By Francisco Rodrigues (all times ET unless otherwise noted)
Bitcoin and the broader crypto market recovered over the weekend, providing a brief reprieve after sticky selling pressure kept cryptocurrency prices down in the wake of a $500 billion value-destroying event.
The price of bitcoin rose 3% in the past 24 hours to $110,770. That’s still down about 4% for the month. The rebound came as global risk sentiment improved, with stocks rising and investors rotating back to more volatile assets.
US President Donald Trump’s softer stance on tariffs and signs that the Federal Reserve may ease monetary policy later this year have helped calm markets. The CoinDesk 20 (CD20) index rose 4.3% in the past 24 hours with all members in the green.
“While bitcoin has seen a notable short-term correction, the long-term trend remains a different story as the cryptocurrency’s trajectory is still heavily influenced by macroeconomic factors such as Federal Reserve monetary policy, US dollar strength, spot bitcoin ETF flows and geopolitical risks,” XS.com market analyst LinDesk told CoinDesk Tran in an email.
Still, short-term momentum may not signal a lasting trend. Analysts at Coinbase Institutional warned that thin liquidity, a strong US dollar and uncertainty around the Federal Reserve’s interest rate path continue to weigh on the market structure.
A rise in US Treasury yields late last week and geopolitical tensions with Israel carrying out retaliatory airstrikes in Gaza following attacks on its forces while a ceasefire was in effect and as Russia advances in Ukraine have kept many institutional investors cautious.
Nevertheless, corporate accumulation has continued, with BitcoinTreasuries data showing that in the last 30 days these entities have increased their holdings by 8.4% to 4.04 million BTC. Access to crypto exposure is also growing, with BlackRock and 21Shares adding debuting their crypto ETPs on the London Stock Exchange for retail investors.
“Overall, in my view, bitcoin is currently in a re-accumulation phase after its short-term correction, with market sentiment stabilizing and institutional demand remaining resilient,” Tran added. Pay attention!
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- October 20: Ether Treasury firm ETHZilla Corp. (ETHZ) will implement a 1-for-10 reverse stock split, reducing outstanding shares to 16 million.
- Macro
- 20 Oct at 8.30am: Canada Sept. PPI. Headline YoY (Previous 4%), MoM (Previous 0.5%).
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- GnosisDAO votes on a proposal to fund ProbeLab with $105K to develop detailed performance and security metrics for the Gnosis Chain P2P network. Voting ends October 21.
- 1inch DAO votes to remove 5% Unicorn Power stake requirement for Fusion resolvers. Voting ends October 21.
- Unlocks
- October 20: to unlock 7.86% of its circulating supply worth $44.73 million.
- The token is launched
- October 20: Falcon Finance’s S2 staking deadline.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Token Talk
By Oliver Knight
- A rise in value across several altcoins, particularly popular memecoin floki, resulted in an improvement in sentiment across the crypto market on Monday, although CoinMarketCap’s altcoin seasonal index remains at 26/100, indicating investors’ preference for bitcoin over speculative bets.
- Bitcoin dominance, a metric used to assess how much of crypto’s total market capitalization is attributable to BTC, is at 58.8%, up from this time last month when it was at 57.2%.
- While there were signs of recovery on Monday, several altcoins are still significantly lower than they were a week ago. Synthetix is ​​down 30%, while others including FET, ASTER and BNB all face losses of between 15% and 25%.
- One of the drivers of positive sentiment on Monday was LINK, which surged 14% after a number of wallets collectively withdrew $116 million in tokens from Binance, indicating accumulation after last week’s crash.
- The average crypto Relative Strength Index (RSI) is at 54.2/100, suggesting that the market is in a state of limbo as it moves away from key levels of support, but is still far from challenging major resistance levels.
Derivative positioning
- BTC options positioning remains strongly bullish with a put-call open interest ratio of 0.66 and a large build-up at the $140K strike, where over $2.4B in notional call exposure is concentrated. This indicates that traders continue to price upward momentum into the end of the year, even as spot volatility increases.
- Total open interest on bitcoin Deribit options has risen to 427,746 contracts, marking an annual high. The December 26 expiration dominates ($14.3bn theoretical), suggesting traders are extending bullish bets further out on the curve while maintaining tactical flexibility in shorter options.
