The Bitget hacker has moved $19.48 million in 52 transfers, almost entirely in Bitcoin, as Arkham tracks fresh outflows from wallets linked to the exchange’s September breach.
Summary
Arkham tracked $19.48 million across 52 transfers, with Bitcoin accounting for $19.33 million. Hacker-linked wallets sent $78.01 million to new addresses between Oct. 15 and Oct. 23. Arkham valued remaining labeled holdings at $242.54 million, mostly held in Bitcoin. The latest transfers’ destinations remain unidentified, leaving potential laundering unconfirmed. Arkham put the transfers between 10:02 UTC on Oct. 21 and 02:48 UTC on Oct. 24, with Bitcoin accounting for $19.33 million and ETH making up the rest. Its thread said almost all the funds went to new addresses.
The blockchain intelligence firm framed its update as a question.
“Is the Bitget Hacker laundering the stolen funds?”
Arkham’s posts do not name an exchange, mixer, or over-the-counter desk receiving the latest transfers. The update documents money leaving labeled wallets, without establishing whether those assets were sold, cashed out, or recovered.
Bitget hacker movements total $78 million since Oct. 15 Across a longer reporting window, Arkham said the attacker had sent $78.01 million to new addresses since Oct. 15. Its daily breakdown showed $23.31 million moving on Oct. 15, followed by $8.68 million on Oct. 16 and $1.15 million on Oct. 17.
Another $10.51 million moved on Oct. 18. After no recorded movement on Oct. 19, the firm listed $15.13 million on Oct. 20, $11.74 million on Oct. 21, $184,160 on Oct. 22, and $7.3 million on Oct. 23.
The dates in Arkham’s opening post cover 64 hours and 46 minutes. A later post in the same thread described the $19.48 million as moving over “the past 48 hours,” leaving a mismatch between its shorthand description and the precise timestamps.
Using the firm’s rounded asset figures, Bitcoin represented approximately 99.2% of that $19.48 million. The implied ETH component was $150,000, although Arkham did not provide an exact token quantity in the opening post.
Arkham’s remaining balance uses a $350 million baseline In its thread, Arkham valued the hacker’s remaining labeled holdings at $242.54 million, including 2,960.01 BTC worth $241.99 million. It listed smaller balances on Ethereum, Hypercore, Solana and Tron.
The firm described that balance as 69% of a $350 million theft. Bitget’s own accounting puts the incident at approximately $387.5 million, after revising its initial $351.6 million estimate.
In its Sep. 25 recovery notice, the exchange said the revision included Zcash and TRON assets omitted from the first calculation. Bitget attributed the change to a more complete classification of the original transfers and said it did not represent further theft.
Against Bitget’s $387.5 million estimate, Arkham’s $242.54 million snapshot equals approximately 62.6%. Neither percentage establishes how much has been recovered, because the figures compare remaining labeled holdings with dollar estimates from the original incident.
Arkham data shows $239.34 million, including approximately 2,958 BTC valued at $238.79 million.
Source: Arkham Earlier tracing identified CoinJoin and cross-chain routes Fund movements linked to the attack began before October. As crypto.news previously reported, AMLBot traced roughly four BTC into CoinJoin in September, describing the activity as an apparent effort to obscure stolen funds.
AMLBot’s account followed assets from TRON into USDT, across to Ethereum through USDT0, and through ETH swaps and THORChain before they reached Bitcoin. The firm said approximately 4.59 BTC emerged from that route before the Bitcoin was split into smaller amounts.
Independent tracing by Bitquery documented other September conversions through THORChain and Chainflip. Its investigation matched 66 swaps to 126.71 BTC in payments by 14:38 UTC on Sep. 25, while identifying two swaps still waiting at that snapshot.
Those historical routes do not establish the destinations of Arkham’s latest transfers. The October screenshots contain transaction graphs but no readable transaction-level evidence connecting the new outflows to the same services.
Bitget says withdrawals have resumed while recovery continues Bitget’s incident explainer, updated Oct. 20, says its phased withdrawal restoration finished on Oct. 2 after BTC, ETH and USDT services reopened in September. The company says customer account balances remain unaffected and that it has identified no further unauthorized transfers following containment.
In the same explainer, Bitget attributed the breach to a vulnerability in a third-party security product. The company said the attacker obtained high-level internal credentials and submitted fraudulent withdrawal commands that bypassed existing risk controls. Bitget said the affected systems were isolated and the vulnerability was fixed.
Earlier coverage of the withdrawal reopening and reserves recorded CEO Gracy Chen’s statement that the Protection Fund had returned above $300 million on Sep. 30. Bitget has said the fund would absorb the financial loss from the breach.
The Sep. 25 notice names Mandiant and SlowMist as investigation partners and publishes receiving addresses across Ethereum-compatible networks, XRP Ledger, Zcash and TRON. Its recovery section says some assets had already been frozen through coordination with industry partners, but does not give an aggregate frozen amount in that notice.
The exchange’s recovery program offers separate 5% rewards for eligible voluntary actions that directly freeze or recover affected assets. Bitget excludes actions carried out under court orders, law-enforcement requests, or other legal processes, and retains discretion over eligibility and payment.
US retail investors’ bottom-fishing in semiconductor leveraged ETFs takes a hit, with SOXL plunging 20.5% in a single day.
FactSet data shows that Direxion Daily Semiconductor Bull 3X Shares (SOXL) drew $6.1 billion in inflows last week, a new single-week record. Investors were betting on a rebound in chip stocks, but SOXL still dropped 10.8% this week, marking its third straight weekly decline, with a cumulative fall of over 43% since October. Inflows continued through Thursday, but SOXL plunged 20.5% that day, its largest single-day drop since June 23. By comparison, non-leveraged iShares Semiconductor ETF (SOXX) fell 6.8% on the same day, with a cumulative decline of around 15.9% since October. SOXL uses derivatives to track three times the daily performance of the semiconductor index, amplifying both gains and downside risks. The semiconductor sector is under pressure mainly due to market skepticism about the return on investment in AI infrastructure. Investors are reassessing whether tech giants’ aggressive spending can meet earnings expectations. Earlier, AI chip demand lifted semiconductor stocks, with SOXX’s year-to-date gain once nearing 59%, but recent sell-offs have tested its rally. Mike Reynolds, vice president of investment strategy at Glenmede, noted that semiconductors are highly sensitive to AI infrastructure development, and AI-related trades are currently facing some doubt. He added that after strong stock rallies and valuation expansions, investors’ re-examination of the AI theme’s potential returns is a healthy market move. Meanwhile, all three major U.S. stock indexes closed lower on Friday, with the S&P 500 Information Technology sector falling for the third consecutive week, its longest weekly losing streak since March.
3 minutes ago
Initia discloses details of the MoveVM vulnerability attack, suffering losses of approximately $2.7 million, while the INIT token supply remains unaffected.
Initia disclosed that at 22:59 Beijing time on October 23, attackers exploited a MoveVM script cache vulnerability to bypass security checks, forging states to add unsupported WETH, iUSD, and USDC balances to their accounts without altering the total supply of the respective tokens. The native INIT token was not minted, and its total supply remained unaffected. Before the network was shut down, the attacker transferred 105 WETH and approximately 1.4 million AUSD0 via LayerZero, and around 1.08 million USDC via Noble and CCTP, with total assets valued at roughly $2.7 million. These assets have been converted into 1135.52 ETH. Initia's L1 and Rollups remain suspended. The team is fixing the vulnerability, with repairs and audits expected to be completed within days, and is working with security partners to recover the stolen assets. The official added that a full incident analysis report will be released later, and reminded users to beware of unofficial links, messages, and statements.
3 minutes ago
Analyst: Bitcoin has seen notable pullbacks in every prior U.S. midterm election cycle, and its key support level of $73,000 requires close attention.
Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment.
Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns.
Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.
3 minutes ago
SpaceX’s $40 billion off-balance-sheet debt financing is facing pressure on pricing negotiations amid turmoil in the AI market.
According to Bloomberg, citing people familiar with the matter, SpaceX is negotiating a $40 billion off-balance-sheet debt financing plan, which would use a special purpose vehicle (SPV) to purchase Nvidia chips to support its AI business expansion. The structure is designed to keep the related liabilities off SpaceX’s balance sheet, preserving its investment-grade credit rating. However, recent turmoil in the AI sector has pushed up industry borrowing costs, complicating pricing negotiations. Banks led by Goldman Sachs are discussing the plan with investors led by Apollo; Apollo-backed Atlas SP would manage the entity, with Pimco also considering participation.
Previously, yields on some subordinated debt were discussed in the mid-8% to 9% range, but recent volatility has prompted investors to reevaluate pricing, and the two sides remain in talks. SpaceX’s financial filings this week also revealed that last year, xAI had attempted to raise up to $20 billion in off-balance-sheet debt via a sale-leaseback arrangement with Valor Equity Partners. Auditors classified the deal as a “failed sale-leaseback arrangement”, leading SpaceX to eventually record roughly $13 billion of the sum as its own debt. The proposed structure aims to avoid a repeat of that outcome.
3 minutes ago
South Korean stock market's retail war chest shrank by 36.5%; retail investors continued net buying, but capital replenishment has slowed.
Data from Korea Financial Investment Association shows that as of October 22, investor deposits at South Korean securities firms fell to 88.68 trillion won, a drop of around 51 trillion won from the all-time high of 139.69 trillion won recorded on June 4, representing a 36.5% decline and returning to levels seen at the start of the year. The balance dipped below 90 trillion won on October 21, marking the first such drop in nearly nine months.
Investor deposits refer to funds held in securities firm accounts that have not yet been used to purchase assets such as stocks, and are typically viewed as potential buying power. The decline in the balance can stem from either stock purchases or fund withdrawals, so the full drop cannot be equated to capital exiting the stock market.
Retail investors continue to make net purchases. Between June 4 and October 23, individual investors bought a net 44.17 trillion won in the KOSPI market and 3.15 trillion won in the KOSDAQ market, while net purchases of ETFs over the same period reached 28.25 trillion won. The report notes that unlike the first half of the year, where new capital inflows exceeded stock purchases, the pace of capital replenishment in the second half has lagged behind outflows, leading to the continuous decline in deposit balances.
The KOSPI index closed at 5550.30 points on October 23, having fallen nearly 20% over the past month. A securities industry official said the recent decline is indeed excessive relative to earnings fundamentals, but the AI sector, which previously drove gains, still faces credit risk concerns, making it too early to expect a sustained rebound.
3 minutes ago
Renowned Trader: Bitcoin Should Add Positions Instead of Panicking When It Hits $80,000 'Buy Zone'
Renowned crypto trader Doctor Profit stated in a post that every time Bitcoin hits its "buy zone", it is an opportune moment to add to existing long positions, and he is currently executing this strategy. His accompanying chart labels the area near $80,000 as the "buy zone", emphasizing: "This zone is for buying, not panicking."
Crypto analyst Darkfost noted in a post that spot Bitcoin ETFs recorded net inflows of 5,183 BTC this week. While the inflow volume remains relatively modest, it has turned the 2026 cumulative fund flow of these ETFs positive from negative. As of now, year-to-date net inflows for spot Bitcoin ETFs stand at 10,784 BTC, after being in net outflow for most of the earlier period.
NFT sales climbed 66.58% to $76.56 million over the seven days to Oct. 24, as Bitcoin led blockchain volume and the $X@AGI BRC-20 NFTs collection recorded more than $25 million in sales.
Summary
$76.56 million in weekly NFT sales marked a 66.58% increase over the preceding seven days.
Buyer addresses increased 46.38% to 156,715, while transactions rose 35.05% to 764,169.
Ethereum ranked second with $24.64 million in sales, up 32.59% over the comparison period.
Bitcoin sales jumped 268.06% to $31.07 million, accounting for roughly 41% of weekly volume.
$X@AGI led collections with $25.09 million across three transactions, three buyers and three sellers.
According to data from CryptoSlam, NFT seller addresses increased 53.09% to 135,930 during the seven-day period. Both sides of the market expanded alongside transaction activity, although the dollar value of sales grew faster than the number of transactions.
The dashboard recorded 764,169 transactions, compared with approximately 565,849 in the preceding period. Its percentage comparison implies previous seven-day sales of about $45.96 million, putting the latest increase at roughly $30.60 million.
Separately, CoinGecko listed Bitcoin near $80,549 and Ethereum around $2,364 during an Oct. 24 check. The broader cryptocurrency market capitalization stood at approximately $2.77 trillion. Those spot-market readings provide context alongside the NFT figures, which cover a rolling seven-day period.
Bitcoin leads NFT sales with $31.07 million
Bitcoin generated $31,071,305 in NFT sales, rising 268.06% over the previous seven days. Buyer addresses increased 86.79% to 8,581, while CryptoSlam separately recorded $105,237 in wash-trading volume.
Bitcoin leads weekly NFT sales with $31.07 million, ahead of Ethereum’s $24.64 million | Source: CryptoSlam
The network accounted for approximately 40.6% of global NFT sales. Its lead over Ethereum reached about $6.43 million, with the two chains together representing nearly 73% of the weekly total.
Ethereum followed with $24,641,611, up 32.59%. Its buyer count increased 67.63% to 25,749, while separately tracked wash trading fell 77.71% to $365,532.
Bitcoin’s first-place finish followed its third-place blockchain ranking in the Oct. 17 roundup, when Ethereum led sales. That earlier snapshot recorded Bitcoin volume of $8.25 million.
Polygon ranked third in the latest dashboard with $8,532,290, an increase of 2.82%. Buyer addresses rose 42.15% to 38,971. Its separately reported wash volume reached $19,395,535, exceeding the network’s sales figure.
BNB Chain placed fourth with $3,352,625, down 18.96%, even as buyer addresses increased 144.37% to 11,869. Wash trading totaled approximately $50.
Immutable took fifth place with $2,298,908, a decline of 16.67%. Buyer addresses climbed 49.03% to 4,134.
Arbitrum ranked sixth with $2,001,820, up 1,109.53%, while buyers increased 56.56% to 1,719. Base followed at $1,948,859, up 30.19%, ahead of Solana’s $1,399,301, which rose 43.17%.
$X@AGI tops weekly NFT collection sales with $25.09 million
Bitcoin’s $X@AGI BRC-20 NFTs led the collection rankings with $25,091,343. CryptoSlam recorded three transactions involving three buyer addresses and three seller addresses.
$X@AGI tops weekly NFT collection sales with $25.09 million across three transactions | Source: CryptoSlam
The collection represented approximately 32.8% of global NFT sales and 80.8% of Bitcoin’s weekly volume. Its sales exceeded the combined total of the next three collections in the rankings.
Courtyard ranked second with $7,772,464 on Polygon, up 2.83%. The collection recorded 141,478 transactions, an 8.44% increase. Buyer addresses fell 3.35% to 18,816, while sellers declined 4.36% to 15,154.
Courtyard’s transaction count was substantially higher than those of the other leading collections. It accounted for roughly 18.5% of all NFT transactions recorded globally during the period.
Ethereum’s Slipstream V3 Deposit placed third with $7,575,732 across 926 transactions. Activity involved 22 buyers and 24 sellers.
Bored Ape Yacht Club followed in fourth with $3,558,183, rising 192.02%. CryptoSlam listed 94 transactions, 43 buyers and 42 sellers. Buyer addresses declined 10.42%, while sellers fell 20.75%.
A separate Slipstream V3 Deposit collection on Arbitrum ranked fifth with $1,891,201. It recorded 1,199 transactions involving 10 buyers and 10 sellers.
Another Bitcoin BRC-20 collection, displayed with an unreadable ticker, placed sixth at $1,865,924, up 131.03%. Its transactions increased 85.92% to 4,384, while buyers rose 22.89% to 2,276.
CryptoPunks ranked seventh with $1,638,493, up 22.55%, across 13 transactions. Buyer addresses fell 15.38% to 11, while seller addresses declined 7.14% to 13.
Credits followed with $1,468,717, an increase of 64.32%, across 22,142 transactions.
