Written by Omkar Godbole (all times Eastern Time unless otherwise noted)
Cryptocurrency market is booming with Bitcoin It rose to $111,500, and the CoinDesk 20 (CD20) index rose 2% to 3,667 points. After President Trump pardoned Binance founder Zhao Changpeng, most major cryptocurrencies including BNB, XRP, SOL, and ETH rose.
Additionally, the White House earlier today approved a meeting between President Trump and President Xi to coincide with the South Korea summit.
BRN head of research Timothy Misiel said the market recovery was constructive but fragile. “While the ETF’s positive impact on Bitcoin and the Dolphin cohort provides a stable foundation, the distribution of long-term holders and record options complexes expose the market to volatility,” Mishir said.
Traders were awaiting Friday’s release of the U.S. Consumer Price Index, which is expected to show the cost of living rose to an 18-month high in September. The way options are priced at Deribit suggests that the price change after CPI is less than 2% for Bitcoin, compared to 2.9% for Ether.
Faced with crucial data, the OG trader who walked away with $200 million in profits after the October 10 crash ended his recently initiated bearish short bet on BTC.
According to a report from Bloomberg, investment banking giant JPMorgan plans to allow its institutional clients to use Bitcoin and Ether as collateral. Let’s talk about deepening the integration of cryptocurrencies into the traditional financial system.
In other news, rumors of insider trading swirled on social media after stablecoin-focused Layer 1 blockchain Stable announced that Phase 1 of its pre-deposit campaign had quickly reached its $825 million hard cap within minutes of launching.
Meanwhile, Multicoin Capital proposed an innovative concept of perpetual futures contracts tied to focal assets. This allows traders to take long or short positions based on the level of cultural or social attention a topic or entity receives.
These “attention purps” leverage attention oracles and aggregate data from prediction markets and other inputs to create reliable indexes that reflect real-world attention.
In traditional markets, the dollar index is holding steady around 99.00 and the 10-year Treasury yield is expected to extend Thursday’s rebound to 4%. A better-than-expected US inflation report later on Friday could further strengthen DXY’s bullish stance and cap BTC’s rally. Be alert!
what to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptography
- October 24th 7:30am: The team hosts an AMA on Telegram featuring Coral Finance’s Head of Community.
- macro
- Oct. 24, 8:30 a.m.: US September inflation rate. The headline year-on-year change is expected to be 3.1%, and the month-on-month change is estimated to be 0.4%. Core YoY expected 3.1%, Monthly estimated 0.3%.
- Oct. 24, 9:45 a.m.: S&P Global US October PMI (flash). Combined (previous 53.9), manufacturing estimate 52, service rating 53.5.
- Oct. 24, 10 a.m.: October Michigan Consumer Sentiment (Final) Forecast 55.
- revenue (estimated based on FactSet data)
- October 30: Coinbase Global (COIN), post-market.
token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Decentraland DAO is voting to launch the DAO Land Access Program, which will allow creators to temporarily use unused DAO land for projects such as art, education, and social spaces. Voting ends on October 25th.
- unlock
- October 25: Plasma Releases 4.97% of circulating supply worth $34.65 million.
- Activate token
conference
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
token talk
Written by Oliver Knight
- CoinMarketCap’s “Altcoin Season” index is entering “Bitcoin season” and has fallen below 25/100 for the first time in the past 90 days.
- This decline reflects deteriorating sentiment across the altcoin market, with assets such as FET, 2Z, BONK, and WIF all losing more than 50% of their value in the past three months.
- Bitcoin’s dominance has also increased from 57% to 59% since September 13, indicating investors are shunning bets on speculative altcoins in favor of Bitcoin, which has held steady between $100,000 and $126,000 since July.
- Meanwhile, altcoins fell victim to a liquidation cascade earlier this month, where selling prompted exaggerated drawdowns and eroded order book liquidity in the process.
- Although some have recovered from the decline, many are still at support levels that are important in forming a bear market structure.
- This is despite waves of digital asset treasury companies (DATs) investing in altcoins throughout 2025, which were unable to maintain consistent momentum due to a lack of retail demand.
Positioning of derivatives
- Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV index, fell from 52% to 45% in two days, partially replicating the surge experienced on October 10th. The decline, along with a similar reset on Wall Street, suggests market fears are easing.
- According to options data from Deribit, BTC’s 7-day volatility risk premium (VRP) has turned negative, a sign that it is calming down again.
- The dealer’s gamma profile shows an increase in gamma from $112,000 to the $120,000 strike. This means that dealers trade against the market within this range, reducing price fluctuations.
