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Amundi, Europe's largest asset manager, has taken a major step forward, bringing together traditional finance and blockchain infrastructure, by launching the first tokenized share class of its money market fund on Ethereum. The giant, which manages approximately $2.3 trillion in assets, aims to both digitize fund distribution and expand investor access with this move.The company announced that the new share class, "J28 EUR DLT," for its Amundi Funds Cash EUR money market fund is now registered on Ethereum. This structure allows ownership, movements, and transaction history of fund units to be tracked on-chain, providing investors with a more transparent and faster transaction experience.CACEIS, one of Europe's leading custody and transfer agencies, is providing the technical infrastructure for this transformation. The institution is developing digital wallets for the fund, a 24/7 blockchain-based ordering platform, and automation systems for subscription and redemption transactions. CACEIS CEO Jean-Pierre Michalowski states that their goal is to “enable 24/7 access to investment funds through stablecoins or future central bank digital currencies.”On the Amundi side, this step is seen as a concrete part of the company's long-term digital asset strategy. Jean-Jacques Barberis, Head of Institutional Clients and ESG, emphasizes that asset tokenization will accelerate globally, and that Amundi will be preparing for new initiatives in this area both in France and international markets.The new model does not completely change the traditional distribution network; investors can continue to receive funds through existing banking channels. The tokenized share class on Ethereum has been added as an additional option, creating broader access for both institutional investors and professionals in the digital asset ecosystem.Tokenization Draws AttentionWhen it comes to why tokenization is so popular, the numbers speak for themselves. By 2025, the total market value of real-world assets on-chain increased from $15 billion to over $37 billion. While Provenance Blockchain holds the lead in this space, Ethereum is a strong second with $12.4 billion in tokenized RWA. Furthermore, the growth of giants like BlackRock's BUIDL fund and Franklin Templeton's money market fund on Ethereum places the network at the center of institutional tokenization.Amundi's move demonstrates that this trend is only just beginning. Europe's largest asset manager's choice of Ethereum both strengthens the legitimacy of tokenization in the continent's regulation-driven financial world and solidifies Ethereum's leadership in the RWA segment.Ultimately, this initiative lays the foundation for an infrastructure accessible 24/7, enabling automated transactions in the fund world.
It's one of the busiest days of the year in the crypto derivatives market. According to Deribit data, over $16 billion worth of Bitcoin and Ethereum options are reaching maturity on October 31, 2025. Both BTC and ETH are experiencing a massive position closure, paving the way for sharp intraday price fluctuations.$100,000 Critical for Bitcoin OptionsMore than 145,000 contracts are expiring on the Bitcoin side with a notional value of approximately $13 billion. The market is trading around $91,000, but the maximum pain level is $100,000. In the options market, the maximum pain level refers to the price range where the greatest investor losses occur at expiration, and prices are frequently observed retreating towards this level. Therefore, upward pressure is likely to be felt as the price approaches expiration. According to Deribit's analyst team, the sharp pullback in recent weeks has significantly reshaped BTC options positions. As Bitcoin fell from $126,000 to the $80,000 range, many investors holding long puts took profits. Despite this, a significant portion of investors remain cautious; put positions held in the $80,000-$85,000 range remain on the table.Another factor closely watched by the market is the large-sized call condor strategy launched for the "year-end bull run." Analysts note that this structure, approximately $6.5 million targeting the $100,000-$106,000-$112,000 range, was the most dominant trade throughout the week. This structure points to the expectation of a strong upward movement in Bitcoin at the end of the year.On the other hand, the persistent use of call overwriting strategies (i.e., investors selling calls at high strike prices against their holdings of BTC) is somewhat dampening the upside potential. This situation has led to a slight softening of implied volatility (IV) and suggests that the market has not yet committed to a one-way trend. On the Ethereum side, 574,000 contracts with a nominal value of approximately $1.7 billion are closing today. ETH is trading around $3,000, with maximum pain at $3,400. The put-call ratio, at 0.48, suggests a call bias, similar to Bitcoin. However, ETH's positioning isn't as aggressive as BTC's; it's more balanced and less bearish.Market volatility is higher for both assets compared to the previous month. Bitcoin's IV average for major futures is around 45%, while Ethereum's is just below 70%. The main factors fueling this volatility are increasing macro uncertainty in the last quarter, the three-month price pressure, and the divergence among investors regarding direction. Analysts reiterate the need for caution in leveraged trading.Today's major expiration close could lead to increased volatility. A price move toward Bitcoin's maximum pain level, or conversely, a sharp increase in volatility, could rapidly alter liquidity conditions for both BTC and ETH for the remainder of the day. In short, the market is experiencing a two-way tension, caught between strong year-end expectations and short-term caution.
