By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market is buoyant, with bitcoin climbing to $111,500 and the CoinDesk 20 (CD20) Index rising 2% to 3,667 points. Most major cryptocurrencies, including BNB, XRP, SOL, and ETH, traded higher after President Trump pardoned Binance founder Changpeng Zhao.
Additionally, the White House confirmed a Trump-Xi meeting on the sidelines of the Korea summit early today.
Timothy Misir, head of research at BRN, described the market bounce as constructive but fragile. “The positive ETF print into Bitcoin and Dolphin cohort accumulation provide a steadying base, yet long-term holder distribution and a record options complex leave the market exposed to volatility,” Misir said.
Traders awaited Friday’s U.S. consumer price index data, which is expected to show the cost of living rose to an 18-month high in September. The way options were priced on Deribit suggested a 2.9% post-CPI price swing in ether compared to less than 2% in bitcoin.
Ahead of the pivotal data, an OG trader who walked away with a $200 million profit following the Oct. 10 crash closed its recently initiated bearish short bet on BTC.
Amid all this, a Bloomberg report said that investment banking giant JPMorgan is set to allow institutional clients to use bitcoin and ether as collateral. Talk about deepening integration of crypto into the traditional financial system!
In other news, rumors of insider trading swirled on social media after stablecoin-focused layer 1 blockchain Stable said that Phase 1 of its pre-deposit campaign quickly hit the $825 million hard cap in minutes after opening.
Meanwhile, Multicoin Capital proposed the innovative concept of perpetual futures contracts tied to Attention Assets, which would enable traders to take long or short positions based on the level of cultural or social attention a topic or entity receives.
These “Attention Perps” will leverage Attention Oracles, aggregating data from prediction markets and other inputs to create a reliable index reflecting real-world attention.
In traditional markets, the dollar index held steady near 99.00, and the 10-year Treasury yield looked to extend Thursday’s bounce to 4%. A hotter-than-expected U.S. inflation report later Friday could add to DXY’s bullishness, capping BTC’s gains. Stay alert!
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Crypto
- Macro
- Oct. 24, 8:30 a.m.: U.S. Sept. Inflation Rate. Headline YoY Est. 3.1%, MoM Est. 0.4%. Core YoY Est. 3.1%, MoM Est. 0.3%.
- Oct. 24, 9:45 a.m.: S&P Global U.S. October PMI (Flash). Composite (Prev. 53.9), Manufacturing Est. 52, Services Est. 53.5.
- Oct. 24, 10 a.m.: Oct. Michigan Consumer Sentiment (Final) Est. 55.
- Earnings (Estimates based on FactSet data)
- Oct. 30: Coinbase Global (COIN), post-market.
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
- Governance votes & calls
- Decentraland DAO is voting to launch the DAO Land Access Program, allowing creators temporary use of unused DAO land for projects like art, education, and social spaces. Voting ends Oct. 25.
- Unlocks
- Oct. 25: Plasma to unlock 4.97% of its circulating supply worth $34.65 million.
- Token Launches
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
Token Talk
By Oliver Knight
- CoinMarketCap’s “altcoin season” index has slumped below 25/100 for the first time in the past 90 days, as it edges into “bitcoin season.”
- The fall reflects worsening sentiment across the altcoin market, with assets like FET, 2Z, BONK and WIF all losing more than 50% of their value over the past three months.
- Bitcoin dominance has also crept up from 57% to 59% since Sep. 13, a sign that investors are avoiding speculative altcoin bets in favor of bitcoin, which has stubbornly held between $100,000 and 126,000 since July.
- Altcoins, meanwhile, fell victim to a liquidation cascade earlier this month as a sell-off prompted exaggerated drawdowns, wiping order book liquidity in the process.
- While some have recovered from the sell-off, many remain at critical levels of support to create a bearish market structure.
- This is in spite of a wave of digital asset treasury companies (DATs) investing in altcoins throughout 2025, with a lack of retail demand failing to sustain consistent momentum.
Derivatives Positioning
- Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV index, has eased to 45% from 52% over two days, partially retracing the spike experienced on October 10. This decline signals a soothing of market anxiety alongside a similar reset on Wall Street.
- Options data from Deribit show that BTC’s seven-day volatility risk premium (VRP) has flipped negative, a sign of renewed calm.
- Dealer gamma profile points to positive gamma buildup from $112K to $120K strikes. It means dealers trade against the market in this range, arresting price volatility.
- Broadly speaking, BTC puts continue to trade at a premium to calls across all tenors, reflecting persistent downside fears and call overwriting, especially at the long-end of the curve.
