Recap
- The crypto market experienced a significant rebound, with the total market capitalization reclaiming the $4 trillion level, resulting in a liquidation squeeze of almost $1.7bn in short positions. Bitcoin (BTC) surged to a new all-time high above $125,500 while Ether (ETH) surpassed $4,600. The total stablecoin market cap exceeded $300 billion for the first time.
- The US government shutdown paused most economic data releases and regulatory operations, temporarily increasing market uncertainty, although some interpreted the hiatus as increasing the likelihood of US interest rate cuts.
- The CFTC advanced an initiative to allow tokenized collateral, including stablecoins, in derivatives markets, signaling growing regulatory acceptance of crypto assets.
Top Gainers
- ZEC (Zcash) +171%
- SPX (SPX6900) +57%
- APT (Aptos) +29%
Top Losers
- MYX (MYX Finance) -71%
- XPL (Plasma) -36%
- 2Z (DoubleZero) -18%
Market Metrics
- Total Market Cap: $4.20tn (+8.7% vs last week)
- BTC Dominance: 58.5% (vs 57.8% last week)
- Fear and Greed Index: 58/100 (vs 34 last week)
- Alt Season Index: 62/100 (vs 68/100 last week)
This week, we'll be monitoring (all times UTC):
Monday 6 October
Crypto event (token unlock)
- ENA Token Unlock: Will release 339mn tokens (~4.83% of circulating supply), worth $207mn. May introduce short-term selling pressure depending on recipient distribution and market liquidity.
Wednesday 8 October
Central banks
- 18:00 FOMC minutes: A hawkish tone in the written proceedings from the last US Federal Reserve committee meeting could pressure risk assets and crypto, while dovish signals may boost sentiment and support price increase.
Thursday 9 October
Central banks
- 12:30 Fed Chair Powell speech: Any hint of further tightening could weigh on crypto, while dovish or status quo remarks may lift risk assets.
Economic data
- 12:30 Initial jobless claims for Oct: Recent trends suggest “bad news is good” for markets. A lower-than-expected print could extend bearish pressure on crypto by reducing urgency for Fed rate cuts and keeping liquidity tight, while a higher number may be bullish if it signals labour market weakness that nudges the Fed closer to easing policy.
Friday 10 October
Economic data
- 14:00 Michigan Consumer Sentiment prelim Oct: A strong reading would support risk appetite and crypto, but a downside miss could stoke fears of weakening demand and pressure risk assets.
