Bitcoin ends the week almost where it started, 0.8% lower on Kraken and close to its 20-day average. The rest of the large-cap board did worse: ether fell 4.6%, solana 5.4% and XRP 6.5%.
The ether-bitcoin ratio has dropped below its 90-day band, to its lowest daily close since 10 August.
The money behind the market moved the same way. Dollar stablecoin supply shrank by $1.65 billion, a larger weekly fall than usual, and US spot bitcoin and ether ETFs had a second straight week of net outflows. Funding stayed close to zero and options volatility barely moved.
The pattern is a defensive one. Capital is concentrating in bitcoin and leaving the sleeves that usually lead in risk-on weeks.
Each entry compares the hourly close at 09:00 UTC on Monday with the same hour a week earlier unless noted. A “band” is the 90-day average of the statistic plus or minus one standard deviation; a “Reading” describes where the metric sits, not where it is going.
Spot
Bitcoin price. Fell from $83,420 to $82,735 (−0.8%) over the week on Kraken. Price is 0.2% above its 20-day exponential moving average ($82,563) and 1.6% above its 50-day simple average ($81,397); the 14-day relative strength index (RSI), a 0–100 momentum gauge, is 49. Reading: inside its band for weekly moves; a flat week between $80,115 and $83,770 in hourly closes.
Ether price. Fell from $2,550 to $2,433 (−4.6%). It is 3.2% below its 20-day EMA ($2,513) and 4.6% below its 50-day average ($2,550), with an RSI of 38. Reading: a weak week, though still inside its band for weekly moves.
Ether-bitcoin ratio. Fell from 0.0306 to 0.0294. The ratio is the price of one ether in bitcoin. Reading: below its 90-day band (0.0297–0.0319), and the lowest daily close since 10 August came on Sunday.
Solana price. Fell from $111.61 to $105.58 (−5.4%), below both its 20-day and 50-day averages (about $109). Reading: inside its band.
XRP price. Fell from $1.404 to $1.313 (−6.5%), with an RSI of 37. Reading: the largest fall of the four, though still inside XRP’s wide band.
Futures
Bitcoin perpetual funding (Deribit). Fell from 0.0090% to 0.0043% per eight hours. Funding is the fee that holders of a perpetual future pay each other to keep the contract near spot; positive means longs pay shorts. The 7-day average rose slightly, from 0.0040% to 0.0049%. Reading: inside its 30-day band; longs are paying a little, not crowding in.
Bitcoin futures open interest (OKX). Rose from $3.25 billion to $3.33 billion (+2.5%) between the 11 Oct and 18 Oct daily prints. Open interest is the dollar value of futures contracts still open. Reading: above its 90-day band ($2.68–3.18 billion) for a single venue; positioning has grown while price has gone nowhere.
Options
Bitcoin implied volatility (Deribit DVOL). Rose from 37.8 to 38.4. DVOL is the 30-day volatility the options market expects, annualised; 38.4 implies a one-standard-deviation move of about 2% a day. Reading: inside its band (35.0–39.4); options traders are not paying up for protection.
ETFs
US spot bitcoin ETFs, week to 16 Oct. Net outflows of $228.4 million over five sessions, after $678.9 million of outflows the week before, according to Farside Investors. The largest daily outflow was $261.4 million on 14 Oct. Reading: a second red week, but a smaller one.
US spot ether ETFs, week to 16 Oct. Net outflows of $320.1 million, after $542.2 million the week before, according to Farside. Only 13 Oct was positive. Reading: steadier selling than in bitcoin, in line with ether’s weaker price.
Related: What a spot bitcoin ETF holds
On-chain activity
Bitcoin active addresses (7-day average). Rose from 629,355 to 636,693 (+1.2%), per Coin Metrics. An active address is one that sent or received bitcoin that day. Reading: inside its band.
Bitcoin transactions (7-day average). Fell from 750,683 to 730,895 (−2.6%). Reading: still above its band; the network is busier than its three-month norm.
Bitcoin hash rate (7-day average). Rose from about 1,020 to 1,031 exahashes per second (+1.1%). Hash rate is the computing power securing the network. Reading: above its band; miners kept adding capacity in a flat week.
Capital flows
Bitcoin held on exchanges. Rose from 2,674,829 BTC to 2,679,759 BTC (+0.2%), per Coin Metrics. Reading: inside its band; balances are steady.
Exchange net flow (7-day sum). Net outflows of $154 million in the week to 18 Oct, after $711 million the week before. Net flow is the dollar value of bitcoin sent to exchanges minus the value withdrawn. Reading: still leaving exchanges, but more slowly.
Dollar stablecoin supply. Fell from $306.3 billion to $304.6 billion (−0.5%), per DefiLlama, and is $3.3 billion below its 7 Oct peak. Reading: the weekly change is below its band (average +0.1%); the cash that usually funds crypto buying is shrinking.
Related: What a dollar stablecoin is
Profitability
Bitcoin MVRV ratio. Fell from 1.55 to 1.52. MVRV divides bitcoin’s market value by its realised value, which prices each coin at the level it last moved. Above 1 means coins are worth more on average than when they last moved. Reading: inside its band.
Macro
Brent crude (front-month futures). Rose from $105.49 to $108.07 a barrel at 09:00 UTC, though it was below Friday’s $109.86 close. Reading: oil is still the main macro pressure, as Monday’s First Print noted.
US 10-year Treasury yield. Fell from 5.24% to 5.10% between the 9 Oct and 16 Oct closes. Reading: a 14-basis-point fall, with the yield still above 5%.
US dollar index. Eased from 102.58 to 101.93. Reading: a softer dollar did not lift crypto this week.
Signal Board dashboard
| Metric | Week ago | Now | Band |
|---|---|---|---|
| BTC price (Kraken) | $83,420 | $82,735 | ● |
| ETH price | $2,550 | $2,433 | ● |
| ETH/BTC ratio | 0.0306 | 0.0294 | ▼ |
| BTC perp funding, % per 8h (Deribit) | 0.0090 | 0.0043 | ● |
| BTC futures OI, OKX | $3.25B | $3.33B | ▲ |
| DVOL | 37.8 | 38.4 | ● |
| BTC ETF flows, week | −$678.9M | −$228.4M | — |
| ETH ETF flows, week | −$542.2M | −$320.1M | — |
| Active addresses, 7-day avg | 629,355 | 636,693 | ● |
| Hash rate, 7-day avg, EH/s | 1,020 | 1,031 | ▲ |
| Exchange net flow, 7-day | −$711M | −$154M | — |
| Stablecoin supply | $306.3B | $304.6B | ▼ |
| MVRV | 1.55 | 1.52 | ● |
▲ above the 90-day band, ● inside it, ▼ below it; — no band computed.
The read: bitcoin is holding its range while the assets around it weaken, and the ETF and stablecoin channels are both shrinking. Open interest building against flat funding means positioning is growing without conviction. The test this week is whether US ETF flows turn positive.
Data note: prices are Kraken hourly closes; funding and DVOL are Deribit prints, and Deribit’s public funding history covers 30 days, so the funding band uses 30 days; open interest is OKX’s daily print for all BTC contracts, a single venue; ETF flows are Farside Investors end-of-day figures and may be revised; on-chain and exchange metrics are Coin Metrics Community Data through 18 Oct, and exchange coverage is incomplete; stablecoin supply is DefiLlama’s USD-pegged total. Data as of 09:00 UTC on 19 Oct 2026.
This article is for information only and is not investment advice.