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.

US buyers bid Bitcoin at the low end of our 90 day range on Oct 26. Coinbase priced $BTC -0.177% under the global exchanges, the 52nd day in a row on the discount side.

That gap ran wider than its seven day average of -0.130%. The size of the discount moves from day to day, but the sign hasn't flipped in 52 sessions.

Quarterly futures still traded above spot, a premium worth +5.28% a year annualized. Traders in derivatives kept paying up for later delivery even with US spot buyers bidding under the rest of the world.

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.

Leveraged $BTC buyers on Binance paid 10.95% a year in funding to keep their perpetual bets open in the Oct 27 read at 05:25 UTC. Funding is the fee longs pay shorts. Borrowing Bitcoin itself on margin at the same venue cost just 0.42% a year.

That 10.53% gap was the widest we recorded across the 15 assets and 3 venues on our board.

Dollars cost more at Binance. A $USDT margin loan there ran at 5.16% a year, the highest of the three. OKX was the cheapest at 3.5%, and Bybit's 3.91% set the median.

$BTC hashrate was 1104 EH/s, down -4.1% over 7 days, and difficulty was 140.58T. Block fees were 1.0 sat/vB and miner revenue was 508.8 BTC.

Since 2017, days in this very high band saw a median +0.1% BTC move over the next 7d (n=634, base +0.5%, 8y of records). History, not a forecast.

Silver just shook out its leveraged buyers. Over the last 30 minutes, $1.6M of $XAG long positions were liquidated across the major venues, meaning exchanges automatically closed bets on a higher price once the margin behind them ran out.

Traders positioned for a falling silver price came through untouched, with $0.00 in short liquidations over the same window. The whole flush landed on one side of the market.

Forced closures on Binance's TradFi perpetuals reached $17.34M on Oct 26, up +361% from $3.76M on Oct 25. Both sides paid. Leveraged buyers lost $9.8M and sellers $7.6M across 173 contracts and 5,869 recorded events.

SanDisk's SNDK topped the board at $3.69M, split almost evenly between $1.92M of longs and $1.77M of shorts. The leveraged chip fund SOXL came next at $2.09M and carried the day's largest single closure, $257K.

Further down, traders short the dollar against the Brazilian real (USDBRL) lost $870K of its $1.12M, and buyers of Brazil's EWZ fund took $699K of its $748K.

A busier day that was still a quiet week. Our streams recorded $142.9M of forced closures on Oct 26, up 46.5% from $97.5M on Oct 25 but well below the 7 day average of $264.0M. That total is a floor from public venue streams.

Leveraged buyers took 60.5% of it, $86.4M against $56.5M from shorts, across 64,050 events on 11 venues.

$BTC led by total at $35.1M, yet $ETH longs lost slightly more than Bitcoin longs, $21.5M against $21.2M. The single largest liquidation was an Ether position on Binance, which handled $80.0M of the day.

Bitcoin went nowhere in the 24 hours to Oct 27, a +0.01% move to $80,126. Underneath that flat line, leverage kept getting cleared. Our collectors logged 1,580 recorded prints of $1K or more.

The biggest single one was a long liquidation of $1.2M on Binance, a leveraged buyer whose position was closed by the exchange. That is the size of the position, not the loss.

The liquidation heatmap behind the candles is an estimate of where leverage sits. The prints on the candles are recorded closures.

Pacifica traded $411.1M in the 24 hours to Oct 26, more than any other Solana perps venue, on just $59.4M of open positions. GM Trade holds the most open positions at $108.3M, 43.5% of the board, and turned over $226.2M.

Across 6 venues and 284 markets, open interest totals $248.8M against $845.0M of daily volume.

The one sided crowd sits on Jupiter Perps. Traders betting on a rise hold $86.4M there against $16.2M betting on a fall, and pay a median hourly borrow fee of +0.0015%. GM Trade is close to even, with $107.0M long and $109.7M short.

Short bets are the small side on Jupiter Perps, $16.2M against $86.4M in longs across SOL, ETH and BTC, yet they lean hardest on the pool behind them. Capacity for shorts was 66.1% in use on Oct 26, the same reading on all three markets.

On the long side, use tops out at 23.9% on Bitcoin, with SOL at 13.27% and ETH at 6.21%. Longs hold 84.2% of open positions, and SOL carries the largest book at $53.4M, with the coin at $100.21, down 1.2% over 24 hours.

The JLP pool that takes the other side of these trades holds $840.5M and pays an annualised 6.09%.

Leveraged longs took most of the pain in the 24 hours to Oct 26, with $109.5M forced out against $54.8M of shorts. Recorded liquidations came to $164.3M over 64,763 events.

$ETH saw the most of any coin at $44.2M across both sides, and the largest single liquidation, $7.0M, was also on Ether.

Open futures bets across 27 venues stood at $71.74B, 1.34% above a day earlier. On Hyperliquid, the largest accounts by equity held 44.4% of their notional long across 271 accounts.

