Track market-moving stories before they get noisy

Bitcoin (BTC) price is down 1.5% today, October 8, to trade at $82,492 at the time of writing. This drop coincides with rising outflows from spot BTC ETFs as the crypto market’s sentiment weakens.

The dip also coincides with a rise in the value of the US dollar to a multi-month high following the hawkish tone observed in the recently released FOMC minutes.

BTC ETFs Record Highest Outflows Since June Data from SoSovalue shows that there were $487 million in outflows from Bitcoin ETFs on October 8. This marks the highest outflows seen by these products since late June 2026.

The BlackRock Bitcoin ETF recorded the highest share of the outflow at $207 million, while Fidelity’s BTC ETF recorded an outflow of $105 million.

Crypto ETF Data (Source: SoSoValue) Still, Bitcoin ETFs were not the only ones in the red because all altcoin ETFs besides NEAR and Litecoin recorded either outflows or zero inflows.

The outflows surged after the release of FOMC minutes on October 7, which revealed that most Federal Reserve officials are leaning towards another rate hike in 2026.

Bitcoin Price Weakens as Dollar Index Hits 18-Month High The US dollar index (DXY) has risen to above 102 for the first time since April 2025. The surge comes as markets anticipate another Fed rate hike in 2026.

US Dollar Index (Source: TradingView Data from CoinGape prediction markets shows that 77% of investors expect that there will be a change in interest rates at the December FOMC meeting.

Rate hikes strengthen the dollar, but they also weaken the demand for risk assets such as Bitcoin because investors choose to hold government bonds that offer a higher yield when rates are high, while exposing them to minimal risk.

Bitcoin’s Spot Demand Weakens and Leverage Cools CryptoQuant data shows that demand for Bitcoin in the spot market is weakening because the Apparent Demand metric has turned negative.

The Coinbase Premium Index is also negative, suggesting that there is weak buying pressure from US-based investors.

Source: CryptoQuant The futures market also shows a similar decline in demand, with Bitcoin’s open interest dropping by nearly 10% to $26 billion.

The dropping OI suggests that traders are not willing to open new positions on Bitcoin price as they minimize risk.

However, Bitcoin’s funding rate has risen from 0.0017% on October 7 to 0.0050% at the time of writing, per CoinGlass data, suggesting that long traders are paying short sellers to maintain their positions despite the recent drop to below $83,000.

Bitcoin Prediction as Price Remains Above All Key EMAs Despite the recent drop in price to below $83,000, Bitcoin price remains above all the crucial weekly EMAs, suggesting that the uptrend remains strong.

However, Bitcoin needs to close above the resistance at $86,500 to confirm the beginning of another bullish leg towards $90,000.

If the short-term future Bitcoin outlook remains bearish, Bitcoin price might retest the psychological support at $80,000 and if it does not hold, it might move to the 100-week EMA of $78,800.

BTC/USDT 1W Chart (Source: TradingView) The CMF reading of 0.08 also suggests that the buying pressure remains higher than the selling pressure on the weekly timeframe.

Robinhood (NASDAQ: HOOD) is pushing further into everyday spending by wiring a travel booking portal into its app, and it is doing so with inventory and booking infrastructure from Duffel, the London travel-technology company that sells flights, stays, and related services through a single programming interface.

The tie-up puts Duffel behind the brokerage’s own travel surface, the channel Robinhood already uses to steer cardholders toward flights, hotels, and rental cars booked inside its ecosystem rather than on an outside agency site.

Duffel’s product is built for companies that want travel inside an existing app without standing up airline contracts, hotel agreements, as well as agency accreditation on their own.

Through that interface, a partner can search live fares, complete a reservation, and handle changes or cancellations, while the customer never leaves the host brand.

Duffel has described flight access covering more than 500 airlines and lodging inventory running into the millions of properties, and it has already been embedded by spend management and rewards platforms that want the same pattern: book in place, pay with the partner’s card or points, and keep the receipt inside the original product.

Robinhood’s portal follows that model.

Elevated rewards on the Platinum Card depend on booking through it, including a higher cash-back rate on eligible flights and a still higher rate on eligible hotels and rental cars.

Annual flight and hotel credits, plus a network of premium properties that can include early check-in, room upgrades when available, and late checkout, are likewise tied to portal activity.

A supplier that can return live prices and manage the booking after purchase lets Robinhood attach those benefits at checkout and send customers to its travel partner for support from inside the app.

The travel step lands in the same week Robinhood put bitcoin on its own books.

Johann Kerbrat, senior vice president and general manager of crypto and international, told media outlets that the firm has added about $25 million of bitcoin to the corporate balance sheet.

He framed the buy as a signal of alignment with the bitcoin community, not as a change in how the company allocates capital.

Against a market value near $100 billion, he said, the holding is too small to alter Robinhood’s trajectory.

Shares had closed the prior session down 1.85 percent at $112, a level consistent with that valuation.

The corporate stake should not be confused with customer crypto.

Analytics estimates have placed digital assets linked to Robinhood custody wallets near $25 billion across multiple chains, including a large bitcoin balance that belongs to users.

Kerbrat’s comment closes months in which management had said a treasury allocation was still under consideration.

Because the figure came in an interview rather than a securities filing, the exact size and cost basis may be updated when the company next reports.

Together, the moves widen what can sit next to a brokerage account.

Embedded travel gives Platinum cardholders a reason to book inside Robinhood and gives the firm a foothold in a category banks and fintechs have been adding through similar suppliers.

The bitcoin purchase, modest next to both the market cap and the customer crypto book, puts a corporate holding beside an expanding crypto business that already includes a wallet, a layer-2 chain, and plans for perpetual futures. Neither item replaces stock, options, or crypto trading as the core franchise. Both show Robinhood treating the app as a place for spending and treasury signaling as well as for trades.

More than 6 million bitcoin are now held behind public keys visible on the blockchain, raising concerns about exposure as experts warn that artificial intelligence or quantum computing advances could threaten the security of digital assets.

Growing public-key exposure on the Bitcoin networkData from Glassnode, a leading blockchain analytics firm, shows that this exposed supply represents 31.2% of Bitcoin’s circulating supply. This figure is 5 to 6 percentage points above the lowest level recorded in 2023.

Between May and the latest update, exposed bitcoin holdings increased by 222,000 BTC, now valued at $18.2 billion. In contrast, the total bitcoin supply grew by just 64,000 BTC during the same period, according to Rafael Schultze-Kraft, co-founder of Glassnode.

Exchanges have contributed significantly to this rise, accounting for 123,000 BTC of the newly exposed balance. Presently, exchanges hold 1.79 million BTC behind public keys that are viewable on-chain.

The degree of exposure varies across exchanges. Coinbase, a prominent U.S.-based crypto exchange, has 10% of its bitcoin exposed, while Binance’s share stands much higher at 83%.

EntityBTC Exposed (%)Approximate Exposed BTCBinance83%Not specifiedCoinbase10%Not specifiedFidelity2%375,000 total BTC heldGrayscale49%Not specifiedRevolut99%Not specifiedRobinhood100%Not specifiedInstitutional holders show differing levels of exposure. Fidelity, the global financial services corporation, holds 375,000 BTC, of which only 2% are publicly exposed. Grayscale, an investment management firm specializing in digital currencies, has 49% of its holdings exposed, while digital platforms Revolut and Robinhood show exposure levels of 99% and 100% respectively. Holdings by the U.S., U.K., and El Salvador governments reportedly have no exposure under this analysis.

