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Crypto Markets Today: Bitcoin, Ether Edge Higher; HyperLiquid Surges on $1B Purchase Plan
After weeks of turbulence, the crypto market found support Thursday, with Bitcoin and Ether posting modest gains and HyperLiquid’s token HYPE soaring.
Oct 23, 2025, 12:00 p.m.
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What to know:
- HYPE jumped 12% on news that HyperLiquid Strategies plans to raise $1 billion to purchase the token, signaling strong investor confidence.
- Funding rates hovered near zero and BTC/ETH open interest was largely unchanged, reflecting cautious positioning ahead of Friday's U.S. CPI release.
- Solana-based DEX Jupiter reported 19% revenue growth and a 71% surge in trading volume, helping its JUP token climb 3% amid market stabilization.
The crypto market began to establish a level of support on Thursday following a turbulent couple of weeks.
Bitcoin and ether posted slight gains; rising 1.6% and 1.1% respectively, and tokens including BNB and SOL posted even greater moves to the upside.
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The star of the show was Hyperliquid , which climbed 12% after HyperLiquid Strategies said it is looking to raise $1 billion in order to purchase the token.
The relative lack of volatility on Thursday compared with price action over the past few weeks is also reflected in derivatives data, with funding rates hovering around zero.
Derivatives Positioning
By Omkar Godbole
- Open interest (OI) in HYPE futures surged 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. Occurring alongside a rise in price and positive funding rates, the increase indicates growing demand for leveraged bullish exposure.
- OI in BTC and ETH has barely changed, a sign traders are reluctant to place bets ahead of Friday's U.S. CPI release.
- Volmex's BVIV, which measures the annualized 30-day implied volatility in BTC, has pulled back slightly to 50% but remains well above the September low of 35%. The elevated level reflects persistent concerns arising from newfound risks like auto-deleveraging and liquidity issues.
- Funding rates for major cryptocurrencies continue to hover near zero in a sign of balanced market conditions. XMR and BNB rates are slightly negative, indicating a bias for bearish short positions.
- On Deribit, flows featured BTC put spreads. Overall, puts continue to trade at a premium to calls.
Token Talk
By Francisco Rodrigues
- Jupiter's native token, JUP, rose more than 3% in the last 24 hours after the decentralized exchange posted strong growth across key business metrics in the third quarter.
- The Solana-based project is also pushing to launch its own stablecoin and prediction market.
- Quarterly revenue rose 19.2% to $45.8 million, while trading volume, driven by both spot and perpetual products, jumped 71% to $242.8 billion.
- Fees generated reached $121.5 million, up nearly 48% from the second quarter. Despite the growth, JUP's market cap edged down 1.5% to $1.35 billion.
- Jupiter attributed the growth to new product rollouts, including its Ultra v3 trading engine and a lending protocol that the team says is one of the fastest-growing on Solana. Active wallets increased 5% to 8.4 million, and total value locked (TVL) rose 41.7% to $3.4 billion.
- JUP outperformed the wider crypto market, which rose 1.6% based on the performance of the CoinDesk 20 (CD20) index.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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