OVERVIEW
Stocktwits Crypto Data Dive - Week 43
Welcome to the Stocktwits Crypto Data Dive for Week 43 of 2026! 📊
In this issue, we'll dive into the data to keep you informed about the progress of the overall crypto market and shine a spotlight on emerging and established trends.
What You’ll Find In The Stocktwits Crypto Data Dive has three main objectives:
Total and Altcoin caps, stamped with YTD moves and the gap to ATH.
Seven-layer market-cap recap (TMC ex-stables, ex-top-50, and five more flavors).
Crypto Index Performance covering 12 indices.
The Liquidation Station boards the train with 30-day totals plus a 7-day heatmap for maximum schadenfreude.
Market Heatmap, Social Volume Heatmap, Active Address Heatmap.
ETF scorecards for BTC and ETH still tracking 7- and 30-day flows.
So, without further delay, let's jump right into the data from week 43 and explore its intriguing insights! 🚀
CRYPTO
Crypto Market Cap Update
What is the broader trend within the crypto market? The simplest way to track this is by using three market cap charts. So let's see what we got. 🔭
*the price levels and performance values may be very different from what you read in your mailbox vs. what's happening in the live market. This is especially true when crypto faces a new bull or bear run.
Total Market Cap
All-Time High Close: $4.22 trillion
YTD: -8%
From ATH: -36%
Click to enlarge.
Altcoin Market Cap
All-Time High: $1.73 trillion
YTD: -10%
From ATH: -39%
Click to enlarge.
CRYPTO
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Here’s this week’s Cryptotwits newsletters. That you probably read already. Maybe. Probably.
Monday - Some Hearts Are Meant To Be Broken 💔
Tuesday - It's All Clocks And Clouds Today 📆
Wednesday - Pack Of Dogs Forms Corporate Structure 🐕🦺
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CRYPTO
Stocktwits Crypto Index RRG
Relative Rotation Graphs (RRG) help us visualize how a currency or sector performs compared to a benchmark - in this case, the U.S. Dollar Index (DXY). Think of the four colored sectors as stages in a race:
Leading Quadrant (green) - You're a champ! 🏆 You're ahead of everyone else, and the crowd is cheering. But watch out; you might be overdoing it.
Weakening Quadrant (yellow) - You're slowing down 😓 and losing your lead. Maybe you're a bit demoralized because your biggest fan didn't show up. You're now in the middle of the pack.
Lagging Quadrant (red) - Disaster strikes! 😱 You're injured, exhausted, or just made a big mistake. You're now in last place, and it's a sad scene.
Improving Quadrant (blue) - Time for a comeback! 💪 Your motivation returns, the music swells, and you're picking up speed. You're back in the middle, catching up with the leaders.
Analyzing the RRG Examples
Example 1: Rapid Rotation
- If an instrument moves quickly through all four quadrants, it could indicate high volatility or erratic behavior. Traders may want to be cautious or use appropriate risk management strategies in such cases.
Example 2: Stuck in the Middle
- An instrument that remains close to the center of the RRG might be in a consolidation phase, lacking a clear trend or momentum. Traders might wait for a decisive move before entering a position.
Example 3: Consistent Leader
- If an instrument stays in the Leading Quadrant (top right) for an extended period, it could signify a strong, sustained uptrend. Traders might consider buying opportunities or riding the trend.
Example 4: Slow Recovery
- An instrument that gradually moves from the Lagging Quadrant (bottom left) to the Improving Quadrant (blue) and eventually to the Leading Quadrant (green) could indicate a slow but steady recovery. Traders might look for potential reversal or bottom-fishing opportunities.
The GIF below shows the past 21 days of movement on the RRG.
The GIF below shows the past 13 weeks of movement on the RRG.
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CRYPTO
Weekly Total Market Cap (TMC) Performance
Index | Value | Weekly Performance |
|---|---|---|
TMC Excluding BTC and ETH | $772B | -2% |
TMC Excluding BTC and Stablecoins | $783B | -2% |
TMC Excluding BTC, ETH, and Stablecoins | $491B | -2% |
TMC Excluding Stablecoins | $2.42T | -1% |
TMC Excluding Top 10 | $221B | -3% |
TMC Excluding Top 50 | $46B | -5% |
TMC Excluding Top 100 | $7.0B | -5% |
CRYPTO
Weekly Crypto Index Performance
Index | Weekly Performance |
|---|---|
AI | -4% |
Decentralized Finance | -2% |
Decentralized Physical Infrastructure | -5% |
Exchange Tokens | -2% |
Layer 1 | -1% |
Meme | -2% |
Proof-Of-Stake | -2% |
Proof-Of-Work | -1% |
Real World Asset Tokenization | -4% |
Rehypothecated | -2% |
Smart Contracts | -2% |
Stablecoins | -1% |
CRYPTO
Liquidation Station 😱
Interested in how much has been flushed out of leveraged long and short positions? Who’s getting hurt the most? This is the best place to get an idea of how leveraged positions are doing. 🔴
30-day Total Liquidations 📆
What You’re Looking At
Green bars above zero = longs blown out because price fell.