While the crypto market has undergone a sharp correction in recent weeks, large-scale institutional purchases continue to attract attention. Most recently, BitMine Immersion Technologies reportedly purchased 14,618 Ethereum (ETH) on Thursday. Using Arkham Intelligence data, Lookonchain reported that the transaction was conducted through BitGo's "0xbd0...E75B8" wallet for approximately $44.34 million. While there has been no official confirmation from the company, the purchase has generated significant market interest. BitMine's move follows the giant's $200 million ETH purchase just a few days earlier. According to the company's latest official statement, BitMine holds 3,629,701 ETH in its treasury. This amount equates to approximately $10.9 billion and represents approximately 3% of the total Ethereum supply. BitMine has long emphasized its goal of reaching 5% of the total supply and has expressed its belief that Ethereum's importance in financial markets will continue to grow. The company's chairman, Tom Lee, is known for his strong support for Ethereum. He has previously stated that Wall Street and even the White House will be more receptive to Ethereum in the future because the network is a "truly neutral" blockchain. According to Lee, Ethereum will become an integral part of corporate infrastructure with the proliferation of smart contract-based solutions in financial services.$7,000-$9,000 ETH PredictionWhile the crypto market has been under pressure in recent weeks, Tom Lee believes a new bullish period is imminent. In a podcast interview, Lee stated that the price of Ethereum bottomed out around $2,500 and that he expects ETH to rise to the $7,000-$9,000 range by the end of January 2026.A few days ago, Lee told CNBC that the US Federal Reserve would adopt a more dovish stance towards the end of the year. He believes that clarification of the Fed's statements on interest rate policy and inflation will reduce investor pressure. He argues that this environment could pave the way for a strong rally for both Bitcoin and ETH. Lee even stated that Bitcoin could surpass $100,000 by the end of the year and even reach a new high.According to market data, Bitcoin is currently trading at $91,309, posting a limited daily increase of 0.13%. Ethereum, on the other hand, is down 0.69% in the last 24 hours, reaching $3,018.BitMine's massive purchases indicate that institutional investors continue to expand positions during downturns. This, combined with the expected macroeconomic easing in 2025 and 2026, could create a strong medium-term story for Ethereum. The company's target of reaching 5% of the market's supply remains a topic to be closely monitored in terms of both liquidity and institutional demand.
The long-discussed quantum threat on Ethereum is no longer a technical possibility but a timely warning. Ethereum co-founder Vitalik Buterin, appearing on the DevConnect stage, stated that the acceleration of quantum computer research could weaken the existing cryptographic infrastructure and emphasized that the ecosystem must strengthen its defenses "within the next four years."Buterin's message was clear: This isn't an abstract security debate; it's a technical alarm directly concerning Ethereum's future and the integrity of user assets. He even linked the timeline to the 2028 US presidential election, laying out a goal that aligns with global political and technological agendas.Why is current cryptography risky compared to quantum?Ethereum currently uses elliptic curve cryptography for transaction verification, account security, and signature verification. This method is quite secure for classical computers. However, a quantum machine with sufficient scale can use Shor's algorithm to derive a user's private key from their public key. This makes not only wallets but also a wide range of applications, from smart contracts to Layer 2 infrastructure, vulnerable. Buterin stated that the real danger should begin "before quantum supremacy is declared," and that Ethereum should move with a planned transition, not panic. Forcing hasty updates to the protocol could lead to both structural errors and a chain split.How will the transition occur? A clear four-year timeframeButerin stated that Ethereum should complete the transition to quantum-resistant cryptography within a roughly four-year timeframe. This approach provides developers with a reasonable time to test and implement new algorithms and manage the user-side transformation.However, this process doesn't solely fall on the shoulders of core developers. The entire ecosystem, from exchanges and wallet developers to L2 teams and enterprise infrastructure providers, requires coordinated action. Given Ethereum's massive technical and economic network, a cryptography migration of this scale requires significant engineering effort.Where should innovation shift?Buterin stated that frequent changes to the core protocol are risky, and that innovation should now be focused more on Layer 2 platforms, smart wallets, and privacy tools. This approach aligns with Ethereum's long-term strategy of keeping its core more stable while leaving experimental and rapidly developing features to the upper layers.Rollups and other L2 solutions stand out as areas that improve the user experience and provide a suitable environment for testing new cryptographic structures. This allows for the development of nascent technologies without threatening the stability of the underlying protocol.Wallets and privacy tools will be at the forefrontWallets will be the most acutely felt part of the transition. Users will need to migrate to new signature schemes, update their addresses, and perform key rotations. For this transition to be seamless, an interim period where wallets simultaneously support both classical and quantum-resistant algorithms is essential.Similarly, privacy-focused solutions must integrate new cryptographic standards to prepare transaction data and identity information for the post-quantum era.
