Was $500B Value destruction Just a blip?: Crypto Daybook Americas

By Francisco Rodrigues (All times ET unless indicated otherwise) The crypto market staged a fragile recovery after a violent flash crash on Friday erased more than $500 billion in value and forced nearly $20 billion in liquidations across derivatives ￰0￱ fell as much as 13% in an hour, bottoming near $102,000 before rebounding to now trade above $111,800. The broader market, as measured by the CoinDesk 20 ( CD20 ) Index, climbed 11.8% from this week’s bottom, but dropped 3.5% in the last 24 hours to 3,727 points. It’s underperforming BTC, which dropped 2.8% in the same ￰1￱ market maker Wintermute said the sell-off unfolded in a tightly synchronized wave that tested perpetual contract trading platforms’ limits.

“Violent price movement quickly led to liquidity disappearing from the broader market,” Wintermute wrote. “As prices post the drawdown recovered, liquidity came back rapidly.” Sam MacPherson, CEO of Phoenix Labs and a core contributor to the Spark protocol, told CoinDesk that the volatility “ served as a real-time stress test for DeFi’s underlying infrastructure.” He added that “Blue chip collateral played a major role here, acting as a stabilising base through the market shakeout.” Despite the chaos, signs point to continued institutional ￰2￱ reportedly plans to launch crypto custody services in 2026 , aligning with a broader push by Wall Street to offer regulated digital asset ￰3￱ the same time, investment bank China Renaissance is raising $600 million for a BNB-focused investment vehicle in partnership with YZi ￰4￱ flows also remain ￰5￱ investment products saw over $3.1 billion in net inflows last week, according to ￰6￱ bitcoin ETFs saw $326 million of outflows yesterday, showing jitters among ￰7￱ the ￰8￱ shutdown ongoing, the macro front should have little influence over the market for the time ￰9￱ Chair Powell is speaking later today, and traders will be monitoring it for clues on the central bank’s views on ￰10￱ focus will instead remain on how China responds to Trump’s additional ￰11￱ alert!

What to Watch For a more comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ". Crypto Oct. 14, 8 a. m.: Swellchain (SWELL) undergoes Optimism Superchain U16A upgrade ; pending withdrawals to Ethereum L1 temporarily invalidated. Oct. 14, 12 p.

m.: The dYdX Foundation is hosting its October 2025 Analyst Call on YouTube. Oct. 14, 1 p. m.: Solana-powered DEX Orca is hosting a fireside chat on X discussing xORCA, a new liquid staking ￰12￱ Oct. 14, 12:20 p. m.: Federal Reserve Chair Jerome Powell speaks at the National Association for Business Economics (NABE) annual meeting in Philadelphia, ￰13￱ (Estimates based on FactSet data) Nothing ￰14￱ Events For a more comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ".

Governance votes & calls The Sandbox DAO is voting to enable estate sales by letting LAND owners bundle and sell multiple parcels via the GBM x Sandbox ￰15￱ ends ￰16￱ No major ￰17￱ Launches Oct. 14: SANDchain, a zk-powered Ethereum layer-2, ￰18￱ For a more comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ". Day 2 of 3: Digital Asset Summit 2025 (London) Oct. 14: The Future of Finance Tokenisation Event 2025 (London) Day 1 of 4: DC Fintech Week 2025 (Washington) Token Talk By Oliver Knight Plasma (XPL) fell another 13.5% on Tuesday, extending its losses to 52% since debuting in late ￰19￱ stablecoin-focused layer-1 blockchain faces skepticism over its tokenomics and large “ecosystem & growth” ￰20￱ supply stands at 1.8 billion against a total of 10 billion, pointing to years of potential sell pressure as vested tokens ￰21￱ were sold in the public round at $0.05 each, leaving ICO buyers comfortably in profit at current prices of around $0.41.

Investors who bought after exchange listings are facing steep losses amid weak market ￰22￱ expect continued downward pressure once early investor tokens become fully liquid, ICOdrops data shows a major unlock will occur in Q2 of ￰23￱ Positioning The BTC futures market appears to be stabilizing following its recent ￰24￱ interest has settled around $25.5 billion, showing no major change from yesterday after the weekend's significant ￰25￱ 3-month annualized basis is now trading in a lower range of 5-6%, a drop from its earlier rebound and indicating a slight cooling of bullish sentiment. A key divergence remains in funding rates, with Bybit's rate turning negative at -5%, while Hyperliquid's remains positive at 10%.

