While the leading cryptocurrency Bitcoin has been trading sideways in recent days, new developments in the markets have increased selling pressure. The price of BTC has fallen to levels around $84,000.
At this point, activity in US government-linked wallets and tensions around the Strait of Hormuz, which pushed oil prices above $100, put pressure on global risk appetite and increased selling pressure on Bitcoin, causing a sudden drop in price.
This sudden drop led to liquidations of approximately $550 million in the crypto market within hours; the majority of losses came from long positions.
$101 Million Worth of Crypto Transferred from US Government-Linked Wallets! A noticeable surge in cryptocurrency wallets linked to the US government has been observed. According to the on-chain tracking platform Lookonchain, Bitcoin and BNB totaling approximately $103 million were transferred from government-linked addresses.
At this point, the US government completed Bitcoin transfers exceeding $70 million last night and BNB transfers this morning.
Bitcoin accounted for the largest portion of the transfers. A US-linked address sent 833.6 BTC, worth approximately $71 million, to Coinbase Prime.
During the same process, approximately 40,285 BNB, worth about $31.63 million, were also transferred. Unlike Bitcoin, BNB was sent to an unknown address after multiple transfers.
The wallets still contain approximately $27.5 billion worth of cryptocurrencies.
Is a Bitcoin Sell Coming? While the transfer to Coinbase Prime has raised questions about a possible sale in the market, current data does not indicate that such a sale occurred. Furthermore, the transfer alone does not mean the Bitcoins were sold. The platform offers asset management services to institutional investors, in addition to custody and transaction services. Therefore, to determine whether a sale took place, the subsequent movements of the BTC in question need to be monitored.
What’s the Latest Situation with Bitcoin? With these developments increasing selling pressure on Bitcoin, analysts are pointing to the $83,000 level.
Speaking to CoinDesk, Vikram Subburaj, CEO of the cryptocurrency exchange Giottus, stated that it is important for Bitcoin to remain above the $83,000 level. According to Subburaj, maintaining this level means that selling pressure is not yet strong enough to pull Bitcoin back down to the $76,000-$81,500 range. However, if Bitcoin remains permanently below the $82,000-$83,000 levels, it could increase downside risks. In such a scenario, Subburaj indicated that the price could fall to the $80,000-$81,500 range.
Alex Kuptsikevich, chief market analyst at FxPro, considers $84,000 a significant support level for Bitcoin. According to the analyst, a drop below this level could lead to increased selling pressure and pull the price down towards $80,000.
*This is not investment advice.
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Bitcoin fell through $84,000 in two legs, the first in the Asia session and the second at the U.S. open, and has not reclaimed it. A Bitfinex research note circulated hours earlier had called that level the market's largest cost-basis cluster. Funding rates sat near zero across OKX, Deribit and Hyperliquid through the decline.
Bitcoin fell through $84,000 in two legs, the first in the Asia session and the second at the U.S. open, and has not reclaimed it. A Bitfinex research note circulated hours earlier had called that level the market's largest cost-basis cluster. Funding rates sat near zero across OKX, Deribit and Hyperliquid through the decline.
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Bitcoin has slipped below $84,000 after reaching $87,197 last Friday, while analysts have offered competing views on whether October can deliver a recovery toward $100,000.
Summary
SideShift founder Andreas Brekken predicts Bitcoin will reach $100,000 within weeks as investor attention turns toward crypto. Bitfinex says holding $84,000 could leave late short sellers exposed if spot buying increases. Nansen’s Jake Kennis says October’s historical gains do not establish a reliable Oct. 5 bottom. DWF Labs’ Martin Lee puts Monday’s $90 million ETF outflow against two months of strong inflows. Andreas Brekken, founder of SideShift.ai, told crypto.news that he expects a strong October for Bitcoin, arguing that investors are looking for opportunities after capital flowed toward the SpaceX IPO.
“I’m predicting a strong Uptober and $100K in weeks.”
In Brekken’s view, investors who no longer consider themselves early to the artificial intelligence trade could turn to crypto as their next choice among risk assets. He described the change as an “attention transfer,” attributing the earlier drain on liquidity to the SpaceX offering.
Other analysts tied their recovery forecasts to measurable buying rather than investor attention alone. Bitfinex’s team identified $84,000 as the immediate support to defend, while Nansen and Bitget Wallet researchers cautioned against treating October’s seasonal record as evidence of a market bottom.
Bitcoin’s $84,000 support could leave shorts exposed According to Bitfinex Alpha’s latest update, Bitcoin fell below $84,000 overnight ahead of the Oct. 7 Federal Reserve minutes, triggering a wave of forced position closures.
The team put total crypto futures liquidations over 24 hours at $510.6 million, including $417.6 million in long positions. Roughly $300 million of the long liquidations occurred within an hour as Bitcoin broke below the support level, the analysts said.
Despite the selloff, Bitfinex reported that open interest across major perpetual trading venues was 0.5% higher on the morning of Oct. 7 than on Oct. 5. The analysts interpreted the relatively steady number of outstanding positions as evidence that fresh trades replaced longs forced out of the market.
With average annualized funding rates edging lower but remaining positive between 5% and 6.5% throughout the week, the team attributed much of the new positioning to short sellers.
“If BTC holds $84,000, late short positions become trapped below this key level.”
A rise in spot purchases could put those traders under pressure and carry Bitcoin toward, or above, its $87,722 yearly opening price, according to the analysts.
Bitfinex’s earlier assessment placed 867,000 BTC in the $84,000 cost-basis cluster, the largest concentration identified by its analysis. The team also described that price as the dividing line at which 75% of Bitcoin’s supply sits in profit.
The failed $87,197 breakout lacked spot buying In Bitfinex’s account, last Friday’s advance relied mainly on futures trading. Open interest increased by $2.1 billion during the 24 hours before the September U.S. payrolls report, then contracted by $1.5 billion as the report was released.
Without enough spot purchases to sustain the move, the analysts said Bitcoin retreated toward $84,000 after its third rejection below the yearly open in two weeks.
Their base case remained consolidation between $84,000 and $87,722, with an upward break depending on ETF inflows returning toward September’s daily average of $340 million.
In an Oct. 6 report on Bitcoin’s stalled recovery, the team said several ETF sessions attracting at least $340 million each, combined with a daily close above $87,722, would support a move toward $90,000.
The same assessment placed ETF investors’ estimated average purchase price at $84,320, using Checkonchain’s flow-weighted calculation. According to Bitfinex, holders had spent 233 consecutive days below that level before Bitcoin reclaimed it on Sep. 21.
For the analysts, a return to breakeven helps explain weaker buying appetite, since inflows have historically accelerated when ETF investors hold a larger profit cushion.
ETF outflows have not unsettled DWF Labs’ Lee Martin Lee, head of content and data insights at DWF Labs, said he was “not too concerned” about Monday’s roughly $90 million withdrawal from Bitcoin ETFs.
Lee described Sep. 21–25 as the funds’ strongest inflow week this year, with about $2.4 billion arriving, followed by another $241 million the next week. In his assessment, both preceding months had produced strong inflows.
A Sep. 26 report documenting September’s ETF inflows put the Sep. 21–25 total at $2.39 billion, according to Farside Investors. BlackRock’s IBIT received $1.16 billion, Fidelity’s FBTC attracted $701.6 million and ARK 21Shares’ ARKB added $294.7 million.
Across the year, Lee counted negative flows on 93 of 190 trading days, or about 48%, despite net inflows of $1.2 billion.
For Lee, weekly and monthly totals carry more weight than individual sessions, although he said the withdrawals warrant monitoring. Bitfinex’s concern centers instead on the pace of new purchases: its figures show weekly inflows falling from $2.39 billion to $241.1 million.
October’s record does not establish a bottom Jake Kennis, senior research analyst at Nansen, said Bitcoin has delivered a median October return of roughly 14% since 2013, with gains in 10 of the past 13 Octobers.
However, Kennis rejected the idea that those monthly results establish Oct. 5 as a dependable turning point.
“Ultimately liquidity, positioning, macro conditions, and underlying demand are more important drivers than any specific date.”
Kennis cited Bitcoin’s 2.7% seven-day gain as positive momentum entering October, while cautioning that it did not confirm a calendar-driven bottom. He identified post-September positioning and improving risk appetite as possible contributors to the historical “Uptober” pattern.
Lacie Zhang, research lead at Bitget Wallet, said:
“This year, Bitcoin’s bottom may already have formed near $57,000. What matters more from here is the direction of macro liquidity and ETF flows rather than any specific seasonal date.”
Zhang also said weaker altcoins can take longer to bottom, even when they follow Bitcoin’s market cycle.
In an Oct. 5 assessment of Bitcoin’s conditional upside, Zhang identified $90,000–$93,000 as possible targets if Treasury yields decline and inflation figures support the weaker employment reading. She required a daily or weekly close above roughly $87,400, continued ETF inflows, and stronger spot purchases before calling the move a convincing breakout.
For the next U.S. inflation test, Bitfinex’s analysts pointed to September CPI on Oct. 14, saying the release could end Bitcoin’s trading range.
Bitcoin (BTC) dipped below $84,000 on Wednesday as flash downside liquidated over $500 million in crypto long positions.
Key points:
Bitcoin briefly dropped to $83,560 but held support at its 21-day moving average, which currently stands at $83,850.Analysis flagged 40x-leveraged BTC shorts on Hyperliquid appearing immediately before the downside ensued. Analysis by Rekt Capital viewed a daily or three-day close above $86,700 as necessary to confirm upside continuation.Hyperliquid shorts in focus after BTC price dropData from TradingView showed BTC/USD falling up to 2.3% over two hourly candles before returning to circle $84,000 at the time of writing.
The move came after overhead ask liquidity thickened on exchange order books, keeping spot price from rising past $86,500 on Tuesday. Cumulative 24-hour crypto long liquidations hit $550 million, per data from CoinGlass.
BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass
Just before the overnight drop, four wallets used stablecoin USD Coin (USDC) to open shorts on 148.49 BTC with 40x leverage on Hyperliquid, onchain data from Lookonchain and others reveals.
After the long position flush, open interest (OI) immediately began to rebound across the 21 exchanges tracked by CoinGlass — potentially a sign that traders were comfortable with increasing BTC exposure at the local lows. OI increased from around $54.2 billion to $55.3 billion over six hours between 4 a.m. and 10 a.m. UTC.
BTC exchange OI data (screenshot). Source: CoinGlass
Bitcoin preserves nearby support levelsDespite trading 1.8% lower on the day, Bitcoin preserved nearby support in the form of its 21-day simple moving average (SMA) near $83,850. Previously, Cointelegraph reported that this level forms a line in the sand for bulls on low time frames.
Below this trend line, $82,500 remains as a decisive area for Bitcoin’s broader uptrend. It forms a key level as part of an inverse head-and-shoulders reversal pattern, which is still playing out on the weekly chart. Price last visited the level on Sept. 28.
In his latest market commentary, trader and analyst Rekt Capital explained that a daily candle close above $86,700 would be required to maintain a bullish setup.
“At the moment, Bitcoin is lacking that lower timeframe confirmation relative to this key level for continuation,” he told X followers on Tuesday.
BTC/USD one-week chart. Source: Rekt Capital on X.com
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Leveraged longs took $487.2 million of the $555.6 million in crypto liquidations over 24 hours, according to CoinGlass.
Bitcoin falls under $84,000 as $487 million in longs liquidated
Original Photo by Norman Wozny on Unsplash
Posted October 7, 2026 at 6:04 am ET.
Bitcoin fell below $84,000 late Tuesday as traders holding leveraged long positions were forced out of their trades. Coinbase exchange data shows bitcoin sliding from about $85,300 shortly before 9:50 p.m. ET to a low near $83,550 at roughly 10:05 p.m. ET. It traded around $84,000 at 11:20 p.m. ET, about 1.7% lower over 24 hours, while ether fell about 3.4% to roughly $2,610.
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Hyperliquid Shorts Flagged Onchain analytics account Lookonchain said four newly created wallets funded themselves with 1 million USDC on Hyperliquid, then took 40x short positions totaling 148.49 BTC, worth about $12.5 million. Hyperliquid’s public data shows four 40x bitcoin shorts opened about 8:04 to 8:17 p.m. ET Tuesday, at average entry prices near $85,500.
Longs Take the Hit Over 24 hours, forced closures across crypto totaled $555.6 million per CoinGlass, and $487.2 million of it was on the long side. The data is typically drawn from public figures and may understate the true total.
Dominick John, an analyst at Zeus Research, told The Block that the pullback “appears primarily driven by profit-taking and forced long liquidations, following a build-up in open interest and funding rates that left the market vulnerable to deleveraging.” The Crypto Fear & Greed Index stood at 62, labeled “greed,” down from 67 a day earlier.
