Crypto Market Rebounds: BTC, ETH Stabilize as ENA Faces Major Token Unlock

I. Crypto Market Overview

Key Takeaways

Macro Environment

Germany's €400B fiscal stimulus boosts European growth and risk appetite. The US Fed is expected to cut rates by 25bps in October, potentially increasing crypto liquidity. Renewed US–China trade tensions, including a 100% tariff threat, have triggered global risk aversion and sharp declines in BTC and altcoins.

Crypto Market

The crypto market is stabilizing after last week's sharp sell-off, with BTC at $107,999 (+1.03%) and ETH at $3,966.83 (+2.83%) over 24h. Altcoins show mixed recovery; Bittensor (TAO) surged 17.6%, Mantle (MNT) rose 14.4%, and PUMP.fun (PUMP) gained 11.8%, driven by ecosystem growth and renewed sector interest.

Today's Outlook

Today's major event is Ethena's $101M token unlock, which triggered a 10% ENA price drop and increased selling pressure. Significant token unlocks for C (52% of supply) and community events for Bittensor may drive volatility and sector rotation.

Fear and Greed Index

18.00% Annual Percentile

25 Fear

Total Crypto Market Cap

$3.67T

1.11%

Total Market Trading Volume

$115.27B

26.03%

Altcoin Season Index

0.00%

Quarterly Percentile

24 / 100

Total Futures Market Open Interest

3.42B

1.03%

Futures

949.86B

1.05%

Perpetuals

II. Industry Updates

Macro-economic Policies

Germany has launched a €400 billion fiscal stimulus focused on infrastructure and defense, boosting European growth prospects and supporting risk sentiment in crypto markets.

The U.S. Federal Reserve is expected to cut rates by 25 basis points at the end of October, as policymakers shift focus to a weakening labor market, potentially increasing liquidity for Bitcoin and DEFI.

Renewed U.S.–China trade tensions, including a 100% tariff threat on Chinese imports, have triggered global risk aversion, leading to sharp declines in BTC and altcoin prices.

South Korea's central bank is likely to keep its policy rate unchanged to stabilize the property market and currency, which may limit capital flows into crypto assets from the region.

The Reserve Bank of New Zealand delivered a 50 basis point rate cut to 2.5% amid weak GDP and rising inflation, signaling a dovish stance that could enhance crypto market liquidity.

Cryptocurrency Regulatory Trends

Japan's Financial Services Agency is considering regulatory reforms to allow banks to hold and invest in Bitcoin and other cryptocurrencies, potentially boosting institutional adoption and market stability.

Ghana's central bank is accelerating the development of crypto regulatory frameworks to address financial risks, signaling increased oversight and potential compliance requirements for local crypto businesses.

Chinese tech giants Ant Group and JD.com have suspended plans to issue stablecoins in Hong Kong after guidance from Beijing, reflecting ongoing regulatory uncertainty and limiting stablecoin innovation in the region.

SEC Chair Paul Atkins has pledged to fast-track new U.S. crypto regulations, aiming to close the regulatory gap and encourage domestic blockchain innovation, which could improve investor confidence.

Bittensor (TAO): Bittensor surged 17.8% in 24h to $457, driven by $402M trading volume and renewed AI token interest. Its decentralized AI network and recent exchange listings have fueled strong market demand.

Mantle (MNT): Mantle rose 15.5% in 24h to $1.86, with $271M volume. The price jump follows BitDAO's 1:1 migration to Mantle and ecosystem expansion, attracting new DeFi projects and investor attention.

PUMP.fun (PUMP): PUMP.fun gained 11.9% in 24h to $0.00393, with $389M volume. The rally is supported by a 134% surge in trading activity and increased adoption of its Solana-based launchpad and AMM protocols.

Smart Money Movements

BlackRock reallocated $28.36 million from Bitcoin to Ethereum, depositing 272.4 BTC and withdrawing 12,098 ETH, reflecting a strategic shift amid market volatility.

BitMine Immersion Technologies acquired 379,271 ETH worth nearly $1.5 billion after the recent market crash, increasing its total Ether holdings to over 3 million ETH (2.5% of supply).

A crypto whale expanded its Bitcoin long position to $231 million (1,435.14 BTC at 15x leverage), despite a floating loss of $4.42 million, and held $77.42 million in ETH longs.

Cardano whales accumulated over 200 million ADA, valued at approximately $140 million, within two days, highlighting renewed institutional interest in ADA.

Suspected wallets linked to Technorevenant held 9.59 million HYPE tokens, valued at $347 million, with 2.56 million unlocked and the rest staked, after previously peaking at $870 million.

Events to Watch

Oct 19 (Sun)

Ethena (ENA) unlocks $101 million in tokens, causing a 10% price drop; C unlocks 95.03 million tokens worth $11.21 million, 52.13% of supply.

Oct 20 (Mon)

U.S. Conference Board will release September Leading Index at 22:00; PBoC to announce China’s Loan Prime Rates, expected to remain unchanged.

Oct 21 (Tue)

MANTRA and EleveX launch first tokenized real estate project on Mainnet; MANTRA (OMUSD) to announce roadmap update at Agentic Summit.

Oct 22 (Wed)

UK to release September CPI data, a key inflation indicator; Federal Reserve Governor Waller delivers closing remarks at Payment Innovation Conference.

Oct 24 (Fri)

U.S. to release September CPI, core CPI, and inflation data at 08:30 ET; Q3 GDP data and S&P Global Manufacturing/Services PMI preliminary value to be published.

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