Mini dictionary: Glassnode is a blockchain analytics company that provides data insights and metrics related to on-chain activity, helping traders, investors, and institutions analyze cryptocurrency networks.

Security implications and technical outlookPublic keys become visible on the blockchain for several reasons, including address reuse or their appearance in special bitcoin output types like early pay-to-public-key transactions or Taproot-enabled outputs. If an attacker could exploit a future breakthrough in quantum computing or cryptanalysis, they might potentially derive private keys from these public keys, threatening the security of assets held in such wallets.

Although no practical attack on bitcoin’s or ether’s cryptographic security has been demonstrated to date, experts continue to monitor the situation closely, with a particular focus on developments in quantum computing and machine learning fields.

Ethereum researcher Justin Drake recently cautioned that the crypto industry should prepare for a scenario he called “bunker mode.” He warned of a theoretical possibility that advances in AI could rapidly enable shortcuts to breaking wallet cryptography.

Justin Drake has highlighted the urgent need for market participants to be prepared for worst-case scenarios, noting that AI could discover vulnerabilities in wallet encryption methods far faster than expected.

Drake also argued that institutions may face greater challenges adapting to emergency security measures than individual crypto holders, should an accelerated threat materialize.

Despite rising exposure figures, analysts specify that these metrics reflect addresses and not immediate risks, as no security compromises have been observed at this stage.

A disgruntled former core infrastructure engineer at a New Jersey industrial company sabotaged the firm’s computer network and extorted employees with a large Bitcoin (BTC) ransom demand.

The U.S. Department of Justice says 59-year-old Missouri man Daniel Rhyne pleaded guilty to a two-count information that charged him with extortion in relation to a threat to cause damage to a protected computer and intentional damage to a protected computer.

In or around November 2023, Rhyne took steps to execute a scheme to hack his employer’s computer network and extort the firm into paying a ransom.

The engineer initiated unauthorized remote desktop sessions and scheduled tasks to delete network administrator accounts, change passwords, and shut down multiple servers.

“On November 25, 2023, Rhyne sent an extortion email to Victim-1 employees in which he threatened to continue shutting down Victim-1 servers unless and until he received approximately 20 Bitcoin, which, at the time, was valued at approximately $750,000.”

At time of writing, 20 Bitcoin is worth about $1.667 million.

He pleaded guilty on April 1st, 2026, in Trenton federal court before U.S. District Judge Michael A. Shipp.

Shipp sentenced Rhyne on October 5th, 2026, to 32 months in prison.

The FBI’s Newark Field Office and FBI Kansas City investigated the case, which was prosecuted by Assistant U.S. Attorney Robert Taj Moore of the Cybercrime Unit in Newark.

Generated Image: Midjourney

About 35% of all Bitcoin options open interest on Deribit is tied to a single date: October 30. That works out to a notional value of approximately $10.7 to $11.3 billion, all scheduled to settle at 08:00 UTC that morning.

For context, that makes it the largest single expiry cluster on the platform. It is bigger than the December 25 contracts, which usually get top billing as the holiday blockbuster of the options calendar.

What traders are betting on The single largest strike concentration is the October 30 $95,000 call, which holds roughly 24,000 BTC of open interest.

With Bitcoin trading near $86,000, that strike alone represents roughly $2.1 billion in notional value. A call option pays off if the price rises above a set level, so a crowd at $95,000 is a crowd expecting a meaningful move higher.

The put-to-call ratio sits somewhere between 0.4 and 0.51, meaning there are roughly two calls for every put on this expiry.

For the October 30 expiry, max-pain levels are identified at around $78,000 to $79,000. That is below where Bitcoin currently trades, which creates an awkward gap between where buyers want the price to go and where sellers would profit most.

How big is this, really Total Bitcoin options open interest on Deribit has been reported in the $29 to $36 billion range. Against that backdrop, a single date holding more than a third of the total is a lot of eggs in one basket.

The buildup follows a run of large expiries that recently cleared, including those in late September. Once those contracts rolled off, traders began repositioning, and much of that fresh money appears to have landed on October 30.

What this means for the market When a huge block of calls sits at a strike like $95,000, market makers who sell options may need to buy more Bitcoin if the price climbs toward that level. That buying can, in theory, push prices further in the same direction. The process can also run in reverse if prices slip and hedges are unwound.

The research flags these potential gamma-hedging flows, along with alignment between options and futures positioning, as factors that may influence how Bitcoin trades into the expiry.

A market with relatively few protective bets is a market that may not be well cushioned if prices turn lower. Without much downside insurance in place, a sharp move against the crowd could force traders to react quickly, which may amplify volatility rather than dampen it.

Bitcoin near $86,000 sits well above the $78,000 to $79,000 max-pain zone. The tension between a crowd of upside bets and a max-pain level several thousand dollars lower is the sort of setup that keeps options desks glued to their screens.

A few things are worth tracking as the date approaches. First, whether open interest at the $95,000 strike keeps growing or starts to thin out as traders take profits or roll positions forward. Second, whether the put-to-call ratio stays near its current 0.4 to 0.51 range. Third, how futures positioning evolves alongside the options book, as alignment between the two could reinforce whichever direction the market picks.

Once roughly a third of Deribit’s open interest rolls off in a single morning, the hedges tied to those contracts no longer need to be maintained, and the December 25 expiry would then become the next big date on the calendar.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Leveraged Bitcoin bulls just had their worst stretch in roughly four months. More than 14,505 BTC, worth about $1.17 billion, has been liquidated from long positions, according to data shared on X.

That marks the largest long liquidation since early June 2026.

How the flush unfolded The damage came during a volatile stretch from October 6 to 8, 2026. Over that window, Bitcoin dropped approximately $1,600 and fell below the psychologically important $84,000 level.

Lows during the move ranged between $82,700 and $83,800.

The sharpest moment hit on October 6. Bitcoin slid from approximately $85,500 to near $83,800 in about 15 minutes.

That quick drop set off around $400 million in long liquidations within a single hour. More than 100,000 traders were caught up in the wipeout.

Counting the damage Across crypto derivatives, liquidations reached approximately $555 million within 24 hours, mostly from longs. Some estimates put the figure between $696 million and $1.02 billion over broader 24-hour periods. The X data tallies about $1.17 billion in long liquidations alone.

Live trackers including ByKaranteli and CoinGlass indicated that long positions accounted for over 90% of liquidation totals.

The action concentrated on the biggest derivatives venues. Binance, Hyperliquid, and Bybit were the leading platforms during the period, with Binance noted for significant BTCUSDT orders.

Big, but not historic Context matters here. A billion-dollar flush sounds dramatic until you compare it with the October 2025 liquidation cascade.

That event surpassed $19 billion in liquidations.

What this means for traders Several analyses framed the move as a mechanical leverage flush rather than a structural deleveraging.

Open interest, which measures the total value of outstanding derivatives contracts, still sits around $150 billion. It saw only modest daily declines after the selloff.

Funding rates also remained positive in several analyses. Positive funding means long holders are paying shorts to keep their positions open, a sign that bullish leverage remains the dominant trade.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

EDX Markets, the institutional crypto exchange backed by Citadel Securities, Virtu Financial and Fidelity Digital Assets, is adding a new kind of Bitcoin to its menu. The firm announced a partnership with VerifiedX on October 8, 2026, to launch institutional spot trading of Verified Bitcoin, or vBTC, on its US trading platform.

