By Francisco Rodrigues (all times one unless otherwise stated)
A quick and violent sale wiped out more than $ 500 billion from crypto markets on Friday, triggered forced liquidation, collapsed wrapped tokens, led to nearly $ 20 billion in liquidations and strenuous exchange infrastructure.
The flash crash, described by BitWise Portfolio Manager Jonathan Man as possibly the worst liquidation event in crypto history, erased $ 65 billion in open interest and reset positioning to levels last seen in July.
The violent crash so Bitcoin Drop 13% in a single hour before rebounding, while some tokens saw flash crashes of more than 40%. Since then, the market has been recovering, with Coindesk 20 (CD20) index, which has now risen by 7.7% in the last 24 hours, while it is still down approx. 7.4% from the crash.
At Binance, infrastructure failure wrapped assets such as Wbeth and BNSOL to deviate massively from their underlying prices. Weth, which is intended to track Ether, fell as low as $ 430, while ETH traded over $ 3,800.Binance promised to compensate affected users and switched to a more stable conversion -based price model for wrapped assets.
“Market structure problems, including major derivative exchanges that liquidate users (regardless of their margin), uptime problems and some stableecoin and liquid stack assets experiencing meaningful price locations from their underlying security backing, have all contributed to the place we are today,” said Stuart Connolly, Cio at Deus X Capital, in an e -Mail -Declaration.
“The Perp Dex” narrative, which has been so popular, has taken a few meaningful steps back, “he added.” The market needed a reset, and if President Trump’s position softens as it seems like it might, we will see crypto assets higher in the 4th quarter as a result. “
The ongoing US government’s shutdown means that markets are still operating in a data vacuum. In the midst of the risk-off mood, gold has continued to accumulate, which helped tokens, supported by precious metal like PAXG and XAUT near $ 4,090.
Today, the US markets remain closed and there are few macro references to lean on. Dealers will instead see how the market reacts when liquidity gets a boost after the weekend.
None of the typically used crypto -market cycle -top indicators have been triggered so far. Stay aware!
What to look at
For a more comprehensive list of events this week, see Coindesk’s “Crypto Week ahead”.
- Crypto
- October 13: CME Group aimed at launching opportunities on SOL and XRP, subject to regulatory approval.
- Macro
- Earnings (Estimates based on Factset -Data)
Token -events
For a more comprehensive list of events this week, see Coindesk’s “Crypto Week ahead”.
- Management votes and calls
- SuperFluid DAO votes for a proposal to upgrade contracts for wrapping supertokens such as ETHX and USDCX so that DAO can invest their underlying assets and generate dividend revenue for its treasury. Voting ends October 13.
- One’s DAO votes on a proposal to establish reverse items for his core agreements to improve identification, usability and demonstrate best practice by fully using the same protocol. Voting ends October 13.
- Unlock
- Token launches
- October 14: Sandchain, a ZK-powered Ethereum Layer-2, launched.
Conferences
For a more comprehensive list of events this week, see Coindesk’s “Crypto Week ahead”.
Token Talk
By Oliver Knight
- The Crypto market started Monday with a rebound in the wake of a sharp weekend development. According to data from coinmarketcap, the total crypto market capital increased approx. 5.7% over the last 24 hours, with volume jumping approx. 26.8%, suggesting that they liquidated over the weekend their positions.
- A total of $ 19 billion worth of derivative positions were wiped out over the weekend, the vast majority of people being attributed to those who had long positions in the last 24 hours, but $ 626 billion was liquidated with $ 420 billion on the short side, demonstrating a turn in mood, according to Coinglass.
- Recovering has so far been so far; The dominance of Bitcoin remains elevated at approx. 58.45%, down modestly from the recent heights, which means that Altcoins can still delay as capital piles back in safer large cap names.
- The big winner of Monday’s recovery was which rose by more than 12
Derivatives Location
- The BTC Futures market has stabilized after an unstable period. Open interest rates that had fallen from $ 33 billion to $ 23 billion over the weekend have now settled around $ 26 billion. Similarly, the 3-month annual basis is rebounded to the 6-7% area after dipping at 4-5% over the weekend, indicating that the bullish atmosphere has returned largely. However, financing rates remain a central area of ​​divergence; While Bybit and Hyperliquid have settled at approx. 10%, Binance’s rate is negative.
- BTC Options Market shows a renewed bullish lean. The 24-hour put/call volume has been changed to be more in favor of calls, now over 56%. In addition, the 1-week 25 Delta Skew has risen to 2.5% after a period of flatness.
- These measurements indicate a market with increasing demand for bullish exposure and upward protection, reflecting a shift away from the recent “cautious neutrality.”
