Written by Francisco Rodriguez (all times Eastern Time unless otherwise noted)
Bitcoin And after crypto prices continued to slump due to persistent selling pressure in the wake of the $500 billion value destruction incident, the broader crypto market enjoyed a brief reprieve over the weekend and recovered.
Bitcoin price rose 3% in the past 24 hours to $110,770. It continues to decline by about 4% for the month. The recovery came as global risk sentiment improved, with stock prices rising and investors returning to more volatile assets.
President Donald Trump’s softening 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 is up 4.3% in the past 24 hours, with all members in the green.
“Although Bitcoin has seen a notable correction in the short term, the long-term trend remains a different story, as the cryptocurrency’s trajectory remains heavily influenced by macroeconomic factors such as Federal Reserve monetary policy, US dollar strength, spot Bitcoin ETF flows, and geopolitical risks,” Linh Tran, market analyst at XS.com, told CoinDesk in an emailed statement.
Still, short-term momentum may not be indicative of a sustained trend. Analysts at Coinbase Institutional warned that thin liquidity, a strong dollar, and uncertainty over the Federal Reserve’s interest rate path continue to weigh on market structure.
Many institutional investors have become cautious due to last weekend’s spike in U.S. bond yields and geopolitical tensions with Israel, which has carried out retaliatory airstrikes in response to attacks on Gaza troops while the cease-fire agreement is in effect and as Russia moves into Ukraine.
Nevertheless, the companies continue to accumulate, with their holdings increasing by 8.4% to 4.04 million BTC in the past 30 days, according to data from BitcoinTreasuries. Access to crypto exposure is also expanding, with BlackRock and 21Shares debuting crypto ETPs on the London Stock Exchange for retail investors.
“Overall, in my view, Bitcoin is currently in a post-short-term correction rectification phase, market sentiment is stable, and institutional demand remains resilient,” Tran added. Be alert!
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptography
- October 20th: Ether Financial company ETHZilla Corp. (ETHZ) will implement a 10-to-1 reverse stock split, reducing the number of outstanding shares to 16 million.
- macro
- Oct. 20, 8:30 a.m.: Canada September PPI. Headline year-on-year change (4%), month-on-month change (0.5%).
- 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
- GnosisDAO is voting on a proposal to provide $105,000 in funding to ProbeLab to develop detailed performance and security metrics for the Gnosis Chain P2P network. Voting ends on October 21st.
- 1inch DAO votes to remove the 5% Unicorn Power staking requirement for Fusion resolvers. Voting ends on October 21st.
- unlock
- October 20th: Releases 7.86% of circulating supply worth $44.73 million.
- Activate token
- October 20th: Falcon Finance S2 staking deadline.
conference
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
token talk
Written by Oliver Knight
- Although the rise in value of some altcoins, particularly the popular memecoin Floki, improved sentiment across the crypto market on Monday, CoinMarketCap’s Altcoin Season Index remained at 26/100, indicating investors prefer Bitcoin over speculative plays.
- Bitcoin dominance, a metric used to assess how much of a cryptocurrency’s market capitalization is attributable to BTC, is 58.8%, up from 57.2% at this time last month.
- Although there were signs of recovery on Monday, some altcoins are still significantly lower than they were a week ago. Synthetix is down 30%, and other companies like FET, ASTER, and BNB are all facing losses of 15% to 25%.
- One of the drivers of Monday’s positive sentiment was Link, which rose 14% after a series of wallets withdrew a combined $116 million worth of tokens from Binance, showing accumulation after last week’s crash.
- The Relative Strength Index (RSI) averaged 54.2/100, moving away from major support levels but still far from major resistance levels, suggesting the market is stuck.
Positioning of derivatives
- BTC options positioning remains bullish, with a put-call open interest ratio of 0.66, a significant build-up with a $140,000 strike, and concentrated nominal call exposure of over $2.4 billion. This shows that traders continue to price in upside momentum heading into year-end, despite rising spot volatility.
- Total open interest in Bitcoin Deribit options increased to 427,746 contracts, marking the highest level for the year. The Dec. 26 expiry ($14.3 billion nominal) dominated, suggesting traders are extending their bullish bets to the outside of the curve while maintaining tactical flexibility in short-term options.