EDX isn’t simply listing the token. It’s also signing up to help run the network behind it, which makes this less of a listing and more of a working relationship.

What EDX and VerifiedX are actually doing The core of the deal is straightforward. Institutional clients on EDX will be able to buy and sell vBTC in the spot market, meaning trades for immediate delivery rather than futures or other derivatives.

vBTC is a tokenized form of Bitcoin built on VerifiedX’s layer-2 protocol. According to VerifiedX, each vBTC is backed one-to-one by actual Bitcoin. The company describes the asset as non-synthetic and programmable, with instant finality and on-chain verifiability.

A key selling point is custody. VerifiedX says the underlying Bitcoin stays in self-custodial addresses, and the company has positioned its product around native redemption without relying on synthetic wrappers.

The partnership also gives investors a route to redeem vBTC back into native Bitcoin.

EDX steps into validation and governance The more unusual piece of the agreement is EDX’s second role. The exchange will act as a validator on the VerifiedX network, confirming transactions and keeping the blockchain honest. The role also gives EDX a stake in the governance of the platform.

The partnership aims to support a range of institutional strategies. These include Bitcoin price discovery, liquidity provision, treasury management, lending and payments.

Who these two companies are EDX Markets was founded in 2022. It offers centralized clearing and non-custodial settlement for institutional clients, a structure designed to keep the exchange from holding customer assets directly. Its backers include Citadel Securities, Virtu Financial and Fidelity Digital Assets.

VerifiedX raised $15 million in financing in September 2026 and has custody arrangements in place with BitGo.

Jay Pollak, Head of Strategy at VerifiedX, has framed the partnership around a broader infrastructure gap. He argued that Bitcoin needs more complete infrastructure to expand its usefulness beyond being a financial abstraction that mostly sits still.

What this means for institutions and the market For institutional investors, the pitch is optionality. A programmable, one-to-one backed version of Bitcoin traded on a regulated-style venue opens doors to lending, treasury operations and liquidity provision without abandoning the underlying asset.

EDX’s validator role is worth watching. If an exchange backed by major Wall Street names takes part in network validation and governance, other trading platforms may consider similar arrangements. An exchange that both lists an asset and helps govern its network occupies two roles at once, and observers will likely pay attention to how EDX balances them.

For VerifiedX, the deal arrives weeks after its $15 million raise and adds a well-connected distribution partner to its BitGo custody relationship.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

In brief Bitcoin ETFs lost $484.9 million on Oct. 7, their biggest one-day outflow since June 25, with BlackRock's IBIT accounting for $207.7 million. The 30-year Treasury yield hit about 5.7%, its highest since 2002, while Brent crude settled near $100 and most Fed officials expect another rate hike by year end. The funds are down $163.3 million for October through the 7th, after Bitcoin's six-year October winning streak ended with a 3.69% drop in 2025. Bitcoin ETFs lost $484.9 million in a single day on Wednesday, the worst outflow since June 25, according to Decrypt's ETF tracker. BlackRock's IBIT took the biggest hit at $207.7 million, with Fidelity's FBTC next at $105.1 million.

That one session erased roughly 81% of everything that flowed in over the previous nine, so about two weeks of patient buying went out the door in a day. The funds still sit on $57.8 billion in cumulative net inflows, so while it’s a very bad day for ETFs, it’s not exactly a bank run.

Myriad: How low will Bitcoin go? Click to make your prediction.The culprit has little to do with crypto itself and is likely much more related to the macro backdrop. The 30-year Treasury yield climbed to about 5.7% on Wednesday, its highest since 2002, while Brent crude settled around $100 a barrel and stocks slid from record highs. Ship attacks around the Strait of Hormuz keep piling up—at least one a day since Oct. 2—and each one is a reason for oil to stay expensive.

What does that mean for Bitcoin investors? Well, expensive oil feeds inflation, inflation keeps the Federal Reserve hawkish, and a hawkish Fed keeps bond yields high. That gets awkward for an asset that pays no interest: why hold Bitcoin through an ETF when a 10-year Treasury yields more than 5% and doesn't lose 6% in a few days? That’s the math institutions and big-money investors do regularly, and those calculations move the market.

Bitcoin ETF flows. Image: DecryptThe Fed raised rates in September for the first time since 2023, and the minutes from their most-recent meeting released Wednesday show most officials expect another hike before year end. Traders, though, remain skeptical of another hike, an October move looks unlikely based on CME Fedwatch odds and prediction markets. CME currently prices the odds of a Fed hike in October at 19.4% while Myriad gives a hike a 17% chance.

Outside of Wall Street, Bitcoin slid as low as $81,749.83 on Thursday, about 6% below the $86,978 peak it hit earlier this week, and longs in the derivatives market took the brunt of it: roughly $429 million in positions were liquidated over 24 hours, 87.5% of them long bets, according to CoinGlass.

Bitcoin had risen in October six years running until last year, when it fell 3.69%. This year the funds opened October with $321.6 million of inflows over four sessions and are now $163.3 million in the red, with Halloween still 23 days away and plenty of time for things to get spookier.

The Fed meets next on Oct. 27-28 and again on Dec. 8-9, and the September minutes set no date for the next increase.

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Bitcoin price has fallen toward $80,800, bringing its 50-day moving average into focus as a bearish daily MACD crossover and an oversold 4-hour RSI put the $80,000 level under pressure.

Summary

Bitcoin price traded near $80,800 on Oct. 8, below its daily 20-day moving average. The daily MACD line fell below its signal line, with the histogram turning negative. The 4-hour RSI dropped to 21.15 as Bitcoin slipped below its lower Bollinger Band. Analysts identified $78,000 and $75,000 as possible downside levels if nearby support fails. TradingView’s Binance BTC/USDT daily chart showed Bitcoin trading at $80,806 on Oct. 8, down 3.02% from the session’s opening price of $83,321. The session’s low stood at $80,393, putting the latest decline below the $81,981 low mentioned during the earlier sell-off.

Bitcoin’s daily chart shows a retreat from the late-September and early-October peaks around $87,000. The latest decline has also taken the price below $84,000, leaving BTC close to a moving average that supported its recovery from the August lows.

Bitcoin price tests its 50-day moving average On TradingView’s daily chart, Bitcoin’s 50-day simple moving average stood at $80,526, just below the latest price. The session’s low briefly moved beneath that average before BTC returned above it.

Bitcoin price daily chart — Oct. 8 | Source: TradingView The 20-day moving average stood considerably higher at $84,199. Based on those readings, Bitcoin would need to recover roughly 4.2% from $80,806 to regain its short-term average.

The gap between the two averages places Bitcoin at a technical decision point. Holding the 50-day average would preserve that support reference, while a sustained break below it would leave the round-number $80,000 level as the next nearby test.

TradingView’s daily price history shows earlier trading activity around $78,000–$80,000 during August and September. Beneath that range, the chart contains another area of previous consolidation around $75,000–$76,000.

The longer-term averages remain lower. Bitcoin’s 100-day moving average stood at $72,276, while its 200-day average was $71,830. BTC therefore remained above both despite losing its 20-day average and approaching the 50-day line.

