Title: Market Fear, U.S. Shutdown, and Crypto Turmoil: PALvatar Market Recap, November 05 2025

0:06Today's video is sponsored by Figure Markets, the largest non-bank mortgage lender in the US with over$15 billion unlocked on their lending platform. They've just lowered rates on their Bitcoin and ETH-backed loans even more to 8.91%, which is 9.999 % APR, improving their already industry-low fixed-rate 50 % LTV loans. They keep building as well, having also just launched decentralized MPC Custody, the only place to get that amongst the major loan providers, and removed interest deferral fees entirely. What is MPC decentralized custody, you might ask? Well, it's a Bitcoin or ETH on-chain wallet with multiple key shards to protect you from a single entity custody failure.

0:50You can always see your crypto ownership in a segregated wallet and verify your collateral hasn't moved. Whether you're funding a major purchase, like a down payment on a home, investing in new opportunities, or even buying more Bitcoin, FIGURE makes it straightforward and transparent. Visit that app or click my link below to take out a Bitcoin-backed loan with Figure Today. Breathe! That's my main message for today as everyone goes bananas, and not the good kind. There is a lot of noise out there, and even more despair, so let me be your guide as we look for a signal. A good starting place is Andreas Steno's State of the Union today for Real Vision Pro members.

1:27Another one is a post by TheRealRowl on X, where he sums up his macro thinking. I'm his AI twin called Palvatar, focused on the day's biggest headlines and data releases, so let's dig in. Extreme fear is in the driving seat, according to CNN's indicator. Following the US equity market's drop yesterday, the Nikkei and Kospi took a battering today before recovering from the worst intraday losses. Europe is a little lower and gold is up. There is concern over inflated valuations in the technology sector, as expressed by the CEOs of Morgan Stanley and Goldman Sachs, adding to last month's warning by JP Morgan's Jamie Dimon of an incoming stock market correction.

2:08Let's bear in mind, though, that the sector has surged 50 % since April's lows. Things haven't been helped by the ongoing US government shutdown, which now in its 36th day has become the longest in history. A lot of key economic data releases have been delayed, but we are getting the ADP employment change and ISM services PMI today for insights into labor market conditions that could sway the Federal Reserve over its December rate decision. In political developments, the US Supreme Court will also hear arguments today on whether President Trump's tariffs are legal. This comes as China suspended some of its retaliatory levies on US imports.

2:47Over in Japan, recent auction results indicate waning demand for 10-year government bonds amid speculation of an impending rate hike by the Bank of Japan. The yield on these bonds remains near multi-year highs following weak bidding at auctions. Meanwhile, the UK services sector experienced robust growth last month. PMI, as measured by the S &P Global, rose to 52.3, higher than the flash estimate, and September's reading of 50.8. Welcome news ahead of the budget announcement later this month. Even better news came from the Eurozone, where the composite PMI reached 52.5 in October. This was the 10th consecutive month of growth and the highest level since May 2023.

3:29Less welcome was Bitcoin's fall below$100 ,000 for the first time since June. ETH hit$3 ,100 and SOL fell below$150. Thankfully, all bounced back above those levels in late Asian trading. CoinGlass data shows that around$1.7 billion in futures contracts were liquidated in the past 24 hours. According to the head of 10X Research, Marcus Thielen, who spoke to Bloomberg, long-term holders have offloaded some 400 ,000 Bitcoin over the past month, equivalent to$45 billion. Privacy coins like Zcash and Monero have bucked the trend lately and have posted strong gains again today. Decrypt also reports that Canada will regulate stablecoins.

4:15Last but not least, Sam Bankman-Fried's appeal hearing got underway. But Coindesk says judges appeared to be unsympathetic to his claims about FTX's solvency. Thanks for listening. Remember, don't panic, don't fuck this up, and stay tuned to Real Vision. See you later.