ETH Technical Analysis ETH Critical Zone Analyzing the chart on the daily time frame, we see that ETH has pulled back exactly into the expected zone on the daily chart. This zome refers to the 0.618–0.66 Fibonacci band. This area has acted as a strong demand zone in past moves and has often been the starting point of major reversals. The price is currently sitting right on this band, and we can see an effort to hold this level.The RSI is also approaching oversold territory, showing that selling pressure is weakening and downward momentum is losing strength. When we combine these signals, it’s clear that ETH is at a level that is very suitable for a potential bounce.Short-term outlook is straightforward:As long as ETH stays above $2,925 (the 0.618 level), the chance of a recovery remains strong.If an upward reaction comes, the first target is $3,235.After that, the $3,578 – $3,708 zone stands out as the main resistance area. A breakout above this range could trigger a renewed bullish momentum.In the downward scenario:The $2,822 – $2,526 range (0.66–0.79 Fibonacci band) is the final retracement zone.Even if ETH drops into this area, the larger trend structure would still remain intact.ETH has reached the most critical zone of its Fibonacci correction. A strong green candle from this region could clearly signal the start of a short-term recovery.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However,t raders are responsible for their own actions and risk management. Morover, it is highly recommended to use stop loss (SL) during trades.
The crypto market had an extremely rough start to the week. As of Friday morning, all major assets, especially Bitcoin and Ethereum, experienced strong selling pressure; ETF data further darkened the picture. While Bitcoin ETFs and Ethereum ETFs experienced one of their worst days in history, the XRP ETF bucked the trend by recording surprisingly strong inflows around the same time.According to Coinglass data, spot Bitcoin ETFs saw $866.7 million in outflows in one day. This figure marked the third-largest net outflow since the ETFs' launch. Ethereum ETFs were even more striking, with $410 million outflows in a single session. Even the selling pressure generated by October's high volatility couldn't reach these levels.The outflow wave, led by the market's largest ETF providers like BlackRock and Fidelity, demonstrates a significant risk aversion among institutional investors. ETF data is no longer just a market detail; it has become one of the most powerful indicators of the crypto ecosystem's overall risk appetite. Therefore, each new breakout signals a deepening market fragility.Macro pressures hit all risky assetsThe crypto sell-off wasn't solely driven by internal market factors. US stock markets also experienced their worst day in a month. The mass sell-off in technology stocks, in particular, accelerated as investors grew increasingly concerned about the high valuations of AI companies. The uncertainty surrounding the economic outlook and the weakening of interest rate cut expectations further exacerbated the situation.In this atmosphere, appetite for risky assets abruptly diminished; the crypto market is typically one of the most severely affected during such periods. Under this pressure, Bitcoin fell below $100,000, losing its psychological threshold and was trading around $97,000 at the time of writing. The Crypto Fear and Greed Index also fell sharply, falling into the "extreme fear" zone.What does the technical outlook suggest?Bitcoin closed the week with a loss of over 5%, while technical indicators confirm the dominance of sellers. The RSI of 35 suggests the market is still trading in a strong selling zone. If Bitcoin closes below the $97,460 support, analysts predict the price could weaken to the $95,000 range. The outlook for Ethereum is also weak. After rejecting the broken trendline resistance at $3,592 earlier this week, ETH has lost nearly 10% in three days and retreated to the $3,200 region. If ETH loses the $3,170 support, analysts predict a new correction toward the $3,017 region.