Bitcoin dominates the largest individual NFT sales
Four $X@AGI BRC-20 entries occupied the five largest individual-sale positions in CryptoSlam’s Oct. 24 listing. Bored Ape Yacht Club supplied the only Ethereum entry.
$X@AGI accounts for four of the five largest NFT sales, led by a $14.63 million transaction | Source: CryptoSlam
The largest recorded transaction fetched $14.63 million, followed by another Bitcoin sale worth $9.57 million. Both were listed as occurring approximately three days before the capture.
The five highest-value sales appeared in descending order as follows:
$X@AGI BRC-20 NFT #de71246799c669c093b194016766ec215… sold for $14,627,594.32, settled in 175.2058 BTC on Bitcoin, approximately three days earlier.
$X@AGI BRC-20 NFT #ff947db26a07d99604b878785249b4714… sold for $9,570,442.82, settled in 113.0014 BTC on Bitcoin, approximately three days earlier.
Bored Ape Yacht Club #9500 sold for $2,404,908.50, settled in 1,000.0001 ETH on Ethereum, approximately 18 hours earlier.
$X@AGI BRC-20 NFT #78407b6c3a80d7316b91bb2c87986aa9ae… sold for $1,009,840.51, settled in 12.357 BTC on Bitcoin, approximately two days earlier.
$X@AGI BRC-20 NFT #42000f24e9eb6f4087b3a2d62e8e27ead… sold for $893,305.48, settled in 10.7184 BTC on Bitcoin, approximately three days earlier.
Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment. Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns. Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.
US retail investors’ bottom-fishing in semiconductor leveraged ETFs takes a hit, with SOXL plunging 20.5% in a single day.
FactSet data shows that Direxion Daily Semiconductor Bull 3X Shares (SOXL) drew $6.1 billion in inflows last week, a new single-week record. Investors were betting on a rebound in chip stocks, but SOXL still dropped 10.8% this week, marking its third straight weekly decline, with a cumulative fall of over 43% since October. Inflows continued through Thursday, but SOXL plunged 20.5% that day, its largest single-day drop since June 23. By comparison, non-leveraged iShares Semiconductor ETF (SOXX) fell 6.8% on the same day, with a cumulative decline of around 15.9% since October. SOXL uses derivatives to track three times the daily performance of the semiconductor index, amplifying both gains and downside risks. The semiconductor sector is under pressure mainly due to market skepticism about the return on investment in AI infrastructure. Investors are reassessing whether tech giants’ aggressive spending can meet earnings expectations. Earlier, AI chip demand lifted semiconductor stocks, with SOXX’s year-to-date gain once nearing 59%, but recent sell-offs have tested its rally. Mike Reynolds, vice president of investment strategy at Glenmede, noted that semiconductors are highly sensitive to AI infrastructure development, and AI-related trades are currently facing some doubt. He added that after strong stock rallies and valuation expansions, investors’ re-examination of the AI theme’s potential returns is a healthy market move. Meanwhile, all three major U.S. stock indexes closed lower on Friday, with the S&P 500 Information Technology sector falling for the third consecutive week, its longest weekly losing streak since March.
3 minutes ago
Initia discloses details of the MoveVM vulnerability attack, suffering losses of approximately $2.7 million, while the INIT token supply remains unaffected.
Initia disclosed that at 22:59 Beijing time on October 23, attackers exploited a MoveVM script cache vulnerability to bypass security checks, forging states to add unsupported WETH, iUSD, and USDC balances to their accounts without altering the total supply of the respective tokens. The native INIT token was not minted, and its total supply remained unaffected. Before the network was shut down, the attacker transferred 105 WETH and approximately 1.4 million AUSD0 via LayerZero, and around 1.08 million USDC via Noble and CCTP, with total assets valued at roughly $2.7 million. These assets have been converted into 1135.52 ETH. Initia's L1 and Rollups remain suspended. The team is fixing the vulnerability, with repairs and audits expected to be completed within days, and is working with security partners to recover the stolen assets. The official added that a full incident analysis report will be released later, and reminded users to beware of unofficial links, messages, and statements.
3 minutes ago
Analyst: Bitcoin has seen notable pullbacks in every prior U.S. midterm election cycle, and its key support level of $73,000 requires close attention.
Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment. Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns. Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.
3 minutes ago
SpaceX’s $40 billion off-balance-sheet debt financing is facing pressure on pricing negotiations amid turmoil in the AI market.
According to Bloomberg, citing people familiar with the matter, SpaceX is negotiating a $40 billion off-balance-sheet debt financing plan, which would use a special purpose vehicle (SPV) to purchase Nvidia chips to support its AI business expansion. The structure is designed to keep the related liabilities off SpaceX’s balance sheet, preserving its investment-grade credit rating. However, recent turmoil in the AI sector has pushed up industry borrowing costs, complicating pricing negotiations. Banks led by Goldman Sachs are discussing the plan with investors led by Apollo; Apollo-backed Atlas SP would manage the entity, with Pimco also considering participation. Previously, yields on some subordinated debt were discussed in the mid-8% to 9% range, but recent volatility has prompted investors to reevaluate pricing, and the two sides remain in talks. SpaceX’s financial filings this week also revealed that last year, xAI had attempted to raise up to $20 billion in off-balance-sheet debt via a sale-leaseback arrangement with Valor Equity Partners. Auditors classified the deal as a “failed sale-leaseback arrangement”, leading SpaceX to eventually record roughly $13 billion of the sum as its own debt. The proposed structure aims to avoid a repeat of that outcome.
3 minutes ago
South Korean stock market's retail war chest shrank by 36.5%; retail investors continued net buying, but capital replenishment has slowed.
Data from Korea Financial Investment Association shows that as of October 22, investor deposits at South Korean securities firms fell to 88.68 trillion won, a drop of around 51 trillion won from the all-time high of 139.69 trillion won recorded on June 4, representing a 36.5% decline and returning to levels seen at the start of the year. The balance dipped below 90 trillion won on October 21, marking the first such drop in nearly nine months. Investor deposits refer to funds held in securities firm accounts that have not yet been used to purchase assets such as stocks, and are typically viewed as potential buying power. The decline in the balance can stem from either stock purchases or fund withdrawals, so the full drop cannot be equated to capital exiting the stock market. Retail investors continue to make net purchases. Between June 4 and October 23, individual investors bought a net 44.17 trillion won in the KOSPI market and 3.15 trillion won in the KOSDAQ market, while net purchases of ETFs over the same period reached 28.25 trillion won. The report notes that unlike the first half of the year, where new capital inflows exceeded stock purchases, the pace of capital replenishment in the second half has lagged behind outflows, leading to the continuous decline in deposit balances. The KOSPI index closed at 5550.30 points on October 23, having fallen nearly 20% over the past month. A securities industry official said the recent decline is indeed excessive relative to earnings fundamentals, but the AI sector, which previously drove gains, still faces credit risk concerns, making it too early to expect a sustained rebound.
3 minutes ago
AI computing power expansion in the Gulf region faces communication risks due to Iran's threats to attack undersea fiber-optic cables.
Two senior Iranian security officials have revealed that Iran has drawn up plans to strike submarine communications cables in the Gulf if the U.S. and Israel launch another attack; one official added that they will also block repairs to extend the communication outage. Officials from Iran’s Islamic Revolutionary Guard Corps (IRGC) had previously threatened to target seven major undersea internet cables beneath the Strait of Hormuz if Iran’s infrastructure is attacked. These threats have introduced new communication risks to cloud computing and AI infrastructure in the Gulf region. Reuters reported that past attacks by Iran hit two Amazon Web Services (AWS) facilities in the United Arab Emirates (UAE) and damaged infrastructure near an AWS facility in Bahrain. Analysts noted that simultaneous damage to multiple cables could disrupt financial transactions, e-commerce, and cloud services, though the actual impact depends on traffic rerouting capabilities and backup line capacity. International bandwidth passing through the Strait of Hormuz accounts for less than 1% of the global total, so the direct impact on global communications may be limited. Microsoft plans to invest over $10 billion in the UAE, Saudi Arabia, Qatar, and Kuwait by 2030, and allocate more than $400 million to improve submarine and terrestrial network connections in the Middle East, to enhance the resilience of its digital infrastructure.
US retail investors’ bottom-fishing in semiconductor leveraged ETFs takes a hit, with SOXL plunging 20.5% in a single day.
FactSet data shows that Direxion Daily Semiconductor Bull 3X Shares (SOXL) drew $6.1 billion in inflows last week, a new single-week record. Investors were betting on a rebound in chip stocks, but SOXL still dropped 10.8% this week, marking its third straight weekly decline, with a cumulative fall of over 43% since October. Inflows continued through Thursday, but SOXL plunged 20.5% that day, its largest single-day drop since June 23. By comparison, non-leveraged iShares Semiconductor ETF (SOXX) fell 6.8% on the same day, with a cumulative decline of around 15.9% since October. SOXL uses derivatives to track three times the daily performance of the semiconductor index, amplifying both gains and downside risks. The semiconductor sector is under pressure mainly due to market skepticism about the return on investment in AI infrastructure. Investors are reassessing whether tech giants’ aggressive spending can meet earnings expectations. Earlier, AI chip demand lifted semiconductor stocks, with SOXX’s year-to-date gain once nearing 59%, but recent sell-offs have tested its rally. Mike Reynolds, vice president of investment strategy at Glenmede, noted that semiconductors are highly sensitive to AI infrastructure development, and AI-related trades are currently facing some doubt. He added that after strong stock rallies and valuation expansions, investors’ re-examination of the AI theme’s potential returns is a healthy market move. Meanwhile, all three major U.S. stock indexes closed lower on Friday, with the S&P 500 Information Technology sector falling for the third consecutive week, its longest weekly losing streak since March.
2 minutes ago
Initia discloses details of the MoveVM vulnerability attack, suffering losses of approximately $2.7 million, while the INIT token supply remains unaffected.
Initia disclosed that at 22:59 Beijing time on October 23, attackers exploited a MoveVM script cache vulnerability to bypass security checks, forging states to add unsupported WETH, iUSD, and USDC balances to their accounts without altering the total supply of the respective tokens. The native INIT token was not minted, and its total supply remained unaffected. Before the network was shut down, the attacker transferred 105 WETH and approximately 1.4 million AUSD0 via LayerZero, and around 1.08 million USDC via Noble and CCTP, with total assets valued at roughly $2.7 million. These assets have been converted into 1135.52 ETH. Initia's L1 and Rollups remain suspended. The team is fixing the vulnerability, with repairs and audits expected to be completed within days, and is working with security partners to recover the stolen assets. The official added that a full incident analysis report will be released later, and reminded users to beware of unofficial links, messages, and statements.
2 minutes ago
Analyst: Bitcoin has seen notable pullbacks in every prior U.S. midterm election cycle, and its key support level of $73,000 requires close attention.
Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment.
Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns.
Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.
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SpaceX’s $40 billion off-balance-sheet debt financing is facing pressure on pricing negotiations amid turmoil in the AI market.
According to Bloomberg, citing people familiar with the matter, SpaceX is negotiating a $40 billion off-balance-sheet debt financing plan, which would use a special purpose vehicle (SPV) to purchase Nvidia chips to support its AI business expansion. The structure is designed to keep the related liabilities off SpaceX’s balance sheet, preserving its investment-grade credit rating. However, recent turmoil in the AI sector has pushed up industry borrowing costs, complicating pricing negotiations. Banks led by Goldman Sachs are discussing the plan with investors led by Apollo; Apollo-backed Atlas SP would manage the entity, with Pimco also considering participation.
Previously, yields on some subordinated debt were discussed in the mid-8% to 9% range, but recent volatility has prompted investors to reevaluate pricing, and the two sides remain in talks. SpaceX’s financial filings this week also revealed that last year, xAI had attempted to raise up to $20 billion in off-balance-sheet debt via a sale-leaseback arrangement with Valor Equity Partners. Auditors classified the deal as a “failed sale-leaseback arrangement”, leading SpaceX to eventually record roughly $13 billion of the sum as its own debt. The proposed structure aims to avoid a repeat of that outcome.
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South Korean stock market's retail war chest shrank by 36.5%; retail investors continued net buying, but capital replenishment has slowed.
Data from Korea Financial Investment Association shows that as of October 22, investor deposits at South Korean securities firms fell to 88.68 trillion won, a drop of around 51 trillion won from the all-time high of 139.69 trillion won recorded on June 4, representing a 36.5% decline and returning to levels seen at the start of the year. The balance dipped below 90 trillion won on October 21, marking the first such drop in nearly nine months.
Investor deposits refer to funds held in securities firm accounts that have not yet been used to purchase assets such as stocks, and are typically viewed as potential buying power. The decline in the balance can stem from either stock purchases or fund withdrawals, so the full drop cannot be equated to capital exiting the stock market.
Retail investors continue to make net purchases. Between June 4 and October 23, individual investors bought a net 44.17 trillion won in the KOSPI market and 3.15 trillion won in the KOSDAQ market, while net purchases of ETFs over the same period reached 28.25 trillion won. The report notes that unlike the first half of the year, where new capital inflows exceeded stock purchases, the pace of capital replenishment in the second half has lagged behind outflows, leading to the continuous decline in deposit balances.
The KOSPI index closed at 5550.30 points on October 23, having fallen nearly 20% over the past month. A securities industry official said the recent decline is indeed excessive relative to earnings fundamentals, but the AI sector, which previously drove gains, still faces credit risk concerns, making it too early to expect a sustained rebound.
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Renowned Trader: Bitcoin Should Add Positions Instead of Panicking When It Hits $80,000 'Buy Zone'
Renowned crypto trader Doctor Profit stated in a post that every time Bitcoin hits its "buy zone", it is an opportune moment to add to existing long positions, and he is currently executing this strategy. His accompanying chart labels the area near $80,000 as the "buy zone", emphasizing: "This zone is for buying, not panicking."
Pi Network (PI) is down 2% today, October 24, to trade at $0.078 at the time of writing. This dip mirrors the downtrend across the broader crypto market, where the total market cap has fallen by 1.37% to $2.7 trillion.
Bitcoin (BTC) had dropped below $81,000 at the time of writing, while Ethereum also fell below $2,400. Following this drop, PI is now inching close to a make-to-break support despite a recently launched desktop upgrade.
Pi Core Team Rolls Out Major Desktop Upgrade In an X post, the Pi Core team noted that the network had released Desktop Version 0.6.4. The upgrade targets SoloHost apps to ensure that pioneers can access apps such as local AI agents through their phone’s Pi Browser.
The team notes that this upgrade will not only boost accessibility to SoloHost apps but also increase security by checking the access rights on apps before they are installed and every time that they start.
This upgrade comes ahead of the first-ever Pi Ecosystem Summit that will take place between November 17 and 19, as earlier reported by CoinGape. During this summit, the Pi Core team has said it plans to unveil new features and platforms.
Pi Network also recently rolled out the Protocol 28 upgrade on the mainnet on October 16, as earlier reported by CoinGape. The upgrade sought to improve network efficiency and smart contract management.
Pi Network Price Defends Crucial $0.077 Support as AO Bars Hint at a bullish Divergence Pi Network price remains above the crucial support level at $0.077 despite the recent surge in selling pressure. The altcoin has not closed below this support since mid-July suggesting that buyers view this price to be a good entry point.
However, the uncollected liquidity below this price could act as a magnet that pulls Pi Network down.
If selling pressure increases, Pi Coin price might drop to collect liquidity $0.074. An extended dip below this price might see bears test support at the psychological all-time low of $0.070.
On the upside, there is a FVG gap between $0.083 and $0.086. Pi Network price needs to close above the midline of this FVG gap at $0.084 to confirm a bullish future Pi Coin price outlook. If PI tests the resistance at $0.084 and fails to close above it, it could suggest that the bears remain in control.
Source: TradingView The AO bars that have turned green despite the recent drop in price are creating a bullish divergence as bearish pressure fades.
However, the ADX line supports the bearish thesis, with its movement north suggesting that the uptrend is gaining strength.