Analysts Eye Support Jeff Ko, chief analyst at ViaBTC, told The Block that the pullback could be viewed as constructive if Bitcoin could hold the $82,000-$83,000 range, citing its roughly 40% gain in the third quarter and $6.5 billion in spot ETF inflows.
Related Listen: Inside the Coldcard Hack That Drained Over $100 Million in Bitcoin: Uneasy Money
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Bitcoin is trading below $84K after failing to continue its latest push toward the $90K region. While the general structure remains constructive, the latest pullback and weakening futures taker activity suggest that BTC may need to consolidate before attempting another breakout.
Bitcoin Price Analysis: The Daily Chart The daily chart shows a significant structural improvement over the past several months. BTC has reclaimed both the 100-day and 200-day moving averages, currently positioned around $72K. The two averages have also converged, with the shorter-term average turning higher. This bullish crossover could potentially further strengthen the longer-term trend.
Meanwhile, the price has also moved decisively above the $75K area, which now represents an important demand zone. Holding this region would keep the broader sequence of higher lows intact and preserve the bullish recovery structure. A deeper correction toward $70K, however, would still leave the larger trend relatively constructive, although losing that area would weaken the setup considerably.
On the upside, BTC is facing a substantial supply zone around $88K. The market has repeatedly struggled to establish a daily close above this region. But a convincing breakout would expose the next major resistance area around $96K.
Momentum also remains positive but has cooled. The daily RSI is still above the neutral 50 level while leaving considerable room before reaching overbought territory. This suggests that the market is not yet displaying the type of momentum exhaustion typically associated with a major top.
BTC/USDT 4-Hour Chart The 4-hour chart presents a more cautious picture. BTC established an ascending triangle pattern from the September lows, with several successful tests reinforcing the structure. However, the price is now breaking below that trendline and has fallen toward $84K.
The immediate area around $84K is therefore important. If buyers reclaim this zone and restore the broken trendline, the recent decline could prove to be only a temporary shakeout. In that scenario, BTC could retest the $88K resistance area and potentially challenge for a valid breakout once more.
Conversely, a sustained move below $84K would increase the probability of a deeper correction toward the $75K-$78K region. That area coincides with the previous breakout and should be viewed as the first major support beneath the current range.
The 4-hour RSI has also fallen sharply to around 38, showing that short-term momentum has deteriorated and is approaching oversold territory. This could allow for a relief bounce, but RSI alone does not confirm a reversal.
Sentiment Analysis The taker buy/sell ratio provides a notable warning sign. The metric compares aggressive market buying with aggressive market selling, with readings above 1 indicating that taker buying is dominant and readings below 1 suggesting that sellers are more aggressive.
The latest reading has dropped below 1 and is sitting around 0.994, significantly declining from its September highs. This indicates that aggressive buying pressure has weakened as BTC moved toward the $88K resistance area.
More importantly, the taker buy/sell ratio has been trending lower since its August peak even as Bitcoin remained relatively elevated. This divergence suggests that the latest advance has not been accompanied by steadily increasing aggressive futures demand.
That does not necessarily imply an immediate bearish reversal. However, it makes a clean breakout above $88K less convincing unless the metric begins recovering. A renewed move above 1 in the taker ratio, alongside a breakout in price, would provide stronger confirmation that buyers are regaining control.
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.
Arthur Hayes, co-founder of BitMEX, said excessive AI investment could eventually trigger a crash and a government bailout that sends Bitcoin (CRYPTO: BTC) and other cryptocurrencies higher.
Hayes, also the co-founder of crypto investment firm Maelstrom, said humanity is "wasting multi-trillion dollars" building AI data centers. Speaking to CNBC at the Gamma Prime Investing Conference in Singapore on Tuesday, Hayes stated that he expects the construction surge to create “extremely” plentiful, inexpensive computing power before producing overcapacity, a downturn and, eventually, government-backed support for the industry.
"If you study financial history and you study every single major technological rollout, it always is overbuilt. There always is a crash, and there always is a bailout," Hayes said.
Pointing to Nvidia Corp. (NASDAQ:NVDA) and other memory-chip manufacturers that are already profitable, Hayes urged investors to assess whether current valuations adequately reflect companies’ expected future earnings.
On the other hand, he said that Space Exploration Technologies Corp. (NASDAQ:SPCX), OpenAI and Anthropic rank among major computing-power users despite not making money
He said pressure could surface in late 2027 or 2028, when new capacity comes online, and infrastructure providers seek payment from AI companies.
Hayes told CNBC that Bitcoin and other cryptocurrencies could “soak up” excess liquidity after such a bailout, potentially making them the strongest-performing assets. "You just have to be patient,” he said.
Read Next
Hayes Doubles Down on BitcoinHayes’ latest warning builds on an August prediction that Bitcoin could reach $250,000 as governments increase liquidity to address credit-market stress, rising bond yields and artificial intelligence’s (AI) enormous funding requirements. He said policymakers in the U.S., China, Japan and Europe are likely to intervene early as fiscal spending, high bond yields and AI-related capital needs strain financial markets.
In September, Hayes described Bitcoin as the "fastest horse" during renewed central-bank money printing, arguing in a podcast that cryptocurrency remains especially sensitive to expanding global liquidity.
Price Action: On a year-to-date basis, Bitcoin declined 4.35%, as per Benzinga Pro. It is currently trading around $83,430.
AI Spending Faces Bubble Risks‘Big Short’ investor Michael Burry said Big Tech’s aggressive data-center spending reflects expectations that leading AI companies will become an oligopoly too large to fail, as AI capital spending could reach $1 trillion next year.
Meanwhile, Panmure Liberum analysts warned that an AI downturn could drive the S&P 500 to 5,000 by the end of 2027, with hyperscaler spending triggering the AI bubble burst in 2027 or 2028.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Europol has warned that quantum computing could threaten the crypto industry, with wallet keys seen as the main risk. The agency is urging developers, wallet providers, and users to prepare for stronger security before quantum attacks become possible.
In two new reports, Europol explained how quantum computers could put crypto assets and sensitive data at risk.
Crypto Wallet Keys Face the Biggest RiskOn 7 October 2026, Europol’s European Cybercrime Centre published a report on how quantum computing could affect cryptocurrencies.
The report says the main risk comes from the keys used to control crypto wallets and approve transactions. A powerful quantum computer could potentially use an exposed public key to find the private key.
Bitcoin is among the networks that could face this problem.
More than 4.3 million BTC, worth over $360 billion, are held in older Bitcoin addresses that expose public keys. This includes an estimated 1.1 million BTC linked to Satoshi Nakamoto.
Modern Bitcoin addresses provide stronger protection, but public keys can still become visible when transactions wait for confirmation. A future quantum computer could use this window to attack the funds.
Therefore, Europol is urging developers and wallet providers to start moving to post-quantum security before quantum attacks become a real threat.
Europol Warns of “Harvest Now, Decrypt Later” RiskEuropol’s second report examines another threat known as “harvest now, decrypt later.”
In this scenario, attackers collect encrypted information today and store it until future technology can break the encryption. The report found no clear evidence that this method is currently being used systematically at scale.
However, sensitive information that must remain private for years could still become a target.
Europol’s message is simple, starting the transition early could give the crypto industry more time to protect funds and avoid rushed security upgrades later.
Story Ends Here
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Glassnode’s report notes that Bitcoin’s breakout above the $85,000 sell wall occurred with low trading volume and limited new capital inflow, followed by a subsequent pullback. The 7-day average of combined daily trading volume on spot exchanges and U.S. spot ETFs stands at roughly $6.8 billion, lower than about 90% of trading days since January 2024. In the 30 days ending October 5, new capital from ETFs, stablecoin growth, and corporate treasury purchases totaled around $4.9 billion, less than 40% of the $12.8 billion realized market cap increase over the same period. On October 4, profitable short-term holders contributed approximately 86% of total inflows to trading platforms that day — a 1-year high — indicating recent buyers are taking profits. The options market has shifted back to a bullish bias, with the put-to-call open interest ratio at around 0.56. Recent liquidation levels are primarily concentrated below the current price; the nearest large liquidation cluster is at $81,700 to $83,300, while Binance’s largest buy order range sits at $81,000 to $81,250. If spot trading volume and ETF buying demand rebound, and Bitcoin firmly closes above $85,500, it will confirm the breakout has gained tangible support, potentially bringing the short liquidation cluster near $92,000 within reach. If the $81,000 buy level is broken, the underlying liquidation cluster could be triggered; altcoin leverage remains elevated, and a continued downturn may spark forced liquidations.
Europol released a report on the risks crypto and blockchain face from the advent of quantum computing. (Planet Volumes/Unsplash)Summary
Europol said cryptocurrency wallets, not blockchains themselves, are the primary point of exposure to future quantum-computing attacks, though computers capable of such attacks do not yet exist.About 6.9 million bitcoin are held at addresses with exposed public keys, including early and long-dormant wallets whose private keys could eventually be derived by a sufficiently powerful quantum computer.Europol urged the industry to begin a phased shift to quantum-resistant security, warning that the main challenge is coordinating a global networkwide migration before vulnerable wallets become targets.Cryptocurrency wallets, rather than blockchains themselves, are the main point of exposure to future quantum-computing attacks, Europol said in a report published Wednesday.
Quantum computers capable of carrying out such attacks do not exist yet, and Europol did not predict when they will. However, the European Union’s law enforcement agency said “proactive adaptation, rather than systemic collapse, is the most likely outcome.”
Europol urged the industry to begin a phased transition now through wallet upgrades, post-quantum cryptography and coordination among developers, miners, exchanges and users.
Bitcoin researchers and institutions increasingly see 2029 as the point by which credible quantum-resistant migration plans need to be in place. IBM said in July that it expects quantum computing to generate significant commercial revenue in the next two to four three years.
A sufficiently powerful quantum computer could derive a private key from a public key and spend the associated funds, Europol’s European Cybercrime Center said in its Quantum Computing and Cryptocurrencies report.
The agency aimed to draw a clear distinction often lost in warnings about quantum computing: the hash functions that help secure a blockchain’s history, including bitcoin mining, remain far more resistant to quantum attacks than the public-key cryptography used to control wallets.
“Cryptocurrencies will not collapse due to quantum computing,” Europol said. The immediate concern is ownership of the assets held in wallets, not whether a quantum computer could rewrite the bitcoin blockchain.
That distinction is more critical for addresses from the earliest days of Bitcoin - referred to as the "Satoshi era" - whose public keys have already become visible onchain. A powerful enough quantum computer could use those keys to drive the corresponding private key. Roughly 6.9 million bitcoin sit in addresses with exposed public keys, including early pay-to-topublic-key outputs and many long-dormant holdings.
Europol said exposed keys cannot be made safe retroactively, an issue that has sparked massive debates and controversies across the bitcoin community as the dilemma of whether or not to freeze BTC in Satoshi-era wallets increases as the quantum threat nears.
The more difficult task today is updating the network itself. Europol cited a 2024 study estimating that converting every bitcoin unspent transaction output, or UTXO, to a quantum-resistant format would require at least 76 days of cumulative block space. Reserving 25% of each block for the migration, that study adds, would stretch that process to about 300 days.
New post-quantum signature schemes can be 10 to 120 times larger than bitcoin’s current Elliptic Curve Digital Signature Algorithm (ECDSA) signatures, the report said. The ECDSA is the cryptographic mechanism that proves ownership of bitcoin and authorizes the transfer of funds on the network.
Bitcoin’s challenge is less about finding replacement cryptography than persuading a global, decentralized network to adopt it before exposed wallets become targets.
12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Bitcoin hovered close to $84,300 after a brief dip to approximately $83,680, based on LSEG figures cited by Barron’s. The latest pullback marks another unsuccessful attempt by the cryptocurrency to surpass the $87,000 resistance level that has restricted price advances since late September.
Exchange flows signal shifting dynamicsAccording to data from CryptoQuant, seven-day Bitcoin inflows to Binance dropped to 32,642 BTC as of October 5. This reading falls within the 11th percentile of the past year, signaling notably low deposit activity on the world’s largest crypto exchange by volume.
Binance also saw its seven-day Exchange Whale Ratio climb to 0.515, reaching its highest point since August. This ratio tracks the proportion of total exchange inflows coming from the ten largest deposits, providing insights into large-holder activity.
A heightened whale ratio can suggest large holders are taking a more active role on exchanges, which may increase available sell-side liquidity. However, since overall deposits are unusually low, whales make up a larger share of inflows even if their absolute transfer volumes remain steady.
CryptoQuant, a leading blockchain analytics platform, advised caution in interpreting the elevated whale ratio as a direct sell-off signal given the subdued total volume.
