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Monday, October 19, 2026
Daily bulletin
What Really Moved Crypto Since June: Part 1 – Bitcoin, Ethereum, Solana, BNB and XRP
What Really Moved Crypto Since June: Part 1 – Bitcoin, Ethereum, Solana, BNB and XRPBefore the Consensus Catches Up
This is the first of three reports that step back to look at why crypto has moved up and down since June. Day to day, it is easy to lose sight of the bigger picture. Every week, usually on Friday, we send out our ‘One Liners: Crypto Market Drivers’ report, which highlights the most important catalysts driving cryptocurrencies that week. This series brings those weeks together into a 20-week review and lines each event up against the weekly returns it produced. Looking at the full period, a clear pattern emerges. A handful of flow and macro events drove the largest swings, while many headlines that looked important at the time sold off within days. Bitcoin is driven mainly by macro factors, but altcoin drivers are often coin-specific, as Hyperliquid, Zcash, and NEAR will show in one of our next reports. In this first part, we cover Bitcoin, Ethereum, Solana, BNB, and XRP, with a chart for each showing the weekly move and its main driver. We have kept the charts on a white background in case readers want to print them. Financial markets produce a lot of noise, and revisiting the drivers this way has always helped us remember which events matter and how investors decide their next move. We have also compiled the charts into a PDF chart book so readers can keep it as a reference and print it... Subscribe to 10x Research Market Updates to unlock the rest.Become a paying subscriber of 10x Research Market Updates to get access to this post and other subscriber-only content. A subscription gets you:
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From Hashrate to High Yield: Bitcoin Miners Now Trade on CoreWeave’s Credit
From Hashrate to High Yield: Bitcoin Miners Now Trade on CoreWeave’s CreditBefore the Consensus Catches Up
Over the past 12 months, Oracle and CoreWeave shares have each fallen about 55%. Over the same period, Oracle’s 2032 bonds lost 14 points and CoreWeave’s 2031 bonds lost 21. In other words, the bonds lost points while the stocks lost half their value. The latest selloff in CoreWeave’s bonds was fast and severe, but this is not a CoreWeave default story. It is about funding for AI infrastructure more broadly, and Oracle, an investment-grade company, has lost as much equity value as CoreWeave Since September 22, Bitcoin is down 5%. The Bitcoin miners we track are down 28% to 53%. Even MARA, the stock still most closely tied to Bitcoin, has fallen 45%. The miners that moved into AI hosting have quietly changed what drives their shares. Their correlation with Bitcoin has dropped to 0.29 since July. The selloff was not about Bitcoin or Treasury yields. In this report, we explain when and why the link to Bitcoin broke, what miners trade on now, why funding mattered more than tenant quality, and the credit level that will tell investors when it is safe to buy again. Because the drivers of miner share prices have changed, we also outline when investors can start buying again, which events and credit levels would trigger it, and what to monitor in the meantime. Sell-off in CoreWeave and Oracle stocks and bonds is troubling BTC miners
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Sunday, October 18, 2026
Daily bulletin
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10x Weekly Crypto Kickoff – Altcoin Rally Fades. How should traders be positioned now?
10x Weekly Crypto Kickoff – Altcoin Rally Fades. How should traders be positioned now?The Week Ahead in Crypto Markets
Last week’s sell-off hit every sector, but altcoins took most of the damage. The 141 coins we track fell 14% on average, while Bitcoin lost only 3%. Volumes are lower, stablecoin supply is shrinking, and ETF flows have turned negative. Options markets, however, price in very little stress, and speculative positioning in CME futures is near its highs. This report looks at what the flow, positioning, and options data mean for the week ahead, which Bitcoin levels matter, and why we continue to adjust our positioning. How should traders be positioned around Ethereum and which technical level matters for Bitcoin? Investors who still hold altcoins should watch several indicators, which we explain below. Our Sunday/Monday kickoff covers the data behind this week’s market structure, flows, and positioning. It also covers the macro backdrop and the technical levels that could change the picture over the coming days. The report is built on data and our interpretation, and it is meant to prepare you for the week ahead. Crypto Market Cap (LHS, $trn) vs. Crypto Trading Volumes (RHS, $bn)
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