- Broadly speaking, BTC puts continue to trade at a premium to calls over all periods, reflecting persistent downside concerns and call overrides, especially at the long end of the curve.
- ETH options are showing bullishness beyond the December expiry.
- Perpetual futures open interest (OI) associated with most major tokens has increased over the past 24 hours. Leading the way is PUMP futures, with an OI increase of over 14%. Strong capital inflows into non-professional tokens often precede market corrections.
- TRX and ZEC funding rates have turned slightly negative, indicating a bearish short position bias. In the case of ZEC, traders with long exposure in the spot market may be hedging the same with short futures bets.
market movements
- BTC rose 1.66% to $111,394.24 from 4:00 PM ET on Thursday (24h: +1.7%).
- ETH rose 3.4% to $3,960.88 (24 hours: +2.22%)
- CoinDesk 20 rose 2.37% to 3,960.88 (24 hours: +1.64%)
- Ether CESR comprehensive staking interest rate decreased by 3bps to 2.84%
- BTC funding rate is 0.0045% on Binance (4.9494% p.a.)
- DXY rose 0.12% to 99.05.
- Gold futures fell 1.49% to $4,083.90.
- Silver futures fell 1.93% to $47.76.
- The Nikkei 225 rose 1.35% to close at 49,299.65.
- The Hang Seng rose 0.74% to close at 26,160.15.
- FTSE unchanged at 9,582.10
- Euro Stoxx50 was unchanged at 5,672.56.
- The DJIA closed Thursday at 46,734.61, up 0.31%.
- The S&P 500 index rose 0.58% to close at 6,738.44.
- The Nasdaq Composite Index closed 0.89% higher at 22,941.80.
- The S&P/TSX Composite Index rose 0.68% to end at 30,186.28.
- The S&P 40 Latin America Index rose 1.33% to end at 2,933.15.
- US 10-year government bond interest rate rose 1.7bps to 4.006%
- E-mini S&P 500 futures rose 0.31% to 6,795.75.
- E-mini Nasdaq 100 futures rose 0.5% to 25,380.75.
- The E-mini Dow Jones Industrial Average rose 0.12% to 46,977.00.
bitcoin statistics
- BTC Dominance: 59.88% (unchanged)
- Ether to Bitcoin ratio: 0.03555 (1.51%)
- Hashrate (7-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 Gold Price: 26.4oz
- BTC vs. Gold Market Cap: 7.45%
technical analysis
- The daily chart of ZEC shows a bearish divergence in the on-balance-sheet volume indicator.
- This pattern is characterized by OBV deviating downward from rising prices, suggesting underlying demand weakness.
- Therefore, prices may fall in the short term.
crypto assets
- Coinbase Global (COIN): Thursday close $322.76 (+0.76%), pre-market $331.73 (+2.78%)
- Circle Internet (CRCL): $129.86 (+4.06%), +1.85% to end at $132.26
- Galaxy Digital (GLXY): $38.6 (+3.37%), +2.15% to end at $39.43
- Bullish (BLSH): $53.87 (+2.36%), +1.47% to end at $54.66
- MARA Holdings (MARA): $19.22 (+0.37%), +2.24% to close at $19.65
- Riot Platform (RIOT): $20.49 (+7.9%), +1.46% to close at $20.79.
- Core Scientific (CORZ): $18.06 (+1.46%), +1.33% to close at $18.30
- CleanSpark (CLSK): Closed at $17.67 (+4.8%), +3.23% at $18.24
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): $54.02 (+5.26%), ended +5.52% at $57
- Exodus Movement (EXOD): Closed at $24 (+3.09%), +4.17% at $25
crypto asset company
- Strategy (MSTR): $284.92 (+1.46%), +2.43% to end at $291.84
- Semler Scientific (SMLR): Ended at $22.76 (+1.02%).
- SharpLink Gaming (SBET): Ended at $13.51 (+0.48%), +2.52% at $13.85
- Upexi (UPXI): $4.77 (+0.42%), +5.45% to end at $5.03
- Lite Strategy (LITS): Closed at $1.87 (+0.54%), +0.53% at $1.88
ETF flow
Spot BTC ETF
- Net flow per day: $20.3 million
- Cumulative net flow: $61.86 billion
- Total BTC holdings ~ 1.35 million
Spot ETH ETF
- Net flow per day: -$127.4 million
- Cumulative net flow: $14.46 billion
- Total ETH holdings ~ 6.76 million
Source: Farside Investors