Track market-moving stories before they get noisy

Arthur Hayes, chief investment officer of the crypto fund Maelstrom and chief executive of Flop Labs, is arguing that the artificial-intelligence buildout is less a durable earnings story than a credit boom whose eventual strain could force official liquidity back into digital assets.

In his September 21 essay “Safety First,” published on Crypto Trader Digest,

Hayes treats recent pledges by leading US labs to slow work toward artificial general intelligence as a commercial signal rather than a purely ethical one. Anthropic, OpenAI, and SpaceX, he writes, are not mainly pausing because of concern for human welfare.

He contends the market wants AI, but closer to the much lower prices associated with Chinese models—on the order of one-hundredth of prevailing U.S. prices—and that “safety first” is a convenient cover for weaker demand at current rates.

That distinction matters, in his account, because the labs’ projected compute needs sit under a large financing structure.

Hayes says demand from the three dominant US labs underpins more than $1 trillion of investment-grade debt and hundreds of billions of dollars in lower-rated loans, raised to lease data centers and buy chips.

He argues the labs remain unprofitable on a full-cost basis, and that a shift from training spend toward efficiency would cut orders for data centers, semiconductors, and cloud capacity.

Hardware that depreciates quickly, paired with long-dated obligations, is the mechanism he compares with earlier credit excesses rather than with the equity-only bust of 2000.

The holders he highlights are not only banks and private credit funds.

Hayes says US insurers have accumulated exposure to AI-linked private credit, so a mark-to-market repricing could leave parts of the insurance sector impaired.

From there he sees a binary official response: Washington becomes a buyer of last resort for surplus compute on national security grounds, or it prints money to support insurers sitting on distressed AI debt.

Either path, he argues, expands the dollar supply.

“Trump has a choice, print or print,” he wrote when promoting the essay.

He has separately said that sequence could carry Bitcoin to $1 million and beyond, with capital-expenditure growth possibly losing momentum from mid-to-late 2027 and the slowdown becoming clearer in 2028.

Those price and timing claims are forecasts, not observed outcomes, and Hayes’s earlier calls on crypto markets have often missed.

He restated the liquidity side of the thesis this week in Seoul, during Korea Blockchain Week.

AI firms, he said, need trillions of dollars for data centers even as the price of their services falls, and policymakers have “not really given themselves a lot of options other than print money and make it less bad.”

He tied that pressure to the financing of government debt as well, and said a shift in China away from what he called “austerity lite” could add another bid for scarce assets.

A second strand of the argument runs through Flop Labs.

Hayes has proposed Flop Network, a draft blockchain on which AI agents would pay miners for verified inference under a model he calls proof of useful inference, with the FLOP token meant as a claim on compute—“food for AI agents.”

He has also said the token would be worth little more than a compute marketplace unless agents begin transacting with one another on the network, and that the team has not yet worked out how agent disputes would be settled. In the “Safety First” framing, a glut of cheap compute left after a financing bust is the feedstock for that agent economy, while the official rescue of the debt is the fuel he hopes will reprice crypto.

Bitcoin

3 October 2026 | 20:48 Cathie Wood sees Bitcoin gaining ground against gold. Its relative strength depends on more than the metal’s recent decline.

Key Takeaways Wood sees Bitcoin gaining ground against gold. Outperformance does not always mean dollar gains. A gold rebound would test Bitcoin’s lead. Discussing a chart in ARK Invest’s “In The Know” podcast, Wood noted that Bitcoin was rising while gold was falling. She described the improving Bitcoin-to-gold ratio as a turn in Bitcoin’s favour:

So we do think the turn is in here for Bitcoin.

Bitcoin can beat gold without rising in dollars The ratio divides Bitcoin’s dollar price by gold’s dollar price per troy ounce, showing how many ounces one Bitcoin could buy. It rises when Bitcoin appreciates faster than gold, but it can also improve because gold falls while Bitcoin holds its price.

A rising ratio therefore does not guarantee a dollar profit. Bitcoin can lose value and still outperform gold if the metal falls further. The difference becomes clear when the two price changes are calculated together:

Price changes Change in the ratio Bitcoin +10%; gold unchanged +10%. Bitcoin gains in dollars and against gold. Bitcoin unchanged; gold −10% About +11.1%, without Bitcoin appreciating. Bitcoin −5%; gold −10% About +5.6%, despite Bitcoin losing dollar value. The period being measured matters too. Bitcoin trades through weekends, while conventional gold markets have different trading hours. Comparing prices from matching timestamps avoids treating a Bitcoin move against an older gold quote as simultaneous outperformance. A few days of improvement can also look different from a comparison covering several months.

Wood cited ARK research covering the period since 2019 that put Bitcoin’s correlation with gold around 0.1, and said the relationship had recently been negative. The low figure describes a weak relationship in the measure she referenced; it does not identify which asset earns higher returns. Bitcoin’s “digital gold” label describes a store-of-value argument, without requiring its price to follow gold.

Gold has fallen, but it still has sources of demand Gold’s late-September decline provides a separate market backdrop. Reuters reported that the metal fell roughly 4% on September 28 as a stronger dollar, rising Treasury yields and expectations of tighter monetary policy weighed on prices. It then recovered some ground the following day.

The retreat shows how weakness in gold can improve Bitcoin’s relative position without a comparable increase in Bitcoin’s price. It does not independently establish the size or duration of the turn Wood described, which would require comparing both assets over the period shown in her chart.

Gold’s demand also extends beyond expectations for the dollar and interest rates. In its July outlook for the rest of 2026, the World Gold Council identified reserve diversification as a reason for continued central bank buying. It also described geopolitical uncertainty as a support for investment demand. Those sources of demand could help gold withstand pressure from a stronger dollar.

Where the dollar fits into Wood’s argument Wood expects technology-led investment to support the U.S. dollar while productivity gains reduce inflation. Her expectation of dollar strength helps explain why she sees further pressure on gold. Quoting Bitcoin and gold in the same currency makes their prices comparable, but does not remove the dollar’s economic influence on either market.

Raoul Pal focuses on another outcome. In our coverage of his Bitcoin outlook and the dollar, he looks for dollar weakness to help support a sustained crypto recovery. His financing argument concerns conditions for a longer Bitcoin advance; Wood’s comparison concerns how Bitcoin performs against gold. Relative gains can occur even when conditions remain difficult for a rally in dollars.

Bitcoin’s lead needs to survive a gold recovery If Bitcoin retains its relative gains while gold recovers, its advantage would be harder to explain through weakness in the metal alone. That would provide stronger evidence of Bitcoin’s own price strength than a ratio that improves mainly during gold sell-offs.

Buying data could help assess that strength. Persistent net inflows into spot Bitcoin ETFs would show demand through one identifiable channel, although they would not capture every buyer. A rising ratio by itself cannot establish investors selling gold to purchase Bitcoin; evidence of that rotation would have to come from their transactions or allocations.

If gold rebounds faster than Bitcoin and the ratio falls back, the turn Wood identified would look less durable. Bitcoin could still rise in dollars during that period, but it would be losing purchasing power against gold. That would weaken her relative-performance call without necessarily ending Bitcoin’s dollar-price recovery.

This article is for informational purposes only and does not constitute investment advice. Market relationships can change, and past performance does not guarantee future returns.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

New historical data from CoinCodex shows that Bitcoin was trading near $612 in early October 2016, a period when the cryptocurrency was largely outside mainstream financial portfolios and traded primarily on specialist exchanges. At the start of 2016, Bitcoin’s price hovered near $430, setting the stage for a bull run that would eventually push BTC close to $20,000 by the end of 2017.

From Niche Asset to Trillion-Dollar Market CapSince those early days, Bitcoin’s market profile has transformed dramatically. At press time, CoinCodex estimates Bitcoin’s market capitalization at approximately $1.7 trillion, with daily trading volumes recently surpassing $80 billion. This expansion has been supported in part by the proliferation of products such as spot Bitcoin exchange-traded funds (ETFs), which allow investors to gain exposure to BTC through regulated brokerages instead of traditional crypto exchanges.

Back in 2016, institutional Bitcoin custody solutions were far less developed, and strategies such as corporate Bitcoin treasuries had not yet gained widespread traction among major firms. The arrival of U.S. spot Bitcoin ETFs marks a turning point, providing new routes to access BTC and drawing broader institutional interest.