In this week’s edition of the weekly recap, US regulators finalized stablecoin rules under the GENIUS Act, Bitcoin lost ground after a sharp reversal in ETF flows, and Solana activated Alpenglow. Corporate Bitcoin financing, institutional custody deals, and Ethereum’s postponed testnet upgrade also shaped crypto.news coverage for Oct. 18–24.
Summary
Jan. 18, 2027, is the effective date for the OCC’s final GENIUS Act stablecoin rules.
$635.49 million left US spot Bitcoin ETFs on Oct. 22, ending three consecutive inflow sessions.
Solana activated Alpenglow on Oct. 21, targeting roughly 150-millisecond finality with its new consensus system.
Strategy increased its Bitcoin holdings to 848,517 BTC and expanded its securities buyback authorization.
Strive closed a $630 million preferred stock offering carrying a fixed 15% annual dividend rate.
GENIUS Act rules set January start date
The Office of the Comptroller of the Currency finalized stablecoin regulations on Oct. 21, establishing standards for reserve assets, redemptions, risk management, custody and issuer supervision. The rules take effect Jan. 18, 2027, and cover issuers and related activities under the agency’s jurisdiction.
Existing issuers with substantially complete applications pending by the deadline may seek temporary compliance waivers while their submissions undergo review. Anti-money laundering and sanctions provisions remain subject to a separate rulemaking with the Treasury Department. The framework also addresses foreign issuers and transitions from state to federal oversight.
Bitcoin ETF withdrawals interrupt the recovery
US spot Bitcoin ETFs recorded $635.49 million in net outflows on Oct. 22, reversing three consecutive sessions that brought in approximately $1.08 billion. SoSoValue’s figures showed the largest daily withdrawal since June 25, with October’s cumulative flows turning negative by about $174.5 million.
Bitcoin traded near $81,450 in crypto.news’ Oct. 23 market report after failing to sustain its recovery toward $85,000. The retreat returned attention to the $80,000 area. CoinGlass separately recorded roughly $406 million in liquidations across the broader cryptocurrency market over 24 hours, rather than Bitcoin alone.
Solana activates Alpenglow consensus
Solana Foundation’s activation record confirmed Alpenglow’s deployment on mainnet during epoch 1064 on Oct. 21. The Votor consensus system targets roughly 150-millisecond finality, compared with 12.8 seconds under TowerBFT. Transaction execution, program behavior, and fee mechanics remain unchanged.
Alpenglow consensus began at slot 459,653,000 after a genesis block received certification from 446 of 654 validators. Rotor, the proposed data-distribution component, remains reserved for a later release. Solana also promoted Quantumglow research, but the proposed post-quantum adaptation has no announced deployment date and is separate from the completed consensus migration.
Strategy adds Bitcoin and expands buybacks
Strategy acquired another 267 Bitcoin, bringing its holdings to 848,517 BTC as of Oct. 18. Michael Saylor’s Oct. 19 disclosure also reported $193 million in STRC preferred stock repurchases and approximately $5.3 billion in dollar assets. The company increased its digital credit securities repurchase authorization from $2 billion to $3 billion.
Strive closes $630 million preferred offering
Strive closed its upsized offering on Oct. 20, selling 7 million SATS preferred shares for $90 each. The shares carry a fixed annual dividend of 15% against their $100 stated value. The Bitcoin treasury company outlined an 18-month dividend reserve equivalent to $157.5 million at the final offering size; payments remain subject to board approval and legally available funds.
BlackRock proposes Bitcoin protection ETF
BlackRock filed for a fund called the iShares Bitcoin Managed Protection ETF, with proposed ticker PBIT. Its options strategy would seek partial downside protection while limiting potential gains. The proposed fund would hold cash, fixed-income instruments, and Bitcoin-linked options rather than Bitcoin directly. Its filing did not establish a confirmed launch date or guarantee investors a maximum loss.
JPMorgan expands tokenized funds to Solana
J.P. Morgan Asset Management brought two funds to Solana through Morgan Money, offering MONY and JLTXX to qualified US investors. Investors can subscribe and redeem through the platform and receive token balances at their blockchain addresses. Existing fund documents describe onboarding controls, approved-wallet requirements and $1 million opening minimums, with waivers available under JLTXX’s terms.
Standard Chartered signs Zodia acquisition agreement
Standard Chartered signed definitive agreements to acquire full ownership of Zodia Custody and integrate its regulated custody operations into Securities Services. The Oct. 21 announcement left completion subject to regulatory approvals and customary conditions. Financial terms were undisclosed. Zodia’s software and professional services operations will operate separately as Zodia Solutions under SC Ventures.
Fireblocks denies reported Visa acquisition talks
Fireblocks denied acquisition reports after Axios reported that Visa was negotiating a purchase worth approximately $2.5 billion. A spokesperson said the reported transaction was news to the company and untrue at the time. Visa declined to comment on the reported negotiations. Neither company announced a definitive agreement, leaving the proposed deal disputed.
Tether joins Tenstorrent’s $1.5 billion raise
Tether joined Tenstorrent’s financing at a $6.2 billion post-money valuation, extending its investments in AI infrastructure. Tether announced its participation on Oct. 20 after the chipmaker disclosed the completed Series E. Tenstorrent plans to fund server deployment, chip development and commercial expansion. The $1.5 billion represents the whole round; Tether’s individual contribution was undisclosed.
Ethereum postpones Glamsterdam testnet activation
Ethereum developers postponed the Hoodi upgrade scheduled for Oct. 26 while investigating EIP-8037’s interaction with existing smart contracts. ChainSecurity identified risks involving failed calls and retry mechanisms under proposed gas changes. The decision also removed a planned increase to a 200 million gas limit. Developers had not announced replacement Hoodi or mainnet activation dates.
Phantom opens Kalshi markets to US users
Phantom opened Kalshi market access for eligible US wallet users, with combined platform and exchange fees of $0.02 per contract. Customers must create or link a Kalshi account and complete identity checks. Trading funds move to Kalshi, while available proceeds return to Phantom’s Cash account. The integration uses conditional CFTC staff no-action relief for specified software activities.
Initia halts its blockchain after security incident
Initia halted its layer-1 network and rollups on Oct. 23 while investigating a security incident with researchers, validators, and exchanges. Security researcher Spreek alleged unauthorized token minting and estimated that an attacker had cashed out approximately $2.6 million. Initia confirmed the suspension but did not establish a final loss figure in its initial statement.
OKXICE encounters issuer objections to stock tokens
OKXICE’s proposed stock-token venue faced nine documented objections, including Broadcom, CoreWeave, Verizon and UnitedHealth, according to its Oct. 15 notice covered on Oct. 18. The SEC’s exemption lets issuers block unaffiliated tokenization on the notifying venue. The proposed platform would use Uniswap v4 pools on XLayer, with no confirmed public launch date.
M is the only major exception in the green today, while WLD has plummeted hard, followed by LIT, DOT, STRK, and many others.
Bitcoin’s adverse price movements that began with the rejection at $85,000 on Wednesday continue, with the asset sliding to $80,400 earlier this morning, perhaps due to the latest Trump comments on the war against Iran.
Most altcoins have followed suit, with ETH dropping further below $2,400, and XRP seemingly losing the crucial $1.30 support. NEAR, BTW, PUMP, WLD, and DOT have slumped even more.
Will $80K Hold? After the intense volatility experienced in the previous business week following the release of the CPI and PPI data, and BTC’s subsequent retreat to under $80,000, the cryptocurrency tried to rebound almost immediately and stood above $82,000 over the weekend. Then came a flash crash that brought it south by a grand on Saturday evening, before the bulls tried to take down the $83,000 resistance on Monday.
They failed at first, and bitcoin slipped to $81,000. A sudden uptick on Tuesday drove it to just over that line before the bulls took it a step further on Wednesday, driving BTC to a two-week peak of almost $85,000.
However, this was a short-lived rally, and the rejection was quite rapid and painful. At first, BTC tanked to under $83,000, but the bears took complete control of the market on Friday and Saturday morning, at least for now, driving bitcoin to $80,400 for the first time in about ten days.
Although BTC remains above $80,000 as of now, it’s still 1% down for the day again. Its market cap has pulled back to $1.620 trillion, but its dominance over the alts stands tall at 60% on CMC.
BTCUSD October 24. Source: TradingView Alts in the Red Again ETH is down by a similar percentage to BTC and sits well below $2,400. Ripple’s native token has dived by over 2%, and it’s now below $1.30. Recall that the asset neared $1.40 on Wednesday before the market-wide pullback. SOL is close to breaking below $100, while ZEC has tanked below $1,200.
Further losses are evident from XMR, XLM, LINK, RAIN, LTC, and NEAR. WLD is the only double-digit loser, while M has defied the broader market’s move with a 10% surge.
The total crypto market cap is down by over 1% daily to $2.7 trillion on CMC.
Cryptocurrency Market Overview October 24. Source: TradingView Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
NFT supporters have reopened the debate over the sector’s future on X as Nifty Gateway’s closure, Binance’s centralized marketplace exit, and Magic Eden’s withdrawal from Bitcoin and EVM trading have reduced the services available to collectors.
Summary
NFT community posts express doubt, loyalty, and nostalgia as users debate the sector’s future. Nifty Gateway closed April 23, while Binance ended its centralized NFT service in July. Magic Eden announced its exit from Bitcoin and EVM markets while retaining Solana support. Courtyard recorded 123,504 weekly transactions in September, even as its sales value slipped. Mookie’s question, “Do you still believe in NFTs?”, drew responses expressing doubt, loyalty and nostalgia for the period when digital collectibles dominated crypto discussions. Other posts asked whether NFTs were dead or which projects remained undervalued.
The responses ranged from personal attachment to calls for a return to community-led projects. Several users repeated the same question, while others defended NFTs as a foundation for online communities.
I think yes, still believe in them
Always appreciative of good art and backed by strong community
— woman defi (@WomanDefi) October 23, 2026 NFT community posts mix doubt with loyalty In one of the posts, FFV wrote that the crypto community on X “was so much better when NFTs were in the spotlight.”
A separate post by AKYLLES defended the sector more directly.
“NFTs are the cornerstone,” the user wrote.
Jayjay said NFTs had changed his life, while Lato asked followers which projects they considered undervalued. Neither post identified a particular collection or transaction supporting those views.
Mookie’s post showed 166 replies, 353 likes, and roughly 16,000 views when captured. Val asked a similar question in an Oct. 21 post, which showed 172 replies and 270 likes.
The posts covered different positions. FFV focused on the social experience around NFTs, AKYLLES argued for their importance, and Lato framed the discussion around valuations. None identified a specific purchase, collection-level sales recovery, or new marketplace launch.
NFT marketplace closures have involved different services Nifty Gateway confirms that its platform officially closed on April 23, 2026. Customers who still need to withdraw assets can log in to receive assistance.
Its current notice says the company plans to preserve NFT metadata and images on its servers indefinitely. A bulk withdrawal tool remains available for customers with multiple NFTs, and the company says it will continue helping customers move holdings to wallets of their choice.
An earlier Gemini announcement named Feb. 23 as the closing date and placed the platform in withdrawal-only mode. The current website gives the later April date and says the asset-movement deadline has passed.
Gemini said closing Nifty Gateway would allow it to focus on its planned financial super app. The January announcement said NFT support would continue through Gemini Wallet, separating the art platform’s closure from the parent company’s wallet offering.
Binance described its own change as a move toward Binance Wallet. Its official announcement gave holders of transferable NFTs a month from June 3 to move assets to that wallet or another compatible service before access through Binance Exchange ended in July.
Non-transferable NFTs could not be withdrawn. Binance said access to those items would end, with PDF certificates replacing non-transferable certificates issued for completed Binance Academy courses.
Its withdrawal program offered 1 USDC to as many as 100,000 qualifying users who moved eligible non-CR7 NFTs to Binance Wallet through Ethereum or BNB Smart Chain. The qualifying withdrawal period ran from June 3 through June 17.
CR7 holders received separate reimbursement terms covering eligible withdrawals through July 3. Binance said those transfers could go to any compatible wallet, with refunds scheduled before July 19.
Magic Eden retained its Solana business Magic Eden’s withdrawal involved selected networks and its wallet product. As crypto.news previously reported, the company announced plans in February to end Bitcoin trading and EVM NFT services while continuing to support Solana assets.
The announcement required users of the affected services to move assets before termination dates. Its continued Solana focus separates the company’s decision from Nifty Gateway’s full platform closure.
CEO Jack Lu disclosed the decision on Feb. 27. Support for assets tied to Bitcoin and Ethereum-compatible networks would end in less than two weeks.
September trading included collectibles and gaming September’s weekly sales figures recorded activity across several categories despite the marketplace exits.
The seven-day CryptoSlam snapshot published Sept. 12 recorded global NFT sales of $46.78 million, up 6.8%, while transactions rose 48.75% to 917,549. Buyer addresses fell to 41,959, with addresses representing wallets rather than confirmed individual people.
Courtyard led collections with $6.67 million across 104,404 transactions. The Polygon-based project represents ownership of physical collectibles held through its platform. Ethereum led blockchain sales at $16.83 million, followed by Bitcoin at $9.44 million.
The Sept. 19 snapshot recorded a different combination. Global sales fell 15.28% to $37.54 million, while transactions dropped 9.08% to 808,432. Buyer addresses rose 174.04% to 114,977.
Courtyard remained the leading collection at $6.3 million, with 123,504 transactions. Its transaction count rose 21.52% even though its dollar sales slipped 0.93%.
Gaming collection Guild of Guardians Heroes generated $986,168 in sales, up 3.5%, across 689 transactions. Panini America recorded $893,356, up 19.27%, through 13,469 transactions.
The same snapshot placed CryptoPunks at $706,667 in sales, down 37.39%, across nine transactions involving eight buyer addresses and nine seller addresses. Ethereum retained the blockchain lead with $15.32 million, while Bitcoin sales fell 53.99% to $4.33 million.
Franklin Templeton, a global asset management firm overseeing $1.8 trillion in assets, has announced the registration of two innovative exchange-traded funds (ETFs) designed to blend traditional U.S. stock investing with gradual exposure to Bitcoin. The new funds, titled the Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and the Franklin US Innovation Bitcoin DRIP Index ETF (FIBT), mark a further expansion of the firm’s activity in the cryptocurrency investment sector.
New ETFs combine equities and Bitcoin allocationUnlike most spot Bitcoin ETFs that directly track the price of the cryptocurrency, FBEQ and FIBT will primarily invest in U.S. equities, allocating 95% of their portfolios to stocks while dedicating the remaining 5% to Bitcoin-related assets.
Franklin Templeton stated that the core strategy behind these ETFs is to let investors benefit from both traditional equity markets and incremental cryptocurrency exposure in a single product, thus offering a differentiated investment approach in traditional finance.
Both funds aim to accumulate Bitcoin over time by channeling dividend income from U.S. stocks into digital asset exposure, eliminating the need for direct crypto purchases by the investor.
How the dividend reinvestment process worksThe distinguishing feature of these two ETFs is their application of a dividend reinvestment plan (DRIP), where dividends paid out by the underlying U.S. stocks are used to purchase Bitcoin-related assets instead of simply acquiring additional company shares.
According to filings, the DRIP mechanism will apply to both regular and special dividends, which will be reinvested in Bitcoin-related assets on the trading day immediately following the ex-dividend date. This method offers a structured path for investors to steadily increase their Bitcoin allocations without requiring hands-on involvement in cryptocurrency trading.
Mini dictionary: DRIP (Dividend Reinvestment Plan), a program that automatically uses dividends from investment holdings to buy more of the same asset or related assets, compounding growth over time.
Gradual Bitcoin accumulation via equity exposureThrough the structured reinvestment of dividends, FBEQ and FIBT are designed to slowly build a position in Bitcoin-related assets alongside substantial exposure to the U.S. stock market. This hybrid approach seeks to attract investors looking for diversified portfolios that include digital assets but who may prefer not to manage cryptocurrency purchases themselves.