The crypto market is preparing for a new turning point with $5.4 billion in Bitcoin and Ethereum options expiring today on the Deribit exchange. This massive expiration is a critical test that will determine both price volatility and investor behavior. Bitcoin is trading around $102,000, while Ethereum is trading sideways around $3,350.In the options market, attention is particularly focused on Bitcoin's "max pain" level of $107,000. This level represents the price range where the majority of investors incur the most losses. Meanwhile, $3,800 stands out as a similar psychological and technical resistance for Ethereum.Traders are cautious, but still betting against volatilityAt a time when analysts are warning of "end-of-cycle signals," it's noteworthy that traders are trying to suppress volatility with short positions. An analysis by Greeks.live indicates that many investors continue to sell options, focusing on the ETH 3,650, 3,400, and 3,800 levels. These strategies are based on the expectation that the market will remain stable; however, it also emphasizes the potential for significant losses if prices suddenly break out. Open interest in Bitcoin options has reached 45,802 contracts. Of these, 25,570 are calls and 20,233 are puts. The total open interest exceeds $4.6 billion. This suggests that investors are still actively holding positions despite the uncertainty in the market.The defensive line for Ethereum is $3,800The outlook for Ethereum options is slightly more cautious. The put/call ratio is at 0.9, suggesting a balanced but defensive outlook. The largest open interest is concentrated in puts at $3,500 and calls at $4,200. This strengthens the possibility that the price will move within this range in the short term. According to data, the total open interest in ETH options on Deribit reaches $713 million. Traders often attempt to limit downside risk and capitalize on potential upsides with complex strategies such as "calendar spread," "risk reversal," and "straddle."Macro pressures persistThis critical juncture in the options market is compounded by increasing macro pressures. Recent US inflation data (CPI) and statements by Fed Chair Jerome Powell have weakened ETF inflows. Despite this, the high open interest rate in the options market suggests that investors are still determined to remain in the market.The general market sentiment can be described as "cautious optimism." While increased volatility is expected in the short term, the majority of traders believe prices will not fall below $100,000. However, if volatility surges after expiration, sharp price movements in the crypto market may be inevitable today.
ETH Technical AnalysisEthereum is experiencing renewed activity. As on-chain transaction volume and tokenization projects grow, year-end ETH price predictions have been revised upwards. Standard Chartered announced a target of $7,500 by the end of the year. Furthermore, the Fusaka update, expected to go live in December, will further increase the network's efficiency. In light of all these developments, let's take a look at the technical outlook for ETH's price. Falling Channel Formation Analyzing the chart on a daily time frame, we can clearly observe that Ethereum is still trading inside a falling channel. The $3,578–$3,708 range stands out as a strong horizontal support zone, and the price is currently trying to hold around this key intersection where the lower channel meets this support. A rebound toward the channel’s mid-line remains likely as long as ETH stays above $3,578. The first resistance level is $3,708, followed by a stronger barrier around $4,143, which aligns with the channel’s upper zone. If this level is broken with volume, ETH could extend its move toward $4,551.However, losing $3,578 could trigger stronger selling pressure, pushing the price down toward $3,235, where the lower channel support and a key horizontal level align.Support & Resistance LevelsSupport levels: $3,708 – $3,578 – $3,235Resistance levels: $3,800 – $4,143 – $4,551 – $4,956Summary:ETH is testing a critical support zone. Holding above $3,578 keeps the recovery potential alive, while a breakdown below this level may open the door to a deeper correction toward the lower channel.