This institutional shift is particularly apparent in ETF inflow data, where changes in demand help shape the trading landscape. However, Coinpaper reports that even large surges in ETF buying do not guarantee immediate price increases, as Bitcoin’s market comprises a global mix of exchanges, derivatives, over-the-counter (OTC) desks, and long-term holders.

Long-Term Gains Demand Iron StomachThe story of Bitcoin’s performance over the last decade highlights extreme volatility. CoinCodex records that Bitcoin surged by 1,357% in 2017 before tumbling more than 73% in 2018. The digital asset then climbed over 300% in 2020 and added another 59.6% during 2021, only to fall by 64.2% in 2022. These numbers illustrate the unpredictable and often tumultuous journey for long-term BTC holders.

Holding Bitcoin for ten years required surviving several major market crashes, and the long-term return should not be interpreted as a steady annual compounding path.

Despite this turbulence, an investor who bought $1,000 worth of Bitcoin at $612.13 in October 2016 would now see their investment valued at approximately $138,100 based on the latest price of $84,537, before fees or taxes. The magnitude of such a return underscores the unique character of cryptocurrency markets.

Market Monitoring and Modern Trading ToolsNavigating this rapid price movement and institutional involvement places a premium on effective market monitoring. In an environment where a single Federal Reserve decision or an unexpected altcoin listing can shift conditions in seconds, traders increasingly seek to streamline their workflow.

To meet these demands, many are adopting solutions like CryptoAppsy, a privacy-focused platform that allows users to access real-time charts, tailored price alerts, coin-specific news, and macroeconomic data without the need to create an account. By consolidating essential tools into one screen, CryptoAppsy aims to help traders minimize missed opportunities and operate more efficiently.

TLDR: The Bitget hack is linked to North Korean hackers. Chainalysis says the theft lifts their 2026 crypto total above $1 billion. Investigators traced stolen XRP through a cross-chain protocol into Bitcoin. The swaps bypassed an exchange but still left blockchain records. Drift and KelpDAO lost a combined $577 million in April. TRM said those attacks represented 76% of crypto hack losses through that month. Chainalysis estimates automation cut over 20 hours of bridge reconciliation to under 10 minutes. Investigators defined logic and reviewed results. The Bitget hack involved North Korean hackers, Chainalysis said, attributing the $387 million theft to DPRK-linked actors. The firm said the September 24 breach pushed crypto stolen by North Korea-linked groups above $1 billion in 2026. Investigators followed stolen XRP through a cross-chain protocol into Bitcoin addresses controlled by the attackers.

The October 1 report details how the funds moved between blockchains without passing through an exchange. Bitget separately confirmed losses of approximately $387.5 million after revising its initial estimate. The updated attribution follows earlier suspicions raised by CEO Gracy Chen and provides further evidence for the ongoing security investigation.

Bitget Hack Expands North Korean Theft Total Beyond $1 Billion Bitget joins Drift Protocol and KelpDAO, among major platforms hit by attacks linked to North Korea this year. The Bitget hack follows two April incidents that together cost approximately $577 million.

On April 1, attackers drained $285 million from Drift Protocol. TRM described months of social engineering, including meetings with staff, before attackers compromised the approval process. Attackers obtained approvals before executing the unauthorized withdrawals.

KelpDAO suffered a separate $292 million bridge exploit on April 18. LayerZero linked that operation to TraderTraitor, a North Korean threat group associated with Lazarus. 

TRM said those two attacks represented 76% of crypto hack losses through April. That figure covers an earlier reporting period, rather than the latest annual total following the Bitget hack. 

Chainalysis estimated that North Korean hackers stole more than $2 billion during 2025. The latest attribution places another major exchange breach within that continuing pattern. 

Chen had pointed to North Korea shortly after the theft. She cited suspicious IP addresses connected to VPN services previously used by a DPRK-linked hacking group. 

September losses also rose sharply across the industry. PeckShield recorded $766.49 million across 55 major hacks, approximately 462% above August, with Bitget the largest incident.

Bitget said its higher loss estimate included previously uncounted Zcash and Tron transfers. The exchange said the revision reflected fuller accounting rather than another wave of unauthorized withdrawals.

Bitget said investigators had identified and fixed the underlying vulnerability. The exchange published attacker addresses to help other platforms monitor affected assets. 

How Stolen XRP Became Bitcoin Through a Cross-chain Protocol Chainalysis identified 23 outbound transfers during the first three hours after the Bitget hack. It grouped their destinations into Ethereum, XRP Ledger, Zcash, and Tron.

Ethereum accounted for 49.7% of the outflows, followed by XRP Ledger at 40.8%. Zcash received 7.6%, while Tron represented 1.8% of the traced transfers.

The attackers moved XRP into a cross-chain liquidity protocol and received Bitcoin on another network. This route bypassed a centralized exchange account while leaving transaction records for investigators to examine.

Chainalysis matched deposits with corresponding payouts and followed tens of millions of dollars over roughly 36 hours. Its investigators tracked subsequent transfers until the trail reached attacker-controlled Bitcoin addresses.

Independent analysis from Bitquery identified THORChain as a route used to convert stolen XRP. Its September 29 accounting found that 90.5% of the stolen XRP had become Bitcoin.

That analysis adds detail to the Bitget hack money trail. Swap records named destination assets and recipient addresses, helping connect payments across otherwise separate networks. 

The Bitget hack investigation includes cybersecurity firms Mandiant and SlowMist. Bitget said industry coordination had already frozen some affected assets. Its recovery program offers eligible contributors bounties worth 5% of successfully frozen funds and 5% of recovered funds.

Chainalysis said its team used in-house AI to build custom tracing tools. It estimated that over 20 hours of manual bridge reconciliation took under 10 minutes with automation.

Investigators continued to define the tracing logic and review the results. Chainalysis is monitoring linked Bitcoin addresses and sharing intelligence with exchanges, issuers, and law enforcement partners.

Crypto entered October after a strong third quarter, although the final weeks of September were more uneven.

Bitcoin gained about 7% in September, while Ethereum rose around 7%. Solana also outperformed Bitcoin, while several large-cap altcoins gained as Bitcoin dominance slipped below 60%.

Here’s what happened in crypto in September and what to expect in October. 

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What happened in SeptemberBitcoin ended September around $83,000-$84,000 after briefly approaching $87,000. Institutional demand provided support, with U.S. spot Bitcoin ETFs attracting about $2.4 billion during the week ending Sept. 25, their strongest weekly inflow since October 2025.

At the same time, rising bond yields and profit-taking have kept the market from moving decisively higher.

Ethereum finished September around $2,650-$2,700, gaining roughly 7% for the month and extending its relative strength against Bitcoin. The next major catalyst is Ethereum's Glamsterdam upgrade testing, with the first public testnet scheduled for Oct. 6.

Solana has remained one of the stronger major altcoins, roughly doubling from its June low. Chainlink also gained more than 20% since the start of September, while the broader altcoin market showed signs of increased participation as Bitcoin's market share fell below 60%.

However, recent historical examples show that a decline in Bitcoin dominance alone is not sufficient to establish a sustained altcoin season.

XRP also benefited from the late-September altcoin rebound. It traded mostly around $1.48-$1.55 toward the end of the month, after reaching about $1.66 on Sept. 23.

XRP gained 10.4% during the week ending Sept. 26, according to market data cited by 24/7 Wall St. Institutional demand has remained notable, with U.S. spot XRP ETFs recording 11 consecutive weeks of inflows and about $1.79 billion in cumulative inflows by Sept. 25.

Uptober: Will there be another bull run in 2026?For October, sentiment is cautiously optimistic and increasingly centered on the “Uptober” narrative. Bitcoin has historically performed strongly in October, but 2025 broke the previous six-year winning streak, highlighting the limits of seasonal patterns.

This year's market also enters October with several potential catalysts, including continued ETF flows, the Oct. 6 Ethereum testnet and developments around XRP Ledger upgrades.

The main counterweights are elevated bond yields, monetary-policy uncertainty and the possibility that investors take profits after the strong Q3 rally.