Red bars below zero = shorts blown out because price ripped.
Left-hand scale is U.S. dollars (millions); the dashed line near the top sits at $1B.
30-day Total Crypto Liquidation Chart - Click to enlarge.
September 22 - Long liquidations jump toward $450M, one of the first major green spikes of the period. Shorts take considerably less damage.
September 27 - Another long-side flush approaches $400M-$425M. BTC remains relatively stable, suggesting leveraged positions were getting cleared without a corresponding market-wide collapse.
October 1 - Two-sided pressure increases, with roughly $325M in long liquidations and another $250M on the short side. A fairly expensive disagreement over direction.
October 6 - October 7 - The defining event. Long liquidations climb toward $650M on October 6, followed by approximately $1.055B on October 7. More than $1.7B in long liquidations across 2 sessions, while BTC's price trace shows a relatively modest pullback.
October 11 - October 14 - Another wave of long liquidations, including approximately $450M on October 11 and $650M-$675M on October 14. The first billion-dollar flush evidently wasn't educational enough.
October 21 - October 22 - Long liquidations jump back toward $425M-$450M before falling sharply in the final session. Short liquidations remain comparatively contained.
Quick read
What You’re Looking At
Rows = coins, columns = timestamps.
Color = head-count of forced liquidations (legend tops at 2,000).
A cell showing “BTC 1,600” means 1,600 separate BTC positions were liquidated.
Weekly Crypto Liquidation History Heatmap - Click to enlarge.
October 17 12:00 - BTC reaches roughly 1,400-1,600 liquidated traders, while ETH pushes toward 2,000. ZEC and SOXL also brighten considerably. One of the first broad liquidation spikes of the week.
October 18 04:00 - October 18 20:00 - BTC and ETH repeatedly enter yellow/orange territory, with several cells approaching the 2,000-trader ceiling. ZEC also shows a strong burst while secondary assets remain comparatively subdued.
October 19 20:00 - October 20 04:00 - Another majors-led wave pushes BTC and ETH near the upper end of the scale. ZEC and NEAR also register increased activity, although their counts remain less persistent than the majors.
October 21 04:00 - BTC and ETH flash orange again, with ZEC, NEAR, and SOXL showing secondary activity. The market evidently considered the previous liquidation rounds insufficient.
October 21 20:00 - October 22 12:00 - One of the strongest sustained stretches. BTC and ETH repeatedly approach 2,000 liquidated traders, while ZEC, NEAR, SOXL, and select smaller names brighten across overlapping windows.
October 22 20:00 - October 23 12:00 - The heat-map cools across much of the board. BTC and ETH remain active, but fewer rows show the intense concentrations seen earlier.
Some Interesting Insights 👓
The monthly chart is defined by October 7's $1.055B long liquidation event, preceded by another approximately $650M on October 6. That was the largest concentration of long-side damage in the window.
The weekly heat-map shows liquidation activity was still substantial well after the early-October wipeout. BTC and ETH repeatedly approached the 2,000-trader ceiling during October 16-23.
Both sides experienced liquidations, but the largest monthly events were overwhelmingly long-side. The weekly map cannot identify which side was liquidated, so it should not be interpreted as proof of continued long dominance.
The most interesting relationship is large long-liquidation totals against relatively stable BTC prices. That suggests derivatives positioning was experiencing considerably more stress than the BTC price chart alone would indicate.
The October 7 event and the October 16-23 heat-map don't overlap, so the weekly data cannot establish the exact trigger for that earlier wipeout. What it does show is that elevated liquidation activity persisted afterward.
Early-warning rule: when daily long liquidations repeatedly exceed $400M-$500M while BTC holds its range, and BTC/ETH liquidation counts continue pressing the heat-map ceiling, treat the market as vulnerable to another forced unwind rather than assuming the previous one finished the job.
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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