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Spot BTC ETFs took $524.8M on Wed 21 Oct, and not just via IBIT: the other 11 funds added ~$290M, their best day since 22 Sep. None had outflows.
Why it matters: those 11 bled $949M in 1-20 Oct while IBIT carried the bid. Buying across issuers is a broader base. Needs a repeat.
Method: daily data from @FarsideUK, cross-checked with SoSoValue ($528.4M; it also logs +$3.6M for BRRR). "Other 11" = total minus IBIT.
FBTC's +$212.7M was its best day since 22 Sep. GBTC's +$32.6M inflow: only 12 earlier days since Jan 2024 were as big. ETH ETFs +$14.9M.
IBIT took $665.2M on Monday, its biggest day since 7 Oct 2025. The other 11 BTC ETFs: net −$138.5M. Tuesday, per @FarsideUK: +$23.2M total.
Why it matters: that's demand concentrated in one fund, not a broad ETF return. ETH ETFs bled on both days (−$129.4M).
That -0.11% Coinbase Premium in @CryptoOnchain's ETH read? Nearly all USDT.
USDT slid from $0.9998 to $0.9987 since 6 Oct. Price ETH-USDT in real dollars and the US gap is ~0.00%.
Why it matters: no US discount. The soft spot is offshore dollars.
Ethereum After the Binance Leverage Flush
“Leverage on Binance has been cleared and market structure is healthier, but there is no bullish catalyst yet. USDT returning to Binance and a positive Coinbase Premium could shift the outlook bullish.” – By @CryptoOnchain
After CPI day's -$261M wipe, Wed's US spot ETF tape split.
BTC: +$5.1M. Thin. IBIT (+$16.8M) covered Invesco BTCO and Grayscale Mini BTC outflows.
ETH: -$60.3M. ETHA (-$44.4M) and ETHE (-$18.3M) again — 12 of 13 sessions red since 29 Sep.
Why it matters: the bounce is BTC-only and tiny. ETH holders are still leaving.
Data: @FarsideUK
Papertrade did out-earn Circle on @DefiLlama: $7.33M vs $7.06M/day.
But 79% was LP surplus: trader losses over a $5M pool cap, swept to stakers. Fees: $1.5M.
That's house P&L in a week longs got wiped. When traders win, the pool drains and none of it books as negative revenue.
Why it matters if you rank protocols by revenue: Circle's ~$7M/day is reserve yield. @papertrade_xyz is the house side of 1,000x BTC/ETH perps priced off @HyperliquidX.
Six days in: $49.6M revenue, only $7.2M of it fees. Value it like a short-vol book, not a fee multiple.
Papertrade did out-earn Circle on @DefiLlama: $7.33M vs $7.06M/day.
But 79% was LP surplus: trader losses over a $5M pool cap, swept to stakers. Fees: $1.5M.
That's house P&L in a week longs got wiped. When traders win, the pool drains and none of it books as negative revenue.
SK hynix is down 32% on Hyperliquid since 4 Oct, and longs are paying more to stay in, not less.
xyz:SKHX funding ran 45% → 64% → 77% annualized over 13–15 Oct. BTC's native perp: ~5–10%.
At $414M OI it's now the largest HIP-3 book, bigger than the S&P 500 perp.
7/ SIGN-OFF
The week on Hyperliquid has been long positioning getting cleared out while the builder layer took a growing share of both the forced flow and the churn. xyz:SKHX is the market to watch into next week, carrying the largest HIP-3 book at $410MM, turning over 144% of it daily, and paying 262% annualised funding that the native side never approaches.
Rick @scopicview, Head of Markets
Midweek Hyperliquid | 2026-10-15 | Derivatives via Laevitas
Why it matters: in Seoul, foreigners net sold ₩3.6T and KOSPI hit a circuit breaker. Onchain, the 24/7 crowd leans the other way and pays up to hold it.
Not capitulation yet. @laevitas1 calls SKHX the one to watch; @tradexyz margin is USDC on the same venue as $3.2B of BTC OI.