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The inflation eye report; Multicoin recommends the guidelines PERP: Crypto Daybook Americas

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By Omkar Godbole (at all times and unless otherwise indicated)

The crypto market is buoyant, including Bitcoin BTC$111,272.86 Climbing to $111,500 and the Coindesk 20 (CD20) Index An increase of 2% to 3,667 points. Most major cryptocurrencies, including BNB, XRP, Sol, and ETH, traded higher after President Trump forgiven BINANCE Founder Changpeng Zhao.

In addition, the White House a Trump-XI meeting has been confirmed on the sidelines of the Korea Summit early today.

Timothy Misir, head of research at BRN, described the market bounce as constructive but fragile. “The positive print of the ETF on the accumulation of Bitcoin and Dolphin Cohort provides a stable base, but the long-term distribution of the holder and a choice of record complex leave the market exposed to volatility,” said Misir.

Traders await US consumer price index data, which is expected to show the cost of living rose to an 18-month high in September. The way options are priced in derivation suggests a 2.9% post-CPI price swing in ether compared to less than 2% in Bitcoin.

Leading up to pivotal data, an OG trader walked away with $200 million in profits following the October 10 crash closed recently started Bearish Short Bet in BTC.

In the midst of all this, a Bloomberg report said Banking giant JPMorgan is set to allow institutional clients to use bitcoin and ether as collateral. Talk about deepening the integration of crypto into the traditional financial system!

In other news, rumors of insider trading Swirled on social media After the StableCoin dedicated layer 1 blockchain stable said that the phase 1 of the pre-deposit campaign quickly hit the $ 825 million hard cap in minutes after opening.

Meanwhile, multicoin capital suggested The innovative concept of perpetual futures contracts tied to attention assets, which would allow traders to take long or short positions based on the level of cultural or social attention a topic or entity has received.

These “attention scores” will allow attention oracles, aggregate data from prediction markets and other inputs to create a reliable index that reflects real world attention.

In traditional markets, the dollar index is holding near 99.00, and the 10-year Treasury yield looks to extend Thursday’s bounce to 4%. A warmer-than-expected US inflation report later on Friday could add to DXY’s bullishness, curbing BTC’s gains. Stay Alert!

What to watch

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Crypto
- October 24, 7:30 am: Cake$2.6748 The team hosts a Or in Telegram Featuring the head of the Coral Finance community.
Macros
- October 24, 8:30 am: US Sept. rate of inflation. Headline Yoy Est. 3.1%, Mom Est. 0.4% Core Yoy Est. 3.1%, Mom Est. 0.3%
- October 24, 9:45 AM: S&P Global US October PMI (Flash). Composite (prev. 53.9), manufacturing est. 52, Services Est. 53.5.
- October 24, 10 am: Oct. Michigan Consumer Sentiment (Final) Est. 55.
Revenue (Estimates based on factSet data)
- October 30: Coinbase Global (coin), post-market.

Token events

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

Management votes and calls
- Desentraland Dao votes to launch the DAO Land Access Programallowing creators temporary use of unused DAO Land for projects such as art, education, and social spaces. Voting ends October 25.
Unlocks
- October 25: Plasma XPL$0.3693 to unlock 4.97% of its circulating supply worth $34.65 million.
Launching a token

Conference

For a more comprehensive list of this week’s events, check out Coindesk’s “Crypto has an early week“.

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 is in “Bitcoin season.”
The fall reflects deteriorating sentiment across the Altcoin market, with assets such as FET, 2Z, Bonk and WIF all losing more than 50% of their value in the past three months.
Bitcoin dominance crept from 57% to 59% since Sep. 13, a sign that investors are shunning speculative altcoin bets in favor of Bitcoin, which has held stubbornly between $100,000 and 126,000 since July.
Altcoins, meanwhile, fell victim to a liquidation cascade earlier this month as a sell-off prompted excessive drawdowns, wiping out the book’s 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 is despite a wave of Digital Asset Treasury Company (DATS) investing in altcoins throughout 2025, with a lack of retail demand failing to maintain consistent momentum.

Derivatives Positioning

Bitcoin’s 30-day implied volatility, as measured by Volmex’s BVIV Index, eased to 45% from 52% in two days, partially reversing the spike experienced on October 10. This decline indicates an easing of market anxiety alongside a similar reset on Wall Street.
Options data from Deribit shows that BTC’s seven-day volatility premium (VRP) has flipped negative, a sign of renewed calm.
Dealer Gamma profile points to Positive Gamma Buildup from $112K to $120K strike. This means traders trade against the market in this range, arresting price volatility.
Broadly speaking, BTC continues to trade at a premium to call all tenors, reflecting continued falling fears and call overwriting, especially at the long end of the curve.
ETH options are showing bullishness beyond December expiration.
Open interest (OI) in perpetual futures tied to most major tokens has increased over the past 24 hours. Leading the pack are bomb futures, with an OI gain of over 14%. Strong capital inflows into non-serious tokens often precede market corrections.
Funding rates for TRX, ZEC have turned slightly negative, indicating a bias for short positions. In the case of ZEC, traders with long exposure to the spot market can hedge both short futures bets.

Market movements

BTC is up 1.66% as of 4 PM ET Thursday at $111,394.24 (24hrs: +1.7%)
ETH up 3.4% to $3,960.88 (24hrs: +2.22%)
Coindesk 20 climbed 2.37% to 3,960.88 (24hrs: +1.64%)
Ether CESR Composite Staking Rate down 3 bps to 2.84%
BTC funding rate is at 0.0045% (4.9494% annual) on Binance

DXY is up 0.12% at 99.05
Gold futures were down 1.49% at $4,083.90
Silver futures were down 1.93% at $47.76
The Nikkei 225 closed up 1.35% at 49,299.65
The Hang Seng closed up 0.74% at 26,160.15
The FTSE was unchanged at 9,582.10
The Euro Stoxx 50 was 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
The Nasdaq Composite closed up 0.89% at 22,941.80
The 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
US 10-Year Treasury Rate up 1.7 bps to 4.006%
E-Mini S&P 500 futures were up 0.31% at 6,795.75
e-mini Nasdaq-100 futures were up 0.5% at 25,380.75
The E-Mini Dow Jones Industrial Average Index was up 0.12% at 46,977.00

Bitcoin Stats

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 vs Gold Market Cap: 7.45%

Technical Analysis

Zec's daily chart in Candlestick format. (TradingView) — Zec’s daily chart with obv. (TradingView)

The daily chart of ZEC shows a bearish divergence of the on-balance volume indicator.
The pattern is characterized by obv diverging lower from rising prices and suggests underlying weakness in demand.
Therefore, prices may correct lower in the near-term.

Crypto Equities

Coinbase Global (coin): Closed on Thursday at $ 322.76 (+0.76%), +2.78% at $ 331.73 in the pre-market
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 Platform (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