Mini dictionary: Exchange Whale Ratio – a metric showing the amount of cryptocurrency deposited by the top ten largest entities relative to all exchange inflows. A higher ratio can indicate growing influence of large holders on short-term price dynamics.
Spot and futures market updateGlassnode’s latest market pulse noted that Bitcoin’s spot Cumulative Volume Delta (CVD) reversed from negative $102.8 million to positive $33.2 million in the past week. This transition points to renewed aggressive spot buying activity, suggesting that buyers are regaining control after recent weakness.
In derivatives, futures open interest declined from $38 billion to $36.6 billion, which indicates a reduction in leverage following September’s rally. This easing of position sizes may help stabilize the market after recent volatility.
DateBTC Spot CVDFutures Open InterestPrevious Week– $102.8 million$38 billionLatest+ $33.2 million$36.6 billionIn another sign of renewed institutional interest, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $118.8 million on October 6. This recovery follows an $89.8 million withdrawal reported the previous trading session.
BlackRock’s iShares Bitcoin Trust (IBIT) captured nearly all of the new investments, reinforcing its status as a primary avenue for institutional Bitcoin exposure. The inflows contributed to a strong third quarter for U.S.-listed spot Bitcoin ETFs, which collectively attracted $6.34 billion over the period.
Glassnode’s analysis indicates that spot market momentum has returned, while leveraged positioning in futures has moderated after the recent rally. At the same time, leading ETFs like BlackRock’s IBIT continue to see strong demand from investors.
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Bitcoin is trading at $84,300, down 1.61% over 24 hours, after failing to hold above the $87,000–$87,400 resistance zone. Gold has also pulled back, leaving traders to weigh defensive exposure against a possible BTC recovery ahead of the Federal Reserve’s next policy signals. The immediate question is whether the Bitcoin price support holds long enough for another bullish prediction.
BTC vs XAU, TradingviewGold has pulled back toward $4,130 and remains below its key moving averages, while Bitcoin is holding above its 50-day average after a much stronger recent recovery. For investors choosing between the two, Bitcoin appears to have the more constructive momentum setup, while gold looks more defensive after its recent decline.
However, for Bitcoin, ETF demand has been uneven: U.S. spot Bitcoin ETFs recorded $89.8 million in net outflows on October 5, then $118.8 million in net inflows on October 6. Meanwhile, a reported 24,073 BTC left centralized exchanges on October 5, the largest single-day withdrawal since March 1.
The FOMC minutes are coming out today at 2:00 PM ET.
I’ll be paying close attention to how Fed officials viewed inflation, the labour market and the path for interest rates.
With Bitcoin already sitting around $84K after another rejection from $87K, the tone of these minutes… pic.twitter.com/nSmxKfbRLb
— That Martini Guy ₿ (@MartiniGuyYT) October 7, 2026 The FOMC minutes put rates and liquidity back in focus; higher oil prices add to inflation concerns and could reinforce a hawkish Fed stance, pressuring risk assets. The October 27–28 meeting is the next major policy catalyst. For traders comparing macro scenarios, rate-cut expectations provide another read on how inflation and employment data may shape positioning.
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Bitcoin Price Prediction: Can BTC Reclaim $87,000 This Week?At $84,300, BTC is below the $84,500 support level and well short of the $87,000–$87,400 resistance band. BTC is under pressure, and a resistance break without expanding participation can quickly fail.
The near-term structure remains a consolidation or pullback, not a confirmed breakout. If BTC recovers and holds above $84,500, a retest of $87,000 is plausible; a clean break through $87,400 would put $90,000 in view. A weekly close above $84,972 has also been cited as a sign that the pullback may be ending.
The base case is continued range trading until either support or resistance gives way. A break below $84,500 risks a move toward $82,900, with $80,000 a deeper support reference.
What changes the balance? Sustained ETF inflows and a less hawkish Fed tone would help the bull case; renewed outflows or inflation-driven rate concerns would weaken it. For a closer look at the inflation-to-leverage channel, see this analysis of core PCE and Bitcoin levels.
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Bitcoin Hyper Targets Early Mover Upside as Bitcoin Tests Key LevelsBTC’s pullback is a reminder that even a constructive broader setup can leave traders exposed to sharp reversals around macro events. If $84,500 fails, the downside levels are close; if resistance breaks, much of the recovery may already be reflected in price.
The above asymmetry is one reason some investors look beyond established assets, though early-stage projects carry materially different risks.
Bitcoin Hyper ($HYPER) is a Bitcoin Layer 2 project with SVM integration, positioning itself as the first Bitcoin Layer 2 with that architecture. It aims to bring faster smart contracts and low-cost execution to Bitcoin while preserving Bitcoin’s security and trust.
The project’s current price is at $0.0136873, and the total raised is $33.1 million. It also offers staking at a high 30% APY, just for those who buy in the presale stage. Features include a decentralized canonical bridge for BTC transfers and low-latency Layer 2 processing.
Research Bitcoin Hyper and review the project details before the funding window to buy at the lowest price closes.
Discover: The Best Token Presales and Bitcoin Hyper Alternatives
A federal court has sentenced Daniel Rhyne, a former core infrastructure engineer, to 32 months in prison after he pleaded guilty to orchestrating a ransomware attack against his previous employer in New Jersey. Rhyne targeted the company’s computer network, demanding a Bitcoin payment in exchange for halting further damage.
Details of the AttackRhyne, 59, of Kansas City, Missouri, was found responsible for gaining unauthorized access to his former employer’s IT infrastructure. The affected company, based in Somerset County, New Jersey, operates across major industries including biopharmaceuticals, oil, and gas, though its identity has not been made public by authorities.
At approximately 4pm on November 25, 2023, the company’s network administrators began receiving alerts indicating that hundreds of user passwords were being reset. Investigators later determined that all other domain administrator accounts had been deleted in the same incident.
Less than an hour after the first alerts, company employees received an email titled “Your Network Has Been Penetrated.” The message stated that IT administrators had been locked out and all backup files removed. Rhyne threatened to shut down 40 company servers per day for 10 consecutive days unless the company paid 20 BTC, valued at approximately $750,000 at the time. The demand was also specified in euros, totaling €700,000, with a payment deadline set for December 2.
Network administrators received an email reading, “Your Network Has Been Penetrated.” The attackers warned that 40 company servers would be shut down per day for 10 days unless 20 BTC was paid by December 2, following the deletion of backup files and lockout of administrators.
FBI Investigation and EvidenceSpecial agents from the FBI traced the origins of the breach to an unauthorized virtual machine initialized within the company’s network on November 9, 2023. The password for this virtual machine was set to “TheFr0zenCrew!”, a detail later found on 301 user accounts, the main administrator account, and the email used for the ransom demand.
Technical analysis showed that, on the morning the attack began, a remote desktop session from the rogue virtual machine created tasks to delete 13 administrator accounts, change passwords affecting 254 servers and 3,284 workstations, and schedule the shutdown of dozens of servers starting December 3.
Further digital forensics connected Rhyne’s company-issued laptop directly to the attack. The forensic team discovered that all browsing activity on his laptop ceased whenever actions took place on the hidden machine. Physical access logs corroborated his presence at company headquarters shortly before his credentials were used in the breach.
On the day of the incident, Rhyne’s laptop accessed the company’s system from his Warren County, New Jersey home, directly before initiating the attack. In the days leading up to the breach, browsing history from the compromised machine included searches such as “how to clear all windows logs from command line” and “how to remotely shutdown a computer using cmd.”
Legal Proceedings and SentencingRhyne pleaded guilty in April to charges of extortion relating to threats to damage protected computers and to the charge of intentional damage to a protected system. Though the complaint initially charged him with wire fraud, this was not included in the finalized charges to which he entered a plea. He faced a maximum sentence of five years for extortion and ten years for intentional damage but ultimately received a 32-month total sentence. U.S. District Judge Michael A. Shipp handed down the decision in Trenton.
The case has highlighted the increasing technical complexity and internal risks facing corporations as cyberattacks become more sophisticated. When crucial infrastructure and administrator access are compromised, monitoring developments across charts, news, and portfolio movements can be the difference between loss and recovery. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.
Investigators found an unauthorized virtual machine within the company’s network, whose password matched the administrator account and other user profiles, directly linking the device to Rhyne’s laptop and physical access to the company.
CRYPTOCURRENCIES fell on Wednesday (Oct 7) as a wave of forced selling swept across digital-asset venues, with broader market jitters further weighing on risk appetite.
Bitcoin, the largest token, fell as much as 2.8 per cent to US$83,248, while Ether slumped 5.3 per cent to US$2,555. Other smaller digital assets also fell, with XRP and Solana each down by more than 4 per cent. Shares of crypto-linked companies retreated, with Coinbase Global dropping as much as 3.7 per cent and Strategy slipping 4.5 per cent.
The digital-asset retreat accelerated as leveraged bets were unwound, with roughly US$650 million in crypto positions liquidated over the last 24 hours, according to data compiled by Coinglass.
The losses reflected a broader cooling in appetite for risk, as renewed Iranian attacks in the Strait of Hormuz tempered hopes that shipping through the key waterway may return to pre-war levels, pushing Brent crude above US$100 a barrel.
“The dip in crypto prices serves as a leverage flush instead of a downward trend, stemming from crowded bets on higher prices being forced out, with most of the liquidations coming from long positions,” said Dan Khus, chief analyst at LVRG Research.
US stocks edged lower after the S&P 500 closed at an all-time high in the prior session. Europe’s Stoxx 600 snapped three straight days of gains, while a recovery in bonds also lost steam, with the 10-year Treasury yield climbing above 5.3 per cent.
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Traders are watching the release of Federal Reserve meeting minutes later on Wednesday for clues to the outlook for interest rates, said Rachael Lucas, an analyst at BTC Markets. “A hawkish read could lift yields and the US dollar, keeping pressure on risk assets,” Lucas said.
The slump in crypto prices comes after a recovery from Bitcoin’s summer lows, although it remains well off its peak of US$126,000 a year ago.
Trading may remain choppy for the rest of the week in the absence of a fresh catalyst, according to Pratik Kala, a portfolio manager at Apollo Crypto. “If we lose US$83,000 it is possible we revisit the US$78,000 region for Bitcoin which should provide some support,” he said. BLOOMBERG
Injective releases new whitepaper, focusing on institutional-grade finance and tokenization.
Injective has released a new version of its whitepaper, marking the first full rewrite since the original launch in December 2018. The initial whitepaper centered on a front-running-resistant trading protocol built on Ethereum, while the updated version positions Injective as a Layer 1 blockchain for institutional-grade finance and asset tokenization, covering the full lifecycle of tokenized assets—from issuance and trading to settlement. The whitepaper details a native real-world asset (RWA) tokenization framework that establishes role-based permissions for minting, transferring, receiving, and burning assets. Its iAssets feature leverages stablecoin margin and oracle pricing to offer derivatives tracking external assets, eliminating the need for wrapping or pre-funding. Tokenized assets are traded on a fully on-chain central limit order book (CLOB), with sealed high-frequency batch auctions executed per block to clear at a uniform price, mitigating front-running and transaction-ordering miner extractable value (MEV). Byzantine Fault Tolerant (BFT) consensus delivers deterministic finalization, with block times averaging around 600 milliseconds. The new whitepaper also covers native Ethereum Virtual Machine (EVM) and WebAssembly (WASM) environments sharing a unified state, perpetual contract risk management, and AI agent finance. AI agents can interact with tokenized assets via MCP servers, strategy-constrained signatures, and x402 machine payments denominated in USDC. On-chain protocol revenue will be allocated to regular INJ community buyback programs.
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Hayes leaves room for an AI bull case, arguing stronger demand within a year could make AI infrastructure companies more profitable overall.
Arthur Hayes, the former BitMEX CEO and co-founder of crypto investment firm Maelstrom, told CNBC at the Gamma Prime Investing Conference in Singapore that humanity is “wasting multi-trillion dollars” on AI data centers.
His bet is that the overbuilding ends in a crash and a bailout, and that Bitcoin and other crypto absorb the money that follows.
Overbuilt, Then Bailed Out The buildout, he argued, will leave computing power “extremely cheap and extremely plentiful.” “If you study financial history and you study every single major technological rollout, it always is overbuilt. There always is a crash, and there always is a bailout,” he stated, pointing to the aftermath of the 2008 financial crisis and other episodes since.
“Thankfully, we have Bitcoin and other crypto to soak up that excess liquidity, and so we know the asset that’s going to perform the best when the bailout comes,” he added, telling investors “you just have to be patient.”
He claimed SpaceX, OpenAI and Anthropic are among the end users behind demand for computing power, and that none of them makes money.
His contention is backed by Anthropic’s own numbers, with the firm recently sharing a prospectus ahead of a possible IPO that showed $4.6 billion in 2025 revenue, up from $400 million, against net losses near $42 billion, including a $34 billion noncash charge.