The daily MACD added a bearish momentum signal. Its line stood at 1,275.36, below the signal line at 1,828.41, producing a negative histogram reading of 553.05.

Both MACD lines remained above zero, but their bearish crossover accompanied the latest price decline. On the daily chart, the earlier recovery’s positive momentum has weakened while the price tests a nearer support level.

The 4-hour RSI falls to 21 as selling extends TradingView’s 4-hour chart showed Bitcoin trading at $80,832, with its relative strength index at 21.15. The reading fell below the conventional oversold threshold of 30 and below the RSI’s moving average of 36.05.

Bitcoin price 4-hour chart — Oct. 8 | Source: TradingView The same chart placed Bitcoin beneath its lower Bollinger Band at $81,016. The middle band stood at $84,166, while the upper band was $87,317.

Those readings show that the latest selling pushed BTC below the lower boundary of its recent volatility range. An oversold RSI leaves room for a rebound, but a recovery would still face several overhead levels before reversing the breakdown.

The first nearby reference is the lower Bollinger Band around $81,000. Above it, the $81,500–$82,000 region identified by analyst Ted becomes relevant, followed by the middle band near $84,166.

The daily 20-day average and the 4-hour middle Bollinger Band sit close together around $84,200. Their overlap makes that area a clear chart reference for assessing whether a rebound regains strength.

Bitcoin’s 4-hour price history also shows repeated trading near $85,000–$87,000 before the decline. Recovering $84,200 would bring that former range back into view, while another rejection below it would leave the latest breakdown unresolved.

Liquidation heatmap shows large clusters above Bitcoin CoinGlass’s three-day liquidation heatmap tracks Bitcoin’s slide from approximately $86,000–$86,500 toward $80,800. At the right edge, visible liquidation bands sit near $80,500–$80,700 and around $82,000.

Bitcoin liquidation heatmap | Source: CoinGlass Larger overhead concentrations appear around $84,600–$84,800 and approximately $87,200–$87,400. The heatmap places substantial estimated liquidation exposure above the latest price, alongside smaller nearby bands below it.

During the earlier leg of the decline, CoinGlass data showed $555.6 million in total crypto liquidations over a 24-hour period, including $487.2 million in long positions. Bullish bets accounted for about 87.7% of that total.

That liquidation window covered the move below $84,000 reported before the latest charts. By Oct. 8, TradingView showed Bitcoin trading lower, near $80,800, extending the price decline beyond the levels recorded in that earlier report.

Analysts outline $78,000 and $75,000 downside scenarios In an Oct. 8 post, analyst Ted forecast that Bitcoin could reach $78,000 during the month. He identified $81,500–$82,000 as the immediate area to watch and said losing it could lead to $75,000 before a stronger uptrend.

Bitcoin’s latest TradingView readings were already below that range. A recovery above $82,000 would therefore reclaim the analyst’s identified zone, while continued trading beneath it would keep his downside scenario relevant.

Analyst Ardi separately described Bitcoin’s structure as a completed double top and focused on a retest of the prior trading range. He said losing that range as support could send BTC back into the $70,000s.

Ardi’s forecast depends on the range failing; it does not establish a fixed outcome. The daily chart’s nearby 50-day average at $80,526 provides a more immediate reference before the lower levels identified by either analyst.

For U.S. investors following Bitcoin alongside domestic market trading, the Binance chart places the immediate technical test around $80,400–$80,500, followed by $80,000. A recovery would first need to regain $81,500–$82,000, with the overlapping indicators near $84,200 providing the next test.

Bitcoin’s bearish momentum readings favor caution around those support levels, while its oversold 4-hour RSI leaves a rebound possible. The next chart signal is whether BTC holds the 50-day average and recovers $82,000, or extends the decline through $80,000 toward the analysts’ lower targets.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

TLDR: Bitcoin price fell toward $80,897 after rejection at $86,500, placing the large $81,000 buy-order cluster under its first major test. CryptoQuant reported no extreme miner outflows since August 21, when BTC reached $76,000 and miners moved into a fairly paid regime. Network hashrate recovered from 899 EH/s to 962 EH/s, while daily miner revenue rose 78% from $27 million to $48 million. Large miner balances remain near 51,000 BTC, so a sustained increase would offer firmer evidence that operators have shifted to holding. Bitcoin price slipped toward $81,000 on Thursday after sellers rejected a move near $86,500. Glassnode said several large buy orders now sit below the market, with the biggest cluster near $81,000. Those bids could absorb part of any further decline. Meanwhile, CryptoQuant reported that Bitcoin miners have stopped aggressive selling as operating conditions improve. 

Network hashrate, daily revenue, and transaction fees have all recovered from their 2026 lows. The shift removes a steady source of supply from the market. However, the Bitcoin price still faces a near-term test. Traders are watching whether the $81,000 orders can hold during renewed volatility.

Bitcoin Price Approaches $81K Buy Wall After Rejection Glassnode’s order-book view showed Bitcoin moving toward a dense area of bids after failing at $86,500. The largest visible order sat near $81,000, close to the quoted Bitcoin price of $80,897. Other orders were spread below that level, creating several potential layers of demand.

Buy orders can slow declines when sellers meet available demand. They do not guarantee a rebound because traders may cancel or move orders before execution. The $81,000 cluster therefore marks immediate BTC support, while the rejected $86,500 area remains the nearest clear barrier for buyers.

Bitcoin is moving into support.

After a rejection from the sell wall at $86.5K, bitcoin:native has slid toward multiple large buy orders. The largest sits around $81k.

These bids have been patiently waiting and will help to dampen downside. pic.twitter.com/bx2pfKIzcC

— glassnode (@glassnode) October 8, 2026

The wider price recovery remains substantial despite Thursday’s retreat. CryptoQuant said Bitcoin rose about 45% from its July low near $58,000 to above $83,000 earlier on October 8. The later decline toward $80,897 shows that the Bitcoin price has given back part of that advance.

Market depth now offers the first test of whether buyers will defend the recovery. A durable response near $81,000 could keep BTC support intact. A weak response would expose lower orders. It would show that reduced miner supply alone cannot offset broader selling across the market.

Miner Revenue Recovers as Selling Pressure Starts to Ease CryptoQuant’s report showed the network hashrate climbing from 899 exahashes per second on July 31 to 962 exahashes per second. Its drawdown from the prior peak narrowed from 18% on July 28 to 13%. The recovery suggests more computing capacity has returned after the summer contraction.

Bitcoin miners have stopped selling.

No extreme miner outflows since Aug 21, the day BTC hit $76K and miners flipped from “extremely underpaid” to “fairly paid.”

That removes one of the steadiest sources of supply that weighed on price through the 2026 bear market. pic.twitter.com/CAaVG9bz2z

— CryptoQuant.com (@cryptoquant_com) October 8, 2026

Better economics drove that recovery. Daily miner revenue, including block subsidies and fees, increased from $27 million in July to $48 million. The 78% rise gave Bitcoin miners more room to cover power and equipment costs. It followed the Bitcoin price recovery from its yearly low.

Transaction fees also improved, although they remain a small share of miner income. The seven-day average rose from $195,000 to $275,000. The increase supplemented the block subsidy. It helped pull miners from an “extremely underpaid” regime into a “fairly paid” one on August 21.

Extreme outflows have not appeared since that date, when Bitcoin reached $76,000. Satoshi-era miners moved about 600 BTC during September, compared with roughly 2,000 BTC in January. The smaller transfer supports the view that Bitcoin miners have reduced one recurring source of market supply.

