US Moves Closer to Ending Shutdown

Find out our latest reports, listed below:

• Premia x Block Scholes: Introducing Kyan

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• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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• Metaplanet Is Selling Vol, Who Is Next?

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Market Snapshot: Overnight Moves

Daily Updates:

• The U.S. government has moved closer to ending its shutdown, already the longest ever at 42 days since its beginning on Oct 1, 2025.
• Polymarket odds now predict a Nov 14 end date, after centrist Democrats crossed the aisle in the Senate to pass a temporary spending measure that dropped a key progressive demand to renew Obamacare subsidies.
• Having passed the first hurdle in the Senate, the bill now moves to the House of Representatives, where it must secure approval before reaching the President’s desk. The legislation has already received President Trump’s endorsement, suggesting a potential resolution to the shutdown may be within reach.

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• President Trump, in a post on Truth Social, urged air traffic controllers to return to work, declaring:

“All Air Traffic Controllers must get back to work, NOW!!!”

• He warned that those who failed to do so would face pay deductions, while promising $10,000 bonuses for those he described as “great patriots” who continued working through the “Democrat Shutdown Hoax.”

“We have support from enough Democrats, and we’re going to be opening up our country,”

• With the House controlled by Republicans, the administration now appears confident that a funding bill could move swiftly.

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• The apparent recovery rally in crypto assets that was staged at the first signs of the news over the weekend faltered yesterday.
• BTC remains pinned to the $105K level, while ETH has recorded a +0.25% move over the last 24H to stay close to $3.5K.
• The S&P 500 and Nasdaq 100, in contrast, both moved higher through Monday.

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• It’s not yet clear what a 14 November end date would mean for the Federal Reserve’s clarity on the health of the U.S. economy. 
• While September’s CPI release was processed by the Federally funded BLS on 24 October during the midst of the shutdown, this was a special effort and only made possible by the collection of data by BLS statisticians before the shutdown.
• Despite the reopening of the government, the FOMC’s 10 December monetary policy meeting is likely to continue to be affected by the “fog” described by Chair Powell in his November FOMC press conference. 
• Markets currently assign a 63.7% probability of a third consecutive 25bps cut to the Federal Funds Rate on Dec 10.

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• The UK unemployment rate rose to 5.0% in Q3 2025, the highest since mid-2021, as the number of jobless people increased by 117,000 to 1.789M. Employment fell by 22,000 to 34.192M, marking the first drop since early 2024.

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• U.S. Senators John Boozman and Cory Booker have proposed a bipartisan draft bill aiming to transfer cryptocurrency oversight from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). The proposal would give the CFTC authority over market structures, classify most digital assets as commodities, and implement new registration, disclosure, and transaction fee requirements.

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• SUI Group Holdings Limited (NASDAQ: SUIG) has entered a strategic partnership and lending agreement with Sui-based decentralised exchange Bluefin. The collaboration aims to connect institutional investors, such as hedge funds, asset managers, and market makers to on-chain trading through Bluefin’s products including their trading, institutional lending and vault-based yield products with the aim of enhancing liquidity and market adoption. 
• Under the deal, SUIG will lend 2M SUI to Bluefin in exchange for a 5% revenue share, marking a step toward integrating traditional finance with blockchain markets and strengthening the Sui ecosystem’s institutional presence.

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• Strategy has purchased a further 487 BTC for approximately $49.9M, with an average price of about $102,557 per bitcoin.
• As of November 9, 2025, the company holds a total of 641,692 BTC, acquired at an aggregate cost of approximately $47.54B, which equates to an average purchase price of around $74,079 per bitcoin.
• This is in contrast to BTC’s Spot ETFs, which recorded a disappointing $1.2M inflow on Monday after Friday’s monster one-day outflow of $558.4M.

Crypto’s Wildcard:

Maxi Doge ($MAXI)

Maxi Doge ($MAXI) has recently attracted attention as a meme-token presale, priced around $0.00027, with reported proceeds just under $4M. The project’s presentation leans on loud marketing and “gym-bro” humour, with interest largely community-driven.

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This Week’s Calendar:

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Charts of the Day:

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