Additionally, compute and infrastructure cost $7.33 billion, which was over half of $12.65 billion in operating expenses.
According to Hayes, once the data centers under construction are finished, infrastructure providers will want payment for the compute Anthropic and the other AI firms committed to, which he expects in late 2027 or 2028.
You may also like: Trump’s $5,000 Checks Could Send Billions Into Bitcoin and Crypto: But There’s a Catch Metaplanet Sold 10,000 BTC – Then Bought Back Even More: Here’s Why Strive Completes Its Third-Largest Bitcoin Purchase, Adding 2,000 BTC He did leave room for a different outcome, though, where AI could become “so useful” over the next 12 months that demand expands enough for AI companies to become profitable. Some suppliers already earn money, he noted, including the likes of Nvidia.
The Debt Behind the Argument As CryptoPotato reported in September, Hayes had pointed out that compute demand from some of the biggest artificial intelligence builders backs more than $1 trillion of investment-grade debt.
According to him, a downgrade would leave insurers tied to that debt short of capital, pushing Washington to buy compute as a last resort or print money to rescue them.
Before that, the crypto investor had predicted that AI spending would slow next year, then contract, with bailouts bigger than 2008 that could possibly take Bitcoin near $1 million.
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 fell 2.7% this Wednesday, October 7, 2026, dropping below $84,000, its lowest level since October 2. This decline occurs amid tensions in global markets. Investors are also awaiting the minutes of the Fed meeting on September 15 and 16, which are scheduled for release on October 7 at 2 p.m. ET, or 8 p.m. in Paris. At the same time, liquidations of leveraged positions reached approximately $547 million over 24 hours according to CoinGlass data published on October 7 and cited by CoinDesk.
In Brief Bitcoin falls 2.7% below $84,000, around $83,600, in a pressured market. $547M of leveraged positions were liquidated in 24 hours, mostly long positions. Fed minutes from October 7 are the next catalyst, with possible indications on rate evolution. The $83,000 threshold remains to watch as the market evaluates bitcoin’s ability to absorb liquidations without extending the decline. Why is bitcoin dropping below $84,000? The bitcoin price dropped to about $83,600 Wednesday, after trading above $86,000 earlier this week. This price drop comes as several factors simultaneously weigh on risk appetite:
Oil prices have risen again amid geopolitical tensions and supply risks. Brent crude surpassed $101 per barrel, fueling inflation concerns. US bond yields rose sharply. The 30-year Treasury yield briefly hit 5.7041%, its highest level since 2002. The combination of higher oil prices and elevated bond yields can reduce investors’ appetite for assets considered riskier, including bitcoin.
However, it is impossible to attribute the entire bitcoin drop to a single factor. The cryptocurrency market is also experiencing significant deleveraging of leveraged positions.
Why were $547 million of crypto positions liquidated? According to CoinGlass data cited by CoinDesk on October 7, approximately $547 million of leveraged positions were liquidated within 24 hours. Most of the crypto positions involved were longs, meaning bets on a price increase of bitcoin and other cryptocurrencies. This mechanism causes forced selling, which can put additional pressure on the market.
It is important to note, however, that the $547 million does not correspond to spot bitcoin sales. This amount measures leveraged derivative positions that have been forcibly closed.
Why are the Fed minutes important for bitcoin? The Fed is set to publish minutes of its September 15-16 meeting this Wednesday. At that meeting, the FOMC raised its target rate range by 25 basis points to 3.75%-4%.
The minutes may provide more information on:
discussions among committee members; their views on inflation, economic activity, and future rate developments. For the flagship asset bitcoin, the issue notably involves bond yields and the dollar. More restrictive-than-expected indications could support yields and the dollar, maintaining pressure on risky assets. Conversely, a more accommodative tone could reduce this pressure.
However, this is a market scenario and not an automatic relationship. The bitcoin reaction to Fed communications can vary depending on expectations already priced in.
DateIndicatorLevel / EventWhy ImportantOct 7, 2026BitcoinAbout $83,600Dropped below $84,000Oct 7, 2026LiquidationsAbout $547M in 24hStrong pressure on leveraged positionsOct 7, 2026Brent>$101New inflation worriesOct 7, 202630-Year Treasury5.7041%Highest since 2002Oct 7, 2026FOMC Minutes2 p.m. ETPotential new catalyst for marketsOct 27-28, 2026FOMCNext meetingNext monetary policy decision What level to watch after bitcoin’s drop? BTC now trades well below the $87,000 tested earlier this week. The $83,000 level is a market reference followed by some analysts. A sustained break of this zone could further alter the short-term structure. However, it is not a guaranteed threshold.
Another indicator to watch closely: the US Bitcoin ETFs. An estimate attributed to James Seyffart, ETF analyst at Bloomberg, placed their average cost around $81,722 on September 26.
The next immediate catalyst remains the release of the Fed minutes at 2 p.m. ET. The bitcoin market will especially look to determine if the committee’s discussions suggest a more restrictive or more accommodative monetary policy than expected.
Meanwhile, the evolution of Brent, US yields, and leveraged positions will remain key to measuring pressure on risky assets.
The immediate question is therefore twofold for bitcoin: can the drop below $84,000 be absorbed by the crypto market or will liquidations continue to amplify the decline? A dossier to follow closely…
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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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.
Circle Stock declined Wednesday as cryptocurrency losses overshadowed the company’s expansion into enterprise payments through SAP Pay.
Shares traded at $80.65, down $3.47, or 4.13%, at 9:34 a.m. EDT after an extended premarket retreat. Thursday’s jobless claims report now takes focus as investors assess labor conditions and inflation risks.
Jobless Claims Report Could Influence Circle Stock Sentiment Thursday’s weekly unemployment claims release will indicate whether layoffs are increasing across the United States. Higher claims could raise concerns about economic momentum, although one report would not establish sustained deterioration. Lower claims could indicate employment resilience without resolving uncertainty over the Federal Reserve’s next policy decision.
FOMC minutes are very important ahead of the upcoming rate decision, especially after last week’s jobs report
WATCHING VERY CLOSELY!!
— ᴛʀᴀᴄᴇʀ (@DeFiTracer) October 4, 2026
Before that release, Wednesday’s FOMC minutes will offer fresh details from the central bank’s September policy discussions. Investors will examine officials’ assessment of inflation and employment for indications of how aggressively monetary policy might tighten. The minutes describe an earlier meeting rather than a new interest rate announcement or policy change.
Friday’s University of Michigan release will update consumer sentiment and inflation expectations following September’s higher one-year reading.
The expectations of the year ahead stood at 4.6, attracting the interest of markets that already have to deal with uncertainty in interest rates. The collective effect of these releases may impact the demand for riskier assets, such as Circle Stock, although it does not necessarily ensure a given direction of trade.
Crypto Liquidations Overshadow Circle’s SAP Pay Integration Progress In 24 hours, the capitalization of the crypto market declined by 3% to $2.83 trillion as leveraged positions were pressured. Bitcoin price traded below $84,000, Ethereum slipped under $2,600, and XRP price fell beneath $1.45 during the downturn. Dogecoin, Solana, and Cardano also weakened, alongside shares of Strategy, Robinhood, and BitMine during the selloff.
Bitcoin long liquidations were above $137 million, increasing over 150% over the last 24-hour period. Liquidations reported in both cryptocurrency and gold-linked contracts were as high as 700 million, which shows the magnitude of liquidations of leveraged exposure.
Circle 🤝 Tereina
Circle and Tereina are partnering to bring USDC and EURC into enterprise payment workflows, beginning with SAP Pay, where Arc serves as the preferred blockchain.
For eligible businesses, that means more ways to move and settle value through the applications they already use.
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— Circle (@circle) October 7, 2026
Meanwhile, the USDC settlement through the integration of SAP Pay with the Circle introduces a new corporate treasury settlement and payment workflow.
The service facilitates the payment of suppliers and the transfers between companies, preserving the current approvals, reporting, and banking links. Circle Stock was lower in opening trading despite this development, with greater market weakness.
Circle Stock Forecast: Will the $80 Support Level Hold? CRCL Stock narrowed between about $80.40 and $80.90 following the drop below $81.00, and early trading was close to the lower end of the range. The first is at the $80.40 level of support, and the psychological level is $80.00 when that level does not hold.
CRCL Stock The first step to recovery would be to have Circle Stock reclaim the lost $81.00, and the second step to have the $82.00 zone that was limiting rebounds. An above-that-level hold might change the focus to $83.00 and $84.00, which will be subject to follow-through and better market sentiment.
Bitcoin (CRYPTO: BTC) trades below $84,000 Wednesday morning, and one trader who called last October’s crash says he’s shorting the market again.
Why Doctor Profit Is Betting Against BitcoinWidely-followed crypto trader Doctor Profit posted on X that he sold his entire Bitcoin position near $124,000 last October and built a short position ahead of the Oct. 10 crash, when altcoins lost up to 95% in hours.
He closed those shorts near $60,000 and switched to buying spot, the same level he had called for since the top.
A year later now, Doctor Profit says he’s shorting again between $86,500 and $89,500, with his largest orders waiting between $88,000 and $89,500. He’s adding to the position on every rally into that zone.
What Triggered Wednesday’s SelloffBloomberg reported Wednesday that a wave of forced selling hit crypto markets, with Ethereum (CRYPTO: ETH) below $2,600, XRP (CRYPTO: XRP) below $1.45 and Solana (CRYPTO: SOL) below $118.
Roughly $550 million in leveraged positions got liquidated over 24 hours, according to Coinglass data, most of it from longs.
LVRG Research chief analyst Dan Khus called the move a leverage flush rather than a trend reversal, with crowded bullish bets getting forced out.
That unwind came as renewed Iranian attacks in the Strait of Hormuz pushed Brent crude above $101 a barrel and cooled broader risk appetite, while the 10-year Treasury yield climbed above 5.3%.
Against that backdrop, Apollo Crypto portfolio manager Pratik Kala told Bloomberg losing $83,000 could send Bitcoin back toward $78,000, a level he expects to offer support.
The One Buyer Group Still UnderwaterCoinDesk reported Wednesday that only one yearly Bitcoin buyer cohort remains underwater: investors who bought in 2025, with an average cost basis near $88,000.
That threshold now sits right inside Doctor Profit’s short zone, and it could act as resistance if holders sell just to break even on the way back up.
Other buyer groups tell a different story:
2026 cohort: bought at an average of $73,500, turned profitable in late August 2023 cohort: cost basis near $65,000, has repeatedly held as support through this bear market U.S. spot ETF investors: average cost basis near $82,300, only returned to profit this year, making that level a potential support zone if Bitcoin keeps falling Photo via Shutterstock
Bitcoin fell nearly 3% in the past 24 hours to around the $83,000 mark on Wednesday after losing important on-chain support levels. The cryptocurrency was trading at $83,625.
In the past 24 hours, Ethereum was down 5.19% to $2,575. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano corrected up to 8.13%.
Nischal Shetty, Founder, WazirX said the crypto market is attempting to stabilize after a sharp leveraged sell-off and the fall triggered around $394 million in liquidations within one hour, including approximately $384 million in long positions.
Crypto Tracker
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Shetty further said that Bitcoin accounted for nearly $209 million of the liquidations, followed by Ethereum at $87 million, Solana at $27 million and XRP at $11 million. Across 24 hours, total market liquidations reached approximately $1.02 billion
The global crypto market capitalisation was down 2.84% to $2.84 trillion, according to the data on CoinMarketCap.
Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX said Bitcoin faced a significant upward pressure as the price plunged hard below $84,000 to $83,800 and the crypto fear and greed index is at 63, indicating the sentiments are still greedy.
Over the last week, Bitcoin was up 0.02% and Ethereum was down 4.06%. Among the major altcoins, BNB, Tron, Dogecoin corrected upto 5.81% whereas Hyperliquid and Cardano gained 3.77% and 2.55% respectively.
Riya Sehgal, Research Analyst, Delta Exchange said crypto markets have come under renewed selling pressure, with Bitcoin falling toward $84,000 and Ethereum declining to around $2,610 as macro uncertainty and a sharp derivatives unwind accelerated the downside.
Sehgal further said that according to CoinGlass, 104,793 traders were liquidated over the past 24 hours, with total crypto liquidations reaching approximately $554.83 million which suggests forced position closures amplified the decline once key technical support levels were breached.
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Market perspective
Prateek Gupta, Head of Business, Mudrex : Spot Bitcoin ETFs recorded $89.8 million in outflows Monday as inflows slowed sharply, breaking the momentum. However, on-chain signals remain supportive, with 40,000 BTC leaving Binance in two weeks, taking exchange reserves from 704,800 to 663,100 BTC.
