Crypto’s Wild Ride: $500B Crash, Then a Rebound 🎢💸

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What to know:

By Francisco Rodrigues (All times ET unless indicated otherwise)

Ah, the crypto markets-a ballet of chaos, where $500 billion vanishes in a puff of binary smoke, only to be partially resurrected like a phoenix with a gambling addiction. 🦅🔥 Friday’s sell-off was so violent it made Black Friday look like a tea party, triggering liquidations that left traders sobbing into their LED screens. Wrapped tokens unraveled like a poorly knitted sweater, and Binance’s infrastructure groaned under the weight of its own ambition. 🤡💥

Bitwise’s Jonathan Man dubbed it the “worst liquidation event in crypto history,” a title that will surely be contested in this circus of volatility. Open interest plummeted $65 billion, resetting positions to July levels-a nostalgic trip for those who enjoy financial whiplash. Bitcoin, ever the drama queen, dropped 13% in an hour before bouncing back, while some tokens crashed harder than a first-date conversation. 😱📉

Since then, the market has been recovering, with the CoinDesk 20 (CD20) up 7.7% in 24 hours, though still nursing a 7.4% hangover from the crash. Binance, in a rare moment of contrition, pledged to compensate users after wBETH and BNSOL went rogue, diverging from their underlying prices like a rebellious teenager. Binance has now switched to a “more stable” pricing model-because nothing says stability like a crypto exchange admitting its mistakes. 🤷♂️💰

Stuart Connolly of Deus X Capital chimed in with a statement so dense it could double as a black hole: “Market structure issues, large derivative exchanges liquidating users, uptime issues, and stablecoin dislocations have all contributed to where we are today.” Translation: It’s a mess, and no one’s quite sure why. 🕳️🤯

Meanwhile, the U.S. government shutdown has left markets in a data vacuum, with gold rallying like a marathon runner on Red Bull. Tokens backed by the precious metal, like PAXG and XAUT, are hovering near $4,090-because when in doubt, hoard shiny things. 🏃♀️💍

Today, U.S. markets remain closed, leaving traders to twiddle their thumbs and watch liquidity return after the weekend. None of the usual crypto market cycle top indicators have been triggered, so stay alert-or don’t, what do I care? 🤔🚨

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Oct. 13-15: Digital Asset Summit 2025 (London)

Token Talk

By Oliver Knight

  • The crypto market kicked off Monday with a rebound, as if it had simply taken a nap after Friday’s meltdown. According to CoinMarketCap, the total market cap climbed 5.7% in 24 hours, with volume jumping 26.8%-because nothing says “I’m back” like a little retail therapy. 🛍️💃
  • $19 billion in derivatives positions were liquidated over the weekend, mostly from long positions, but in the past 24 hours, $626 billion was liquidated, with $420 billion on the short side. Sentiment, it seems, is as fickle as a cat in a room full of laser pointers. 🐱🔴
  • The recovery has been tentative, with Bitcoin dominance at 58.45%, down slightly from recent highs. Altcoins may still lag as capital flees to the perceived safety of large-cap names-because nothing says “safety” like a volatile asset class. 🤡🛡️
  • The big winner of Monday’s recovery rose by more than 12-wait, they forgot to finish the sentence. Classic crypto reporting. 📰🤦♂️

Derivatives Positioning

  • The BTC futures market has stabilized after its weekend tantrum. Open interest settled at $26 billion, and the 3-month annualized basis rebounded to 6-7%. Funding rates, however, remain a mess, with Binance’s rate going negative-because why not add a little extra chaos? 📉🤪
  • The BTC options market is leaning bullish, with the 24-hour Put/Call Volume favoring calls at 56%. The 1-week 25 Delta Skew rose to 2.5%, indicating demand for upside protection. In other words, everyone’s hedging their bets like a paranoid poker player. 🎲🛡️
  • Coinglass data shows $620 million in 24-hour liquidations, split 34-66 between longs and shorts. ETH, BTC, and SOL led the liquidation parade, with Binance’s heatmap pointing to $116,620 as a key level to watch. Because nothing says “fun” like monitoring liquidation levels. 🎪🔍

