to improve. The market expects this ADP data, often referred to as "little non-farm," to show that U.S. private enterprises added 28,000 jobs in October, a significant reversal from last month when ADP reported a reduction of 32,000 jobs, primarily due to a sharp decline in the service sector.
Economists warn that due to the lack of official data, private sector survey data may be overstated, potentially causing abnormal volatility. It will take some time to verify or refute the aforementioned signals in the job market before the BLS releases official data. The October non-farm employment report was originally scheduled for release this Friday, but it is currently unclear when the data will be published due to the federal government experiencing a record-length shutdown.
Grayscale announces no management fees for Solana ETF until fund AUM reaches $1 billion
According to ChainCatcher, Grayscale Investments announced on the X platform that it will waive the sponsor fees for the Grayscale Solana Trust ETF (code: GSOL) and reduce related fees during the staking period for up to three months, or until the fund's assets under management (AUM) reach $1 billion, whichever comes first.
The fund has now staked up to 100% of SOL, offering a staking yield of 7.23%. The fee waiver policy applies to both new investors and existing GSOL investors.
Ripple completes $500 million financing at a $40 billion valuation, led by Fortress and others
According to ChainCatcher, CNBC reported that digital asset and infrastructure company Ripple announced on Wednesday that it has completed $500 million in financing, raising its valuation to $40 billion. This financing occurred after the company undertook a series of acquisitions, while its product line is expanding from a single payment service to a broader range of services.
Industry insiders believe that with Trump’s election as U.S. president and the passage of the landmark stablecoin regulation GENIUS Act, the U.S. environment is becoming more favorable for crypto and digital asset companies, which are trying to seize this opportunity to accelerate development.
Ripple is closely related to the cryptocurrency XRP, and the company stated that this round of financing was led by funds managed by the following institutions: Fortress Investment Group affiliated funds, Citadel Securities affiliated funds, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
According to ChainCatcher, the Democrats won the gubernatorial elections in Virginia and New Jersey on Tuesday, regaining political momentum. Voter anxiety over the economic situation during Trump's second term may pave the way for the Democrats to win control of Congress next year. Abigail Spanberger's easy victory in the Virginia gubernatorial race, along with Mikie Sherrill's win in New Jersey, represents the Democrats' most significant electoral victories since Trump returned to the White House. AP polls in Virginia and New Jersey show that about 60% of respondents feel "angry" or "dissatisfied" with the current state of the U.S., while only one-third express "enthusiasm" or "satisfaction." CNN polls indicate that more than half of voters intend to send a message to Trump with their ballots.
"Off-year" elections serve as both a national referendum and a political barometer, as well as a roadmap for the future. The American public's reassessment of Trump's governance also concerns the future viability of his policy agenda. As this voting takes place, the U.S. government shutdown has entered its sixth week, setting a record for the longest shutdown in U.S. history. Trump's efforts to cut federal spending have left hundreds of thousands of workers idle and hindered the release of economic data.
WLFI: Has accumulated Meme coin 1 as a strategic reserve
According to ChainCatcher, WLFI stated on social media that as part of promoting the adoption of USD1 on Solana, it is working with official partners bonk.fun and Raydium to rebuild the ecosystem.
WLFI has acquired some 1 tokens as a strategic reserve, consolidating WLFI's position as a leading USD1 community on Solana.
It is reported that WLFI's official treasury address received 10.84 million Solana ecosystem Meme coin 1 today.
According to ChainCatcher, the State Council Tariff Commission announced that to implement the consensus reached in the China-U.S. economic and trade consultations, in accordance with the "Customs Law of the People's Republic of China," "Foreign Trade Law of the People's Republic of China," and other laws and regulations as well as basic principles of international law, and with the approval of the State Council, starting from November 10, 2025, at 13:01, it will stop implementing the additional tariff measures stipulated in the "Announcement of the State Council Tariff Commission on Additional Tariffs on Certain Imported Goods Originating from the U.S." (Tariff Commission Announcement No. 2 of 2025). (Ministry of Finance)
U.S. Dollar Index rises 0.35%, closing at 100.225
According to ChainCatcher, citing Jin10, the U.S. Dollar Index, which measures the dollar against six major currencies, rose 0.35% on November 5, closing at 100.225. 1 Euro exchanged for 1.1479 USD, down from 1.152 USD the previous trading day; 1 British Pound exchanged for 1.3015 USD, down from 1.3138 USD the previous trading day; 1 USD exchanged for 153.63 Japanese Yen, down from 154.19 Yen the previous trading day; 1 USD exchanged for 0.8105 Swiss Francs, up from 0.8077 Francs the previous trading day; 1 USD exchanged for 1.4101 Canadian Dollars, up from 1.4052 Dollars the previous trading day; 1 USD exchanged for 9.5861 Swedish Krona, up from 9.4827 Krona the previous trading day.