CoinSwitch Markets Desk: The market continues to consolidate above the $84K support zone, while stronger inflows will likely be needed for a sustained breakout. Macro conditions are becoming increasingly important, with BTC’s correlation to the S&P 500 rising and elevated long-term Treasury yields still limiting risk appetite.
Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin’s latest pullback highlights a market caught between improving structural momentum and persistent macro pressure. If BTC holds $85,000 and eventually converts $87,000 into support, the path toward $90,000 becomes considerably clearer.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) on Wednesday pulled back 2.5% and 4.5%, respectively, while XRP (CRYPTO: XRP) is down 3.5% to $1.44.
The slide tests whether the market’s recent comeback can withstand profit-taking as traders watch key support levels.
Prominent analyst CoinTraderNik said Bitcoin is nearing critical point that could determine whether the current decline remains consolidation or develops into a deeper correction.
Futures traders are building shorts, but spot-market signals suggest bears have yet to force a breakdown. This raises the possibility of a short squeeze.
The key level is $82,800 and a break below would favor bears, while holding the range into the weekly close could force shorts to unwind.
Why Is the BTC Trend Stuck? CryptoQuant data shows that Bitcoin is trading above the trader on-chain realized price, which estimates the average cost basis of active market participants.
That level currently sits near $68,900, while the model’s upper band is around $96,500.
Bitcoin’s move toward the upper band also leaves active traders sitting on larger unrealized profits, increasing incentives to take gains.
A pullback toward the $68,900 realized price followed by a rebound would indicate buyers are absorbing that selling pressure.
Sustained trading below the level and a failed reclaim would instead weaken the recovery structure.
What Will Drive Crypto’s AdoptionDespite range-bound prices, Injective CEO Mirza Uddin says improving regulatory clarity, faster tokenization and broader ETF access are strengthening the foundation for crypto adoption.
He added that crypto’s recovery is being supported by regulatory developments even after Congress failed to pass the CLARITY Act.
Tokenization is another major catalyst as significant worth of stocks, bonds, real estate and other assets are already moving on chain.
In a Schwab Network interview on Tuesday, Uddin highlighted ETFs as a major bridge between crypto and traditional investors.
He said ETH’s recent relative strength has partly reflected growing demand through Ethereum ETFs, while additional crypto ETF launches could extend that accessibility to more assets.
Injective releases new whitepaper, focusing on institutional-grade finance and tokenization.
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The crypto market turned red over the past 24 hours, with Bitcoin, Ethereum and XRP all losing ground. Ethereum led the fall after breaking a key trendline, and each of the three now sits on or near a support level that will decide the next move.
Where prices stand
Bitcoin (BTC): $83,285, down 3.3% in 24 hoursEthereum (ETH): $2,571, down 5.3%XRP: $1.44, down 4.5%Solana (SOL): $116.39, down 3.3%BNB: $767.80, down 2.1%Bitcoin: uptrend intact, but rallies are being sold
One analyst said Bitcoin has now closed three weekly candles and a monthly candle above its 50-week moving average, a level that has often acted as support in past bull markets. Bitcoin is also still holding its May high near $83,000.
The short-term picture is weaker. He said that every recent rally has been sold and that the moves higher overlap heavily, a sign that sellers are gaining strength.
Bitcoin levels:
Support: $81,600 to $82,930. Bitcoin is trading just above this zone.Resistance: $85,000 to $87,000. A break above it is needed to confirm the next leg up.Upside targets: $88,600 and $92,200Safety net: $63,326 to $74,800 if support fails. The analyst stressed this is “not a target,” only a zone to watch if a deeper pullback begins.Ethereum: breakdown from a rising triangle
Ethereum was the weakest of the three. Analyst said ETH broke down from a rising triangle after losing support at $2,690 to $2,700, and sellers quickly pushed it toward $2,560.
“As long as ETH stays below the broken trendline, I think downside pressure can continue,” he wrote, adding that the reaction at $2,550 to $2,560 “will be important for the next move.”
There was also news on the demand side. Tom Lee said BitMine will stop buying ETH once it holds 5% of Ethereum’s total supply. BitMine has been one of the largest corporate buyers of ETH.
XRP: inside support, no bottom confirmed
XRP at $1.44 is trading inside its short-term support zone of $1.32 to $1.49. An analyst said XRP has “a lot more room to the downside” within that zone and may dip further before turning.
The larger structure still looks constructive to him. XRP has been making higher lows since August, something it did not do through late 2025 and most of 2026.
XRP levels:
Short-term support: $1.32 to $1.49Main support: $1.10 to $1.37. The outlook holds as long as this zone does.First signal of a low: a break above $1.56Main resistance: $1.66 to $1.67, where XRP was rejected on August 22 and September 22Target zone: $2.14 to $2.99Long-term milestone: about $11, which he said “will likely take some time” Story Ends Here
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US government linked wallets have transferred $103 million in Bitcoin and BNB, sending more than $71 million in BTC to Coinbase Prime as the transaction raises questions over whether the assets could be headed for a sale.
Summary
US government linked wallets transferred 833.6 BTC and 40,285 BNB worth a combined $103 million, according to EmberCN. The $71.56 million in Bitcoin was sent to Coinbase Prime, while the BNB moved through several addresses before reaching 0xBE7…81E. A transfer to Coinbase Prime does not confirm a sale because the platform provides both custody and trading services for US government assets. Previous government Bitcoin transfers have been followed by short term price declines, though several movements were never confirmed as sales. Bitcoin deposited into the Strategic Bitcoin Reserve cannot be sold under the 2025 executive order, while other government held digital assets are managed separately. According to on chain analyst EmberCN, a U.S. government address transferred 833.6 BTC worth $71.56 million and 40,285 BNB valued at $31.63 million. The transactions were worth approximately $103 million combined.
— 余烬 (@EmberCN) October 7, 2026 The Bitcoin was sent to Coinbase Prime, while the BNB passed through several addresses before reaching an address beginning with 0xBE7 and ending in 81E.
EmberCN estimated that U.S. government linked addresses still hold around $28 billion in digital assets, with Bitcoin accounting for most of the total. The addresses hold roughly 324,000 BTC valued at $27.7 billion.
Is the US government selling its Bitcoin? Sending 833.6 BTC to Coinbase Prime has raised the possibility of a sale because the platform can execute trades, but the on chain movement does not confirm that the Bitcoin has been sold.
The U.S. Marshals Service selected Coinbase Prime for custody and advanced trading services in July 2024 for large cap digital assets managed as part of federal asset forfeiture operations. Assets reaching the platform can therefore be held in custody or used for trading.
A similar question emerged in July when government linked wallets moved nearly $297 million in seized Bitcoin and Ether to Coinbase Prime, crypto.news previously reported.
Around 3,940 BTC worth $244 million and approximately 30,000 ETH valued near $53 million were involved in those transactions. The Bitcoin had been linked to seizures involving Ryan Farace, known as “Xanaxman,” and the closed BTC e exchange, while the Ether came from a separate federal case.
No sale was established from the July transactions. Blockchain records could confirm that the assets reached Coinbase Prime but could not establish whether officials instructed the platform to liquidate them.
Federal policy toward government owned Bitcoin has changed since several of the large transfers seen in 2024.
President Donald Trump signed an executive order in March 2025 creating the Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile for other cryptocurrencies. Under the order, Bitcoin that has been finally forfeited and deposited into the Strategic Bitcoin Reserve “shall not be sold” and must be maintained as a reserve asset.
The restriction does not cover every cryptocurrency visible in a government linked wallet regardless of its legal status. The order contains provisions for assets subject to court orders, victim restitution, law enforcement operations and other requirements under existing law.
Government held cryptocurrencies other than Bitcoin are treated separately. Assets such as BNB can enter the U.S. Digital Asset Stockpile, where the Treasury secretary is allowed to determine strategies for their responsible management under applicable law.
The current BNB movement therefore has a different policy backdrop from Bitcoin held in the Strategic Bitcoin Reserve. EmberCN said the 40,285 BNB moved through multiple addresses before reaching 0xBE7…81E, rather than reporting that the tokens had reached Coinbase Prime.
How did Bitcoin react to previous US government transfers? Earlier government Bitcoin transfers to Coinbase have sometimes been followed by short term price declines, although a transfer itself did not establish that the government sold the coins.
In June 2024, U.S. authorities moved 3,940 BTC worth around $240 million to Coinbase Prime. The Bitcoin had been forfeited by Silk Road vendor Banmeet Singh. BTC fell roughly 2% around the transaction as traders considered the possibility that the coins could enter the market.
Another 10,000 BTC worth roughly $594 million was sent to Coinbase Prime in August 2024. Bitcoin dropped 3.6% around the news, although the decline had begun before the seized Silk Road funds reached Coinbase Prime.
A much larger movement occurred in July 2024 when a government wallet transferred approximately $2 billion in Bitcoin and split the funds between two addresses. Arkham Intelligence said at the time that it believed 10,000 BTC represented a deposit to an institutional custody or service provider. Bitcoin fell around 1% following reports of the movement.
By December, another government linked wallet moved nearly 20,000 BTC worth approximately $1.92 billion. The coins were sent to a new address and subsequently divided between wallets holding around 10,000 BTC and 9,800 BTC.
Government authorities have sold seized Bitcoin in the past. In March 2023, officials sold 9,861 BTC connected to Silk Road for approximately $216 million. The disposal was later disclosed in a court filing, providing confirmation that the coins had actually been sold instead of relying solely on blockchain movements.
The 2024 transactions took place before the March 2025 executive order established the Strategic Bitcoin Reserve and instructed the government not to sell Bitcoin deposited into it.
More recent movements have continued to leave the purpose of Coinbase Prime transfers unclear from blockchain data alone. Government wallets moved seized FTX and Alameda assets worth nearly $984,000 in June, with at least $768,000 reaching Coinbase Prime. Arkham said the assets were intended for the FTX estate to help repay creditors.
No federal agency has announced a sale connected to the latest 833.6 BTC transfer. EmberCN’s data establishes that the Bitcoin reached Coinbase Prime, while determining whether the coins were sold would require further transaction data or confirmation from the government or its service provider.
On-chain data shows the US government moved roughly $103 million in seized crypto on October 7, 2026. The transfer involved 833.6 BTC (about $71.56 million) and 40,285 BNB (about $31.63 million).
According to on-chain monitoring firm Lookonchain, citing EmberCN, the assets moved within a nine-hour window.
No official statement from the Treasury or Department of Justice has confirmed the purpose of the transfer.
BTC Routes to Coinbase Prime; BNB Takes a Multi-Hop Path The Bitcoin leg split into two tranches. Some 568.7 BTC came from the Potapenko/Turogin forfeiture case, while 264.9 BTC traced to the Bitfinex hack seizures.
Both tranches moved to unlabeled addresses before landing at Coinbase Prime deposit addresses within hours.
Coinbase Prime is the institutional custody arm that federal agencies have used for seized digital assets since the US Marshals Service selected it as a custodian.
Meanwhile, the BNB portion originated from assets seized from Alameda Research.
Those tokens traveled through several intermediate addresses before settling at an unlabeled wallet, identified on Arkham as address 0xBE7…81E.
Unlike the Bitcoin, the BNB did not reach a labeled exchange address in the same move. The Binance Funding Account migration earlier this year had already reshaped how BNB flows through institutional wallets, adding context to the multi-hop routing seen here.
Market reaction has been muted. Transfers to Coinbase Prime have historically triggered sell-off fears among retail holders.
However, on-chain movement alone is not a confirmed sale. As market commentator Jose Rosell noted, “A transfer is not the same as a sale.”
The DOJ halt on Bitcoin liquidation under Executive Order 14233, signed in March 2025, directs forfeited BTC into the Strategic Bitcoin Reserve. The order explicitly prohibits routine liquidation of Bitcoin holdings.
$28 Billion Stockpile Barely Moves as Reserve Legislation Advances Government-linked addresses still hold roughly $28 billion in crypto after the transfer.
That stockpile includes approximately 324,000 BTC valued near $27.7 billion, plus smaller positions in USDT, WBTC, and remaining BNB.
The $103 million move represents well under one percent of that total.
The US government’s Strategic Bitcoin Reserve bill markup advanced in the House Financial Services Committee around the same period, alongside legislation formalizing a separate Digital Asset Stockpile for non-BTC seized assets.
BNB falls outside the strict hold policy that governs forfeited Bitcoin, which explains why its routing diverged from the BTC leg.
Other market participants kept accumulating on the same day. The House advances Strategic Bitcoin Reserve bill as Robinhood’s $25 million Bitcoin purchase showed private balance sheets still growing.
Separately, Strategy’s latest Bitcoin buy added to an already-vast corporate position. That contrast, private entities buying while the US government repositions existing seizures, has become a recurring theme in 2026.
Analysts watching the on-chain data advise tracking subsequent outflows from Coinbase Prime, any exchange order-book prints tied to these wallets, and any Treasury or DOJ statement.