BitcoinBitcoin ended September around $83,000 to $84,000 after reaching above $87,000. Institutional demand provided support throughout the month, with U.S. spot Bitcoin ETFs attracting approximately $2.4 billion during the week ending Sept. 25, their strongest weekly inflow since October 2025.

Source: CoinMarketCapMore broadly, Bitcoin ETF products have attracted approximately $4.9 billion since Aug. 19, according to the data cited.

At the same time, rising bond yields and profit-taking have limited Bitcoin's ability to establish a sustained move higher.

JPMorgan analysts have identified approximately $85,000 as a reference point for Bitcoin's average production cost. Bitcoin recently moved above that level after reportedly spending about 280 days below the estimated production cost. The cryptocurrency subsequently fell back below the threshold and was trading near $84,000 at the end of September.

The relationship between Bitcoin's market price and production costs is particularly relevant to miners, although the estimate can change with factors including network difficulty, electricity prices and hardware efficiency.

Technical analysts are also divided over how Bitcoin's recent structure could develop in the fourth quarter.

Benjamin Cowen has argued that investors should focus on Bitcoin's current chart structure rather than relying on traditional four-year cycle expectations. His analysis came after Bitcoin moved above its May high on the weekly timeframe, potentially challenging the historical cycle pattern. Cowen has pointed to the weekly close as an important signal for determining the market's next phase.

Fidelity Investments' global macro director Jurrien Timmer has presented a longer-term scenario in which Bitcoin could reach $300,000 by 2029. His analysis is based on a Power Law model and assumes that Bitcoin maintains key long-term support around $60,000. The target is Timmer's own model-based scenario, rather than a consensus market forecast.

October's historical performance is one reason behind the “Uptober” narrative. Bitcoin finished October higher in 10 of the 13 years between 2013 and 2025, with an average monthly return of roughly 19%. However, Bitcoin's six-year October winning streak ended in 2025, illustrating why seasonal patterns cannot be treated as a reliable indicator for the current month.

The market therefore enters October with several potential sources of support, including continued ETF demand, improving liquidity and the possibility of further short covering. Bitcoin's ability to hold above the low-$80,000 area while testing the $85,000 to $87,000 region will remain closely watched.

Ethereum Ethereum entered October after an especially strong August, when ETH gained approximately 32.6%, rising from around $1,860 to a monthly high near $2,556 before closing around $2,466.

ETH then gained roughly 7% in September and finished the month around $2,650 to $2,700.

Source: CoinMarketCapInstitutional demand has remained an important factor. Data from Arkham Intelligence shows that BlackRock's spot Ethereum ETF products purchased more than $1.5 billion worth of ETH over a 20-day period. The purchases included approximately $1.27 billion through ETHA and about $296.5 million through the newer ETHB product.

Ethereum's technical structure has also improved substantially since its June lows. ETH has moved above its previous $2,400 to $2,550 consolidation range, while shorter-term moving averages remain below the market.

The $2,700 to $2,800 region represents the next major resistance zone. A sustained move above it could provide a stronger technical basis for extending the September recovery, although profit-taking by large holders remains a potential source of selling pressure.

Ethereum also has a fundamental catalyst approaching. Testing for the network's Glamsterdam upgrade is scheduled to begin with the first public testnet on Oct. 6.

Technical analyst Ali Martinez has identified a previous breakout from a similar formation that was followed by a 31% gain over three days. In his analysis, a move above $2,474 could create a path toward $3,000. That remains a technical scenario rather than a guaranteed target.

XRPXRP also enters October in a stronger position than at the beginning of September. The token briefly reached approximately $1.66 on Sept. 23 before retreating toward the $1.50 area. XRP gained 10.4% during the week ending Sept. 26.

Source: CoinMarketCapInstitutional demand has remained notable, with U.S. spot XRP ETFs recording 11 consecutive weeks of inflows and approximately $1.79 billion in cumulative inflows as of Sept. 25.

XRP is currently trading above its major moving averages, with the 200-day average around $1.36. This creates a support area around $1.35 to $1.40 if the current recovery comes under pressure.

Seasonality provides a less consistent signal for XRP than for Bitcoin. Although XRP has recorded substantial October rallies in the past, its historical monthly performance has not consistently followed the broader crypto market.

Market sentiment is another factor to watch. Santiment data recently showed XRP's positive-to-negative comment ratio falling to 0.67, its lowest level in roughly a month.

The U.S. regulatory environment could also remain relevant. The Senate's failure to advance the CLARITY Act in a procedural vote on Sept. 16 removed one potential near-term catalyst for the broader U.S. crypto market.

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Several XRP-specific developments could nevertheless attract attention in October. Evernorth has completed a shareholder vote and filed additional documents with the SEC as it moves forward with its plan to become a publicly traded XRP treasury company. The company expects to hold as much as 473 million XRP following the completion of the transaction, according to its own projections.

For the broader crypto market, October therefore begins with a combination of strong third-quarter performance, substantial institutional flows and several upcoming catalysts. 

Bitcoin's ability to hold its recent range, Ethereum's response to the Glamsterdam testnet and XRP's ability to maintain its September recovery will be among the key developments to watch.

The “Uptober” narrative provides a useful description of historical market behavior, but the outcome in October will ultimately depend on current liquidity, institutional flows, macroeconomic conditions and asset-specific catalysts rather than seasonality alone.

Table of contents

On October 2, 2026, the U.S. Securities and Exchange Commission cleared Cboe BZX to list and trade six triple-leveraged exchange-traded products, including the first 3x Bitcoin and 3x Ether ETPs available in the United States. The approval order, Release No. 34-106577, was signed by the Commission’s Division of Trading and Markets under delegated authority. It is the first time U.S. regulators have approved triple-leveraged Bitcoin and Ether products, bundled in a single order with traditional commodity funds.

What the SEC approved Each fund is a series of the VS Trust, whose sponsor is Volatility Shares LLC; Wilmington Trust serves as sole trustee and U.S. Bank as custodian. The six funds: 3x Gold, 3x Silver, 3x Bitcoin, 3x Ether, 3x Crude Oil, and 3x Natural Gas. They list under BZX Rule 14.11(e)(4), which governs commodity-based trust shares. Cboe filed the proposed rule change on August 10 and it was published for comment on August 19; the Commission received no comments. The Commission found the proposal consistent with Section 6(b)(5) of the Exchange Act, citing safeguards to promote fair disclosure, prevent trading without adequate transparency, and protect material nonpublic information.

How the funds will work Despite the “ETF” name, these are exchange-traded products (commodity-based trust shares), not 1940 Act funds. Each seeks daily investment results, before fees and expenses, equal to three times the daily performance of its reference commodity, measured against a benchmark of first- and second-month futures contracts. The funds invest in those futures alongside cash and cash equivalents that serve as collateral or margin. If those contracts become unavailable, the funds may hold later-dated futures, benchmark-linked ETFs and ETPs, or listed options. Because the funds reset daily, returns over longer holding periods can diverge from three times the commodity’s cumulative move.

Trading still waits on registration Approving the listing rule does not by itself start trading; the shares must still be registered under the Securities Act of 1933, and no launch date has been set. The move follows other SEC crypto-ETP rulemaking, including the agency’s approval of a Nasdaq Texas rule that added a digital-commodity definition to crypto ETPs. It also lands amid strong institutional demand for fund exposure, with spot Ethereum ETFs recently logging a third straight week of inflows.

AUTHOR

Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.

Chainalysis has attributed the $387 million Bitget theft to North Korean hackers. The firm said the attack lifts the value of crypto stolen by DPRK-linked actors this year above $1 billion.

North Korean attackers reportedly used a cross-chain swap to convert stolen XRP into Bitcoin and kept the tokens away from exchanges.

Drift, KelpDAO and Now BitgetBitget joins 2 April attacks that firms had already tied to North Korea. Hackers drained $285 million from Drift Protocol on April 1. Drift said the operation involved months of social engineering, including in-person meetings.

On April 18, attackers took $292 million through a KelpDAO bridge exploit. TRM and LayerZero both linked that attack to TraderTraitor, a Lazarus-affiliated unit.

