Overview

• Renewed U.S.–China trade salvos, including President Trump's threat to curb cooking oil imports and new port fees, pressured risk assets, with USTR Jamieson Greer saying 100% tariffs could take effect on November 1 depending on China.
• More than $19 billion in leveraged crypto positions were liquidated in a single day last week, closing out over 1.6 million traders as funding turned negative and bitcoin futures open interest fell sharply.
• Bitcoin briefly slipped below $110,000 on Tuesday before rebounding to the $112,000–$114,000 area, while ether hovered near $4,100 and option markets priced elevated implied volatility above 50%.
• Glassnode and CryptoQuant report ongoing whale accumulation, rising USDT supply by nearly $15 billion in 60 days, and roughly $3.5 billion of net inflows into U.S. spot bitcoin ETFs.
• K33’s Vetle Lunde frames the leverage reset as a constructive setup for gradual accumulation, though traders remain focused on the late‑October Fed decision and any escalation in tariff actions.