# Crypto market brief · 2026-10-26

BTC +0.10% over 24h. Liquidity state: SUPERPOSITION (86). US traders have bid below the global price for 51 straight days. Fear & Greed 50 (neutral).

Source: https://bykaranteli.com/brief/2026-10-26 · attribute to ByKaranteli and quote the timestamp.
Snapshot taken 2026-10-26.

This is the archived market brief for 2026-10-26. The numbers below reflect the market at the end of that day.

## Market pulse

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

- BTC $80110 · +0.10% in 24h
- BTC dominance 59.44% · total market cap $2.7T
- Fear & Greed: 50 (Neutral)
- Retail Euphoria Index: 72 (EUPHORIA)
- Stablecoin supply: $302.8B · -$685.4M 24h

## Liquidity & stress

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

- PsiCharge state: SUPERPOSITION · score 86/100
- In this state over the last 12 months (3717 readings), BTC averaged -0.11% over the next 24h and closed higher 52% of the time
- Coinbase Premium -0.13%: US bids below global price, day 51 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, 26th percentile of 90 days
- Biggest OI move: ADAUSDT open interest +4.5% with price +1.6% (longs building)
- Across 10 tracked majors: 2 adding leverage, 0 squeezing out
- Top-30 perp positioning: 15 symbols long crowded, 14 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 1000 accounts by equity): $2.7B long vs $3.3B short, 44% long
- BTC whale book: 41% long on $1.7B of open positions
- BTC on Binance: long/short accounts 2.26, top-trader positions 1.96, taker buy/sell 0.84 (1h)
- Stock and commodity perps: 228 contracts, $5.5B open interest; largest XAUUSDT ($779.6M), most liquidated SNDKUSDT ($3.7M in 24h)
- Kimchi premium (Upbit BTC) +0.681%, Turkey premium (BtcTurk BTC) -0.163%

## Options desk

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

- BTC implied volatility (DVOL): 38.7
- 24h taker premium: $4.2M into calls vs $7.0M into puts
- Largest print: sell BTC-25DEC26-80000-C · $781302 premium
- Put/call OI ratio 0.60 · call wall at $95000, put wall at $60000

## Liquidations

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

- 24h wipeouts: $88.1M longs vs $56.8M shorts across 64,239 events
- Largest single liquidation: ETHUSDT $3.5M
- No cascade in 24h (40 in the last 30 days)

## ETF flows

US spot ETF net flows, last finalized trading day.

- BTC ETFs $137.9M on 2026-10-23 · day 2 of the outflow streak
- ETH ETFs +$4.3M on 2026-10-23 · day 1 of the inflow streak

## Calendar

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

- FOMC statement · October 27-28, 2026 in 2 days
- Fed days move BTC 2.5x a normal half hour (17 meetings measured)
- CFTC week of 2026-10-20: hedge funds net -4,942 BTC futures contracts (+902 WoW)

## Desk highlights

The notes the desk scored highest this day, in full.

### 12:40 UTC · US buyers keep paying under the global price

Bitcoin has traded cheaper on Coinbase than on the rest of the world's exchanges for 51 days in a row. In the latest reading, US buyers paid -0.126% against the global price.
The gap is close to its own recent normal. Its 7 day average is -0.122%, so the latest day sits in line with the past week rather than standing out from it.
The premium compares the price US buyers pay on Coinbase with the price on offshore venues. It measures a persistent gap in price, not the size or direction of the money moving behind it.

Board: /data · Permalink: /brief/2026-10-26#2026-10-26-1240-data-spotlight

### 09:00 UTC · Coinbase keeps pricing Bitcoin below the world

Coinbase has now priced Bitcoin below the rest of the world's exchanges for 51 straight days. The Coinbase premium, the gap between the US price and the global one, read -0.13% on Oct 26.
Everything around it looks calm. $BTC traded at $80,200, down 0.22% over 24 hours, and Fear and Greed sat at 50, neutral. Bitcoin dominance was 60.07% of a $2.7T market.
Order flow was quiet too. Bitcoin's toxicity score, a gauge of how hard one side pushes through the order book, read 0.12, only the 20th percentile of the last 90 days. Across 10 tracked majors, none added leverage, and $SOL saw the biggest move in open futures bets, up 3.5% with price up 0.2%.

