TL;DR:
- Bitcoin fell 3.2% to $83,000 and Ethereum dropped 7.0% during week 41 of 2026, amid $1.19 billion in forced liquidations across the crypto market.
- The altcoin sector recorded a median decline of 3.7%, with only 11 of the top 66 projects closing in positive territory by the end of that weekly period.
- Open interest in NEAR-linked futures contracts hit an all-time high of $1.92 billion on October 12, 2026, according to Coinglass data.
According to Wintermute, NEAR stood out as the leading asset during the recent liquidity rotation toward AI, amid a broad wave of selling that unfolded during the second week of October.
— Wintermute (@wintermute_t) October 13, 2026
Hawkish monetary policy remarks from the U.S. Federal Reserve accelerated capital outflows from digital assets into traditional markets. Against this macroeconomic backdrop, markets showed a stark divergence: the S&P 500 gained 1.2% on the week, driven by a 29% year-over-year increase in corporate earnings expectations, while cryptocurrencies absorbed substantial pullbacks.
Bitcoin dropped 3.2% to close near $83,000 at the end of week 41. Ethereum fell 7.0% following a public warning from an Ethereum Foundation researcher urging users to migrate funds to new wallet addresses.
Altcoin Divergence and Catalysts Behind NEAR’s Surge
The altcoin segment bore significant downside pressure, posting a median drop of 3.7%. Among the steepest declines, the UNI token slid 15.8% over the same weekly stretch, leaving 55 of the top 66 large-cap assets in the red.
According to Wintermute’s analysis, traders did not stage a massive flight to fiat currency; instead, they reallocated capital into specific tech narratives centered on artificial intelligence. Within this environment, Near Protocol’s token decoupled from the broader ecosystem downturn.
Wintermute’s report attributes this price action to two key drivers. The first is an infrastructure upgrade on the network that introduced support for post-quantum digital signatures, designed to bolster base-layer cryptographic security against emerging computing risks.
The second factor stemmed from derivatives market dynamics. Heavy short positions built up by traders betting on a continuation of the broader selloff triggered a short squeeze, forcing rapid buy-ins and driving up spot order books. Coinglass metrics confirm that open interest across NEAR derivatives reached $1.92 billion on October 12, 2026, marking a fresh all-time high for the network.
At the architectural level, Near Protocol has redirected development toward autonomous agent integration and decentralized compute networks. This architectural shift coincides with a 10-year U.S. Treasury yield hovering near 5.24%, raising capital costs across global markets.
Market participants remain focused on upcoming U.S. Consumer Price Index (CPI) releases alongside third-quarter earnings reports from leading tech corporations in late October 20
