π§΅/5- Hyperliquidβs heatmap of #BTC liquidation clusters was virtually wiped clean. Levels both above and below spot were triggered, likely driven by a rapid buildup of liquidation levels in cross-margined accounts and traders closing positions in light of the events.
π₯10β€7π1
π§΅/6- Our #BTC Long/Short Bias chart, tracking the aggregate net positions of the largest BTC traders on Hyperliquid, showed a steep rise in net shorts starting in October 6th, well before Friday's events. While levels have since recovered, they remain deeply negative.
π16β€9
#Bitcoin endured its largest leverage wipeout in history, with $19B in open interest erased and funding collapsing. The market is now recalibrating amid slower momentum, cooling profit-taking, and steady ETF demand.
Read more in this weekβs Market Pulseπ
https://glassno.de/3KSFQrL
Read more in this weekβs Market Pulseπ
https://glassno.de/3KSFQrL
π14β€6π±6π2π€©2
Bitcoin has stabilized above the 135-day moving average, while the Young Supply MVRV has reset toward 1.0. Together, these signal a market cooling from speculative extremes while maintaining structure.
πhttps://glassno.de/3Ja7Fve
πhttps://glassno.de/3Ja7Fve
π17β€2
This heatmap highlights the intensity of Open Interest decline across the top 100 assets last Friday, revealing just how widespread the liquidation pressure truly was.
π https://glassno.de/3KMz0nQ
π https://glassno.de/3KMz0nQ
β€19π4π2π2π1
#BTC Options markets show net premium concentration at $115kβ$130k, suggesting traders remain positioned for upside.
Despite the futures flush, call demand dominates, implying investors see the drawdown as a leverage reset.
πhttps://glassno.de/3WEpF40
Despite the futures flush, call demand dominates, implying investors see the drawdown as a leverage reset.
πhttps://glassno.de/3WEpF40
π17β€8π₯5π―1π1
The Week On-Chain 41, 2025
Bitcoinβs rally to $126k reversed amid macro stress and a $19B futures wipeout. ETF inflows slowing and volatility spiking, the market enters a reset phase marked by a historic leverage flush.
Executive Summary
-Bitcoinβs rally to a new all-time high at $126.1k reversed amid macro tensions and a $19B futures deleveraging, one of the largest in history. The drop below the $117kβ$114k cost-basis zone placed top buyers in loss and exposed renewed market fragility.
- On-chain data show continued Long-Term Holder distribution since July and weaker ETF inflows (-2.3k BTC this week), indicating fading institutional demand. Meanwhile, spot markets experienced a sharp but orderly sell-off, with Binance-driven selling partially offset by buying on Coinbase.
- Futures markets underwent a historic leverage flush, with the Estimated Leverage Ratio collapsing to multi-month lows and funding rates plunging to 2022 FTX levels, signalling peak fear and forced liquidations.
- In the options market, open interest and volume rebounded quickly, but volatility spiked to 76%, and short-dated skew flipped to +17% put-rich before stabilizing. The market remains in a reset phase, awaiting renewed demand to confirm recovery.
Read more in The Week On-Chain newsletter
Bitcoinβs rally to $126k reversed amid macro stress and a $19B futures wipeout. ETF inflows slowing and volatility spiking, the market enters a reset phase marked by a historic leverage flush.
Executive Summary
-Bitcoinβs rally to a new all-time high at $126.1k reversed amid macro tensions and a $19B futures deleveraging, one of the largest in history. The drop below the $117kβ$114k cost-basis zone placed top buyers in loss and exposed renewed market fragility.
- On-chain data show continued Long-Term Holder distribution since July and weaker ETF inflows (-2.3k BTC this week), indicating fading institutional demand. Meanwhile, spot markets experienced a sharp but orderly sell-off, with Binance-driven selling partially offset by buying on Coinbase.
- Futures markets underwent a historic leverage flush, with the Estimated Leverage Ratio collapsing to multi-month lows and funding rates plunging to 2022 FTX levels, signalling peak fear and forced liquidations.
- In the options market, open interest and volume rebounded quickly, but volatility spiked to 76%, and short-dated skew flipped to +17% put-rich before stabilizing. The market remains in a reset phase, awaiting renewed demand to confirm recovery.
Read more in The Week On-Chain newsletter
β€27π2β‘1
The October 10 liquidation wave prompted caution, yet liquidity, macro, and regulatory conditions remain broadly supportive.
Our latest joint report with
@CoinbaseInsto
examines current market trends through data-driven insight.
Read the full report β http://glassno.de/charting_crypto
Our latest joint report with
@CoinbaseInsto
examines current market trends through data-driven insight.
Read the full report β http://glassno.de/charting_crypto
π₯13β€6π3π2