Franklin Templeton currently offers the Franklin Bitcoin ETF (EZBC), a spot Bitcoin product that has attracted cumulative net inflows of approximately $335 million. The introduction of FBEQ and FIBT now brings an alternative product structure that integrates cryptocurrencies into more conventional portfolios through automatic mechanisms.
ProductTypeMain StrategyNet Bitcoin ExposureCurrent InflowsEZBCSpot Bitcoin ETFDirect Bitcoin investment100%$335 millionFBEQ/FIBTEquity-Bitcoin DRIP ETF95% US equities, 5% Bitcoin; dividends reinvested in BitcoinUp to 5%, grows over time via DRIPN/A (newly registered)This latest move highlights Franklin Templeton’s ongoing effort to offer diversified investment opportunities for both traditional and digital asset markets. The firm aims to provide products that can cater to varying investor interests and risk appetites within the evolving landscape of crypto finance.
In its market analysis published today, QCP argued that explaining Bitcoin’s weakness solely through developments specific to the crypto sector would be incomplete. The company stated that credit risk in institutions financing AI infrastructure with debt has spread to stocks and crypto assets.
The report highlighted the yields on CoreWeave bonds, which reached approximately 15 percent. According to QCP, this level indicates that investors are demanding a higher risk premium regarding financing costs and debt sustainability.
The company noted that CoreWeave stock fell 10 percent on October 22, indicating that concerns have spread to the broader technology sector.
QCP’s conclusion regarding Bitcoin is noteworthy: instead of appearing as an asset that moves independently of stocks in the current wave, BTC is following the general risk-aversion trend.
The report also addressed energy price pressures originating from the Middle East and financial risks in Europe. It noted that these factors simultaneously complicate growth and inflation expectations.
*This is not investment advice.
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Michael Saylor has posted a cryptic message about resolving Bitcoin matters behind closed doors after Strategy disclosed a $22.1 million purchase funded largely through common-share sales.
Summary
Saylor’s “closed doors” post gives no purchase amount, transaction date, or funding details.
Strategy bought 517 BTC for $43.6 million across its two latest disclosed weeks.
Common-share sales funded approximately 98.6% of those Bitcoin purchases, with cash covering the rest.
STRC buybacks totaled $385.5 million over the same period, roughly 8.8 times Bitcoin spending.
In an Oct. 23 X post, Michael Saylor wrote, “Just resolving a few Bitcoin matters behind closed doors.”
The post includes a 14-second Matrix-style action video featuring Saylor but gives no purchase amount, transaction date, or financing details. It arrives before Monday, Oct. 26, following company disclosures on the previous two Mondays. Neither the caption nor the accompanying screenshot announces when Strategy will issue its next transaction update.
The company’s Oct. 19 Form 8-K records 267 BTC purchased during Oct. 12–18 at an average price of $82,900, including fees and expenses. Holdings stood at 848,517 BTC, acquired for $64.02 billion at an average cost of $75,446.
Saylor’s earlier messages have sometimes preceded purchase announcements. On Oct. 11, he wrote, “There’s always room for more orange,” before Strategy disclosed a 250 BTC acquisition the next day. The latest Friday caption does not specify whether it concerns another acquisition.
Strategy’s Bitcoin purchases grew modestly over two weeks
Strategy’s Oct. 12 announcement recorded $21.5 million spent on 250 BTC during Oct. 5–11, when its average purchase price was $86,194. The following week’s purchase added 17 more coins for $600,000 more.
Calculated from the two disclosures, the number of Bitcoin purchased rose 6.8%, while dollar spending rose approximately 2.8%. The average acquisition price fell roughly 3.8% between those reporting periods.
Together, the two weeks account for 517 BTC bought for $43.6 million. Those figures describe completed purchases through Oct. 18; they do not establish how much Strategy bought during the week of Saylor’s latest post.
As crypto.news previously reported, Strategy’s earlier 250 BTC purchase brought its holdings to 848,250 BTC. Its aggregate average acquisition price moved from $75,444 to $75,446 across the two disclosures, with both company figures including fees and expenses.
Common stock supplied the latest Bitcoin funding
In its Oct. 19 filing, Strategy identified $22 million in proceeds from selling 140,872 MSTR common shares and $100,000 of existing USD Cash as the funding sources for its latest purchase. No preferred-share sales appeared in that week’s ATM table.
For the preceding week, the Oct. 12 disclosure identified $21 million from common-stock sales and $500,000 from USD Cash. Strategy sold 125,183 common shares during that period.
Across the two periods, those figures total 266,055 common shares sold, $43 million in net proceeds, and $600,000 in cash used for Bitcoin purchases. Common-share proceeds therefore covered approximately 98.6% of the combined acquisition spending.
The disclosed weekly transactions distinguish the company’s recent funding mix from its historical use of preferred securities. An Oct. 21 account described Fidelity Digital Assets’ research on the preferred-stock financing channel, including 135,979 BTC accumulated through that channel as of Oct. 5.
Fidelity’s figure covers the financing channel examined in its report, not Strategy’s total holdings. The report said more than 95,000 BTC purchases were financed through preferred issuance between March and May, generating over $7 billion.
Fidelity cautioned that Bitcoin-focused preferred shares are not equivalents of money market funds. Its report tied their success to Bitcoin’s long-term performance and the issuing companies, without treating the stated income payments as a guarantee of investment returns.
STRC repurchases exceeded Bitcoin spending
Strategy spent $193.1 million repurchasing STRC during Oct. 12–18, after spending $192.4 million during Oct. 5–11. The combined $385.5 million was approximately 8.8 times the $43.6 million allocated to Bitcoin over those weeks.
The company restated its STRC trading range objective of $99–$100 over time in an Oct. 19 message. Its published policy describes regular repurchases below $100, while management has said it will not issue new STRC shares below that level.
STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. The company’s Oct. 19 graphic listed a 12% dividend rate, semi-monthly payments and an Oct. 28 vote on daily dividends.
The board expanded the preferred-security repurchase authorization from $2 billion to $3 billion, including earlier purchases and related costs. Strategy reported $1.16 billion remaining under that authorization as of Oct. 18.
Separate cash accounts funded buybacks and dividends
Strategy’s capital framework distinguishes its USD Reserve, intended to support preferred dividends and debt interest, from general-purpose USD Cash used for Bitcoin purchases and capital management.
During Oct. 12–18, the company used $193.1 million of USD Cash for STRC repurchases and $45.5 million from its reserve for preferred dividends. The reported closing balances were $447.3 million in USD Cash and $4.83 billion in the reserve.
A week earlier, Strategy reported $640.5 million in USD Cash and $4.88 billion in reserves. Comparing the rounded disclosures puts the cash decline at $193.2 million and the reserve decline near $50 million.
Item 7.01 of the Oct. 19 filing identifies Strategy’s website dashboard as a public disclosure channel covering securities prices, Bitcoin holdings, purchases, and company performance metrics. The filing encourages investors to review information published through that dashboard.
Gold falls below $4,000 as markets suffer a wave of selling that affects several precious metals. On Thursday, losses accelerated in a context marked by rising oil prices and inflation fears. Even with bond yields declining, this safe haven did not attract investors. This drop raises questions about the strength of the upward trend and occurs as Peter Brandt directly challenges Peter Schiff.
In brief
Gold falls below $4,000 after a strong wave of selling on precious metals.
The yellow metal loses 2.8% on Thursday, while silver drops 5.8%.
Inflation fears and expectations of US rate hikes increase the pressure.
Peter Brandt warns that a continued decline could erase 2025 gains.
Analysts watch the support zone from $3,924 to $3,942 and resistance at $4,198.93.
Gold falls below $4,000 after two difficult sessions
Friday morning, in Asia, gold traded around 3,998.72 dollars, a daily decline of 0.63%. The precious metal also touched a low near $3,986 during the session. It is now about 22% below its record of $5,110.50 reached on January 26. This correction marks a significant change after the highs recorded at the beginning of the year.
The decline accelerated on Thursday, when sellers also attacked silver and several other commodities. Silver lost 5.8%, while the yellow metal fell 2.8%. This session erased about $810 billion in market value for gold and over $190 billion for silver. Platinum gave up 4%, palladium 3.7%, and copper 2.8%.
Friday morning, estimates indicated over $1,300 billion in cumulative losses over two days for the metals concerned. Silver notably reached its lowest level in eleven months. This development shows that selling goes far beyond a single market segment. It also raises questions about the mechanisms that triggered this liquidation wave.
Oil and rates fuel pressure on gold
Rising oil prices are one of the main sources of tension. Fears of a conflict with Iran pushed Brent to $112.92, after an increase of about 3.8%. This rise rekindles concerns about inflation and complicates monetary outlooks. Investors are therefore reassessing the risks related to a sustained rise in prices.
In this context, futures market operators have increased their expectations for US rate hikes. CME FedWatch data indicated about a 90% probability of a rate increase by the Federal Reserve in December. This outlook weighs on gold, which generates no regular income. When rates go up, income-generating investments can become more attractive for some investors.
At the same time, AI-related stocks fell sharply. The Nasdaq recorded its worst session since June, while the S&P 500 had its most disastrous day since July. Usually, stock market tensions can favor safe haven purchases. Yet this time, investors turned more towards Treasury bonds.
The yield on 10-year US Treasury bonds dropped about 17 basis points to 4.96%. Inflation-adjusted yields also declined, without preventing the precious metal’s fall. Some analysts mention forced selling to explain this unusual reaction. However, they note that the real extent of liquidations remains to be confirmed.
Peter Brandt challenges Peter Schiff on gold’s fall
The correction also sparked exchanges between two well-known figures in financial markets. Trader Peter Brandt shared a chart of gold futures contracts while specifying that he was not making any forecast. However, he warned that a continued decline could erase all gains recorded in 2025. His comment was directed straight at Peter Schiff, a long-time defender of the precious metal.
Brandt then challenged Schiff, noting that such a scenario would not match his expectations. When asked by a follower about a possible timeframe, the trader mentioned three to five years. In another response, he estimated that the upward trend of this commodity was very likely to fade. These remarks remain personal opinions and do not constitute a certainty about future price developments.
A few days earlier, however, Schiff presented a price of $4,145 as a good buying opportunity. Investors who followed this recommendation have since seen a drop of about 3.5%. This discrepancy illustrates the risks related to decisions based on market expectations. It also shows how a rapid correction can undermine a short-term strategy.
Bitcoin and technical levels: the market’s next markers
Bitcoin did not provide more protection to investors against Thursday’s turbulence. Its price fell below $81,000, despite over one billion dollars in inflows into spot ETFs. At the time data was communicated, the cryptocurrency was down 4.1% for the day, against 2.3% for gold. Both assets therefore faced selling pressure, despite their operational differences.
Over the year, performances remain relatively close. The precious metal ended 2025 around $4,354, while Bitcoin closed that period near $87,498. At about $4,000, the former shows an annual decline close to 8% in 2026. At $81,000, bitcoin retreats about 7.4%, bringing the results of the two assets closer together.
Technical analysts are now watching several thresholds before the Fed meeting scheduled for October 27-28. A resistance at $4,198.93 is the first level to reclaim to consider the end of the selling wave. Below $4,000, a support zone between $3,924 and $3,942 draws their attention. If this support breaks, the next bearish target is around $3,754.
Upcoming data on US inflation and monetary decisions could steer future movements. A rebound above resistance would signal a possible easing of selling pressure, without guaranteeing a lasting reversal. Conversely, breaking support would expose prices to further decline. Markets will therefore have to confirm their direction through upcoming technical levels, while investors will watch the Federal Reserve’s choices.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Franklin Templeton plans to launch two exchange-traded funds that put 95% of their assets in US stocks and 5% in Bitcoin. One is built around S&P 500 exposure. The other targets the Nasdaq 100.
The asset manager filed a Form 8-A with the SEC on October 22, 2026. That filing typically signals a listing is close.
The two products are the Franklin US Equity Bitcoin DRIP Index ETF, ticker FBEQ, and the Franklin US Innovation Bitcoin DRIP Index ETF, ticker FIBT. Both will list on Nasdaq.
The effective date is projected for October 27, 2026. Trading is positioned to begin after that.
Under the hood, FBEQ tracks the VettaFi US Large-Cap 500 Bitcoin DRIP Index. FIBT follows the VettaFi US Innovation 100 Bitcoin DRIP Index.
“DRIP” refers to dividend reinvestment. Normally, an investor collects stock dividends and rolls them back into more shares. These funds route those payouts into Bitcoin instead.
The funds will not hold Bitcoin directly. They will get their exposure through exchange-traded products, including Franklin’s existing spot Bitcoin ETF, EZBC.
The rebalancing rules The 5% Bitcoin allocation is a starting point, not a fixed ceiling. The Bitcoin weight can drift above 5% between rebalances, whether from dividend inflows or price gains.
Every quarter, the index trims the Bitcoin position back down to 4.5%. There is also a hard cap of 20% on Bitcoin’s weight.
On cost, the research shows expense ratios reported as low as 0.09%.
Background: Franklin’s growing Bitcoin shelf These funds build on infrastructure Franklin already has. Its spot Bitcoin ETF, EZBC, has drawn approximately $335 million in net inflows.
EZBC now gets a second job as the Bitcoin engine inside these new equity funds.
What this means FIBT deserves a closer look on one front. Growth-oriented, tech-heavy companies often pay smaller dividends than broad large-cap names, so the Bitcoin accumulation engine may run slower there than in FBEQ.
The quarterly trim cuts the other way. When Bitcoin outperforms, the index sells some of it back down to 4.5%, so these funds will not be pure buy-and-hold vehicles for the asset.
The launch timeline puts the answer in the hands of the market fairly soon after October 27, 2026.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Large speculators in CME Bitcoin futures held a net long position of 2,418 contracts for the week of October 20, 2026, according to the Commodity Futures Trading Commission’s latest Commitments of Traders report.
That is a slight pullback from the prior week’s 2,534 contracts.
The report, released October 23, also showed speculators paring bets against most US Treasury futures. Meanwhile, the euro sat deep in net short territory.
What the Bitcoin numbers show
The CFTC publishes its Commitments of Traders, or COT, data every Friday at 3:30 p.m. ET. Each release reflects positions as of the preceding Tuesday.
The 2,418-contract figure covers non-commercial speculators in CME Bitcoin futures. It blends standard and micro contracts under the legacy reporting format.
A standard CME Bitcoin contract represents 5 BTC, while a micro contract represents just 0.1 BTC.
For context, the week ending October 13 showed large speculators net long 2,534 contracts, with total open interest of 20,752 contracts. Open interest measures the total number of outstanding contracts that have not been closed out.
The more granular Traders in Financial Futures breakdown told a split story for that October 13 week. Leveraged funds, a category that typically includes hedge funds, were net short roughly 5,844 standard contracts.
Asset managers and institutions, by contrast, were net long 3,642 contracts.
Treasuries, equities and the euro
The broader report showed a fairly consistent theme in the bond market: speculators trimming short positions.
Speculators cut their net short in CBOT US 2-year Treasury futures by 54,796 contracts to 856,783.
Net shorts in 5-year Treasury futures fell by 6,095 contracts to 1,074,109.
Net shorts in 10-year Treasury futures dropped by 23,809 contracts to 964,293.
Net shorts in CBOT US Treasury bond futures shrank by 58,019 contracts to 68,419.
The lone exception was the long end. Speculators increased their net short in UltraBond Treasury futures by 53,564 contracts to 375,161.
Equity fund speculators trimmed their S&P 500 CME net short by 42,221 contracts to 348,674.
Equity fund managers cut their S&P 500 CME net long by 18,079 contracts to 894,464.
In currencies, the euro held a net short position of 134,524 contracts.
Why the positioning matters
The COT report has an important limitation. It tells you what traders hold, not why they hold it, and it makes no attempt to forecast prices.
A net long can reflect outright bullish conviction. It can also be one leg of a hedged trade, such as a basis trade where a fund buys spot exposure and sells futures to capture the price gap between them.
That caveat is especially relevant to the Bitcoin data. The October 13 split, with leveraged funds net short and asset managers net long, is consistent with a market where some participants are hedging rather than simply calling direction.
