Bitcoin fell over 8% this week, marking its worst week since February, while altcoins followed suit. One of the worst October returns ever for Bitcoin. So much for "Uptober" 😊.
Analysts warn that the rapid proliferation of Digital Asset Treasury (DAT) companies may be creating a "Treasury bubble," echoing speculative investment trusts of the 1920s. With many DATs now trading below net asset value further add to this signal. Beyond price volatility the past week, CleanSpark's pivot into high-performance AI computing and the Pyth Network's partnership with the U.S. Department of Commerce made headlines for bringing GDP and macroeconomic data on-chain, challenging the $50 billion legacy market data industry.
In Washington, regulatory clarity continues with lawmakers from both parties reaffirmed their commitment to passing the Market Structure Bill before year-end. Also, Chainlink's Sergey Nazerov emphasized blockchain's ability to reduce illicit finance compared to traditional systems which is gaining traction among policymakers. Gemini's Solana-powered credit card launched with up to 4.5% staking rewards. MXRP, a yield-bearing version of XRP, highlighted how projects are making previously idle assets productive. Its evident that crypto adoption continues to accelerate across the institutional and regulation fronts, which is positive even when the price action remains volatile.
SPS Weekly Performance Overview
SPS posted a 4.7% gain this week, rebounding from $0.00668 to $0.00699. The $0.0066-0.0067 support zone has been tested twice and held. But the inability to break $0.0071-0.0072 resistance with conviction shows sellers remain active at higher levels. Buyers are present but lack the strength to shift market control. Market cap remains flat at $3.31M, despite the price recovery. The pattern shows broadening ascending channel consolidation with indecision, not any concrete breakout.
Trading volume averaged $47400 this week, down slightly from last week. Current liquidity remains thin at approximately $35-50K on normal days. This divergence between rising price and falling volume typically signals exhaustion and as a result the market's inability to generate sustained volume on rallies suggests large buyers are not entering.
Market Analysis -- Trends
The biggest development this week was the Conclave Arcana reward set going live on October 21st. The new reward cards introduce several changes. Standard foil cards remain soulbound. Gold foils are unlocked immediately and tradable, but drop chances decreased from 4% to 1% with print limits (5000 common, 2000 rare, 1200 epic, 400 legendary). Unbinding scrolls are now required to unlock regular foil cards for trading. These are craftable on land using aura or purchasable on the market. You need one scroll per card copy i.e., 400 scrolls to unlock a max level common. Black foils and arcane variants are obtainable only through the new weekly fortune draw system. Players must pay 125 DEC per week for a fortune pass, then earn entries through ranked wins based on league and SPS stake. Players need at least 2.5k SPS staked to earn any entries at all.
Personally, I am still undecided what my approach will be for regular foils. For gold foils, I will sell those cards, and then potentially use the funds from those sales to buy more regular foils or SPS. But I am mindful that the current reward cards heavily favor existing whales with large SPS stakes and land holdings. Nonetheless, as a long-term player and content creator for Splinterlands, hope these changes drive genuine engagement and bring in new players.
Concluding Thoughts
SPS posted a good 4.7% recovery this week, establishing a base at $0.0066 and attempting to reclaim higher ground. But the technical picture remains weak. The market cannot break $0.0071-0.0072 resistance with clear conviction, and declining volume on rally attempts signals exhaustion rather than accumulation. The Conclave Arcana reward cards launched this week and I watch with abated breath whether these new updates will drive sustainable engagement and new player signups. If SPS can sustain a close above $0.0073 next week, this would hint at early reversal formation. Until then, it remains a range market.
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