Board: /brief · Permalink: /brief/2026-10-26#2026-10-26-0900-daily-brief

### 07:20 UTC · US buyers bid under the world for 51 days

Coinbase closed Oct 25 as the cheaper place to buy Bitcoin for the 51st day running in our records. US buyers bid below what traders on the rest of the world's exchanges were paying.
The gap that day was -0.126%, right in line with its seven day average of -0.122%. The discount is small. The length of the run is what stands out.
On the futures side, quarterly contracts priced $BTC at an annualized +5.60% above spot. That's the rate traders paid to hold Bitcoin through futures instead of buying it outright.

Board: /premium · Permalink: /brief/2026-10-26#2026-10-26-0720-premium-daily

### 05:40 UTC · Miners pulled back power over the week

Bitcoin's miners ran less machinery in the 7 days to Oct 25. Hashrate, the total computing power securing the chain, came in at 1139 EH/s by our node's count, a 7 day change of -7.7%.
The month tells a different story, with hashrate +25.9% over 30 days. The weekly dip came after a much bigger run of added power.
Difficulty, the bar every miner has to clear to win a block, was 140.58T on Oct 25. Miners earned 458.3 BTC that day, and confirming a transaction cost 0.0 sat/vB.

Board: /network · Permalink: /brief/2026-10-26#2026-10-26-0540-network-daily

### 20:45 UTC · Netflix tokens split 6.05 pp across chains

Netflix was the odd one out in tokenized stocks on Oct 26. The same share traded at a +4.94% premium as a token on Base and at a -1.11% discount on Solana, a 6.05 pp gap between wrappers of one stock. These are tokens backed by a share held at a custodian and traded onchain around the clock.
Across 199 wrappers the median sat -0.11% under the real share, so most priced close to the stock. The deepest discount was USOon Solana -1.85%.
Trading picked up hard. DEX volume over 24 hours reached $291.1M, up +108.81%, and supply valued at the share price held at $3.83B, a -0.21% change. Binance bStocks remains the largest issuer with $1.30B.

Board: /tokenized-stocks · Permalink: /brief/2026-10-26#2026-10-26-2045-tokenized-daily

### 20:40 UTC · Quantum coins gain as every other theme falls

Quantum coins were the only theme basket to gain in the 24 hours to Oct 26, up 1.32%. Meme took the heaviest loss at -2.87%, and every other basket closed lower too.
The month widens the gap. Quantum is up 26.9% over 30 days, 31.6 percentage points ahead of Bitcoin's -4.7%, and it is the only theme ahead of Bitcoin over that stretch. Meme trails furthest at -20.6%, 15.9 points behind, with RWA next at -18.9%.
Each theme is an equal weight basket of Binance spot pairs, rebased to Jan 1, 2025.

Board: /themes · Permalink: /brief/2026-10-26#2026-10-26-2040-themes-daily

### 18:00 UTC · Most altcoins have outrun Bitcoin over 90 days

Forty of the 50 altcoins we track beat Bitcoin over the past 90 days, putting the Altcoin Season Index at 80 on Oct 26. That's above the 75 line where altseason begins, so the market reads as altseason.
Bitcoin returned 26% over the same 90 days, and the index stands 2 points higher than seven days earlier.
The gap inside the group is wide. BTW leads with 13x over 90 days and AKE follows at +676.6%. At the other end APR returned -83.5%, and ONDO gained just +3.4%, far behind $BTC.

