Core Insights - Bitcoin is currently trading around $103,960, nearly 20% below its October high of $126,500, marking its lowest level since late June 2025 [1] - The U.S. government shutdown has entered its 35th day, creating uncertainty in global markets and affecting liquidity [1][2] - The U.S. Dollar Index (DXY) has risen above 100 for the first time since August 1, indicating stronger demand for the dollar, which typically pressures risk assets like Bitcoin [2] Government Shutdown Impact - A U.S. government shutdown occurs when Congress fails to pass funding bills, leading to furloughed employees and halted services, which directly impacts liquidity and cash flow in financial markets [3] - During the shutdown, the U.S. Treasury General Account (TGA) has seen its balance increase to approximately $965 billion, a rise of roughly $150 billion since October, indicating money is being pulled out of circulation [4] - The Reverse Repo Program (RRP) has also increased by about $20 billion this week, further draining liquidity from the market [5] Liquidity Conditions - Bank reserves have dropped to the lower range of what the Federal Reserve considers "ample," leading to tighter funding conditions [6] - Rising SOFR spreads and record usage of the Standing Repo Facility (SRF) indicate a short-term liquidity squeeze, with banks borrowing over $10 billion recently, the highest since the SRF's launch in 2021 [6] - These liquidity pressures are contributing to Bitcoin's struggle to gain momentum and remain trapped in a choppy trading range [5][6]

美国股债汇三杀! 当地时间10月10日，美股三大指数集体大跌，道指跌1.9%，纳指跌3.56%，标普500指数跌2.71%。纳 指、标普500指数创4月以来最大单日跌幅，美债收益飙升，美元下跌。 全球资产巨震，黄金大涨、原油下跌，截至发稿，比特币跌破12万美元大关，加密货币集体下跌，全球 爆仓人数超16万。 富时A50期指连续夜盘收跌4.26%，报14340点。 美股三大指数全线大跌 中概指数跌超6% 全球资产震荡 油价下跌、黄金上涨 国际油价全线收跌，美油主力合约跌5.32%报58.24美元/桶，周跌4.34%；布油主力合约跌4.75%报62.12 美元/桶，周跌3.73%。 比特币一度跌破110000美元，截至10月11日7:53，比特币下跌6.81%，加密货币集体下跌，过去24小时 超16万人爆仓。 截至收盘，美国大型科技股普跌，博通跌近6%，特斯拉跌超5%，亚马逊跌超4%，苹果、Meta跌超 3%，微软、谷歌跌超2%。英伟达跌4.89%，其市值一夜蒸发2287亿美元（16318亿元）。 半导体、加密货币概念股跌幅居前，费城半导体指数大跌6.32%，Circle跌超11%，Arm跌超9%， AMD、高通 ...

Core Insights - The U.S. federal government has been in a continuous shutdown since October 1, which is viewed as a short-term political disruption by Manulife Investment Management's multi-asset solutions team [1][2] - Historical data indicates that government shutdowns have not significantly impacted the stock market, with the S&P 500 index performing better one month after the start of each shutdown since 1980 [2] Market Performance During Shutdowns - Defensive sectors such as utilities, consumer staples, and real estate performed relatively well during the longest shutdown in December 2018, which lasted 35 days [1] - In contrast, during the 21-day shutdown in December 1995, technology, consumer discretionary, and materials sectors underperformed, while consumer staples and utilities were among the best performers [1] - The overall performance of defensive sectors tends to be slightly better than other sectors during shutdowns, but short-term opportunities are often difficult to capitalize on [1] Historical Context and Investor Strategy - Historical shutdowns have not led to significant market volatility, as evidenced by the CBOE Volatility Index (VIX) [2] - Investors are advised to incorporate liquidity needs into their overall financial plans without altering asset allocation solely due to potential government shutdowns [2] - Market volatility during government shutdowns can provide strategic investors with buying opportunities to capture undervalued or oversold assets [2]

A partial government shutdown began on Wednesday with Republicans and Democrats at an impasse over spending levels, which has increased uncertainty over economic conditions and how financial markets will react. It's unclear when lawmakers will reach a compromise that allows them to end the shutdown, but experts anticipate that financial markets will be relatively unfazed by the dysfunctional funding of the federal government in the meantime.Adam Turnquist, chief technical strategist for LPL Financial, said ...

Let's bring in Kevin Green, senior markets correspondent, right away to help set up the action today. So KG, as expected, the government did shut down this morning, 12:01 a. m.Eastern time or 12 midnight in seconds, right. Uh so I guess catch people up on where things stand uh and what the implications are. Yeah, we are obviously seeing a stalemate when it comes to Congress and trying to pass a funding bill here.And we did see two bills actually getting uh shot down yesterday. If you kind of look at it, the ...