11.3

November 7
It is not yet confirmed whether the new non-farm payroll data will be released this Friday.

On October 31, 2025, overnight repurchase agreements suddenly surged to 29.4 billion dollars. For the past few years, this figure has been almost consistently close to zero until this year when a significant jump began to occur, and the frequency and scale of recent surges have been increasing.
Generally, this kind of change indicates that there is short-term dollar liquidity pressure in the funding market, and banks or institutions need cash, so they can only pledge government bonds to the Federal Reserve in exchange for funds. The Federal Reserve then provides liquidity to the system through repurchase operations.
This type of counter-cyclical repurchase essentially belongs to structural liquidity support, which is not equivalent to comprehensive QE, but is usually seen as a signal of "implicit easing," indicating that the funding situation is not completely loose and that the Federal Reserve is passively alleviating tension.
The current scale is not considered large, which does not indicate a crisis, but reflects that the short-term funding chain is beginning to tighten, necessitating close attention to whether this trend continues to expand.

BTC
We have noticed that the market liquidity during this period is worse than on October 11th. The current position is still within our expectations. What we are still paying attention to is whether the position of 106300 can be broken? If it continues to oscillate around here, it can lead to the continuation of the subsequent market trend. These two days are the opening of the monthly level, and if the monthly level starts to decline, there will be opportunities for the market after mid-month. Therefore, to summarize, the short-term oscillation has not yet ended, but at the same time, we can keep an eye on the short-term support at 106300-104600 and resistance at 110000-111200.

ETH
Ethereum has returned to around 3710 according to our thoughts, and this is also the defensive point of this short-term trend. Currently, the fluctuation is still not over, so we should pay attention to whether the 3710 level can hold. If it cannot hold, the next support will be around 3380. Support is at 3710-3380, resistance is at 3838-3900-4000.

sol
Sora has returned to the position of 176. Sora indeed performed very poorly this round. Looking back, Sora's weekly and monthly levels are not strong, so the focus may gradually shift from Sora to the first and second positions. Therefore, in the short term, pay attention to whether the position of 176 can hold. If it can't hold, there will be a rebound that will take people out.