On Monday, U.S. stock indices opened, with the Nasdaq index rising 2% during the session, the S&P 500 index up 1.3%, and gold increasing 2.5% to $4100 per ounce. The U.S. Senate has reached an agreement to end the federal government 'shutdown'.

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The U.S. Commodity Futures Trading Commission (CFTC) plans to develop a tokenized collateral policy, expected to be released early next year. This policy may allow the use of stablecoins as acceptable tokenized collateral in the derivatives market, potentially piloted first at U.S. clearinghouses, with stricter regulations implemented to require more information disclosure. CFTC acting chair Caroline Pham confirmed media reports that the agency is directly consulting with regulated platforms, planning to launch cryptocurrency spot trading, including leveraged products, as early as next month. Pham has held talks with several designated contract markets (DCM) under CFTC regulation, including financial giants CME, Cboe Futures Exchange, and ICE Futures Exchange. Before Congress formally grants CFTC clear regulatory authority over the cryptocurrency spot market, Pham has chosen to utilize existing provisions in the Commodity Exchange Act. Pham stated: Continuing to work with Congress to bring legislative clarity to these markets while implementing relevant recommendations from the President's Working Group on Financial Markets report.

Bloomberg ETF analyst Eric Balchunas says: 21Shares has submitted a new Form 8(a) to the U.S. Securities and Exchange Commission, intending to issue its XRP spot ETF. This application will undergo a 20-day review period. According to Ultrasoundmoney data, the net supply of ETH has increased by 74,298 ETH over the past 30 days, with an increase in supply of approximately 84,069 ETH and a destruction of about 9,770 ETH, resulting in an annual growth rate of 0.747%. FTX creditor representative Sunil stated that FTX's total assets to be repaid to creditors before payment are between $16 billion and $17 billion, with the current total repayment amount reaching $7.1 billion, and the next payment is expected to occur in January 2026. Matrixport stated: This round of retracement has approached the value-for-money range, with the RSI recently dipping to 35. Historically, technical buying tends to become active around this level, but sustainability remains to be validated by macro catalysts. Short-term catalysts include: the U.S. government shutdown is expected to be resolved this week, and Trump may issue approximately $2,000 in stimulus checks to the public, reminiscent of the 2020-2021 surge driven by checks. Relying solely on these catalysts is insufficient to drive a trend reversal; coordination between capital and fundamentals must be validated.

Analyst Matthew Hyland states that the reason altcoins are confident is that the BTC dominance chart looks very weak and has been weak for several weeks. BTC dominance has dropped 5% since May, and the altcoin market may soon gain momentum, but other indicators still show that the market focus remains on BTC. The CMC altcoin season index is currently only 28/100. Analyst Chloe: The Federal Reserve announced the end of tapering starting in December and will reinvest maturing MBS funds into short-term Treasury bonds, signaling liquidity release. If the government shutdown ends and economic data recovers, the Fed may consider restarting quantitative easing (QE) early next year to address weak demand for U.S. Treasury bonds and high yield risk. The subsequent policy direction will depend on the outcome of fiscal negotiations and the December interest rate meeting. Last week, U.S. BTC spot ETFs saw a cumulative outflow of $1.2084 billion, and ETH spot ETFs saw a cumulative outflow of $507.7 million. Bitwise CEO Hunter Horsley stated: Since its launch, the Solana ETF (BSOL) has seen total inflows exceeding $500 million over the past 8 days. Bit Digital (BTBT) increased its holdings by 31,057.3 ETH in October, holding approximately 153,546.9 ETH valued at around $590.5 million as of October 31, 2025.

JPMorgan’s 13F-HR holding document submitted to the U.S. SEC shows that as of the end of the third quarter, the bank held $343 million in BlackRock BTC spot ETF IBIT, a 64% increase from June 30, and held $102 million in shares of ETH reserve company Bitmine. Bitmine currently holds over 3.24 million ETH. The U.S. Senate has passed a procedural vote on the “end government shutdown plan.” Fox reporter Chad Pergram reported: The Senate may reach an agreement and vote as early as tomorrow, and the House plans to handle the bill on Wednesday. Considering the situation in the Senate, the final vote may not have much suspense. The Hill reports: If the Democrats choose to extend these debates, the U.S. government may not reopen until Wednesday or Thursday, but if they expedite the process, the “end government shutdown” process could be completed tonight, and the government could reopen tomorrow night. The current filibuster rules may significantly affect the timeline. Trump calls for an end to the U.S. government shutdown, stating: It seems increasingly close to ending the “shutdown,” and lengthy debates should be terminated to end the government shutdown and pass many bills. Trump states that at least $2,000 in subsidies will be distributed to most people (excluding high-income groups).

BitMEX co-founder Arthur Hayes states, “The U.S. is starting to do what it does best again, printing money, as the historic government shutdown is about to end.” Pomp, author of The Pomp Letter: If Trump indeed gives citizens $2,000, it will release strong liquidity into the market. Federal Reserve’s Williams: The Fed decided last week to stop reducing its bond holdings and may soon need to expand its balance sheet through bond purchases. Fed Governor Milan: A 50 basis point rate cut in December is appropriate, at least a 25 basis point cut. U.S. Treasury Secretary Yellen: Substantial progress has been made in controlling inflation, and prices are expected to decline in the coming months. Bloomberg: A group of moderate senators has agreed to support a funding agreement to reopen the federal government and provide funding for certain departments and agencies for the next year. On Monday, U.S. stock indices opened, with the Nasdaq index rising 2% during the day, S&P 500 index up 1.3%, and gold rising 2.5% to $4,100/ounce; BTC rose 2%, and ETH rose 0.6%. Goldman Sachs believes: The recent 5% pullback in the U.S. stock market is a typical year-end seasonal fluctuation within the cycle, and there is still upward space before the end of the year. A 5% drop at this time of year is a normal phenomenon in this cycle, and overall, it does not seem excessive. JPMorgan: Expects the S&P 500 index may soon break the 7,000-point mark, with economic growth and corporate profits remaining strong, macro headwinds gradually fading, and a potential liquidity release from the U.S. government restart pushing up risk asset prices, thereby maintaining a solid overall bull market.

U.S. House Speaker Johnson: “I believe there are enough votes to pass the temporary funding bill, and after the Senate votes, the House will be called back to Washington. The 'nightmare' is finally coming to an end.” As the market becomes optimistic about reaching an agreement to end the longest government shutdown in U.S. history, U.S. stock indices and cryptocurrency markets are recovering. The Federal Reserve may begin to expand its asset size through bond purchases in the first quarter of next year. After the U.S. government reopens, fiscal spending stimulus and the Fed's balance sheet expansion will make external liquidity appear increasingly abundant. The awkwardness is that the cryptocurrency market is currently experiencing a period of repression, with concerns about an “independent bear market,” and sentiment is awaiting improvement. At this moment, it is necessary to consider whether this cryptocurrency bear market can be maintained or if it will follow the mainstream market for a liquidity-driven bull run. Hope for a smooth recovery.#美国结束政府停摆