Key Market Movements
- Price Action: Bitcoin hit 2020 lows following US inflation spikes, then entered a moderate recovery phase.
- Liquidity Shifts: Coinbase regained dominance in BTC-USD market share.
- Derivatives: Binance's open interest plummeted post-volatility.
- Macro Trends: Bitcoin's 20-day volatility matched Nasdaq for the first time since 2020.
Metaverse Tokens Hit Record Lows
CEX trading volume for metaverse tokens (MANA, SAND, AXS, ENJ) dropped to 1% of daily BTC volume. Despite disputed user metrics—8,000 claimed by Decentraland vs. 38 tracked by DappRadar—liquidity remains comparable to similar-cap tokens like AAVE and XTZ.
Liquidity Rankings (1% Market Depth):
- AAVE
- SAND
- MANA
- XTZ
- AXS
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Price Volatility & Recovery
- Trigger: US core CPI at 40-year highs pushed BTC below $18K.
- Rebound: 8% recovery within hours, with $20K as next resistance.
Institutional News:
- Google Cloud to enable crypto payments via Coinbase (2023).
- NY Mellon launches BTC/ETH custody.
- Solana’s Mango Markets hacked for $100M via collateral exploit.
Exchange Token Performance
| Token | Oct Gain | Notes |
|---|---|---|
| HT | +50% | Post-acquisition surge |
| OKB | +3% | Steady growth |
| BNB | Flat | Unfazed by $100M hack |
Regulatory Developments
- Binance: Expanded registrations (NZ, UAE, France) while retreating from Singapore.
- Coinbase: Secured Singapore license—a rare feat.
BTC Fiat Premium Volatility
September Premium/Discount Ranges:
- GBP: ±0.1%
- JPY: ±0.2%
Driven by historic USD strength and ineffective central bank interventions.
Derivatives Market
- Binance OI: Dropped 7.5K BTC post-CPI.
- OKX OI: Increased while others declined.
- Perps/Spot Ratio: Rising (ex-Binance) after summer lull.
Macro Trends: BTC vs. Nasdaq
- Volatility Parity: First since 2020.
Institutional Demand:
- GBTC daily volume: $300M → $30M.
- BITO (ProShares ETF): $40–80M/day.
- Short-focused BITI AUM up 30%.
FAQ Section
Q: Why did Bitcoin’s volatility match Nasdaq?
A: Narrow trading range and increased sensitivity to macro data.
Q: Are metaverse tokens still viable?
A: Yes, but liquidity and utility are key—watch developer activity.
Q: How does GBP volatility affect BTC?
A: Premiums/discounts reflect local demand and forex instability.
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Analysis excludes political/illegal content per guidelines. Data sourced from Kaiko, CoinGecko, and exchange reports.