Written by Francisco Rodriguez (all times Eastern Time unless otherwise noted)
Cryptocurrency markets have made a fragile recovery after Friday’s violent flash crash wiped out more than $500 billion in value and forced nearly $20 billion in liquidations across derivatives platforms.
Bitcoin fell as much as 13% in one hour, bottoming near $102,000 before rebounding and now trading above $111,800. The broader market, as measured by the CoinDesk 20 (CD20) index, is up 11.8% from this week’s lows but is down 3.5% in the past 24 hours to 3,727 points. This is lower than BTC, which fell 2.8% during the same period.
Crypto market maker Wintermute said the decline unfolded in tightly synchronized waves that tested the limits of perpetual contract trading platforms.
“Violent price fluctuations rapidly drained liquidity from the entire market,” Wintermute wrote. “Liquidity came back quickly as prices recovered after the drawdown.”
Sam MacPherson, CEO of Phoenix Labs and core contributor to the Spark protocol, told CoinDesk:It served as a real-time stress test for DeFi’s underlying infrastructure. He added, “Blue-chip stock collateral played a big role here and served as a stabilizing base throughout the market shakedown.”
Despite the turmoil, there are signs that institutional convictions persist. Citi reportedly plans to launch a crypto asset custody service in 2026, in line with a broader push by Wall Street to offer regulated digital asset products. At the same time, investment bank China Renaissance is partnering with YZi Labs to raise $600 million for a BNB-focused investment vehicle.
The flow of funds has also remained solid. According to CoinShares, there was more than $3.1 billion in net inflows into crypto investment products last week. Yesterday, $326 million was outflowed from the Spot Bitcoin ETF, causing some turmoil among investors.
As the US government shutdown continues, the macro front is expected to have little impact on the market for the time being. Fed Chairman Jerome Powell is scheduled to speak later in the day, and traders are watching closely for clues about the Fed’s position on tariffs.
Rather, the focus will likely be on how China will respond to President Trump’s additional tariffs. Be alert!
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptography
- macro
- October 14, 12:20 p.m.: Federal Reserve Chairman Jerome Powell speaks at the National Association for Business Economics (NABE) annual meeting in Philadelphia, Pennsylvania.
- revenue (estimated based on FactSet data)
token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Sandbox DAO is voting to enable real estate sales by allowing LAND owners to bundle and sell multiple lots through the GBM x Sandbox marketplace. Voting ends on October 15th.
- unlock
- Activate token
- October 14: SANDchain, an Ethereum layer 2 powered by ZK, is launched.
conference
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
token talk
Written by Oliver Knight
- plasma It fell another 13.5% on Tuesday, widening its losses since its debut in late September to 52%.
- Layer 1 blockchains focused on stablecoins have faced skepticism regarding their tokenomics and large-scale “ecosystem and growth” allocations.
- Circulating supply is 1.8 billion against a total of 10 billion, indicating there is potential selling pressure for years as vested tokens are unlocked.
- The tokens were sold for $0.05 each in the public round, allowing ICO buyers to comfortably profit from the current price of around $0.41.
- Amid weak market sentiment, investors who bought stocks after they were listed on exchanges are facing significant losses.
- Analysts expect continued downward pressure once early investor tokens are fully liquidated, with ICOdrops data pointing to a major unlock in Q2 2026.
Positioning of derivatives
- The BTC futures market appears to be stabilizing after recent volatility. Open interest has settled at around $25.5 billion, with no major changes seen from yesterday after a sharp decline over the weekend. On a three-month annualized basis, it is currently trading in the lower 5-6% range, down from the previous rebound and indicating that bullish sentiment has cooled slightly. The main difference remains in the funding rate, with Bybit’s interest rate turning negative at -5%, while Hyperliquid’s interest rate remains positive at 10%. This suggests a mixed and mixed market sentiment, with strong but isolated long and short convictions across various platforms.
- The BTC options market is showing significant bullish acceleration. The 24-hour put and call volume is now nearly 50-50 balanced, a shift from a call dominance, but the one-week 25 delta skew has increased dramatically to 12.62%. This high positive skew indicates a significant premium for call options over puts, indicating that traders are willing to position for higher prices and are willing to pay a premium for bullish exposure.