- ETH options show similar positioning, with calls predominant around the $4,000 to $4,5,000 strike and open interest increasing towards expiration in late December, mirroring the structure of BTC.
market movements
- BTC rose 3.65% to $110,980.77 from 4:00 PM ET on Friday (24h: +3.32%).
- ETH rises 5% to $4,051.70 (24 hours: +2.96%)
- CoinDesk 20 rose 5.52% to 3,706.47 (24 hours: +3.47%)
- Ether CESR overall staking rate decreased by 14bps to 2.82%
- BTC funding rate is 0.0015% on Binance (1.6097% p.a.)
- DXY remains unchanged at 98.48
- Gold futures rose 1.52% to $4,277.30.
- Silver futures rose 1.50% to $50.85.
- The Nikkei 225 rose 3.37% to close at 49,185.50.
- The Hang Seng rose 2.42% to close at 25,858.83.
- FTSE rose 0.28% to 9,381.02.
- The Euro Stoxx 50 rose 0.64% to 5,643.36.
- The DJIA closed Friday at 46,190.61, up 0.52%.
- The S&P 500 rose 0.53% to close at 6,664.01.
- The Nasdaq Composite Index rose 0.52% to end at 22,679.97.
- The S&P/TSX Composite Index fell 1.15% to close at 30,108.48.
- The S&P 40 Latin America Index rose 0.55% to end at 2,884.62.
- US 10-year government bond interest rate rose 0.5bps 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.
- E-mini Dow Jones Industrial Average Index rose 0.19% to 46,469.00.
bitcoin statistics
- BTC Dominance: 59.68% (0.18%)
- Ether to Bitcoin ratio: 0.03649 (-0.46%)
- Hashrate (7-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 Gold Price: 26.4oz
- BTC vs. Gold Market Cap: 7.44%
technical analysis
- After retesting the weekly order block during the October 10 liquidation cascade, the ETH-BTC ratio ended the week above its yearly opening price, which is a positive sign for bulls.
- This ratio often serves as a leading indicator of altcoin outperformance, so it is important to maintain this key level.
- ETH-BTC is breaking out of a multi-week downtrend, with the next major resistance level located at the 100-week exponential moving average, currently around $0.03904.
crypto assets
- Coinbase Global (COIN): Friday’s close was $336.02 (+1.75%), +3.4% at $347.43.
- Circle Internet (CRCL): $126.49 (-1.53%), +3.43% to end at $130.74
- Galaxy Digital (GLXY): Ended at $37.78 (-5.34%)
- Bullish (BLSH): $57.07 (-0.83%), +2.59% to end at $58.58
- MARA Holdings (MARA): $19.57 (-3.43%), +4.65% to end at $20.48
- Riot Platform (RIOT): $20.03 (+2.46%), +3.89% to close at $20.81.
- Core Scientific (CORZ): Ended at $19 (-3.41%), +2.58% at $19.49
- CleanSpark (CLSK): $19.52 (-2.33%), +4.38% to end at $20.38
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): $58.23 (-1.85%), +5.74% ending at $61.57
- Exodus Movement (EXOD): Closed unchanged pre-market at $24.86 (-1.27%)
crypto asset company
- Strategy (MSTR): Closed at $289.87 (+2.12%), +3.72% at $300.65
- Semler Scientific (SMLR): $23.18 (-6.04%), +2.55% to end at $23.77
- SharpLink Gaming (SBET): $14.34 (-1.58%), +3.7% to end at $14.87
- Upexi (UPXI): $5.4 (-3.74%), +5.74% to end at $5.71
- Lite Strategy (LITS): Closed at $1.88 (+1.62%), +4.79% at $1.97
ETF flow
Spot BTC ETF
- Net flow per day: -$366.6 million
- Cumulative net flows: $61.5 billion
- Total BTC holdings ~ 1.35 million
Spot ETH ETF
- Net flow per day: -$232.2 million
- Cumulative net flow: $14.61 billion
- Total ETH holdings ~ 6.79 million
Source: Farside Investors