Weekly Crypto Market Update

We're witnessing significant market turbulence. The total crypto market cap has declined from $4.4T on October 6th to $3.4T—a loss of $1T in just one month. October 10th proved particularly brutal, with $19 billion in capital flushed from the market due to overleveraged positions cascading across exchanges.

Bitcoin has declined approximately 20% from its recent peak of $125,000, currently trading around $103,000. The bearish momentum continues to weigh on altcoins, making this a challenging environment for active trading.

ZK Sync (+50% on the day): The layer-2 protocol announced a significant pivot from a governance token to a utility token model. The new tokenomics include:

This shift follows the trend of projects implementing revenue-sharing models similar to those employed by Hyperliquid and Pump.fun—taking on-chain fees and redistributing value to token holders.

Zcash: Continues its remarkable run, up 23% on the day and maintaining bullish momentum. The privacy-focused coin has climbed from $42 to $477 since August—a 14x increase—making it one of the few consistent performers in this downturn.

Momentum: A new DEX on Sui billing itself as a "financial operating system." With features including vaults, liquid staking, and a launchpad, it appears positioned as Sui's answer to Jupiter on Solana. Market cap sits around $200 million with 20% of supply liquid.

When examining total value locked (TVL) across chains:

However, at the application layer, Solana protocols dominate revenue generation. Recent 30-day revenue leaders include:

This highlights a key market dynamic: Ethereum dominates infrastructure and L2 ecosystems, while Solana excels at application-layer innovation and user-facing products.

The current market conditions call for caution. With heavy capitulation and declining liquidity, we're avoiding active altcoin trading. For those still trading, the focus should be on:

The data suggests weekly rebalancing has historically outperformed other timeframes in crypto due to rapid narrative rotation. The market increasingly resembles musical chairs—capital flows quickly between trending sectors rather than rising uniformly across all assets.

We're continuing early access onboarding for our TM100 index product, which will resume next week. Based on user feedback, we're pivoting to make indices the primary focus of our platform. The goal is to provide automated, systematic crypto exposure rather than manual portfolio management.

We're also exploring integration with Hyperliquid to source liquidity, which could enable lower fees and more efficient rebalancing for index participants.

Bitcoin remains the market's key indicator. The prevailing view is that we need to see BTC reclaim and hold above $100,000 on a weekly close basis to confirm bull market continuation. Until then, capital preservation and selective positioning remain prudent.

The sector continues to favor protocols generating real on-chain revenue with transparent fee redistribution mechanisms. Projects that can demonstrate sustainable cash flow have proven more resilient during this downturn.

We'll continue monitoring market conditions and providing updates as the situation develops.