Board: /altseason · Permalink: /brief/2026-10-26#2026-10-26-1800-altseason-daily

### 17:30 UTC · NFLXc buyers pay +6.30% over Netflix stock

Buyers of Netflix on Base are paying more than the stock is worth on its own market. NFLXc, a tokenized wrapper that tracks $NFLX shares, carries a premium of +6.30%, so one token costs more than the matching value of the underlying share.
The premium compares the token's price on chain with the price of the share it wraps. This is a single reading, with no earlier value or usual range to set it against.
The gap says what the wrapper costs next to the stock. It does not say which way Netflix itself is moving.

Board: /data · Permalink: /brief/2026-10-26#2026-10-26-1730-data-spotlight

## Desk log

The rest of the day's notes, in order of publication.

### 00:35 UTC · No Bitcoin forced exit topped $799K

Liquidations on Bitcoin came small and many in the 24 hours to Oct 26. Our collectors logged 770 recorded prints of $1K or more, and none of them reached seven figures.
The largest was a long liquidation of $799K on OKX, a leveraged buyer forced out of the position. The figure measures the size of the position closed, not the trader's loss.
$BTC traded at $80,262 as of 00:35 UTC on Oct 26, a -0.72% move over the window. The heatmap behind the candles is an estimate; the prints on them are recorded.

Board: /chart?s=BTCUSDT&p=1h&heat=1&pr=1&lv=1 · Permalink: /brief/2026-10-26#2026-10-26-0035-chart-daily

### 01:37 UTC · MEXC shuts USDT withdrawals on Asset Hub

MEXC just stopped USDT withdrawals on the Polkadot Asset Hub network (DOTASSETHUB). The change showed up in the venue's own currency list.
Traders keeping $USDT on MEXC who move it out through Polkadot Asset Hub can't use that route for now. Deposits, and withdrawals on other networks, may still be running.
A closed withdrawal route is the earliest public signal an exchange gives when something is off, but most of these pauses turn out to be routine maintenance.

Board: /withdrawals/usdt · Permalink: /brief/2026-10-26#2026-10-26-0137-event-venue-event

### 02:07 UTC · Bitcoin buyers lose $5.8M in 30 minutes

Bitcoin's leveraged buyers took a sharp hit. In the last 30 minutes, exchanges closed $5.8M of $BTC long positions, which are bets on a higher price. Each one was shut automatically once its margin could no longer cover the loss.
Traders betting on a lower Bitcoin barely felt it, with $103.8K liquidated on that side over the same half hour.
These totals come from the raw liquidation streams of the major venues.

Board: /liqmap/btc · Permalink: /brief/2026-10-26#2026-10-26-0207-event-liq-burst

### 03:10 UTC · Brazil fund buyers took the biggest hit

Leveraged buyers of Brazil's EWZ fund took the heaviest losses on Binance's TradFi perpetuals on Oct 25. Of its $1.38M liquidated, $1.38M came from long bets and just $296 from shorts.
A second bet on Brazil got caught too. Traders short the dollar against the real (USDBRL) lost $242K. Natural gas buyers lost $532K, including the day's single largest forced closure at $258K.
Across 96 contracts and 1,033 forced closures, the day came to $3.76M, split 72% longs / 28% shorts. That is down 82% from $20.68M on Oct 24.

Board: /tradfi · Permalink: /brief/2026-10-26#2026-10-26-0310-tradfi-liquidations-daily

### 05:07 UTC · MEXC shuts SUI withdrawals on SUI network

Withdrawals of SUI over its native network are switched off on MEXC. We caught the change in the venue's own currency list during our daily read.
For $SUI holders on MEXC, sending coins out to a wallet on the SUI chain is not possible through the exchange for now. Deposits, and any other networks the venue lists for SUI, may still be working.
A closed withdrawal route is the earliest public sign a venue gives when something is wrong. Most of these pauses end up being routine maintenance.

Board: /withdrawals/sui · Permalink: /brief/2026-10-26#2026-10-26-0507-event-venue-event

### 05:37 UTC · MEXC reopens SUI withdrawals within an hour

MEXC has switched SUI withdrawals on the SUI network back on, less than an hour after the route was closed. The change showed up in the exchange's own currency list.
For $SUI holders on MEXC, sending coins out to a wallet on the SUI chain works through the exchange again.
The halt reported earlier on this route was short. It lasted less than an hour from close to reopening.

