Bykaranteli

Nuestros datos ahora dejan un recibo en blockchains públicas. Cada 5 minutos, 35 feeds que calculamos (financiamiento, interés abierto, liquidaciones, profundidad del libro de órdenes, primas y puntuaciones de presión para $BTC , $ETH , $SOL y más) se sellan en una sola raíz de Merkle, se firman con una clave aislada y se escriben en Solana mainnet, con una atestación diaria en Base. Si alguien, incluyendo nosotros, cambiara uno de esos números después, dejaría de coincidir con la cadena. No tienes que confiar en nuestra palabra: el verificador en la página de nuestra prueba reconstruye un registro, comprueba su firma y lee el anclaje directamente desde Solana en tu propio navegador. Beta, en mainnet desde el 18 de septiembre. Gratis, no se necesita cuenta.

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%.

La protección frente a caídas atrajo la mayor parte del dinero en opciones $BTC durante las últimas 24 horas. Los compradores pagaron $6.3M en primas por puts, que generan ganancias si el precio cae, frente a $2.2M por calls, que generan ganancias si sube.

Las dos operaciones más grandes de las últimas 48 horas vencían el 25 de diciembre y fueron en direcciones opuestas. En una operación en bloque de $2.1M se vendió la put de $72,000, y en otra de $1.9M se compró la put de $75,000. La mayor operación con calls fue la compra en bloque de una call de $85,000 con vencimiento el 27 de noviembre por $559.6K.

Las operaciones en bloque, negociadas fuera del libro de órdenes y notificadas a la plataforma, representaron el 35% del total de primas en dólares en las 15,118 operaciones registradas.

$ATOM registró la financiación más extrema, de -0.0306, con un aumento del interés abierto del 0.79% en 24 h, así que los cortos están pagando por mantener sus posiciones. Con $TRX en -0.0162 y un aumento del interés abierto del 0.71%, mientras que $XRP está en 0.01 y el interés abierto cae un 2.79%, el libro muestra posiciones cortas saturadas que pagan financiación en los valores negativos y posiciones largas que pagan más en los valores positivos, donde el interés abierto es más débil.

Desde 2019, en los días dentro de esta banda baja, BTC registró una variación mediana de +0.3% durante los siguientes 7 días (n=519, base +0.4%, 7 años de registros). Es historia, no un pronóstico.

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 concentra la mayoría de las posiciones largas en Jupiter Perps. Las posiciones largas en SOL representan $52.6M de los $80.2M en posiciones largas abiertas en SOL, ETH y BTC. El precio de SOL cerró las últimas 24 horas con una caída del 2.28%, en $101.34.

Las posiciones largas representan el 81.5% de todas las posiciones abiertas, frente a $18.2M en posiciones cortas. Aunque son menos numerosas, las posiciones cortas ejercen una mayor presión sobre el fondo JLP, un fondo común que presta a los traders y paga sus ganancias. Cada mercado de posiciones cortas ha tomado prestado el 66.93% de lo que el fondo puede prestar a ese lado. En el lado de las posiciones largas, SOL ha tomado prestado el 12.92% y BTC, el 19.24%.

El fondo tiene $847.2M y paga a los depositantes una tasa anual del 6.09%.

Las posiciones largas absorbieron 490,6 millones de dólares de los 550,1 millones en posiciones liquidadas durante las 24 horas hasta el 24 de octubre. En Hyperliquid, las cuentas con mayor patrimonio se inclinan hacia el otro lado: el 42,5 % de su exposición nocional está en posiciones largas, repartida entre 275 cuentas.

$BTC lideró las liquidaciones, con 159,3 millones de dólares, en un total de 125.376 eventos. El mayor cierre individual, de 11,9 millones de dólares, afectó a $ETH . Las apuestas abiertas en 27 plataformas de perpetuos sumaron 72.520 millones de dólares, un -0,37 % en el día, y el 15,37 % se mantenía en plataformas descentralizadas.

Los ETF de Bitcoin al contado de EE. UU. registraron salidas netas de 635,5 millones de dólares el 22 de octubre, y los ETF de Ether, de 110,5 millones. En los libros de órdenes al contado, el mayor muro de órdenes pasivas fue de 39,2 millones de dólares en órdenes de compra a 80.500 dólares, un -0,05 % respecto al precio medio.

El 24 de octubre había más acciones tokenizadas en cadena, aunque su negociación se había reducido. La oferta valorada al precio de las acciones alcanzó los $3.83B, un aumento del +1.71% respecto al último día registrado.

El volumen en DEX durante 24 horas fue de $150.0M, una caída del -50.02%. Binance bStocks es el mayor emisor, con $1.30B del total.

El mercado bursátil estadounidense está cerrado durante el fin de semana, por lo que no hay un precio actualizado de las acciones con el que comparar los tokens ni una lectura de prima o descuento para el día.

Meme coins were the only theme basket to finish the 24 hours to Oct 24 in the green, and only just, at +0.27%. The other seven lost ground, with Layer 2 the weakest at -3.23%.

The month tells it the other way round. Meme is down 12.2% over 30 days, 8.4 percentage points behind Bitcoin's -3.8% and the widest shortfall on our board. Layer 2, last on the day, is still up 3.3% for the month and 7.1 points ahead of Bitcoin.

Quantum holds the biggest lead, up 42.4% over 30 days and 46.2 points clear of $BTC . AI, DePIN, DeFi and RWA are also ahead of Bitcoin over the month.

Bitcoin's share of the crypto market edged up 0.06% in the 24 hours to 19:42 UTC on Oct 24, reaching 59.56%. A move that small doesn't show money leaving other coins for $BTC in any meaningful way.

Ether held 10.52% of a total market valued at $2.71T at the same reading. Every other token, stablecoins included, shares the value left outside those two.

For altcoin holders, one day of drift like this settles nothing. It mainly keeps most of the market's weight sitting in a single coin.