Major altcoins slide 7.5% on week as Decrypt's Warner calls 'Black Monday' unlikely
In brief
- Bitcoin traded at $82,161, down 1.4% on the week, per Decrypt's Morning Minute.
- Major altcoins fell an average 7.5%, about five times Bitcoin's drop, per the newsletter.
- Bitcoin and Ethereum ETFs logged $548.5 million in weekly outflows and $1.86 billion in October.
- Tyler Warner, in his own opinion, argues widespread Black Monday fears make a crash unlikely.
Bitcoin holds, the tail gets cut
According to Decrypt's Morning Minute, Ethereum fell 5.3% to $2,415 on the week. BNB dropped 3.3%, Solana 6.2%, XRP 7.2%, Dogecoin 9.4%, Hyperliquid 8.6% and Zcash 13.2%. That 7.5% average decline is roughly five times what Bitcoin gave up, and BTC was still up about 1% over the previous 30 days.
Further down the list, it got uglier. Starknet lost 45% on the week, LayerZero 24% and Pump.fun 22%, with Ethena and Fetch down 20% each. The top twelve weekly losers averaged losses of more than 20%.
These figures are a snapshot from the newsletter, and they'll move.
ETF money is heading out
Spot Bitcoin ETFs shed $228.4 million over the week and Ethereum ETFs $320.1 million, for a combined $548.5 million, Decrypt reported. For October, the two groups have now seen $1.86 billion in outflows.
The Ethereum number is the one Warner flags. ETH ETFs hold $14.5 billion in net assets against $12.9 billion of cumulative inflows, which he said leaves about $1.6 billion of cushion before the products would be underwater on a mark-to-market basis.
Why Warner doesn't expect a crash
The Dow fell 22.6% in a single session on the original Black Monday, 39 years before the newsletter ran. Warner wrote that the 1987 crash came from automated selling with no circuit breakers to stop it. Equity markets have them now (South Korea's Kospi tripped one last week).
Crypto doesn't.
Warner pointed to the October 10, 2025 liquidation cascade, which repriced the market within hours. He doesn't see that setup today, though. He described a slow bleed, orderly exits and a modest bid returning over the weekend, and he argued that widespread worry about a Black Monday is itself a reason one is unlikely.
"Crashes don’t occur when everyone is expecting them and ready with cash on the sidelines."
That's Warner's read in an opinion newsletter, not a forecast, and it doesn't settle what the market does next.
Frequently asked questions
Why does Tyler Warner think a Black Monday crash is unlikely?
Warner described the market as a slow bleed with orderly exits and a modest bid returning over the weekend, not a cascade. He also argued that crashes don't happen when they're widely expected. This is his opinion in Decrypt's Morning Minute newsletter, not Decrypt's view.
How close are Ethereum ETFs to being underwater?
Per Decrypt's Morning Minute, Ethereum ETFs held $14.5 billion in net assets against $12.9 billion of cumulative inflows. Warner said that left about $1.6 billion of cushion before the products would be underwater on a mark-to-market basis.
