Coinbase brings back 'UpOnly' podcast

Find out our latest reports, listed below:

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

‍

• Metaplanet Is Selling Vol, Who Is Next?

‍

• Bybit x Block Scholes August Volatility Review

‍

‍

Market Snapshot: Overnight Moves:

‍

Daily Updates:

• Crypto assets continue to trade within the same range that they have done so over the past seven days. 
• For BTC, that range has been between $105K and $115K and for ETH it is $3,700 and $4,200. 
• A similar pattern is apparent in derivatives markets too — implied vol levels traded sideways over the past 24 hours and remain elevated for BTC around 45% across the term structure. ETH’s term structure also remains compressed, though at slightly higher outright levels of vol relative to 24 hours ago.
• The bearish sentiment across crypto markets is most apparent in the volatility smiles of the two majors. ETH remains far more skewed towards downside protection at the front end of the curve relative to BTC, however that changes at the back end of the term structure, where 180 day options are skewed towards OTM calls, relative to a -1.7% skew towards puts for BTC. 

‍

• U.S. spot bitcoin exchange-traded funds (ETFs) saw $40.5M in net outflows on Monday, marking their fourth consecutive day of negative flows despite a brief rebound in cryptocurrency prices.
• The continued outflows follow significant sizable outflows late last week: $366.6M on Friday and $536.4M on Thursday.

‍

• Traditional equity markets in the US however show a very different picture. 
• The S&P 500 ended yesterday’s session up more than a full percentage point.
• That was driven by a strong earnings season so far, where according to Bloomberg, approximately 85% of the companies in the S&P 500 that have reported earnings so far have beaten profit estimates. Yesterday’s leg higher in the index marked its best two-day gain since June. 

‍

• The rally was not despite continued trade tensions however. Speaking at the White House, President Trump said “I think China’s been very respectful of us and paying a tremendous amount of money to us in the form of tariffs … China is paying 55% and a potential 155% come November 1st unless we make a deal”.

‍

• Treasury yields fell across the curve slightly yesterday, with the 10-year yield  dropping three basis points to 3.98%. 
• Both 2-year and 10-year yields have been declining since late September, with the most recent leg down coinciding with jitters around the credit exposure of regional US banks. That coincided with a drop in the 2-year yield to below 3.4% — the lowest since 2022, while the 10-year fell below 4% for the first since the April tariff turmoil. 
• After a small dip on Friday last week, gold continued its ascent higher. On Monday it rallied more than 3% to yet another record high, upwards of $4,380 per ounce. 

‍

• Democratic Senators are organizing a high-level roundtable tomorrow with executives from Coinbase, Circle, Ripple, and other major industry players. The session aims to revive bipartisan dialogue on the U.S. crypto market structure bill, exploring how clearer rules could foster innovation while maintaining investor protections. Lawmakers are also expected to discuss stablecoin frameworks, token classification standards, and exchange oversight, reflecting growing momentum within Congress to move forward on digital asset legislation even as the shutdown drags on.

‍

• Pump.fun has reclaimed 95% of daily token graduation market share, reestablishing its near-monopoly in the token launchpad sector. The platform’s rebound follows a brief challenge from rivals like LetsBonk, Believe, and Moonshot earlier this year.
• Although overall launchpad activity has cooled, with total volume near $100M and around 100 tokens graduating daily, Pump.fun continues to generate roughly $1M in daily revenue, down from $3M in September.

‍

• BitMine Immersion Technologies acquired 203,826 ETH last week, bringing its holdings to 2.7% of total ETH supply, bringing it closer to its aim of 5%. BitMine stands as the world’s largest Ethereum treasury and the second-largest overall crypto treasury after Strategy Inc.
• This recent purchase brings their total holdings to $13.4B, consisting of 3.24M ETH valued at $4,022 per ETH, 192 BTC, $119M in Eightco Holdings – a digital-asset and identity-verification company and $219M in cash. 

‍

• Evernorth Holdings Inc., an upcoming XRP treasury company backed by Ripple Labs, plans to go public through a merger with Armada Acquisition Corp II (Nasdaq: AACI) under the ticker “XRPN.” The transaction is expected to close in Q1 2026  at a valuation exceeding $1B.
• Net proceeds will be used to fund open-market XRP purchases and establish an institutional XRP treasury. Expected investors include SBI ($200M), Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.

Crypto’s Wildcard:

‍

In the 2021 crypto cycle a crypto podcast known as UpOnly became very popular — with guests such as Vitalik Buterin, Michael Saylor, Justin Sun and more joining the podcast as guest speakers. The last video posted by the channel was back in November 2022, following the collapse of FTX (the podcast itself was sponsored by FTX before its collapse). 

‍

Back in May 2025, the podcast host Jordan Fish, also known as “Cobie”, put an NFT on OpenSea and posted: “OK I am no longer the decision maker on if Up Only returns. The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart. Until then, please leave me alone.” Over the weekend he wrote on X: “8 episodes for the cheap, cheap price of 25 million dollars”, insinuating the podcast would be back should someone purchase the NFT at that price. At the time the highest offer bid was just 4.7 ETH ($18K).

‍

Interestingly, Coinbase acquired the NFT yesterday and Coinbase’s CEO Brian Armstrong confirmed: “The rumors are true, we bought the NFT. @UpOnlyTV  is coming back.” That makes it the fifth most expensive NFT sold in crypto’s history. 

‍

This Week’s Calendar:

‍

‍

‍

‍

Charts of the Day:

‍

‍

‍

‍

‍