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.

On Jupiter Perps, 82% of the money in open positions is betting on a rise. Hyperliquid's top whales are positioned the other way, with 43% of their notional long across 275 accounts.

$SOL carries most of the Jupiter long side, $50.9M long against $12.3M short. $BTC holds $23.1M long and $4.2M short, $ETH $4.2M against $840.7K. 24 hour volume reached $174.0M, and the JLP liquidity pool holds $844.6M at 6.09% APR.

Top realized gains for the week of Oct 19 to Oct 25 went to Hk8L…Shab on Ether ($31.3K on $8.1M volume), 4Rtc…Ftti on Solana ($28.9K) and 4PN8…bHCF on Bitcoin ($19.7K).

At $79,984, Bitcoin's estimated liquidation map put its first long liquidation level a short step under the price at 11:00 UTC on Oct 25, with $BTC at $80,246. Nothing on the short side sat as close.

Above the price, modeled short levels sat at $81,013 and $82,417. Short sellers there would be forced to buy back if price reached them. Below, the deeper modeled long cluster was at $77,644.

Within 3% of the price, modeled exposure came out two sided, with neither leveraged longs nor short sellers carrying the heavier load.

Whale sellers had the edge in the 24 hours to 10:00 UTC on Oct 25, though not by enough to call it their day. Large orders sold $7.34B and bought $6.43B, leaving buyers with 46.7% of the flow. Our line for a seller led day sits at 45%.

That came across 7,589 whale sized orders. $BTC drew the most of it, $7.91B over 4,084 orders, and also carried the largest single order at $20.9M. $ETH followed with $5.19B over 3,074 orders, and $SOL was a distant third at $346.3M.

The bid side of the $BTC spot book carried most of the thinning over the 24 hours to 09:37 UTC on Oct 25. Resting bids within 2% of mid were 27.8% shallower than a day earlier, against 13.3% less depth on the ask side.

Bids still outweigh asks. Across 21 spot venues, $167.4M of bids rest within 2% of the $80.2K mid against $136.0M of asks, a 10.3% imbalance toward the bid. The mid moved -0.4% over the same day, from $80.5K.

The largest walls hug the mid. There are $38.7M of bids at $80.1K, 0.05% below, and $33.0M of asks at $80.2K, 0.05% above. Resting orders can be pulled at any moment, so this is a snapshot of the book, not a map of where price goes.

Deribit carries most of Monday's expiries. On Oct 26 it closes 13 dated $BTC futures and 13 dated $ETH futures, plus one contract each on AVAX, HYPE and $SOL . Bullish settles a single Bitcoin delivery future the same day.

Over the next 7 days, 165 dated futures expire across 11 venues, alongside 8,402 option contracts.

The 24 hours to 09:15 UTC on Oct 25 brought one settlement. Deribit's USDC margined AVAX future closed at $8.86 at 08:00 UTC.

Paradex runs the smallest of the 10 exchange insurance funds we track, at $383K, and it posted the biggest move in the 24 hours to Oct 25, at +1.28%. An insurance fund is the money a venue keeps to cover liquidations that close below the trader's bankruptcy price.

The large pools barely moved. All 10 funds hold $7.62B, off -$8.4M or -0.11% on the day and -0.38% over seven days. OKX keeps the largest at $2.98B, at -0.28%, and Binance follows at $2.45B, at +0.11%.

Across the coins we track, the funds equal 16.68% of open perpetual futures bets. These are balances the venues report, not audits.

US buyers have bid below the global Bitcoin price for 50 straight days. The Coinbase premium, the gap between the US price and the global one, read -0.15% on Oct 25.

The broader mood stayed middling. $BTC traded at $80,345, down 0.44% over 24 hours, Fear and Greed read 54 (neutral), and Bitcoin held 60.11% of a $2.7T market.

Order flow was more one sided than usual. Bitcoin's toxicity score, a gauge of how hard one side pushes through the book, read 0.18, the 97th percentile of the last 90 days. Leverage was leaving too: none of the 10 majors we track added it, 3 were squeezing out, and $AVAX open interest fell 4.2% as price slipped 0.9%.

Downside protection drew most of the money in $BTC options over the last 24 hours. Takers paid $6.3M in premium for puts, which pay off if price falls, against $2.2M for calls, which pay off if it rises.

The two largest trades of the past 48 hours both sat on the Dec 25 expiry and went opposite ways. A $2.1M block sold the $72,000 put, and a $1.9M block bought the $75,000 put. The biggest call trade was a $559.6K block buy of the Nov 27 $85,000 call.

Block trades, negotiated off the order book and reported to the venue, carried 35% of all premium dollars across 15,118 recorded trades.

$ATOM printed the most extreme funding at -0.0306 with OI up 0.79% over 24h, so shorts are paying to hold. With $TRX at -0.0162 and OI up 0.71% while $XRP at 0.01 and OI down 2.79%, the book shows crowded short carry in the negatives and longs paying up into softer OI in the positives.

Since 2019, days in this low band saw a median +0.3% BTC move over the next 7d (n=519, base +0.4%, 7y of records). History, not a forecast.

