CryptoQuant Quicktake

As of October 27, the total stablecoin market cap stands at around $299–305B, down approximately $2.4B over the past week and still well below the May peak of over $320B. The 30-day Supply Shock Index sits at –2.17%, placing it in the deep net-redemption zone, at the 3rd percentile of the published series.
What stands out is the shift in composition. USDT (approximately $182B) is only slightly lower over the past 30 days (–0.8%), while USDC (approximately $71B) has contracted more sharply (–5.5%). Several smaller stablecoins, including PYUSD, RLUSD and USDF, are expanding, showing clear 30-day growth even as the aggregate market cap declines.
Gross activity remains elevated, with roughly $110B minted and $114B burned over the past 30 days. However, the net result remains negative. The float is turning over rapidly, but it is not expanding.
Exchange-side balances remain near their lowest levels of the year, limiting immediately deployable spot buying power. Crypto trading volume has also fallen to its lowest levels of 2026, just as the Fed and BOJ decisions approach.
Key Take
This is not simply a story of liquidity disappearing. It points to a selective rotation, with capital leaving the two largest fiat-backed stablecoins while a handful of newer or payment-oriented alternatives absorb some of the flow.
Until the Supply Shock Index turns positive and the contraction in major stablecoins slows, the market lacks the broad expansion in dry powder that typically supports stronger spot upside.
Over the next 7–10 days, watch the daily and weekly changes in total issued supply, alongside USDC’s relative performance against the expanding second-tier stablecoins.
Written by theophiluspep

The Bitcoin Coinbase Premium Index has deteriorated sharply into deeply negative territory, dropping to -0.17 as U.S.-based spot demand cools off. With BTC teetering just below the $80k threshold at around $79.9K, this widening discount echoes earlier setups that preceded prolonged sell-offs, suggesting the market may need to brace for continued downside risk rather than an immediate relief rally.
Written by nino

Long Liquidations USD (CryptoQuant, daily, all exchanges, all BTC symbols) is the dollar value of long derivatives positions forcibly closed when margin falls below the maintenance level. It is a flow measure: it shows how much leverage was removed on a given day, not how much is still open. Open interest and funding are needed for the full picture.
Readings over the past year:
- Nov 2025, Feb 2026 and Jun 2026: the large bars, about 560M to 1.04B, all lined up with fast drops in price, the textbook pattern.
- Aug 19-25: a cluster during the move from around 64K to 78K, including about 1.04B on Aug 21 and around 310M on Aug 25.
- Sep 1 to now: the largest day is about 250M (around Oct 8) and most days are under 100M, while price slipped from near 86K to 79.9K.
The Aug 21 bar stands out because long liquidations normally peak on down days. A daily total cannot show the path inside the day. One possibility is a sharp intraday drop that cleared crowded longs before the breakout. Another is a data or aggregation artifact. Exchange-level and intraday data would be needed to tell them apart.
The more useful signal is the regime since September. A pullback of roughly 7% produced only small long liquidations, which points to lower long leverage or to longs de-risking before being forced out.
What comes next likely depends more on positioning than on this chart. If open interest has been climbing through the pullback, leverage may be rebuilding quietly, and a break below the September range could bring larger liquidations back. If it has stayed flat, the market looks more like it is simply cooling off after the August run. Either way, a day back above 500M would be worth a closer look.
Written by Rei Researcher

$BTC is saw a higher than the realized price of on-chain traders.
The bullish trend continues.
The realized price of on-chain traders serves as a psychologically significant support level. If a further decline occurs, it will act as a key support.
The current bullish trend remains intact. However, if there is further downward movement, the $74k level will serve as a strong support.
As long as this level holds, the bullish trend will continue.
Written by CW8900

XRP has just flashed a new deleveraging signal on Binance derivatives
XRP’s Open Interest on Binance has just dropped to $445 million, falling below its 180-day average of roughly $460 million. This marks a clear contraction in the value of positions held on the derivatives market.
Since September 22, Open Interest has fallen by nearly 28%, while XRP’s price has declined by 17% over the same period.
This drop is partly driven by the price decline itself. As XRP falls, the value of existing positions shrinks, which mechanically reduces the weight they carry in the derivatives market. In addition, the sell-off triggered liquidations, which further contributed to the decline in Open Interest.
This deleveraging dynamic is a rather positive signal as it suggests that pressure on XRP futures is gradually easing.
When this happens, it tends to stabilize the asset and helps put in place some of the conditions that favor a potential short-term rebound. We saw this in mid-September, when XRP gained 32% in the following period, and after the mid-August episode, which was followed by a 72% rally.
Written by Darkfost