Large miner wallets tell a more cautious story. Addresses holding 100 to 1,000 BTC have maintained about 51,000 BTC since early September. Their combined balance had fallen 20% from 64,000 BTC since December 2025, so stabilization does not yet prove broad accumulation.

A sustained rise above 51,000 BTC would confirm that large operators have become holders. Until then, easing outflows reduce pressure as the Bitcoin price tests nearby BTC support.

Table of contents

Ethereum Foundation researcher Justin Drake has urged the crypto industry to start planning for what he calls “bunker mode,” warning that artificial intelligence could break the elliptic-curve signatures securing Bitcoin and Ether wallets “in months, not years.” In a post on X on October 7, Drake called for a “controlled mass migration” of funds to fresh addresses whose public keys have never appeared onchain. Within hours the warning split the field: Ethereum co-founder Vitalik Buterin agreed the risk is real but told holders not to rush.

Why Drake Thinks AI Could Beat Quantum to the Punch Drake’s worst case is not the quantum attack the industry has spent years preparing for. He wrote that it is now “reasonable to brace for the possibility that ECDSA breaks before qday,” defining a break as fast private-key recovery, “e.g. in one week,” on available hardware such as “a large GPU cluster.” That is a classical-computing scenario, and it would land years earlier than Ethereum’s December 2029 target for moving onto quantum-resistant cryptography.

The trigger is OpenAI’s release of 722 mathematics manuscripts on October 6, produced by an unreleased frontier model across roughly 4,000 problems. Drake said the drop showed “mathematical superintelligence is upon us,” and argued that elliptic curves, with their “rich structure,” are more exposed than hash functions, which are designed to leave little pattern to exploit. The distinction reframes the quantum threat regulators have flagged: AI would not need a quantum computer to hunt for a shortcut.

Drake and Vitalik Agree on the Risk, Split on the Rush Drake’s recommendation is deliberately gradual. Large and sophisticated holders should move “the bulk of their funds” to addresses that have never signed a transaction, rotating any remainder when they do sign. He stressed this “does not require new cryptography or new wallets,” and added that wallets holding under 50 BTC enjoy partial cover from “Satoshi’s shield,” roughly 20,000 exposed addresses holding 50 BTC each.

Buterin agreed the industry should take AI-accelerated math seriously but pushed back on urgency. “I don’t recommend anyone scramble to move their funds to new wallets today,” he wrote, noting he has “lost more money in botched migrations than I have lost in all hacks combined.” Buterin went further than Drake in one direction, warning that lattice-based cryptography, the foundation of quantum-resistant standards such as ML-DSA, could take “serious hits from the next two years of AI math,” and said Ethereum’s roadmap is already shifting toward “hash-only” signatures.

What It Means for Holders and Ethereum’s Roadmap No practical break of Bitcoin or Ethereum wallet keys has been demonstrated, and Drake himself noted the “striking under-representation of cryptographic breakthroughs” among OpenAI’s manuscripts. As Bitcoin traded below $83,000 on October 8, tokens tied to quantum-resistant cryptography moved the other way, with Algorand gaining about 9% and Starknet roughly 4% since midnight, according to CoinDesk market data.

The concrete next steps are modest: sophisticated actors reducing public-key exposure where it is cheap, and exchanges hardening cold storage. Drake said he will address institutions in London next month and push for the Ethereum roadmap’s hash-based cryptography timelines to be “revisited and accelerated.” For most holders, the takeaway both researchers agree on is measured: no panic, but less unnecessary public-key exposure from here on.

AUTHOR

Entrepreneur and freelance writer based in Nakuru, Kenya. I cover cryptocurrency, the Blockchain technology, and financial topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how crypto is disrupting the world as we have known it. I believe in transforming the world, one word at a time.

More than $200 billion has left the crypto market in the past 48 hours. Bitcoin dropped below $81,000, Ethereum fell under $2,450, and about $1.4 billion in leveraged long bets were wiped out, including $410 million in a single hour.

How hard prices fell

Bitcoin (BTC): $80,585, down 3.0% in 24 hours and 3.8% over the weekEthereum (ETH): $2,413, down 6.0% in 24 hours and 10.0% over the weekXRP: $1.33, down 6.3% in 24 hours and 9.6% over the weekSolana (SOL): $106.76, down 7.7% in 24 hoursBNB: $720.64, down 5.9% in 24 hoursAltcoins fell harder than Bitcoin, a common pattern when traders cut risk quickly.

Reason 1: Iran headlines and oil

Geopolitics put pressure on all risk assets. Posts on X reported that President Trump said the US may restart attacks on Iran. A later report quoted him saying the US will not attack Iran before the midterm elections.

Oil rose about 5% during the day, which helped push bond yields higher and turned US stock futures negative.

Reason 2: Bond yields near multi-decade highs

US bond yields are heading back toward their highest levels in decades. For months, the pattern has been simple. When yields and oil rise, stocks and crypto fall. When they ease, risk assets recover.

Reason 3: Fed hike fears

Minutes from the Federal Reserve’s last meeting were read as hawkish, pointing to one more rate hike in 2026. Higher rates make borrowing more expensive and tend to hurt speculative assets like crypto.

Reason 4: US government Bitcoin moves

Traders also flagged reports that the US government was moving billions of dollars in Bitcoin. Large government transfers often spark fears of a sale, even when none is confirmed.

Reason 5: An AI security scare

A research report warning that AI could break cryptography before quantum computers do also circulated widely. Cryptography protects every Bitcoin wallet, so the claim added to the nervous mood.

The market was already weak

The sell-off did not start from a position of strength. Citing Glassnode data, analytics account Bull Theory said Bitcoin’s realised cap rose $12.8 billion over 30 days, but less than 40% of that came from new money.

Short-term profit-taking also hit its highest level of the year. In simple terms, prices had climbed faster than new buyers arrived, and existing holders were already selling into the rally. When the bad news came, there was little fresh demand to absorb it.

What to watch next

Bitcoin: whether it holds above $80,000Ethereum: whether it can reclaim $2,450Macro: oil prices, bond yields and any further Iran headlines Story Ends Here

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Bitcoin (CRYPTO: BTC) fell below $81,000 Thursday, with $489 million liquidated across crypto markets in a single hour, as three separate catalysts hit at once.

Catalyst One: The Government Moved $1 Billion in BitcoinArkham data showed Thursday that wallets linked to the US government moved 12,267 BTC, worth about $1.01 billion, from a Bitfinex hack seizure wallet to new, unlabeled addresses according to Coindesk. 

No exchange deposit showed up in the transaction, a pattern that points to wallet reshuffling rather than a sale.

The move followed heavier exchange-bound activity a day earlier, when roughly 3,200 BTC, worth about $264 million, along with $119 million in USDT landed at Coinbase Prime deposit addresses. 

Those funds traced back to wallets tied to the FTX/Alameda and Bitfinex seizures.

Meanwhile, widely-followed prediction market Kalshi Crypto posted on X that its traders forecast Bitcoin crashing to $78,000 this month following the transfer.

Catalyst Two: Trump Is Weighing Pre-Midterm Strikes on IranThe Atlantic reported Wednesday that the White House asked the Pentagon to develop strike options against Iran that could happen before the Nov. 3 midterms. 

