BTC Holds $80,785, JCT Jumps 160% in Oct 25 Crypto Futures Recap

Bitcoin traded at $80,784.9 on Saturday, October 25, 2026 at 07:10 WIB, down a slight 0.27% over 24 hours on $8,848 million in futures volume, according to Binance USDT-M Futures data compiled by Queenby. While major assets barely moved, JCT jumped 160.14% to become the top gainer among contracts with at least $50 million in daily volume.

Ethereum slipped 1.10% to $2,356.0 on $6,707 million in volume. Solana edged down 0.35% to $102.25. BNB and XRP bucked the trend, rising 0.06% and 0.53% respectively, two of the few large caps in the green today.

Five major coins: mostly in the red

Futures volume reflects the total value of contracts changing hands in a day, so a bigger number means more money moving through that asset. BTC and ETH clearly dominate here, at nearly $9 billion and $6.7 billion respectively, far ahead of SOL, BNB, and XRP. This pattern points to a fairly calm major-asset market with no strong directional conviction. Volatility instead showed up in the mid and small-cap layer.

JCT and ORDER lead gains, IRYS crashes 54%

Among coins with at least $50 million in volume, the top five 24-hour gainers were:

• JCT +160.14% ($356M volume)
• ORDER +105.78% ($804M volume)
• BMT +52.46% ($324M volume)
• LIGHT +38.70% ($58M volume)
• ANIME +15.66% ($66M volume)

The five biggest losers were:

• IRYS -54.27% ($731M volume)
• Q -30.46% ($109M volume)
• AGT -19.45% ($93M volume)
• AKE -15.23% ($120M volume)
• MAGMA -6.05% ($115M volume)

IRYS's $731 million volume while shedding more than half its value points to heavy, concentrated selling rather than a quiet drift down. ORDER also stands out because its 105.78% gain came with $804 million in volume, more than JCT's volume despite JCT's larger percentage move. That suggests more capital actually flowed into ORDER than JCT, even though JCT posted the bigger headline gain.

Funding rate: who is paying whom

Funding rate is a periodic payment, typically every 8 hours, exchanged between long and short futures traders to keep contract prices anchored to spot. A positive funding rate means longs pay shorts, usually when the market leans heavily long. A negative rate flips that, with shorts paying longs.

Today's most positive funding belongs to JCT at 0.1115%, followed by AGT at 0.0506% and LIGHT at 0.0289%. JCT's positive funding tracks with its 160% single-day surge, suggesting traders rushed into long positions after the price already moved.

On the other end, the most negative funding rates were ANIME at -1.6288%, INU at -1.4793%, and BIRB at -1.1027%. Notably, ANIME is also among today's top five gainers, up 15.66%. Rising price paired with deeply negative funding suggests short positions still dominate ANIME, and continued upside could force more short covering as those traders buy back at higher prices to close out.

Open interest and long/short positioning in BTC and ETH

Open interest measures the total value of futures contracts still open and not yet closed. A rising figure usually signals fresh money entering the market, while a falling one means more positions are being closed than opened.

BTC open interest stands at $7.69 billion, up just 0.2% over 7 days. That flat reading suggests no major fresh capital has entered BTC futures this week.

On the account side, 69% of BTC accounts hold long positions, giving a long-to-short ratio of 2.21 to 1. But BTC's taker buy/sell ratio yesterday came in at 0.96, below the 1.0 threshold that marks buyer dominance. That means despite far more long accounts, aggressive sell order volume slightly outpaced aggressive buy volume over the last 24 hours.

A similar pattern shows up in ETH. Open interest sits at $5.36 billion, down 1.6% over 7 days, hinting that some open positions were closed as price weakened. 77% of ETH accounts are long, with a 3.39-to-1 ratio, one of the highest long tilts among major assets. Yet ETH's taker buy/sell ratio was just 0.91 yesterday, an even stronger sell-side skew than BTC.

The combination of falling open interest and sell-dominant taker flow in ETH points toward some long traders closing out positions rather than fresh shorts piling in. The gap between a long-heavy account count and a sell-leaning taker ratio is a reminder that account numbers don't always reflect who's actually moving the price, since one large account can push more volume than thousands of small ones combined.

What it means for traders

A few things worth watching from today's data:

• BTC's price around $80,785 is the near-term reference point. Open interest barely moved (+0.2% over 7 days), signaling no major directional capital flow yet.
• JCT's elevated 0.1115% funding rate raises the risk of a sharp pullback if buying momentum fades, since holding long positions gets more expensive every 8 hours.
• ANIME is worth monitoring for a potential continued short squeeze, given its -1.6288% funding rate shows shorts remain heavily positioned even as price rises.
• IRYS's 54.27% crash on $731 million volume warrants checking whether selling pressure has eased or is still building into the next session, given volume that large rarely happens without a clear trigger.
• BTC and ETH's sub-1 taker buy/sell ratios (0.96 and 0.91) indicate aggressive selling slightly outweighed aggressive buying, even though most retail accounts remain positioned long.