BNB Chain’s native token, BNB, held steady above $950 after dropping 0.6% in 24 hours. The token last traded at $952, showing resilience in the face of wider market volatility; the CoinDesk 20 (CD20) index fell 1.6% in the same period. After opening at $957.70, BNB dipped to a low of $891.84 before recovering. Buyers stepped in at the $940 support level, an area that had been tested repeatedly during recent price swings according to CoinDesk Research's technical analysis data model. The recovery suggests ...

Market Overview - The crypto market is experiencing significant sell pressure, with Bitcoin (BTC) rising about 1% after two days of declines, while Ether (ETH) saw a steep drop of 20% over 48 hours, the largest in three months [1][2] - The CoinDesk 20 Index, which tracks major cryptocurrencies, is down 2.5% over 24 hours but has shown a slight recovery of 2.2% since midnight UTC [2] - Many altcoins have retraced their entire rallies from July, indicating a potential end to the recent "altcoin season" and a shift in focus back to Bitcoin [3] Derivatives Positioning - The BTC futures market shows rising caution, with open interest (OI) declining to $25.3 billion from $26 billion, suggesting traders are reducing leverage [4] - The three-month annualized basis is low at 3%-4%, indicating an unappealing basis trade, while funding rates across major venues are mixed but low, reflecting overall market caution [4] - The bitcoin options market is showing mixed signals, with high implied volatility (IV) across all expiries, indicating expectations of elevated near-term movement [4] Liquidation and Market Dynamics - The recent price drop was heavily influenced by leveraged unwinds, with $1.7 billion in liquidations over the past 24 hours, predominantly affecting long positions [4] - Ether led the notional losses with $572 million liquidated, and the average long liquidation volume over the past two days was $1 billion, significantly higher than the seven-day average of $620 million [4] - A potential bounce in prices may face resistance at the key level of $102,500, which has $124 million in potential liquidations [4]

Core Insights - Cathie Wood's Ark Invest has increased its stake in Bullish Holdings, acquiring over $12 million worth of shares across three ETFs while reducing positions in Palantir Technologies and Roku Inc. [1][2] Company Overview - Bullish Holdings (NYSE: BLSH) operates a hybrid crypto trading platform for institutions and is backed by PayPal co-founder Peter Thiel [2][4] - The company went public in August 2025, raising approximately $1.1 billion and initially trading at around $37 per share, later peaking at $90 [4] Financial Performance - As of November 3, 2025, Bullish's market capitalization stands at $7.35 billion, with shares trading between $47.88 and $118.00 during its first year [3][4] - Bullish will report its third-quarter earnings on November 19, 2025 [4] Ark Invest Holdings - Bullish ranks 38th among Ark Invest's total holdings, with an estimated position of $131.3 million, representing 0.84% of Ark's overall portfolio [5] - Ark Invest's crypto-related positions include significant investments in Coinbase ($680.2 million), Robinhood ($592.9 million), and other crypto-related assets [6][7]

Market Overview - The crypto market experienced a significant sell-off, with Bitcoin (BTC) nearing its lowest level since June and Ether (ETH) trading at $3,480, the lowest since August, resulting in approximately $1.4 billion in liquidations across derivatives exchanges [1][2] Dollar Strength Impact - The sell-off was partly driven by the strength of the US dollar, with the DXY index reaching 100 for the first time since July, up from 96.2 in September, as analysts predict a slowdown in the Federal Reserve's rate-cutting cycle, leading to bearish trends in risk assets like Bitcoin [2] Derivatives Positioning - Volmex's Bitcoin Volatility Index (BVIV) is rising, indicating expected price turbulence, while BTC's spot price has shown a negative correlation with volatility over the past year, suggesting potential price weakness despite rising volatility [3] - Open interest (OI) in ZEC remains high at around 1.59 million ZEC, but funding rates have turned bearish, indicating some traders are shorting futures against long spot positions [3] - On the CME, BTC and ETH futures are showing diverging trends, with ether futures seeing record high OI, while BTC options indicate a bias for puts across all time frames, reflecting ongoing downside concerns [3] Altcoin Market Performance - The altcoin market faced significant declines, with several tokens dropping over 15%, leading to a $1.37 billion wave of liquidations, particularly affecting HyperLiquid rival aster (ASTER), which fell 18% [3] - Notable tokens like XRP are returning to critical support levels, while Solana (SOL) and BNB (BNB) have reached new lows [3] - Privacy coins such as Monero (XMR) and Zcash (ZEC) have outperformed the broader market, with DCR up 146% and DASH up 65%, indicating a potential rotation of traders away from weaker assets [4]

Core Insights - Wintermute founder Evgeny Gaevoy has denied rumors of a lawsuit against Binance regarding losses from the October crypto crash, stating that "literally nothing changed" since previous clarifications [1] - The speculation arose after significant losses during the October 10-11 flash crash, which liquidated $19 billion in positions and erased $600 billion from the crypto market cap [2] - Former Binance CEO Changpeng Zhao supported Gaevoy's denial, urging followers to disregard any misleading information [3] Market Impact - The October crash was triggered by President Donald Trump's announcement of 100% tariffs on Chinese imports, causing panic in global markets [3] - Bitcoin's price fell to $104,782, while Ethereum and major altcoins experienced losses between 15% and 20% [3] - Binance's trading infrastructure faced significant issues, including API failures and rejected orders during peak volatility [4] Financial Implications - Binance utilized $188 million from its insurance fund and issued $283 million in refunds for oracle-related depegs, excluding compensation for Auto-Deleveraging (ADL) losses [4] - Wintermute's portfolio saw a 12% decline, dropping from $637 million to $572 million, following the crash [5] Market Structure Analysis - The October event highlighted structural vulnerabilities in crypto derivatives markets, where notional liquidation figures significantly overstate actual capital losses [7]

