Week 07 November - From $100K to “Red October”: A Week of Renewed Volatility

DeFi Analytics | 31 October 2025

This week’s DeFi Analytics covers on-chain performance across major ecosystems — including chain fee generation, Beacon Chain balances, Uniswap V3 metrics, and liquidation activity.

Gain a snapshot of DeFi fundamentals shaping market risk and yield flows.
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The First Time BTC Has Hit $100K Since June

After briefly dipping below $105K support, BTC tumbled more than 6% to $99K, now trading ~20% below October’s all-time high.

The downturn echoes a broader risk-asset pullback — US equities also closed lower.

In derivatives, sentiment weakened further as implied volatility surged, flipping the short-dated term structure inverted for both BTC and ETH.
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Crypto Wobbles Further

BTC continues to trade >15% below its $126K ATH as sentiment in options markets turns increasingly bearish.

Short-dated BTC and ETH options outperformed in the past 24 hours, with ETH’s term structure of vol inverting and both assets’ vol smiles skewing toward OTM puts.

Meanwhile, contrasting Fed commentary has added to macro uncertainty: Mary Daly urged an “open mind” for December, while Austan Goolsbee warned inflation is “trending the wrong way.”
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First Red October Since 2018

Following a quiet weekend, BTC is hovering around $107K while ATM implied volatility remains elevated (43–45%).

Chair Powell’s recent hawkish remarks ahead of December’s FOMC meeting spurred similar warnings from other Fed officials — notably Beth Hammack and Lorie Logan — emphasising the need to control inflation before further cuts.

In Europe, France’s National Assembly approved a 1% annual tax on “unproductive wealth,” including cryptocurrencies, highlighting a tightening policy tone globally.
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