Crypto Daily | BTC Trades Above $103K; Robinhood Crypto Revenues Miss Estimates; Analyst Says Bitcoin Trading Near "Fair Value"

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Crypto Market Sees Brief Rebound as BTC Trades Above $103K

The crypto market saw a broad rebound in the past 24 hours. Bitcoin reclaimed the $103,000 level, and Ethereum broke back above $3,400.

Robinhood Crypto Revenues Miss Estimates, CFO Leaving in Q1

Robinhood Markets, the online brokerage that caters to retail investors, reported a third-quarter profit that beat Wall Street expectations but fell short on cryptocurrency revenue.

The firm also announced that Chief Financial Officer Jason Warnick is leaving his role in the first quarter of 2026 and will be replaced by Shiv Verma.

Net income rose 271% to $556 million, or $0.61 per diluted share, the Menlo Park, California-based company said Wednesday in a statement. That topped the 53-cent average estimate of analysts surveyed by Bloomberg.

Analyst Says Bitcoin Trading Near ‘Fair Value’ With Nearly 40% of Holders Now in Loss

Analyst Murphy suggests Bitcoin’s recent drop has brought it close to its estimated fair value of around $98,000, based on the historical mean MVRV (Market Value to Realized Value) ratio. With the correction pushing the proportion of profitable supply down to roughly 72%, and closer to 60% when excluding lost coins, nearly 40% of holders are currently sitting on unrealized losses. Murphy notes this level typically corresponds to the “extreme zone” of a bull market correction, where long-term holders also begin experiencing drawdowns. If BTC fails to stabilize here, the move could signal either a deeper oversold phase or the transition into an early bear-market structure, the analysis warns.

New Wallet Linked to Bitmine Accumulates $69M in ETH; Total Buying Hits $138M in Six Hours

On-chain data shows a newly created wallet received 20,514 ETH (about $69.3 million) from FalconX, in a transfer likely tied to Bitmine. The address forms part of a broader accumulation trend, with Bitmine purchasing a total of 40,719 ETH, worth roughly $138.28 million, within the past six hours. The activity has drawn market attention amid ongoing volatility in ETH spot flows.

Momentum Team-Linked Wallets Move $45M in MMT to Binance as Token Dumps Post-Listing

On-chain data from Suiscan shows that a wallet tied to the Momentum (MMT) team transferred 38 million MMT (around $45.6 million) to Binance on Nov. 5, shortly after major unlocks from the project’s second-largest holder. Between Nov. 4 and Nov. 5, that holder distributed roughly 89.47 million MMT across multiple addresses, with some flows reaching centralized exchanges. MMT initially surged from its Binance listing price of $0.10 to over $4.40 within 12 hours, and briefly hit $10 on some platforms, before rapidly falling to around $0.67, fueling concerns of a coordinated post-listing distribution.

Ripple Partners With Mastercard, WebBank and Gemini to Pilot RLUSD Stablecoin Settlement on XRPL

Ripple Labs has announced a new collaboration with Mastercard, WebBank, and Gemini to explore settling fiat card payments using its RLUSD stablecoin on the XRP Ledger. The initiative aims to enable blockchain-based settlement flows between Mastercard and WebBank, the issuer of the Gemini Credit Card, marking a rare instance of a regulated U.S. bank testing stablecoin settlement on a public blockchain. The effort builds on earlier partnerships around the Gemini Credit Card’s XRP edition and signals growing institutional interest in integrating compliant stablecoins into traditional payments infrastructure.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Wednesday (Nov. 5) was $137 million. The total net asset value of Bitcoin spot ETFs is $139.15 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.72%.

SoSoValue

The Bitcoin spot ETF with the highest net inflow on Nov. 5 was Fidelity Wise Origin Bitcoin Fund , with a net inflow of $113.3 million. Followed by ARK 21Shares Bitcoin ETF, with a net inflow of 82.94 million, according to SoSoValue.

SoSoValue