Together, the 2 hacks made up 76% of all crypto hack losses through April, according to TRM. Chainalysis said Bitget’s $387 million brings the overall 2026 haul to over $1 billion. In 2025, DPRK actors stole over $2 billion from the crypto industry.

Chainalysis said faster tracing is becoming essential.

“The ability to quickly identify and understand illicit activity is increasingly important as North Korea increasingly uses sophisticated automation to move and obscure stolen funds,” Chainalysis said.

Bitget CEO Gracy Chen had already pointed to North Korea shortly after the breach. She cited IP addresses that matched a DPRK group’s VPN choices. The theft also ranks as 2026’s largest crypto hack, lifting September losses 462%.

How Did Stolen XRP Become Bitcoin Without an Exchange?Chainalysis counted 23 outbound transfers in the first 3 hours after the September 24 exploit. Together, they spread $387 million across 4 blockchains.

Ethereum received nearly half the outflows at 49.7%. The XRP Ledger took 40.8%, followed by privacy-focused Zcash at 7.6% and Tron at 1.8%.

The report highlighted that instead of sending the XRP to an exchange, the attackers deposited it into a cross-chain liquidity protocol. They then withdrew Bitcoin on another network.

How The Stolen XRP Was Turned to BTC. Source: ChainalysisChainalysis matched those deposits to their payouts. Tens of millions of dollars moved this way over roughly 36 hours. The trail ended at attacker-controlled Bitcoin addresses the firm now monitors.

Notably, the firm said it built custom automations with its in-house AI to speed up that cross-chain tracing. It estimated that more than 20 hours of manual bridge reconciliation shrank to under 10 minutes.

Investigators still set the logic and reviewed the results, Chainalysis added.

Crypto market analyst Ali Charts has outlined ambitious bull market targets for Bitcoin, Ethereum, XRP, and Solana, contingent on confirmed technical breakouts across their monthly charts. His projections, based on established chart patterns, suggest potential highs for each of the four major assets if current resistance levels are surpassed.

Bitcoin must clear $125,000 to target $190,000According to Ali Charts, Bitcoin has traded within a rising channel for the past two years. He has identified $125,000 as the key resistance level that Bitcoin needs to break in order to initiate a stronger upward move. Should Bitcoin achieve a decisive breakout above this level, it could potentially reach the channel’s upper boundary near $190,000. The analyst highlighted that this price is not guaranteed, emphasizing that the target depends entirely on Bitcoin maintaining momentum after clearing $125,000.

“Bitcoin has consistently respected the rising channel, with $125,000 as the critical threshold. Only a decisive move above this mark would bring the $190,000 cycle target into focus.”

Ethereum faces $5,000 resistance, eyes $8,800Turning to Ethereum, Ali Charts located a long-term channel on the monthly timeframe, with the upper boundary standing at $5,000. The analyst stated that Ethereum must first break this resistance before any higher target can be considered. If the breakout is confirmed, Ethereum could move toward $8,800, based on the measured move of the channel formation. Ali Charts framed this as a cycle target, not a guaranteed outcome, and pointed out that the projection remains conditional until Ethereum closes above that crucial $5,000 level.

XRP’s ascending triangle signals $31.87For XRP, analysis centers on an ascending triangle pattern, with resistance mapped near $3.66. Ali Charts signaled that a monthly close above $3.66 would confirm the bullish setup for a substantial price move. Should that breakout occur, the projection targets a level near $31.87, directly derived from the ascending triangle’s measured move. Until XRP solidifies a close above $3.66, the higher target remains speculative.

Mini dictionary: Ascending triangle, a chart pattern that forms when price follows a horizontal resistance line and a rising trendline, suggesting potential for a strong breakout if the resistance is crossed.

Solana could surge to $2,744 if neckline is brokenRegarding Solana, Ali Charts identified a cup-and-handle pattern on the monthly chart, highlighting the neckline at $295. The analyst insisted that a solid monthly close above this level would activate the bullish scenario. With the neckline crossed, Solana could aim for approximately $2,744, determined by the height of the pattern added to the breakout point. As with the other assets, this projection is tied to the confirmation of the technical setup.

Mini dictionary: Cup-and-handle formation, a bullish continuation pattern where price forms a ‘cup’ shape followed by a smaller consolidation forming the ‘handle,’ often preceding further upward movement if resistance is cleared.

Ali Charts summarized that the bullish projections for all four assets are contingent on overcoming these major resistance levels. The long-term targets are only considered actionable if clear breakouts are confirmed on monthly charts.

AssetKey ResistanceBull Market TargetPatternBitcoin (BTC)$125,000$190,000Rising channelEthereum (ETH)$5,000$8,800Long-term channelXRP$3.66$31.87Ascending triangleSolana (SOL)$295$2,744Cup-and-handle“Each of these targets depends on a confirmed breakout above the respective resistance. Until then, they remain potential cycle projections rather than guaranteed price points.”

Ali Charts is a widely followed cryptocurrency analyst known for technical analysis and market commentary across major digital assets. The technical patterns discussed, such as ascending triangles and cup-and-handle formations, are commonly used tools among traders to predict potential breakout directions in price charts.

No timeframe was suggested for the targets, and all were described as conditional upon the assets achieving breakout confirmation. Traders and investors are advised to monitor these resistance levels closely as the market develops.

Bitcoin’s $87K Rally Was a Trap: Could $82.5K Be the Real Buying Opportunity?

Bitcoin traded steadily near $84,500 this week, with Ethereum and other leading cryptocurrencies following similar patterns. The consistent momentum built after a challenging period in September, driven by increasing expectations that the Federal Reserve will keep interest rates unchanged. This sentiment provided broader support for digital assets and signaled revived risk appetite in financial markets.

Fed signals steady policy, boosts crypto sentimentAs the week progressed, Bitcoin briefly touched higher price points before easing back. Remarks from Federal Reserve policymakers reduced market expectations for immediate interest rate hikes, which encouraged greater flows into higher-risk investments, including cryptocurrencies.

Securities connected to the digital asset sector also advanced. Stocks such as those from MicroStrategy, Coinbase, and Robinhood tracked Bitcoin’s upward movement, reflecting stronger confidence in cryptocurrencies among investors.

ETF inflows return, Wall Street adjusts forecastsSpot Bitcoin exchange-traded funds in the United States recorded a new wave of capital inflows, collecting approximately $2.4 billion in net deposits for the latest full trading week. The renewed investments reversed earlier net outflows, turning total 2026 ETF capital flows for Bitcoin positive once again.

MicroStrategy, a major US-based business intelligence firm known for its sizable Bitcoin holdings, acquired an additional 1,665 BTC. The company’s total Bitcoin reserve grew to 847,666 BTC, further cementing its position as the world’s largest corporate holder of Bitcoin.

Bitcoin’s market dominance, or its share of overall cryptocurrency market value, neared 60% by week’s end. This uptick suggests investors retained a preference for the original cryptocurrency even amid a generally strong appetite for risk assets.

Citigroup, a leading US financial group, increased its 12-month Bitcoin price forecast from $82,000 to $113,000, highlighting greater market participation and rising ETF inflows. Citigroup also revised its target for Ethereum, raising its estimate from $2,240 to $3,028.

Citigroup analysts attributed their upgraded Bitcoin target to higher investor engagement and robust capital entering US-based spot Bitcoin ETFs, with momentum likely to carry forward medium term.

US jobs data, inflation, and Fed policy outlookMacroeconomic data shaped digital currency movements throughout the week. US employers added only 29,000 jobs in September, while the unemployment rate rose to 4.2%, indicating a cooler labor market.

Slower employment growth reduces the likelihood of sharp Federal Reserve interest rate increases. Historically, diminished rate hike expectations enhance the appeal of speculative assets such as cryptocurrencies. Still, analysts warned that if inflation data exceeds forecasts, it could prompt the Fed to reconsider its policy direction, leading to renewed pressure on digital assets.

Ethereum underperformed Bitcoin this week, falling behind in price appreciation. A security breach impacting MetaMask’s Ethereum validator services brought additional attention, after unauthorized parties reportedly redirected staking rewards. In response, MetaMask initiated withdrawal procedures for affected validators. The lost staking compensation totaled just over 0.36 ETH, which the company emphasized was a small fraction of managed funds.