2026 has been a difficult year for crypto, with the market in a bear phase that began in late 2025.
Over the same period, equities kept climbing: the S&P 500 is up as much as 17% and the Nasdaq more than 26%.
Naturally, some investors coming from the crypto world took the opportunity to gain exposure to equities on certain exchanges, hoping to benefit from the expansion of these markets.
As a result, Gate’s equity volumes have surpassed $90 billion since the launch of Gate Stock in June 2026. That is a colossal figure for such a short period, fueled by extraordinary volumes on certain tickers that have become true global phenomena.
On a 7-d sum basis, several records were broken on some assets, including :
- Sandisk, with a record of $12.43B, after earnings that beat expectations and the announcement of a NAND shortage.
- SK Hynix, which recorded more than $2.25B, driven by record revenue and a tie-up with Sandisk.
- SpaceX, with a peak of more than $1.54B, just a few weeks after its IPO.
- MU, which logged more than $600M in its best week.
Today, excluding crypto, equities account for nearly 60% of the volume on Gate. Next come precious metals at 30% (more than $46B), driven by the performance of gold and silver, followed by ETFs and indices at 7%.
After a slight pullback in equities in July, crypto investors seem to have made extensive use of access to these assets on Gate to chase performance in a sector that brings together the biggest companies of the moment.
Written by Darkfost

The pattern has always been the same: when the proportion of Bitcoin held for more than 18 months across the entire network rises and then starts to decline, a strong rally follows.
The market has now shifted into a bullish cycle, but we still appear to be in the early stages of the cycle, where such a signal has not even begun yet.
This looks like a point where we can remain positive about both the potential upside and the duration of the rally.
Thankfully, most people are still not interested in investing in crypto. Even those who are interested are mostly just watching from the sidelines.
The market is not overheated yet, and the real rally may not have even started.
Written by Crypto Dan

The Net Unrealized Profit/Loss (NUPL) indicator for Ethereum has fallen to approximately 0.0073, approaching the zero mark. This signals a decline in investors' unrealized profits and suggests that the market is nearing a balance between unrealized gains and losses.
This level coincides with notable outflows from Binance throughout October. The data shows recurring periods of negative netflows, meaning that the volume of Ethereum leaving the exchange exceeded the volume entering it. Some days recorded particularly large outflows, highlighting continued movements of ETH between Binance and external wallets.
A persistently low NUPL, or one hovering near zero, suggests that investors are holding relatively limited unrealized profits. Consequently, future price movements and changes in market behavior will be crucial in determining the market's next direction.
The combination of Ethereum's near-zero NUPL and rising outflows from Binance in October highlights an intriguing market dynamic: even as investors' unrealized profits shrink, the volume of ETH leaving the exchange is increasing. This may indicate that some of the available supply is moving away from trading platforms at a time when the profitability of holdings is declining, potentially reducing selling pressure if the trend continues.
Against this backdrop, changes in Ethereum's exchange balances and subsequent price movements will be key to determining whether these developments reflect an accumulation phase or precede a new wave of market volatility.
Written by Arab Chain

Bitcoin short-term holder (STH) inflows to Binance approached a four-month extreme on October 26, just two days before the Federal Reserve's interest-rate decision, even as BTC traded far above its July level.
The loss-regime inflow indicator reached −9,990 BTC at a Bitcoin price of $79,900, compared with −10,232 BTC on July 13 when BTC traded near $62,000.
The latest reading was only 242 BTC less negative despite Bitcoin being $17,900 higher.
It marked the second-most-negative reading since June 30 and the sixth below −8,000 BTC over that period.
The indicator measures Bitcoin inflows from short-term holders (STH) to Binance alongside broader profit-and-loss conditions .
Negative readings reflect exchange-bound transfers during periods when short-term holders across the Bitcoin network are realizing losses on average.
Such activity may indicate growing selling pressure, as investors facing losses could transfer their holdings to exchanges to reduce exposure, protect remaining capital, or prepare for potential sales. However, these transfers do not necessarily represent completed selling transactions.
Four days earlier, on October 22, Bitcoin short-term holders (STH) recorded a staggering $3.13 billion in net realized profits, the highest reading in more than 15 months and the second-highest level on the chart.
The figure came just $190 million below the $3.32 billion peak recorded on July 16, 2025, while exceeding the $2.28 billion registered on April 23, 2025, by $850 million.
This places the latest surge among the most significant profit-realization events for Bitcoin short-term holders during the observed period, just six days before the Federal Reserve's interest-rate decision.
The contrast is notable: a sharp rise in net realized profits was followed by renewed loss-related activity among short-term Bitcoin holders transferring coins to Binance, potentially signaling early signs of short-term holder capitulation.
This behavior may reflect growing
Written by Amr Taha

