Change of Character: Crypto Daybook Americas

The Crypto Daybook Americas for November 11, 2025, reports that Bitcoin (BTC) is showing signs of a bearish 'change of character' (CHoCH) after its spot price dropped below $107,250, invalidating the bullish higher highs/higher lows pattern. BTC was trading near $105,000, down 1% over 24 hours, while major altcoins also saw losses, pushing the CoinDesk 20 Index down over 2%. The shift in market attitude is evidenced by significant open interest in $95K put options, nearly matching the popular $140K call options. The DeFi Select index bucked the trend, gaining 6%, driven by Uniswap's UNI token surging 23% following a proposal to activate protocol fees and introduce token burns. In regulatory news, the U.S. Treasury and IRS released guidelines allowing Wall Street-traded crypto products to generate staking yield. Traditional markets showed mixed results, with concerns rising over private credit segments, while gold extended gains.

(Source：CoinDesk)