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Ethereum Unveils Mekong Testnet to Showcase Upcoming Pectra Upgrade Features
The Ethereum Foundation has launched the Mekong testnet, a temporary testing environment for developers to explore upcoming user experience (UX) and staking changes planned for Ethereum’s next major update, the Pectra fork. Announced on Nov. 7, Mekong allows wallet developers and stakers to test Pectra-specific modifications, including new staking workflows, deposit, and exit mechanisms. This testnet, which is separate from existing Ethereum testnets like Holesky and Sepolia, will provide early feedback to guide Pectra’s deployment on the Ethereum mainnet. The foundation confirmed that Mekong includes all Ethereum Improvement Proposals (EIPs) slated for the Pectra fork, offering a complete preview of planned features.
Bitcoin Poised for FOMC Reaction as BTC Price Tightens Below $76.5K Record
Bitcoin is consolidating around $75,000 as traders eye the Federal Reserve's upcoming interest rate decision, which could bring further volatility. Recently, BTC hit an all-time high of $76,480 before retracing slightly. According to trader analysis, strong spot demand and rising buy orders reflect a shift toward sustained market support, with sell-side liquidity forming just below $80,000. Although analysts expect potential short-term consolidation, some see BTC pushing toward $77,500 and beyond, potentially reaching $100,000 if macroeconomic conditions remain favorable. The Federal Open Market Committee (FOMC) is largely anticipated to announce a 0.25% rate cut, with the outcome and Chair Jerome Powell’s remarks likely to impact market sentiment. Longer-term projections from analysts, like Peter Brandt, suggest a potential BTC peak between $130,000 and $150,000 by late 2024.
BlackRock Bitcoin ETF Hits Record $4.1B in Daily Trading Volume
BlackRock's iShares Bitcoin ETF (IBIT) saw a record-breaking $4.1 billion in trading volume on Nov. 6, following Donald Trump’s U.S. presidential election victory. Bloomberg ETF analyst Eric Balchunas highlighted this milestone, noting it outpaced trading volumes for stocks like Berkshire Hathaway, Netflix, and Visa. The surge aligns with Bitcoin hitting a new all-time high of $76,500, reflecting growing optimism for crypto under Trump’s pro-crypto policies. Other Bitcoin ETFs also experienced strong volumes, marking one of their best days since early 2024. Analysts predict further gains, with some setting Bitcoin’s price target at $100,000 by Trump’s Jan. 20 inauguration.
Trading Desk Insights
In the wake of Donald Trump's definitive win in the presidential elections, we've seen a sweeping rally across various asset classes. Market participants are now poised for the upcoming Federal Reserve rate decision due this Thursday. Today’s announcement is anticipated to shed some light on future economic directions. The consensus among analysts leans towards a 25 basis point cut, a move traditionally favorable to assets like BTC, as it tends to weaken the dollar and boost market liquidity. Impressively, CME's BTC futures surged to a record daily volume of $13.15 billion yesterday, dwarfing the average daily turnover of $4.56 billion in 2024.
In the crypto sphere, tokens such as UNI and ETH could see significant upside under the Trump administration, which has pledged to position the U.S. as a frontrunner in the global cryptocurrency market. This stance could herald a wave of lenient regulations for the DeFi sector, potentially amplifying demand for ETH. Post-election, ETH has broken the $2,800 barrier, a level last seen in early August, with the ETHBTC pair up by more than 10%, signaling a robust boost in investor sentiment.
Turning our attention to crypto ETFs, BTC has recorded a staggering $621.9 million in inflows, with trading volumes soaring to $6.07 billion—the highest since mid-March. Similarly, ETH ETFs enjoyed a robust performance, with inflows of $52.3 million and volumes significantly above the average at $374 million.
Elsewhere, the Bank of England has moved decisively, with an 8-1 vote favoring a 25 basis point rate cut, bringing the key rate down to 4.75%. This adjustment marks the central bank’s second reduction this year, following the initiation of its easing cycle in August.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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