As every week, we present a summary of the last days by Sebastian Selig from zondacrypto.
What’s happening on the market?
The last week of October brought declines. Flows to US ETFs were a strong modulator of short-term volatility. In the first part of the week, the basket of spot funds for BTC recorded clearly positive sessions – on October 27, the total inflow amounted to approximately +USD 149.3 million, and on October 28 it accelerated to +USD 202.4 million – which coincided with the strengthening of BTC in the area of local resistances. However, the end of the week brought a change: on October 29, there was a daily outflow of ~-USD 471 million in the bitcoin fund basket, and on October 30, the weakness was more strongly transferred to ether products, where the total negative balance reached ~-USD 184 million (including a significant contribution from ETHE).
For the sake of clarity, it is worth clarifying the mechanics, because this is the key to short directional waves today. A spot ETF buys or sells actual BTC and ETH through the process of creating and redeeming shares, which in the US – in accordance with supervisory requirements – has been standardized in the “cash” mode (an authorized participant provides cash and the fund transacts on the cash market). The differences between the unit price and the net asset value are closed by arbitrage, which means that the daily inflows and outflows of ETFs actually translate into spot demand/supply. Additionally, the growing on-chain transparency allows you to track fund balances almost in real time, which further connects the “ETF world” with the crypto market.
At the turn of the month, the sentiment is moderately optimistic. November, which is statistically favorable for bulls, is sometimes called “Moonvember”. In the short term, however, the trajectory of cryptocurrencies remains dependent on subsequent macro readings and daily flows to ETFs, because in recent weeks they have most often determined the vector on the 24-48 hour interval.
zondacrypto and airdrop
The zondacrypto exchange once again stood out on the Polish market by launching the ZND Airdrop birthday campaign with a pool of ZND 100,000 and a four-week active period. Users collect points for daily activities on the platform (Earn, Stake, Trade), social tasks and games and quizzes on Telegram after “entering” via @ZND_Airdrop_App_bot; new challenges are unlocked every week, and the final and the selection of winners are scheduled for November 20, 2025. At the same time, the ZND Earn edition was closed (October 24), in which freezing ZND in 15/30/45 day plans gave ranking points and access to prizes – the longer the horizon and the larger the amount, the higher the rank in the ranking. These types of activities support attendance and onboarding, and are part of a broader strategy of building a community and education around products.
Summary
To sum up, last week brought a technical rebound after the crash, the extinction of extreme fear and a series of stimuli that balanced the narrative: positive on the side of technology and fading panic.
November begins with a constructive but sober attitude: the market remains a “flow-driven” market where a daily sign of fund flows can move price as effectively as a major macro announcement.
The material is informative and analytical in nature and does not constitute an investment recommendation.
