By Omkar Godbole (All times ET unless otherwise noted)
The cryptocurrency market is buoyant, with bitcoin rising to $111,500 and the CoinDesk 20 Index (CD20) rising 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 meeting between Trump and Xi today on the sidelines of the Korea summit.
Timothy Misir, head of research at BRN, described the market rebound as constructive but fragile. “The positive impression of ETFs on the accumulation of Bitcoin and Dolphin cohorts provides a stable base, but the distribution of long-term holders and a record options complex leave the market exposed to volatility,” Misir said.
Traders were awaiting Friday’s U.S. consumer price index data, which is expected to show the cost of living rose to an 18-month high in September. The way options were priced on Deribit suggested a post-CPI price swing of 2.9% in ether compared to less than 2% in bitcoin.
Ahead of the fundamental data, an OG trader who made a $200 million profit after the October 10 crash closed his recently initiated bearish short bet on BTC.
Amid all this, a Bloomberg report said that investment banking giant JPMorgan will allow institutional clients to use bitcoin and ether as collateral. Talk about deepening the integration of cryptocurrencies into the traditional financial system!
In other news, insider trading rumors swirled on social media after stablecoin-focused layer 1 blockchain Stable said Phase 1 of its pre-deposit campaign quickly hit the $825 million hard cap within minutes of opening.
Meanwhile, Multicoin Capital proposed the innovative concept of perpetual futures contracts linked to Attention Assets, which would allow traders to take long or short positions depending on the level of cultural or social attention an issue or entity receives.
These “Attention Criminals” will leverage Attention Oracles, aggregating data from prediction markets and other inputs to create a reliable index that reflects 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 bounce to 4%. A hotter-than-expected US inflation report later on Friday could boost DXY optimism, capping BTC gains. Stay alert!
What to watch
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Crypto
- October 24, 7:30 am: The team is hosting a Telegram AMA with Coral Finance’s community manager.
- Macro
- October 24, 8:30 am: US September Inflation Rate Headline Est. YoY 3.1%, Est. intermonthly. 0.4%. Main year-on-year est. 3.1%, est. intermonthly. 0.3%.
- October 24, 9:45 am: S&P Global US October PMI (flash). Composite (Previous 53.9), Std. Manufacturing 52, Std. Services 53.5.
- October 24, 10am: Michigan Consumer Sentiment (Final) for October. 55.
- Earnings (Estimates based on FactSet data)
- October 30: Coinbase Global (COIN), post-market.
symbolic events
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Decentraland DAO is voting to launch the DAO Land Access Program, which allows creators to temporarily use unused DAO land for projects such as art, education, and social spaces. Voting ends on October 25.
- Unlock
- October 25: Plasma to unlock 4.97% of its circulating supply worth $34.65 million.
- Token releases
Conferences
For a more complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
symbolic talk
By Oliver Knight
- CoinMarketCap’s “altcoin season” index has fallen below 25/100 for the first time in the last 90 days, as it moves into “bitcoin season.”
- The drop reflects worsening sentiment across the altcoin market, with assets such as FET, 2Z, BONK, and WIF losing more than 50% of their value in the past three months.
- Bitcoin dominance has also increased from 57% to 59% since September 13, a sign that investors are avoiding speculative altcoin bets in favor of bitcoin, which has remained stubbornly between $100,000 and $126,000 since July.
- Meanwhile, altcoins fell victim to a sell-off cascade earlier this month, when a sell-off triggered exaggerated drawdowns, wiping out order book liquidity in the process.
- While some have recovered from the sell-off, many remain at critical support levels to create a bearish market structure.
- This despite a wave of digital asset treasury (DAT) companies investing in altcoins throughout 2025, and a lack of retail demand failing to maintain consistent momentum.
Derivatives positioning
- Bitcoin’s 30-day implied volatility, as measured by the Volmex BVIV index, has decreased from 52% to 45% in two days, partially recovering the peak experienced on October 10. This decline indicates an easing of market anxiety along with a similar reset on Wall Street.
- Deribit options data shows that BTC’s seven-day volatility risk premium (VRP) has turned negative, a sign of renewed calm.
- The dealer’s gamma profile points to positive gamma accumulation from strikes from $112,000 to $120,000. This means that traders trade against the market in this range, stopping price volatility.
- Broadly speaking, BTC puts continue to trade at a premium to calls across all time frames, reflecting lingering fears of downside and call option overwriting, especially at the long end of the curve.
- ETH options show optimism beyond December expiration.
- Open interest (OI) in perpetual futures pegged to most major tokens has increased over the past 24 hours. Leading the pack are PUMP futures, with an OI gain of over 14%. Strong capital inflows into 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 in the spot market could hedge the same with short futures bets.
Market movements
- BTC is up 1.66% since 4 pm ET on Thursday to $111,394.24 (24 hours: +1.7%)
- ETH is up 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 Composite Staking Rate is down 3 basis points to 2.84%
- BTC funding rate is 0.0045% (4.9494% annualized) on Binance
- DXY rises 0.12% to 99.05
- Gold futures fall 1.49% to $4,083.90
- Silver futures down 1.93% to $47.76
- The Nikkei 225 closed up 1.35% at 49,299.65
- Hang Seng closed up 0.74% at 26,160.15
- FTSE unchanged at 9,582.10
- Euro Stoxx 50 unchanged at 5,672.56
- The DJIA closed Thursday up 0.31% at 46,734.61
- The S&P 500 closed up 0.58% at 6,738.44
- Nasdaq Composite closed up 0.89% at 22,941.80
- S&P/TSX Composite 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 rate rises 1.7 basis points to 4.006%
- E-mini S&P 500 futures up 0.31% to 6,795.75
- E-mini Nasdaq-100 futures rise 0.5% to 25,380.75
- The E-mini Dow Jones Industrial Average index rises 0.12% to 46,977.00
Bitcoin Statistics
- BTC dominance: 59.88% (unchanged)
- Ether to bitcoin ratio: 0.03555 (1.51%)
- Hashrate (seven-day moving average): 1,101 EH/s
- Hashprice (spot): $48.02
- Total fees: 2.68 BTC / $293,719
- CME Futures Open Interest: 146,715 BTC
- BTC priced in gold: 26.4 oz
- BTC market capitalization against gold: 7.45%
Technical analysis
- The ZEC daily chart shows a bearish divergence from the Balanced Volume indicator.
- The pattern is characterized by a downward OBV divergence due to rising prices and suggests underlying weakness in demand.
- Therefore, prices could correct downwards in the short term.
Crypto Stocks
- Coinbase Global (COIN): closed on Thursday at $322.76 (+0.76%), +2.78% to $331.73 in premarket
- 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
- Bullish (BLSH): closed at $53.87 (+2.36%), +1.47% to $54.66
- MARA Holdings (MARA): closed at $19.22 (+0.37%), +2.24% at $19.65
- Riot Platforms (RIOT): closed at $20.49 (+7.9%), +1.46% to $20.79
- Core Scientific (CORZ): closed at $18.06 (+1.46%), +1.33% at $18.30
- CleanSpark (CLSK): closed at $17.67 (+4.8%), +3.23% to $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 treasury 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% at $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 Flows
BTC Spot ETF
- Daily net flow: $20.3 million
- Accumulated net flows: $61.86 billion
- Total BTC holdings ~1.35 million
ETH Spot ETF
- Daily net flow: -$127.4 million
- Accumulated net flows: $14.46 billion
- Total ETH holdings ~6.76 million
Source: Farside Investors
while you were sleeping
