TL;DR

The “Uptober” rally began this week as Bitcoin surged to a new all-time high. On Typus, while reported volume hit a new record of ~$31 million due to a short-lived, anomalous trading pattern, organic activity showed LPs enjoying a +4.68% return in the bullish market. Traders also returned to profitability with +$5.8K in gains. Open Interest remained stable, confirming the record volume was not indicative of broad market participation.

“Uptober” Arrives as Bitcoin Hits New All-Time High

The prevailing market narrative turned decisively bullish as the historically strong month of October began. The market was driven by a combination of macro tailwinds, including a softer dollar amid the US government shutdown, and strong structural demand, evidenced by massive inflows into spot Bitcoin ETFs. This powerful confluence of factors propelled Bitcoin to a new all-time high of over $125,000 and lifted the entire crypto market capitalization.

Anomalous Volume Skews Activity Metrics

This week saw a significant, event-driven spike in platform activity. Total reported volume reached a new high of ~$31 million , an increase of over 845% WoW. However, this surge was primarily attributable to a short-lived, non-organic trading pattern related to oracle price update windows, rather than a broad increase in organic user activity.

The anomalous nature of the volume is confirmed by other key metrics. Average Daily Users (DAU) saw a slight decline of 6.7%, and Open Interest remained stable. This indicates the activity was high-frequency and short-term in nature, and not reflective of new, long-term positions being established by the broader user base.

LPs Capture Market Upside with +4.68% Return

Focusing on the organic market trend, it was a solid week for liquidity providers. The TLP token delivered a positive return of +4.68%. This performance was primarily driven by the underlying asset basket’s strong appreciation of +5.02%, as it captured the upside of the bullish market.

TLP vs. SUI: A 30-Day Performance Deep Dive

The 30-day performance data highlights the TLP’s outperformance during the recent market rally. The TLP Stake strategy leads the pack with a +8.89% return over the past month, followed by the standard TLP at +8.09%. Both strategies provided better returns than simply holding SUI spot (+7.99%) over the same period.

Traders Return to Profitability

After the heavy losses of the past two weeks, traders successfully navigated the market’s return to a bullish trend. For the week, traders booked a collective realized profit of +$5,768.73. This positive result signals a healthy reset after the recent market-wide deleveraging.

Open Interest Holds Stable, Reflecting Organic Sentiment

The stability of Open Interest at ~$552K provides the clearest picture of organic market sentiment this week. This metric, which was not influenced by the anomalous volume, shows that while there was no major increase in new leverage, the market has flipped back to a strongly bullish stance with a long/short ratio of 6.72.

The key takeaway this week is the importance of looking beyond headline numbers. While an anomalous event skewed the volume metric, the underlying organic activity painted a healthy picture: a bullish market that delivered solid returns for LPs and a welcome return to profitability for traders. The stable OI suggests a more sustainable foundation for the “Uptober” rally.