Recovery After $500B Crash Sets Stage for Q4 Rebound: Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless indicated otherwise)

A accelerated and convulsive sell-off wiped much than $500 cardinal from crypto markets Friday, triggering forced liquidations, collapsing wrapped tokens, starring to nearly $20 cardinal successful liquidations, and straining speech infrastructure.

The flash crash, described by Bitwise portfolio manager Jonathan Man arsenic perchance the worst liquidation lawsuit successful crypto history, erased $65 cardinal successful unfastened involvement and reset positioning to levels past seen successful July.

The convulsive clang saw Bitcoin (BTC) driblet 13% successful a azygous hr earlier rebounding, portion immoderate tokens saw flash crashes of much than 40%. Since then, the marketplace has been recovering, with the CoinDesk 20 (CD20) scale present being up 7.7% successful the past 24 hours, portion inactive being down immoderate 7.4% from the crash.

On Binance, infrastructure failures caused wrapped assets similar wBETH and BNSOL to diverge massively from their underlying prices. wBETH, which is meant to way ether, fell arsenic debased arsenic $430 portion ETH traded supra $3,800.Binance pledged to compensate affected users and has switched to a much unchangeable conversion-based pricing exemplary for wrapped assets.

“Market operation issues including ample derivative exchanges liquidating users (irrespective of their margin), uptime issues, and immoderate stablecoin and liquid staking assets experiencing meaningful terms dislocations from their underlying collateral backing assets person each contributed to wherever we are today,” Stuart Connolly, CIO astatine Deus X Capital, said successful an emailed statement.

“The "Perp Dex" communicative that has been truthful fashionable has taken a fewer meaningful steps back,” helium added. “The marketplace needed a reset, and if President Trump’s presumption softens, arsenic it looks similar it might, we volition spot crypto assets higher during Q4 arsenic a result.”

The ongoing U.S. authorities shutdown means markets are inactive operating successful a information vacuum. Amid the risk-off sentiment, golden has kept connected rallying, helping tokens backed by the precious metallic similar PAXG and XAUT adjacent $4,090.

Today, U.S. markets volition stay closed, and determination are fewer macro references to thin on. Traders volition alternatively ticker however the marketplace reacts arsenic liquidity gets a boost aft the weekend.

None of the typically utilized crypto marketplace rhythm apical indicators person truthful acold been triggered. Stay alert!

What to Watch

For a much broad database of events this week, spot CoinDesk's "Crypto Week Ahead".

• Crypto
  • Oct. 13: CME Group aiming to launch options connected SOL and XRP, taxable to regulatory approval.
• Macro
  • Nothing scheduled.
• Earnings (Estimates based connected FactSet data)
  • Nothing scheduled.

Token Events

For a much broad database of events this week, spot CoinDesk's "Crypto Week Ahead".

• Governance votes & calls
  • Superfluid DAO is voting connected a connection to upgrade contracts for wrapper superTokens similar ETHx and USDCx truthful the DAO tin put their underlying assets and make output income for its treasury. Voting ends Oct. 13.
  • ENS DAO is voting connected a connection to found reverse records for its halfway contracts to amended identification, usability, and show champion practices by afloat utilizing the ENS protocol. Voting ends Oct. 13.
• Unlocks
  • No large unlocks.
• Token Launches
  • Oct. 14: SANDchain, a zk-powered Ethereum layer-2, launches.

Conferences

For a much broad database of events this week, spot CoinDesk's "Crypto Week Ahead".

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

Token Talk

By Oliver Knight

• The crypto marketplace kicked disconnected Monday with a rebound successful the aftermath of a crisp play leverage flush. According to information from CoinMarketCap, the full crypto marketplace headdress climbed astir 5.7% successful the past 24 hours, with measurement jumping astir 26.8%, suggesting those liquidated astatine the play are repurchasing their positions.
• A full of $19 cardinal worthy of derivatives positions were wiped retired implicit the play with the immense bulk being attributed to those holding agelong positions, successful the past 24 hours, however, $626 cardinal was liquidated with $420 cardinal of that being connected the abbreviated side, demonstrating a reversal successful sentiment, according to CoinGlass.
• The betterment has been tentative truthful far; the dominance of Bitcoin remains elevated astatine astir 58.45%, down modestly from caller highs, which implies altcoins whitethorn inactive lag arsenic superior piles backmost into safer large-cap names.
• The large victor of Monday's betterment was synthetix (SNX), which roseate by much than 12