- Coinglass data shows $ 620 million in 24 hours of liquidation with a 34-66 split between along and shorts. ETH ($ 218 million), BTC ($ 124 million) and Sol ($ 43 million) were leaders in terms of nominal liquidation. Binance -Liquidation Heatmap indicates $ 116,620 as a core liquidation level to monitor, in the event of a price increase.
Market movements
- BTC has increased by 0.48% from 1 p.m. 16 A Wednesday of $ 115,132.15 (24 Hours: 3.05%)
- ETH has increased 0.97% of $ 4,166.14 (24 hours: 8.96%)
- Coindesk 20 has risen 0.42% at 3,852.77 (24 hours: +6.92%)
- Ether Cesr Composite Staking Rate has fallen 98 bps at 2.92%
- BTC -Financing rate is -0.0012% (-1,367% annual) on Binance
- DXY has increased 0.13% at 99.11
- Gold Futures have risen 2.37% of $ 4,095.10
- Silver Futures have risen 5.08% of $ 49.65
- Nikkei 225 closed 1.01% at 48,088.80
- Hang bed closed 1.52% at 25,889.48
- FTSE is unchanged at 9,428.00
- Euro Stoxx 50 has increased 0.68% at 5,568.86
- Djia closed Friday down 1.90% at 45,479.60
- S&P 500 closed 2.71% at 6,552.51
- Nasdaq Composite closed 3.56% at 22,204.43
- S&P/TSX Composite closed 1.38% at 29,850.89
- S&P 40 Latin America closed 2.54% at 2,785.96
- US 10-year-old Treasury is down 8.9 BPS of 4,059%
- E-MINI S&P 500 Futures have risen 1.35% at 6,684.00
- E-MINI NASDAQ-100 FUTURES rose 1.88% at 24,856.25
- E-MINI DOW JONES Industrial Average Index has risen 0.97% at 46,150.00
Bitcoin statistics
- BTC Dominance: 59.22% (-0.44%)
- Ether to bitcoin ratio: 0.03617 (0.11%)
- Hashrate (Seven-Day Sliding Average): 1,021 EH/S
- HashPrice (Spot): $ 48.33
- Total fees: 2.43 BTC / $ 274,808
- CME Futures Open Interest: 145,105 BTC
- BTC priced in gold: 28.6 oz
- BTC VS GOLD MARKET CAP: 8.06%
Technical analysis
- After the biggest liquidation event in the history of the industry, the major cryptocurrency prices have begun to stabilize and gradually return to levels seen the previous week. ETH dipped cards to $ 3,400 before rebounded to recover the weekly range made around $ 4,070.
- Remarkably, the $ 3,400 zone is in line with the EMA200 on the daily timeframe, providing a strong technical support. ETH is currently trading nearly $ 4,150 just below the daily EMA50.
- Bulls would like to see a weekly close to $ 4,070, which effectively establishes a swing low and signaling renewed strength in the trend.
Crypto shares
- COINBASE GLOBAL (COIN): CLOSED FRIDAY OF $ 357.01 (-7.75%)
- Circle Internet (CRCL): Closed to $ 132.94 (-11.66%)
- Galaxy Digital (GLXY): Closed to $ 39.38 (-6.73%)
- Bullish (BLSH): Closed to $ 60.41 (-9.44%)
- Mara Holdings (Mara): Closed to $ 18.65 (-7.67%)
- Riot Platforms (Riot): Closed to $ 21.01 (-5.7%)
- Core Scientific (Corz): Closed to $ 18.52 (+2.66%)
- Cleanspark (CLSK): Closed to $ 19.28 (-4.03%)
- COINSHARES VALKYRIE BITCOIN MINERS ETF (WGMI): CLOSED TO $ 55.34 (-3.87%)
- Exodus Movement (Exod): Closed to $ 28.5 (-3.94%)
Crypto Treasury Companies
- Strategy (Mstr): Closed to $ 304.79 (-4.84%)
- Semler Scientific (SMLR): Closed to $ 26.8 (-5.37%)
- Sharplink Gaming (SBet): Closed to $ 15.31 (-9.65%)
- Upexi (Upxi): Closed to $ 6.35 (-7.3%)
- Lite strategy (lits): closed to $ 2.47 (-2.76%)
Etf is flowing
SPOT BTC ETFS
- Daily Net Tream: -$ 4.5 million
- Cumulative net streams: 62.73 billion dollars
- Collected BTC holdings ~ 1.36 million
SPOT ETH ETFS
- Daily Net Tream: -$ 174.9 million
- Cumulative net streams: $ 14.92 billion
- Collected Eth Holdings ~ 6.87 million
Source: Father’s page -Investors
While you were asleep