- According to Coinglass data, the 24-hour liquidation amount was $627 million, with a 70/30 split between longs and shorts. ETH ($185 million), BTC ($125 million) and Others ($69 million) were the leaders in nominal liquidations. Binance’s liquidation heatmap shows $110,600 as the core liquidation level to monitor in case of a price drop.
market movements
- BTC has fallen 3.86% to $111,363.19 since 4:00 PM ET on Monday (24h: -3.22%).
- ETH fell 7.01% to $3,991.50 (24h: -4.3%)
- CoinDesk 20 fell 6.02% to 3,712.40 (24 hours: -3.74%)
- Ether CESR overall staking rate decreased by 1bps to 2.91%
- BTC funding rate is 0.0008% (0.8924% p.a.) on Binance
- DXY rose 0.17% to 99.43
- Gold futures rose 0.14% to $4,138.90.
- Silver futures rose 0.14% to $50.50.
- The Nikkei 225 fell 2.58% to close at 46,847.32.
- Hang Seng fell 1.68% to close at 25,455.05.
- FTSE fell 0.32% to 9,412.64.
- The Euro Stoxx 50 fell 1.02% to 5,511.68.
- The DJIA rose 1.29% to close at 46,067.58 on Monday.
- The S&P 500 index rose 1.56% to close at 6,654.72.
- The Nasdaq Composite rose 2.21% to end at 22,694.61.
- The S&P/TSX Composite Index fell 1.38% to close at 29,850.89.
- The S&P 40 Latin America Index rose 1.72% to end at 2,833.94.
- US 10-year government bond interest rate fell 3bps to 4.021%
- E-mini S&P 500 futures fell 0.91% to 6,633.75.
- E-mini Nasdaq 100 futures fell 1.14% to 24,638.75.
- The E-mini Dow Jones Industrial Average fell 0.57% to 46,032.00.
bitcoin statistics
- BTC Dominance: 59.52% (0.86%)
- Ether to Bitcoin ratio: 0.03572 (-3.07%)
- Hashrate (7-day moving average): 1,052 EH/s
- Hash Price (Spot): $46.91
- Total fees: 2.87 BTC / $330,491
- CME futures open interest: 140,690 BTC
- BTC Gold Price: 26.9oz
- BTC vs. Gold Market Cap: 7.59%
technical analysis
- TAO has been one of the best-performing assets over the past week, with prices recovering to pre-crash levels on October 10th.
- The asset successfully reclaimed its 50-week EMA and broke its daily downtrend to close at $447 yesterday. However, this area is roughly aligned with the annual open, which is currently acting as short-term resistance.
- For bullish continuation, traders would like to see a weekly close above the $390 level and price holding support above the 50-week EMA to confirm a change in trend strength.
crypto assets
- Coinbase Global (COIN): Monday closed at $356.99 (-0.01%), pre-market ended at $343.31, -3.83%
- Circle Internet (CRCL): $137.47 (+3.41%), -3.09% to end at $133.22
- Galaxy Digital (GLXY): $41.23 (+4.7%), -4.22% to end at $39.49.
- Bullish (BLSH): Closed at $59.55 (-1.42%), -4.2% at $57.05
- MARA Holdings (MARA): $20.24 (+8.53%), -3.95% to close at $19.44
- Riot Platform (RIOT): $21.70 (+3.28%), -4.52% to end at $20.72
- Core Scientific (CORZ): $19.21 (+3.73%), -2.6% to end at $18.71
- CleanSpark (CLSK): $20.04 (+3.94%), -5.09% to end at $19.02
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): $60.86 (+9.97%), -1.61% to end at $59.88
- Exodus Movement (EXOD): $28.64 (+0.49%), -0.14% to close at $28.60
crypto asset company
- Strategy (MSTR): $315.47 (+3.5%), -3.96% to end at $302.98
- Semler Scientific (SMLR): Ended at $26.33 (-1.75%), -1.71% at $25.88
- SharpLink Gaming (SBET): Closed at $16.13 (+5.32%), -6.08% at $15.15
- Upexi (UPXI): $6.48 (+2.05%), -6.64% to close at $6.05
- Light Strategy (LITS): Closed at $2.15 (-12.96%), -2.33% at $2.10
ETF flow
Spot BTC ETF
- Net flow per day: -$326.4 million
- Cumulative net flows: $62.4 billion
- Total BTC holdings ~ 1.36 million
Spot ETH ETF
- Net flow per day: -$428.5 million
- Cumulative net flow: $14.49 billion
- Total ETH holdings ~ 6.84 million
Source: Farside Investors