- ETH options exhibit bullishness beyond the December expiry.
- Open interest (OI) in perpetual futures tied to most major tokens has increased in the past 24 hours. Leading the pack are PUMP futures, with an OI gain of over 14%. Strong capital inflows in non-serious tokens often precedes market corrections.
- Funding rates for TRX, ZEC have turned slightly negative, indicating a bias for bearish short positions. In ZEC’s case, traders with long exposure in the spot market could be hedging the same with short futures bets.
Market Movements
- BTC is up 1.66% from 4 p.m. ET Thursday at $111,394.24 (24hrs: +1.7%)
- ETH is up 3.4% at $3,960.88 (24hrs: +2.22%)
- CoinDesk 20 is up 2.37% at 3,960.88 (24hrs: +1.64%)
- Ether CESR Composite Staking Rate is down 3 bps at 2.84%
- BTC funding rate is at 0.0045% (4.9494% annualized) on Binance
- DXY is up 0.12% at 99.05
- Gold futures are down 1.49% at $4,083.90
- Silver futures are down 1.93% at $47.76
- Nikkei 225 closed up 1.35% at 49,299.65
- Hang Seng closed up 0.74% at 26,160.15
- FTSE is unchanged at 9,582.10
- Euro Stoxx 50 is unchanged at 5,672.56
- DJIA closed on Thursday up 0.31% at 46,734.61
- S&P 500 closed up 0.58% at 6,738.44
- Nasdaq Composite closed up 0.89% at 22,941.80
- S&P/TSX Composite closed up 0.68% at 30,186.28
- S&P 40 Latin America closed up 1.33% at 2,933.15
- U.S. 10-Year Treasury rate is up 1.7 bps at 4.006%
- E-mini S&P 500 futures are up 0.31% at 6,795.75
- E-mini Nasdaq-100 futures are up 0.5% at 25,380.75
- E-mini Dow Jones Industrial Average Index are up 0.12% at 46,977.00
Bitcoin Stats
- BTC Dominance: 59.88% (unchanged)
- Ether to bitcoin ratio: 0.03555 (1.51%)
- Hashrate (seven-day moving average): 1,101 EH/s
- Hashprice (spot): $48.02
- Total Fees: 2.68 BTC / $293,719
- CME Futures Open Interest: 146,715 BTC
- BTC priced in gold: 26.4 oz
- BTC vs gold market cap: 7.45%
Technical Analysis
- ZEC’s daily chart shows a bearish divergence of the On-Balance Volume indicator.
- The pattern is characterized by the OBV diverging lower from rising prices and suggests underlying weakness in demand.
- Prices, therefore, could correct lower in the near-term.
Crypto Equities
- Coinbase Global (COIN): closed on Thursday at $322.76 (+0.76%), +2.78% at $331.73 in pre-market
- Circle Internet (CRCL): closed at $129.86 (+4.06%), +1.85% at $132.26
- Galaxy Digital (GLXY): closed at $38.6 (+3.37%), +2.15% at $39.43
- Bullish (BLSH): closed at $53.87 (+2.36%), +1.47% at $54.66
- MARA Holdings (MARA): closed at $19.22 (+0.37%), +2.24% at $19.65
- Riot Platforms (RIOT): closed at $20.49 (+7.9%), +1.46% at $20.79
- Core Scientific (CORZ): closed at $18.06 (+1.46%), +1.33% at $18.30
- CleanSpark (CLSK): closed at $17.67 (+4.8%), +3.23% at $18.24
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $54.02 (+5.26%), +5.52% at $57
- Exodus Movement (EXOD): closed at $24 (+3.09%), +4.17% at $25
Crypto Treasury Companies
- Strategy (MSTR): closed at $284.92 (+1.46%), +2.43% at $291.84
- Semler Scientific (SMLR): closed at $22.76 (+1.02%),
- SharpLink Gaming (SBET): closed at $13.51 (+0.48%), +2.52% at $13.85
- Upexi (UPXI): closed at $4.77 (+0.42%), +5.45% at $5.03
- Lite Strategy (LITS): closed at $1.87 (+0.54%), +0.53% at $1.88
ETF Flows
Spot BTC ETFs
- Daily net flow: $20.3 million
- Cumulative net flows: $61.86 billion
- Total BTC holdings ~ 1.35 million
Spot ETH ETFs
- Daily net flow: -$127.4 million
- Cumulative net flows: $14.46 billion
- Total ETH holdings ~ 6.76 million
Source: Farside Investors
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