Major Cryptocurrencies Mostly Higher as Dollar Eases -- Market Talk
Dow Jones2026/10/16 15:201120 ET - A weaker USD index is giving many major cryptocurrencies support. This week has seen bitcoin and other crypto tokens responding more to macro market moves and less to how tech and AI stocks move, says Colin Basco of Coinbase Institutional in a note. "Bitcoin's correlation with chip stocks has also fallen to well under half its January peak, indicating that the market is no longer treating bitcoin as a leveraged proxy for technology stocks," says Basco. He adds that spot demand for bitcoin and other cryptocurrencies remains the "soft spot" for prices, especially as odds for a rate hike before the end of the month are seen rising. Bitcoin is up 0.1% to $82,106, while ethereum rises 0.4% to $2,460. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
October 16, 2026 11:20 ET (15:20 GMT)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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VIPAI Asset Sell-Off and Selective Rotation in Crypto
1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.
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