Core Viewpoint - U.S. futures and international equities markets began the week on a downward trend, while bond yields increased as investors moved away from risky assets [1] Group 1 - U.S. futures markets opened lower, indicating a bearish sentiment among investors [1] - International equities markets also experienced declines, reflecting a global trend away from riskier investments [1] - Bond yields rose, suggesting a shift in investor preference towards safer assets [1]

Core Insights - The increasing prominence of AI in investment management necessitates that human advisors develop a deeper emotional understanding of their clients, as behavioral finance is expected to play a larger role in wealth management [1][2] Group 1: Behavioral Finance and Client Risk Aversion - Client risk aversion is influenced not only by market volatility but also by personal experiences, with past low returns leading to a reluctance to take risks [3] - Psychological impacts from market losses can persist over generations, affecting behaviors such as home buying, with millennials showing hesitance due to the 2008 financial crisis [3] - Risk aversion can be inherited, as individuals may adopt conservative financial habits based on their family's historical experiences, even if they did not experience hardship directly [3] Group 2: Risk Tolerance and Investor Behavior - Some clients exhibit excessively high risk tolerance, driven by FOMO (Fear of Missing Out), which can create a sense of urgency and stress [4] - The neurological basis for FOMO is linked to the brain's pain center, indicating that the emotional response to risk can be profound even if not physically felt [4]

Bitcoin is closing higher today as it tries to rebound following a very volatile week. Mackenzie Sagalas has the numbers for us. Hi Mac.Hey Morgan. So the crypto market is coming back strong, moving in lock step with the NASDAQ 100. Bitcoin trading near that 89k mark and crypto pegged equities are rallying alongside it.Miners, exchanges like Coinbase and Robin Hood and even digital asset treasury plays are pairing last week's losses. Tom Lee's Bitmine Immersion and Ether Proxy is up more than 18% outpacing ...

Emily You know, clearly crypto is still still a kind of niche part of the market, even if Main Street is adopting it to some extent. Bitcoin is worth the one and two thirds trillion dollars though, so you can't really look away. And it represents animal spirits.You know, I guess your risk aversion pretty well. What do you think about the fact that we've gone from 126 on Bitcoin down to 84 in like a month. Yeah, we would say, Matt.Don't get too sentimental about sentiment. And Bitcoin is the poster child for ...