The Treasury’s withdrawal of crypto wallet surveillance rules earlier this year also reduced the paper trail around such movements, making intent harder to read from public data alone.
Until a confirmed sale appears on-chain or in an official filing, the transfer reads as a custody reshuffle consistent with prior government repositioning rather than a liquidation event. The US government’s full position remains largely intact.
US government-linked cryptocurrency wallets transferred $103 million in digital assets on October 7, sending 833.6 BTC, valued at $71.56 million, to Coinbase Prime and 40,285 BNB, worth $31.63 million, through several addresses. Analytics platforms Lookonchain and EmberCN tracked the movements and provided transaction breakdowns.
Details of the transfersBlockchain records show the entire 833.6 BTC was deposited to Coinbase Prime, an institutional custodian and trading platform. The 40,285 BNB ultimately landed at an unlabeled address: 0xBE7…81E. Investigators noted that the Bitcoin originated from wallets associated with enforcement actions, specifically the Sergei Potapenko-Ivan Turõgin case and the 2016 Bitfinex hack seizure.
The BNB, in contrast, came from a wallet linked to assets seized from FTX-Alameda. Analysts did not identify a direct sale or disposal of these assets by any federal agency as of October 7.
EmberCN estimated that government-linked addresses still held about $28 billion in cryptocurrencies after the latest transactions, including approximately 324,000 BTC valued at $27.7 billion.
Despite the eye-catching scale of the transfers, tracked wallet activity alone does not indicate divestment. Coinbase Prime’s role, chosen by the US Marshals Service in 2024 to manage large federal crypto holdings, can involve custody, preparation for consolidation, or pending strategies for disposal.
No asset sale confirmedSo far, no US agency has disclosed a sale or intended liquidation of the 833.6 BTC. Similar wallet movements have occurred in recent months without resulting in a confirmed auction or public sale. The Department of Justice previously recovered roughly 95,000 BTC from the Bitfinex hack, and ongoing forfeiture proceedings continue in related cases.
The Potapenko-Turõgin case, which federal prosecutors allege generated $577 million in sales, resulted in a forfeiture agreement exceeding $400 million. However, there is no official link between the Bitcoin transfer and restitution or victim-remission processes for that case.
Authorities have stated that the victim-remission process for these cases depends on the liquidation of forfeited assets, but no agency has tied the recent Bitcoin transfer to these claims so far.
For investors and traders, monitoring such wallet movements has become critical, as large government actions can influence markets within minutes. In a market where events like a single Fed decision or an unexpected altcoin listing trigger sharp price swings, switching between multiple apps for charts, portfolios, and news can be costly. As a result, many traders are now adopting privacy-first tools such as CryptoAppsy to streamline their workflow. With features like real-time charts, smart price alerts, and coin-specific news available without requiring an account, these platforms aggregate critical macro and asset data into a single interface.
Strategic Bitcoin Reserve and asset treatmentThe legal framework guiding federal asset management received a major update in March 2025. President Donald Trump’s executive order established the Strategic Bitcoin Reserve and a separate US Digital Asset Stockpile for non-Bitcoin holdings. Under Executive Order 14233, finalized and forfeited Bitcoin placed in the reserve is barred from sale except in cases of court orders, required restitution, law enforcement activities, or legal obligations.
BNB and other digital assets, however, fall under the Digital Asset Stockpile. Unlike Bitcoin, these coins are subject to broader Treasury oversight and may be managed or disposed of at the secretary’s discretion to ensure responsible stewardship.
After the transactions on October 7, US government wallets still maintained a multi-billion-dollar crypto portfolio. While around 324,000 BTC valued at $27.7 billion remains tracked, wallet balances do not directly reflect the status of the official Strategic Bitcoin Reserve. Some assets may remain entangled in legal procedures or be subject to restitution orders.
Conclusive information regarding sales or final disposition of these funds would require additional wallet activity or a formal government announcement. For now, the latest confirmed step places hundreds of millions in crypto under institutional custody or on-chain in external wallets.
TLDR US government linked wallets moved 833.6 BTC worth $71.56 million to Coinbase Prime, according to EmberCN. The same wallets also moved 40,285 BNB worth $31.63 million through several addresses. A transfer to Coinbase Prime does not confirm a sale, since the platform offers both custody and trading. Bitcoin placed in the Strategic Bitcoin Reserve cannot be sold under a March 2025 executive order. No federal agency has announced a sale connected to the latest transfer. A wallet linked to the US government has moved about $103 million in crypto, according to on-chain analyst EmberCN. The transfers included 833.6 BTC worth $71.56 million and 40,285 BNB valued at $31.63 million.
The Bitcoin was sent to Coinbase Prime. The BNB moved through several addresses before reaching an address starting with 0xBE7 and ending in 81E.
EmberCN estimates that US government linked addresses still hold about $28 billion in digital assets. Most of that is Bitcoin, with roughly 324,000 BTC worth $27.7 billion.
Does the Transfer Mean a Bitcoin Sale? The move to Coinbase Prime has raised questions about a possible sale, since the platform can carry out trades. However, the on-chain data does not confirm that any coins were sold.
The US Marshals Service chose Coinbase Prime in July 2024 for custody and trading of large digital assets seized in federal cases. Assets sent there can be stored or traded.
A similar question came up in July, when government wallets moved nearly $297 million in seized Bitcoin and Ether to Coinbase Prime. No sale was ever confirmed from those transfers.
President Donald Trump signed an executive order in March 2025 that created the Strategic Bitcoin Reserve. It also set up a separate US Digital Asset Stockpile for other cryptocurrencies.
Under the order, Bitcoin that has been fully forfeited and placed in the reserve “shall not be sold.” The rule does not cover every coin in a government wallet, since some assets are tied to court orders or victim restitution.
Other cryptocurrencies, such as BNB, can go into the Digital Asset Stockpile. There, the Treasury secretary can decide how to manage them under existing law.
How Bitcoin Reacted to Past Government Transfers Earlier government transfers to Coinbase were sometimes followed by short-term price drops. In June 2024, authorities moved 3,940 BTC worth about $240 million, and Bitcoin fell about 2%.
In August 2024, another 10,000 BTC worth roughly $594 million went to Coinbase Prime. Bitcoin dropped 3.6%, though the decline began before the funds arrived.
In July 2024, a government wallet moved about $2 billion in Bitcoin, and the price fell around 1%. In December, another wallet moved nearly 20,000 BTC worth about $1.92 billion.
The government has sold seized Bitcoin before. In March 2023, officials sold 9,861 BTC tied to Silk Road for about $216 million, which was later confirmed in a court filing.
In June, government wallets moved seized FTX and Alameda assets worth nearly $984,000, with at least $768,000 reaching Coinbase Prime. Arkham said those funds were meant to help repay FTX creditors.
No federal agency has announced a sale tied to the latest 833.6 BTC transfer. Confirming a sale would require more transaction data or a statement from the government or Coinbase.
Wallets linked to the U.S. government transferred 833.599 BTC to Coinbase Prime and 40,285 BNB to a fresh wallet on Tuesday, according to Onchain Lens.
U.S. government moves $103 million in seized BTC, BNB, sending BTC to Coinbase Prime
Posted October 7, 2026 at 6:04 am ET.
Wallets linked to the U.S. government moved $103.19 million in seized and forfeited crypto on Tuesday, Onchain Lens said in an X post. The moves include 833.599 BTC, worth $71.56 million, sent to Coinbase Prime, and 40,285 BNB, worth $31.63 million, sent to a fresh wallet.
Onchain Lens tied the bitcoin to forfeitures in the Potapenko/Turogin and Bitfinex hack cases, and the BNB to seized FTX and Alameda funds. Arkham labels put roughly 568.7 BTC of the bitcoin in the Potapenko/Turogin forfeiture, with about 264.9 BTC coming from the Bitfinex case.
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No Sale Announced Coinbase Prime is an institutional custody and trading platform, so a deposit there does not by itself show that the coins were sold. Unchained found no announcement of a sale tied to the transfers at the time of publication.
A March 2025 executive order says government bitcoin deposited into the Strategic Bitcoin Reserve “shall not be sold.” That language applies to coins placed in the reserve. The same order creates a separate Digital Asset Stockpile for digital assets other than bitcoin that the Treasury Department owns and that were finally forfeited, and says the Treasury secretary “shall determine strategies for responsible stewardship” of it.
HashFlare Case Background Estonian nationals Sergei Potapenko and Ivan Turõgin, who operated the purported mining service HashFlare, pleaded guilty in February 2025 to conspiracy to commit wire fraud and agreed to forfeit assets worth more than $400 million as of the plea date. The Justice Department said at the time that the forfeited assets “will be available for a remission process to compensate victims of the crime.”
Related Listen: Inside the Coldcard Hack That Drained Over $100 Million in Bitcoin: Uneasy Money
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Ledger announced at Singapore’s TOKEN2049 conference the launch of its Crypto Loan feature, which allows eligible users to borrow USDC or USDT using cbBTC or WBTC as collateral, enabling them to access liquidity without selling their Bitcoin. The feature is powered by decentralized lending protocol Morpho via technical service provider Yield.xyz. Users can directly create and manage loans, monitor loan-to-value (LTV) ratios, add collateral, repay loans, or increase borrowing limits within the Ledger Wallet. Key operations still require physical confirmation via Ledger’s hardware devices, with private keys and final transaction authorization remaining fully under users’ control. Ledger also announced that its hardware devices will support direct connection to Morpho, eliminating the need for browser extensions or software wallets. The company noted that the Crypto Loan feature will be rolled out gradually to eligible users. This move further advances Ledger’s expansion from a hardware wallet provider into the financial services sector. Previously, Coinbase launched a Bitcoin-backed fixed-rate loan built on Morpho, while JPMorgan is also exploring using Bitcoin and Ethereum as loan collateral.
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.
Ledger has introduced Bitcoin-backed borrowing through Morpho in its wallet app, allowing eligible users to pledge cbBTC or wBTC for USDC or USDT loans.
Summary
Crypto Loan supports two Bitcoin collateral tokens and borrowing in USDC or USDT. Ledger says loan rates vary with lending-market use, and borrowers face liquidation risk. Morpho direct access lets users approve lending transactions through their Ledger hardware devices. A 250-unit Spurs device costs €199, with U.S. sales restricted to parts of Texas. Ledger, in a press release dated Oct. 7, said Crypto Loan would begin a gradual rollout to eligible Ledger Wallet users following its unveiling at TOKEN2049 Singapore. The company described the feature as a way to borrow stablecoins against Bitcoin-linked assets without selling them or placing collateral with a centralized lending platform.
Through the same announcement, Ledger and Morpho introduced direct access to Morpho for Ledger hardware users, while the wallet maker also presented a limited-edition San Antonio Spurs device. Ledger said borrowing availability would depend on the user’s country, with access expanding progressively.
Ledger loans use cbBTC and wBTC as collateral Under the arrangement outlined by Ledger, borrowers can pledge Coinbase Wrapped Bitcoin, or cbBTC, and Wrapped Bitcoin, or wBTC, to receive USDC or USDT. Morpho provides the decentralized lending infrastructure, while Yield.xyz handles the loan flow and position monitoring inside Ledger Wallet.
Within the app, Ledger said users can open a loan, check its loan-to-value ratio, add collateral, and repay the debt. The company also listed borrowing more and withdrawing eligible collateral among the actions available through the interface.
Before taking out a loan, eligible users can run a simulation to explore their available options, according to the release. Ledger said key transactions would use its Clear Signing feature and require physical approval on a Ledger hardware device before execution.
For the borrowing product, Ledger’s terms specify variable interest rates determined by utilization in the underlying isolated lending markets. The company also states that liquidation risks apply and identifies itself as a technology provider rather than a financial adviser.
Ledger described the setup as self-custodial, with private keys kept offline by the hardware device and transaction approval remaining with the user. Its description separates the wallet interface, which handles access and loan management, from the signer used to authorize actions.
Morpho access adds hardware approval to lending Alongside the in-app loan feature, Ledger said its direct connection to Morpho would become available to all users on Oct. 7. The connection lets people access decentralized applications with a Ledger signer without first using a browser wallet extension or a separate software wallet, according to the company.
For Morpho users, Ledger said the integration supports lending and borrowing through a direct hardware connection. High-value actions, including Morpho Vault approvals, would use Clear Signing and hardware-backed authorization, the release stated.
Paul Frambot, Morpho’s co-founder, said the borrowing service would sit beside Ledger Earn, which already uses Morpho.
“Crypto Loan now complements Ledger Earn, also powered by Morpho, to create a powerful liquidity flywheel within Ledger Wallet: stablecoins deposited through Earn can fund the very loans Bitcoin holders now access through Crypto Loan, all within the same self-custodial environment.”