Mini dictionary: MetaMask, a widely-used Ethereum wallet and dApp browser, enables users to manage, stake, and interact with crypto assets and decentralized applications directly through browser plugins or mobile apps.

US and EU regulators ramp up oversightIn regulatory developments, the US Securities and Exchange Commission (SEC) proposed new rules for how registered investment advisers can store and safeguard cryptocurrency on behalf of clients. The proposed framework would permit advisers to hold some digital assets directly if no qualified third-party custodian is available, provided they meet strict security and technical standards.

European regulators increased scrutiny on Binance, the global cryptocurrency exchange, over its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations. Authorities are investigating whether Binance continues servicing European users without the required authorization. Binance stated that it relies on the region’s “reverse solicitation” exception for such cases, while regulators review whether this exemption is being properly applied.

The SEC’s latest proposal seeks to ensure that investment advisers follow robust custody standards when managing digital assets, potentially granting more direct custody options if strong security protocols are met.

Mini dictionary: MiCA (Markets in Crypto-Assets Regulation) is the European Union’s framework for regulating digital asset services and providers, set to introduce uniform rules for transparency, licensure, and consumer protection across the EU.

Tether eyes Bitcoin integration, Blast Layer-2 shuts downThe stablecoin sector also drew headlines. Tether, issuer of the leading US dollar-pegged stablecoin USDT, announced plans to integrate USDT functionality into the Bitcoin network through the Utexo initiative. The project will enable confidential USDT transfers, facilitate BTC-USDT swaps, and introduce Bitcoin-backed lending options.

Meanwhile, Ethereum-based Layer-2 scaling protocol Blast declared it would end operations after its network assets dropped from a peak above $2 billion. The shutdown marks ongoing competitive pressures among Layer-2 platforms as user activity consolidates on more established solutions.

ProjectMain DevelopmentPeak Asset ValueBlast (Layer-2)Announced network shutdownOver $2 billionTether (USDT)Launching Bitcoin integration via UtexoNot disclosedAs Bitcoin attempts to hold the $84,500 level, high leverage and ongoing regulatory changes are expected to keep price volatility elevated into the coming week.

TLDR Bitcoin surged to $87,200 on Friday, marking its strongest performance since January, before retreating to levels below $86,000. The September nonfarm payrolls report showed only 29,000 jobs added, significantly missing the 84,000 forecast. Declining Treasury yields and the elimination of a major sell wall around $85,000 fueled BTC’s upward momentum. Key resistance levels are positioned between $87,300 and $87,400, which market observers view as critical for a potential rally to $90,000. Market analysts project Bitcoin could achieve $90,000 to $100,000 valuations before year-end if it successfully breaks through current resistance zones. Bitcoin surged beyond the $87,000 threshold on Friday, October 2, 2026, driven by disappointing US employment figures that triggered a decline in Treasury bond yields.

Bitcoin (BTC) Price The leading cryptocurrency touched $87,229 on the Bitstamp exchange, based on TradingView market data. The peak fell marginally short of establishing fresh eight-month records.

BTC subsequently retraced to levels beneath $86,000. As of publication time, the digital asset was changing hands around $86,700.

The September nonfarm payrolls figure registered at a meager 29,000 new positions. Market forecasters had anticipated 84,000 additions. Additionally, August employment data underwent downward revision from 162,000 to 133,000.

BREAKING: The US economy adds +29,000 jobs in September, well below expectations of +89,000.

The unemployment rate rose to 4.2%, above expectations of 4.1%.

August's job number was also revised down by -29,000 jobs.

This marks the third weakest jobs report of 2026.

— The Kobeissi Letter (@KobeissiLetter) October 2, 2026

The jobless rate ticked upward to 4.2% from the previous 4.1% reading. According to trading intelligence platform The Kobeissi Letter, this marked the third-weakest employment report throughout 2026.

Equity markets responded positively to the labor market weakness. The S&P 500 index advanced 1%, while technology-heavy Nasdaq Composite jumped 1.8%.

Market participants dramatically reduced expectations for Federal Reserve tightening. CME Group’s FedWatch Tool indicated merely an 18% probability of a 0.25% rate increase in October, plummeting from 64% probability registered one week prior.

Treasury Yields Continue Retreat US Treasury yields extended their decline for a consecutive second session. The 30-year maturity yield registered at 5.573%, while the benchmark 10-year yield settled at 5.2%.

Cryptocurrency trading institution QCP Capital suggested a Treasury market relief rally would provide Bitcoin its most favorable upward trajectory. The firm observed that Bitcoin has demonstrated resilience throughout a real-rate environment that negatively impacted gold valuations.

Blockchain analytics platform Glassnode reported that sellers had partially executed limit orders near the $85,000 level before withdrawing remaining positions. This action eliminated a significant resistance barrier that had previously constrained upward price movement.

Source: Glassnode Glassnode identified the subsequent concentration of sell orders positioned around $87,000. QCP Capital established resistance at $87,400 and support at $82,500, highlighting that Bitcoin successfully defended the support threshold on three separate occasions this week.

Market analyst Ted, operating under the handle @TedPillows on X, indicated Bitcoin had escaped from its bullish pennant formation accompanied by increasing spot market demand. He emphasized the cryptocurrency is nearing its yearly opening price level, suggesting a daily settlement above $87,500 could catalyze rapid advancement toward $90,000. He cautioned that another failure at this resistance zone would likely force price action back toward retesting the breakout point at $84,500.

$BTC has broken out of its bullish pennant with rising spot demand.

Now, Bitcoin is approaching its yearly open level.

If BTC manages a daily close above $87,500, a rally towards $90,000 could happen quickly.

Another rejection from this zone means BTC will retest the breakout… pic.twitter.com/ibfNPD5cmy

— Ted (@TedPillows) October 2, 2026

Market Strategists Evaluate Future Trajectory Bitcoin registered a 12% appreciation throughout September while gold experienced an 8.5% decline during the identical timeframe. QCP Capital characterized the rally as resembling a concentrated capital flow movement rather than widespread rotation away from fixed-income securities.

Exchange-traded funds focused on spot Bitcoin accumulated approximately $2.6 billion in net inflows throughout September, which QCP Capital highlighted as a contributing factor driving the appreciation.

Fabian Dori, Chief Investment Officer at Sygnum Bank, cautioned that disappointing employment data doesn’t automatically translate to bullish conditions. He emphasized that liquidity conditions remain the primary catalyst for Bitcoin price action regardless of direction.

Paul Howard from Wincent reaffirmed his $100,000 year-end projection remains intact. He referenced Citi’s updated price forecast of $113,000 as supporting evidence.

Matt Mena, Senior Crypto Research Strategist at 21Shares, noted that the fourth quarter historically represents Bitcoin’s strongest performance period, delivering average returns of 62.7%.

Bitcoin price has slipped toward $84,000 after failing to hold its latest push above $87,000, while daily momentum has weakened and liquidation clusters have formed on both sides of the market.

Summary

Bitcoin price traded near $84,575, down 1.7% over 24 hours. The daily chart places Bitcoin near the $84,012 Fibonacci level after its latest rejection. CoinGlass shows prominent liquidation clusters around $83,500, $85,100, and $87,700. Analyst Altcoin Sherpa expects buying near support but warns that losing $82,000 would weaken the setup. CoinGecko recorded Bitcoin at approximately $84,575 on Oct. 3, with a 24-hour decline of 1.7% and a seven-day gain of 0.8%. Daily trading volume stood near $37.3 billion, while the asset’s market value was about $1.7 trillion.

TradingView’s Binance BTC/USDT daily chart shows the latest advance reaching $87,220 before falling back toward $84,000. The retreat left Bitcoin close to a major Fibonacci level, with the recent September highs still forming overhead resistance.

Bitcoin holds near the $84,012 Fibonacci level The daily Fibonacci retracement on TradingView spans the move between $126,294 and $57,877. Its 61.8% level sits at $84,012, almost directly alongside the price shown on the daily chart.

Bitcoin price daily chart — Oct. 3 | Source: TradingView Bitcoin’s September recovery carried it from roughly $75,000 into the $86,000–$87,000 area. Several recent attempts to extend that move have stalled around similar highs, leaving the asset above its earlier September range but below the latest resistance zone.

