By Omkar Godbole (All times ET unless otherwise noted)
The crypto market is buoyant, with bitcoin climbing to $111,500 and the CoinDesk 20 Index (CD20) 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.
Additionally, the White House confirmed a Trump-Xi meeting on the sidelines of the Korea summit early today.
Timothy Misir, head of research at BRN, described the market rebound as constructive but fragile. “The positive impression of ETFs in the accumulation of the Bitcoin and Dolphin cohorts provides a stable base, but the long-term distribution of holders and a record options complex leaves the market exposed to volatility,” Misir said.
Traders were awaiting U.S. Consumer Price Index data released Friday, which is expected to show the cost of living hit its highest level in 18 months in September. The way options were priced on Deribit suggested a 2.9% price change after CPI for ether, compared to less than 2% for bitcoin.
Ahead of the crucial data, an OG trader who walked away with a $200 million profit after the October 10 crash closed his recently launched bearish short bet on BTC.
Amid all this, a report from Bloomberg indicates that investment banking giant JPMorgan is close to allowing institutional clients to use Bitcoin and ether as collateral. Talk about deeper integration of crypto into the traditional financial system!
Separately, rumors of insider trading swirled on social media after stablecoin-focused Layer 1 blockchain Stable said Phase 1 of its pre-deposit campaign quickly reached the $825 million cap within minutes of opening.
At the same time, Multicoin Capital proposed the innovative concept of attention asset-linked perpetual futures contracts, which would allow traders to take long or short positions based on the level of cultural or social attention received by a topic or entity.
These “Attention Perps” will leverage Attention Oracles, aggregating data from prediction markets and other inputs to create a reliable index reflecting real-world attention.
In traditional markets, the dollar index held steady near 99.00 and the 10-year Treasury yield appeared to extend Thursday’s rebound to 4%. A higher-than-expected US inflation report later on Friday could reinforce the DXY’s uptrend, capping BTC’s gains. Stay vigilant!
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- October 24, 7:30 a.m.: The team is hosting an AMA on Telegram featuring Coral Finance’s Community Manager.
- Macro
- October 24, 8:30 a.m.: US inflation rate in September. Title YoY Est. 3.1%, MoM Est. 0.4%. Core YoY Est. 3.1%, MoM Est. 0.3%.
- October 24, 9:45 a.m.: October US PMI from S&P Global (Flash). Composite (previous 53.9), East manufacturing. 52, East Services. 53.5.
- October 24, 10 a.m.: October. Michigan Consumer Sentiment (Final) East. 55.
- Earnings (Estimates based on FactSet data)
- October 30: Coinbase Global (COIN), post-market.
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- Decentraland DAO votes to launch the DAO Land Access Program, allowing creators to temporarily use unused DAO land for projects such as art, education, and social spaces. Voting closes on October 25.
- Unlocks
- October 25: Plasma to unlock 4.97% of its circulating supply worth $34.65 million.
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Symbolic discussion
By Olivier Knight
- CoinMarketCap’s “altcoin season” index fell below 25/100 for the first time in the last 90 days as it enters “bitcoin season.”
- The decline reflects a deterioration in sentiment in the altcoin market, with assets like FET, 2Z, BONK and WIF all losing more than 50% of their value over the past three months.
- Bitcoin’s dominance has also increased from 57% to 59% since September 13, a sign that investors are avoiding speculative bets on the altcoin in favor of bitcoin, which has stubbornly held between $100,000 and $126,000 since July.
- Altcoins, meanwhile, fell victim to a cascade of liquidations earlier this month, as a massive sell-off caused exaggerated withdrawals, wiping liquidity from the order book.
- Even though some have recovered from the selloff, many remain at critical support levels to create a bearish market structure.
- This is despite a wave of digital asset treasury (DAT) companies investing in altcoins throughout 2025, with a lack of retail demand failing to maintain consistent momentum.
Positioning of derivative products
- Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV index, fell from 52% to 45% over two days, partly retracing the peak seen on October 10. The decline signals an easing of market anxiety alongside 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 a return to calm.
- The dealer’s gamma profile indicates positive gamma accumulation from $112,000 to $120,000. This means that traders trade against the market within this range, thereby stopping price volatility.
- Generally speaking, BTC puts continue to trade at a premium to calls across all maturities, reflecting continued downside fears and call crushing, particularly at the long end of the curve.
- ETH options show bullish trend beyond December expiration.
- Open interest (OI) for perpetual futures tied to most major tokens has increased over the past 24 hours. Leading the pack are PUMP futures, with an OI gain of over 14%. Large capital inflows in the form of non-serious tokens often precede market corrections.
- Funding rates for TRX and ZEC have turned slightly negative, indicating a bias towards bearish short positions. In the case of ZEC, traders with long exposure to the spot market could similarly hedge with short futures bets.
Market movements
- BTC is up 1.66% from 4 p.m. ET Thursday at $111,394.24 (24 hours: +1.7%)
- ETH is up 3.4% at $3,960.88 (24 hours: +2.22%)
- CoinDesk 20 is up 2.37% at 3,960.88 (24h: +1.64%)
- Ether CESR composite staking rate is down 3 basis points to 2.84%
- BTC funding rate is 0.0045% (4.9494% annualized) on Binance
- DXY is up 0.12% at 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
- Hang Seng closed 0.74% higher at 26,160.15
- FTSE is unchanged at 9,582.10
- The Euro Stoxx 50 is unchanged at 5,672.56
- 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 Index closed up 0.68% at 30,186.28
- The S&P 40 Latin America closed up 1.33% at 2,933.15
- The 10-year US Treasury yield is up 1.7 bps to 4.006%
- E-mini S&P 500 futures are up 0.31% at 6,795.75
- E-mini Nasdaq-100 futures are up 0.5% at 25,380.75
- The E-mini Dow Jones Industrial Average is up 0.12% at 46,977.00
Bitcoin Statistics
- BTC dominance: 59.88% (unchanged)
- Ether/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
- Open Interest on CME Futures: 146,715 BTC
- BTC valued in gold: 26.4 ounces
- Market capitalization BTC vs gold: 7.45%
Technical analysis
- ZEC’s daily chart shows a bearish divergence in the On-Balance Volume indicator.
- The trend is characterized by lower OBV divergence from rising prices and suggests underlying demand weakness.
- Prices could therefore fall in the short term.
Crypto Stocks
- Coinbase Global (COIN): Closed Thursday at $322.76 (+0.76%), +2.78% to $331.73 in pre-market
- 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
- Bull (BLSH): closed at $53.87 (+2.36%), +1.47% at $54.66
- MARA Holdings (MARA): closed at $19.22 (+0.37%), +2.24% to $19.65
- Riot Platforms (RIOT): close at $20.49 (+7.9%), +1.46% to $20.79
- Core Scientific (CORZ): closed at $18.06 (+1.46%), +1.33% to $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% to $57
- Exodus Movement (EXOD): closed at $24 (+3.09%), +4.17% at $25
Crypto Cash 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% to $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 Feed
Spot BTC ETF
- Daily net flow: $20.3 million
- Cumulative net flows: $61.86 billion
- Total BTC holdings ~1.35 million
ETH Spot ETF
- 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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