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Daily market brief

Crypto market brief · 2026-09-23

BTC +1.62% over 24h. Liquidity state: GROUND STATE (40). US traders have bid below the global price for 18 straight days. Fear & Greed 71 (greed).

This is the archived market brief for 2026-09-23. The numbers below reflect the market at the end of that day. View today's brief →

Market pulse

Where the market stands right now: price, dominance, sentiment, and sideline capital.

  • BTC $86848 · +1.62% in 24h
  • BTC dominance 58.70% · total market cap $3.0T
  • Fear & Greed: 71 (Greed)
  • Retail Euphoria Index: 79 (EUPHORIA)
  • Stablecoin supply: $312.8B · +$41.8M 24h

Liquidity & stress

ByKaranteli's own liquidity-state model plus the gap between US-regulated and global pricing.

  • PsiCharge state: GROUND STATE · score 40/100
  • In this state over the last 12 months (4729 readings), BTC averaged +0.01% over the next 24h and closed higher 50% of the time
  • Coinbase Premium -0.01%: US bids below global price, day 18 of the streak

Flow & positioning

Order-flow toxicity and where leveraged open interest moved in the last 24 hours.

  • BTC order-flow toxicity (VPIN) 0.13, 51th percentile of 90 days
  • Biggest OI move: LTCUSDT open interest +11.6% with price +5.0% (longs building)
  • Across 10 tracked majors: 6 adding leverage, 1 squeezing out
  • Top-30 perp positioning: 23 symbols long crowded, 7 in short ramp

Whales, positioning and stock perps

What the largest Hyperliquid accounts hold, how Binance accounts are positioned, the stock and commodity perps, and the Korea and Turkey premium.

  • Hyperliquid whales (top 300 accounts by equity): $1.7B long vs $3.2B short, 35% long
  • BTC whale book: 34% long on $1.3B of open positions
  • BTC on Binance: long/short accounts 0.90, top-trader positions 2.03, taker buy/sell 1.01 (1h)
  • Stock and commodity perps: 199 contracts, $4.2B open interest; largest XAUUSDT ($425.2M), most liquidated SNDKUSDT ($8.8M in 24h)
  • Kimchi premium (Upbit BTC) -0.019%, Turkey premium (BtcTurk BTC) +0.089%

Options desk

Implied volatility and what the tape actually paid for in the last 24 hours.

  • BTC implied volatility (DVOL): 37.7
  • 24h taker premium: $16.1M into calls vs $22.1M into puts
  • Largest print: buy BTC-25SEP26-70000-C · $12.4M premium
  • Put/call OI ratio 0.56 · call wall at $95000, put wall at $60000

Liquidations

Forced liquidations recorded across our exchange feeds in the last 24 hours.

  • 24h wipeouts: $89.4M longs vs $130.1M shorts across 73,188 events
  • Largest single liquidation: ETHUSDT $4.4M
  • 1 cascade event detected in 24h, largest $33.6M

ETF flows

US spot ETF net flows, last finalized trading day.

  • BTC ETFs +$999.0M on 2026-09-21 · day 3 of the inflow streak
  • ETH ETFs +$270.0M on 2026-09-21 · day 2 of the inflow streak

Calendar

What is scheduled, and what similar days have actually done to price.

  • FOMC statement · October 27-28, 2026 in 36 days
  • Fed days move BTC 2.5x a normal half hour (17 meetings measured)
  • CFTC week of 2026-09-15: hedge funds net -6,354 BTC futures contracts (+1,538 WoW)