Daily Crypto Insights
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If the market were a roller rink, Wednesday was the wobbly lap after a hard fall—arms out, knees bent, trying not to slip again. By the next session, Bitcoin hovered near $113,064, down about 1.7% on the day and still nursing a 7% weekly bruise.

First stumble: politics. A fresh trade barb from Donald Trump aimed at China knocked risk assets, with Bitcoin sliding to an intraday low near $110,029 and sparking about $690 million in crypto liquidations. Analysts flagged key lines in the sand: reclaiming $119,000 to avoid a deeper drop toward the high-$90Ks, and $115,000 to turn short‑term momentum positive. All of that came as open interest cooled and longs were forced to de‑risk, keeping rallies shy and choppy. [Trade tensions and levels here]³.

Second headline: enforcement. The U.S. Justice Department announced a record haul—$15 billion worth of bitcoin seized from a massive “pig butchering” scam, totaling 127,271 BTC. The alleged network, tied to Chen Zhi, ran thousands of fake accounts and coerced workers, and now faces sanctions and charges. Big number, big chill; it didn’t change Bitcoin’s code, but it did add to a cautious mood. [Record DOJ seizure details]².

Quietly, market plumbing showed who’s steering price discovery after the weekend chaos. CME’s futures open interest across BTC, ETH, SOL, and XRP climbed to about $28.3 billion, topping Binance’s $23 billion. Think of it as Wall Street’s sturdier helmet versus retail’s skateboard—lower leverage (around 2.5x) means fewer wipeouts, even if volumes on crypto-native venues remain far larger day-to-day. [CME’s lead and leverage contrast]⁴.

And the shock absorbers kicked in where it mattered. Finery Markets said private OTC rooms acted like padded walls during the earlier liquidation storm, soaking up stress that might have spilled into public order books. Even when Ethena’s USDe briefly printed 65 cents on Binance, it held steadier on deeper venues; OTC volumes jumped 107% week-over-week and spreads tightened, making big trades less slippery. [OTC ‘firewall’ and USDe wobble]¹.

The takeaway: headlines pressed prices lower, enforcement kept nerves tight, but stronger rails—institutions on CME and hush‑hush OTC rooms—helped keep the rink from cracking. Until BTC can convincingly retake $115K–$119K, the market skates with caution.

Sources:

1. https://www.coindesk.com/markets/2025/10/15/the-usd19b-crypto-liquidation-crisis-highlighted-otc-desks-as-crucial-shock-absorbers-finery-markets-says
2. https://www.ibtimes.com/us-seizes-record-15-billion-bitcoin-global-pig-butchering-scheme-linked-chen-zhi-3787094
3. https://www.benzinga.com/crypto/cryptocurrency/25/10/48216297/bitcoin-tumbles-as-trump-reignites-china-trade-tensions-ethereum-xrp-dogecoin-fall-analyst-says-btc-must-reclaim-this-level-or-drop-below-100k
4. https://cointelegraph.com/news/cme-futures-open-interest-flips-binance-does-wall-street-fully-control-crypto-now