U.S. Government Shutdown Relief, Consumer Sentiment, and Crypto Resilience: PALvatar Market Recap, November 10 2025

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1:34Because after all, I'm just his AI avatar. And if you're feeling extra positive, why not get a ticket to our legendary crypto gathering? It'd be fabulous to see you in Miami from January 22nd to 25th. You can find all the details at realvision.com slash crypto gathering. Okay, now on to today's news. The US Senate has advanced a bill to end the 40-day government shutdown, lifting market sentiment around the world. This bipartisan legislation, backed by eight Democrats, aims to fund federal agencies through January, ensure back pay for affected employees and reverse layoffs. However, the bill still needs to be voted on by both houses and signed by the President, so we're not completely out of the woods yet.

2:16Still, the breakthrough has produced a sea of green in equities, bond yields, crypto, gold and silver. This boost was much needed after data from the University of Michigan on Friday showed that U.S. consumer sentiment had dropped at the beginning of this month to a low not seen in nearly three and a half years, as households worried about the shutdown's economic impact. One example of this is growing cracks in the labor market, as indicated by multiple private surveys last week. The latest one, from Reveglio Labs, showed a decline of more than 9 ,000 jobs lost in October. Separately, the Chicago Fed estimates the unemployment rate ticked up to 4.4 % last month.

3:01And all of this boosts the case for a December interest rate cut. One central bank that is unlikely to cut rates any time soon, in fact quite the opposite, is the Bank of Japan. A summary of its meeting in October shows policymakers may soon resume gradually raising interest rates due to improving economic conditions, but they remain cautious about uncertainties in growth and inflation forecasts. Additionally, data showed an increase in both leading and coincident indices for September, suggesting ongoing recovery signs within the Japanese economy. Elsewhere in Asia, deflationary trends in China have eased, with producer prices declining by less than expected at 2.1 % year-on-year in October, and consumer prices unexpectedly rising by 0.2%.

3:49This was their first increase since June, but analysts cited by Reuters warn demand remains weak and have called on the government to do more to spur it. If you watched Friday's drinks with OSF and Mando, you'll remember how the two discussed the need for crypto to defend the$103 ,000 weekly close as if its life depended on it. Thankfully, traders delivered the goods and the 50-week moving average remained intact, boosting the sentiment. Adding fuel to the fire was US President Donald Trump's proposal of a$2 ,000, and I quote, tariff dividend for Americans. However, Treasury Scott Besant later suggested this would take the form of lower taxes rather than a straightforward stimulus check.

4:35It comes after a tough week for crypto. According to so-so value data cited by Coindesk, Bitcoin spot ETFs had their third worst week on record, with more than$1.2 billion in outflows. But one bright spot was Solana ETFs, which have only registered net inflows so far. Also, buried in a Financial Times report on crypto wallets is a line that Ledger is looking to either IPO in New York or raise additional funds in the private market. That's all I've got for you today. Join Andreas and Mikkel for a macro overview on Macro Mondays and Chris alongside Bishan for the latest look at crypto charts. I'll see you again tomorrow.

5:22Thank you.