Yesterday, the U.S. Ethereum Spot ETF saw a net outflow of $164.6 million

Galaxy Digital CEO Michael Novogratz has purchased 760,000 Class A shares of the company via Galaxy Group Funding ECI U LLC, with the total transaction value reaching approximately $9.9 million, translating to an average purchase price of around $12.98 per share. According to a Form 4 filing submitted to the U.S. Securities and Exchange Commission (SEC), the acquisition was split into two tranches: 528,757 shares at a weighted average price of $12.694, and 231,243 shares at a weighted average price of $13.632. Prior to this purchase, Galaxy’s stock fell roughly 7% on the Nasdaq on November 5 to hover near $13, after a ~17% drop the previous session, and down about 41% from its October 6 closing price. Amid this share purchase, Galaxy’s board of directors has approved an additional $200 million stock repurchase program; as of the third-quarter earnings disclosure date, the company had repurchased 9.8 million shares. Additionally, Galaxy’s adjusted EBITDA for its data center business reached $69 million in Q3, a sharp increase from $11 million in the second quarter.

U.S. October unemployment rate data will be released at 21:30 Beijing time. Here are institutional forecasts: - 4.1%: BNP Paribas, Capital Economics, Danske Bank, High Frequency Economics, Barclays, JPMorgan, Nomura Securities, UBS Group - 4.2%: ABN AMRO, Morgan Stanley, ANZ Bank, Bank of Montreal, Berenberg, Bank of America Merrill Lynch, Jefferies Group, Citigroup, Commerzbank, Daiwa Capital Markets, Goldman Sachs, Commonwealth Bank of Australia, HSBC Holdings, ING Group, Sumitomo Mitsui Banking Corporation, Deutsche Bank, National Bank of Canada, Pantheon Macroeconomics, Standard Chartered, Stifel, Spartan Capital, Allied Irish Banks, TD Securities, Wells Fargo, Reuters consensus - 4.3%: Mizuho Securities, Westpac Banking Corporation

The U.S. October non-farm payrolls data will be released at 21:30 Beijing time tonight. Institutional forecasts for the reading are as follows: 1. ABN AMRO: +35,000; Jefferies Group: +40,000; Mizuho Securities: +40,000; TD Securities: +40,000; Spartan Securities: +48,000 2. High Frequency Economics: +49,000; Barclays: +50,000; Julius Baer: +50,000; Moody's: +50,000; U.S. Bancorp: +50,000 3. Deutsche Bank: +55,000; Monex: +55,000; Bank of Montreal: +60,000; Commerzbank: +60,000; HSBC Holdings: +60,000 4. Morgan Stanley: +60,000; Stifel: +60,000; Sumitomo Mitsui Banking Corporation: +63,000; Citigroup: +65,000; DekaBank: +65,000 5. UBS Group: +65,000; Wells Fargo: +65,000; Australia and New Zealand Banking Group: +70,000; Berenberg Bank: +70,000; Capital Economics: +70,000 6. BNP Paribas: +70,000; Danske Bank: +70,000; Bank of America Merrill Lynch: +75,000; Fifth Third Bank: +75,000; JPMorgan Chase: +75,000 7. Goldman Sachs: +75,000; Société Générale: +75,000; ING Group: +75,000; Nomura Securities: +80,000; National Bank of Canada: +90,000 8. Standard Chartered: +90,000; DBS Bank: +100,000; Pantheon Macroeconomics: +100,000; Scotiabank: +100,000; Reuters consensus: +65,000

As the sell-off in AI stocks intensifies and spreads to credit markets, SoftBank Group led declines in Asian dollar bonds on Friday. Data shows SoftBank’s dollar bonds maturing in 2032 fell 0.9 cents on Friday, marking their largest single-day drop in 10 weeks. SoftBank’s bonds are among the worst-performing in Asia, while its stock price slumped as much as 16%. Earlier, credit default swap (CDS) prices tied to some U.S. firms hit by the AI sell-off surged sharply. Traders noted that spreads on Asian dollar bonds widened by at least 3 basis points. Friday’s declines extend the repricing already underway in global credit markets. The AI boom drove companies to borrow heavily, pushing up financing yields. The sell-off has also added fresh pressure to the global economy. On Thursday, the average spread on Asian investment-grade dollar bonds rose to 73 basis points, the highest level since July 2025. However, the sell-off in credit markets remains less severe than that in equities.

According to Bloomberg, despite U.S. Democrats sweeping control of Congress, the crypto industry did not suffer a comprehensive defeat in the midterm elections. Stand With Crypto, an advocacy group backed by Coinbase, said the pro-crypto camp has won 228 House seats and 19 Senate seats. Fairshake, the crypto industry’s largest super political action committee (super PAC), also announced it will continue supporting pro-crypto candidates in the 2028 elections. Notably, while Ripple remains one of Fairshake’s top donors, Ripple co-founder Chris Larsen donated $4 million to the campaign of former Senator Sherrod Brown—who has repeatedly criticized the crypto industry. Separately, data from U.S. consumer advocacy group Public Citizen shows that as of the first quarter of 2026, the crypto industry has allocated roughly $189 million to political action committees in this midterm election cycle, up from $119 million in the 2024 cycle. AI-focused super PACs have also contributed $72.3 million.

U.S. October unemployment rate and non-farm payroll data will be released at 21:30 UTC+8 tonight. The U.S. October unemployment rate is projected at 4.2%, and October’s seasonally adjusted non-farm payrolls are forecast to rise by 65,000.