Group 1: Investment Rating - Not provided in the content Group 2: Core Viewpoints - On November 19, 2025, the main contract of Shanghai gold futures closed up 1.09% to 937 yuan/gram, and the main contract of Shanghai silver futures closed up 2.19% to 12,148 yuan/kilogram [5]. - Due to the increase in the number of unemployment - benefit applicants and poor ADP employment data, the probability of the Fed cutting interest rates in December has rebounded. According to CME interest - rate tools, the probability has risen above 30%, boosting the precious - metal prices to stabilize and rebound [5]. - After the liquidity risks in US stocks and cryptocurrencies are gradually released, precious metals return to the partial safe - haven logic, which also supports their prices [5]. - In the short term, as the missing US economic data is gradually released, precious - metal prices are expected to stabilize and maintain high - level fluctuations. Short - term attention should be paid to the US non - farm payrolls report. The strategy is to buy on dips or sell out - of - the - money put options [5]. - In the long term, since the Fed is still in an interest - rate cut cycle, global geopolitical uncertainties persist, US debt is unsustainable, and major - power games intensify, which will increase the credit risk of the US dollar in the long run, and global central banks' gold purchases continue. The long - term center of gold prices is likely to move up. Long - term investors are advised to mainly allocate by buying on dips [5]. Group 3: Data Summaries Price Tracking - On November 19, 2025, London gold spot was at $4,092.16/ounce, London silver spot was at $51.43/ounce, COMEX gold was at $4,092.80/ounce, COMEX silver was at $51.29/ounce, AU2512 was at 937 yuan/gram, AG2512 was at 12,141 yuan/kilogram, AU (T + D) was at 934.70 yuan/gram, and AG (T + D) was at 12,140 yuan/kilogram. Compared with November 18, the price changes were 2.1%, 3.9%, 2.1%, 4.1%, 2.0%, 3.9%, 2.0%, and 3.8% respectively [3]. Spread/Ratio - On November 19, 2025, the gold TD - SHFE active spread was - 2.3 yuan/gram, the silver TD - SHFE active spread was - 1 yuan/kilogram, the gold internal - external spread (TD - London) was 2.27 yuan/gram, the silver internal - external spread (TD - London) was - 976 yuan/kilogram, the SHFE gold - silver main ratio was 77.18, the COMEX + London main ratio was 79.80, AU2602 - 2512 was 3.06 yuan/gram, and AG2602 - 2512 was 7 yuan/kilogram. Compared with November 18, the changes were 9.0%, - 133.3%, - 31.2%, 5.0%, - 1.8%, - 1.9%, 8.5%, and - 41.7% respectively [3]. Position Data - As of November 18, 2025, the gold ETF - SPDR was 1,041.43 tons, the silver ETF - SLV was 15,218.41892 tons, COMEX gold non - commercial long positions were 332,808 contracts, non - commercial short positions were 66,059 contracts, non - commercial net long positions were 266,749 contracts, COMEX silver non - commercial long positions were 72,318 contracts, non - commercial short positions were 20,042 contracts, and non - commercial net long positions were 52,276 contracts. Compared with November 17, the changes were 0.00%, 0.00%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% respectively [3]. Inventory Data - On November 19, 2025, SHFE gold inventory was 90,426 kilograms, and SHFE silver inventory was 547,685 kilograms. Compared with November 18, the changes were 0.00% and - 2.84% respectively. On November 18, COMEX gold inventory was 37,224,744 ounces, and COMEX silver inventory was 465,535,121 ounces. Compared with November 17, the changes were - 0.25% and - 0.85% respectively [3]. Interest Rate/Exchange Rate - On November 19, 2025, the dollar index was 99.59, the 2 - year US Treasury yield was 3.58%, the 10 - year US Treasury yield was 4.12%, NYMEX crude oil was 24.69, the dollar/yuan central parity rate was 7.09, VIX was 60.57, and the S&P 500 was 6,617.32. Compared with November 18, the changes were 0.06%, - 0.56%, - 0.24%, 10.32%, 0.02%, 1.42%, and - 0.83% respectively [4].

Group 1 - Bitcoin has fallen to an almost seven-month low due to a tech-led selloff in U.S. stocks, indicating increased risk aversion in the market [1] - Concerns are rising regarding the high valuations of AI-related stocks, particularly ahead of significant earnings reports such as Nvidia's [1] - A flood of U.S. economic data is expected to be released following the end of a record-long government shutdown, which may influence market sentiment [2] Group 2 - Market pricing shows uncertainty regarding potential interest rate cuts by the Federal Reserve, with recent comments from policymakers creating doubts about future monetary policy [2]

Group 1 - Market sentiment is dominated by concerns over the economic impact of the US government shutdown, leading to a lack of rebound momentum for the dollar and strong fluctuations in gold prices within the $4150-$4200 range [1][3] - The absence of key economic data, particularly the October non-farm payroll and inflation figures, complicates the assessment of the economic situation, with economists estimating that the shutdown could reduce quarterly GDP growth by approximately 1.5%-2% [1][2] - The euro is experiencing mild fluctuations around 1.1650 as the market awaits revisions to the Eurozone's Q3 GDP and employment figures, while the British pound remains under pressure due to the upcoming budget announcement [1][2] Group 2 - Gold prices have recently broken through $4200, reaching a three-week high, but have slightly adjusted while remaining above $4150, supported by increased safe-haven demand and a weaker dollar [2][3] - The probability of a rate cut by the Federal Reserve in December has decreased from 62% to about 50%, although the necessity for policy easing remains due to weakening economic momentum [2][3] - China's retail and industrial production growth rates for October were 2.9% and 4.9%, respectively, aligning with a steady recovery trend [2] Group 3 - The market is still processing the economic aftermath of the shutdown, with the lack of key data making growth prospects and policy direction harder to assess, resulting in continued weakness for the dollar [3][4] - Gold has established structural support in the $4150-$4200 range, maintaining bullish momentum as long as it does not fall below $4145, with further attention on potential resistance levels at $4245 and $4300 [4] - The dollar's trajectory will depend on whether the missing data can be clarified this week, which would directly influence market expectations regarding the December policy path [4]