The daily relative strength index stood at 60.69, below its moving average of 64.92. An RSI above 50 keeps momentum on the positive side of the scale, although the gap beneath its average shows that the latest upward push has lost strength.

The Aroon readings also reflected the pause. Aroon Up was 21.43%, while Aroon Down was 0%, placing both readings well below their upper range as Bitcoin traded between its recent high and the earlier lows.

On the daily chart, $84,012 is the nearest marked Fibonacci reference. Below that area, recent price action places another support zone around $82,000–$83,000, followed by the round $80,000 level and the September base near $75,000–$76,000.

A recovery above the recent $87,220 high would bring the $88,000–$90,000 area into focus. The next higher marked Fibonacci level is $92,086, the halfway point of the larger range, rather than an immediate price target.

The 4-hour chart puts $86,092 back in focus TradingView’s 4-hour chart shows Bitcoin retreating from its latest rise toward $87,000 and returning to the middle of its Bollinger Bands. The 20-period moving average stood at $84,227, with the upper band at $86,092 and the lower band at $82,362.

Bitcoin price 4-hour chart — Oct. 3 | Source: TradingView Price was slightly below the middle band after the pullback. The upper band now provides a nearby technical reference before the recent high, while the lower band overlaps the broader $82,000–$83,000 support region.

The Awesome Oscillator remained above zero at 1,557.71. Its latest histogram bar was red after a run of rising green bars, showing a decrease in positive momentum on the 4-hour timeframe.

The earlier advance from mid-September remains visible on that chart, with Bitcoin rising from around $75,000 to above $86,000. Since that rally, trading has largely stayed between the low-$82,000 region and the recent highs near $87,000.

For the near-term recovery scenario, the middle Bollinger Band around $84,227 is the first reference, followed by $86,092 and $87,220. For the downside scenario, the lower band around $82,362 sits close to the $82,000 threshold identified by Altcoin Sherpa.

Liquidation clusters bracket Bitcoin’s trading range CoinGlass’s 24-hour liquidation heatmap shows Bitcoin falling from above $86,000 to briefly below $84,000 before stabilizing in the mid-$84,000 area. A bright liquidation band sits around $83,500 beneath the latest price.

Bitcoin liquidation heatmap | Source: CoinGlass Above the market, another prominent band lies around $85,100, with additional concentrations near $86,000–$86,400. The strongest upper cluster is around $87,700, slightly above the recent price highs.

The map also shows lower bands near $82,600–$82,800 and $82,000. Those areas overlap the support region visible on the 4-hour chart, placing several derivatives reference points below Bitcoin’s current range.

Pseudonymous analyst Wealthmanager described a separate order-book setup with heavy bids at $80,000–$82,000 and asks above $84,000 through $90,000. The analyst said a move toward $90,000 would depend on those lower bids holding and Bitcoin working through the sell orders above it.

Altcoin Sherpa also favored a potential bounce near current support, citing the volume profile. The analyst wrote:

“If we lose 82k or something then I think it starts to get really nasty”

The analyst nevertheless expected buying to return near support, keeping the outlook conditional on Bitcoin defending the lower part of its range.

US ETF buying has slowed from September’s peak Farside Investors’ data show that US spot Bitcoin ETF inflows slowed sharply after reaching $999 million on Sep. 21. Net inflows fell to $134.5 million on Sep. 25, although the five sessions together still brought in approximately $2.39 billion.

The following week began with $31 million of inflows on Sep. 28 and $66.2 million on Sep. 29. Funds then recorded $148.7 million of net outflows on Sep. 30, including withdrawals from Fidelity’s FBTC, Bitwise’s BITB and BlackRock’s IBIT.

Those three sessions produced a combined $51.5 million net outflow. The figures mark a slower pace of buying through US investment products alongside Bitcoin’s struggle to extend above its September highs.

Bitcoin’s immediate chart references remain $84,012 on the daily timeframe and $82,362 on the 4-hour timeframe. Above the market, the $86,092 Bollinger Band and the recent $87,220 high stand between the current price and Wealthmanager’s conditional $90,000 scenario.

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

In This Article Hardware Wallet Targeted in Latest European Crypto RobberyHundreds of Thousands in Crypto Stolen from Terrified CoupleRise in Crypto Robbery Attacks, With Europe the Hotbed A British businessman was beaten with hammers by masked intruders who broke into his home and threatened to kill his heavily pregnant wife unless he handed over hundreds of thousands of pounds worth of cryptocurrency.

The couple, who have asked to remain anonymous, told the BBC that the attack was “horrific” and left them fearing for the life of their unborn child.

The @BBCNews reports that a #reward of up to £10,000 is being offered for information after a young couple were attacked in their home and forced to transfer a substantial amount of #cryptocurrency.

The husband suffered significant injuries, and his pregnant wife was threatened… pic.twitter.com/4D4TBASN99

— CryptoUK (@CryptoUKAssoc) September 25, 2026

Police are investigating the incident, which took place at the couple’s home in Solihull in December last year. Crimestoppers is offering a £10,000 reward for information leading to those responsible.

The attack is being described as a so-called “wrench attack” — a form of physical coercion increasingly associated with cryptocurrency holders, in which criminals target investors directly to force them to surrender digital assets.

Hardware Wallet Targeted in Latest European Crypto Robbery The man, referred to by the BBC as James, said three masked men forced their way into his home and subjected him to a 45-minute assault.

“The door gets pushed open, I can see gloves coming in, balaclavas,” he said. James attempted to fight back but was repeatedly struck in the face, head, and ribs with hammers.

His wife, who was seven months pregnant at the time, was held down on the sofa by one of the attackers. “He’s got a pillow over her face,” James said. “He’s literally suffocating her on the sofa. I can hear her screaming, ‘I can’t breathe’.”

The couple initially did not know what the attackers wanted. That changed when one of the men demanded that James unlock his phone and hand it over.

According to James, the attackers appeared to know he held cryptocurrency but did not know how to access his funds. Instead, they received instructions from another individual via a live video call.

“I can hear the guy on FaceTime saying: ‘Show me everything on his phone. Show me what apps he’s got’,” James said. The caller eventually identified a cryptocurrency wallet containing a substantial amount of funds.

The situation then escalated, with James saying the attackers threatened to stab his wife and kill their unborn child unless he transferred the cryptocurrency.

“He was basically saying: ‘Look, if you don’t send us this money now, we’re going to stab your wife in the stomach and kill your baby. We’re going to kill your wife’,” James said.

EXCLUSIVE: Earn $50 With EdgeX and Enter $300K Prize Draw

Hundreds of Thousands in Crypto Stolen from Terrified Couple James eventually transferred his cryptocurrency savings, worth hundreds of thousands of pounds, to a wallet controlled by the individual directing the attack remotely.

The criminals also stole several luxury Rolex watches before fleeing in a car driven by a getaway driver. James said he then heard the individual on the video call tell the attackers: “You can have 10 grand each but I am taking the rest.”

His wife, who was in her early thirties and pregnant with the couple’s third child, said she feared James had been killed after seeing him lying unresponsive on the floor.

“It was terrifying,” she said. The baby survived the ordeal and was subsequently born at full term.

EXCLUSIVE: Trade Cardano and Earn $10 USDC Via Binance Sign-Up

Rise in Crypto Robbery Attacks, With Europe the Hotbed Europe is becoming a no-go zone for crypto people.

Crypto exec’s daughter nearly kidnapped in broad daylight back in 2025

Insane. 🫠 pic.twitter.com/GWJD7R0OEH

— Fuel (@fuelkek) October 3, 2026

The incident highlights the growing physical security risks faced by cryptocurrency holders as digital assets have become increasingly valuable.

Reports of crypto robbery attacks and other forms of physical coercion have emerged in the UK, France and the US, with criminals targeting investors they believe hold significant cryptocurrency wealth.

Unlike traditional bank transfers, cryptocurrency transactions can be extremely difficult to reverse once funds have been sent to an attacker-controlled wallet. Depending on the asset and circumstances, recovering stolen crypto can also prove challenging.

The Solihull attack was captured on home security footage and remains under police investigation.

