JPMorgan Moves Deposit Token to Ethereum

Welcome back to The Warmup.

Ladies and gentlemen, we present you black Monday!

Here’s what we’re watching:

• Market Snapshot

• JPMorgan Moves Deposit Token to Ethereum

• BTC 1D Support Play

• Bitcoin Shakes Off Black Monday Fears

• Calendar

Market: Crypto and equities are mostly higher, with Solana leading the rally as gold dips and volatility cools.

JPMorgan Moves Deposit Token to Ethereum

What’s going on:

JPMorgan expanded its JPM Coin deposit token to Ethereum on Monday, allowing institutional clients to transfer bank-held dollars 24/7 across Ethereum and Base.

JPMorgan says its Kinexys platform has processed over $4 trillion in cumulative transactions. Now, the bank is bringing its deposit token to public blockchain infrastructure.

What it means:

Institutions can move money onchain without converting it into stablecoins, making payments and collateral transfers faster.

The catch? Access remains limited to institutional clients. The big question is whether these dollars eventually find their way into DeFi or stay within JPMorgan's network. Either way, another major bank is putting real deposits on public blockchains.

BTC 1D Support Play

What’s going on:

BTC is consolidating around $82K after pulling back from local highs near $87K. Price is testing the $80K–$82.5K support zone, which bulls need to defend.

Key levels we’re watching:

• Support: $80K–$82.5K

• Resistance: $86K–$87K

• Breakout target: $90K

• Breakdown risk: Below $80K opens the door toward $76K

Directional Bias: Neutral to cautiously bullish

BTC is holding support, but momentum remains weak. Bulls need to reclaim $86K to signal a potential continuation. Until then, expect more range-bound price action.

What we’re waiting for:

• Support holding above $80K

• A reclaim of $83K–$84K as an initial strength signal

• A breakout above $87K for bullish confirmation

Bitcoin Shakes Off Black Monday Fears

What’s going on:

Bitcoin traded near $82,500 on Monday after dipping toward $80,700 on Sunday. Nasdaq futures rebounded over 1%, while Asian stocks climbed after China's third-quarter GDP beat expectations.

Despite social media warnings about a repeat of the 1987 Black Monday crash, the selloff never materialized. Oil prices eased, Ether held near $2,420, and DeFi tokens outperformed as risk sentiment improved.

What it means:

Markets caught a break as the feared selloff failed to show up. But ETF outflows and rising yields remain concerns, with the Fed's late-October decision still ahead.

For now, watch the $80,000–$81,000 zone.

Buyers stepped in there during the latest dip, but whether they show up again will depend on incoming economic data and how markets price the Fed's next move.

Key Events this Week

Major token unlocks:

• LayerZero (ZRO): $44M unlock on Oct 20 (6% of circulating supply

• Plasma (XPL): $18M unlock on Oct 25 (5% of circulating supply)

• Humanity (H): $15M unlock on Oct 25 (7% of circulating supply)

Macroeconomic data calendar:

Tue (Oct 20):

• US Housing Starts & Building Permits: September construction data → higher starts signal housing strength; weakness can point to cooling demand.

Wed (Oct 21):

• US Crude Oil Inventory Data: Weekly EIA energy report → rising inventories can signal weaker demand, falling inventories suggest tighter supply.

Thu (Oct 22):

• Initial Jobless Claims: Weekly labor market reading → lower claims show strength; higher claims can signal cooling.

Fri (Oct 23):

• Flash Manufacturing & Services PMI: October survey of business activity → readings above 50 show expansion, below 50 signal slowdown.

• Michigan Consumer Sentiment: Measures household confidence → stronger readings imply resilient spending.

Major Earnings Releases:

• Tue (Oct 20): SpaceX, GM, GE Aerospace, Netflix, RTX

• Wed (Oct 21): Meta, Tesla, IBM, Lam Research

• Thu (Oct 22): Procter & Gamble, Lockheed Martin, American Airlines

• 'We found room for more orange': Michael Saylor's Strategy buys another 267 BTC for $22M

• Revolut secures Gibraltar crypto licence to support international expansion plans

• CoreWeave, Broadcom, Verizon among nine companies objecting to tokenized trading of their shares on OKXICE

Bitcoin remains stuck between $80,000 and $83,000, but the bigger story is what's happening behind the scenes, from Strategy buying more bitcoin to JPMorgan bringing its deposit token to Ethereum.

This week, big-tech earnings could move markets as investors look for signs that AI spending is translating into real growth. With the U.S. midterms on November 3, political uncertainty could also add another layer of volatility.

The key is separating short-term noise from the longer-term shift toward institutional adoption. For now, watch earnings, economic data, and whether bitcoin can hold the $80,000 level.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.