Board: /withdrawals/sui · Permalink: /brief/2026-10-26#2026-10-26-0537-event-venue-event

### 06:20 UTC · Binance charges the most for margin dollars

Binance charged the most to borrow dollars on margin in the Oct 26 read at 05:25 UTC, at 4.85% a year for $USDT. OKX was the cheapest of the three venues we track at 3.5%, and Bybit's 3.9% set the median.
The widest gap among the 15 assets on our board was $LINK on OKX. Leveraged buyers of LINK perpetuals paid shorts at a rate of 10.95% a year, but borrowing LINK on margin there cost just 1% a year.
That left a recorded spread of 9.95% between what longs paid to stay in and what the coin itself cost to borrow.

Board: /borrow · Permalink: /brief/2026-10-26#2026-10-26-0620-borrow-daily

### 07:40 UTC · Tokenized USO trades under its fund on Solana

On Solana, the tokenized version of the USO oil fund changes hands well under the fund itself. USOon carries a premium of -6.29%, so a buyer of the token pays less than the matching value of USO shares.
The premium compares the token's price on chain with the price of the fund it tracks. A negative reading means the token trades at a discount.
The gap measures how the wrapper is priced against its underlying, not where oil or USO is heading. It carries no read on direction.

Board: /data · Permalink: /brief/2026-10-26#2026-10-26-0740-data-spotlight

### 08:10 UTC · Block traders sell and buy Dec 25 puts

The biggest $BTC options trades of the past 48 hours both sat on Dec 25 puts, and both were negotiated as blocks. One taker sold a $72,000 put for $2.1M in premium. Another bought a $75,000 put for $1.9M. Each is larger than the $1.6M of puts bought across all recorded trades in the last 24 hours.
The 24 hour flow itself was close to even: $1.6M of premium for puts, which gain if price falls, against $1.5M for calls, which gain if it rises. Block trades, deals arranged off the order book, made up 46% of all premium across 12,395 recorded trades.
The third largest trade was also a Dec 25 block, an $80,000 call sold for $781.3K.

Board: /options-flow · Permalink: /brief/2026-10-26#2026-10-26-0810-options-flow-daily

### 09:20 UTC · OKX's fund covers far more of its open bets

OKX's insurance fund equals 59.38% of the perpetual open interest we track on that exchange, far above the 16.59% across all 10 venues combined. An insurance fund is the money an exchange keeps to pay for liquidations that close below a trader's bankruptcy price.
The 10 funds held $7.61B on Oct 26, a 24 hour change of -0.02% (-$1.8M) and -0.84% over seven days. OKX is also the largest at $2.97B. Binance follows at $2.45B, covering 14.63% of its open bets, and Crypto.com covers the least, at 0.80%.
These are balances the venues report themselves, not audits.

Board: /insurance-funds · Permalink: /brief/2026-10-26#2026-10-26-0920-insurance-daily

### 09:20 UTC · Deribit settled its AVAX future at $8.829

One contract made up the whole settlement record in the 24 hours to 09:15 UTC on Oct 26. Deribit's USDC margined AVAX future closed at $8.829 at 08:00 UTC.
On Tuesday, Oct 27, Deribit closes 13 dated $BTC futures and 13 dated $ETH futures, plus one contract each on AVAX and HYPE. Bullish settles a single Bitcoin delivery future that day, and Coinbase one CDENGS delivery contract.
Across the next 7 days, 165 dated futures and 8,578 option contracts reach expiry on 15 venues.

Board: /settlements · Permalink: /brief/2026-10-26#2026-10-26-0920-settlements-daily

### 09:30 UTC · Longs took most of last week's $1.85B flush

Leveraged buyers took most of the pain in the week of Oct 19 to Oct 26. We recorded $1.85B of liquidations in 582,015 events, $1.21B of it from longs against $640.7M from shorts. $ETH led every coin at $438.2M.
ETF money went two ways. US spot Bitcoin ETFs took in $360.3M net over the last five settled days, and Ether ETFs posted -$294.6M. Hyperliquid's top 300 whales ended the week 44% long.
All of it sits in our free datasets, along with 54,531 trades of $1M or more and 2,016 order book snapshots across 29 venues.