Dow Jones closes down 251.13 points, S&P 500 and Nasdaq also decline
According to ChainCatcher, citing Jin10, the Dow Jones Index closed down 251.13 points on November 4 (Tuesday), a decrease of 0.53%, closing at 47,085.55 points; the S&P 500 Index closed down 80.29 points, a decrease of 1.17%, closing at 6,771.68 points; the Nasdaq Composite Index closed down 486.09 points, a decrease of 2.04%, closing at 23,348.64 points.
Bitwise CIO: Retail investor selling nearing "exhaustion," Bitcoin bottom may be near
According to ChainCatcher, Bitwise Chief Investment Officer Matt Hougan stated that despite Bitcoin falling below $100,000 and hitting a new low since June, raising concerns about a "crypto winter," he believes the current market is closer to a bottom rather than the beginning of a new long-term bear market.
Matt Hougan noted that retail investors are currently in a state of "extreme despair," with frequent liquidations of leverage, and market sentiment hitting new lows; however, institutional investors and financial advisors remain bullish, continuously positioning themselves in Bitcoin and other crypto assets through ETF channels. He pointed out that institutions are becoming the main driving force in the market.
Matt Hougan stated that retail crypto investors' selling is nearing "exhaustion," and he believes the bottom for Bitcoin prices is about to appear, and it will come sooner than expected. He believes Bitcoin still has a chance to reach new highs this year, with prices potentially rising to the range of $125,000 to $130,000, and if the trend is favorable, it may even reach $150,000. Hougan believes that as institutional buying continues to grow, the next phase of the crypto market will be driven by more rational capital.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of 09:00 on November 5,
The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular Solana tokens in the past 24 hours are: TRUMP, PENGU, Fartcoin, ME, DOOD
The top five popular Base tokens in the past 24 hours are: ZORA, BOYS, VIRTUAL, DEGEN, TOSHI
What are some noteworthy articles to read in the past 24 hours?
At the end of October 2025, the crypto world witnessed a historic moment. Solana (SOL) broke through the last regulatory barrier, becoming the third cryptocurrency after Bitcoin and Ethereum to receive approval for a spot exchange-traded product (ETP) in the U.S.
This is not just another boring news story about "another ETF approval." Its approval process was dramatic, its product design is intricate, and the market reaction has left countless traders astonished. For those of us in the crypto industry, the arrival of the Solana ETF is not the end of a story, but the beginning of one filled with "insider information" and new opportunities.
The butterfly effect of the Balancer hack: Why did XUSD decouple?
After the multi-chain platform @Balancer suffered a vulnerability attack, causing widespread uncertainty in the DeFi sector for hours, @berachain urgently executed a hard fork, and @SonicLabs froze the attacker's wallet.
Subsequently, the price of Stream Finance's xUSD stablecoin significantly deviated from its target range, showing a clear decoupling phenomenon.
How are those who followed CZ doing now?
Whether CZ personally engages or collaborates with the community to create a meme atmosphere, or whether YZi Labs provides investment endorsement, the so-called "shouting orders" is just a spark, while the community's hype is the fuel added, and when the two meet, it ignites the market. This also indicates that the market itself needs hotspots to maintain attention and liquidity.
Bitwise: Bitcoin is experiencing its IPO moment; sideways trading or even declines may be a "gift"
Bitcoin's sideways consolidation indicates that its IPO moment has arrived—this is also why the BTC allocation ratio is expected to increase.
Jordi Visser is one of my favorite macro thinkers, and I read every article he writes.
His latest article explores a core question: despite the continuous good news—strong ETF inflows, breakthrough regulatory progress, and sustained institutional demand—why does Bitcoin still frustratingly remain in sideways trading or even decline?
Risk warning
