The U.S. government shutdown, which begins on October 1, 2025, and lasts for 43 days, will cause the crypto market to initially fall due to a liquidity crisis, followed by a rebound as favorable information about the end of the shutdown emerges, while regulatory processes remain stagnant.

Impact Dimension Specific Performance
📉 Market Growth The market growth rate has sharply slowed down, with a total market value loss of about 408 billion dollars in growth space. The Bitcoin growth rate fell from 16.75% on October 1 to 6.60% on November 10.
1. Price fell first and then rose: At the beginning of the standstill, liquidity in the market was largely withdrawn. On October 2, Bitcoin briefly fell below $110,000, leading to over 100,000 liquidations that night; starting from November 9, as news of the end of the standstill emerged, Bitcoin rose from $102,000 to $106,600, and Ethereum increased from $3,400 to $3,600 with a 24-hour increase of over 7%; after the Senate passed the funding agreement, Bitcoin further rebounded to around $112,000, with a single-day increase of over 6%.

2. Regulatory process has come to a standstill: During the suspension, multiple core tasks of the SEC have been paralyzed, the approval of Bitcoin spot ETF and crypto ETFs such as SOL and Litecoin has been postponed, and the investigation into digital asset treasury companies has also been halted; the CFTC's related efforts to advance crypto regulation have similarly stalled, with plans to promote spot crypto trading and other agendas forced to be delayed.

3. Institutional actions and market data anomalies: The suspension has led to a decrease in institutional purchasing power, with the weekly capital inflow of the Digital Asset Treasury (DAT) in November falling more than 95% compared to the peak in July; however, the actual payment flow of stablecoins has surged, and the supply ratio of stablecoins has dropped to a historical low area, indicating that a large amount of capital is waiting to enter the market. At the same time, a survey by Swiss crypto bank Sygnum shows that 61% of institutions still plan to increase their holdings in encryption assets in the future, and over 80% of institutions are interested in crypto ETFs outside of BTC and ETH.

The focus of the market has shifted from "the halt itself" to the recovery of economic data after the halt and the future monetary policy of the Federal Reserve. Investors are concerned that the Federal Reserve may maintain high interest rates for a longer period, which reduces the attractiveness of cryptocurrencies relative to interest-bearing assets such as bonds.

The recent government shutdown has brought more growth stagnation, liquidity pressure, and regulatory uncertainty to the crypto market. The end of the shutdown has alleviated some crises, but after the market's cheer, it is now examining the future economic environment and policy direction with a more rational attitude.

The uncertainty in the market requires an urgent rebound and a long-term oscillation. The bull market is still at #美国终止政府停摆危机 .