US spot Bitcoin ETFs posted a net flow of -$635.5M on Oct 22; Ether ETFs -$110.5M.

Netflix was the odd one out in tokenized stocks on Oct 26. The same share traded at a +4.94% premium as a token on Base and at a -1.11% discount on Solana, a 6.05 pp gap between wrappers of one stock. These are tokens backed by a share held at a custodian and traded onchain around the clock.

Across 199 wrappers the median sat -0.11% under the real share, so most priced close to the stock. The deepest discount was USOon Solana -1.85%.

Trading picked up hard. DEX volume over 24 hours reached $291.1M, up +108.81%, and supply valued at the share price held at $3.83B, a -0.21% change. Binance bStocks remains the largest issuer with $1.30B.

Quantum coins were the only theme basket to gain in the 24 hours to Oct 26, up 1.32%. Meme took the heaviest loss at -2.87%, and every other basket closed lower too.

The month widens the gap. Quantum is up 26.9% over 30 days, 31.6 percentage points ahead of Bitcoin's -4.7%, and it is the only theme ahead of Bitcoin over that stretch. Meme trails furthest at -20.6%, 15.9 points behind, with RWA next at -18.9%.

Each theme is an equal weight basket of Binance spot pairs, rebased to Jan 1, 2025.

Coins outside Bitcoin held up better than $BTC over the 24 hours to 19:42 UTC on Oct 26. Bitcoin's slice of the total crypto market slipped -0.58% in that window, to 59.44%.

That leaves a little more of the market's value sitting in everything else, though Bitcoin still accounts for well over half of it. Ether's share stood at 10.46%, and the whole market was valued at $2.70T at the same reading.

One day of Bitcoin giving back share is a single reading, not a trend. It says other coins outperformed for 24 hours, nothing more.

Trader mood cooled over the 24 hours to 19:00 UTC on Oct 26. The Fear and Greed index, which scores how bold or nervous the crypto crowd is, lost 4 points and landed at 50, a neutral reading.

Bitcoin's grip on the market loosened in the same window. Its share of total crypto value fell 0.57% to 59.45%, leaving a little more of the market's weight with other coins than a day earlier.

The stablecoin supply, the dollar tokens traders hold between trades, shrank 0.19% to $303.00B, so slightly fewer dollars sat parked in tokens like $USDT on the day.

Forty of the 50 altcoins we track beat Bitcoin over the past 90 days, putting the Altcoin Season Index at 80 on Oct 26. That's above the 75 line where altseason begins, so the market reads as altseason.

Bitcoin returned 26% over the same 90 days, and the index stands 2 points higher than seven days earlier.

The gap inside the group is wide. BTW leads with 13x over 90 days and AKE follows at +676.6%. At the other end APR returned -83.5%, and ONDO gained just +3.4%, far behind $BTC .

Buyers of Netflix on Base are paying more than the stock is worth on its own market. NFLXc, a tokenized wrapper that tracks $NFLX shares, carries a premium of +6.30%, so one token costs more than the matching value of the underlying share.

The premium compares the token's price on chain with the price of the share it wraps. This is a single reading, with no earlier value or usual range to set it against.

The gap says what the wrapper costs next to the stock. It does not say which way Netflix itself is moving.

Ether's crowd leans harder toward a rise than any other coin on our 30 coin board. As of 16:52 UTC on Oct 26, Binance showed 3.25 $ETH accounts long for every one short, against 2.16 for $BTC .

On Bitcoin, the larger players lean less. Binance's top traders held 1.91 longs per short when weighted by position size, though by account count they sat at 2.28. OKX showed 2.18, and 66.3% of Bybit accounts were positioned long.

Market orders told a mixed story. Over the 24 hours, buyers hitting the market came out ahead by +84 BTC, but in the final hour there was 0.88 in buying for every 1 in selling.

On Binance's daily charts the oversold side outnumbers the overbought one, 46 crypto perpetuals against 10 as of Oct 26. RSI tracks how one sided the last 14 days of gains and losses have been, with 30 or under read as oversold and 70 or over as overbought.

$SOPH carries the lowest reading at 16.4, down -1.1% over 24 hours. $BLUR follows at 17.3 after -2.8%, and $CT at 17.7 after a -13.4% day.

The overbought side is thin. BULLA leads it at 72.4 after a +69.1% day, and the board average sits at 42.8.

Avalanche carried the widest funding gap between venues in the Oct 26 reading at 15:52 UTC. A leveraged $AVAX long cost 0.08% more per 8 hours on Cryptocom than on dYdX, where funding (the fee longs pay shorts each period) was lowest.

If that gap held for a full year, after taker fees on both legs at a weekly rebalance, the modeled carry comes to 79.31% annualized. It is a model, not a recorded return.

Next on the board was $LTC at 0.06% per 8 hours between Hyperliquid and Cryptocom. $DOGE showed 0.05% between Bybit and XT, and POL 0.04% between OKX and Hyperliquid.