Board: /data · Permalink: /brief/2026-10-26#2026-10-26-0930-weekly-recorded

### 09:40 UTC · Bitcoin buyers keep the edge on thinner bids

Buyers still outweigh sellers in the $BTC spot book on Oct 26, but their cushion is thinner than a day earlier. Across 21 spot venues, $160.3M of bids rested within 2% of mid at 09:38 UTC against $146.8M of asks, a 4.4% tilt toward the bid side.
Over the past 24 hours, bid depth in that range dropped 8.6% and ask depth grew 1.9%. Mid moved up 0.3% to $80.5K.
The two largest walls hug the price. A $36.3M bid rests at $80.4K, 0.05% below mid, and a $33.8M ask waits at $80.5K, 0.05% above. Resting orders can be pulled at any moment, so this is a snapshot of the book, not a map of what comes next.

Board: /orderbook?symbol=BTC · Permalink: /brief/2026-10-26#2026-10-26-0940-orderbook-btc

### 10:00 UTC · Whale buyers and sellers fight to a draw

Large traders fought to a near draw in the 24 hours to 10:00 UTC on Oct 26. Whale sized buy orders came to $5.05B against $5.17B of sells, so buyers held 49.4% of the flow, well inside the range we treat as two sided.
That came across 5,587 large orders. $BTC drew the most of it, $6.01B over 3,023 orders, and also carried the biggest single order of the day at $17.5M. $ETH followed with $3.62B over 2,190 orders, and $SOL was a distant third at $312.6M.

Board: /whales · Permalink: /brief/2026-10-26#2026-10-26-1000-whales-daily

### 11:00 UTC · Short sellers carry more of the modeled risk

Within 3% of Bitcoin's price, more of the estimated liquidation exposure sat with short sellers than with leveraged buyers at 11:00 UTC on Oct 26, with $BTC at $80,334.
The one modeled short cluster above the price is at $80,841. That's the level where those positions would be forced to buy back.
Under the price, the first modeled long level is $79,433. The largest long cluster on the map sits further down, at $77,463.

Board: /liqmap/btc · Permalink: /brief/2026-10-26#2026-10-26-1100-liqmap-btc

### 12:01 UTC · Cardano traders add bets on a flat price

Cardano led the majors board for new futures bets in the 24 hours to Oct 26, 11:35 UTC. Open interest, the value of futures positions still open, rose 3.36%, yet the price moved just 0.1%. Funding stood at 0.0022%, meaning buyers pay sellers a tiny amount to stay in.
Solana came close behind, with open interest up 3.16%, funding at 0.01% and the price up 0.36%. $LINK and $DOGE added smaller amounts, 1.43% and 1.28%.
Avalanche went the other way. Traders closed 1.01% of open bets on a 1.55% price gain, the only coin on the board shedding leverage.

Board: /oi-leaderboard · Permalink: /brief/2026-10-26#2026-10-26-1201-oi-movers

### 12:30 UTC · Three exchanges list ABBV on the same day

Only one of the eight new perpetual contracts on Oct 26 reached more than one exchange. $ABBV went live on Binance, Bybit and HTX, and our collectors first saw it at 05:52 UTC.
The rest stayed on single venues. Binance added EIDO, EQT and STM, Bybit added AGPU and TTMI, all first seen at 09:52 UTC. HTX listed PG at 05:52 UTC, and BingX opened 1000XEC at 04:52 UTC, the earliest arrival of the day.
The list covers the six exchanges we track.

