Alternative Investing Report - November 5, 2025

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*as of 11/4; Sources: S&P, BTC, FTSE, DJRE, CL50

Crypto’s recent downturn continued, with the overall market dropping almost 7%, and Bitcoin dipping below $100,000 for the first time in nearly six months. It is now off more than 20% from a record high achieved a month ago, and more than 10% over the past week. Almost every major coin has dropped double-digits and the overall market cap hit a four-month low, losing $1 trillion of value in the past month.

➨ TAKEAWAY: Yesterday was a tough day for riskier assets, as tech stocks took a beating, and crypto followed suit. The worry for investors is that even when the public equities market was up earlier this week, crypto was falling, indicating that a stock market turnaround might not necessarily lead to one for crypto. Historically, crypto has seen prolonged drawdowns at a more significant rate than this, so don’t be surprised if the slump continues.

In the latest episode of Smart Humans, Slava Rubin talks with Kyle Samani about the world of crypto investments, the significance of the Genius Act and the future of DeFi.

❌ New York targeting Kalshi: Prediction markets are having a moment, with the two biggest - Kalshi and Polymarket - seeing exponential growth in user activity and in their companies’ valuations. Now, New York state is seeking to bar Kalshi from operating sports-related markets, and Polymarket can expect the same treatment when it reopens for business in the U.S.

🤖 OpenAI and Amazon: The two tech giants agreed to a $38 billion deal that will allow OpenAI to use Amazon’s U.S. data centers, less than a week after OpenAI changed its once-exclusive partnership with Microsoft.

🏡 International buyers: Miami, New York City, and Los Angeles were the three most popular markets for international buyers in Q3, who now make up 1.5% of homebuying demand and tend to target pricier homes compared to domestic buyers.

🪙 Tether profits: The leading stablecoin company reported an eye-popping year-to-date profit of more than $10 billion, becoming one of the world’s most profitable private companies.

💵 Funds of funds lead the way: Over the past year, funds of funds have seen an average return of 8.2%, making the style the top performer among private market strategies in that timeframe.

🚘 Ayrton Senna’s McLaren: A McLaren MP4/6-1 used by the legendary F1 driver to win the 1991 Brazilian Grand Prix is being auctioned by Sotheby’s and carries a $12 million - $15 million estimate.

While most of the crypto market is down considerably in the past week, of the top-30 tokens by market cap, Solana has taken the biggest loss. This came despite a strong week for Solana ETFs, and Bitwise’s Staking Solana ETF attracting record inflows in its first week. Solana is now down 32% in the past month, and 2.1% year-over-year. It fell from $260 to $105 earlier this year before jumping back around $250 before this recent decline. This both illustrates the volatility of the crypto market, even for a major token, and suggests that this fall could potentially present buying opportunities.