DISCOVER: Best Meme Coin ICOs to Invest in 2026 

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2 hours ago

Nasdaq-listed Bitcoin mining firm Bitdeer stated in a post on X that during the week ending October 2, it mined 292.3 BTC, sold an equal amount of BTC in the same period, resulting in zero net new BTC, and currently maintains a zero Bitcoin position.

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Crypto analyst Ali Charts posted that BTC’s recent rally to near $87,000 has been capped, due to factors including whales taking continuous profits during the rise, and the $87,000 level being at the top of a channel that has been consistently suppressing BTC recently. Ali Charts said that during the overall sideways consolidation of the market over the past week, Bitcoin whale holdings decreased by about 30,000 BTC, worth around $2.52 billion, indicating that some large investors are reducing their risk exposure. Currently, Ali Charts is focusing on the support area near the lower edge of BTC’s channel, around $82,500. He noted that if BTC pulls back to this level and whales are seen resuming accumulation, this could signal a potential dip buy opportunity, with expectations of a subsequent rebound to test the resistance near $87,000.

Relevant content

VanEck: Bitcoin may still continue to expand its market share going forward, and quantum computing is currently not a sufficient reason to sell.

VanEck Digital Assets Research Head Matthew Sigel stated in an interview that with the rapid development of the artificial intelligence (AI) industry, the power resources and long-term power contracts held by Bitcoin miners are gaining new value. Sigel pointed out that in the past, miners’ core assets were primarily viewed as computing power and BTC production capacity, but AI data centers’ demand for large volumes of stable power is reshaping the market’s valuation of miners’ power contracts. He added that some miners have signed 10-to-20-year long-term power lease agreements with investment-grade counterparties, and these contracts are granting miners "optionality"—a value distinct from pure BTC exposure. The AI sector’s growth is making power an increasingly scarce resource, so miners with low-cost, long-term locked power supplies may unlock new business opportunities, including transitions to AI infrastructure. On the Bitcoin market front, current signs of seller fatigue suggest investors should focus on opportunities following pullbacks. Additionally, Sigel compared the roles of gold and Bitcoin in investment portfolios, arguing Bitcoin may continue to expand its market share going forward. He also discussed the potential impact of quantum computing on the Bitcoin network, noting that quantum computing is a long-term risk to monitor but not yet a reason for investors to sell BTC. VanEck remains bullish on Bitcoin adoption trends, and views Bitcoin reaching a certain percentage of the gold market capitalization as one key future valuation reference.

32 minutes ago

PONS Founder: The buyback and burn mechanism has been automated, and the new mechanism will collect funds every seven days.

PONS founder Ozzy (@MEADGod) responded to community users’ questions about its buyback-and-burn mechanism and apologized for misunderstandings in prior communications. Earlier, user yyy posted inquiries about PONS’ buyback system, including whether escrow account funds needed to be manually transferred to the buyback allocator, why funds had not entered the allocator for over five days, the current buyback-and-burn rate of roughly $120,000 per day, and whether the promised automatic escrow fund claim feature had been implemented. Ozzy acknowledged some of the questions were valid, noting the buyback-and-burn rate had not yet been adjusted and the "claim" process had not been fully decentralized. He explained the team is conducting a contract upgrade, with the new buyback mechanism designed to execute fund claims every seven days, followed by using the claimed funds for buybacks and burns over the subsequent seven days in a continuous cycle. Currently, all buyback and burn operations are fully automated; anyone can trigger a bot to perform these actions and earn a small reward. The primary adjustment needed now is the buyback-and-burn rate. The previous rate was set at 2e per hour, which, combined with the roughly $950,000 in the Splitter (fund-splitting contract) and the seven-day cycle, aligned with the current fund size. Additionally, fund claims will run automatically every seven days, and future buyback funds will be displayed in two sections: the Active Buyback Vault (for ongoing buybacks) and funds reserved for the next cycle. Ozzy thanked the community for their feedback and again apologized for responding before fully grasping the issues. Community user yyy subsequently accepted the apology, stating that a more decentralized and automated claim and buyback-and-burn mechanism is a critical foundation for building community trust.

32 minutes ago

Bonk Guy: SI has performed strongly after a pullback, with its holder count surpassing 60,000 in a week.

Renowned crypto trader Bonk Guy stated in a post that SI has shown strong resilience amid recent market downturns, with its price action bottoming out and entering a consolidation phase. Bonk Guy noted SI’s fundamentals include: within a week of launch, its holding addresses exceeded 60,000, with 30,000 new holding addresses added in a single day—making it the first meme project in over a year to reach this growth pace. Even amid market pullbacks, its daily trading volume remains in the $15 million to $20 million range. Additionally, SI features a tokenized NVDA reward mechanism; as one of its largest holders, he earned five-figure USD worth of rewards within a week. Discussions about AI and SI’s brand transformation involving Trump and multiple tech industry figures, alongside competition from other communities and participants for SI, have further boosted the project’s market visibility. Bonk Guy also mentioned SI has now been listed on centralized exchanges including Crypto.com and Gate, with more platforms likely to follow. He explained that centralized exchanges typically do not list meme coins early unless they identify high growth potential. With factors including its large holding scale, trading volume, market attention, reward mechanism, and expanding exchange support, Bonk Guy believes SI could become one of the major meme projects in this cycle.

32 minutes ago

World (Worldcoin): Widespread AI agent adoption demands proof of genuine human backing, and World ID can enable agent verification.

World reported that personal AI agents such as Meta’s Muse, OpenAI’s dots, and Instinct are rapidly gaining popularity, with websites and services increasingly asking two questions: “Which agent is making the request?” and “Is this request initiated by a real human?” The article notes that World ID can solve these pain points while protecting personal privacy. World ID stores and verifies Proof of Human via zero-knowledge proofs, endowing agents with private, unique, and neutral characteristics: no sharing of personal information, one count per individual, and cross-platform usability based on open protocols. To date, World ID has been integrated with Okta’s Human Principal beta, Vercel’s WorkflowSDK, Exa’s free API credits, and Browserbase’s web navigation, to verify whether an agent is backed by a real human or confirm that a human has approved a given step.

32 minutes ago

Bitdeer sold 292.3 BTC this week, maintaining a zero Bitcoin position.

Nasdaq-listed Bitcoin mining firm Bitdeer stated in a post on X that during the week ending October 2, it mined 292.3 BTC, sold an equal amount of BTC in the same period, resulting in zero net new BTC, and currently maintains a zero Bitcoin position.

32 minutes ago

US banking lobby groups are blocking crypto firms from obtaining federal trust bank charters.

The Independent Community Bankers of America (ICBA), a banking lobby group that once opposed the CLARITY Act, recently sued the U.S. Office of the Comptroller of the Currency (OCC), arguing the regulator lacks legal authority to grant national trust charters to cryptocurrency firms. "Congress did not intend the national trust charter to serve as a backdoor for crypto companies to enter the banking system," said Rebeca Romero Rainey, CEO of ICBA. The OCC has approved trust charters for crypto firms including Coinbase, Circle, and Trump-linked World Liberty Financial.

32 minutes ago

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.

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VanEck Digital Assets Research Head Matthew Sigel stated in an interview that with the rapid development of the artificial intelligence (AI) industry, the power resources and long-term power contracts held by Bitcoin miners are gaining new value. Sigel pointed out that in the past, miners’ core assets were primarily viewed as computing power and BTC production capacity, but AI data centers’ demand for large volumes of stable power is reshaping the market’s valuation of miners’ power contracts. He added that some miners have signed 10-to-20-year long-term power lease agreements with investment-grade counterparties, and these contracts are granting miners "optionality"—a value distinct from pure BTC exposure. The AI sector’s growth is making power an increasingly scarce resource, so miners with low-cost, long-term locked power supplies may unlock new business opportunities, including transitions to AI infrastructure. On the Bitcoin market front, current signs of seller fatigue suggest investors should focus on opportunities following pullbacks. Additionally, Sigel compared the roles of gold and Bitcoin in investment portfolios, arguing Bitcoin may continue to expand its market share going forward. He also discussed the potential impact of quantum computing on the Bitcoin network, noting that quantum computing is a long-term risk to monitor but not yet a reason for investors to sell BTC. VanEck remains bullish on Bitcoin adoption trends, and views Bitcoin reaching a certain percentage of the gold market capitalization as one key future valuation reference.

