Analysis of the Five Mainstream Cryptocurrencies: Bitcoin Reclaims $103,000, Ethereum Upgrade Expectations Heat Up

On November 7, 2025, the cryptocurrency market experienced a technical rebound, with the total market capitalization rising back to $3.43 trillion, up 1.24% over the past 24 hours. Bitcoin led the stabilization, climbing to around $102,917, driven mainly by institutional capital inflows. Ethereum was buoyed by expectations of the Fusaka upgrade, gaining 2.4% to $3,384. Solana and XRP performed notably well, increasing by 2.3% and 4.5%, respectively, supported by ETF capital inflows, stablecoin pilot projects, and network upgrades. Although this rebound has not fully recovered the 8% loss seen earlier this week, holding key support levels and improving fundamentals have injected a cautious optimism into the market.

Overall Market Environment and Capital Flows

This rebound occurred during a window of temporarily eased macro pressures. The Federal Reserve’s November interest rate decision kept rates unchanged, and the dot plot suggested only one potential rate cut before 2026—an “hawkish pause” that actually reduced policy uncertainty. Additionally, U.S. October non-farm payrolls came in below expectations, boosting investor confidence in a soft landing for the economy, and risk appetite for assets increased.

Capital flow analysis reveals structural shifts. According to SoSoValue monitoring, the Bitwise Solana ETF (BSOL) recently saw a weekly net inflow of $9.7 million, while Bitcoin ETFs experienced $420 million in redemptions. This divergence indicates some funds are shifting from large-cap blue chips to high-growth altcoins, though the overall scale is still insufficient to reverse the trend. Notably, a major centralized exchange (CEX) saw its Bitcoin spot trading volume increase by 50,500 BTC this month, indicating strong demand for buying on dips.

Technical support for the current rebound remains solid. The global crypto market cap around $3.2 trillion has formed a double bottom pattern, and the RSI indicator has moved out of oversold territory, creating a bullish divergence that often signals a 1-2 week recovery. If trading volume continues to grow, the market could potentially push toward the resistance zone around $3.6 trillion.

Bitcoin: Institutional Support Becomes a Key Factor

Bitcoin’s stabilization is largely attributed to shifts in institutional behavior. Japanese-listed company Metaplanet announced a $100 million Bitcoin purchase, bringing its total holdings to $230 million—an “Asian version of MicroStrategy”—which has sparked a follow-on effect. Meanwhile, Morgan Stanley disclosed that its European Opportunities Fund increased Bitcoin exposure from 3% to 5%, citing “hedging against sovereign currency devaluation.”

On-chain data confirms this accumulation trend. Glassnode reports that addresses holding 100–1,000 BTC added 28,000 BTC in the past week, while exchange reserves fell to their lowest levels since 2021. This supply contraction is reminiscent of the period during the Silicon Valley Bank crisis in 2023, when Bitcoin subsequently rose 120% over the following six months.

Key technical levels to watch include $102,000, which is supported by the 200-day moving average and psychological round number. Holding above this level reduces the risk of a further dip toward $95,000. On the upside, $107,000 is a zone with significant stop-loss orders; breaking through could trigger short covering. Given the RSI at 37.8, still in oversold territory, technical rebound momentum remains plausible.

Ethereum: Fusaka Upgrade as a Catalyst

Ethereum’s strength is primarily driven by expectations of the upcoming Fusaka upgrade, scheduled for December 3. The upgrade will introduce three major improvements: optimizing Layer-2 data storage costs via EIP-7623, implementing Verkle trees to enhance state access efficiency, and upgrading the EVM to Shanghai-V2 to support new opcodes. These enhancements are expected to boost Layer-2 transaction speeds by 30% and reduce fees by 40%.

Derivatives markets reflect positive sentiment. Data from Deribit shows open interest in December-expiring call options at $3,500–$3,800 increased by 62%, while put options now account for only 35% of open interest. This skew indicates professional investors are optimistic about post-upgrade price performance. Additionally, staking data hit new highs, with Ethereum’s beacon chain staking surpassing 40 million ETH, representing 33.5% of total supply, which helps reduce selling pressure.

Fundamental ecosystem development also supports Ethereum’s outlook. According to Electric Capital, active monthly developers on Ethereum remain at around 7,300, far exceeding other blockchains. Innovations like account abstraction (ERC-4337) and real-time settlement (ERC-6960) continue to position Ethereum as a leading platform, underpinning its long-term value.

Solana and XRP: Ecosystem Catalysts

Solana’s recent strength is driven by multiple positive factors. Besides continuous inflows into the Bitwise Solana ETF, major events such as DePIN Day and Solana Breakpoint 2025 are upcoming, with expected announcements including the pre-sale of the Saga 3 phone and the deployment of Firedancer client on mainnet. Technically, SOL has strong support at $155; if it holds, an upward move toward $175 is possible.

XRP’s outperformance is fueled by real-world application breakthroughs. Ripple’s partnership with Mastercard and Gemini to pilot the RLUSD stablecoin on XRP Ledger has completed the first U.S. bank-backed credit settlement, demonstrating XRP’s viability in compliant financial scenarios and setting a precedent for future collaborations with traditional finance institutions.

On-chain indicators suggest sustained momentum. Over the past 48 hours, XRP added 21,000 new wallets—the fastest growth since March. Market rumors also suggest that an XRP ETF might be approved by mid-November, although the SEC has yet to confirm. If XRP can close convincingly above $2.44, technical targets could extend to $2.65.

BNB: Security Upgrades Reinforce Confidence

BNB’s rebound has been modest but meaningful, with the key support at $951—near the 2024 uptrend line—holding successfully and preventing technical deterioration. The rally is driven by two main factors: BNB Chain’s partnership with blockchain security firm ZachXBT to establish a smart contract bug bounty program, and a major CEX’s educational initiative, Giggle Academy, pledging to donate 50% of proceeds to the BNB charity fund.

Fundamentals remain supportive. October’s average daily transaction volume on BNB Chain stayed at 3.5 million, with active addresses exceeding 1.2 million—though below historical peaks, it still ranks among the top three blockchains. The staking yield remains steady at around 6.2%, attractive in a low-interest environment.

Short-term, the key is whether BNB can break above the $1,000 psychological level. It has tested support at $943 three times, forming a solid base. A volume-driven move above $1,000 could attract buy-side momentum toward $1,050. Conversely, if market sentiment weakens, a retest of $900 remains possible.

Conclusion

The synchronized rebound across these five major cryptocurrencies reflects both technical correction needs and fundamental improvements. Bitcoin’s resilience is supported by institutional backing; Ethereum continues to benefit from technological upgrades; Solana and XRP leverage ecosystem developments; and BNB’s safety upgrades bolster confidence. While macro uncertainties persist, the key support levels and positive catalysts provide a structurally favorable environment. Investors should monitor the $107,000 resistance for Bitcoin and the progress of ecosystem developments in altcoins, as these factors will determine whether the rebound evolves into a sustained trend reversal.