Gate Daily (November 11): Trump expresses support for ending the government shutdown; the US allows cryptocurrency ETFs to earn staking rewards.

Bitcoin (BTC) maintains an upward trend, currently around $106,192 as of November 11. The U.S. has opened the door for crypto ETF and trust staking rewards, with Trump expressing support for a bipartisan agreement to end the government shutdown. This key development suggests the government could reopen within days. Following the news, U.S. stocks and risk assets like Bitcoin rallied.

Macro Events & Crypto Hotspots

1. The IRS, the U.S. tax authority, has updated guidance on exchange-traded products (ETPs), including safe harbors for trust institutions staking digital assets. U.S. Treasury Secretary Janet Yellen stated that guidance has been issued to provide a clear pathway for crypto ETPs to stake digital assets and share staking rewards with retail investors. According to the guidance, government agencies will allow crypto trusts to participate in staking, provided they are traded on national securities exchanges, hold only cash and units of single-type digital assets held by custodians, and reduce specific investor risks.

2. On November 10, President Trump supported a bipartisan agreement to end the U.S. government shutdown. Bloomberg reports this critical progress could lead to the government reopening within days. Trump, in an interview at the White House, said he supports the agreement that crossed an important procedural threshold in the Senate last Sunday night. He told reporters, “They [both parties] want to make some slight changes, but I support it. From what I hear, they haven’t changed anything. We have enough Democratic support, and we will reopen our country. The shutdown is unfortunate, but we will reopen soon.”

( Market News

1. Uniswap Labs and the Foundation proposed to activate fee switches and a UNI burn mechanism, with UNI up nearly 38% in 24 hours.

2. Tether Treasury minted 1 billion USDT on the Ethereum network.

3. A crypto bill from the U.S. Senate Agriculture Committee grants new powers to the CFTC, but key issues remain unresolved.

4. The IRS released new guidelines allowing crypto ETPs to stake digital assets.

5. Strive completed the NASDAQ listing of SATA and added 1,567 BTC, with total holdings reaching 7,525 BTC.

6. Bitdeer’s Q3 revenue increased by 174% year-over-year, with Bitcoin holdings surpassing 2,000 BTC.

7. USDC Treasury minted an additional 200 million USDC on Ethereum.

8. Square launched Bitcoin payment functionality, allowing merchants to settle in BTC or fiat.

9. Virtuals launched Luna.fun, an AI-driven autonomous content and token platform.

10. Tether plans to invest $100 million in advertising through Rumble.

11. Monad announced a tokenomics model: selling 7.5% of tokens at a $2.5 billion valuation and airdropping 3%.

) Market Trends

1. Bitcoin latest news: maintains an upward trend, around $106,192, with $44 million liquidated in the past 24 hours, mostly long positions.

2. U.S. stocks surged on November 11, with investors buying the dip in Nvidia, Palantir, and other major AI stocks. Progress on ending the government shutdown also contributed. The Nasdaq Composite rose 522.64 points, up 2.3%, closing at 23,527.17, the largest single-day gain since May 27. The S&P 500 increased 103.63 points, up 1.5%, closing at 6,832.43. The Dow Jones Industrial rose 381.53 points, up 0.8%, finishing at 47,368.63.

![Bitcoin Liquidation Map]###https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-e340ff0b44-153d09-cd5cc0.webp###

(Source: Gate)

3. According to the Gate BTC/USDT liquidation map, with the current price at $106,086, if the price drops near $103,860, total long liquidation exceeds $444 million; if it rises to around $107,094, short liquidation exceeds $386 million. Short liquidations are lower than longs, so traders should manage leverage carefully to avoid large-scale liquidations during market swings.

![Bitcoin Spot Inflows and Outflows]$BTC https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-9b8a2f1736-153d09-cd5cc0.webp(

(Source: Coinglass)

4. In the past 24 hours, Bitcoin spot inflows totaled $2.73 billion, outflows also $2.73 billion, balancing each other.

![Crypto Contract Flows])https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-e2bda5f76e-153d09-cd5cc0.webp(

(Source: Coinglass)

5. Over the past 24 hours, net outflows in ETH, UNI, BCH, PUMP, and other contracts suggest trading opportunities.

) Selected Insights from X KOL

Phyrex Ni (@Phyrex_Ni): “Finally back home. The best news today is the hope of ending the shutdown. If all goes well, the shutdown could end by Thursday Beijing time. Market sentiment is gradually recovering. Today’s strong rally in U.S. stocks also lifted Bitcoin back to around $106,000. It seems the bottoming attempt was successful.”

“With the shutdown ending, market focus will shift to Trump’s tariffs and the Federal Reserve’s monetary policy. Recent weeks have seen limited data due to the shutdown, and the next rate cut is over a month away, so tariffs remain a key focus. This time, tariffs are an internal U.S. issue. During oral hearings at the Supreme Court, several justices questioned Trump’s authority over tariffs. If Trump’s tariffs are invalidated, it could trigger a new wave of market uncertainty, as Trump won’t sit idly by.”

“Looking at Bitcoin data, turnover has surged significantly today, mainly due to the shutdown news. Some investors are increasing their bottom-fishing efforts, but it’s clear that investors who bought during the shutdown expect to exit soon. The market may face a tough period ahead. Recently, support levels have been very stable; despite short-term dips caused by sentiment, as long as support holds, prices can rebound. Currently, BTC price has returned to the support zone, and the structure remains tight.”

( Today’s Outlook

1. China’s M2 money supply growth rate for October, previous value 8.4%

2. UK September unemployment rate, previous 4.41%

3. UK three-month ILO unemployment rate through September, previous 4.8%

4. Germany’s November ZEW Economic Sentiment Index, previous 39.3

5. Canada September trade balance (billion CAD), previous -6.32