This suggests a mixed and complex market sentiment, with strong but isolated long and short conviction across different ￰26￱ BTC options market is showing a significant bullish ￰27￱ 24-hour Put/Call Volume is now roughly balanced at a 50-50 split, a shift from being call-dominated, while the 1-week 25 Delta Skew has spiked dramatically to 12.62%. This high positive skew indicates a substantial premium for call options over puts, showing that traders are aggressively positioning for upside price action and are willing to pay a premium for bullish ￰28￱ data shows $627 million in 24 hour liquidations, with a 70-30 split between longs and ￰29￱ ($185 million), BTC ($125 million) and Others ($69 million) were the leaders in terms of notional ￰30￱ liquidation heatmap indicates $110,600 as a core liquidation level to monitor, in case of a price ￰31￱ Movements BTC is down 3.86% from 4 ￰32￱ Monday at $111,363.19 (24hrs: -3.22%) ETH is down 7.01% at $3,991.50 (24hrs: -4.3%) CoinDesk 20 is down 6.02% at 3,712.40 (24hrs: -3.74%) Ether CESR Composite Staking Rate is down 1 bps at 2.91% BTC funding rate is at 0.0008% (0.8924% annualized) on Binance DXY is up 0.17% at 99.43 Gold futures are up 0.14% at $4,138.90 Silver futures are up 0.14% at $50.50 Nikkei 225 closed down 2.58% at 46,847.32 Hang Seng closed down 1.68% at 25,455.05 FTSE is down 0.32% at 9,412.64 Euro Stoxx 50 is down 1.02% at 5,511.68 DJIA closed on Monday up 1.29% at 46,067.58 S&P 500 closed up 1.56% at 6,654.72 Nasdaq Composite closed up 2.21% at 22,694.61 S&P/TSX Composite closed down 1.38% at 29,850.89 S&P 40 Latin America closed up 1.72% at 2,833.94 U.

S. 10-Year Treasury rate is down 3 bps at 4.021% E-mini S&P 500 futures are down 0.91% at 6,633.75 E-mini Nasdaq-100 futures are down 1.14% at 24,638.75 E-mini Dow Jones Industrial Average Index are down 0.57% at 46,032.00 Bitcoin Stats BTC Dominance: 59.52% (0.86%) Ether to bitcoin ratio: 0.03572 (-3.07%) Hashrate (seven-day moving average): 1,052 EH/s Hashprice (spot): $46.91 Total Fees: 2.87 BTC / $330,491 CME Futures Open Interest: 140,690 BTC BTC priced in gold: 26.9 oz BTC vs gold market cap: 7.59% Technical Analysis TAO has been one of the top-performing assets over the past week, with prices rebounding to levels seen prior to the October 10 ￰33￱ asset has successfully reclaimed the 50-week EMA and broken its daily downtrend, closing at $447 yesterday.

However, this area aligns closely with the yearly open, which is currently acting as short-term ￰34￱ bullish continuation, traders will want to see a weekly close above the $390 level and for price to maintain support above the 50-week EMA, confirming the shift in trend ￰35￱ Equities Coinbase Global (COIN): closed on Monday at $356.99 (-0.01%), -3.83% at $343.31 in pre-market Circle Internet (CRCL): closed at $137.47 (+3.41%), -3.09% at $133.22 Galaxy Digital (GLXY): closed at $41.23 (+4.7%), -4.22% at $39.49 Bullish (BLSH): closed at $59.55 (-1.42%), -4.2% at $57.05 MARA Holdings (MARA): closed at $20.24 (+8.53%), -3.95% at $19.44 Riot Platforms (RIOT): closed at $21.70 (+3.28%), -4.52% at $20.72 Core Scientific (CORZ): closed at $19.21 (+3.73%), -2.6% at $18.71 CleanSpark (CLSK): closed at $20.04 (+3.94%), -5.09% at $19.02 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $60.86 (+9.97%), -1.61% at $59.88 Exodus Movement (EXOD): closed at $28.64 (+0.49%), -0.14% at $28.60 Crypto Treasury Companies Strategy (MSTR): closed at $315.47 (+3.5%), -3.96% at $302.98 Semler Scientific (SMLR): closed at $26.33 (-1.75%), -1.71% at $25.88 SharpLink Gaming (SBET): closed at $16.13 (+5.32%), -6.08% at $15.15 Upexi (UPXI): closed at $6.48 (+2.05%), -6.64% at $6.05 Lite Strategy (LITS): closed at $2.15 (-12.96%), -2.33% at $2.10 ETF Flows Spot BTC ETFs Daily net flow: -$326.4 million Cumulative net flows: $62.4 billion Total BTC holdings ~ 1.36 million Spot ETH ETFs Daily net flow: -$428.5 million Cumulative net flows: $14.49 billion Total ETH holdings ~ 6.84 million): Ethereum's Fusaka upgrade was deployed on ￰36￱ final rehearsal is scheduled for Oct. 28 on Hoodi, following which the date of the mainnet launch will be ￰37￱ Generale-FORGE and Bitpanda Expand Partnership to Bring Regulated Stablecoins to DeFi (CoinDesk): Bitpanda will offer Societe Generale-FORGE’s EURCV and USDCV stablecoins to retail users, enabling yield generation and on-chain lending through platforms like Morpho and ￰38￱ China and the ￰39￱ Racing to De-Escalate the Trade War (The Wall Street Journal): Both governments are signaling a desire to cool tensions — Washington to calm markets and Beijing to salvage a summit — even as they quietly prepare new measures to pressure each ￰40￱ Long Will Gold Mania Last?

(Financial Times): Fueled by massive central bank purchases and surging institutional and retail demand, gold’s explosive rally is stoking fears of a speculative bubble after its steepest rise in decades.