The $BTC premium is -0.146%. It is measured as the premium to spot and has stayed negative for 50 days. That is a discount reading, but premium is not directional.

For a 50th straight day, Bitcoin traded cheaper on Coinbase than on global venues. On Oct 24 US buyers paid -0.146% less for $BTC than traders elsewhere, a discount at the deep end of our 90 day range.

That gap ran wider than its seven day average of -0.123%. Quarterly futures still priced Bitcoin above spot, a premium worth +5.61% a year when annualized.

The discount itself is small in size. What stands out is how long US buyers have stayed below the rest of the world, now 50 days without a single day above.

Since 2017, days in this very low band saw a median +0.0% BTC move over the next 7d (n=665, base +0.5%, 9y of records). History, not a forecast.

Long $BNB bets on OKX cost far more to keep open than BNB itself cost to borrow in the Oct 25 read at 05:25 UTC. Funding on the perpetuals, the fee longs pay shorts, ran at 10.95% a year. A margin loan of BNB on the same venue cost 1% a year.

That 9.95% spread was the widest of the 15 assets across the three venues we track.

Dollar loans were tighter. Borrowing $USDT on margin cost 3.5% a year on OKX and 3.9% on Bybit, the median of the three. Binance charged the most at 4.82%.

Leveraged gold buyers took the biggest losses on Binance's TradFi perpetuals on Oct 24, on a far quieter day than the one before. Total closures came to $20.67M, down 78% from $91.92M on Oct 23.

Gold topped the board at $6.22M, and $6.21M of that came from long bets. It also produced the day's largest single closure, at $1.08M. SNDK followed at $3.16M, then silver at $2.97M, almost all of it from longs.

Across 207 contracts and 3,585 events, the split ran 90% longs / 10% shorts. Crude oil was the exception: short sellers took $1.02M of its $1.04M.

Leveraged buyers carried the losses on Oct 24. Our streams recorded $414.6M of liquidations across 103,785 events on 11 venues. $354.0M of that came from longs, an 85.4% share, against $60.7M from shorts.

$ETH topped every coin at $124.0M, $108.5M of it from longs, just ahead of $BTC at $119.7M. The largest single forced close was an Ether position on Binance, the venue that also carried $245.1M of the total.

The day came in 3.7% below the $430.5M recorded on Oct 23, but well above the 7 day average of $258.5M. These totals are a floor taken from the venues' public streams.

A single long liquidation of $11.8M on Binance was the biggest forced closure on Bitcoin in the 24 hours to Oct 25. That figure is the size of the position closed, not what the trader lost.

$BTC ended the window at $80,877, a -0.35% move. Across the day our collectors logged 2,882 recorded prints of $1K or more.

The heatmap behind the candles is an estimate of where leveraged positions sit; the prints on the candles are recorded closures.

GM Trade, the biggest Solana perps venue, leaned slightly short on Oct 24. Shorts there held $108.6M against $104.6M in longs, and the median hourly funding rate of -0.0003% meant shorts were paying longs a sliver to keep their bets open.

Jupiter Perps, the third largest venue, tilted hard the other way, with $80.2M in longs against $18.2M in shorts. Its median hourly borrow fee was +0.0014%.

Across six venues and 284 markets, open positions totaled $246.3M. GM Trade held 43.3% of that, and the whole board traded $594.0M in 24 hours.

Solana carries most of the long bets on Jupiter Perps. SOL longs hold $52.6M of the $80.2M in long positions open across SOL, ETH and BTC. SOL's price closed the 24 hours 2.28% lower at $101.34.

Longs make up 81.5% of all open positions, against $18.2M in shorts. The smaller short crowd still draws hardest on the JLP pool, the shared pot that lends to traders and pays out their profits. Each short market has borrowed 66.93% of what the pool can lend to that side. On the long side, SOL has borrowed 12.92% and BTC 19.24%.

The pool holds $847.2M and pays depositors an annual rate of 6.09%.

Longs absorbed $490.6M of the $550.1M in positions forced out over the 24 hours to Oct 24. On Hyperliquid, the largest accounts by equity lean the other way, with 42.5% of their notional long across 275 accounts.

$BTC led the liquidations at $159.3M, across 125,376 events in total. The largest single closure, $11.9M, hit $ETH . Open bets across 27 perpetual venues came to $72.52B, -0.37% on the day, with 15.37% held on decentralized venues.

US spot Bitcoin ETFs logged -$635.5M net on Oct 22 and Ether ETFs -$110.5M. On the spot books, the biggest resting wall was $39.2M of bids at $80.5K, -0.05% from mid.

More tokenized stock sat onchain on Oct 24, even as trading in it thinned out. Supply valued at the share price reached $3.83B, up +1.71% from the last recorded day.

DEX volume over 24 hours came to $150.0M, down -50.02%. Binance bStocks is the largest issuer, holding $1.30B of the total.

The US stock market is closed for the weekend, so there is no fresh share price to compare the tokens against, and no premium or discount reading for the day.