Contents
Summary
1. Performance
1.1 Top 10 Coins by Market Cap
1.2 Returns by Timezone
1.3 BTC Monthly Returns Matrix
1.4 BTC and ETH monthly returns YTD
1.5 BTC dominance
2. ETF Flows
2.1 Aggregate BTC ETF Flows
2.2 BTC ETF Flows in November
2.3 BTC ETF Share by Product
3. Basis & Funding Rates
3.1 CME Futures Basis (Monthly)
3.2 CME Futures Basis
3.3 OI-Weighted Funding APR
3.4 Futures Basis
4. Volumes
4.1 Total Derivatives Volume
5. Options
5.1. BTC and ETH Put/Call Ratio
5.2. Skew
5.3. Risk Reversals
5.4. Butterfly
5.5. IV
5.6. RV
5.7. IV-RV
6. On-Chain
6.1. Chain TVL Change
Appendix
Data Partners
Summary
Markets opened October under stress as the US government shut down on the first day of the month, its first closure since 2019. The impasse stretched through most of the month, freezing data releases and adding volatility to rates and equities. Treasury yields swung with each hint of progress, while the dollar and gold traded firm on safe-haven demand. Global political headlines dominated from Macron’s cabinet reshuffle and Japan’s LDP leadership turmoil to China’s new rare-earth export curbs and Trump’s renewed tariff threats. Through the month, the Fed struck a dovish tone despite data gaps, culminating in a widely expected 25 bp cut on 29 October. The decision drew dissent on both sides but confirmed the easing path into year-end. Risk sentiment turned higher into the final week as Trump and Xi agreed to a one-year tariff truce, export controls were eased, and equities closed at record highs.
Crypto began the month strong: BTC climbed above $125k and ETH reached $4,700 early on, supported by macro debasement themes and record gold prices. CME announced plans to move its crypto futures and options to 24/7 trading in 2026, reinforcing structural confidence from important institutions. Mid-month brought turbulence: a historic leverage flush on 10 October, now referred to by traders as “10/10”, marked the largest liquidation event on record, momentarily pushing prices across exchanges to multi-year lows for some altcoins. Activity remained brisk as traders rotated between upside call spreads and downside hedges. BTC December basis held in the 6–8% range, funding stayed positive, and vols oscillated between the low 30s and mid-40s.
Flows reflected tactical rotation. Early in the month, traders lifted 31Oct25 124k-128k BTC call spreads and 4.5k ETH calls, later shifting to defensive structures such as 95-105k BTC and 3.4-3.8k ETH puts. A record $957MM ETH block trade (211k ETH) underscored ongoing institutional engagement. Late-month flows turned constructive again as the Bitwise Solana Staking ETF (BSOL) began trading, while SEC Chair Atkins reaffirmed digital assets as a regulatory priority and the CFTC advanced tokenised collateral proposals.
By month-end, BTC consolidated near $110k and ETH around $4k, both holding firm after absorbing the rate cut, liquidation flush, and ETF headlines. Structural tone improved: vols normalised, leverage reset, and positioning was cleaner heading into November amid dovish central banks and a steadier macro backdrop.