The fastest-growing product on a crypto exchange is no longer crypto.
According to CryptoQuant data, the weekly trading volume of equity-based assets on Gate was almost zero for most of 2025. The first surge came at the beginning of 2026, and by the end of August, the weekly volume peaked, surpassing $20 billion. It has been on the rise again in recent weeks, standing above $15 billion.
TradFi volume also became visible on the chart during the same period. It is still a small slice of the total, but it is growing month by month.
The other side of the picture is also important. Gate's main engine is still futures trading. In late August and early September of 2025, daily futures volume had exceeded $60 billion. Today, the total daily volume ranges between $15 billion and $25 billion on most days. This means the trading appetite on the crypto side is well below those peaks.
Therefore, the growth in equities and TradFi can be interpreted as a diversification move. As crypto volume cools down, the exchange is shifting its users to other markets within the same app.
From the user's perspective, however, there is a separate question. Trading an equity-based product on a crypto exchange might not be the same as buying that stock from a traditional brokerage. One should not enter a trade without knowing exactly what the product is, what rights it grants, and what determines its price.
Exchanges no longer just sell coins. It remains up to the user to know that products looking identical on the screen are not necessarily the same thing.
Written by BaykusCharts

Bitcoin's 30-day realized volatility sits at 24.23, lower than on 97% of days since 2021-03-24. Price has drifted lower over the month, but in small daily steps with no sharp session.
Options are not pricing that calm forward. On Deribit, the 27 November monthly expiry carries 36.69% implied volatility against 24.23% delivered. Into Wednesday's FOMC decision, options price a 2.27% move (about $1,819) over the 28 to 29 October window, a forward implied vol of 43.4% against 34.8% for the window after it.
CryptoQuant's all-exchange ELR, its estimate of open interest against exchange reserves, has held between 0.22 and 0.26 for the past month and reads 0.246 today. Positioning has not been flushed out, and it has not built up either. The quiet tape is not the product of a forced unwind.
The caveat belongs early. A gap between implied and delivered vol is the normal state of this market: from April 2022 to September 2026, DVOL priced more volatility than the next 30 days delivered on 73.8% of 1,613 days, by a median 10.6 points. A wide gap does not mean a move is coming.
What the record does show: in 16 distinct episodes since 2021-03-24 with OCS between 90 and 100, 30-day realized vol finished above the implied vol charged on entry once.
Calm months like this one have paid option sellers in 15 of 16 episodes.
The falsifier is two-sided. A BTC move of more than 2.27% in either direction across the FOMC window, or 30-day realized vol back above 30 by 9 November, breaks this read. Realized vol still under 26 at the 30 October expiry confirms it.
Written by The Daily Digits

Bitcoin reserves on OKX rose to 152,070 BTC on October 26, their highest level in chart dating back to 2018. Meanwhile, Binance reserves stood at 711,310 BTC, putting both exchanges above notable historical reference points.
OKX has surpassed the 149,700 BTC recorded on August 2, 2020, by 2,370 BTC (1.58%), and the 150,000 BTC registered on June 3, 2024, by 2,070 BTC (1.38%).
Its latest balance is also 730 BTC higher than the 151,340 BTC recorded on October 24.
Binance's current reserves exceed the August 12, 2024 reading of 705,959 BTC by 5,351 BTC (0.76%).
This marks the second move above that benchmark in 2026, following a rise to 724,236 BTC on September 21. However, Binance remains 12,926 BTC (1.78%) below that September peak.
Combined, Binance and OKX now hold 863,380 BTC in measured reserves, worth approximately $69.16 billion at Bitcoin's charted price of $80,100.
The simultaneous elevation of reserves across both exchanges highlights a notable shift in exchange-held Bitcoin balances.
While higher reserves increase the amount of BTC held on trading venues, they do not independently confirm active selling .
Written by Amr Taha

