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This is a segment from the 0xResearch newsletter. To read full editions, subscribe. Hi all, happy Wednesday. Markets are treading water as traders balance fading momentum with solid structural support. BTC holds near $108K, ETF inflows have softened and positioning looks cautious but orderly. Meanwhile, after years of neglect, BTC mines are having their time in the spotlight.  Indices Equity markets traded mostly sideways this week as risk assets consolidated following recent strength. The S&P 500 (+0.3%) and Nasdaq 100 (+0.4%) held modest gains, while Gold (-0.2%) stayed rangebound. Crypto equities lagged broader markets despite stabilizing late in the week and ended flat after recovering from midweek lows near -5%. The overall tone leaned neutral-to-risk-off, with investors waiting for fresh catalysts amid quiet macro data and earnings-driven positioning. Crypto subsectors diverged sharply. AI-linked tokens were the standout, briefly surging midweek before closing the week near even. L2 and modular ecosystems underperformed, falling roughly 10-15% from the week’s open, reflecting cooling momentum after recent rallies. Solana ecosystem names also slipped, tracking broader altcoin softness, while crypto miners extended their slump, under pressure from declining BTC hash price and weaker sentiment in energy-sensitive assets. The pullback suggests selective rotation rather than a wholesale exit from risk. Macro conditions offered little directional impulse. Treasury yields eased slightly, but risk appetite remained muted ahead of upcoming inflation and GDP data. With earnings season and key inflation prints ahead, short-term reactivity could rise. Crypto’s relative weakness vs. equities may persist until clearer macro or onchain catalysts emerge. Market Update: Rotation without conviction BTC holds ~$108K as ETF flows wobble and rates dip, while perps positioning looks cautious but not capitulated. The broader market seems hesitant to chase strength at these levels, with traders opting to protect gains rather than add risk. However, funding rates remain…

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Filed under: News - @ October 22, 2025 4:24 pm