Bitcoin sank deeper below the $100,000 mark, dragged down by a fresh wave of risk aversion and a selloff in tech stocks that reignited Wall Street jitters https://t.co/xkhX5gsvWZ ...

Core Insights - Institutional appetite for crypto assets has weakened, with digital asset investment products recording $1.17 billion in outflows, marking a second consecutive week of losses amid market volatility and macroeconomic uncertainty [1][9] Fund Flow Data - Trading volumes in exchange-traded products (ETPs) remained high at $43 billion, but investor sentiment is fragile following the liquidity cascade on October 10 [3] - A midweek rebound on optimism regarding a potential U.S. government shutdown resolution quickly faded, leading to further withdrawals by Friday [3] Market Performance - The U.S. market accounted for the majority of losses, with $1.22 billion in outflows, while Germany and Switzerland recorded inflows of $41.3 million and $49.7 million, respectively [4] - Bitcoin experienced significant redemptions, suffering $932 million in outflows, while Ethereum saw outflows of $438 million [4][9] Emerging Trends - Short Bitcoin ETPs saw inflows of $11.8 million, marking their strongest week since May 2025 [5] - Select altcoins showed resilience, with Solana leading inflows at $118 million, totaling $2.1 billion over nine weeks [5] - Other gainers included HBAR with $26.8 million and Hyperliquid with $4.2 million, indicating ongoing investor interest in emerging blockchain ecosystems [6] Redemption Details - U.S. spot Bitcoin ETFs experienced massive redemptions, with $1.22 billion in net outflows, marking the third-largest weekly withdrawal on record [6] - Friday alone accounted for $558.4 million in outflows, the largest single-day loss since August, while Ethereum ETFs lost $508 million [7] Price Movements - Despite institutional outflows, Bitcoin's price climbed 4.4%, briefly surpassing $106,000, suggesting resilience in retail activity and spot demand [7][9] Market Sentiment - Factors such as inflation fears, central bank rate hikes, and geopolitical risks have contributed to risk aversion across markets [8]

Core Insights - Major crypto ETFs experienced significant outflows, with a total of $672 million withdrawn on October 30, primarily driven by risk aversion among institutional investors [1][2][3] - BlackRock's private-credit arm is embroiled in a $500 million fraud scandal, raising concerns about risk management and due diligence within the firm [1][4] Group 1: ETF Outflows - Institutional clients withdrew $490 million from Bitcoin ETFs on October 30, with BlackRock's IBIT ETF leading the outflows at $290.9 million [2] - Ethereum ETFs also faced substantial losses, totaling $184 million, with BlackRock's ETHA accounting for $118 million of this amount [2][3] - The outflows are interpreted as profit-taking and portfolio trimming rather than panic selling, indicating a broader retreat from risk amid macroeconomic uncertainty [3] Group 2: Fraud Scandal - BlackRock's private-credit division, HPS Investment Partners, is linked to a telecom-financing fraud involving over $500 million, which included fake accounts receivable [4] - Court filings allege that borrowers used forged contracts and invoices from major companies like T-Mobile and Telstra as collateral for large loans, revealing systematic forgery and misrepresentation [5]