A Leverage Reset Rocks the Crypto Space
On October 13, funding rates in the crypto market plunged to their lowest levels since the 2022 bear market — a stark indication that many leveraged positions have been liquidated or unwound. This broad-based deleveraging suggests that traders are recalibrating risk exposure as speculative excess is purged.
Ethereum Derivatives Recover After Flash Crash
The Ethereum derivatives market appears to be stabilizing. After suffering a flash crash that triggered heavy liquidations, $ETH has been showing signs of recovery. Open interest and funding rates are gradually normalizing, indicating that the worst may be over — for now. Many traders are eyeing a retest near $4,500 as the next major battleground.
Grayscale Files 10-K for Bittensor — $TAO Surges
Grayscale’s recent filing of a Form 10 for its Bittensor Trust has sparked a major price breakout in $TAO, which surged over 20% in a single day. The regulatory step toward SEC reporting clarity appears to have attracted institutional interest, signaling a milestone for AI-related crypto projects.
Bitcoin, ETH, TAO Buck the Trend
Going against the broader slide, $BTC, $ETH, and $TAO all closed above last week’s low — technical indicators that hint at possible short-term strength. Among them, $TAO is drawing attention for breaking bearish structures and setting the stage for a possible new uptrend.
Binance Intervenes After Depeg Turmoil
Following a chaotic market event that caused several tokens (such as USDE, BNSOL, WBETH) to lose their pegs, Binance stepped in to cover losses — reportedly paying out $283 million. The exchange has pledged to institute new safeguards including price floors and improved indexing to prevent similar disruptions in the future.
Singapore Court Approves WazirX Restructuring Plan
A Singapore court has given the green light to WazirX’s restructuring proposal. Under the plan, users could recover up to 55% of losses stemming from the July 2024 hack. The ruling marks a critical step in efforts to restore trust and financial restitution for affected users.
BlackRock’s $IBIT ETF Hits $100 Billion AUM
In a milestone for crypto-linked funds, BlackRock’s $IBIT ETF has crossed the $100 billion mark in assets under management — potentially the fastest fund to do so. This surge underscores growing institutional commitment to crypto exposure via regulated financial products.
Macro Tailwinds — U.S. Data Blackout Amid Shutdown
Amid a continuing U.S. government shutdown, economic data releases are largely paused, amplifying uncertainty for risk assets. Traders will be closely watching any developments from OPEC, the Fed, and key regional indices as markets await clarity.
MARA Holdings Doubles Down on Bitcoin
Bitcoin miner MARA Holdings has boosted its BTC holdings by acquiring another 400 BTC (valued around $46 million). The move reinforces the firm’s bullish stance and contributes to growing institutional accumulation in the crypto ecosystem.
Hyperliquid Launches HIP-3, Founder Criticizes CEX Transparency
Hyperliquid activated its long-awaited HIP-3 upgrade, allowing permissionless creation of perpetual futures markets by staking 500,000 HYPE. Meanwhile, the Hyperliquid founder accused centralized exchanges of downplaying liquidation volumes — sometimes by 100x — fueling debate about transparency in crypto infrastructure.
Binance to List RECALL Token
Binance announced plans to list the RECALL token on its Alpha platform on October 15, followed by a RECALL/USDT perpetual futures pair, offering up to 50× leverage. RECALL is positioned as an AI skill marketplace, and its debut reflects Binance’s growing interest in AI/crypto crossovers.
Outlook: Eyes on Support, Momentum, and Regulatory Moves
The day’s events reflect a market in transition. With speculative excess being drawn out, focus is shifting toward sustainable momentum and fundamentals. Key levels around $4,500 for ETH and longer-term structure in BTC will determine whether October 13 becomes a pivot point or just another volatile snapshot in crypto’s ongoing roller coaster.
