Every month I go through every dashboard on the platform and write up what actually happened, what it means, and the levels I am watching next. This is the October issue of The Whale Report, written for OCM Whales members: 35 pages and 16 exhibits across on-chain, technicals, derivatives, macro, mining, and the treasury companies and ETFs.

Inside This Issue

The rally’s buyers cashed in. Coins bought in the summer recovery realised $8.2bn of profit in October, while the buyers of the October 2025 top turned one year old and kept selling at a loss.

The floor has risen. Three cost bases now sit within $2,000 of each other. I explain why that band is the clearest line in the market, and what a weekly close below it would mean.

Leverage came back. Futures open interest rose 7% into a falling price, just as the ETFs and Strategy stepped back. I set out what that means for November, and the three things I am watching.

Monthly issues are now released on the last Sunday of the month they cover, and quarterly editions on the first Sunday after each quarter ends. The November issue arrives on 29th November.

Not a Whale yet? Join OCM Whales to read this issue and every one that follows. You can also buy a single report on its own for $199, added to your existing account.