The next COT report is anticipated on October 30, 2026. Traders watching Bitcoin will want to see whether open interest holds near the 20,752-contract level recorded for October 13, and whether speculators keep inching back from their net long or start adding again.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Crypto analyst Yi Lihua, also known as JackYi, shared today the importance of patience in the face of market fluctuations. He stated that he believes more attractive buying opportunities may emerge in the future.
Yi cited the past period when Ethereum fluctuated around $3,000 for an extended period as an example. He noted that investors who couldn’t withstand the price movements and rushed into buying were able to do so before the decline was complete.
The analyst, who also viewed the prolonged volatility seen after Bitcoin’s pullback from the $86,000 region within the same context, stated that he considers it important for individuals to be able to control their own trading impulses during the current process.
Another noteworthy part of the post was the assessment that the era of easy gains in the cryptocurrency sector is over. According to Yi, simply waiting for the next surge isn’t enough to achieve returns above the market average; knowledge, judgment, and psychological resilience are also required.
However, the investor did not share a specific Bitcoin or Ethereum price for new buying opportunities. Therefore, the statement does not contain a definitive bottom prediction or a call to buy at a particular level.
*This is not investment advice.
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Binance founder Changpeng Zhao has warned that artificial intelligence can harm Bitcoin users through leaked personal data and social engineering without breaking the cryptocurrency’s cryptography, according to posts from CoinMarketCap and Bitcoin Archive.
Summary
CZ warned that leaked personal data can enable AI phishing without breaking Bitcoin’s cryptography.
OWASP’s guidance compares specific algorithms and key sizes, leaving the bank-encryption claim unverified.
Coinbase’s 2025 breach exposed customer information without compromising private keys or login credentials.
Zscaler documented fake Ledger verification pages designed to steal wallet recovery phrases.
CoinMarketCap described Zhao’s warning as a concern about more advanced phishing enabled by exposed information, while Bitcoin Archive attributed to him a claim that banks rely on weaker encryption than Bitcoin. Neither post in the screenshot provides the algorithms, key lengths, or bank systems needed to check that comparison.
LATEST: 🚨 CZ says AI doesn’t need to crack Bitcoin’s encryption to cause damage, warning that leaked data already enables more advanced phishing and social engineering attacks. pic.twitter.com/elSMeeBePL
— CoinMarketCap (@CoinMarketCap) October 23, 2026
FBI guidance documents AI-assisted financial deception
The FBI’s December 2024 warning describes criminals using generative AI to make fraud more convincing and reach potential victims with less effort. Its examples include fake cryptocurrency investment websites, fabricated social media profiles, and chatbots that direct visitors toward malicious links.
Criminals can use generated text and translations to remove spelling and grammar mistakes that might otherwise expose a scam, the agency said. Its guidance describes synthetic images used for false identities and fraudulent identification documents, alongside video calls impersonating executives or other authority figures.
The FBI warned that cloned audio can imitate relatives seeking emergency payments or be used to impersonate bank customers. Such examples concern deception and identity abuse; the advisory does not report AI breaking Bitcoin’s cryptographic protections.
For households, the agency recommends agreeing on a private word or phrase to check a relative’s identity. It advises limiting publicly available personal images and voice recordings that criminals could use to create convincing impersonations.
Bitcoin security claims require a specific comparison
OWASP’s Application Security Verification Standard lists cryptographic strength by algorithm and key size, using a comparison table drawn from guidance issued by the US National Institute of Standards and Technology. The table places AES-128, 3,072-bit RSA and elliptic-curve cryptography using keys of 256 to 383 bits in the same 128-bit security category.
OWASP’s framework does not rank banks and Bitcoin as two uniform systems. Its guidance calls for organizations to identify and document their cryptographic assets, including algorithms, keys, and certificates, and assess them as cryptographic research and requirements change.
The bank comparison attributed to Zhao remains an assertion without that system-level evidence. The two posts do not identify a bank, describe a cryptographic weakness, or document an AI attack that recovered a Bitcoin private key.
Quantum computing presents a separate technical question in NIST’s published guidance. In August 2024, the agency finalized three post-quantum standards intended to protect electronic information against attacks from sufficiently capable quantum computers. Its announcement describes machines that operate differently from conventional computers and could defeat widely used cryptographic methods.
NIST said the standards cover general encryption and digital signatures, with applications ranging from confidential communications to online commerce. The agency encouraged administrators to begin integrating the standards because deployment takes time.
Coinbase disclosed how stolen records supported impersonation
A US exchange has documented a customer-data attack with a similar mechanism. In May 2025, Coinbase said criminals bribed overseas support personnel to obtain information they could use while pretending to represent the company, as crypto.news previously reported in its account of the customer data breach.
Coinbase’s own disclosure listed contact details, government identification images, masked financial identifiers and account information among the stolen records. The company said the attackers did not obtain private keys or login credentials, and the stolen access did not itself allow them to move customer funds.
The exchange rejected a ransom demand and announced a matching $20 million bounty for information leading to the attackers’ arrest and conviction. Its disclosure described safeguards including extra identity checks on large withdrawals and scam warnings for flagged accounts.
Coinbase said its voluntary reimbursement covered retail customers who sent funds to the scammer as a direct result of the incident before the announcement, subject to review. The disclosure did not establish that AI was used in those attacks.
Ledger phishing pages sought wallet recovery phrases
Hardware-wallet users have faced impersonation through search advertising. A Sep. 25 investigation by Zscaler, covered in an Oct. 11 article about fake Ledger websites, described fraudulent Google advertisements leading users toward a counterfeit wallet interface.
Zscaler documented a campaign it analyzed in August, with redirects passing through Google Cloud Storage and Vercel before displaying a phishing page hosted through Google Sites. Researchers observed redirect addresses changing every 15 to 20 minutes.
The fake verification process asked visitors for their recovery phrases, which attackers could use to access wallets without possessing the physical devices, the researchers said. Zscaler’s account described credential theft and did not establish AI involvement in the campaign.
Ledger’s own campaign warnings describe physical letters that ask recipients to scan a QR code or visit a website before entering their 24 recovery words. The company says anyone holding that phrase can access the accounts created from it, and warns users never to enter it into a computer.
The wallet maker’s guidance says it does not send emails asking customers to update device firmware, enable two-factor authentication, or take similar steps. Its warning page includes examples of fraudulent letters and emails used to solicit recovery information.
Institutional activity around Bitcoin [BTC] escalated as Fidelity and BlackRock received significant BTC transfers into their ETF wallets, suggesting fresh interest among these key asset managers.
According to Onchain Lens on X, Fidelity’s FBTC ETF wallet reportedly received 282.63 BTC valued around $23.08 million from Binance. Additionally, BlackRock’s ETF wallets also received 384.77 BTC, valued at approximately $31.4 million.
Combined, these transactions reflected a continued institutional activity despite Bitcoin’s latest price weakness.
Here it is important to note that even though wallet transfers alone could not validate fresh purchases, the movements strengthened the attention toward institutional Bitcoin positioning.
Source: Onchain Lens on X
Beyond the institutional activity, another noteworthy accumulation activity emerged among newly created wallets.
Since the 1st of October, Bitcoin’s large holders additionally heightened their activity, with 40 newly created wallets withdrawing 9,458 BTC from Wintermute. These withdrawals totaled roughly $771.5 million, which reflected considerable movements among wallets potentially connected to large market players.
This concentration of withdrawals across the newly created addresses reinforced the chance of a well-coordinated accumulation ahead of a possible price recovery. In fact, such transfers often attract attention since investors sometimes move acquired Bitcoin into wallets for longer-term custody.
The broader exchange activity meanwhile provided additional context for assessing whether BTC holders were indeed reducing their available exchange supply.
Source: Lookonchain on X
BTC exchange withdrawals deepen amid reserve decline
Bitcoin‘s Spot market registered around -$465.55 million in Spot Netflows on the 22nd of October, validating the withdrawal narrative. For context, this negative netflow implied that more BTC left exchanges than entered during the reporting period.
Interestingly, Bitcoin’s USD-denominated exchange reserves fell 1.35% over 24 hours, reaching roughly $226.33 billion. These figures together pointed towards reduced exchange balances, even though Bitcoin’s valuation also influenced the dollar-denominated reserve metric.
Importantly, the continued withdrawals could reduce the immediately available selling supply in case holders continued moving coins away from trading platforms.
Now with institutional accumulation and whale withdrawals dominating the recent activity, Bitcoin’s price structure became increasingly important.
Source: BTC Spot Netflows on CoinGlass
Bitcoin demand zone strengthens as SAR flips
Bitcoin’s daily timeframe chart highlighted buyers defending an important order block around the $81k price region.
Following the most recent price rebound, BTC traded around $81,764 at press time, maintaining its position above the identified demand region. Importantly, the Parabolic SAR had just flipped below price, with its dots visibly at $80,001, suggesting improving bullish conditions amid the earlier decline.
Meanwhile, the Money Flow Index (MFI) indicator stood at 53.74, implying moderately positive buying pressure as capital inflows slightly outweighed outflows. Overall, institutional transfers, whale withdrawals, and declining exchange balances favored a bullish outlook as BTC defended its key support level.
Bitcoin, therefore, stands a better chance of extending its recovery toward $84,000 so long as buyers continue defending the demand zone supported by the bullish Parabolic SAR reversal.
Source: BTC/USDT Chart on TradingView
Final Summary
Institutional Bitcoin transfers and $771.5 million in whale withdrawals highlighted growing accumulation activity.
BTC held its demand zone as the bullish SAR flip strengthened recovery attempts toward $84,000.
Franklin Templeton has wired a stock portfolio’s cash dividends straight into Bitcoin, and the filing that puts the product on a live exchange is now on the SEC’s books. On October 22, the $1.8 trillion asset manager’s Franklin Templeton ETF Trust submitted a Form 8-A registration covering two funds — the Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and the Franklin US Innovation Bitcoin DRIP Index ETF (FIBT) — for Nasdaq listing under Section 12(b) of the Securities Exchange Act. A companion prospectus filed the same day carries an effective date of October 27, the first session the shares can trade.
Both products hold 95% US equities and a 5% Bitcoin sleeve, and both send every regular and special dividend the stock sleeve pays into Bitcoin at the next market open. The novelty is the plumbing, not the size of the position.
The Mechanics: 95% Stocks, 5% Bitcoin, Dividends Rerouted FBEQ tracks the VettaFi US Large-Cap 500 Bitcoin DRIP Index, a float-adjusted benchmark of the 500 largest US companies. FIBT tracks the VettaFi US Innovation 100 Bitcoin DRIP Index, built from the 100 largest non-financial US issuers listed on Nasdaq. Franklin Advisory Services manages both funds, with Franklin Templeton Institutional acting as sub-adviser, and the portfolios are run by Dina Ting, Hailey Harris, Joe Diederich and Basit Amin.
The Bitcoin sleeve is hard-capped at 20% of the fund. Each quarter the index tests the allocation: if it runs above 5%, the sleeve is trimmed to 4.5%; if it sits at 5% or lower, nothing moves. If Bitcoin ever closes above 20% between quarterly reviews, the position is reset to 4.5% by the close of the second business day. The reset point sits below the 5% trigger, so each trim leaves headroom before the next test. Bitcoin exposure is priced off the Kaiko Bitcoin New York Reference Rate at 4 p.m. Eastern Time.
The dividend flow moves in exactly one direction. The indexes track equity price return, not total return, so cash dividends are carved out of the stock sleeve’s math and routed to the Bitcoin leg. Franklin’s prospectus says the funds source Bitcoin exposure through exchange-traded products — including a spot Bitcoin ETP sponsored by an affiliate of the manager — and may also use Bitcoin futures, options, or a Cayman Islands subsidiary. FBEQ carries a 0.09% unified management fee; FIBT charges 0.19%.
Fund Ticker Index Equity universe Fee Franklin US Equity Bitcoin DRIP Index ETF FBEQ VettaFi US Large-Cap 500 Bitcoin DRIP Index 500 largest US companies 0.09% Franklin US Innovation Bitcoin DRIP Index ETF FIBT VettaFi US Innovation 100 Bitcoin DRIP Index 100 largest non-financial Nasdaq issuers 0.19% The Math: How Much Bitcoin a Dividend Sleeve Buys Strip the branding away and the mechanical Bitcoin demand is small. A large-cap US equity sleeve yields roughly 1.3% a year. On a hypothetical $100 million FBEQ, the 95% equity allocation would throw off about $1.24 million in annual dividends — and that amount, not the fund balance, is what gets converted to Bitcoin. It works out to a 1.24% Bitcoin purchase rate on total assets each year, before the quarterly reset recycles the position back into equities.
The contrast with a pure spot product is starker. A spot Bitcoin ETF holds a dollar of Bitcoin for every dollar of assets; the same $100 million in a DRIP fund holds about $5 million of Bitcoin at its target sleeve. Per dollar invested, the DRIP wrapper is roughly one-twentieth as Bitcoin-intensive. Even if the sleeve ran all the way to its 20% ceiling and stayed there, a $100 million DRIP fund would still hold only $20 million of Bitcoin — one-fifth of a spot fund’s exposure.
The Same-Day Outflow That Sets the Scale The filing landed the same day the spot complex reversed course. On October 22, US spot Bitcoin ETFs lost $635.6 million in a single session, the largest daily outflow since June, according to Farside Investors data. BlackRock’s IBIT led with $254.1 million in redemptions, Fidelity’s FBTC followed at $217.5 million, and ARK 21Shares’ ARKB shed $109.4 million, while Grayscale’s GBTC and Bitwise’s BITB posted smaller losses. The move erased three straight sessions of inflows and dragged Bitcoin to a close of $81,416 on Binance, down 3.2% on the day.
That single-day number is the useful benchmark. One session of spot redemptions was hundreds of times larger than a full year of dividend-driven buying at a $100 million DRIP fund. Against a category holding $104.71 billion in net assets, a $635 million outflow day is roughly 0.6% of the complex — meaningful as a signal, small as a stock. The DRIP is a trickle engineered to compound for decades, not a bid for this week’s tape, and it arrives against the same ETF-demand picture that has kept Bitcoin pinned near $81,000. CoinGlass tallied roughly $406 million in liquidations over the 24-hour window, with long positions taking the bulk of the hit.
What Registration Does, and Does Not, Mean A Form 8-A registers a class of securities with an exchange. It is a listing step, not an approval, and Franklin’s prospectus states plainly that the SEC has neither approved nor disapproved the funds. There is no disclosed seed capital, no announced asset target, and no confirmed first trading day beyond the October 27 effective date. The funds were first proposed in June and amended several times before this week’s filings.
The structure is also not a spot-Bitcoin substitute. Its 4.5% quarterly reset means most of the Bitcoin a dividend flow accumulates gets sold back into equities at the next rebalance, capping how far the sleeve can drift. The funds lean on Franklin’s own affiliated spot Bitcoin ETP for exposure, and a voluntary fee waiver in the prospectus is designed to stop double-charging on the same underlying Bitcoin — a waiver the manager can end at any time.
The countercase is the distribution, not the allocation. A 95/5 equity-Bitcoin wrapper is a way to put Bitcoin inside a conservative equity mandate that would never buy a pure spot fund — a kicker that converts the dividend a retirement account already expects into crypto exposure without asking the holder to sell anything. If that framing catches, the recurring mechanical bid on every ex-dividend date matters more than the 5% starting weight.
What happens next is whether the wrapper gathers assets. Franklin already runs the EZBC spot Bitcoin ETF and has spent 2026 extending its tokenized reach — Bybit now accepts Franklin Templeton tokenized money-market shares as off-exchange collateral, part of the same push to put legacy capital rails to work against crypto liquidity. If FBEQ and FIBT attract real assets after October 27, the dividend-recycling design gives Bitcoin a mechanical, recurring bid that does not depend on any trader’s view. If they sit empty, they remain a filing with a clever name. The first flow print after the effective date is the signal to watch.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
AUTHOR
Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.