Market Overview - Bitcoin (BTC) is experiencing downward pressure after its first October loss since 2018, with potential declines to $100,000 or below indicated by market charts [1] - The broader market is witnessing capital outflows, as evidenced by a decline in futures open interest [1] - The focus for BTC is on its 200-day simple moving average, currently around $107,000 [1] Derivatives Positioning - BTC and ETH futures open interest remained largely unchanged, while altcoin open interest, including XRP, HYPE, and DOGE, has dropped, indicating capital outflows from the broader market [3] - The open interest-normalized cumulative volume delta for BTC and ETH has declined, suggesting a bias towards short positions [3] - Volatility indexes for bitcoin and ether are rising, indicating renewed expectations for price turbulence [3] Altcoin Market Dynamics - Altcoins such as ethena (ENA) and doublezero (2Z) faced heavy sell pressure, with ENA and 2Z slumping by 7% in the past 24 hours and a cumulative 30% decline over the past week [3] - The average relative strength index for altcoins is at 37.51/100, indicating oversold conditions that could lead to a relief rally [3] - The entire crypto market cap is currently at $3.59 trillion, having lost $600 billion in value since October 6 [3]

Core Insights - Coinbase reported Q3 2025 earnings that exceeded analyst expectations, with earnings per share (EPS) of $1.5 compared to an estimate of $1.05, and quarterly revenue of $1.86 billion against an estimate of $1.8 billion [2][17] Company Performance - The earnings call featured a viral moment where CEO Brian Armstrong mentioned key crypto terms that traders were betting on, including "Bitcoin," "Ethereum," "Blockchain," "Staking," and "Web3" [4][5] - Coinbase's CFO Alesia Haas highlighted significant investments in headcount to support the vision of the "Everything Exchange," which aims to integrate various financial services [7][8] Strategic Initiatives - Armstrong emphasized the importance of stablecoins in global payments, predicting a shift towards them due to their efficiency and low cost [9][10] - Coinbase reported that customers held an average of $15 billion in USDC on the platform, contributing to USDC's all-time high market cap of $74 billion [11] - The company is expanding its offerings for businesses, focusing on cross-border payments and invoice management [12] Acquisitions - Coinbase acquired Deribit, the largest crypto options trading exchange, which accounted for over 75% of the market share in options trading [12][13] - The company also acquired Echo, an onchain capital-raising platform, to facilitate fundraising efforts [14][15] Financial Outlook - For Q4, Coinbase is experiencing a strong start, with expectations for October laid out by CFO Haas [16] - The company reported transaction revenue of $385 million and subscription and services revenue projected between $710 million and $790 million [18]

Core Insights - Coinbase Global reported strong earnings for Q3 2025, with earnings per share (EPS) of $1.5, exceeding Wall Street expectations of $1.05 by 45% [2] - The company achieved quarterly revenue of $1.86 billion, a 25% increase quarter-over-quarter (Q/Q), surpassing the estimated $1.8 billion [2][3] Financial Performance - The revenue breakdown included $1 billion from transaction revenue and $747 million from subscription and services revenue, along with $355 million in stablecoin revenue [3] - Coinbase's net income for Q3 was $433 million, with adjusted EBITDA reported at $801 million [3] Trading Volumes - Global spot crypto trading volumes increased by 38% Q/Q, while U.S. spot crypto volumes rose by 29% Q/Q [3] Assets and Liabilities - As of September 30, 2025, Coinbase held total assets exceeding $31 billion and total liabilities over $15 billion [4] - Following the acquisition of Deribit, Coinbase and Deribit together achieved over $840 billion in notional derivatives trading volume during Q3 [4] Strategic Vision - Coinbase's CEO, Brian Armstrong, emphasized the company's strong Q3 performance and progress towards its "Everything Exchange" vision, which now covers 90% of the total crypto market cap in one interface [5]

Core Insights - Coinbase Global reported Q3 2025 earnings of $1.5 per share, exceeding analyst expectations of $1.05 by 45% [2] - The company generated $1.86 billion in revenue for the quarter, surpassing the estimated $1.75 billion [2] - Coinbase went public in 2021 and was included in the S&P 500 index in May 2025, marking a significant milestone for a crypto company [3] Stock Performance - Despite strong earnings, Coinbase's stock closed at $328.51, down approximately 5% in one day, continuing a downward trend since October 27, with a total decline of over 7% in four days [4] - The last recorded higher closing price for COIN was on October 24 [4] Analyst Ratings and Predictions - JP Morgan's Kenneth Worthington upgraded Coinbase to "Overweight," predicting a stock price of $404 by December 2026, contingent on the launch of a Base token [5] - Barclays' Benjamin Budish maintained an "Equal Weight" rating but reduced the price target from $365 to $361, despite expecting strong Q3 earnings [5] - Compass Point's Ed Engel anticipated earnings would beat expectations but kept a "Sell" rating, citing concerns over the impact of USDC and staking payouts on profits [6]

Solana price tumbled to $182 on Oct. 30, recording an intraday decline of nearly 6% as its market capitalization slipped to $100.1 billion. This marks Solana’s sharpest one-day drop since the Oct. 10 market crash, when Trump’s deferred tariff announcement on China triggered nearly $19.4 billion in global crypto liquidations. The latest selloff coincides with a significant move by institutional trading firm Jump Crypto, which offloaded 1.1 million SOL for $205 million before acquiring 2,455 BTC for $265 mil ...