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Bitcoin consolidated near recent highs, with BTC dominance flat at 59.61%, while the Altcoin Index slipped to 26, signaling that capital rotation into small caps remains subdued.

Stablecoin liquidity continued to build. On October 21, inflows totaled $382.52M, led by $81.75M into USDT and $309.50M into USDC, bringing the total supply to $264.69B, another incremental rise in market liquidity.

ETF data stayed mixed. On October 20, excluding BlackRock prints, BTC ETFs added $60.3M, while ETH ETFs saw $27.8M in outflows.

Macro and policy

Markets were buoyed by a strong recovery in U.S. equities, with the Dow up 1.12%, Nasdaq climbing 1.37%, and the S&P 500 gaining 1.07%. Treasuries firmed, with the 10-year yield falling 0.72% to 3.98%, while the DXY dipped 0.05% to 98.54. Gold surged 2.68% to $4,351.27, extending its record-setting streak.

Tariffs back on the table

Trump reignited trade tensions, threatening to impose a 155% tariff on Chinese imports if a new trade deal isn’t reached by November 1. He also floated restrictions on U.S. aircraft exports to China and warned that rare earth supplies could be weaponized. Despite the strong rhetoric, Trump expressed optimism that a “robust deal” could still be achieved.

Government shutdown outlook

Polymarket data showed improving sentiment around the U.S. government shutdown. Following remarks from White House National Economic Council Director Kevin Hassett, the share of traders predicting a resolution between October 23–26 surged, with only 36% still betting on a prolonged stalemate.

Institutions and market movers

CZ declared on X: “Bitcoin will eventually replace gold. I don’t know when — but it will happen.”
Evernorth, an XRP-focused treasury firm managing over $1B, announced plans to merge and list on Nasdaq, marking another step toward institutional adoption of tokenized balance sheet assets.
Solana Company (HSDT), a major digital asset treasury firm, said it will allow PIPE investors in its $500M funding round to sell shares early. The decision followed a 60% drop in its stock, which has now fallen below the PIPE pricing level.

Digital asset treasury (DAT) companies that raised capital through PIPE structures to acquire crypto assets are now facing mounting pressure as share unlocks and falling prices trigger forced sales.

Industry highlights

A whale-linked entity moved aggressively onchain, depositing $610M USDC across three wallets into Aave, borrowing 66,000 ETH (~$265M), and transferring the funds to Binance. Analysts said it’s likely a hedge structure, not a liquidation risk.

Elsewhere:

Solana Foundation Chair appeared at Peking University’s Wudaokou Finance Forum, discussing institutional custody and proof-of-stake governance.
Wintermute founder Evgeny Gaevoy released a full postmortem on the “10/11 Night of Panic”, detailing lessons from cascading liquidations and calling for improved cross-exchange collateral efficiency.
A new wave of “inscription-style” tokens is sweeping through Chinese crypto communities, with project teams aggressively marketing domestic-only launches.

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Alpha watch

Solana co-founder tests Claude AI for decentralized trading

Solana co-founder Anatoly Yakovenko (@aeyakovenko) addressed reports that he’s building a new perpetual DEX named Percolator.

He clarified that it’s an experiment using Claude AI to prototype liquidity-matching mechanisms. The idea: combine a memory board system for LP risk management with an automated router for position rebalancing, essentially an AI-driven AMM for perpetuals.

Yakovenko said he’s “just testing ideas,” but the community sees it as a glimpse into Solana’s next phase of DeFi innovation.

Meanwhile, Backpack Exchange confirmed payouts for its October 11 flash-crash compensation, following last week’s internal incident.

Aster’s grid strategy pays off

Aster reported successful testing of its neutral-grid trading model, opened around BNB 1,100 levels. At its worst, the drawdown hit 50%, but current profits are now up 20% after full position closure.

Major portfolio rotation

A whale who received 1M SOL from 2020 allocations was tracked selling 375K SOL in December 2024 at ~$191 each, converting to $70M USDC to buy 2.52M HYPE at $27.70.

After holding 10 months, the whale took profits on 408.9K HYPE for $15.68M and swapped back into 81,110 SOL at $193, netting $26.7M in gains.

투빗

Today: Solana founder tests AI-powered DEX

Macro and policy

Tariffs back on the table

Government shutdown outlook

Institutions and market movers

Industry highlights

How to start trading Solana

Alpha watch

Solana co-founder tests Claude AI for decentralized trading

Aster’s grid strategy pays off

Major portfolio rotation

Today: Solana founder tests AI-powered DEX

Macro and policy

Tariffs back on the table

Government shutdown outlook

Institutions and market movers

Industry highlights

How to start trading Solana

Alpha watch

Solana co-founder tests Claude AI for decentralized trading

Aster’s grid strategy pays off

Major portfolio rotation

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