Blockstream has launched a consulting business for financial institutions and opened an office in Lugano, Switzerland, the company shared today. The expansion gives banks, asset managers and other institutions direct access to the firm’s engineering teams and Bitcoin infrastructure, Blockstream said.
Blockstream Consulting Services will support institutions through the evaluation, design and implementation of Bitcoin-based financial infrastructure. The company said the business will develop solutions for tokenized asset issuance, confidential settlement and related infrastructure, with services spanning technical strategy, system architecture, integration and implementation.
From Lugano, Blockstream plans to serve clients across Switzerland, including Zurich, Geneva and Zug. The company said the office will serve as a hub for its European operations, supporting client relationships, strategic partnerships and collaboration with the region’s financial and technology communities.
“Switzerland is an important market for Blockstream given its longstanding banking tradition and supportive regulatory framework for digital assets,” said Peter Bain, chief marketing officer of the company. “We look to provide regional expertise in markets where we see demand for Bitcoin infrastructure. Our consulting business, combined with our new office in Lugano, will bring tailored Bitcoin solutions to financial institutions across Europe.”
Founded in 2014, Blockstream develops technology and services across Bitcoin custody, settlement, payments, asset issuance and self-custody. Its products include the Liquid Network sidechain, Elements, Simplicity, Core Lightning, the Jade hardware wallet and the Blockstream App. This year, the company launched Simplicity smart contracts on Liquid and added Lightning support to Jade.
Bitcoin adoption by financial institutions The company said the consulting business draws on that experience, with capabilities in cryptography, protocol engineering, security and financial technology. Multidisciplinary teams will give institutions access to the firm’s technical staff from initial evaluation through deployment.
“The next phase of Bitcoin adoption is its integration into existing financial systems,” said Adam Back, Blockstream’s co-founder and CEO. “Our extensive experience in Bitcoin cryptography, protocol development and engineering gives Blockstream the technical expertise to address the complexities of integrating Bitcoin into traditional financial infrastructure.”
The company framed the move as part of a long-term commitment to Switzerland and a broader strategy of building a presence in key markets to support institutional Bitcoin adoption.
The country has become a center for digital asset firms, with Zug’s “Crypto Valley” and a regulatory framework that permits banks to hold and trade bitcoin on behalf of clients.
There was no pricing disclosed, headcount for the Lugano office or named clients for the consulting business. The company said the Lugano office is open and that consulting engagements are available to institutions across Europe.
Micah Zimmerman
Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
New York Attorney General Letitia James is trying to secure a $1.37 billion judgment against the operators of NovaTech and its predecessor AWS Mining, two successive cryptocurrency investment schemes that allegedly defrauded hundreds of thousands of investors worldwide out of more than $1 billion.
Alleged founders Cynthia and Eddy Petion never appeared in court and, according to the AG’s office, fled the country.
“NovaTech and AWS Mining scammed thousands of vulnerable New Yorkers by telling them they were making a safe investment when in reality, they were victims of a pyramid scheme,” James said in a statement. “These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings.”
The schemes, AWS Mining and later NovaTech, relied on promoters who recruited heavily in Haitian and other immigrant communities — through prayer groups, WhatsApp chats, and ads in Haitian Creole.
AWS Mining sold crypto mining contracts promising 15 to 20 percent monthly returns and 200 percent within 15 months. It collapsed in 2019. The Petions then launched NovaTech, marketed as a registered hedge fund broker, promising weekly trading returns of two to four percent — more than 140 percent a year.
Those returns were fabricated, according to prosecutors. Records from B2Broker, which supplied NovaTech’s white-label trading platform, show that of the more than $1 billion investors deposited between 2019 and 2023, only about $26 million was ever actually traded — and NovaTech’s traders lost $18.2 million of that. Returns to earlier investors came from newer deposits, not trading. When NovaTech collapsed in mid-2023, tens of thousands of investors could not withdraw their funds.
The AG is also seeking $134.5 million the Petions allegedly withdrew to their own wallets from the investor account Cynthia Petion solely controlled, plus $4.7 million tied to the earlier AWS Mining scheme. A default judgment entered in August 2025 already bars the couple and their companies from the securities, commodities, and cryptocurrency industries.
Separately, four of the scheme’s top promoters have agreed to pay nearly $6 million in disgorgement to victims and accepted the same industry bans.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
PEPE surged approximately 9% within four hours, trading close to $0.00000502 on October 23, 2026, marking a notable move among memecoins during an otherwise muted Bitcoin session. The rapid price increase occurred as Bitcoin hovered near $81,700, showing only a marginal 0.5% uptick in the same period, according to spot market data.
Memecoin outpaces Bitcoin and altcoinsWhile Bitcoin’s performance remained stable following a technology-sector sell-off, PEPE and other memecoins outperformed both Bitcoin and broader altcoins in short-term gains. PEPE, inspired by the popular Pepe the Frog meme, cleared local resistance at around $0.00000476 and quickly advanced toward $0.00000502.
Demand for PEPE is susceptible to sharp shifts in online activity and spot market volume, often leading to swift and outsized moves compared to the slower pace that typically characterizes top cryptocurrencies like Bitcoin. In this session, those dynamics enabled PEPE to lead the day’s digital asset gains.
Market analysts noted that in speculative segments such as memecoins, sudden interest or concentrated liquidity can drive rapid repricing. As traders monitor whether PEPE sustains these levels or retreats, the meme token space remains an active focus area for risk-driven investors.
Short liquidations drive price actionSpot liquidation data from CoinGlass indicated that PEPE’s spike followed significant short covering over the past 24 hours. Short liquidations in the 1000PEPE contract reached approximately $2.4 million, notably outpacing $1.3 million on the long side. This accounted for about 65% of total PEPE liquidations during the reporting window.
Short sellers risk being forced to purchase when prices move against their positions, which can result in a cascade of buy orders and further boost token prices. CoinGlass data highlighted that forced closures on the short side played a magnified role in pushing PEPE higher, though the exact proportion of the four-hour rally attributed to liquidations remains unclear.
Separate observations revealed that PEPE balances held on centralized exchanges have declined, though public data do not clarify how much this outflow contributed to the upward price move. The phenomenon is familiar across speculative digital tokens, where modest demand changes can spark notable volatility.
The impact of trends and market timing in meme tokensTrading patterns around resistance levels and rapid short liquidations underline the importance of closely monitoring token flows and market timing, particularly in the meme token sector. In this segment, internet-driven trends can translate into significant financial movements within days. Fomo App, for example, shared that an investor’s $99 entry into the “Niu Lai” meme token ballooned to around $370,000—underscoring how quickly fortunes can shift in the space. Monitoring not just price action, but also the timing and specific choices of investors, is seen as central to navigating this market. Fomo App unifies token discovery, trading, social feeds, investor rankings, and trade notifications, aiming to offer participants comprehensive insights into meme token dynamics and investor activity.
As PEPE’s latest four-hour rally highlights, the next key test will be whether the token holds recent gains or retreats as trading intensity normalizes. Investor attention remains acute, with many seeking cues from both on-chain flows and sudden changes in social sentiment.
David Hoffman, once one of Ethereum's biggest advocates, drew attention to the rise in two altcoins.
Bankless co-founder David Hoffman, in a post today, highlighted the surge in PRL and QTC. Hoffman cited these projects as examples of what he called “2017 Bitcoin clones,” reflecting a new wave of interest.
In his post, he stated that PRL had risen by 30% weekly and its fully diluted valuation had reached $4.2 billion. For QTC, he highlighted a 300% monthly increase and a valuation of approximately $1.8 billion based on a supply of 21 million.
Hoffman’s emphasis was on tokens using the 21 million limited supply narrative reaching billions of dollars in valuations again. The statement did not include a technical assessment of whether these projects possess the same security or use cases as Bitcoin.
When reading the figures, the distinction between valuations is also important. Specifically, fully diluted valuation shows the equivalent of the entire supply calculated at the current price; it doesn’t necessarily have to be the same as the market value of the tokens in circulation.
Hoffman did not provide a new price target in his post. He also used weekly performance for PRL and monthly performance for QTC; meaning that not all of the reported increases are from today.
*This is not investment advice.
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Bitcoin is holding above $81,000 despite heavy institutional ETF outflows and waning momentum in the tech sector.
Notable Statistics:
Coinglass data shows 98,065 traders were liquidated in the past 24 hours for $253.93 million. SoSoValue data shows net outflows of $635.5 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $110.5 million. In the past 24 hours, top gainers include Akedo, Pepe, and Dash. Notable Developments:
Bitcoin’s Rally Hits 3 Roadblocks: Can Bulls Shake Off ‘Black October’?Bitcoin Could Send to $100,000 if it Breaks $86,000, Top Analyst PredictsEvernorth CEO Shares Why He Chose XRP Over Bitcoin: ‘With BTC You Can’t Do Much On-Chain’Ripple Partners With Arf to Bring RLUSD Liquidity to XRP LedgerBitcoin Could Crash $10,000 if Equities Drop 20%, Bloomberg’s McGlone WarnsPresident Trump, World Liberty Financial Sued Over $2.5 Billion UAE Crypto Deals: ReportBitcoin to $1 Million? Don’t Expect 100X Returns Anymore, Dan Tapiero SaysTrader Notes:
Trader KillaXBT predicts Bitcoin could rally at least 5% as a major cycle pivot approaches in the coming days.
The trader noted that Bitcoin has moved against prevailing market sentiment in all 11 previous pivots over 600+ days, suggesting the current bearish outlook could trigger an upside reversal.
Cryptoinsightuk warned that Bitcoin could face another long squeeze as leverage builds despite prices remaining flat near recent lows.
“I think this weekend could be interesting,” he added pointing to geopolitical catalysts like Israeli elections.
Following Bitcoin’s decline from $84,000, open interest initially fell before rebounding 5.15% in BTC terms and 4.68% in dollar terms, signaling renewed leverage.
The trader expects a potential downside liquidity sweep, possibly triggered by broader market catalysts, and plans to buy altcoins such as Ethereum if prices fall further.
Image: Shutterstock
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$10,000 in Zcash at this morning’s $1,177.59 buys 8.49 ZEC. If ZEC simply reclaims its September 26 high of $1,698, that position is worth $14,419. The bet rests on one dated fact: Zcash’s NU7 network upgrade is now locked to mainnet block 3,543,405, which the chain should reach around November 5. The broader market is drifting the other way. Bitcoin slipped under $81,000 in the first hour of October 24 for the first time since mid-month, and only one top-10 coin is printing green.
Bitcoin traded at $80,882 as of 00:13 UTC on October 24, down 0.24% over 24 hours, per CoinGecko data. Ethereum sat at $2,379.52 (−0.17%), Solana at $102.49 (−0.95%), and XRP at $1.29 (−1.10%). BNB was the lone top-10 gainer, up 1.14% to $737.99. Zcash changed hands at $1,177.59, down 3.28% on the day, with a $20.0 billion market capitalization — the number that frames everything below.
Bitcoin Under $81K: A Level the Data Keeps Testing
The 30-day chart shows the story in one line. Bitcoin peaked near $86,490 on October 10, faded through the middle of the month, and has now spent four of the last six sessions under the $82,000 mark it defended through the first half of October. The slide from $86,490 to $80,882 is a 6.5% drawdown, and it has come on falling conviction rather than a single liquidation cascade: 24-hour volume near $23.9 billion is well below the October highs.
What matters for a trader is that $81,000 is not a random round number. It has acted as the pivot of the current range: buyers stepped in near $81,100 on October 22, and sellers have capped every push above $83,000 since the middle of the month. A daily close below $80,000 — the level defended through the weekend — opens the next test around $79,500, the deeper floor traders cited ahead of the Federal Reserve’s October 27–28 meeting. A reclaim of $83,000 puts the October 10 high back in play. Those are the two conditions, and both are data-bound, not vibes.
The Zcash Catalyst: NU7 Locks to Block 3,543,405
Zcash’s case is different because it is not waiting on a central bank. The Zcash Foundation released Zebra 7.0.0 on October 22, the first stable node release with mainnet support for Network Upgrade 7. The foundation is direct about what the upgrade changes: “NU7 brings blocks every 25 seconds instead of every 75, a Network Sustainability Mechanism that recycles part of every transaction fee into future block rewards, and new shielded limits that protect wallets from spam.”
Activation is not a calendar date but a block height: 3,543,405, targeted for around November 5. The upgrade had already gone live on testnet at block 4,465,026 on October 4. The speed change is the headline. Target block spacing falls from 75 seconds to 25 seconds, so the average wait for a first confirmation drops from 75 seconds to roughly 25 seconds. At target spacing, the chain produces about 3,456 blocks a day instead of roughly 1,152, and three confirmations clear in about 75 seconds rather than 225.
The fee change is the part most holders will actually feel. Under ZIP 235, the foundation writes, “60% of each block’s transaction fees are removed from circulation and placed in a reserve, while miners keep the other 40% so they still have every reason to include transactions.” Those reserved funds are scheduled to return gradually through later block rewards, beginning at mainnet block 8,939,664 — around February 2031. The 21 million ZEC supply cap does not change, and the halving schedule is untouched.
There is one deadline that is not optional. “Once NU7 activates, version 4 transactions are no longer valid,” the release states, and “because Sprout transfers can only use version 4, funds left in the Sprout pool become unspendable.” Anyone still holding ZEC in the original Sprout shielded pool must move it before block 3,543,405 or lose access. Node operators face the same cutoff: the foundation’s instruction is that “All Mainnet operators MUST upgrade before height 3,543,405 (~Nov 5) to stay on the consensus chain.”
The 2x Math: What Doubling Actually Demands
The money angle is concrete and the arithmetic is the own-work part of this screen. At $1,177.59 and a $20.0 billion market cap, a 2x on ZEC means $2,355 and a $40 billion market cap. That is not a re-rating of the entire Zcash story — it is ZEC returning to the $1,698 level it printed less than a month ago, before the NU7 testnet cycle began. The 8.49 ZEC a $10,000 position buys becomes $20,000 at that level, and $14,419 just by reclaiming the September high.
Bitcoin, by contrast, has to do much more for the same return. Doubling from $80,882 to $161,764 requires the market cap to grow from $1.63 trillion to roughly $3.25 trillion — a $1.62 trillion inflow that no single catalyst in the current calendar promises. BNB sits in between: a 2x to $1,475.98 needs its market cap to move from $97 billion to about $194 billion. The point is not that ZEC is the better asset in absolute terms. It is that a dated, network-level catalyst is a cheaper trigger than a macro regime change, and the math makes the tradeoff explicit.
The benchmark that matters is the one the market already tested. ZEC peaked near $1,698 on September 26 and has given back about 30% since, so today’s $1,177.59 is a retrace, not a new high. The NU7 activation is the first hard event since that peak that changes the protocol’s throughput, and the October 21 merge of the height into the ZIP specification removed the last “to be determined” from the schedule. That is what turns a retrace into a re-rating candidate.
Why This Setup Fails
The skeptical case is straightforward and should be taken seriously. First, ZEC is down 3.28% on the day while the rest of the market is flat — the NU7 catalyst has not yet shown up in price, and a protocol upgrade is a supply-and-throughput event, not a demand event. Faster blocks and a fee reserve do not, by themselves, bring new buyers. Second, the upgrade is still two weeks out, and the interim belongs to the macro calendar: the Federal Reserve decides on October 27–28, and a hawkish surprise would pressure every risk asset, ZEC included, regardless of its own roadmap.
Third, the Sprout migration is a real operational risk for a small but non-zero set of holders. Roughly 0.4% of shielded funds still sits in the legacy pool, and any of it left behind at activation becomes unspendable — a self-inflicted supply event that could read as confusion rather than progress if the migration warnings do not land. Finally, the broader privacy-coin trade has already run hard this year, which means some of the NU7 outcome may be priced into a token that is still up sharply on a year-to-date basis despite October’s pullback.
None of this breaks the trade, but it defines the invalidation. If Bitcoin closes the week under $80,000, the ZEC setup is fighting a falling tide. If NU7 slips past November 5 — the height is a target, not a promise — the catalyst is gone and the position thesis is gone with it.