Binance continues to demonstrate its enormous influence over liquidity in the cryptocurrency market.
According to CryptoQuant data, **Binance, together with Binance.US, holds approximately 75% of all monitored stablecoin reserves across exchanges**, while all other platforms account for just 25%.
What makes this even more interesting is how this dominance has evolved over the past 18 months.
In mid-2025, Binance's share stood at approximately 58%. Since then, it has steadily increased, reaching nearly 75% in October 2026.
But what does this concentration actually mean for the market?
1. Liquidity Concentration: Binance has established itself as the leading hub for stablecoin reserves among monitored exchanges, holding a significant portion of the capital potentially available for trading.
2. Market Influence: With such a high concentration, significant changes in Binance's stablecoin flows could provide valuable insights into investor behavior.
3. Potential Buying Power: Stablecoins represent capital that could flow into Bitcoin and other crypto assets. However, large reserves do not necessarily translate into immediate buying pressure.
4. Dominance Despite Market Corrections: While Bitcoin experienced significant declines in 2026, Binance's relative market share continued to increase.
Importantly, rising dominance does not necessarily indicate net capital inflows, as it may also reflect declining reserves on competing exchanges.
Conclusion
Binance now holds nearly three-quarters of monitored stablecoin reserves, highlighting the market's growing dependence on a single platform.
The key question is whether this concentration of capital will translate into renewed demand for Bitcoin or whether investors will continue waiting for better opportunities.
Written by joaowedson

BTC and Gold have moved in the same direction during several periods this year, including late March to mid-April and May to June.
Now, we are seeing a similar pattern again in October.
Whether this is temporary or continues over the next few months matters for risk management.
If BTC and Gold keep moving together, holding both may offer less protection during a market sell-off, when both assets could come under pressure at the same time.
If this pattern continues, we may need to adjust our exposure to both assets before the next market sell-off.
Written by nocoffeenobrain

Recently, there have been approximately 55,471 ETH in inflows to Binance and 47,596 ETH in outflows. In other words, we see net inflows of 7,875 ETH outweighing outflows. This means that the amount of ETH available for sale on Binance increased that day, and short term selling pressure may have risen slightly. The recent downward trend in the price also proves this.
The recent decline in both flows suggests that trading and transfer activity may have quieted down.
The cumulative number of transactions to the Ethereum 2.0 deposit contract continues to rise steadily. Although this is not a direct indicator of demand for ETH, it suggests that the network’s active use holds promise.
On the macroeconomic front, the U.S. 10 year Treasury yield is around 4.97%, and oil prices remain high. Higher bond yields and inflation concerns may limit appetite for risk assets that do not generate yield. In addition, markets are cautious ahead of the Fed’s decision on October 28; interest rate expectations and bond movements may increase volatility in liquidity-sensitive assets such as crypto.
For this reason, if net inflows continue throughout the week, ETF outflows persist, and bond yields remain high, selling pressure could intensify. The risk would increase if the price fails to hold the approximately $2,280–$2,300 area toward the end of October.
The net inflow at the end of the chart is slightly negative in the short term; while the cumulative Ethereum 2.0 line is positive for long term network activity, it does not help the market today. Given the price decline throughout October, ETF outflows, and the upcoming Fed decision, it seems more consistent to take downside risks more seriously for now and wait for confirmation in flows and price before assuming a recovery.
Written by PelinayPA

As of October 24, stablecoin reserves across all exchanges stood at $60.62B, at the 1st percentile of the past year, meaning they were at their lowest level in twelve months. Binance held $43.21B, at the 2nd percentile. BTC closed at $80.8K, at the 66th percentile of its one-year range.
Stablecoin netflows were negative across all exchanges, at -$34.2M on the day and a 7-day average of -$93.9M. Binance was the exception on the day, with a +$48.2M inflow, but its 7-day average was -$61.2M. A single-day inflow against a weekly outflow trend makes the signal mixed rather than clearly directional.
Binance's BTC reserve was 707.9K, at the 88th percentile of its range. Coinbase's reserve was larger in absolute terms at 848.1K, but it sat at the 4th percentile of its own range. The Coinbase Premium Index was -0.1465, at the 13th percentile, which points to weaker US spot demand relative to other markets, though one day of data is not enough to confirm that.
On Binance derivatives, open interest was $9.15B (54th percentile) and the funding rate was 0.0045 (70th percentile). Both sit in the middle-to-upper part of their one-year ranges rather than at extremes, so leverage does not look stretched.
The low stablecoin reserves suggest less buying capacity is sitting on exchanges. One unverified explanation is that stablecoins are moving to self-custody, other venues, or redemptions. Taken together with the negative Coinbase premium, this points to softer US demand, while Binance's relatively high BTC balance and mixed flows complicate the picture. The current read is that exchange-side buying capacity is thinner, while leverage has not reached extreme levels.
Written by CryptoOnchain