US Central Command is drawing up the plans, though officials caution that limited strikes wouldn’t restore safe travel through the Strait of Hormuz or lower gas prices before Election Day.

Oil prices have typically risen when the U.S. resumes strikes after a pause, according to the U.S. Energy Information Administration, a dynamic that adds fresh uncertainty to risk assets like crypto heading into the vote.

Trump denied plans to attack Iran “at any time prior to the Midterm Elections” on Thursday on Truth Social, though Bitcoin failed to recover.

Catalyst Three: The Fed Signals Another Hike Is ComingMeeting minutes released Wednesday showed Fed officials expect another interest rate hike before year-end to combat inflation that’s run above target for more than five years as reported by CNBC. 

The Fed meets next on Oct. 28 and again on Dec. 9, though the minutes gave no specific timing for the move.

The Fed’s preferred inflation gauge showed core PCE at 3% for August, still above the 2% target. 

Treasury yields have climbed to levels not seen since 2002, a trend officials linked to rate expectations, AI-driven economic growth, and uncertainty around the Treasury’s buyback program.

How the Crypto Market ReactedBitcoin is breaking through the $81,000 range floor that had held for the past month.

Price broke below its 20-day EMA at $83,263 but stayed above its 50-day, 100-day and 200-day EMAs, keeping the broader uptrend technically alive.

Meanwhile, XRP (CRYPTO: XRP) down 6% after breaking below its 20-day EMA and rising trendline from August’s low. RSI dropped to 38.07, nearing oversold territory. 

Moreover, Ethereum (CRYPTO: ETH) fell 6% and Dogecoin (CRYPTO: DOGE) dropped 7% in the same selloff.

Key levels for BTC: $79,600: 50-day EMA, key support Key levels for XRP: $1.40: 50-day EMA, resistance above $1.33: 100-day EMA, critical support Photo via Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bitcoin has spent most of its life as the asset you buy, store, and try not to look at too often. Stacks wants to give it a job.

On October 7, 2026, Stacks founder Muneeb Ali published a vision document describing what he calls the “Satoshi Upgrades.” The goal is a set of protocol changes that would turn Stacks into a hub for Bitcoin capital markets by 2030.

The plan rests on three pillars: capital markets, privacy, and post-quantum security.

The three pillars of the Satoshi Upgrades The first pillar is Bitcoin capital markets, built around yield generation and collateralization. The core components include scaling self-custodial BTC staking and yield generation, and lending activity collateralized by bonded BTC.

The second pillar is privacy, specifically enhancements designed for institutional-grade transactions.

The third pillar is post-quantum security, aimed at protecting against emerging quantum computing threats.

Every one of these activities is meant to settle on Bitcoin’s Layer 1, the base blockchain itself.

Bonds, institutions, and a new CEO The vision did not arrive out of nowhere. It follows the PoX-5 hard fork, which activated on July 30, 2026, and introduced protocol bonds for Bitcoin staking.

The first offering, the Genesis Bond, sold out in September 2026 after raising approximately 230 BTC. Institutional buyers included 21Shares, HashKey Cloud, and UTXO Management.

Stacks then opened Bond 2 in October 2026 with a capacity of 500 BTC, aimed at liquid staking options.

Ali is set to become CEO of Stacks Labs on October 15, 2026, succeeding Alex Miller, who will move into advisory roles. Ali plans to prioritize accelerating institutional business development and streamlining the leadership structure.

Ali announced that Stacks Labs intellectual property will be transferred to the Stacks Endowment, an entity with no shareholders.

A two-year roadmap is expected to follow, focusing on privacy features, post-quantum technology, and expanded yield markets, while extending STX’s utility as capital.

What this means for BTC holders and STX For Bitcoin holders, the proposition comes down to self-custodial yield and BTC-backed lending, which would let long-term holders put idle coins to work without selling them or surrendering custody.

The Genesis Bond offers an early read on demand. A fully subscribed raise of approximately 230 BTC from names like 21Shares and HashKey Cloud suggests institutions are receptive to Bitcoin-linked yield at that size. Bond 2 at 500 BTC is the next real test.

For STX, the token sits at the center of the design as a rate-limiting factor in planned capital market activity.

Near-term markers are clear: watch Ali’s October 15 start as CEO, the subscription pace of Bond 2, the release of the two-year roadmap, and the completion of the transfer to the Stacks Endowment.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

According to HTX market data, as Bitcoin and the broader crypto market pull back, some altcoins continue their strong rally. Key 24-hour performance and current prices: MET (Meteora) up 60% to $0.5; W (Wormhole) up 17.8% to $0.0163; ALGO (Algorand) up 16.6% to $0.1377; JUP (Jupiter) up 16% to $0.379; RAY (Raydium) up 13.3% to $2.46; STRK (Starknet) up 12.3% to $0.056; CRV (Curve) up 10.9% to $0.388.

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Mysten Labs’ Hashi Bitcoin finance network will begin a phased rollout in October with more than $500 million in capital commitments from its launch partners.

Hashi uses Bitcoin (BTC) as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin, the Sui Foundation announced Thursday. Applications could include lending, borrowing, credit, vaults and structured products.

When users exit, hBTC is burned and the underlying BTC is returned to the Bitcoin network. 

Sui said the network’s launch coalition includes more than 20 companies, including BitGo, Bullish, Cumberland, FalconX and Ledger. It named Aftermath, Concrete and Fluid among the providers expected to run Hashi vaults.

Anchorage Digital has joined the coalition as a launch partner, offering institutional clients access through its settlement infrastructure and self-custody wallet. The company also plans to provide stablecoin liquidity to Hashi, according to the announcement.

“Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space,” said Nathan McCauley, CEO and co-founder of Anchorage Digital.

Hashi was developed by Mysten Labs, the founding contributor to Sui. The foundation said third parties will independently create and offer financial products using the infrastructure.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Sui’s Hashi has secured more than $500 million in capital commitments ahead of a phased mainnet rollout later in October, with Anchorage Digital joining more than 20 launch partners.

Summary

Hashi will launch this month with more than $500 million in committed capital from partners. Anchorage Digital will offer institutions Hashi access through Atlas settlement infrastructure and its Porto wallet. Deposited Bitcoin stays on Bitcoin while Hashi mints hBTC on Sui for financial applications there. More than 20 launch partners include BitGo, Bullish, Cumberland, FalconX, Ledger and other firms globally. Hashi uses MPC, Sui smart contracts and a guardian layer to control Bitcoin collateral movements. Sui Foundation said on Oct. 8 that Hashi will let Bitcoin holders use native BTC as collateral for lending, borrowing, credit, vaults and structured financial products built on Sui. Anchorage Digital will provide institutional access through its Atlas settlement infrastructure and Porto self-custody wallet while planning to supply stablecoin liquidity to the network.

The $500 million figure represents commitments from the launch coalition. Sui has not said $500 million is already deposited into Hashi, and the mainnet rollout has not yet reached the stage where that figure could be treated as live on-chain total value locked.

Just in from the main stage at Sui Basecamp:

👉 Hashi mainnet starts rolling out this month, with $500M+ in capital already committed.

👉 @Anchorage joins as a launch partner, bringing qualified custody and stablecoin liquidity.