The Levels That Matter Before November 5
For ZEC, the levels are clean: support at $1,081, the October 16 low after the inflation selloff, and resistance at $1,252 and then the $1,698 September peak. A close above $1,252 reopens the range top; a break of $1,081 puts the $1,049 mid-September low in view. For Bitcoin, the $80,000 close is the line in the sand, with $79,500 as the deeper floor and $83,000 as the reclaim that would turn the daily trend back up.
The two dates to keep on the calendar are October 27–28 (the Fed) and the November 5 NU7 window. The Zcash position is a bet that the second event matters more for one asset than the first one matters for everything else. That is the whole trade in a sentence, and it is why the Zcash news hub and the Bitcoin news hub are the two pages worth refreshing between now and then.
Frequently Asked Questions
What is the best crypto to buy now?
On October 24, 2026, the strongest dated catalyst sits with Zcash, whose NU7 upgrade is locked to mainnet block 3,543,405 for around November 5. Bitcoin is the safer core position but is drifting under $81,000 ahead of the Fed’s October 27–28 meeting.
What is Zcash’s NU7 upgrade?
NU7 is Zcash’s seventh network upgrade. It cuts target block spacing from 75 seconds to 25 seconds, adds a Network Sustainability Mechanism that diverts 60% of transaction fees into a reserve, and disables version 4 transactions, which makes legacy Sprout-pool funds unspendable at activation.
When does the Zcash NU7 upgrade activate?
NU7 activates at mainnet block 3,543,405, which the network is expected to reach around November 5, 2026. Because block production is not perfectly uniform, the exact time can shift slightly; the height, not a clock, controls activation.
Is Bitcoin a buy at $80,882?
Bitcoin trades under $81,000 with support near $80,000 and $79,500. A daily close below $80,000 opens the next leg down; a reclaim of $83,000 would turn the daily trend back up. The October 27–28 Fed decision is the next macro catalyst.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Bitcoin fell from approximately $84,700 early Thursday to $80,900, marking its steepest decline in 2 weeks. The asset tagged $81,000 again earlier today before stabilizing between $81,000 and $82,000. Bitcoin currently trades around $81,500, down about 3.7% since midnight Thursday.
After experiencing $3,000 swings throughout the week, Bitcoin has spent much of Friday trading within a range of less than $1,000. The narrower range offers some stability after recent volatility, though price remains under pressure.
Solana followed a similar trajectory, falling from $109 to $103 before recovering to around $104.
Bitcoin ETFs Record Their Largest Outflows Since June
U.S. spot Bitcoin ETFs recorded $635.6 million in net outflows on Thursday, reversing Wednesday's $528.4 million in inflows. The withdrawal marked the largest daily outflow since June 25, when the funds lost $696.29 million.
Despite Thursday's reversal, Bitcoin ETFs remain positive for the week, with cumulative net inflows of $442.7 million. The funds attracted $526.7 million on Monday, $23.2 million on Tuesday, and $528.4 million on Wednesday before Thursday's withdrawals erased much of those gains.
Bitcoin has also struggled to reclaim the average acquisition cost of U.S. spot Bitcoin ETFs, which stands at $82,313. Its current price remains below that level, leaving ETF investors collectively underwater on their average holdings.
Historical data offers a concerning signal. Across the 22 previous days when Bitcoin ETFs recorded outflows exceeding $300 million, Bitcoin tended to trade significantly lower in the days that followed.
Solana ETFs Face Their Worst Month on Record
Solana's ETF market presents an even more concerning picture. U.S. spot Solana ETFs have recorded $72.24 million in net outflows so far in October, making it their worst month on record.
The funds have experienced consecutive weekly outflows of $24.81 million and $25.52 million over the past 2 weeks. They have also lost $17.31 million so far this week, with Friday's trading session yet to conclude.
Before October, June 2026 was the only other month to record net outflows, with withdrawals totaling just $786,580. October's figures therefore represent a substantial deterioration in investor flows. The sustained withdrawals raise questions about institutional demand for Solana exposure as the broader crypto market weakens.
Liquidations Exceed $254 Million as Sentiment Cools
According to CoinGlass, 99,714 traders were liquidated over the past 24 hours, with total liquidations reaching $254.19 million. The largest liquidation order occurred on Hyperliquid for SOXL-USD, valued at $3.77 million.
The liquidation heatmap showed $162.22 million in long liquidations against $91.97 million in short liquidations over 24 hours. Long positions accounted for 63.8% of liquidations, while short positions represented 36.2%.
Meanwhile, CoinMarketCap's Fear & Greed Index stands at 48, indicating neutral sentiment. The index has fallen 38.4% over the past month, declining from 78 to 48, while Bitcoin lost approximately 5% over the same period.
Sentiment has remained neutral for 16 consecutive days, its longest such stretch since May. The index has stayed between 48 and 58 since October 8, compared with this year's high of 82 on August 27.
Can Bitcoin Recover Before Year-End?
Bitcoin remains approximately one-third below its all-time high above $126,000, reached about a year ago. A recovery since August had raised hopes that the asset could revisit $100,000 before year-end, but recent market turbulence and concerns about artificial intelligence spending have tempered expectations.
With Bitcoin trading below ETF investors' average cost basis, record outflows from ETFs, and sentiment weakening, the market faces several hurdles to a sustained recovery.
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Bitcoin (CRYPTO: BTC) held roughly 57% of the digital asset market as of Oct. 10, its highest share since November 2022, according to Glassnode and Fasanara Digital.
Why Capital Stayed Concentrated in BitcoinGlassnode and Fasanara Digital wrote in the report that smaller tokens fell roughly 52% from their October 2025 peak, about 18 points worse than large-cap assets.
That breaks from past cycles, where Bitcoin gains typically spread into smaller coins over time. Ethereum’s market share slipped to 11% over the same stretch, now roughly matching stablecoins.
Bitcoin’s realized capitalization, a cost-basis measure of capital held in the network, posted its first positive month in nine during August, after falling $44.5 billion from its November 2025 peak.
The report’s liquidation model helps explain why: estimated short exposure in the $65,000 to $70,000 range collapsed from $7 billion to just $344 million within two days during August’s rally, suggesting forced buying kicked off the move before genuine demand took over.
Why Corporate Treasuries Are Shifting Toward EthereumCorporate Ethereum (CRYPTO: ETH) holdings grew 43% since December 2025, compared to 21% for Bitcoin and just 7% for Solana (CRYPTO: SOL), with Ethereum treasuries now holding roughly 6.6% of total supply.
The report attributed Ethereum’s edge partly to staking income, while Solana treasury accumulation has largely stalled.
Bitcoin corporate holdings remain far more concentrated than Ethereum’s. Strategy (NASDAQ:MSTR) held 848,000 BTC, about two-thirds of all disclosed corporate Bitcoin holdings, and accounted for nearly all of the 180,000 BTC that named companies added this year.
Spot Bitcoin ETFs held 1.3 million BTC, just 6% below their October 2025 peak, with BlackRock’s (NYSE:BLK) IBIT making up 62% of that total.
Why Traditional Assets Are Moving Onto Crypto RailsPerpetual futures tied to stocks, indices and commodities jumped from $23.5 billion in monthly volume in November 2025 to $778 billion in August 2026, a roughly 33-fold increase.
Their share of total perpetual trading rose from 0.5% to 23.5%, with Binance capturing about 55% of that volume in August despite entering the category after rivals.
On Hyperliquid, perpetuals tied to traditional assets now trade at roughly four-fifths the volume of the platform’s own Bitcoin contracts, up from under 1% in late 2024.
What Would Confirm the RecoveryThe report outlined four signals needed to confirm a sustained rebound: ETF inflows continuing into a third straight month, positive Binance spot buying pressure holding steady, futures open interest rebuilding in BTC terms, and Glassnode’s market indicators shifting into warmer territory.
As of early October, 56% of the firm’s 45 tracked indicators sat neutral, with fewer than one-fifth reading warm or hot.
Image: Shutterstock
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Franklin Templeton, a $1.8 trillion AUM global asset manager, has received approval from Nasdaq to list two new Bitcoin ETFs with a DRIP strategy. This brings the company closer to launching Bitcoin ETFs that systematically convert stock dividends into BTC exposure.
According to the latest SEC filing, Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF is now cleared to list and trade on Nasdaq under tickers FBEQ and FIBT. The ETFs will reinvest dividends from US stocks into Bitcoin.
Both Bitcoin ETFs track VettaFi indexes that combine traditional equity exposure with a rules-based Bitcoin allocation. Investment begins with 95% in U.S. stocks, either a large-cap 500 universe or a 100-stock innovation-focused Nasdaq list. Also, it has 5% in Bitcoin-related instruments.
Franklin Templeton Bitcoin ETFs Listing Approval from Nasdaq. Source: US SEC
Also Visit: Best Institutional Crypto Custody Providers in 2026
Instead of distributing dividends or reinvesting them in additional shares, the indexes systematically direct regular and special dividends into Bitcoin exposure on the day after each ex-dividend date.
Bitcoin weight is capped at 20%. Also, any allocation above 5% is cut back to 4.5%. BTC exposure comes through Bitcoin ETPs and other instruments offered by Franklin Templeton. Both ETFs have a management fee of just 0.09%.
The structure offers investors a passive way to accumulate limited Bitcoin exposure funded entirely by equity dividends, reflecting Franklin Templeton’s continued expansion into crypto-linked products.
Franklin Templeton’s spot Bitcoin ETF (EZBC) has recorded total inflows of $335 million to date. EZBC recorded $7.3 million in inflows on Wednesday.
Recently, Franklin Templeton met with US SEC Crypto Task Force. It sought clarity on whether its tokenized funds and ETFs need additional relief to participate in the TSV trading environment created by the Innovation Exemption without violating the 1940 Act.
Meanwhile, BTC price has dropped below $81,500 today amid multiple headwinds facing the broader crypto market. Trading volume decreased by 33% over the past 24 hours amid options expiry.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
In This Article BTC USD: Why Does It Matter That Retail Left Futures?Are Bitcoin ETFs Still Buying?BTC USD Price Analysis: Will $79,800 Hold?One More Thing: Does the McRib Move Bitcoin? Bitcoin (BTC USD) is holding near $81,700 on Friday, October 23, after CryptoQuant CEO Ki Young Ju said retail traders have left Bitcoin futures markets. It’s the reverse of what his data showed at the 2025 top, after U.S. spot Bitcoin ETFs took in about $1 billion in three days. The price has lost $3,000 since Wednesday’s high. The buyers haven’t left.
The Bitcoin price is down 0.2% in 24 hours and 0.6% in a week. So does a quieter futures market point to a bottom, and which levels matter for BTC USD now?
Retail traders are gone from BTC futures markets, the exact opposite of what we saw at the top. https://t.co/7cdtVHsVgG pic.twitter.com/3O4lmbOfSd
— Ki Young Ju (@ki_young_ju) October 22, 2026
BTC USD: Why Does It Matter That Retail Left Futures? Because crowded markets tend to top. CryptoQuant’s chart sorts futures trades by average order size. Through the summer of 2025, with BTC between $110,000 and $120,000 ahead of its October record, small retail orders dominated almost every day. Retail kept leading as the price slid into January.
The picture is now reversed. Since May, no stretch has been led by retail. Large whale orders marked the July low near $58,000, and mid-sized whale orders drove the rally to $87,000 in September. October is mostly neutral, with whales still active.
That doesn’t mean the bottom is in. Retail also dominated from February to April 2026, when BTC was trading between $63,000 and $75,000, and BTC still fell to $58,000 by July. What it shows is that this market is less crowded with leveraged small traders, so there are fewer of them to liquidate on a drop.
Spot money agrees. U.S. spot Bitcoin ETFs took in about $1.07 billion from Monday to Wednesday, enough to turn October’s flows positive.
DISCOVER: Bitcoin ETFs Turn October Positive With $1 Billion in Three Days While ETH Funds Bleed $1 Billion
Are Bitcoin ETFs Still Buying?
Yes, and in size. U.S. spot Bitcoin ETFs took in $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday, about $1.07 billion in three sessions. That was enough to turn October’s flows positive.
BlackRock’s IBIT led again, with $235 million on Wednesday alone. Ethereum funds went the other way and kept bleeding money.
Put the two together, and the selling this week looks like short-term traders, not long-term money heading for the exit. ETF inflows of this size have come before past rallies.
DISCOVER: Bitcoin ETFs Turn October Positive With $1 Billion in Three Days While ETH Funds Bleed $1 Billion
BTC USD Price Analysis: Will $79,800 Hold? BTC is back inside the range it has traded in since October 10, between roughly $79,800 and $84,300. Wednesday’s push to $84,898 above the top failed within a day.
The short-term damage is a broken trendline. Thursday’s drop cut through the rising line that had held every dip since the October 15 low, and BTC is now retesting it from below near $82,000.
Update: Still alive. Bitcoin doing a little bearish retest of trendline here and we can continue down to Seppuko land. https://t.co/KaNIrsKPE8 pic.twitter.com/iIObZMGEMt
— VikingXBT (@VikingXBT) October 23, 2026
Overhead, $82,000 to $82,850 is the first wall: the trendline, the swing highs and the 4-hour moving averages. A reclaim would put $84,300 back in play.
Below, $80,876 is the 50-day EMA, and $79,800, the October 15 low, is the floor of the whole range. A quick sweep under $79,800 that reverses would be a classic shakeout and the cleanest setup for a bounce. A daily close under it would point to the 200-day EMA near $76,200.
EXPLORE: J.P. Morgan Projects 10% a Year for Bitcoin: The Bank’s Own Bear Case Points to $25,000
One More Thing: Does the McRib Move Bitcoin? Crypto Twitter has a less scientific indicator for Bitcoin. McDonald’s is bringing the McRib back “as early as 10/27,” and trader internbrah reminded more than 400,000 viewers that:
BTC historically goes up >2x after the McRib returns. Don’t fade the McRib.
The McRib is back on 10/27. BTC historically goes up >2x after the McRib returns. Don't fade the McRib.
Not financial advice. pic.twitter.com/RxBuzcVht5
— internbrah (@internbrah) October 22, 2026
We checked. Of the last seven McRib returns, BTC more than doubled within a year after two, in December 2020 and November 2023. After the November 2021 return, it topped out nine days later and lost two-thirds of its value. After the November 2025 return, it never traded higher.
McRib return BTC price Best gain within 12 months October 2019 $8,246 +49% December 2020 $19,201 +252% November 2021 $61,004 +11%, then −67% October 2022 $20,496 +68% November 2023 $35,437 +106% December 2024 $96,675 +29% November 2025 $102,997 none So the McRib is two for seven on doubling, which is about what you’d expect from a sandwich. For BTC USD, $79,800 still matters more than the menu.
EXPLORE: Best Crypto Presales With Asymmetric Upside in the Current Market
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bitcoin is navigating a challenging economic environment as Brent crude oil maintains levels above $100 per barrel, raising concerns about persistent inflation and the availability of fresh liquidity in global markets. CryptoQuant analyst Darkfost highlighted that strong oil prices historically coincide with slower Bitcoin price momentum, though he emphasized that this pattern does not represent a confirmed causation.
Brent crude’s influence on Bitcoin and market liquidityAccording to Darkfost, ongoing geopolitical tensions in the Gulf region and intensified Ukrainian operations targeting Russian refineries have pushed energy prices higher. Elevated fuel costs can impact a broad range of industries, including manufacturing, transportation and services, contributing to rising prices across the economy.
“Over the long term, periods when Brent oil trends strongly above its annual average have typically seen Bitcoin’s upward momentum slow, though distinct causal links remain unproven,” stated Darkfost of CryptoQuant.
Brent crude recently hovered near $104, compared to an average range of $60 to $70 earlier in 2026. The commodity’s 365-day moving average is now rising following an extended downtrend.
Available data since 2014 shows that when Brent trades significantly above its yearly average, Bitcoin often underperforms. Several such episodes—such as in 2018, parts of 2021 and 2022, and periods throughout 2026—demonstrate this market relationship. However, not every increase in oil prices led to a drop in Bitcoin, underscoring the complex interplay between the two markets.