In earlier cycles, coins were constantly moving between exchanges, with spikes that reached tens of thousands of BTC. Today the bars sit far lower, even with price holding around $79.8K.
What stands out to me is the contrast. Price still sits high on its long-term trend, but the plumbing underneath looks calmer than in past cycles. Exchange-to-exchange flow is mostly traders and market makers moving coins for arbitrage, liquidity, and rebalancing. Less movement can mean less frantic positioning between venues.
It could also say something about where activity has moved. Part of today’s demand runs through ETFs and custody, and this metric doesn’t capture that. This says more about market structure than price itself.
The risk is reading too much into it. Low flow isn’t a signal by itself, and one chart can’t tell you direction. I’d pair it with exchange reserves, ETF flows, and whale activity before drawing a conclusion.
The bullish possibility is that calm plumbing alongside a steady price suggests coins aren’t being rushed around in fear.
Personally, I think quiet periods are easy to ignore because they don’t feel like news. I’d rather notice the quiet than guess what it’s hiding.
Written by R3N

On-chain momentum across Ethereum appears to be cooling after a prolonged stretch of heavy congestion. The 30-day moving average of failed transactions—often a gauge of aggressive friction and speculative network heat—has rolled over sharply from its recent peak, while major exchange inflows remain largely subdued. Rather than signaling structural deterioration, this lull suggests capital may simply be taking a breather; with risk appetite and liquidity increasingly absorbed by the ongoing AI trade, participants might be parking dry powder on the sidelines until a clearer narrative returns to the base layer.
Written by nino

The Trader On-chain Realized Price reflects the average acquisition price of BTC that last moved between 1 and 3 months ago — effectively the cost basis of relatively recent market participants.
The current structure is interesting.
BTC is trading around the low-$80K area, while the Trader Realized Price has risen into the mid-$70K region.
This means price is still trading above the average cost basis of recent traders.
Historically, during bullish phases, this realized price has often acted as support when BTC corrected toward it. When price stayed below it, however, the same level could turn into resistance as underwater traders sold near breakeven.
The Upper Band is also worth monitoring.
In previous periods, price approaching the Upper Band often coincided with increased profit-taking pressure and short-term corrections.
So I currently read the structure in two steps:
• If BTC continues higher: watch the Upper Band for signs of increasing profit-taking risk.
• If BTC corrects: the Trader Realized Price becomes an important support level to monitor.
The key point is that neither level should be treated as an automatic trade signal.
The Upper Band does not guarantee a top, and the Realized Price does not guarantee a bounce.
But they provide useful reference points for where recent market participants may begin changing behavior.
For now, BTC remains above the Trader Realized Price, so the short-to-medium-term cost-basis structure is still constructive.
If a deeper correction develops, I would pay close attention to whether this rising realized price can continue acting as support.
Written by Trdaer_Gemini

The Sharpe-like Ratio for XRP on Binance has fallen to approximately -0.2641, its lowest level in four months. This decline coincides with a drop in the price of XRP to around $1.29, reflecting a deterioration in risk-adjusted returns over the recent period.
The decline in Binance’s XRP Sharpe-like Ratio points to worsening risk-adjusted returns, suggesting that the returns generated during the measured period have become less attractive relative to the level of risk and volatility involved. A negative reading of approximately -0.2641 indicates that returns have underperformed relative to the benchmark used in the calculation, potentially reflecting less favorable trading conditions and heightened market uncertainty. Although reaching a four-month low signals continued weakness in risk-adjusted performance, it does not necessarily mean that the price of XRP will continue to fall.
The decline in the Sharpe-like Ratio may indicate that returns have become less attractive relative to the risks involved in trading, particularly given the inherent volatility of the cryptocurrency market. Furthermore, sustained negative readings could suggest that recent price movements have failed to generate sufficient returns to adequately compensate for the risks taken.
Written by Arab Chain