Bitcoin's ETF money was heading out, in Glassnode's read, while crypto's own venues were building out stock trading, and Glassnode saw Hyperliquid's equities volume overtake Bitcoin's again [1][2][3].
Bitcoin near $75K, ETF money out
Glassnode had BTC trading near $75k on Monday after a failed push above $80k. It said ETF outflows were the heaviest since early July and short-term holders were near break-even, while leverage and demand for protection stayed high [1]. Its weekly ETF netflow chart marked -1.60B [1]. A Bitget market brief had Bitcoin at 74,971.62 USDT, just below a disclosed institutional average cost of $75,451, with Ether down 4.61% to 2,131.80 USDT [4]. Lark Davis described Bitcoin smashing through the 200-day EMA and coming back down to test the bottom of the bull market support band at $73,500 [5]. Whale Alert reported the crypto market weakening as traders focused on upcoming US CPI, PPI, jobless-claims and earnings data [6].
Glassnode also wrote that altcoin trading volume had returned to normal levels after spiking to as much as 4x Bitcoin's through September. It linked that froth to the local market top, with Bitcoin peaking around 87k [7].
The venues leaned into stocks
Bitget's weekly bulletin listed 87 spot stock assets and a run of stock perpetual listings, including 10 Indian stock perps such as RELIANCE and TCS. It also announced margin functions for select stock tokens [2]. Bybit promoted an earnings-week calendar alongside TradFi perpetual contracts covering over 200 stocks [8]. It also added JPE, a Japan high-dividend equity strategy managed by SBI Asset Management, to its RWA Earn product [9]. Changpeng Zhao noted that tokenized stocks trade 24/7 and cited Binance Research data showing Binance leading in Nvidia perpetual volume and open interest [10]. Trader Mayne called perps "the ultimate kind of final boss financial product" and said they will be available in America very soon, naming Hyperliquid, trade XYZ and Kraken [11].
Glassnode added the traders' side. It reported equities volume on Hyperliquid overtaking Bitcoin volume again, with its chart marking 126% alongside an August peak of 275% [3]. It wrote that crypto-native traders seem to be chasing the stock dip while both Bitcoin and stocks have been grinding lower for weeks. It also noted that the last time the ratio peaked, in August, BTC was near its lows before breaking out [3]. Ansem stayed positive on Hyperliquid's long-term thesis, noting that its recent momentum came from tradexyz while overall crypto trading activity had slowed [12].
The structure reads cited here, and the other side
The structure reads cited here leaned bearish. Mayne wrote that Bitcoin technically has a bearish weekly market-structure break, unlike the prior bottom, which had a bullish SFP [13]. The Trader Mayne's TA channel read its higher-timeframe structure breaks as likely bearish retests [14]. Ansem posted an explainer calling the rising wedge "some of the trappiest price action in a downtrend", a pattern that "can erase most of the move in a single impulse move down" [15]. A video from the same account separately covered Bitcoin's failed breakout, weekly bearish signals and Ether weakness [16].
The bearish structure did not settle the reads. Mayne wrote of still being macro bullish on BTC and continuing to build an allocation into the end of the year [17]. The TA channel, while calling the move a weekly MSB, said "i still like this repeating last bottom fractal" [18]. On Lark Davis's show, guest David said Bitcoin is still in a bull market, in a higher-high, higher-low regime since the 57k bottom over the summer, and would stay there unless it breaks below 57K [19].
Also in the window
Strategy reported adding 1,036 BTC, bringing its holdings to 850,364 BTC, and repurchasing $188M of STRC shares [20]. Ripple wrote that euro stablecoins have grown from ~€50M to €450M since early 2024. It pointed to Qivalis, a consortium of 37 European banks now authorized by De Nederlandsche Bank, and noted that BBVA and DZ BANK already run on Ripple Custody [21]. Changpeng Zhao called a claimed theft of 335 million Binance user records "obviously fake/scam" [22]. Whale Alert relayed attackers exploiting an Alpine Linux OpenSSH password-bypass flaw [23]. The ACryptoS protocol halted new deposits after an exploit of roughly $665,429 [24]. The USDC Treasury minted 250 million USDC twice [25][26].
