Bykaranteli

Our data now leaves a receipt on public blockchains. Every 5 minutes, 35 feeds we compute (funding, open interest, liquidations, order book depth, premiums and pressure scores for $BTC , $ETH , $SOL and more) are sealed into one Merkle root, signed by an isolated key and written to Solana mainnet, with a daily attestation on Base. If anyone, including us, changed one of those numbers afterwards, it would stop matching the chain. You do not have to take our word for it: the verifier on our proof page rebuilds a record, checks its signature and reads the anchor straight from Solana in your own browser. Beta, on mainnet since 18 September. Free, no account needed.

The biggest $BTC options trades of the past 48 hours both sat on Dec 25 puts, and both were negotiated as blocks. One taker sold a $72,000 put for $2.1M in premium. Another bought a $75,000 put for $1.9M. Each is larger than the $1.6M of puts bought across all recorded trades in the last 24 hours.

The 24 hour flow itself was close to even: $1.6M of premium for puts, which gain if price falls, against $1.5M for calls, which gain if it rises. Block trades, deals arranged off the order book, made up 46% of all premium across 12,395 recorded trades.

The third largest trade was also a Dec 25 block, an $80,000 call sold for $781.3K.

On Solana, the tokenized version of the USO oil fund changes hands well under the fund itself. USOon carries a premium of -6.29%, so a buyer of the token pays less than the matching value of USO shares.

The premium compares the token's price on chain with the price of the fund it tracks. A negative reading means the token trades at a discount.

The gap measures how the wrapper is priced against its underlying, not where oil or USO is heading. It carries no read on direction.

Coinbase closed Oct 25 as the cheaper place to buy Bitcoin for the 51st day running in our records. US buyers bid below what traders on the rest of the world's exchanges were paying.

The gap that day was -0.126%, right in line with its seven day average of -0.122%. The discount is small. The length of the run is what stands out.

On the futures side, quarterly contracts priced $BTC at an annualized +5.60% above spot. That's the rate traders paid to hold Bitcoin through futures instead of buying it outright.

Since 2017, days in this very low band saw a median -0.1% BTC move over the next 7d (n=665, base +0.5%, 9y of records). History, not a forecast.

Binance charged the most to borrow dollars on margin in the Oct 26 read at 05:25 UTC, at 4.85% a year for $USDT. OKX was the cheapest of the three venues we track at 3.5%, and Bybit's 3.9% set the median.

The widest gap among the 15 assets on our board was $LINK on OKX. Leveraged buyers of LINK perpetuals paid shorts at a rate of 10.95% a year, but borrowing LINK on margin there cost just 1% a year.

That left a recorded spread of 9.95% between what longs paid to stay in and what the coin itself cost to borrow.

Leveraged buyers of Brazil's EWZ fund took the heaviest losses on Binance's TradFi perpetuals on Oct 25. Of its $1.38M liquidated, $1.38M came from long bets and just $296 from shorts.

A second bet on Brazil got caught too. Traders short the dollar against the real (USDBRL) lost $242K. Natural gas buyers lost $532K, including the day's single largest forced closure at $258K.

Across 96 contracts and 1,033 forced closures, the day came to $3.76M, split 72% longs / 28% shorts. That is down 82% from $20.68M on Oct 24.

Bitcoin's leveraged buyers took a sharp hit. In the last 30 minutes, exchanges closed $5.8M of $BTC long positions, which are bets on a higher price. Each one was shut automatically once its margin could no longer cover the loss.

Traders betting on a lower Bitcoin barely felt it, with $103.8K liquidated on that side over the same half hour.

These totals come from the raw liquidation streams of the major venues.

Recorded liquidations totaled $96.9M, with $64.5M in longs and $32.4M in shorts for a 66.6% long share across 52,418 events. The largest symbol by liquidations was $ETH with $21.3M in longs and $8.5M in shorts, and the single largest liquidation was $ETH on Binance at $7.0M. It was far lighter than the day before's $415.3M and also well below the 7 day average of $282.3M.

Liquidations on Bitcoin came small and many in the 24 hours to Oct 26. Our collectors logged 770 recorded prints of $1K or more, and none of them reached seven figures.

The largest was a long liquidation of $799K on OKX, a leveraged buyer forced out of the position. The figure measures the size of the position closed, not the trader's loss.

$BTC traded at $80,262 as of 00:35 UTC on Oct 26, a -0.72% move over the window. The heatmap behind the candles is an estimate; the prints on them are recorded.

Exchanges just shut $8.9M of leveraged Ether long positions in the space of 30 minutes. These were bets on a higher $ETH price, closed automatically once the margin behind them could no longer cover the move.

The opposite side saw little of it. Liquidations on bets against Ether came to $271.3K over the same window, so the flush landed almost entirely on buyers.

The totals come from the raw liquidation streams of the major venues.