On the technical side, Yield.xyz CEO Serafin Lion Engel said the integration supplies transaction construction and position monitoring rather than requiring Ledger to build those functions itself. Engel described that arrangement as “the integration model we’ve built Yield.xyz around.”
Ledger’s release also states that its devices secure almost 30% of Bitcoin held by retail investors. The company reported more than 8 million signers sold across over 165 countries and support for more than 10 languages.
Earlier Morpho products offer cbBTC borrowing and wallet-based lending In a Sep. 22 report, crypto.news covered Coinbase’s introduction of fixed-rate cbBTC loans through Morpho Midnight on Base. Coinbase said customers could select an interest rate and maturity when accepting a loan offer, alongside its existing variable-rate borrowing service.
At that time, Coinbase’s variable-rate product had more than $1.4 billion in outstanding loans secured by roughly $3 billion in collateral, according to figures supplied with its announcement. Those figures covered borrowing through Coinbase’s interface rather than every Morpho integration.
For eligible American borrowers, the same report described Coinbase’s earlier rollout to most U.S. states, with New York excluded at launch. Coinbase converts pledged Bitcoin into cbBTC and sends the token to a Morpho smart contract on Base; the company describes cbBTC as backed one-for-one by Bitcoin held in its custody.
On July 31, Uniswap announced Morpho-powered lending vaults through its Earn product, supporting USDC, USDT, and ETH deposits on Ethereum mainnet. According to Uniswap’s launch announcement, users could access the service through its web app and wallet, without a mandatory lockup or cooldown period.
In that setup, Morpho supplies the lending infrastructure, and Gauntlet curates the vaults, with interest paid by borrowers generating deposit returns. Uniswap said it charged no separate Earn fee, although users remained responsible for Ethereum transaction costs.
Spurs edition sales are limited to selected markets For its separate hardware announcement, Ledger said it would produce 250 Nano Gen5 Spurs Edition devices priced at €199 each. The company described the release as its first signer created for San Antonio Spurs fans and the first NBA-approved licensing deal of its kind.
Each unit includes an engraved Nano Gen5, custom Spurs packaging, an exclusive Spurs Badge and a $20 Bitcoin voucher, according to Ledger. The release comes one year into the companies’ partnership.
Under the announced schedule, Ledger said the device would debut at TOKEN2049 Singapore on Oct. 7–8, followed by a drop at Ledger Op3n in Paris on Oct. 15. Another release is scheduled in San Antonio on Oct. 20 to celebrate the Spurs’ NBA season opener.
Spurs chief commercial officer Frank Miceli said the collaboration gives fans another way to show their support through a team-branded product. He added that the organizations would continue exploring ways to connect with Spurs fans.
Under NBA licensing restrictions described by Ledger, authorized sales are limited to Singapore, Paris and Texas, excluding Dallas and Houston. Online purchases through Ledger.com are restricted to customers in the permitted Texas areas, and the company said the edition would not be sold elsewhere in the United States or Canada.
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The privacy-focused cryptocurrency Zcash (ZEC) continues to be a topic of discussion in the cryptocurrency market and is often compared to Bitcoin.
At this point, the latest statements have come from Balaji Srinivasan, former CTO of Coinbase.
Speaking at the TOKEN2049 Singapore event, Balaji Srinivasan pointed to different use cases for Bitcoin and ZEC.
At this point, Srinivasan says that Bitcoin could become the reserve currency of Western institutions, while Zcash would become the currency used by individuals for financial privacy.
Emphasis on Institutional Reserves for Bitcoin, Zcash for Individuals! According to Srinivasan’s assessment, Bitcoin could assume the role of a reserve currency or reserve asset, particularly for Western institutions seeking to demonstrate solvency and financial soundness.
This approach reinforces the idea that Bitcoin could move beyond being merely a digital asset preferred by individual investors and instead occupy a more significant position in the balance sheet and reserve strategies of institutions.
Srinivasan also pointed out a different cryptocurrency for individual users. According to him, Zcash can be used as a form of money for individuals who want to protect their financial privacy.
Srinivasan also considered ZEC as a shield that could help users regain the financial privacy they have lost. This view is based on the expectation that the privacy-focused technology, one of Zcash’s core features, may become even more important in the future.
*This is not investment advice.
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TLDR: U.S. government-linked wallets moved $103M in crypto, including 833.6 BTC and 40,285 BNB, on October 7. Coinbase Prime received 833.6 BTC worth about $71.56M, while no federal agency confirmed any sale. BNB worth $31.63M moved from an FTX-Alameda seized-funds wallet before reaching an unlabeled address. U.S. government-linked wallets still held about $28B, including roughly 324,000 BTC after the transfers. U.S. government-linked wallets moved about $103 million in cryptocurrency on October 7, directing Bitcoin to Coinbase Prime and BNB through several addresses. Lookonchain and EmberCN tracked 833.6 BTC worth about $71.56 million and 40,285 BNB valued near $31.63 million.
The BNB ultimately reached the unlabeled address 0xBE7…81E. Meanwhile, transaction labels linked the Bitcoin to the Sergei Potapenko-Ivan Turõgin case and the 2016 Bitfinex hack. The BNB, by contrast, originated from a wallet associated with seized FTX-Alameda funds.
$103M BTC and BNB Transfer Draws Coinbase Prime Scrutiny The Bitcoin destination drew attention as Coinbase Prime provides institutional custody and trading services. However, the transfer itself does not establish that any BTC was sold. The U.S. Marshals Service selected Coinbase Prime in 2024 to manage large-cap digital assets held through federal forfeiture programs.
Such transfers can therefore reflect custody, consolidation, or authorized disposal preparation. No federal agency had announced a sale linked to the 833.6 BTC movement by October 7. Similar government-linked transfers occurred in July without confirmed liquidation. The Justice Department previously said authorities recovered about 95,000 BTC from the Bitfinex theft.
Meanwhile, the Potapenko-Turõgin case provides additional administrative context, although no direct connection has been established. Prosecutors said HashFlare generated more than $577 million in sales, while the defendants agreed to forfeit assets worth over $400 million.
In a September 24 update, authorities said the victim-remission process depends on liquidating forfeited assets. However, the agency has not linked Wednesday’s Bitcoin transfer to that process, leaving the purpose of the latest movement unconfirmed.
Reserve Rules Separate Bitcoin From BNB Treatment President Donald Trump’s March 2025 executive order created the Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile for non-Bitcoin assets. Under Executive Order 14233, finally forfeited Bitcoin placed in the reserve shall not be sold.
Exceptions remain for court orders, restitution, law-enforcement needs, and statutory duties. Nonetheless, BNB falls under the separate stockpile framework, where the Treasury secretary has broader authority over responsible stewardship.
That distinction matters as the latest assets originated from enforcement cases rather than government purchases. EmberCN estimated that U.S. government-linked addresses still hold roughly $28 billion in crypto after the transfers.
The total includes about 324,000 BTC worth $27.7 billion. However, tracked wallet balances do not necessarily equal the official Strategic Bitcoin Reserve. Some assets may remain subject to forfeiture proceedings, restitution claims, or restrictions.
For now, blockchain data confirms movement into Coinbase Prime and external addresses. Establishing liquidation would require further wallet activity, a court filing, or an official disposal notice.
TLDR Real Vision’s Raoul Pal observes liquidity beginning to flow from AI equities into cryptocurrency markets A declining US dollar could provide the catalyst for an extended crypto market rally, according to Pal Ethereum and Solana may see increased network activity from AI agent transactions Bitcoin likely won’t capture significant AI-driven blockchain activity, Pal suggests Pal expresses skepticism about predictions that Solana will surpass Ethereum’s market capitalization this cycle Raoul Pal, the founder of Real Vision, believes liquidity is beginning to rotate out of artificial intelligence stocks and back into cryptocurrency markets. He shared these observations during an appearance on Trade Secrets with Cointelegraph.
ROTATION: Raoul Pal says capital is starting to rotate back into crypto from AI. 👀
His tell: when $BTC ran ~25% to $80K in late August, Nvidia had 7 straight red days.
AI cools off, crypto heats up. The money's moving. pic.twitter.com/xlahu0jz8Z
— CryptosRus (@CryptosR_Us) October 7, 2026
According to Pal, elevated bond yields combined with a robust US dollar have constrained liquidity flows across financial markets. He suggested that dollar weakness could serve as a catalyst for continued upward momentum in digital assets.
“If they can engineer the dollar lower, then we get a green light for further movement in crypto,” Pal explained. He clarified that he hasn’t yet observed a comprehensive green light signal across all asset classes.
The US Dollar Index has been hovering near its 2025 peaks. Meanwhile, the US 10-year Treasury yield reached 5.29% in September, while the Federal Reserve implemented a 25 basis point rate increase.
Cryptocurrency Gains Have Coincided With AI Stock Corrections Bitcoin’s current cycle recovery primarily occurred between August 19 and August 25, during which the flagship cryptocurrency surged approximately 25% to reach $80,000. Throughout that identical period, artificial intelligence chip manufacturer Nvidia experienced seven consecutive days of declining share prices.
Pal noted that whenever the AI trade experiences temporary slowdowns, capital tends to flow toward cryptocurrencies. This pattern demonstrates that liquidity remains constrained rather than freely available throughout financial markets, he argued.
However, Pal emphasized that a severe crash in AI stocks wouldn’t benefit crypto markets. Such a scenario would indicate liquidity draining from the entire financial system, which would create headwinds for digital assets as well.
Pal outlined his ideal scenario: a weakening dollar, a steepening yield curve, and expanded bank lending activity. Failing that, his secondary preference would be for AI stocks to consolidate sideways while investment capital migrates into cryptocurrency markets.
AI Agents Could Drive Transaction Volume on Ethereum And Solana In June, Amazon Web Services unveiled functionality enabling AI agents to purchase web content using stablecoins. Coinbase facilitates payment verification through its x402 protocol, with USDC on the Base network included among the supported payment options.
Pal suggested that AI agents might eventually launch fundraising initiatives by creating tokens for projects spanning timeframes from one week to twelve months. He believes Ethereum and Solana could experience heightened adoption as software applications leverage their smart contract infrastructure for transactions.
Bitcoin is unlikely to capture a substantial portion of this emerging activity, he said.
Regarding predictions that Solana will eclipse Ethereum in market capitalization, Pal expressed caution. Multicoin Capital co-founder Kyle Samani stated last month that Solana would exceed Ethereum’s market cap during this market cycle.
Pal responded that Samani “needs to hold his horses a little bit,” while acknowledging the possibility exists.
On Monday, Solana recorded approximately 3.2 million active addresses within a 24-hour window, whereas Ethereum registered 387,000, based on DefiLlama data. Ethereum currently secures roughly $54.4 billion in decentralized finance protocols, compared to Solana’s $6.7 billion.
Pal explained that he evaluates the two networks using a metric he terms “economic density,” calculated as total value locked divided by active users. According to this framework, Solana’s activity predominantly consists of speculative trading involving smaller capital amounts per participant.
Pal disclosed that he no longer provides public price predictions because his forecasts frequently circulate without proper context on social media. He characterized the million-dollar Bitcoin by 2030 projection as a “meme,” though he wouldn’t entirely dismiss it happening by 2032.
FNB Brings Crypto to Nearly 9 Million CustomersFirst National Bank (FNB), the retail banking arm of South Africa's second-largest banking group by assets, has launched a crypto investing service for its customers. The bank built the service in partnership with VALR,
A Walled Garden Approach to Compliance
Sources:
TechCentral: FNB launches crypto trading
Crypto.news: FNB lets South Africans buy Bitcoin, crypto from R10
FNB Official Release via Novus Press Bulletin: FNB expands its alternative investments solutions by introducing crypto assets
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bitcoin and XRP are dominating the U.S. crypto spot ETF market, with the latest fund data showing a substantial gap between them and products tracking Solana and most other cryptocurrencies.
Do ETFs follow capitalization?Bitcoin remains in a league of its own, of course. BTC spot ETFs hold approximately $110.68 billion in net assets, representing 6.54% of Bitcoin's total market capitalization. Cumulative net inflows have reached $57.84 billion, while the latest session added another $118.86 million. Daily trading volume stands at roughly $1.84 billion.
Source: SosovalueXRP is considerably smaller in absolute terms but stands out among altcoin ETFs. Its five spot ETFs have accumulated approximately $1.70 billion in net assets and $1.80 billion in cumulative inflows. The latest session produced another $3.14 million in inflows, while 30-day inflows reached $112.01 million.
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Solana, despite having nine ETFs, currently trails XRP with around $1.93 billion in assets but only $1.59 billion in cumulative net inflows. SOL also recorded a $3.68 million daily outflow, tracking substantially lower against XRP's continued positive flows.
