Traders flee to bitcoin as altcoins slide, ETF flows wobble

Bitcoin’s share of the crypto market just hit its highest level since May, even as prices slip. Plus: China’s stocks enter a bear market, and spot ETFs have pulled in $1 billion in three days. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Thursday, October 22, 2026   Bitcoin’s share of the total crypto market reached 60% on Wednesday, its highest level since May, even as prices weaken across the board. BTC slipped below $82,000 this morning, reversing Wednesday’s brief push above $84,000, while altcoins fell harder, with DeFi tokens leading the declines. Mixed earnings from Tesla and Meta revived doubts over AI spending and sent Asian stocks sharply lower, pushing China’s CSI 300 into a bear market. Spot bitcoin ETFs have taken in more than $1 billion over the first three days of the week, though analysts say steadier inflows are needed to confirm a stronger recovery. The Fed meets on rates next week. Stay alert. Read today’s full report → Market snapshot As of 9am EST Asset Price 24h BTC $81,627 −2.53% ETH $2,397 −2.99% SOL $104.24 −2.31% XRP $1.32 −2.62% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Meet ZCSH, the first and only US-listed ETP offering dedicated ZEC exposure.1 Zcash builds on Bitcoin’s foundation, adding optional privacy for transactions — shielded transactions at times have accounted for more than 50% of user transactions.2 Why ZCSH: Built by Grayscale, with nearly 10 years of operating history behind the fund. Over $900 million in AUM3 100% of management fees fund Zcash ecosystem growth4 Exposure through your brokerage account — no wallet, exchange account, or custody solution required. Invest now The Zcash ETF (“ZCSH”), an ETP, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in ZCSH is not a direct investment in ZEC. Must be preceded or accompanied by a prospectus, click here. Please read carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for ZCSH. 1First and only US-listed ETF dedicated solely to ZEC as of August 25, 2026. 2Blockworks Analytics, Zcash: Transactions, October 6, 2024–June 28, 2026. 3As of September 18, 2026. Subject to change. ​4All ZCSH management fees support initiatives for the development and growth of the Zcash ecosystem and marketing activities in support of ZCSH, for up to 12 months following the effectiveness of the Fund’s registration statement. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s fee, and is not an obligation of the Fund. What matters today Markets   Story 1 of 3 Bitcoin slides below $82,000 as AI doubts return, with DeFi tokens leading declines Bitcoin posted its biggest slide in two weeks, losing as much as 2.9% since midnight UTC after mixed earnings from Tesla and Meta revived doubts over AI spending and dragged Nasdaq 100 futures down 1.32%. Altcoins fell harder than bitcoin, with the CoinDesk 80 down 3.2% versus 2.5% for the CoinDesk 5, and ether shed 2.6% to near $2,400. DeFi bore the brunt: the sector index slid 5.6%, Curve dropped 8.2% and Ethena fell 7.2%. In derivatives, trading volume jumped 19% to $226.6 billion while open interest fell 2.46% to $141.8 billion, a sign traders were mostly closing positions rather than opening new ones, and liquidations rose 52% to $431.1 million. On Deribit, the $85,000 and $86,000 calls expiring Oct. 30 were the most traded contracts, though short-dated skews still favor puts. Monero was a rare bright spot, gaining 4.9%. Read more → Markets   Story 2 of 3 Asian stocks tumble, bitcoin retreats as China enters bear market Asian equities sold off as technology shares sank and oil climbed. China’s CSI 300 slid 2%, taking its decline from June’s peak to 20% and officially into bear market territory, while Japan’s Nikkei fell around 3%, South Korea’s Kospi 3.5% and Hong Kong’s Hang Seng 3%. Chinese tech shares traded in Hong Kong had their worst session since the April 2025 “Liberation Day” tariff announcement, and the sector benchmark is now down more than 40% from its peak. U.S. earnings added to the unease: Tesla fell about 3% after hours after cutting its capital-spending forecast, while Meta raised the low end of its spending guidance. Bitcoin retreated toward $82,000 as gold dropped below $4,100 an ounce, the VIX jumped 10% to around 18, and Brent crude climbed above $112, its highest since May. The selloff came even as the U.S. 10-year Treasury yield eased to about 5.08%, below its recent peak near 5.4%. Read more → Markets   Story 3 of 3 Bitcoin ETFs attract $1.08 billion in 3 days but it may not be enough for a steep rally U.S. spot bitcoin ETFs have pulled in more than $1 billion this week, according to SoSoValue data, a sign of renewed but still tentative institutional demand. CoinDesk’s analysis finds the pace is not yet what has historically fueled big rallies. Across bitcoin’s three steep uptrends since January 2024, the funds averaged about $235 million a day in net inflows over 199 trading days, with 39 days of $500 million or more and six of $1 billion or more. Since July 1, the average is roughly $86 million a day, with seven days above $500 million and none above $1 billion, even as bitcoin has gained 39% from about $60,000 to $83,500. Analysts say sustained, steady inflows are needed to confirm a stronger recovery, though the report notes that futures trading and direct spot purchases can also lift prices. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences