Crypto
Monday Spiked, Tuesday Paid: GTC −20%, OSMO −19%, and Blur Hit a Multi-Year Low
Gitcoin fell 20.11% to $0.225 and Osmosis 19.19% to $0.0417 on October 13, a day after jumping 55% and 39%. Blur lost 14.04% to $0.01188, its lowest close since at least early 2024, after a 27.9% drop the day before.
Several of the tokens that made headlines on October 12 spent October 13 giving it back.
Gitcoin's GTC had jumped 137% in a single fifteen-minute candle on Monday, to $0.393, and closed up 55.32% at $0.2816. On Tuesday it fell 20.11% to $0.225, after trading as high as $0.3016 early in the day. Osmosis's OSMO, the token of the largest exchange in the Cosmos ecosystem, had risen 38.71% on 25 times its usual volume; it dropped 19.19% to $0.0417, on almost nine times normal volume. Reserve Rights (RSR), up 32.21% on Monday, slipped a milder 5.32% to $0.002083.
Blur, the token of an NFT marketplace, is a different case: it never spiked. It fell 27.87% on October 12, most of it in a single hour — −15.6% at 20:00 UTC — and lost another 14.04% on October 13 to $0.01188, on 13 times its average volume. That is its lowest daily close in the price history available to us, which goes back to early 2024, and a two-day loss of 38%. Early on October 14 it was trading lower still, near $0.0112.
The common thread is that a one-day move on extreme volume rarely tells you where a token will be a day later. Of the three spikes, GTC and OSMO gave back between half and two-thirds of their Monday gains in one session, and GTC is still well above where it started the week. For Blur, heavy volume on the way down is the more worrying signal, since it usually means holders who had waited for a recovery are selling.
For traders, the practical lesson from both sides of this week is to treat the day after a spike as its own trade, with its own plan, rather than as a continuation of the day before.