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Other altcoin products remain smaller too. Zcash ETFs hold roughly $789 million, while Hyperliquid products have about $507 million. Chainlink stands at $236 million, with BNB at around $102 million.
ETF doesn't help the priceBitcoin trades around $84,100 after another rejection from the $86,000–$87,000 region. The broader structure remains bullish, but momentum has cooled and $83,000 is emerging as immediate support. Losing it could expose the rising short-term average around $82,000.
XRP has slipped toward $1.47 after failing to sustain its latest move above $1.50. Its first important support sits around $1.45, followed by the much stronger $1.38–$1.40 region.
ETF demand, therefore, has not eliminated short-term volatility. But the capital distribution is increasingly clear: Bitcoin continues to absorb the overwhelming majority of institutional spot-ETF capital, while XRP has established itself as one of the strongest altcoin products, competing with and, in several flow metrics, outperforming Solana.
Spot ETFs tracking Bitcoin and XRP continue to dominate the US crypto asset landscape, significantly outpacing funds tied to Solana and a range of other altcoins according to the latest fund data.
BTC, XRP lead spot ETF marketBitcoin asserts its position as the leading cryptocurrency in the US spot ETF sector. Bitcoin spot ETFs currently control approximately $110.68 billion in net assets, which equals 6.54% of Bitcoin’s total market capitalization. Cumulative net inflows now reach $57.84 billion, and the most recent trading session saw another $118.86 million added. Trading activity remains robust, with daily volumes estimated at around $1.84 billion.
Bitcoin ETFs have become the primary vehicle for institutional capital, with their net assets holding steady above $110 billion and daily flows topping $100 million.
XRP, while much smaller compared to Bitcoin, stands out among altcoin ETFs. The five spot ETFs tracking XRP have now accumulated close to $1.70 billion in net assets, with cumulative inflows slightly higher at $1.80 billion. For the latest session, XRP ETFs attracted $3.14 million, bringing the 30-day total inflows to $112.01 million.
Solana slips behind top ETF performersDespite offering a larger number of ETFs, Solana lags behind XRP in several metrics. Nine spot ETFs provide exposure to Solana, holding assets totaling about $1.93 billion. However, cumulative net inflows remain lower than XRP at $1.59 billion. The most recent session reflected this negative trend, as Solana ETFs saw a daily net outflow of $3.68 million, contrasting with XRP’s continued positive inflows.
ETFNumber of FundsNet AssetsCumulative Net InflowsLatest Daily FlowBitcoin–$110.68 billion$57.84 billion$118.86 million (inflow)XRP5$1.70 billion$1.80 billion$3.14 million (inflow)Solana9$1.93 billion$1.59 billion$3.68 million (outflow)Altcoin ETF assets remain modestSeveral other altcoin spot ETF products remain smaller in comparison to the leaders. Zcash ETFs currently report holdings of around $789 million in assets. Hyperliquid ETF products stand at roughly $507 million, while Chainlink sees $236 million in assets and BNB records about $102 million.
Volatility persists despite ETF growthMajor crypto assets remain volatile even as ETF inflows increase. Bitcoin trades near $84,100, having once again faced resistance just below $87,000. While the overall trend for BTC is still bullish, momentum has slowed and immediate support levels are being tested around $83,000. A drop below this level could shift attention toward the short-term average closer to $82,000.
XRP’s price action has also weakened, slipping toward $1.47 after failing to sustain a push above $1.50. First support now lies around $1.45, with more significant backing in the $1.38–$1.40 zone.
ETF demand continues to concentrate around Bitcoin, which attracts the bulk of institutional spot ETF investment. XRP has emerged as the main altcoin competitor, at times outpacing Solana in net ETF inflows, and now holds a clear position among the largest non-BTC ETF products in the US market.
TLDR First National Bank launched Crypto Investing on October 6 for nearly 9 million retail customers. Customers can trade Bitcoin, Ethereum, XRP, Solana and USDT from R10, 24 hours a day. The service runs through FNB’s existing share-trading platform in partnership with South African exchange VALR. Crypto cannot be moved into or out of the platform because of security, compliance and exchange-control rules. FNB plans to add more assets and educational content but has not given a timeline. South Africa’s First National Bank has launched a crypto trading service for nearly 9 million retail customers. The service, called Crypto Investing, went live on October 6.
Customers can buy, sell and trade selected cryptocurrencies through the bank’s existing share-trading platform. They do not need to open a separate account with a crypto exchange.
The service supports five digital assets at launch. These are Bitcoin, Ethereum, XRP, Solana and USDT, a stablecoin issued by Tether that is pegged to the US dollar.
Trades start from as little as R10, or 10 South African rand. Trading is available 24 hours a day, seven days a week.
Customers can access crypto through FNB’s Share Saver, Share Builder, Share Investor and Share Zero products. Purchases are funded directly from their FNB accounts.
JUST IN: 🇿🇦 South Africa's First National Bank launches crypto trading for nearly 9 million customers.
The following cryptocurrencies can now be traded:
• XRP
• USDT
• Solana
• Bitcoin
• Ethereum
— Watcher.Guru (@WatcherGuru) October 6, 2026
Crypto Stays Inside FNB The service works differently from a typical crypto exchange. Customers cannot withdraw their crypto to an outside wallet or send it to another exchange.
They also cannot bring crypto they already own on another platform into the FNB service. The bank said the service is ring-fenced within its own system.
FNB cited security, compliance and South African exchange-control rules as reasons for this setup. As a result, the service offers market exposure but not the control that comes with a self-custody wallet.
Customers can buy and sell the supported assets as an investment. However, they cannot use them directly on blockchain networks.
VALR Provides the Trading Technology FNB partnered with VALR, a South African crypto exchange, to power the service. VALR was founded in 2018 and is based in Johannesburg.
VALR says it serves more than one million users and nearly 1,000 corporate and institutional clients. It holds South African Financial Services Provider licenses and is registered as an accountable institution with the Financial Intelligence Centre.
The deal lets FNB add crypto to its platform without sending customers to a separate exchange. It also gives VALR access to a large banking customer base.
Bheki Mkhize, CEO of FNB Wealth and Asset Management, said the bank had seen rising customer interest in crypto. “Clients require a trusted platform, which FNB provides,” he said. “This gives them access to alternative assets to help diversify their investments.”
FNB joins other South African banks moving into digital assets. Discovery Bank previously partnered with Luno, letting customers buy, hold and sell crypto through linked Luno accounts.
Absa has partnered with Ripple on institutional digital-asset custody. Nedbank has been working with Crypto.com on blockchain-based payment, settlement and liquidity solutions.
FNB’s service is focused on retail investors. It brings crypto into a banking and investment platform that customers already use.
The bank said it plans to add more crypto assets and educational content over time. It has not said which assets will be added or when they will become available.
As of October 7, 2026, FNB customers can trade five cryptocurrencies from R10 through the platform. Crypto still cannot be transferred into or out of the service.
U.S. government transfers BTC and BNB worth over $100 million. (Arkham)Summary
Wallets linked to the U.S. government transferred more than $100 million in cryptocurrency Tuesday, including about $71.6 million in bitcoin and $31.6 million in BNB.The Bitcoin, seized in the Potapenko-Turogin and Bitfinex cases, was ultimately sent to Coinbase Prime deposit addresses, while the BNB came from assets seized from Alameda Research.The government still holds about $27.5 billion in seized cryptocurrency.Wallets supposedly linked to the U.S. government moved more than $100 million in crypto on Tuesday, according to data from blockchain intelligence firm Arkham.
The government sent 833.599 BTC, worth about $71.6 million at the time, to two addresses Arkham doesn't label. Within hours, both addresses passed the coins on to addresses Arkham labels as Coinbase Prime deposit addresses.
A separate government-labeled wallet sent about 40,285 BNB, worth $31.63 million, to another unlabeled address, 0x7F68F63fB3A9CCCf352409603421E0A574FbAD90. That address then sent all of it on to a second unlabeled address, 0x6fB3Fe7b7E78AbB84CE007cBC7412C850B15A579.
The BTC came from a wallet Arkham labels as Potapenko/Turogin forfeited funds (568.7 BTC) and from coins seized in the Bitfinex hack case (264.9 BTC). The BNB came from assets seized from Alameda Research.
The government still holds about $27.5 billion in crypto, all of it seized in enforcement actions. To date, it has not used taxpayer money to make new purchases.
Such transfers often spark fears of an impending sale, but that doesn’t appear to be the case here.
"A transfer is not the same as a sale. Under a March 2025 executive order, bitcoin forfeited to the government is meant to be held in a Strategic Bitcoin Reserve," Jose Rosell, market commentator, said on X.
12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Arthur Hayes, co-founder and former CEO of BitMEX, stated that the ongoing surge in artificial intelligence investments could eventually serve as a catalyst for significant growth in Bitcoin and the broader cryptocurrency market, particularly if the current AI boom collapses.
AI investments and risk of capital misallocationSpeaking at the Gamma Prime Investing Conference in Singapore during an interview with CNBC, Hayes called current capital flows into AI data centers a case of multitrillion-dollar misallocation. He pointed out that the scale of money entering the sector has the potential to lead to an oversupply of massive compute infrastructure.
Hayes argued that, “all this means is that we will have cheap and accessible massive compute power,” adding that this could have significant impacts on financial markets if the investment frenzy falters.
Hayes suggested that while the construction of extensive AI infrastructure could create near-term market volatility, the longer-term effect might be an oversupply that disrupts the sector’s balance. He believes such misallocation can increase the risk of a future credit crisis, mirroring past financial bubbles.
Mini dictionary: BitMEX — A cryptocurrency derivatives trading platform known for leveraged Bitcoin products. Arthur Hayes co-founded BitMEX in 2014 and served as its CEO until 2020.
Potential fallout and impact on crypto assetsHayes explained that, should the AI buildout end with a broad credit event, government and central bank intervention would likely follow. In this scenario, authorities would inject additional liquidity into the global financial system in an attempt to stabilize markets.
He noted that, in his view, “Bitcoin and other cryptos are the likely winners of all this excess cash,” suggesting that the monetary policies designed to address a crisis could echo past events that fueled digital asset rallies.
Hayes clarified that an AI downturn might not immediately benefit cryptocurrencies. He remarked that an initial market unwind could negatively affect risk assets, including Bitcoin and equities. However, the subsequent monetary response—potentially including stimulus or easing measures—could provide a supportive environment for digital assets to outperform.
ScenarioImmediate EffectLong-Term EffectAI crashNegative for risk assetsSupportive for Bitcoin and crypto after monetary interventionContinued AI demandSupports infrastructure growthPotential for companies to justify high compute investmentsTimeline and alternative outlooksHayes projected that this dynamic could materialize near 2027–2028, coinciding with the period when many AI infrastructure providers must show profitability to validate the massive capital spent.
He also acknowledged the possibility that surging demand for AI over the next year might validate these investments. In his view, companies could expand into their new infrastructure costs if AI’s utility grows rapidly enough.
Hayes referenced previous remarks he made in August, when he likened the current investment cycle in AI infrastructure to the lead-up to the 2008 financial crisis. He instructed market participants to focus on the extensive debt financing required for data centers and advanced hardware, rather than simply seeing this moment as another tech bubble.
Despite his skepticism about the pace of AI infrastructure growth, Hayes said he is not currently “shorting the AI boom.” However, he emphasized that he sees substantial overbuilding in the sector.
Bitcoin slipped to a one-week low overnight after failing to capture the optimism enjoyed by U.S. equity markets following a fresh tech rally.
The S&P 500 and Nasdaq composite surged to new records on Tuesday in the latest leg of a tech-led upswing in equities. But bitcoin slipped over 2% on the day, before paring some losses to trade 1.6% lower at $84,120 Wednesday.
A new wave of enthusiasm about AI has propelled tech stocks higher, with a narrow set of stocks seemingly able to ignore the global bond selloff. The 10-year Treasury yield rose 4 basis points to 5.310% on Wednesday, while the 30-year yield increased 4.6 basis points to 5.686%, according to Tradeweb. Both remained close to their multidecade highs.
An environment of high yields and a strong dollar is holding bitcoin back for now, analysts said.
"We therefore continue to watch whether improving inflation signals translate into a lasting turn in yields and the [dollar]," Joel Kruger, markets strategist at cryptocurrency fintech LMAX Group, said in a note.
Investors are looking ahead to the Federal Reserve's September meeting minutes due Wednesday. In particular, they will look for any clues on the Fed's direction at its October meeting, as markets have recently scaled back expectations of an interest rate hike this month.
"A cautious tone on further tightening would reinforce the pause the market has priced [for Oct. 28], while a firmer one would raise the odds of a hike sooner," Iliya Kalchev, market analyst at cryptocurrency platform Nexo, said in a note.
