Crypto Market Wrap Oct 23: BTC Slips 2.42% to $81,364, BTR Surges 58.72%

Bitcoin traded at $81,364.5 on Thursday morning Jakarta time, down 2.42% over 24 hours with $13.544 billion in trading volume on Binance Futures. The decline dragged most major coins lower: Ethereum fell 2.31% to $2,394.3, Solana dropped 1.96% to $104.13, BNB slipped 1.43% to $734.56, and XRP posted the steepest loss among the top five at 2.80%, trading at $1.3134.

The data comes from Binance's public USDT-M Futures API as of October 23, 2026, 09:10 WIB, compiled by Queenby's team.

Bitcoin and Major Altcoins Trade in the Red Together

All five largest coins tracked closed lower over the past 24 hours. XRP took the biggest hit at 2.80%, followed by Bitcoin at 2.42% and Ethereum at 2.31%. BNB held up relatively better with a 1.43% decline, though it still moved in line with the broader market's downward trend.

Bitcoin's trading volume stayed elevated at $13.544 billion, signaling active buying and selling despite the price weakness. That contrasts with a price drop on thin volume, which traders typically view as a less convincing signal of direction.

BTR, MAGMA and AKE Lead the Gainers

Amid a mostly red market, several smaller tokens surged. BTR topped the gainers list with a 58.72% jump on $109 million in volume. MAGMA followed with an even sharper rally of 49.91%, backed by much heavier volume of $514 million, suggesting the move was supported by real trading activity rather than thin liquidity.

AKE climbed 43.04% on $164 million in volume, AGT rose 36.51% on $121 million, and GTC rounded out the top five with a 19.53% gain on $103 million in volume. All five illustrate the classic pattern of small-cap tokens swinging wildly while major coins stay subdued, with volatility far exceeding what Bitcoin or Ethereum typically show.

ALT Crashes 39.57%, Leading the Day's Biggest Losers

On the other end, ALT posted the steepest drop of the day, plunging 39.57% on $130 million in volume. That decline was far more extreme than the rest of the losers list: IOST fell 15.28%, DOOD dropped 15.05%, LIT slid 9.56%, and PUMP lost 9.13%.

Every token on this list traded above $50 million in volume, meaning the declines weren't just noise from thinly traded coins but reflected genuine selling pressure.

Funding Rates: What GTC and ALT Are Signaling

Funding rate is a periodic payment, typically every eight hours, exchanged between long and short position holders in perpetual futures contracts. Its purpose is to keep futures prices anchored close to spot prices. When funding is positive, longs pay shorts, indicating long positions dominate the market. When negative, shorts pay longs instead.

Today's most positive funding rate belonged to AGT at 0.0471%, followed by BTR at 0.0203% and MAGMA at 0.0152%. Those numbers line up with each token's price gains, as more traders piled into longs chasing the upward momentum.

What stands out more is the most negative funding reading: GTC at -0.8129%, far more extreme than ALT's -0.5981% and PHA's -0.0576%. ALT's deeply negative funding makes sense given its 39.57% crash, as shorts typically flood the market after a major sell-off. But GTC's extreme negative funding occurred alongside a 19.53% price gain. That combination often shows up during a short squeeze, where trapped short sellers are forced to buy back their positions at a loss, which ironically pushes the price even higher.

What Open Interest and Long/Short Ratios Say About BTC and ETH

Open interest refers to the total value of futures contracts still open, not yet closed out by traders. It shows how much new money is flowing into the derivatives market for a given coin.

Bitcoin's open interest stood at $7.81 billion, up 0.6% over the past seven days. Ethereum's growth was slightly sharper, with open interest at $5.57 billion, up 1.0% over the same period. Rising open interest alongside falling prices can mean new positions, long or short, are being added that haven't yet aligned with the current price direction.

Account-level data reveals an interesting pattern. For Bitcoin, 68% of accounts on Binance Futures hold long positions, with a long-to-short ratio of 2.15. For Ethereum, the skew is even steeper at 78% long accounts and a ratio of 3.53. That means most retail traders captured in this data remain bullish and positioned long, even though both assets fell over the past 24 hours.

Taker Buy/Sell: Who's More Aggressive, Buyers or Sellers?

The taker buy/sell ratio measures the balance between aggressively executed buy and sell orders, those that directly hit available prices on the order book. A ratio above 1 means buyers are more aggressive, while below 1 means sellers dominate.

Yesterday, Bitcoin's taker buy/sell ratio came in at 0.91, and Ethereum's at 0.95. Both sit below 1, indicating sellers were more active in executing trades than buyers. That lines up with the price weakness both assets posted over the past 24 hours.

There's a clear contrast between account positioning and actual trade flow. Most accounts in both Bitcoin and Ethereum still hold long positions, yet aggressive trade flow is dominated by sellers. That mismatch is often something traders watch as a risk factor for long liquidations if prices keep sliding.

What It Means for Traders

A few concrete things worth tracking from today's data:

• Bitcoin's price near $81,364 serves as the short-term reference point, with a taker buy/sell ratio of 0.91 showing selling pressure is still active at this level.
• Long account shares of 68% for Bitcoin and 78% for Ethereum point to heavy long concentration. If prices keep falling, long liquidation risk becomes a factor to watch, especially for Ethereum given its 3.53 long/short ratio.
• GTC's extreme negative funding rate of -0.8129% alongside a 19.53% price gain is worth monitoring to see whether the short squeeze pattern continues or reverses once funding normalizes.
• High-volume tokens with extreme moves, like MAGMA ($514 million volume, up 49.91%) and ALT ($130 million volume, down 39.57%), show elevated volatility that carries risk for leveraged positions.
• Rising open interest in Bitcoin and Ethereum despite falling prices suggests fresh positions are entering the market, meaning the next move could be sharper once one side faces mass liquidation.