The crypto market is preparing for one of the largest derivatives transactions of October. Bitcoin (BTC) and Ethereum (ETH) options contracts, with a total value approaching $17 billion, will expire on Friday, October 31, 2025, on the Deribit exchange. According to Deribit data, Bitcoin accounts for $13.5 billion of the expiring contracts, while Ethereum accounts for $2.5 billion. This volume surpassed last week's $6 billion weekly close, making October one of the most active periods of the year.Cautious Optimism on BitcoinBitcoin's price was trading around $109,000 at the time of writing. There are more than 124,000 Bitcoin options contracts expiring, and the "max pain" level, or the price point where the greatest loss occurs, is set at $114,000. Historically, the Bitcoin price tends to trend toward these levels as expiration approaches. This is because market makers adjust their positions accordingly to hedge against these levels. The put/call ratio is hovering around 0.70, indicating that investors are not overly pessimistic but rather cautiously optimistic. However, market data indicates that the market is "fragile," and selling pressure may increase in areas below $112,000. The $106,000 support level is considered critical in the event of a potential decline.Ethereum Takes a More Cautious StanceOn the Ethereum side, more than 646,000 options contracts are set to expire on Friday. Total volume is $2.49 billion. The "maximum pain" level is set at $4,100, just above the current price. While Ethereum's put/call ratio is also 0.70, traders are generally more cautious. Deribit analysts commented, "Ethereum positions are cautiously optimistic. However, investors are still hedging against a potential downside." The number of open interest on the ETH side has fallen to around 70,000 in the last month, indicating a decline in trader interest. This strengthens the possibility of a period of sideways movement or consolidation in the market.Macro Trends and ExpectationsAnalysts note that the easing of trade tensions between the US and China has increased risk appetite, but markets remain cautious. The Deribit team warned, "While the overall macro outlook is turning positive, market participants should be prepared for a potential increase in volatility." This $17 billion maturity event could determine the short-term direction of Bitcoin and Ethereum prices. The maximum pain levels of $114,000 (BTC) and $4,100 (ETH) could cause prices to temporarily retreat to these levels. However, if no new catalysts emerge, a period of directionless consolidation is also possible in the market.At the time of writing, Bitcoin is trading around $109,500, while Ethereum is trading around $3,800.
Ethereum developers have announced the official date for the long-awaited "Fusaka" upgrade. This update, the network's second hard fork in 2025, will go live on the Ethereum mainnet on December 3rd. The decision was made unanimously at the All Core Developers Consensus Layer (ACDC) meeting held on Thursday.Fusaka is seen as a new milestone in Ethereum's scalability and efficiency goals. Developers state that they are now ready to bring many technologies tested in previous updates to the mainnet. The update includes a total of 12 different Ethereum Improvement Proposals (EIPs), the most notable of which is the "PeerDAS" system.Faster and Cheaper Ethereum with PeerDASPeer Data Availability Sampling (PeerDAS) allows validators to verify only a portion of the data in blocks. This system eliminates the need to download full datasets, significantly reducing network bandwidth usage. As a result, costs for both validators and Layer-2 networks are reduced, while transactions can be processed much faster.Ethereum Foundation researcher Alex Stokes stated that despite the technical burden of the update, the teams successfully completed the process, saying, “This will be a truly amazing fork. Thanks to everyone involved.”Testnet phase completed smoothlyFusaka was successfully tested on three separate testnets before going live on the mainnet on December 3rd. After the Holesky and Sepolia testnets, it was finally deployed on the Hoodi network without any errors. This led to Ethereum receiving the green light for mainnet launch. The update will activate when slot 13,164,544 is reached on the Ethereum blockchain.One of the most significant impacts of Fusaka is that it will increase the block gas limit from 30 million units to 150 million. This increase will allow for significantly more transactions to be processed in each block. The “blob capacity” will also be doubled, increasing data availability for rollups and other scaling solutions. These changes will help Ethereum provide a more robust infrastructure for DeFi applications and high-throughput projects.The Ethereum Foundation launched a four-week bug hunting program for the Fusaka codebase ahead of its mainnet launch. This competition, which offers up to $2 million in rewards to security researchers, aims to identify potential vulnerabilities before the mainnet transition.The Fusaka update ushers in a new era in Ethereum's long-term roadmap, described as the "Era of Efficiency and Accessibility." Innovations like PeerDAS will increase network capacity, reduce transaction costs, and create a more scalable environment for developers.At the time of writing, the ETH price is trading at $3,830.77, a 1.7% decrease.
