Bitcoin News Today: "DEX Surge and Whale Exodus Signal Crypto's Tug-of-War: Hope vs. Hesitation"

The cryptocurrency market is showing signs of stabilization as funding rates on major centralized (CEX) and decentralized exchanges (DEX) trend toward neutrality, though bearish undercurrents persist. According to Coinglass data, while the market experienced a fresh decline starting October 21, the funding rates for key asset pairs have edged closer to equilibrium, hovering near the 0.01% baseline threshold. Funding rates above 0.01% typically signal bullish sentiment, while rates below 0.005% indicate bearishness. Despite the slight normalization, the broader trend remains bearish, with long-term holders continuing to offload Bitcoin and altcoins, according to Lookonchain.

The shift toward decentralized platforms is also gaining momentum. Aster, a next-generation perpetual DEX, has surged to prominence, securing $10.6 billion in 24-hour trading volume and surpassing rivals like Lighter and Hyperliquid. This growth reflects a broader migration from CEXs to non-custodial DEXs, driven by post-FTX trust erosion and the appeal of transparent, incentive-driven ecosystems. Aster's hybrid liquidity model, combining on-chain settlement with off-chain matching, has attracted both retail and institutional traders. However, analysts caution that much of its volume is fueled by reward programs, raising questions about sustainability once incentives wane, according to Benzinga.

Meanwhile, bearish signals persist in whale activity. On-chain data from CryptoQuant reveals that crypto whales moved $5.56 billion into Binance over 30 days, with a $1.07 billion influx on October 21 alone. This mass deposit coincided with Bitcoin's volatile swing between $108,000 and $113,000, though the asset ultimately retraced to lower levels. Glassnode analysts note cooling momentum, growing trader fatigue, and a drop in Bitcoin's profit-supply ratio from 98% to 78% in two weeks, signaling widespread unrealized losses and cautious sentiment, according to Cryptopolitan.

Amid the bearish backdrop, blockchain-based prediction markets are expanding. Polymarket, backed by Intercontinental Exchange and Founders Fund, is seeking a $15 billion valuation in a new funding round, up from $8 billion earlier this month. The platform's trading volumes have surged past $2 billion in October, driven by institutional partnerships and real-world integrations, including a collaboration with DraftKings. While regulatory challenges linger—particularly in the U.S.—Polymarket's blockchain-driven structure allows for global participation and longer open positions, differentiating it from regulated counterparts like Kalshi, according to Ventureburn.

The market's mixed signals highlight a tug-of-war between short-term bearishness and long-term innovation. DEXs like Aster are redefining trading infrastructure, while prediction markets and AI-driven analytics offer new tools for gauging sentiment. Yet, with Bitcoin struggling to reclaim key support levels and whale activity indicating profit-taking, the path to sustained recovery remains uncertain.