Board: /listings · Permalink: /brief/2026-10-26#2026-10-26-1230-listings-daily

### 12:50 UTC · Bitcoin returns to yesterday's busiest zone

Bitcoin finished yesterday's session at $80,114.30, under the price zone where its perpetual traders spent most of the day. It trades back inside that zone at $80,317.50 ahead of the US open.
That zone holds 70% of trading time. For $BTC it ran from $80,237.37 to $80,843.70, with the most traded price at $80,500.11.
Ether stayed inside its own zone. $ETH trades at $2,325.62, near the lower edge at $2,323.46. The zone tops out at $2,355.29, and its most traded price was $2,335.84. These levels mark where trade spent its time on Oct 25, a reference rather than a floor or a ceiling.

Board: /symbols/BTCUSDT · Permalink: /brief/2026-10-26#2026-10-26-1250-market-profile-daily

### 13:00 UTC · Ether longs and shorts crowd the price

Ether's estimated liquidation map is balanced on Oct 26. At 13:00 UTC, with $ETH at $2,323, modeled exposure within 3% of price splits evenly between leveraged buyers below and leveraged sellers above.
Both sides sit tight to the price. The closest modeled long liquidation level is $2,320 and the closest short one is $2,336, so a small move either way reaches someone's forced exit.
Further out, the largest estimated clusters sit at $2,410 for shorts, who would be forced to buy back, and at $2,247 for longs, who would be forced to sell.

Board: /liqmap/eth · Permalink: /brief/2026-10-26#2026-10-26-1300-liqmap-eth

### 13:10 UTC · Coinbase adds 6 tokenized stocks on Base

One issuer and one chain made up the whole day for tokenized stocks on Oct 26. Coinbase Tokenized Stocks put out all 6 new wrappers we recorded, every one of them on Base.
The six are $AAL as AALc, $AEHR as AEHRc, $BX as BXc, $CRM as CRMc, $FLNC as FLNCc and $SNOW as SNOWc.
Each comes from the issuer's own list, not from a name search, so the tickers above are the official wrappers.

Board: /tokenized-stocks · Permalink: /brief/2026-10-26#2026-10-26-1310-tokenized-listings

### 14:00 UTC · Chainlink's book charges the most for size

Cardano and Chainlink had the two costliest books to trade size in on Oct 26. At 14:00 UTC, a $1.0M market order in $LINK gave up 23.2 bps between the quoted price and its average fill, and the same order in $ADA gave up 20 bps.
At the deep end, Bitcoin cost 0.6 bps and Ether 1 bps for that size. Solana came in at 2.9 bps and XRP at 5.7 bps. Dogecoin at 9.7 bps and BNB at 8 bps round out the thin side of the eight books we track.
On books this thin, a burst of forced orders on either side moves the price further per dollar than the same size does in $BTC.

Board: /slippage · Permalink: /brief/2026-10-26#2026-10-26-1400-slippage-daily

### 14:00 UTC · Bitcoin bids outweigh offers on spot books

Bitcoin's spot books lean clearly toward buyers on Oct 26. Within 2% of $79,530, resting bids came to $206.6M against $136.1M of asks across 21 venues at 13:58 UTC. That is a 20.6% tilt toward the bid side.
Ether is close to even by comparison. Near $2,298 there was $90.5M of bids versus $85.3M of asks, a 3% lean toward buyers.
The largest single blocks sit right next to price on both coins. $BTC has $33.8M of bids at $79,490 and $32.1M of offers at $79,570. $ETH has $14.8M at $2,297 and $15.9M at $2,300. These are resting orders that can be pulled at any time, not trades.

Board: /orderbook · Permalink: /brief/2026-10-26#2026-10-26-1400-orderbook-walls

### 15:00 UTC · Buyers pile new money into BULLA

Buyers are crowding into BULLA harder than any other name on the board. Open futures bets on $BULLA grew 23.91% in the 24 hours to 15:00 UTC on Oct 26, with funding at 0.03%, a fee longs pay shorts to keep their bets open. New money arriving on one side, with that side paying for it, is crowding.
Most leaders lean the same way. $SNXX added 13.44% in open bets with funding near 0%, so fresh positions came in without anyone paying up. $JCT runs the other way, with buyers paying 0.08% even as open bets fell 5.9%.
On the short side, IRYS carries funding of -0.08%, sellers paying buyers, on open bets up just 0.89%.