According to a report by Bloomberg on October 24, JPMorgan Chase is preparing to allow its institutional clients to use Bitcoin (BTC) and Ethereum (ETH) as collateral.The bank has long maintained a cautious stance on digital assets; however, the rise in institutional interest in blockchain technology and digital currencies in recent years has led JPMorgan to adopt a more proactive approach. This new system will allow institutions to use digital assets like Bitcoin and Ethereum as collateral for loans, increasing their capital efficiency. According to Bloomberg, this move is considered a "first" in the banking industry in terms of both risk management and asset diversification.The bank has been known to have blockchain-focused projects underway for years (notably its own payment network, Onyx, and the JPM Coin system). Recent moves are now transitioning the financial institution into a more comprehensive structure that directly encompasses crypto assets. This move, of course, doesn't only affect JPMorgan; large financial institutions generally follow each other's lead. Therefore, the decision could create a general "green light" atmosphere within the sector. JPMorgan's analysis attracted attentionMeanwhile, JPMorgan is continuously sharing its analyses in the cryptocurrency and blockchain space. The organization's latest analysis emphasized that fintech giant Stripe is positioned at the center of two major waves driving the transformation of global finance: the rise of AI-powered commerce and the evolution of digital currency. Analysts state that the market where these two fields intersect could surpass $350 billion before the end of the decade, and that Stripe is one of the companies that will benefit most from this transformation.Stripe is a financial ecosystem active in 200 countries, reaching $1.4 trillion in annual transaction volume. The company plays a critical role in the financial transactions of AI startups. Specifically, it is laying the foundation for a new era called "agentic commerce," in which AI systems can make financial decisions autonomously.In addition, Stripe has also entered the crypto world. The company acquired stablecoin management platform Bridge and wallet startup Privy, and is working on a new Layer-1 blockchain called "Tempo," developed in partnership with Paradigm. This network, which has reached a valuation of $5 billion, is designed for practical financial transactions. According to JPMorgan, this vision positions Stripe at the center of the future digital finance architecture.However, analysts emphasize that regulations such as MiCA regulations in Europe and stablecoin audits in the US could impact Stripe's growth. However, according to JPMorgan's assessment, Stripe's scale, innovation, and deep integration with artificial intelligence could make it a defining player in the new era of digital finance.
The final trading day of the week in crypto markets is marked by intense stress. With approximately $6 billion in Bitcoin and Ethereum options expiring today, investors have strengthened their defensive positions against the long-anticipated downward wave. According to Deribit data, $4.8 billion worth of contracts are expiring on the Bitcoin side. The put-call ratio is at 0.83, indicating higher demand for put options than for calls.Critical Levels for Bitcoin and ETHBitcoin is trading around $105,000. While the price is struggling to hold just above key support levels, data from the futures and options markets indicate a weak outlook in the short term. The "maximum pain," or the level where investors will face the most losses, is around $116,000. This level confirms that expectations for an upward movement in the market are weak, as it suggests that many contracts will expire worthless. The outlook for Ethereum is similar. ETH is trading around $3,700, while the $4,100 level represents a significant threshold, both technically and from an options perspective. With more than 250,000 ETH contracts expiring, the put-call ratio is at 0.81. This ratio suggests that the majority of investors are opting for downside hedging strategies. One of the main reasons for the recent market unrest is the $50 million loss suffered by Selini Capital. The fund's significant loss due to a failed derivatives transaction has created a cascading anxiety among market makers. The cautious approach of liquidity providers, in particular, has led to a significant decline in trading volumes.Macroeconomic developments are also impacting cryptocurrencies.Global political and economic uncertainties have also added to this picture. The Trump administration's volatile statements on trade and energy policies have almost completely suppressed risk appetite. Investors are turning to hedging positions again as uncertainty grows. This "political noise" is seen as one of the main reasons for the selling pressure on crypto assets. Analysts consider $93,500 a potential bottom for Bitcoin, with $100,000 representing a short-term recovery threshold. However, current data suggests the market will remain sideways and tense for some time before approaching these levels.The negative trend seen in the options market suggests that investors are preparing for increased volatility. Put-heavy trading increases the likelihood of further price declines. However, some investors are aiming to capitalize on short-term rebounds by selling put options near the bottom after this sharp sell-off.The overall picture suggests a cautious approach in the crypto market. As long as the flood crisis subsides and the macroeconomic picture remains clear, a recovery in risk appetite appears unlikely. Options data also suggests that the market's next major move could still be downward.
