Bitcoin held above $105,000, rising more than 4% over the past 24 hours. At press time, the cryptocurrency trades near $106,000.
Ether rose 5.6% to $3,600.
Crypto market capitalisation increased by 4.4% to $3.6trn. All the largest digital assets advanced.
The popular market sentiment gauge returned to the “fear” zone.
Why the bounce?
Markets may have been buoyed by improved investor sentiment after reports of a bipartisan funding deal in the U.S. Senate. It was the first step towards ending the government shutdown, which has lasted a record 40 days.
A final vote on the bill is slated for November 10. It would then return to the House of Representatives before being sent to President Donald Trump for signature.
Peter Chan, head of research at Presto Research, said the agreement helped ease market pressure.
“The prolonged shutdown of the U.S. government led to a reduction in liquidity. Removing this factor will open the way for a repricing of risk assets in a favorable macro environment — looser monetary policy, an end to trade disputes and likely fiscal support ahead of next year’s midterm elections,” he told The Block.
Kronos Research’s chief investment officer Vincent Liu agreed with Chan. He added that Donald Trump’s new initiative also had a positive effect. The politician proposed using tariff revenue to pay Americans $2,000 in dividends.
BTSE’s chief operating officer Jeff May stressed that ending the shutdown would allow the Fed to access up-to-date economic data for decision-making.
“Most importantly, economic data will be available again, giving the Fed more guidance when adjusting policy. Without data during the shutdown, the Federal Reserve likely just waited. Now we may see more active steps to stimulate the economy,” he said.
The trader known as Ash Crypto noted that the previous reopening of the U.S. government triggered a five-month bitcoin rally. During that period, the cryptocurrency rose by 300%.
The last time the U.S. government reopened after a shutdown, Bitcoin made a five-month rally, surging by over 300%. pic.twitter.com/q6Muil7l8F
— Ash Crypto (@AshCrypto) November 9, 2025
Whales keep selling
The trader known as Mister Crypto pointed to the actions of large players, who continue to offload assets.
Bitcoin whales are dumping massive amounts of Bitcoin, yet prices are staying above $100,000.
Imagine what happens when they stop selling! pic.twitter.com/ziITN6WY7i
— Mister Crypto (@misterrcrypto) November 9, 2025
“Whales are dumping huge volumes of bitcoin, yet the price is holding above $100,000. Imagine what happens when they stop selling,” he noted.
On November 9, Lookonchain specialists reported another transfer from the wallet of an early investor known as Owen Gunden. He sent the remaining 3,549 BTC ($361m) to Kraken.
“It seems that Owen Gunden is ready to sell all his 11,000 BTC ($1.12bn),” the analysts commented.
The expert known as Darkfost called the sell-off necessary “for further healthy market development”.
✅ Yes, it’s true that many old whales are waking up and selling.
– Why ?
👉 Well, simply because they can now.
Selling large amounts of BTC has never been as easy as it is today. In previous cycles, with a much smaller market capitalization and without the institutional… https://t.co/wRwvbAxrWH pic.twitter.com/QF0EwLmg5Y
— Darkfost (@Darkfost_Coc) November 9, 2025
“Many ‘dormant whales’ are waking up and taking profits. Why? The answer is simple: because they can now,” he stressed.
According to the analyst, institutional demand and ETFs have created an “unprecedented” pool of liquidity. Market capitalisation allows large sums to be withdrawn without crashing prices.
Darkfost sees this as a natural rotation of holders. Early investors take profits — their positions are redistributed among new large players.
Whale balance trends confirm resilience. A long-term accumulation trend has persisted since 2023. After the sharp sell-off on October 10-11, this investor group returned to active accumulation.
He also pointed to the unrealised profit/loss ratio of short-term holders (STH). The ratio has reached its lowest value of the current cycle — 0.006.
STHs Unrealized profit/loss ratio just reached its lowest value of this entire cycle.
💥 With a ratio sitting at 0.006, STH have never been under so much pressure.
The amount of unrealized losses is massive and clearly shows that the STH cohort is deeply underwater.
These are… pic.twitter.com/yQa2eUIfnZ— Darkfost (@Darkfost_Coc) November 9, 2025
“This clearly indicates that this group of investors is deeply underwater. It is in such conditions that ‘weak hands’ are usually flushed out of the market, when participants are forced to lock in losses at the worst possible moment,” he explained.
Such phases typically occur before the start of market recoveries within bullish impulses, the analyst concluded.
Earlier, JPMorgan specialists forecast bitcoin at $170,000 by year-end. At the same time, Galaxy Digital cut its annual forecast for the first cryptocurrency to $120,000.
One of the company’s experts, Alex Thorn, said investor interest in digital gold has declined.