🪳 Crypto’s Roach Motel: $1.2B Checked In, Can’t Check Out! 🪙

Crypto chaos ensues!

What to know: 🧐

By Francisco Rodrigues (All times ET, unless the Discworld calendar says otherwise)

Bitcoin took a tumble below $105,000, wiping out its early-week gains faster than a wizard losing his spellbook. Why? Credit market jitters and a wave of liquidations hit harder than a troll with a hangover. 🥊💸

Over $1.2 billion in leveraged crypto positions got liquidated in 24 hours, according to CoinGlass. The broader crypto market dropped 8.89%, as per the CoinDesk 20 (CD20) index. That’s more dramatic than a hat-throwing contest at the Ankh-Morpork Opera House! 🎩💥

Meanwhile, in the traditional markets, First Brands and Tricolor went bankrupt, raising questions about corporate debt. JPMorgan’s Jamie Dimon quipped, “When you see one cockroach, there are probably more.” 🪳 Well, Jamie, looks like the crypto kitchen is infested! 🍴🪳

Leveraged traders scrambled like ants at a picnic, with nearly 79% of liquidated trades being longs. Misplaced optimism? More like misplaced common sense! 🤡💼

Bitcoin’s holding up better than altcoins, which are dropping like unwanted socks in a drawer. Thomas Chen, CEO of Function, warns: “If Bitcoin drops 10%, alts can go down 40-50%. It’s the ‘altcoin’ bucket that gets dumped first.” 🪣💨

Macro woes aren’t helping: US-China trade spats, regional bank fragility, and weak sovereign bonds are rattling markets. Even gold’s at $4,400, and 10-year Treasury yields are below 4%. Gold-backed tokens like XAUT and PAXG are outperforming-because who doesn’t love a shiny rock in uncertain times? ✨🪨

“Markets often overreact and then correct themselves,” Chen added. Or, as Granny Weatherwax would say, “They’ll sort themselves out. Or not. Doesn’t matter to me.” 🧙‍♀️💬

What to Watch 📺

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Or don’t. Your choice. 🤷‍♂️

Token Events 🎟️

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Or just wing it. Life’s an adventure! 🌪️

Conferences 🎤

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Or just show up uninvited. What’s the worst that could happen? 🚪😬

Day 4 of 4: DC Fintech Week 2025 (Washington) – Where suits meet tech. 🎩💻
Day 2 of 2: European Blockchain Convention (Barcelona) – Tapas and tokens. 🥘🔗
Day 2 of 3: The Canadian Bitcoin Conference (Montréal, Québec) – Poutine and profits. 🍟💰
Oct. 17: Chain Culture 2025 (Kuala Lumpur, Malaysia) – Blockchain meets batik. 🧵🔗

Token Talk 💬

By Oliver Knight (or Sir Oliver, if you’re feeling fancy)

Crypto’s reeling like a drunk in a disco. Several assets hit multi-month lows. 🕺💸
Ether’s at $3,730 after sliding 7%. BNB, LINK, and SUI are down over 10%. That’s more red than a vampire’s wardrobe. 🧛‍♂️🔴
Another $1.2 billion in derivatives got liquidated, adding to last weekend’s $19 billion. That’s a lot of zeroes. Or, as Vimes would say, “Million, billion, trillion… what’s the difference?” 🧮💸
Equities are weak too, with the S&P500 down 3.3%. Crypto’s just mirroring the chaos, but with more drama. 🎭💥
Altcoins depend on Bitcoin’s direction. If it holds above $100K, alts might recover. If not, it’s bear market time. Again. 🐻📉
Analysts thought institutional flows would prevent another bear market. Oops. As Rincewind would say, “It’s not a mistake if you didn’t expect it to work.” 🤓🤦‍♂️

Derivatives Positioning 📊

BTC futures are stable, with Open Interest at $25.7 billion. Funding rates are flat-like a pancake with no syrup. 🥞😢
BTC options show conflicting sentiment: a slight bearish bias, but a soaring 1-week 25 Delta Skew at 21%. Traders are paying a premium for short-term call options. Hope springs eternal, even in crypto. 🌱💸
Coinglass data shows $1.2 billion in liquidations, 78% longs. ETH, BTC, and Others led the carnage. Binance liquidation heatmap points to $103,800 as the level to watch. 🔥💥

Market Movements 📉

BTC: Down 3.14% at $104,809.77 (24hrs: -6.03%). That’s a lot of pizza. 🍕💸
ETH: Down 3.48% at $3,730.11 (24hrs: -7.91%). Ouch. 😣
CoinDesk 20: Down 4.23% at 3,414.49 (24hrs: -8.22%). Double ouch. 😖
Gold futures: Up 1.02% at $4,348.50. Shiny rocks for the win. ✨🪨

Bitcoin Stats 📈

BTC Dominance: 59.83% (0.49%). King of the hill. Or the hole. 🏔️🕳️
Hashrate: 1,111 EH/s. That’s a lot of computing power. Or a lot of noise. 🔊💻
BTC priced in gold: 24.7 oz. Because why not? 🏆🪨

Technical Analysis 📐

Charts and lines, oh my!

BTC closed above the 200-day EMA but slipped below $105K. Bulls need a move above $107.4K to reignite momentum. Or a miracle. 🦄💫
If it fails, price action could drop to the 50-week EMA at $99.8K. Critical support since October 2023. Don’t mess with history. 📜⚔️

Crypto Equities 📉

Coinbase (COIN): Down 3.68% at $318.11. Oof. 😬
Galaxy Digital (GLXY): Down 6.74% at $37.22. Double oof. 😫
MARA Holdings (MARA): Down 5.5% at $19.15. Triple oof. 😩

Crypto Treasury Companies 💼

Strategy (MSTR): Down 3.94% at $272.75. Even treasuries aren’t safe. 🛡️💔
Upexi (UPXI): Down 9.09% at $5.10. Ouch. 😣

ETF Flows 📊

Spot BTC ETFs

Daily net flow: -$530.9 million. Money’s walking out the door. 🚪💸
Cumulative net flows: $61.87 billion. Still a lot, though. 🏦💰

Spot ETH ETFs

Daily net flow: -$56.8 million. Ether’s not faring much better. 🥈💨
Cumulative net flows: $14.84 billion. Silver lining? 🌥️💰

2025-10-17 15:35