Despite last Friday's major market crash, crypto investment products had a strong week. According to CoinShares data, digital asset investment funds recorded a total net inflow of $3.17 billion over the last seven days. This brings the total amount of money entering funds throughout 2025 to $48.7 billion, surpassing last year's record.US President Donald Trump's announcement of new tariffs on China was the driving force behind the sharp market fluctuations. This triggered a global sell-off, quickly liquidating over $20 billion in positions. However, James Butterfill, Head of Research at CoinShares, stated that Friday's panic selling had limited impact on funds: "Despite the sharp market correction, there was only a weak outflow of $159 million on Friday."Trading volumes hit recordsAnother noteworthy piece of data in the report was the record increase in trading volume. Weekly trading volume for crypto investment products reached $53 billion, with $15.3 billion in transactions on Friday alone. This figure is twice the 2025 average. However, total assets under management (AUM) decreased by 7% on a weekly basis, falling from $254 billion to $242 billion.Bitcoin funds took the leadThe highest inflows throughout the week occurred in Bitcoin-focused investment products. $2.67 billion flowed into Bitcoin funds, bringing the total inflow since the beginning of the year to $30.2 billion. However, this figure is still approximately 30% below the $41.7 billion total in 2024. Butterfill also emphasized that trading volumes reached an all-time high of $10.4 billion during Friday's price correction.Ethereum investment products also managed to close the week positively. ETH funds saw $338 million inflows, while Ethereum also experienced the largest individual loss of the week, with a single-day outflow of $172 million on Friday. Butterfill stated that investors considered Ether products "the most vulnerable asset" during the market crash. Altcoin funds slowedA significant slowdown was observed in leading altcoin investment products like Solana and XRP. Solana funds saw inflows of $93.3 million, while XRP funds saw inflows of $61.6 million. These figures were significantly lower than the previous week's massive inflows of $706.5 million and $219 million, respectively. Despite this decline, experts believe that the expected Solana and XRP ETF approvals in the US could generate new momentum in the market. However, as long as the current government shutdown continues, these approvals are likely to be delayed. Currently, at least 16 crypto ETF applications are awaiting approval from the US Securities and Exchange Commission (SEC). According to Nate Geraci, President of NovaDius Wealth Management, "a flood of spot crypto ETFs will be expected" as the government reopens.
Bitcoin and Ethereum have staged a remarkable recovery after the sharp decline over the weekend. The sell-off that began on Friday led to the largest liquidations in crypto history to date. However, analysts believe the bullish sentiment dubbed "Uptober" hasn't completely faded; the market is regaining its footing after a short-lived shock.$19.1 billion in cryptocurrency positions liquidatedAccording to Coinglass data, more than 1.6 million investors liquidated positions on Friday alone, closing a total of $19.1 billion. Bitcoin briefly fell below $105,000, while Ethereum fell to $3,500. This sharp decline was triggered by macroeconomic developments. China's new restrictions on rare earth exports and the US's retaliatory announcement of 100% tariffs on Chinese technology products have shaken global risk perception. This news, arriving just as markets were closed, combined with low liquidity over the weekend, led to a cascade of liquidations. Presto Research researcher Rick Maeda stated that the crash was “not a crypto-specific panic, but a macro-driven liquidation wave.” According to Maeda, the sell-offs amplified by low trading volumes over the weekend, leading to billions of dollars in forced liquidations. “A purge of this scale has de-leveraged the system. The rise we’re seeing now is a result of this mechanical process,” he said. He added that investors aren’t overly concerned about the US-China tariffs: “Polymarket data only prices in a 15% chance that these tariffs will take effect by November 1st. This suggests the market views these risks as limited.”Bitcoin at $115,000Bitcoin’s price has stabilized after the weekend’s sharp sell-off, trading at $115,220 at the beginning of the week. Ethereum is also trading at $4,163, up 0.3% in the last 24 hours. The rest of the market is also showing signs of a slight recovery; BNB rose 1.9 percent to $1.327, while XRP rose 8.2 percent to $2.59. Solana is trading around $196. The total market capitalization has risen again above $2.3 trillion, with trading volumes reaching $91.9 billion for Bitcoin and $60 billion for Ethereum. Analyst Vincent Liu interpreted this recovery as a sign of "recovering risk appetite