On Jupiter Perps, traders betting on a rise held $81.0M in positions on Oct 25, against just $18.5M betting on a fall. No other Solana perps venue that publishes both sides came close to that tilt. GM Trade, the leader with 44.1% of open interest, sat near even at $108.2M long and $111.0M short.

Jupiter charges longs and shorts an hourly borrow fee instead of funding, with a median of +0.0014%. Its $SOL market was the largest single market on the board at $32.2M, at +0.0016% an hour.

Across 6 venues and 284 markets, open positions totaled $248.3M on $375.1M of 24 hour volume, with Pacifica alone trading $200.2M.

Traders on Jupiter Perps have put 81.4% of their open bets on a rise, $81.0M in longs against $18.5M in shorts across SOL, ETH and BTC as of Oct 25.

SOL carries the biggest long book at $51.2M, with the coin at $101.41. Bitcoin longs are smaller at $25.3M, but they draw harder on the pool, using 20.93% of what it can lend to that side against 12.57% for SOL.

The short side is the smaller crowd yet the heavier borrower. Each of the three short markets has used 67.01% of its lending capacity. The JLP pool, the liquidity that takes the other side of these trades, holds $847.1M and pays a 6.09% APR.

Neither side escaped the 24 hours to Oct 25. Leveraged longs lost $40.4M and shorts $40.1M, $80.5M in all over 51,367 forced closures. $ETH took the most at $21.7M, including the largest single one at $697.0K.

Open futures bets across 27 venues came to $70.80B, 2.37% below a day earlier, with 15.69% held on decentralized venues.

US spot Bitcoin ETFs lost $635.5M on Oct 22, Ether ETFs $110.5M. On Hyperliquid, the largest accounts by equity hold 43.4% of their notional long across 272 accounts. The biggest resting $BTC bid wall, $38.7M, sits at $80.4K, 0.05% under mid.

Sep 25, the onchain supply at the share price is $3.85B, up +0.34% since the last recorded day, with $113.9M in 24 hour DEX volume, and Binance bStocks is the largest issuer at $1.30B. The reference is closed.

One theme basket has had a very different month from the rest. Quantum coins are up 29.1% over 30 days, 33.2 percentage points ahead of Bitcoin's -4.2%.

Layer 2 is the only other basket ahead of Bitcoin, and barely, at -3.8% for a 0.3 point edge. Meme sits at the far end, down 15.9% and 11.7 points behind.

No basket gained in the 24 hours to Oct 25. Quantum and Layer 1 fell the least at -0.95% each. AI took the deepest hit at -2.46%, with DePIN right behind at -2.45%.

Bitcoin's slice of the whole crypto market reached 60.02% in the 24 hours to 19:42 UTC on Oct 25, up 0.5% over that window. That means $BTC held up better than the rest of the coins combined, and every other asset now counts for less of the total.

Ether's share stood at 10.64% at the same reading, in a total market valued at $2.69T.

One day's gain is a single reading, not a trend. It shows where value sat on Oct 25, not where it goes next.

Bitcoin made up 60.04% of the whole crypto market's value at 19:00 UTC on Oct 25. Its share grew 0.52% over the 24 hours, leaving more of the market's weight on a single coin than a day earlier.

Trader mood edged up as well. The Fear and Greed index, which scores how bold crypto traders feel, gained 3 points to 54, a neutral reading.

The cash side barely moved. Dollar stablecoins totaled $303.30B, down 0.02% on the day.

One side of the Ether market is leaning hard on the order book. $ETH flow toxicity reads 0.1494, higher than 92% of our past readings.

VPIN, short for volume synchronized probability of informed trading, tracks how much of the traded volume comes from one side pushing through resting orders instead of trading evenly with the other.

Bitcoin sits even further out on the same gauge, at the 96th percentile. The reading shows how lopsided the flow is in $ETH and $BTC . It doesn't say whether buyers or sellers are doing the pushing.

Since 2026, days in this high band saw a median -0.7% BTC move over the next 7d (n=49, base -0.3%, 1y of records). History, not a forecast.

The Altcoin Season Index climbed 11 points in a week to 72 on Oct 25. Of the 50 altcoins we track, 36 beat $BTC over the past 90 days.

That still sits below the 75 line where altseason begins, so the market reads as no clear season. Bitcoin returned 26.6% over those 90 days, the bar every alt had to clear.

The gap between winners and losers is wide. BTW leads at 23x. APR trails at -79.9%, the only name in the bottom five showing a loss.

One side of the market is pushing much harder than the other. VPIN, a gauge of how unevenly buying and selling volume splits across equal slices of trading, reads 0.181.

That is higher than 97% of the last 90 days, near the top of its own range for that window.

The gauge carries no direction. A high reading says orders are leaning heavily one way through the book, not whether buyers or sellers are doing the leaning. Pair it with price and liquidation data to see which side it is.