Derivatives Positioning

• The BTC futures marketplace has stabilized aft a volatile period. Open interest, which had dropped from $33 cardinal to $23 cardinal implicit the weekend, has present settled astatine astir $26 billion. Similarly, the 3-month annualized ground has rebounded to the 6-7% range, aft dipping to 4-5% implicit the weekend, indicating that the bullish sentiment has mostly returned. However, backing rates stay a cardinal country of divergence; portion Bybit and Hyperliquid person settled astir 10%, Binance's complaint is negative.
• The BTC options marketplace is showing a renewed bullish lean. The 24-hour Put/Call Volume has shifted to beryllium much successful favour of calls, present astatine implicit 56%. Additionally, the 1-week 25 Delta Skew has risen to 2.5% aft a play of flatness.
• These metrics bespeak a marketplace with expanding request for bullish vulnerability and upside protection, reflecting a displacement distant from the caller "cautious neutrality."
• Coinglass information shows $620 cardinal successful 24 hr liquidations, with a 34-66 divided betwixt longs and shorts. ETH ($218 million), BTC ($124 million) and SOL ($43 million) were the leaders successful presumption of notional liquidations. Binance liquidation heatmap indicates $116,620 arsenic a halfway liquidation level to monitor, successful lawsuit of a terms rise.

Market Movements

• BTC is up 0.48% from 4 p.m. ET Wednesday astatine $115,132.15 (24hrs: 3.05%)
• ETH is up 0.97% astatine $4,166.14 (24hrs: 8.96%)
• CoinDesk 20 is up 0.42% astatine 3,852.77 (24hrs: +6.92%)
• Ether CESR Composite Staking Rate is down 98 bps astatine 2.92%
• BTC backing complaint is astatine -0.0012% (-1.367% annualized) connected Binance
• DXY is up 0.13% astatine 99.11
• Gold futures are up 2.37% astatine $4,095.10
• Silver futures are up 5.08% astatine $49.65
• Nikkei 225 closed down 1.01% astatine 48,088.80
• Hang Seng closed down 1.52% astatine 25,889.48
• FTSE is unchanged astatine 9,428.00
• Euro Stoxx 50 is up 0.68% astatine 5,568.86
• DJIA closed on Friday down 1.90% astatine 45,479.60
• S&P 500 closed down 2.71% astatine 6,552.51
• Nasdaq Composite closed down 3.56% astatine 22,204.43
• S&P/TSX Composite closed down 1.38% astatine 29,850.89
• S&P 40 Latin America closed down 2.54% at 2,785.96
• U.S. 10-Year Treasury complaint is down 8.9 bps astatine 4.059%
• E-mini S&P 500 futures are up 1.35% astatine 6,684.00
• E-mini Nasdaq-100 futures are up 1.88% astatine 24,856.25
• E-mini Dow Jones Industrial Average Index are up 0.97% astatine 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 successful gold: 28.6 oz
• BTC vs golden marketplace cap: 8.06%

Technical Analysis

• Following the largest liquidation lawsuit successful the industry's history, large cryptocurrency prices person begun to stabilize, gradually reverting to levels seen the erstwhile week. ETH concisely dipped to $3,400 earlier rebounding to reclaim the play scope lows astir $4,070.
• Notably, the $3,400 portion aligns with the EMA200 connected the regular timeframe, providing a beardown method support. ETH is presently trading adjacent $4,150, conscionable beneath the regular EMA50.
• Bulls volition privation to spot a play adjacent supra the $4,070, efficaciously establishing a plaything debased and signalling renewed spot successful the trend.

Crypto Equities

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

Crypto Treasury Companies

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

ETF Flows

Spot BTC ETFs

• Daily nett flow: -$4.5 million
• Cumulative nett flows: $62.73 billion
• Total BTC holdings ~ 1.36 million

Spot ETH ETFs

• Daily nett flow: -$174.9 million
• Cumulative nett flows: $14.92 billion
• Total ETH holdings ~ 6.87 million

Source: Farside Investors

While You Were Sleeping

• No, Ethena's USDe Didn't De-peg (CoinDesk): The expected de-pegging was lone constricted to Binance portion deviations were overmuch much restrained connected different large liquid avenues similar Curve.
• BTC Mining Firm Marathon (MARA) Scoops Up 400 BTC After Price Crash, On-Chain Data Show (CoinDesk): Data from Arkham Intelligence seemingly shows Marathon bought 400 bitcoin via custodian Anchorage Digital soon aft past Friday's flash crash.
• Silver Roars Higher connected Short Squeeze arsenic Gold Rallies to Record (Bloomberg): Scarce supplies and surging request successful London person driven traders to alert metallic crossed the Atlantic, arsenic fears of U.S. tariffs connected captious minerals, which includes silver, intensify unit connected prices.
• How the United States Is Eating Trump’s Tariffs (Reuters): Research tracking hundreds of thousands of goods shows U.S. firms absorbing astir tariff costs and raising prices, adding to ostentation pressures and weakening request for overseas exports.