By Omkar Godbole (All times ET unless otherwise indicated)
Crypto market is booming with Bitcoin It climbed to $111,500 and the CoinDesk 20 (CD20) index rose 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 the Trump-Xi meeting on the sidelines of the Korea summit early today.
BRN head of research Timothy Missir described the market bounce as constructive but fragile. “The positive ETF print in Bitcoin and Dolphin Cohort accumulation provides a stable base, yet long-term holder distributions and a record options complex leave the market exposed to volatility,” Misir said.
Traders await Friday’s US consumer price index data, which is expected to show the cost of living hit an 18-month high in September. The way options on Deribit were priced showed that in Ether the price fluctuated by 2.9% after CPI, while in Bitcoin it was less than 2%.
Ahead of the key data, an OG trader who walked away with a $200 million profit after the October 10 crash closed out a recently initiated bearish short position on BTC.
Amidst all this, a report from Bloomberg states that investment banking giant JPMorgan is ready to allow institutional clients to use Bitcoin and Ether as collateral. Talk about deep integration of crypto into the traditional financial system!
In other news, after stablecoin-focused Layer 1 blockchain rumors of insider trading spread on social media, the stable said Phase 1 of its pre-deposit campaign reached its $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 enable traders to take long or short positions depending on the level of cultural or social attention a topic or entity receives.
These “Attention Purps” 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 looked to extend Thursday’s surge to 4%. A warmer-than-expected US inflation report on Friday could add to the DXY’s upside, limiting BTC’s gains. Be alert!
what to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- crypto
- October 24, 7:30 am: The team is hosting an AMA on Telegram featuring the community lead from Coral Finance.
- macro
- October 24, 8:30 am: US September inflation rate. Title year-by-year projections. 3.1%, MoM est. 0.4%. Core yoy estimate. 3.1%, MoM est. 0.3%.
- October 24, 9:45am: S&P Global US October PMI (flash). Overall (previous 53.9), manufacturing est. 52, Services Est. 53.5.
- Oct. 24, 10 a.m.: October Michigan Consumer Sentiment (Final) Estimates. 55.
- Income (Estimates based on FactSet data)
- October 30: Coinbase Global (COIN), post-market.
symbolic events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- governance vote and call
- Decentraland DAO is voting to launch the DAO Land Access Program, which allows creators temporary use of unused DAO land for projects like art, education, and social spaces. Voting will end on October 25.
- unlock
- October 25: Plasma To unlock 4.97% of its circulating supply worth $34.65 million.
- token launch
conference
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
token 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 approaches “Bitcoin Season.”
- This decline reflects deteriorating sentiment across the altcoin market, with assets such as FET, 2Z, BONK, and WIF losing more than 50% of their value over 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 hovered between $100,000 and $126,000 since July.
- Meanwhile, altcoins fell victim to a liquidation phase earlier this month as the selloff induced exaggerated drawdowns, draining the order book of liquidity in the process.
- While some have recovered from the selloff, many remain at key levels of support forming a bearish market structure.
- This is despite a wave of digital asset treasury companies (DATs) investing in altcoins during 2025, with a lack of retail demand failing to sustain consistent momentum.
derivatives positioning
- Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV index, has dropped from 52% to 45% in two days, partially reversing the spike experienced on October 10. This decline signals a similar reset on Wall Street as well as market concerns.
- Options data from Deribit shows that BTC’s seven-day volatility risk premium (VRP) has turned negative, indicating renewed calmness.
- The dealer gamma profile points to a positive gamma buildup from the $112K to $120K strike. This means that dealers trade against the market within this range, preventing price fluctuations.
- Broadly speaking, BTC continues to trade at a premium to calls across all periods, reflecting persistent downside fears and call overwriting, especially at the long end of the curve.
- ETH Options Show Bullishness After December Expiry.
- Open interest (OI) in perpetual futures tied to most major tokens has increased in the last 24 hours. PUMP Futures leads the pack with an OI gain of over 14%. Strong capital inflows into non-critical tokens often precede market corrections.
- Funding rates for TRX, ZEC have turned slightly negative, indicating a bias towards bearish short positions. In the case of ZEC, traders with long exposures in the spot market can hedge with short futures bets.
market movements
- BTC is up 1.66% at $111,394.24 as of 4pm ET Thursday (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 (24 hours: +1.64%)
- Ether CESR Composite Staking Rate Drops 3bps to 2.84%
- BTC funding rate on Binance is 0.0045% (4.9494% annualized)
- 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
- Nikkei 225 closed 1.35% higher at 49,299.65
- Hang Seng closed 0.74% higher at 26,160.15
- FTSE unchanged at 9,582.10
- Euro Stoxx 50 unchanged at 5,672.56
- The DJIA closed 0.31% higher at 46,734.61 on Thursday
- The S&P 500 rose 0.58% to 6,738.44
- The Nasdaq Composite closed up 0.89% at 22,941.80.
- The S&P/TSX Composite rose 0.68% to 30,186.28.
- The S&P 40 Latin America rose 1.33% to close at 2,933.15.
- US 10-year Treasury rates rose 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 index is up 0.12% at 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 price in gold: 26.4 ounces
- BTC vs Gold Market Capitalization: 7.45%
technical analysis
- The daily chart of ZEC shows a bearish divergence in the on-balance volume indicator.
- This pattern is characterized by low deviation of OBV from rising prices and indicates underlying weakness in demand.
- Therefore, prices may decline in the near term.
crypto equities
- Coinbase Global (COIN): closed at $322.76 (+0.76%) in pre-market Thursday, +2.78% at $331.73
- 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% at $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% at $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% at $18.24
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $54.02 (+5.26%), +5.52% at $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
- Upxi (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
spot btc etf
- Daily net inflow: $20.3 million
- Cumulative net inflow: $61.86 billion
- Total BTC holdings ~1.35 million
spot eth etf
- Daily net flow: -$127.4 million
- Cumulative net inflow: $14.46 billion
- Total ETH holdings ~6.76 million
Source: Farside Investors