Learn more ⤵️https://t.co/TJV8LEHEOf

— Sui (@SuiNetwork) October 8, 2026 Hashi turns deposited Bitcoin into hBTC on Sui Hashi is designed to let Bitcoin remain on its native network while Sui applications use a corresponding asset as programmable collateral. When BTC enters the system, Hashi mints hBTC on Sui against the deposited Bitcoin. When a holder exits, the hBTC is burned and the underlying BTC is released back to a Bitcoin address.

The structure gives third-party developers a way to build Bitcoin-backed products without requiring the original BTC to move onto Sui as a conventional wrapped token. Sui says applications can include stablecoin borrowing, lending markets, credit origination, automated vault strategies, real-world asset products and Bitcoin-backed bonds. The individual financial products will be created and offered by third parties, while Mysten Labs developed Hashi’s underlying infrastructure.

Mysten Labs first introduced Hashi in March. The project began on devnet before moving to a global testnet in July, where developers, custodians and financial firms could test Bitcoin-backed applications before mainnet. Sui’s July update introduced the Guardian Layer as an extra control over collateral leaving the system.

Hashi’s development comes as other Sui protocols build products for professional capital. In related coverage, crypto.news reported on NAVI Prime’s institutional lending framework on Sui, which gives funds another route into lending and borrowing markets on the network.

$500 million is committed capital, not live Hashi deposits Sui says more than $500 million has been committed by companies in Hashi’s launch coalition. The group now contains more than 20 firms spanning custody, trading, wallets, liquidity services and decentralized finance. Named participants include BitGo, Bullish, Cumberland, FalconX and Ledger, while Aftermath, Concrete and Fluid are among the companies expected to operate vaults.

The distinction between commitments and deposits is important because Hashi has not completed its mainnet rollout. No public on-chain record currently shows $500 million sitting inside live Hashi contracts. Sui describes the capital as backing expected to support Bitcoin markets as participating firms finish integrations and begin deploying BTC or stablecoins.

Earlier Hashi announcements identified additional participants including Erebor Bank, Fordefi, Blockdaemon, CF Benchmarks, Inveniam Capital and several Sui lending protocols. Cumberland, Fluid and SwissBorg joined the coalition in June before the testnet opened.

Sui says the rollout will be sequenced, meaning all partners will not necessarily become active at the same moment. Access will expand as custodians, wallets and application providers complete their integrations.

Anchorage gives institutions two routes into Hashi Anchorage Digital is joining as a day-one launch partner with two planned access models. One uses Atlas, its institutional settlement and tri-party collateral platform, for companies that want Bitcoin to remain within qualified-custody arrangements while participating in financing activity.

The second route uses Porto, Anchorage Digital’s institutional self-custody wallet. Sui says this option is intended for firms including hedge funds, crypto venture funds, miners, liquidity providers and market makers that want direct access to Hashi applications while controlling their own assets.

Anchorage Digital CEO Nathan McCauley said public companies and institutions hold large amounts of Bitcoin but face limits when trying to use it in decentralized finance. He described connecting Anchorage clients to Hashi as a “complete paradigm shift” for Bitcoin finance. The statement represents Anchorage’s view of the planned service and does not establish how much institutional capital will ultimately enter Hashi.

Atlas is already being used outside Sui for institutional collateral arrangements. As crypto.news previously reported on Binance and Anchorage’s off-exchange settlement partnership, Atlas lets eligible traders keep collateral with Anchorage while accessing trading liquidity elsewhere. The Hashi integration applies the infrastructure to Bitcoin-backed finance on Sui.

A separate U.S. tax question has accompanied Hashi’s development. Attorneys at Fenwick wrote in April that locking BTC through Hashi and receiving hBTC “should not constitute a taxable event” under the U.S. federal income tax principles they analyzed, because hBTC is intended to represent ownership of the underlying Bitcoin instead of a sale or exchange for a separate asset.

The Fenwick analysis is a legal opinion, not an Internal Revenue Service ruling. Tax treatment can depend on transaction structure, facts and individual circumstances, so the opinion does not guarantee that every Hashi transaction will receive the same treatment.

Hashi adds extra controls around Bitcoin collateral Hashi uses multi-party computation, or MPC, alongside Sui smart contracts to control Bitcoin movements. Sui says deposited BTC is held through a 2-of-2 structure requiring authorization from the Hashi validator system and a separate guardian before collateral can leave.

The Guardian Layer acts as an independent check that can slow or stop suspicious movements. During the July testnet launch, Sui described the system as an added safeguard for large transfers and collateral operations.

Mysten Labs’ technical documentation says Hashi validators jointly operate a threshold Schnorr signer through MPC. The initial design is expected to remain secure while less than roughly 33% to 50% of staking power colludes, depending on the final protocol parameters. A second signer running through a cloud enclave independently enforces policies intended to reduce collusion and infrastructure risks.

Sui says Certora has formally verified Hashi’s smart contracts, while CommonPrefix conducted a cryptographic review of its MPC protocol. Earlier development plans had named Asymptotic, Certora and OtterSec among security firms working on the system.

Hashi’s own design documents state that its Move packages are normal Sui packages and are not part of the Sui system framework. Each participating committee member runs separate Hashi node software, while protocol-critical state is designed to remain on Sui.

Hashi mainnet will open in stages later this month Sui says the mainnet rollout will begin before the end of October, with access increasing as launch partners complete integrations. The first phase is expected to support native BTC deposits, hBTC minting and the use of Bitcoin collateral inside live Sui applications.

No single public launch date has been announced beyond the October timetable. Sui says the rollout will expand over time instead of opening every integration simultaneously.

Hashi arrives after Sui spent much of 2026 adding financial infrastructure around lending, stablecoins and Bitcoin. The network already supports other forms of Bitcoin exposure, and crypto.news previously reported on tBTC going live on Sui in 2025. Hashi differs by being designed as Mysten Labs’ native Bitcoin collateral infrastructure for financial applications built on Sui.

When the phased mainnet begins, the first measurable figures will include how much of the announced $500 million commitment actually enters Hashi, how much native Bitcoin is deposited, how much hBTC is minted and which third-party lending or vault products open to users.

Bond Bear Jim Bianco Turns Bullish as 5% Yields Hit Fair Value

8h05 ▪ 4 min read ▪ by Ghiles A.

Summarize this article with:

Bitcoin trades around 84,000 dollars as institutional demand shows signs of slowing. Between September 28 and October 2, US spot ETFs recorded only 241.1 million dollars in net inflows. Meanwhile, the futures market is reducing its leverage. These movements now place ETF flows and several price levels at the center of upcoming market developments, as investors closely watch the next price moves.

In brief US Bitcoin spot ETFs attracted only 241.1 million dollars in one week. Inflows dropped about 90% compared to the previous 2.39 billion dollars. Open interest on futures declines to about 625,000 BTC. Bitfinex monitors thresholds of $86,000, $82,600, and $81,300 in particular. Bitcoin faces decline in flows to ETFs The bitcoin price traded around 84,000 dollars after another failure below its annual opening of 87,700 dollars. On October 2, its price had reached 87,200 dollars before falling below that level. Bitfinex considers this rejection as the third breakthrough failure in ten days.

Between September 28 and October 2, US bitcoin spot ETFs attracted 241.1 million dollars. One week earlier, these products had recorded 2.39 billion dollars in net inflows. The drop thus reaches about 90%, according to data presented by Bitfinex. This decrease occurs while the price remains near several thresholds followed by US ETF holders as well.