following panic selling." According to Kronos Research's investment director, the reduction in leverage and easing of tariff concerns have "re-encouraged the market." Liu said, "Traders are currently monitoring factors such as tariffs, technical trend lines, and dollar strength to test whether Bitcoin can sustain this upward trend."Nassar Achkar, CoinW's strategy director, maintains that the "Uptober" trend is still alive. He believes investors are now focused on macroeconomic indicators, particularly the upcoming US Consumer Price Index (CPI) report and the Fed's interest rate decision, for direction. "ETF flows also indicate continued institutional interest in the market, suggesting a sustained recovery," he added.LVRG Research director Nick Ruck also noted the promising on-chain data. According to Ruck, whales have reaccumulated in many assets, particularly Ethereum. "Technical indicators are signaling a strong reversal from oversold territory. This confirms the bottoms for many altcoins," he said.Despite this, Maeda believes the scars of the market's "trauma" will not fade easily. "We are facing the largest liquidation event in crypto history. This will have a lasting impact on investor psychology. The market is now much more sensitive to macro shocks, especially the US-China trade tension," he warned.Looking at the overall picture, the crypto market is seeking stability again after a period of significant volatility. The "Uptober" sentiment has been dashed, but it hasn't completely faded. Deleveraging, on-chain buying, and institutional inflows from ETFs are creating cautious optimism in the short term. Bitcoin holding steady around $115,000 and Ethereum holding above $4,000 suggest investors are regaining confidence for now.
Volatility in the crypto market could rise again this weekend. According to Deribit data, a total of $5.3 billion worth of Bitcoin and Ethereum options contracts are expiring today. This development both increases uncertainty about price direction and suggests that sharp market movements are possible heading into the weekend.Critical level for Bitcoin: $118,000Bitcoin options account for the majority of this massive expiration volume. A total of $4.7 billion worth of contracts are set to expire today. According to analysts, the "maximum pain" level in the market before this expiration, or the price at which option buyers incur the most losses, is around $118,000. This level is also seen as a key short-term support level for Bitcoin. Deribit data shows that Bitcoin investors' positions are split in two: one group is focused on $110,000 worth of put options, while the other maintains bullish expectations with $120,000 worth of calls. This imbalance could pave the way for sharp price movements heading into the weekend.Bitcoin's put/call ratio in the options market is currently at 1.10. This ratio suggests that investors are seeking some downside protection, but the overall outlook remains balanced.More optimistic sentiment prevails on EthereumThe outlook for Ethereum is slightly more positive. Approximately $944.5 million worth of ETH options will expire today. Ethereum's put/call ratio is at 0.90, meaning there are more buy positions than sell positions. This suggests investors believe in short-term upside potential.The maximum pain level for Ethereum is $4,400. A price hold above this level could bolster market confidence for the weekend. However, a drop below $4,300 could increase the likelihood of a short-term correction.Liquidity decreases and volatility increasesLarge-scale option expirations can cause sudden directional changes in the spot market. This is because many investors are forced to close or rebalance their positions after expiration. This, in turn, increases price volatility with high volumes of transactions on both the buy and sell sides.Glassnode's latest data reveals that Bitcoin is still trading above its short-term investor cost floor. While this suggests continued upward momentum, it also poses the risk of market overheating. According to analysts, it is critical for the price to maintain the $118,000 support level; otherwise, liquidations in leveraged positions may occur.On the Ethereum side, the increase in open interest indicates that institutional and individual investors are reshaping their market expectations. This makes determining the direction in the short term even more difficult.With the expiration of a total of $5.6 billion in options, the price of both Bitcoin and Ethereum may experience short-term sharp price movements. Historically, the market has experienced high volatility for several days following such large expiration periods. Experts predict that Bitcoin could rally back to $120,000 and above if it manages to hold above $118,000, while Ethereum has the potential to rally toward $4,750 as long as it stays above $4,400. However, a breakdown of these support levels could see further selling pressure in the market throughout the weekend.
