By Omkar Godbole (All times ET unless otherwise noted)
The crypto market is lively with bitcoin climbing to $111,500 and the CoinDesk 20 (CD20) index up 2% to 3,667 points. Most major cryptocurrencies, including BNB, XRP, SOL and ETH, traded higher after President Trump pardoned Binance founder Changpeng Zhao.
In addition, the White House confirmed a Trump-Xi meeting on the sidelines of the Korea summit earlier today.
Timothy Misir, head of research at BRN, described the market rise as constructive but fragile. “The positive ETF print in Bitcoin and Dolphin cohort accumulation provides a stable base, but long-term holder distribution and a record options complex leaves the market exposed to volatility,” Misir said.
Traders awaited Friday’s US 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 key data, an OG trader who walked away with a $200 million profit after the Oct. 10 crash closed out his newly initiated bearish short bet on BTC.
Amidst all this, a Bloomberg report said investment banking giant JPMorgan is set to allow institutional clients to use bitcoin and ether as collateral. Talk about deepening the 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 Phase 1 of its pre-deposit campaign quickly hit $825 million dollars within minutes of opening.
Meanwhile, Multicoin Capital proposed the innovative concept of perpetual futures contracts linked to Attention Assets, which would allow 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 and aggregate data from prediction markets and other inputs to create a reliable index that reflects real-world attention.
In traditional markets, the dollar index held steady near 99.00 and the 10-year Treasury yield looked set to extend Thursday’s termination to 4%. A warmer-than-expected US inflation report later Friday could add to DXY’s bullishness and cap BTC’s gains. Pay attention!
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- 24 October at 07.30: Team hosts an AMA on Telegram with Coral Finance’s Head of Community.
- Macro
- 24 Oct at 8:30 am: Inflation rate in the US in September. Headline YoY Est. 3.1%, MoM Est. 0.4%. Core YY Est. 3.1%, MoM Est. 0.3%.
- October 24, at 9:45 AM: S&P Global US October PMI (Flash). Composite (Previous 53.9), Manufacturing Est. 52, Service Est. 53.5.
- 24 Oct at 10: Oct. Michigan Consumer Sentiment (Final) Est. 55.
- Earnings (Estimated based on FactSet data)
- October 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 and calls
- Decentraland DAO votes to launch DAO Land Access Program, allowing creators to temporarily use unused DAO land for projects such as art, education and social spaces. Voting ends October 25.
- Unlocks
- October 25: Plasma to unlock 4.97% of its circulating supply worth $34.65 million.
- The token is launched
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 fallen below 25/100 for the first time in the past 90 days as it enters “bitcoin season.”
- The drop reflects deteriorating sentiment across the altcoin market, with assets such as 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 September 13, a sign that investors are shunning speculative altcoin bets in favor of bitcoin, which has held stubbornly between $100,000 and $126,000 since July.
- Altcoins, meanwhile, fell victim to a liquidation cascade earlier this month when a sell-off led to excessive moves, wiping out order book liquidity in the process.
- While some have recovered from the selloff, many remain at critical levels of support creating a bearish market structure.
- This is despite a wave of digital asset treasury companies (DATs) investing in altcoins throughout 2025, where a lack of retail demand cannot sustain consistent momentum.
Derivative positioning
- Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV index, has fallen to 45% from 52% over two days, partially retracing the surge seen on October 10. This decline signals calming market anxiety along with a similar reset on Wall Street.
- Options data from Deribit shows that BTC’s seven-day volatility risk premium (VRP) has turned negative, a sign of renewed calm.
- Dealer gamma profile points to positive gamma build-up from $112K to $120K strikes. This means that traders trade against the market in this range, which stops price volatility.
- Broadly, BTC continues to trade at a premium to calls across all tenors, reflecting persistent fears of downside and overwriting of calls, particularly at the long end of the curve.
- ETH options are showing bullishness after the December expiration.
- Open interest (OI) in perpetual futures linked 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 precede 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 hedge the same with short futures bets.
Market movements
- BTC is up 1.66% as of 16 ET Thursday at $111,394.24 (24 hours: +1.7%)
- ETH is up 3.4% to $3,960.88 (24h: +2.22%)
- CoinDesk 20 is up 2.37% to 3,960.88 (24 hours: +1.64%)
- Ether CESR Composite Staking Rate is down 3 bps to 2.84%
- BTC funding rate is at 0.0045% (4.9494% annualized) on Binance
- DXY is up 0.12% to 99.05
- Gold futures are down 1.49% at $4,083.90
- Silver futures are down 1.93% at $47.76
- The Nikkei 225 closed up 1.35% at 49,299.65
- The Hang Seng closed up 0.74% at 26,160.15
- The FTSE is unchanged at 9,582.10
- The Euro Stoxx 50 is unchanged at 5,672.56
- The DJIA closed Thursday up 0.31% at 46,734.61
- The S&P 500 closed up 0.58% at 6,738.44
- The Nasdaq Composite closed up 0.89% at 22,941.80
- The S&P/TSX Composite closed up 0.68% to 30,186.28
- The S&P 40 Latin America closed up 1.33% at 2,933.15
- The US 10-year Treasury note rose 1.7 bps to 4.006%
- E-mini S&P 500 futures rose 0.31% to 6,795.75
- E-mini Nasdaq-100 futures are up 0.5% at 25,380.75
- The E-mini Dow Jones Industrial Average Index is up 0.12% at 46,977.00
Bitcoin statistics
- BTC dominance: 59.88% (unchanged)
- Ether to bitcoin ratio: 0.03555 (1.51%)
- Hashrate (seven-day moving average): 1,101 EH/s
- Hash price (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 OBV deviating lower from rising prices and suggests an underlying weakness in demand.
- Prices may therefore correct lower in the short term.
Crypto stocks
- Coinbase Global (COIN): closed Thursday at $322.76 (+0.76%), +2.78% at $331.73 in premarket
- 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 ~ 1.35M
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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