Thahbib Rahman
Research Analyst
Last Updated:
November 5, 2026
•
4 Minutes
Crypto Risk Appetite Report 4th November 2026
This week's edition of our Market Sentiment Report.
BLOCK SCHOLES BTC RISK APPETITE INDEX
Risk appetite in BTC continued to decline over the past week following Binance’s $6.3B hack announcement, a wider retreat from risk in US equities and most recently, as Democrats won control of both the House and Senate in a decisive blue wave.
Figure 1. Block Scholes BTC Risk-Appetite Index (white, left axis) against the BTC spot price (right axis). Source: Block Scholes.
BTC SPOT RETURNS AFTER RISK APPETITE INDEX CROSSES 1.0 THRESHOLD FROM ABOVE:
Figure 2. BTC spot returns in the days around each time the BTC Risk-Appetite Index crossed down through 1.0, with the current episode in white and the mean of prior episodes in red. Source: Block Scholes.
BLOCK SCHOLES ETH RISK APPETITE INDEX
Our Risk Appetite Index for ETH is moving below zero, a region which has typically been characterised by more bearish sentiment in the market. That’s coincided with seven straight days of outflows from Spot Ethereum exchange-traded funds.
Figure 3. Block Scholes ETH Risk-Appetite Index (white, left axis) against the ETH spot price (right axis). Source: Block Scholes.
ETH SPOT RETURNS AFTER RISK APPETITE INDEX CROSSES 1.0 THRESHOLD FROM ABOVE:
Figure 4. ETH spot returns in the days around each time the ETH Risk-Appetite Index crossed down through 1.0, with the current episode in white and the mean of prior episodes in red. Source: Block Scholes.
Data behind Risk Appetite charts: BlockScholes BTC/ETH/ SOL/ SUI/ XRP composite spot index price. Available via the BlockScholes REST API.
BLOCK SCHOLES ALTCOIN RISK APPETITE INDEX
Figure 5. Block Scholes Altcoin Risk-Appetite Index (white, left axis) against altcoin market capitalisation (right axis). Source: Block Scholes.
BLOCK SCHOLES XRP RISK APPETITE INDEX
Figure 6. Block Scholes XRP Risk-Appetite Index (white, left axis) against the XRP spot price (right axis). Source: Block Scholes.
BLOCK SCHOLES SUI RISK APPETITE INDEX
Figure 7. Block Scholes SUI Risk-Appetite Index (white, left axis) against the SUI spot price (right axis). Source: Block Scholes.
BLOCK SCHOLES SOL RISK APPETITE INDEX
Figure 8. Block Scholes SOL Risk-Appetite Index (white, left axis) against the SOL spot price (right axis). Source: Block Scholes.
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Crypto Risk Appetite Report 4th November 2026
This week's edition of our Market Sentiment Report.
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Institutional
Morgan Stanley Began Tokenising US Equities and Treasuries on DTCC's New Tokenisation Service
Morgan Stanley has begun using DTCC's new tokenisation service to tokenise US equities and Treasuries, a week after the service launched with 20 participating institutions including JPMorgan, Citi and UBS. Brent crude fell 8.7% to $94.62, below $100 for the first time since September, as investors bet the US midterm results could hasten an end to the war with Iran, while the 10-year Treasury yield fell 5bps to 4.90%. BTC broke back above $80K for the first time since the Binance hack, and Schroders launched a tokenised emerging markets debt fund on Solana.
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The CFTC Approved Coinbase to Clear Fully Collateralised Futures, Options and Swaps Through Its Own Clearinghouse
US equities and long-dated Treasuries sold off together for a second session, sending the 30-year Treasury yield past 5.6%, its highest level since 2002, even as Brent crude fell back to around $96 a barrel. New York Fed President John Williams said there is no need for urgency on rates, and fed funds futures now price a 44.8% probability of a 25bps hike in October, down from 70.9% at the start of the week. The CFTC approved Coinbase Clearing as a derivatives clearing organization, while HSBC named its planned Hong Kong dollar stablecoin HSBC RedCoin.