Markets entered November cautious as the Federal Reserve’s tone signaled a slower path to easing, strengthening the dollar and prompting a pullback across risk assets, with crypto feeling the impact most directly.

Last week, crypto markets saw their heaviest ETF inflows since July, unfolding against a volatile backdrop of weak labor data, sticky inflation, and an imminent Fed rate cut.

Markets are caught between weak jobs data, dovish Fed expectations, and a wave of institutional bets on tokenized infrastructure that could redefine where capital flows next.