Board: /pressure · Permalink: /brief/2026-10-26#2026-10-26-1500-pressure-snapshot

### 15:20 UTC · Lira buyers pay under the world for Bitcoin

Even the dearest of Turkey's exchanges priced Bitcoin under the world on Oct 26. OKX TR came in at -13.1 bps against the global price, and CoinTR was the cheapest at -30.7 bps.
The Turkey Premium Index came to -0.25% (-24.6 bps), a score of 40 / 100 in the neutral regime. That is deeper than the 24 hour average of -9.2 bps and the 7 day average of -18.5 bps.
Most of the gap came from the dollar side. Tether traded at 49.64 lira against an official rate of 49.738 (as of Oct 23), a dollar leg of -19.7 bps, and the crypto leg added -4.9 bps. It is a price gap, not a trade anyone can lock in.

Board: /turkey-premium · Permalink: /brief/2026-10-26#2026-10-26-1520-turkey-daily

### 15:40 UTC · Sellers stack up above Ether's price

Two large resting orders sit within a fraction of a percent of Ether's price. A $21.01M sell wall waits at $2,339.89, 0.15% above mid, and an $18.18M buy wall sits at $2,335.22, 0.05% below.
Wider out, sellers carry more weight. Across 21 spot venues, $109.29M in asks rests within 2% of the price against $83.83M in bids, a 13.2% tilt toward the sell side.
In the 24 hours to 15:38 UTC on Oct 26, bids in that range thinned 7% and asks grew 4.8% deeper, with $ETH down 0.4%. Resting orders can be pulled at any moment, so this is a snapshot of the book, not a map of what comes next.

Board: /orderbook?symbol=ETH · Permalink: /brief/2026-10-26#2026-10-26-1540-orderbook-eth

### 16:00 UTC · Avalanche longs pay most on Cryptocom

Avalanche carried the widest funding gap between venues in the Oct 26 reading at 15:52 UTC. A leveraged $AVAX long cost 0.08% more per 8 hours on Cryptocom than on dYdX, where funding (the fee longs pay shorts each period) was lowest.
If that gap held for a full year, after taker fees on both legs at a weekly rebalance, the modeled carry comes to 79.31% annualized. It is a model, not a recorded return.
Next on the board was $LTC at 0.06% per 8 hours between Hyperliquid and Cryptocom. $DOGE showed 0.05% between Bybit and XT, and POL 0.04% between OKX and Hyperliquid.

Board: /funding-arb · Permalink: /brief/2026-10-26#2026-10-26-1600-funding-arb

### 16:30 UTC · Selling runs lopsided on 46 crypto perps

On Binance's daily charts the oversold side outnumbers the overbought one, 46 crypto perpetuals against 10 as of Oct 26. RSI tracks how one sided the last 14 days of gains and losses have been, with 30 or under read as oversold and 70 or over as overbought.
$SOPH carries the lowest reading at 16.4, down -1.1% over 24 hours. $BLUR follows at 17.3 after -2.8%, and $CT at 17.7 after a -13.4% day.
The overbought side is thin. BULLA leads it at 72.4 after a +69.1% day, and the board average sits at 42.8.

Board: /rsi · Permalink: /brief/2026-10-26#2026-10-26-1630-rsi-daily

### 17:00 UTC · Ether's crowd leans hardest toward a rise

Ether's crowd leans harder toward a rise than any other coin on our 30 coin board. As of 16:52 UTC on Oct 26, Binance showed 3.25 $ETH accounts long for every one short, against 2.16 for $BTC.
On Bitcoin, the larger players lean less. Binance's top traders held 1.91 longs per short when weighted by position size, though by account count they sat at 2.28. OKX showed 2.18, and 66.3% of Bybit accounts were positioned long.
Market orders told a mixed story. Over the 24 hours, buyers hitting the market came out ahead by +84 BTC, but in the final hour there was 0.88 in buying for every 1 in selling.