- ETH options show similar positioning, with call dominance around the $4K-$4.5K strike and increasing open interest at the end of December expiration, reflecting BTC’s structure.
Market movements
- BTC is up 3.65% as of 16 ET Friday at $110,980.77 (24 hours: +3.32%)
- ETH is up 5% to $4,051.70 (24h: +2.96%)
- CoinDesk 20 is up 5.52% to 3,706.47 (24 hours: +3.47%)
- Ether CESR Composite Staking Rate is down 14 bps to 2.82%
- BTC funding rate is at 0.0015% (1.6097% annualized) on Binance
- DXY is unchanged at 98.48
- Gold futures are up 1.52% at $4,277.30
- Silver futures are up 1.50% at $50.85
- The Nikkei 225 closed up 3.37% at 49,185.50
- The Hang Seng closed up 2.42% to 25,858.83
- The FTSE is up 0.28% to 9,381.02
- The Euro Stoxx 50 rose 0.64% to 5,643.36
- The DJIA closed Friday up 0.52% at 46,190.61
- The S&P 500 closed up 0.53% at 6,664.01
- The Nasdaq Composite closed up 0.52% at 22,679.97
- The S&P/TSX Composite closed up 1.15% at 30,108.48
- The S&P 40 Latin America closed up 0.55% at 2,884.62
- The US 10-year Treasury yield rose 0.5 bps to 4.014%
- E-mini S&P 500 futures rose 0.25% to 6,719.00
- E-mini Nasdaq-100 futures rose 0.34% to 25,071.50
- The E-mini Dow Jones Industrial Average Index is up 0.19% to 46,469.00
Bitcoin statistics
- BTC dominance: 59.68% (0.18%)
- Ether to bitcoin ratio: 0.03649 (-0.46%)
- Hashrate (seven-day moving average): 1,153 EH/s
- Hash price (spot): $47.74
- Total Fees: 2.23 BTC / $240,861
- CME Futures open interest: 144,335 BTC
- BTC priced in gold: 26.4 oz
- BTC vs Gold Market Cap: 7.44%
Technical Analysis
- After retesting the weekly order block during the liquidation cascade on October 10, the ETH-BTC ratio closed the week above the yearly open, a positive sign for bulls.
- Holding this key level will be crucial because the ratio often serves as a leading indicator of altcoin outperformance.
- With ETH-BTC now breaking out of a multi-week downtrend, the next major resistance lies at the 100-week exponential moving average, currently around $0.03904.
Crypto stocks
- Coinbase Global (COIN): closed Friday at $336.02 (+1.75%), +3.4% at $347.43
- Circle Internet (CRCL): closed at $126.49 (-1.53%), +3.43% at $130.74
- Galaxy Digital (GLXY): closed at $37.78 (-5.34%)
- Bullish (BLSH): closed at $57.07 (-0.83%), +2.59% at $58.58
- MARA Holdings (MARA): closed at $19.57 (-3.43%), +4.65% at $20.48
- Riot Platforms (RIOT): closed at $20.03 (+2.46%), +3.89% at $20.81
- Core Scientific (CORZ): closed at $19 (-3.41%), +2.58% at $19.49
- CleanSpark (CLSK): closed at $19.52 (-2.33%), +4.38% at $20.38
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $58.23 (-1.85%), +5.74% at $61.57
- Exodus Movement (EXOD): closed at $24.86 (-1.27%), unchanged in pre-market
Crypto Treasury Companies
- Strategy (MSTR): closed at $289.87 (+2.12%), +3.72% at $300.65
- Semler Scientific (SMLR): closed at $23.18 (-6.04%), +2.55% at $23.77
- SharpLink Gaming (SBET): closed at $14.34 (-1.58%), +3.7% at $14.87
- Upexi (UPXI): closed at $5.4 (-3.74%), +5.74% at $5.71
- Lite Strategy (LITS): closed at $1.88 (+1.62%), +4.79% at $1.97
ETF Flows
Spot BTC ETFs
- Daily net flow: -$366.6 million
- Cumulative net flows: $61.50 billion
- Total BTC holdings ~ 1.35M
Spot ETH ETFs
- Daily net flow: -$232.2 million
- Cumulative net flows: $14.61 billion
- Total ETH holdings ~ 6.79 million
Source: Farside Investors
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