Bitcoin’s dominance climbed 0.33% to 59.48%, while the Altcoin Index slid to 30, reflecting risk-off sentiment as traders pulled back from small caps.
Stablecoins stayed busy. On October 16, inflows totaled $551.26M, with $720.35M into USDT and $165.93M of USDC outflows, pushing the total supply to $263.83B, a sign that liquidity is still flowing, even as volatility lingers.
ETF flows diverged. On October 15, excluding BlackRock data, BTC ETFs recorded $94M in outflows, while ETH ETFs brought in $5.3M, suggesting a cautious reallocation back toward Ethereum.
Macro and policy
U.S. equities split directions, with the Dow down 0.04%, Nasdaq up 0.66%, and S&P 500 higher by 0.40%. Treasuries and gold firmed, the 10-year yield down 0.20% to 4.02%, while the DXY fell 0.51% to 98.53. Gold rose 1.82% to $4,217.58.
Treasury Secretary Bessent confirmed the next round of Fed chair interviews will take place after the administration’s Asia trip.
He said the shortlist will be finalized by Thanksgiving, with three to four candidates to be presented to President Trump for final interviews in December. “The only standard,” Bessent said, “is an open mind.”
Meanwhile, JPMorgan CEO Jamie Dimon issued a rare credit warning. He revealed $170M in bad loans tied to subprime auto borrowers and cautioned that this could mark the end of a 14-year “credit bull run.”
Dimon said the parallels to 2008’s subprime collapse are “not systemic but instructive,” noting that total auto loans of $1.66T remain far smaller than the $12.94T mortgage market, minimizing contagion risk.
Market movers and institutions
Forward Industries (NASDAQ: FORD) disclosed in its latest filing that it has invested more than $1.59B in Solana (SOL) at an average entry of $232.08, with 6.87M SOL now staked at a 7.01% yield. The company said nearly all its holdings are locked in validator pools.
Elsewhere, Liquid Capital (formerly LD Capital) founder Yi Lihua wrote that the market remains “long-term bullish but short-term risky.”
He warned that post-rate-cut euphoria didn’t lead to a strong rebound, meaning “high leverage on either side is suicide.” Yi added that platforms “must bear greater responsibility” and help stabilize markets: “The market is cruel. Risk management and knowledge are your real edge.”
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Industry highlights
Paxos startled the market after it minted and burned 300T PYUSD in just 30 minutes.
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On-chain data showed the batch was minted and then fully sent to a burn address within 22 minutes.
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Aave temporarily froze PYUSD markets, citing an “unexpected large-scale transaction.”
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Chaos Labs’ Omer Goldberg said it was “an accidental operation, not an exploit,” but added that protocols will strengthen mint safeguards going forward.
Meanwhile, Glassnode noted that Bitcoin’s run to $126,000 has reversed under the pressure of a $19B futures liquidation wave, calling it “a historic leverage reset.” Analysts believe this is pushing crypto into a full-scale “rebuild phase.”
In a historic move, Backpack Exchange will become the first centralized platform to support native on-chain stocks, allowing users to trade SEC-registered equities directly alongside crypto and stablecoins.
The partnership with fintech firm Superstate brings the Opening Bell tokenized stock platform onto Backpack, enabling cross-margin trading between equities and digital assets.
Finally, Monad’s MON airdrop confirmed no rewards for Wormhole stakers, quashing weeks of speculation from KOLs.
Alpha watch
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Polymarket launched a single-stock prediction market, letting users trade directional bets on U.S. equity prices, a first for the platform.
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Tom Lee and Arthur Hayes both reiterated bullish targets for year-end:
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BTC: $250K
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ETH: $10K–$12K Lee said ETH “has consolidated long enough. It’s time for a two-month sprint.”
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On Polymarket, market makers are reportedly raking in huge profits. Buzzing founder Luke said, “Last year alone, market makers earned over $20M.” Based on current volumes, steady operators are pocketing about 0.2% of total trade volume.
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Solana liquidity protocol Meteora will open its MET allocation checker at 20:00 (UTC+8) on October 16.
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Users can claim via NFT or direct MET receipt.
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The NFT pool accounts for 7% of the total allocation, first come, first served.
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No registration is needed.
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