Board: /positioning · Permalink: /brief/2026-10-26#2026-10-26-1700-positioning-daily

### 19:00 UTC · Trader mood slips 4 points to neutral

Trader mood cooled over the 24 hours to 19:00 UTC on Oct 26. The Fear and Greed index, which scores how bold or nervous the crypto crowd is, lost 4 points and landed at 50, a neutral reading.
Bitcoin's grip on the market loosened in the same window. Its share of total crypto value fell 0.57% to 59.45%, leaving a little more of the market's weight with other coins than a day earlier.
The stablecoin supply, the dollar tokens traders hold between trades, shrank 0.19% to $303.00B, so slightly fewer dollars sat parked in tokens like $USDT on the day.

Board: /indices · Permalink: /brief/2026-10-26#2026-10-26-1900-indices-snapshot

### 20:00 UTC · Bitcoin gives back share to other coins

Coins outside Bitcoin held up better than $BTC over the 24 hours to 19:42 UTC on Oct 26. Bitcoin's slice of the total crypto market slipped -0.58% in that window, to 59.44%.
That leaves a little more of the market's value sitting in everything else, though Bitcoin still accounts for well over half of it. Ether's share stood at 10.46%, and the whole market was valued at $2.70T at the same reading.
One day of Bitcoin giving back share is a single reading, not a trend. It says other coins outperformed for 24 hours, nothing more.

Board: /glossary/btc-dominance · Permalink: /brief/2026-10-26#2026-10-26-2000-dominance-watch

### 21:00 UTC · Longs bore most of $164.3M liquidated

Leveraged longs took most of the pain in the 24 hours to Oct 26, with $109.5M forced out against $54.8M of shorts. Recorded liquidations came to $164.3M over 64,763 events.
$ETH saw the most of any coin at $44.2M across both sides, and the largest single liquidation, $7.0M, was also on Ether.
Open futures bets across 27 venues stood at $71.74B, 1.34% above a day earlier. On Hyperliquid, the largest accounts by equity held 44.4% of their notional long across 271 accounts.
US spot Bitcoin ETFs posted a net flow of -$635.5M on Oct 22; Ether ETFs -$110.5M.

Board: /liquidations · Permalink: /brief/2026-10-26#2026-10-26-2100-data-wrap

### 22:20 UTC · Small short book uses most pool capacity

Short bets are the small side on Jupiter Perps, $16.2M against $86.4M in longs across SOL, ETH and BTC, yet they lean hardest on the pool behind them. Capacity for shorts was 66.1% in use on Oct 26, the same reading on all three markets.
On the long side, use tops out at 23.9% on Bitcoin, with SOL at 13.27% and ETH at 6.21%. Longs hold 84.2% of open positions, and SOL carries the largest book at $53.4M, with the coin at $100.21, down 1.2% over 24 hours.
The JLP pool that takes the other side of these trades holds $840.5M and pays an annualised 6.09%.

Board: /jupiter-perps · Permalink: /brief/2026-10-26#2026-10-26-2220-jupiter-daily

### 22:35 UTC · Pacifica handles the most Solana perps volume

Pacifica traded $411.1M in the 24 hours to Oct 26, more than any other Solana perps venue, on just $59.4M of open positions. GM Trade holds the most open positions at $108.3M, 43.5% of the board, and turned over $226.2M.
Across 6 venues and 284 markets, open interest totals $248.8M against $845.0M of daily volume.
The one sided crowd sits on Jupiter Perps. Traders betting on a rise hold $86.4M there against $16.2M betting on a fall, and pay a median hourly borrow fee of +0.0015%. GM Trade is close to even, with $107.0M long and $109.7M short.

Board: /solana-perps · Permalink: /brief/2026-10-26#2026-10-26-2235-solana-perps-daily

Written by the ByKaranteli desk writer, an AI model, from the platform's recorded data and checked against that data before publishing, without human edits. Translations are machine made from the English note; the English text is the record.


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