The nine consecutive days streak of inflows also ended on September 30. On that day, ETFs recorded a net outflow of 148.7 million dollars. In detail, BlackRock’s IBIT received 450.2 million dollars. Conversely, Fidelity’s FBTC suffered 168 million dollars in outflows, showing a mixed evolution among the main products.

Leverage reduces on futures contracts The futures market is also experiencing a slowdown. Before the release of the September employment report, open interest had increased by 2.1 billion dollars. Afterwards, traders reduced their positions, causing a decrease of 1.5 billion dollars.

Cumulative open interest on futures now reaches about 625,000 bitcoins. Bitfinex indicates this is its lowest level since January 1. This decline accompanies weakness in spot demand observed in ETFs. According to the presented analysis, the next bitcoin evolution would therefore depend more on a return of spot buying.

The price level of ETF holders also provides an important benchmark. Bitfinex places their average cost around 84,320 dollars. Inflows reach about 65 million dollars when the price remains less than 2% below this level. They rise to about 136 million dollars when the market moves more than 10% above.

Price levels to watch now Bitfinex considers 86,000 dollars as an important level for bitcoin. Conversely, a drop below 82,600 dollars could cause further losses for ETF holders. The zone between 84,000 and 84,500 dollars concentrates about 867,000 BTC. It thus represents the largest group of average cost identified in this analysis.

Nearly 75% of Bitcoin supply is currently in profit. Bitfinex forecasts consolidation between 84,000 dollars and the annual opening price. The evolution of ETF flows will therefore remain a central factor in determining if the market can regain firmer momentum.

Data related to employment, inflation, spending, and Treasury yields also influence expectations. Weak employment growth strengthens expectations for a status quo in October, despite the high levels of these other indicators. For Bitfinex, larger ETF inflows could accompany a rise toward 90,000 dollars.

If trades remain below 81,300 dollars, the levels of 77,000 dollars and the True Market Mean, near 77,200 dollars, could then come into play. Bitcoin is thus between weakened ETF demand and several clearly identified thresholds. The next move will mainly depend on spot flow strength recovering.

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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.

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Crypto exchange Bitget held an offline event today to mark its 8th anniversary. Xie Jiayin, head of Bitget’s Greater China region, while reviewing the platform’s eight-year development journey, stated that Bitget has evolved from a single cryptocurrency trading platform into a panoramic exchange (UEX) covering diverse scenarios including stocks, commodities, and AI trading. As of the second quarter, non-crypto asset trading volume accounts for 40% of the platform’s total, with roughly one in four new users starting their Bitget journey via rToken. Looking ahead, Xie noted that Bitget will continue advancing its UEX strategy, expanding into more diverse assets and trading scenarios, and enhancing institutional-grade custody and over-the-counter (OTC) settlement infrastructure. The platform will leverage varied custody and settlement models to meet the distinct needs of different types of institutions, with institutional services remaining a key strategic focus for Bitget in the next phase. During the event, Bitget also disclosed progress on the third batch of rewards under its "Peer Program": total distributed rewards have reached $3,495,658, benefiting 2,277,318 users. Xie added that the platform aims to put "user first" into practice through product development, service upgrades, and user-centric initiatives.

14 minutes ago

SemiAnalysis: ByteDance accounts for nearly one-fifth of China's data center capacity, almost entirely relying on leasing.

Dongcha Beating AI News Flash: Semiconductor research firm SemiAnalysis has released a survey on China’s data centers, tracking over 1,000 facilities from more than 60 operators. The report estimates that by the end of 2026, China’s data center capacity will exceed 24GW, ranking second globally behind the U.S.’s 56GW. ByteDance alone accounts for roughly one-fifth, making it China’s largest data center tenant. ByteDance has leased over 4GW of data center capacity, with suppliers including ChinaNetCenter, China United Network Data, and 21Vianet. The report notes that as of early 2026, ByteDance still contributes around 90% of ChinaNetCenter’s revenue. ByteDance has also accelerated self-built data center projects, constructing large facilities in Shanxi, Anhui, and Inner Mongolia to reduce reliance on external suppliers. While China’s data centers have long been viewed as having high vacancy rates, AI server rooms remain in tight supply. This is because many old data centers lack sufficient power and cooling capacity, making it difficult to directly deploy high-power AI servers. Newly built large AI data centers are being leased up rapidly. Taking a 100MW data center as an example, excluding IT equipment such as servers, China’s construction cost is approximately $300 million, compared to $1.5 billion in the U.S. Facilities of the same scale in China are typically delivered in around 12 months. Compared to the U.S., which faces power supply and approval hurdles, the more prominent bottleneck for expanding AI data centers in China is the supply of advanced chips.

14 minutes ago

Mike Colyer, founder and CEO of Bitcoin mining pool operator Foundry, has stepped down after seven years in the role.

Bitcoin mining pool operator Foundry announced that its founder and CEO Mike Colyer is set to step down after seven years in the role. He will remain at Foundry as a strategic advisor for the next six months, assisting the company with its transition and CEO selection process.

14 minutes ago

Circle partners with SAP-backed Tereina to integrate USDC and EURC into SAP’s enterprise payment software.

Circle has partnered with Tereina, a financial services firm backed by SAP, to integrate USDC and EURC stablecoins into SAP’s enterprise payment software ecosystem. The integration will kick off with SAP Cloud ERP and be made available to eligible enterprise customers via SAP Pay. The collaboration aims to enable businesses to send and receive stablecoins within their existing SAP business applications and payment workflows without switching to a separate crypto asset system. USDC will be primarily used for USD-denominated payment scenarios, while EURC is intended for euro-denominated operations. Circle and Tereina plan to launch a customer validation project in the coming months, testing stablecoin payment functions for use cases including global payments and corporate treasury management.

14 minutes ago

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Global Capital Meets Frontier Technology at Digital Assets & Tokenization Summit in Singapore 

TASS-RU: Gref does not recommend considering Bitcoin as part of a strategic investment portfolio

Bitwise CEO Hunter Horsley argued that the long-running downturn in the cryptocurrency market has come to an end. Horsley predicted that Bitcoin (BTC) could reach a new all-time high in 2027.

In an interview with CNBC, Horsley assessed the current state of the cryptocurrency market, noting that many investors who wanted to sell during the decline that has continued since the end of last year have left the market.

According to Horsley, the fact that a significant portion of the selling pressure is behind us can be considered a positive development for the price performance of crypto assets in the coming period.

Bitwise CEO also noted the expanding participation of institutional investors in the cryptocurrency market. Horsley stated that the increase in usage rates and revenues on some crypto platforms indicates continued growth in the sector’s core activities.

Horsley noted that access to the cryptocurrency market has improved compared to previous periods, and said that exchange-traded funds (ETFs) and exchange-traded products (ETPs) play a significant role for investors.

Horsley emphasized that the increasing popularity of these investment instruments has made it easier for investors in traditional financial markets to access crypto assets, and he considered increased institutional participation as one of the key factors for the sector’s development.

Horsley’s statements revealed his expectations that a new bull run could begin in the cryptocurrency market.

The CEO of Bitwise stated that Bitcoin could hit a new price record next year, but did not share a specific price target for this prediction to come true.

Horsley’s assessment is based on factors such as reduced selling pressure, expanded institutional participation, and improved access to investment products. However, Bitcoin’s future price movements remain dependent on market conditions.

*This is not investment advice.

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