Market Movements

  • BTC is up 0.48% at $115,132.15 (24hrs: 3.05%) 🤑
  • ETH is up 0.97% at $4,166.14 (24hrs: 8.96%) 🚀
  • CoinDesk 20 is up 0.42% at 3,852.77 (24hrs: +6.92%) 📈
  • Ether CESR Composite Staking Rate is down 98 bps at 2.92% 📉
  • BTC funding rate is at -0.0012% (-1.367% annualized) on Binance 🤡
  • DXY is up 0.13% at 99.11 💹
  • Gold futures are up 2.37% at $4,095.10 🏆
  • Silver futures are up 5.08% at $49.65 ✨
  • Nikkei 225 closed down 1.01% at 48,088.80 📉
  • Hang Seng closed down 1.52% at 25,889.48 📉
  • FTSE is unchanged at 9,428.00 😐
  • Euro Stoxx 50 is up 0.68% at 5,568.86 📈
  • DJIA closed Friday down 1.90% at 45,479.60 📉
  • S&P 500 closed down 2.71% at 6,552.51 📉
  • Nasdaq Composite closed down 3.56% at 22,204.43 📉
  • S&P/TSX Composite closed down 1.38% at 29,850.89 📉
  • S&P 40 Latin America closed down 2.54% at 2,785.96 📉
  • U.S. 10-Year Treasury rate is down 8.9 bps at 4.059% 📉
  • E-mini S&P 500 futures are up 1.35% at 6,684.00 📈
  • E-mini Nasdaq-100 futures are up 1.88% at 24,856.25 📈
  • E-mini Dow Jones Industrial Average Index are up 0.97% at 46,150.00 📈

Bitcoin Stats

  • BTC Dominance: 59.22% (-0.44%) 👑
  • Ether to bitcoin ratio: 0.03617 (0.11%) ⚖️
  • Hashrate (seven-day moving average): 1,021 EH/s 💻
  • Hashprice (spot): $48.33 💸
  • Total Fees: 2.43 BTC / $274,808 💰
  • CME Futures Open Interest: 145,105 BTC 📜
  • BTC priced in gold: 28.6 oz 🏅
  • BTC vs gold market cap: 8.06% 📊

Technical Analysis

  • After the crypto equivalent of a bar fight, prices are stabilizing, reverting to levels from the previous week. ETH dipped to $3,400 before rebounding to $4,070-a move so graceful it deserves a standing ovation. 🎭👏
  • The $3,400 zone aligns with the EMA200 on the daily timeframe, providing support stronger than a barista’s coffee. ETH is trading near $4,150, just below the daily EMA50. Bulls want a weekly close above $4,070 to signal renewed strength-because nothing says “strength” like a technical indicator. 🐂📏

Crypto Equities

  • Coinbase Global (COIN): closed Friday at $357.01 (-7.75%) 📉
  • Circle Internet (CRCL): closed at $132.94 (-11.66%) 📉
  • Galaxy Digital (GLXY): closed at $39.38 (-6.73%) 📉
  • Bullish (BLSH): closed at $60.41 (-9.44%) 📉
  • MARA Holdings (MARA): closed at $18.65 (-7.67%) 📉
  • Riot Platforms (RIOT): closed at $21.01 (-5.7%) 📉
  • Core Scientific (CORZ): closed at $18.52 (+2.66%) 📈
  • CleanSpark (CLSK): closed at $19.28 (-4.03%) 📉
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $55.34 (-3.87%) 📉
  • Exodus Movement (EXOD): closed at $28.5 (-3.94%) 📉

Crypto Treasury Companies

  • Strategy (MSTR): closed at $304.79 (-4.84%) 📉
  • Semler Scientific (SMLR): closed at $26.8 (-5.37%) 📉
  • SharpLink Gaming (SBET): closed at $15.31 (-9.65%) 📉
  • Upexi (UPXI): closed at $6.35 (-7.3%) 📉
  • Lite Strategy (LITS): closed at $2.47 (-2.76%) 📉

ETF Flows

Spot BTC ETFs

  • Daily net flow: -$4.5 million 📉
  • Cumulative net flows: $62.73 billion 📈
  • Total BTC holdings ~ 1.36 million 💼

Spot ETH ETFs

  • Daily net flow: -$174.9 million 📉
  • Cumulative net flows: $14.92 billion 📈
  • Total ETH holdings ~ 6.87 million 💼

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2025-10-13 15:09