Darkfost argued that broader economic conditions, rather than oil prices alone, ultimately drive investor behavior. In an inflationary environment, access to capital and appetite for higher-risk assets like cryptocurrencies can diminish. Persistently high energy prices further complicate decisions for the Federal Reserve, as officials navigate balancing inflation risks with the goal of supporting economic growth.
If inflation does not subside, the Federal Reserve may be less inclined to loosen monetary policy, creating a less favorable backdrop for new investment in digital assets. Sustained high borrowing costs and elevated yields could make allocating capital to Bitcoin less attractive for some investors.
Nevertheless, the analyst noted that Bitcoin responded positively during brief intervals of reduced macroeconomic strain, as seen in July. Oil prices subsequently rebounded, but Darkfost did not rule out the potential for further gains, cautioning instead that persistent high energy costs may limit the flow of new liquidity into cryptocurrencies.
Mini dictionary: CryptoQuant is an on-chain analytics platform specializing in blockchain data and market intelligence for digital assets.
Whale activity: over $770 million in BTC withdrawnWhile macroeconomic pressure persists, large Bitcoin holders are increasingly moving considerable sums of cryptocurrency. Blockchain analytics provider Lookonchain reported that since October 1, forty newly-created wallets have withdrawn a combined 9,458 BTC—valued at approximately $771.5 million—through Wintermute, a leading digital asset trading firm known for providing market liquidity and institutional solutions.
Mini dictionary: Wintermute is a prominent global algorithmic trading firm providing liquidity and facilitating large-scale transactions in the digital asset markets.
These large-scale withdrawals suggest some whales are accumulating Bitcoin even amid sluggish overall momentum. However, transfers from exchanges or trading firms to private wallets do not confirm whether these represent new purchases, nor do they reveal the identities of the wallet holders. It also remains unclear if the recipients are distinct institutional investors or addresses controlled by a single entity.
Lookonchain’s observation highlights ongoing interest in Bitcoin by large market participants, but the data cannot confirm broader buying activity across the market. Moving coins between wallets is not equivalent to net buying pressure, and cannot guarantee immediate impact on price direction.
MetricValueBTC Withdrawn9,458 BTCUSD Value$771.5 millionNumber of wallets40PeriodSince October 1Main partyWintermuteEven as large withdrawals signal ongoing accumulation by whales, these movements alone do not demonstrate a market-wide trend toward new investments or establish a firm timeline for Bitcoin’s potential recovery.
Both the oil market analysis and whale activity measure distinct aspects of the current environment: energy prices frame the macroeconomic backdrop and potential liquidity constraints, while wallet movements illustrate how major Bitcoin holders position themselves under these conditions.
For now, no clear correlation guarantees either immediate price gains or losses for Bitcoin. Darkfost pointed to Brent’s performance above its annual average as the metric to monitor—should oil recede below $100 and fall under its yearly benchmark, pressure on Bitcoin could ease and create room for new market momentum.
Gold has been humanity’s favorite store of value for thousands of years. Bitcoin launched in January 2009. In the US, the newcomer now has more owners.
A research report released by River in July 2026 estimates that approximately 49.6 million American adults own Bitcoin. That works out to 18.6% of the adult population, compared with 28.8 million adults, or 10.8%, who report owning gold.
According to the report, this is the first time on record that Bitcoin ownership has overtaken gold.
The numbers behind the flip
The gap is wide. By River’s count, US Bitcoin owners outnumber gold owners by roughly 20.8 million people.
River’s data shows Bitcoin ownership rising from 14.3% to 18.6% of US adults in approximately six months.
The report credits much of that growth to easier access. Exchange-traded funds, mobile apps and a range of exchanges have made buying Bitcoin more accessible. River also links the trend to a broader cultural shift in how Americans view digital assets.
River isn’t the only outfit reporting this pattern. Earlier surveys from the Nakamoto Project, which collected data from late 2024 to early 2025 and published findings by mid-2025, landed in similar territory. Those surveys counted roughly 48 to 50 million Bitcoin owners, compared with about 37 million gold owners.
The two studies disagree on the gold figure. Their Bitcoin estimates sit in the same neighborhood, though, and both put Bitcoin ahead.
Beyond individual wallets
Individual ownership is only part of the US picture. American exposure to Bitcoin also runs through corporate treasuries and government vaults.
Americans are estimated to hold about 42% of the total global Bitcoin supply.
US public companies collectively hold approximately 1.24 million BTC. According to the research, that represents about 93% of corporate Bitcoin holdings worldwide.
The US government holds around 328,000 BTC, valued at over $26 billion. Most of it came from asset seizures rather than deliberate purchases.
A wrinkle in the data
Not every survey tells the same story. Gallup reported that 9% of US adults owned crypto as of June 2026. That figure was down from 14% the previous year.
That sits awkwardly next to River’s 18.6% Bitcoin figure. Bitcoin is a subset of crypto, so on paper, Bitcoin ownership shouldn’t exceed overall crypto ownership.
The likeliest explanation is that the surveys ask different questions of different samples. Some respondents may also not think of an ETF holding as “owning crypto.” The research frames the Gallup data as a sign that Bitcoin is pulling ahead of other digital currencies, even as broader crypto ownership slips.
What this means
River’s numbers suggest that among individual Americans, the default “alternative asset” may be shifting. The research suggests that could encourage institutions to allocate more toward Bitcoin, as it gains acceptance as a legitimate asset class.
The concentration figures cut both ways. The US holds about 42% of global Bitcoin supply, and US public companies account for about 93% of corporate holdings. That gives American policy decisions outsized influence over the asset, meaning regulatory moves on ETFs, corporate accounting or the handling of seized coins could ripple through the market.
What to watch next: whether the growth rate River measured holds up, and whether other pollsters converge on similar figures. The six-month climb from 14.3% to 18.6% is striking. And if Gallup’s lower crypto numbers keep diverging from Bitcoin-specific surveys, expect a debate over methodology to follow.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Parker Lewis, author of “Gradually, Then Suddenly,” has argued that Bitcoin is poised to eventually settle all global payments. In a recent interview, Lewis pointed to the increasing burdens on the credit system, citing $107 trillion in global debt, and outlined how these factors could accelerate Bitcoin adoption for payment settlement.
Bank Failures and the Payment RevolutionLewis explained that major bank closures in 2023 convinced him the payments infrastructure is Bitcoin’s most vital role, rather than custody or reserve functions. He noted that the banking instability showcased vulnerabilities in traditional finance and made decentralized alternatives more attractive to individuals and businesses alike.
Discussing merchant adoption, Lewis highlighted that businesses can bypass traditional card networks by accepting Bitcoin directly. He emphasized these advantages by stating that merchants avoid the typical 3% card processing fees and eliminate risks related to chargebacks.
Parker Lewis described the shift in payments as essential, stating that merchant adoption of Bitcoin means, “Fewer fees, no chargebacks, and a more direct payment system.”
This focus on direct payments, according to Lewis, could drive Bitcoin’s real-world usage beyond its perception as just an asset or reserve currency.
Debt, Macro Strain, and Dollar RelevanceLewis also addressed the strain in the global credit system, citing over $107 trillion in worldwide debt—up starkly from $52 trillion in 2007. He said escalating interest rates, with mortgages above 7% and corporate refinancing costs at nearly 10%, signal deeper systemic stress.
He added that traditional tools of the Federal Reserve and the US Treasury are losing efficacy, leaving large-scale money creation as one of the only remaining responses to rising financial pressures.
According to Lewis, in such an environment, the dollar price of Bitcoin gradually becomes irrelevant as the system transitions to more direct digital settlements and away from depending on fiat currency denominations.
He claimed that “over time, as more payments are made through Bitcoin, the importance of its price in dollars will diminish.”
Lewis further critiqued the alignment issues between Bitcoin treasury companies and their investors, asserting that simply holding Bitcoin does not automatically drive long-term value or innovation.
Payments Infrastructure and Technical DebatesDebating the technical side, Lewis argued that Bitcoin’s real innovation comes through closing the value transfer loop and using payment networks, such as the Lightning Network, to provide scalable, instant settlements.
He also discussed the constraints of on-chain transaction capacity versus off-chain solutions like Lightning, suggesting that the payments architecture will need to evolve dramatically to reach the projected scale.
Mini dictionary: Lightning Network, a second-layer payment protocol for Bitcoin, enables faster and lower-cost transactions by creating off-chain channels that eventually settle on the main blockchain. It is seen as a critical tool for scaling Bitcoin to handle global payment volumes.
Lewis’s viewpoint has sparked further debate about Bitcoin’s long-term utility and the future of global payment settlements.
Privacy on Bitcoin has always come with a surcharge. A new prototype called PISA is trying to lower the bill.
Developers demonstrated PISA on October 23, 2026, during the Plan ₿ Week and Forum events in Lugano, Switzerland. The project combines Payjoin with Cross-Input Signature Aggregation, better known as CISA, to make collaborative Bitcoin transactions smaller and cheaper.
What PISA actually does
Start with the two ingredients. Payjoin, defined in BIP77 and BIP78, is a method for collaborative transactions with built-in privacy features.
Collaborative transactions pull in inputs from more than one source. That makes them harder for outside observers to read, which is the privacy benefit.
The catch is size. Every input in a Bitcoin transaction normally carries its own signature, and every signature takes up space.
CISA attacks that problem directly. It lets multiple signatures across different inputs be aggregated together, rather than each one sitting in the transaction separately.
PISA stitches these two ideas into a single working prototype. The goal is to keep Payjoin’s privacy while using CISA to trim the transaction’s footprint.
The numbers and the people behind them
The savings are not trivial. CISA proposals could cut transaction size and fees by approximately 7–26%, depending on the type of transaction.
The biggest wins should land on multi-input payments. Those are exactly the transactions common in tools like CoinJoin and Payjoin.
Fabian Jahr and Dan Gould are the primary developers on PISA. Both emphasized the potential for meaningful fee savings in cooperative transactions.
The project is a collaborative effort involving the Payjoin Dev Kit and Brink. Cypher Tank supported the Lugano demonstration.
The team did not keep the work behind a curtain. Developers showcased the code and specifications during the event and made them publicly available through a dedicated project website at pisa.payjoin.org.
Discussion on social media following the demo focused on user experience improvements.
Still a draft, not a deployment
Now for the fine print. The CISA proposals behind PISA remain in the research and specification phase.
The relevant draft Bitcoin Improvement Proposals, BIP 458 and BIP 459, have not been activated on the Bitcoin network. Until they are, the savings PISA demonstrates live in a prototype, not in your wallet.
Work on improving collaborative transactions has continued since the Taproot activation in 2021, with developers looking for ways to boost privacy while reducing the costs of using these newer transaction methods.
PISA is one of the more concrete outputs of that effort. It turns a set of specifications into something people can actually run and inspect.
What this means for Bitcoin users and builders
For wallet developers and infrastructure teams, PISA offers a reference point. Public code and specifications give builders something tangible to evaluate ahead of any protocol change.
For investors, the near-term picture is more modest. PISA is protocol research, and its direct impact depends on whether BIP 458 and BIP 459 move from draft to activation.
Progress on BIP 458 and BIP 459, developer feedback on the published PISA code, and any wallet teams experimenting with the prototype will signal whether this demo becomes a building block or stays a conference highlight.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Block has introduced its first large-scale advertising campaign for Bitcoin, called “Bitcoin Does,” aiming to engage the estimated 60 million Americans with an interest in digital currency but who have not yet participated in the market.
New campaign strategy targets mass adoptionThe “Bitcoin Does” campaign marks a shift in Block’s outreach approach, focusing on demonstrating real-life uses for Bitcoin instead of delving into complex technical aspects such as mining or blockchain. The company seeks to present Bitcoin as a straightforward and practical financial solution, responding to the questions and concerns of everyday consumers.
Maria Pesce, who leads Bitcoin marketing at Block and works across its Cash App, Square, and Proto product lines, explained the rationale behind the campaign. Pesce stated that feedback from potential users highlighted a need for clearer messaging that emphasizes Bitcoin’s tangible benefits.
Pesce reported that Block’s research showed many people are seeking “more honest money” and are trying to understand how Bitcoin fits into their daily lives.
Customer insights inform campaign messagingThe concept behind the “Bitcoin Does” campaign emerged from insights gathered through conversations with Cash App users and Square merchants. Many expressed frustration with inflation, financial bailouts, and private equity practices, motivating Block to position Bitcoin as a more transparent and accessible alternative.
Pesce highlighted that messages from small business owners influenced the campaign’s narrative, with several describing Bitcoin as “more honest money.” The marketing materials focus on Bitcoin’s fixed supply, self-custody options, and why younger generations are increasingly choosing the cryptocurrency for its perceived stability and transparency.
Interactive experiences and payment innovationBlock also used experiential marketing, debuting its “Lightning Lake” activation at ComplexCon, a cultural event. At this venue, attendees engaged in interactive activities such as “fishing for Bitcoin” and making payments via the Lightning Network, a second-layer protocol that enables faster, low-fee transactions over the Bitcoin network.
Mini dictionary: The Lightning Network is a second-layer scaling solution for Bitcoin that allows for instant transactions between users and reduces congestion and fees on the main blockchain, making micro-payments practical.
Block’s design philosophy aims to make using Bitcoin as simple as sending email, underlining the company’s focus on accessibility. The company also promotes 0% Bitcoin transaction processing fees on Square, further incentivizing merchants and customers to adopt digital payments.
Block’s team emphasized that design choices and customer experience are crucial for helping new users reach “light bulb moments” where the advantages of Bitcoin become clear.
Block’s expanding role in the digital ecosystemFounded by Jack Dorsey, Block is a financial services and technology company known for its prominent brands including Cash App and Square. The company is expanding its reach in the digital asset sector, developing tools and experiences that aim to simplify and promote Bitcoin adoption.
The launch of this campaign coincides with Block’s efforts to join broader technology alliances. The company recently aligned with major firms such as Nvidia, Microsoft, and Visa in initiatives focused on developing secure artificial intelligence applications.
By prioritizing practical demonstrations and tailored messaging, Block intends to bridge the gap between curiosity and active participation among millions of prospective Bitcoin users in the United States.
Bitcoin, the leading cryptocurrency, is fluctuating within a narrow range of $80,000-$84,000, with the anticipated major surge failing to materialize. In its latest report, CoinShares analyzed the factors limiting the rise in BTC.
According to CoinShares, Bitcoin is showing resilience to declines thanks to a recovery in spot buying and an improvement in market sentiment, while high inflation and interest rate hike expectations in the US are limiting the upside potential in the cryptocurrency market.
Spot Buying Supports Bitcoin, Suppresses Inflation and Interest Rates! According to CoinShares’ latest assessment, Bitcoin is exhibiting a relatively strong performance despite volatility in risky assets. The recovery in spot market buying, improved sentiment in equity markets, and the closing of short positions are among the key factors supporting the Bitcoin price.
In contrast, inflation data released in the US continues to be a significant risk for the cryptocurrency market. The consumer price index (CPI) exceeded expectations in September, raising concerns about inflation and interest rates.
Higher-than-expected inflation is also making it more difficult for the Fed to ease monetary policy and is reducing expectations of interest rate cuts. The possibility of interest rates remaining high for a longer period or a new increase could increase pressure on non-yielding assets like Bitcoin.
At this point, the market is also closely watching the possibility of another interest rate hike in December. The probability of rates remaining unchanged in October is priced at 90.6%, while the probability of an interest rate hike in December is priced at 68.8%.
Uncertainty Continues for Bitcoin! CoinShares concludes its assessment by stating that in the short term, spot demand, as well as inflation, interest rate expectations, and liquidity conditions, could be decisive factors in Bitcoin’s trajectory. While spot purchases support the price, concerns about tight monetary policy pose an obstacle to a sustained rise.
Therefore, the direction of Bitcoin is expected to be shaped by upcoming economic data and policy signals from the Fed.
*This is not investment advice.
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