Relevant content

PONS Founder: The buyback and burn mechanism has been automated, and the new mechanism will collect funds every seven days.

PONS founder Ozzy (@MEADGod) responded to community users’ questions about its buyback-and-burn mechanism and apologized for misunderstandings in prior communications. Earlier, user yyy posted inquiries about PONS’ buyback system, including whether escrow account funds needed to be manually transferred to the buyback allocator, why funds had not entered the allocator for over five days, the current buyback-and-burn rate of roughly $120,000 per day, and whether the promised automatic escrow fund claim feature had been implemented. Ozzy acknowledged some of the questions were valid, noting the buyback-and-burn rate had not yet been adjusted and the "claim" process had not been fully decentralized. He explained the team is conducting a contract upgrade, with the new buyback mechanism designed to execute fund claims every seven days, followed by using the claimed funds for buybacks and burns over the subsequent seven days in a continuous cycle. Currently, all buyback and burn operations are fully automated; anyone can trigger a bot to perform these actions and earn a small reward. The primary adjustment needed now is the buyback-and-burn rate. The previous rate was set at 2e per hour, which, combined with the roughly $950,000 in the Splitter (fund-splitting contract) and the seven-day cycle, aligned with the current fund size. Additionally, fund claims will run automatically every seven days, and future buyback funds will be displayed in two sections: the Active Buyback Vault (for ongoing buybacks) and funds reserved for the next cycle. Ozzy thanked the community for their feedback and again apologized for responding before fully grasping the issues. Community user yyy subsequently accepted the apology, stating that a more decentralized and automated claim and buyback-and-burn mechanism is a critical foundation for building community trust.

52 minutes ago

Analysis: Bitcoin Pullback Eyes $82,500 Support; Rebound Opportunity May Emerge If Whales Resume Buying the Dip

Crypto analyst Ali Charts posted that BTC’s recent rally to near $87,000 has been capped, due to factors including whales taking continuous profits during the rise, and the $87,000 level being at the top of a channel that has been consistently suppressing BTC recently. Ali Charts said that during the overall sideways consolidation of the market over the past week, Bitcoin whale holdings decreased by about 30,000 BTC, worth around $2.52 billion, indicating that some large investors are reducing their risk exposure. Currently, Ali Charts is focusing on the support area near the lower edge of BTC’s channel, around $82,500. He noted that if BTC pulls back to this level and whales are seen resuming accumulation, this could signal a potential dip buy opportunity, with expectations of a subsequent rebound to test the resistance near $87,000.

52 minutes ago

Bonk Guy: SI has performed strongly after a pullback, with its holder count surpassing 60,000 in a week.

Renowned crypto trader Bonk Guy stated in a post that SI has shown strong resilience amid recent market downturns, with its price action bottoming out and entering a consolidation phase. Bonk Guy noted SI’s fundamentals include: within a week of launch, its holding addresses exceeded 60,000, with 30,000 new holding addresses added in a single day—making it the first meme project in over a year to reach this growth pace. Even amid market pullbacks, its daily trading volume remains in the $15 million to $20 million range. Additionally, SI features a tokenized NVDA reward mechanism; as one of its largest holders, he earned five-figure USD worth of rewards within a week. Discussions about AI and SI’s brand transformation involving Trump and multiple tech industry figures, alongside competition from other communities and participants for SI, have further boosted the project’s market visibility. Bonk Guy also mentioned SI has now been listed on centralized exchanges including Crypto.com and Gate, with more platforms likely to follow. He explained that centralized exchanges typically do not list meme coins early unless they identify high growth potential. With factors including its large holding scale, trading volume, market attention, reward mechanism, and expanding exchange support, Bonk Guy believes SI could become one of the major meme projects in this cycle.

52 minutes ago

World (Worldcoin): Widespread AI agent adoption demands proof of genuine human backing, and World ID can enable agent verification.

World reported that personal AI agents such as Meta’s Muse, OpenAI’s dots, and Instinct are rapidly gaining popularity, with websites and services increasingly asking two questions: “Which agent is making the request?” and “Is this request initiated by a real human?” The article notes that World ID can solve these pain points while protecting personal privacy. World ID stores and verifies Proof of Human via zero-knowledge proofs, endowing agents with private, unique, and neutral characteristics: no sharing of personal information, one count per individual, and cross-platform usability based on open protocols. To date, World ID has been integrated with Okta’s Human Principal beta, Vercel’s WorkflowSDK, Exa’s free API credits, and Browserbase’s web navigation, to verify whether an agent is backed by a real human or confirm that a human has approved a given step.

52 minutes ago

Bitdeer sold 292.3 BTC this week, maintaining a zero Bitcoin position.

Nasdaq-listed Bitcoin mining firm Bitdeer stated in a post on X that during the week ending October 2, it mined 292.3 BTC, sold an equal amount of BTC in the same period, resulting in zero net new BTC, and currently maintains a zero Bitcoin position.

52 minutes ago

US banking lobby groups are blocking crypto firms from obtaining federal trust bank charters.

The Independent Community Bankers of America (ICBA), a banking lobby group that once opposed the CLARITY Act, recently sued the U.S. Office of the Comptroller of the Currency (OCC), arguing the regulator lacks legal authority to grant national trust charters to cryptocurrency firms. "Congress did not intend the national trust charter to serve as a backdoor for crypto companies to enter the banking system," said Rebeca Romero Rainey, CEO of ICBA. The OCC has approved trust charters for crypto firms including Coinbase, Circle, and Trump-linked World Liberty Financial.

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In this week’s edition of the weekly recap, Bitcoin struggled to hold its rebound as U.S. ETF buying returned, Bitget restored major-asset withdrawals after its $387.5 million breach, and Chainlink outlined banks’ access to Swift’s blockchain ledger.

Summary

Bitcoin returned toward $84,000 as Bitfinex identified sustained buying above $86,500 as a key test. Bitget restored Bitcoin, Ether and USDT withdrawals after reporting $387.5 million in unauthorized transfers. Chainlink announced a framework connecting banks’ existing systems to Swift’s blockchain ledger. Coinbase secured CFTC approval for a clearinghouse supporting fully collateralized derivatives and USDC settlement. BitMine’s Ethereum treasury crossed 6 million ETH following another 17,362-token purchase. Bitcoin retreats as ETF buying returns Bitcoin retreated toward $84,000 after reaching $87,220 on Oct. 2. Bitfinex analysts, in comments provided directly to crypto.news, identified $86,500 as a level Bitcoin needed to hold with sustained spot buying. Their figures placed 1.39 million BTC within the $84,000–$86,500 purchase range as of Sep. 30. U.S. spot Bitcoin ETFs attracted $170.2 million on Oct. 1 after roughly $149 million left during the previous session, according to Bitfinex. The analysts warned that sustained trading below $81,300, combined with further ETF withdrawals, would weaken the market structure. Bitget restores major-asset withdrawals after $387.5 million breach Bitget restored major-asset withdrawals in stages following its Sep. 24 attack: Bitcoin on Sep. 28, Ether on Sep. 29 and USDT on Sep. 30. CEO Gracy Chen scheduled the remaining token, fiat and P2P services for Oct. 2 at 08:00 UTC. The exchange put unauthorized transfers from its hot and warm wallets at $387.5 million. Chen said Bitget’s Protection Fund had returned above $300 million, while its latest reserve snapshot showed a 131% ratio across 19 covered assets. THORChain rejected the exchange’s request to block attacker addresses, citing its permissionless design. Chainlink connects bank systems to Swift’s ledger Chainlink announced a connection framework on Sep. 28 allowing financial institutions to access Swift’s blockchain ledger through their existing systems. Banks retain their transaction-signing keys while Chainlink’s platform coordinates the work between institutional infrastructure and the shared ledger. Swift said 17 banks across six continents were preparing live pilots using tokenized deposits. Its ledger supports round-the-clock payment instructions, while final settlement continues through agreed mechanisms. The initiative involves bank deposits represented on a ledger, rather than a new public cryptocurrency available to retail buyers. Coinbase wins approval for its U.S. clearinghouse Coinbase secured CFTC clearinghouse approval on Sep. 28 for Coinbase Clearing LLC. Registration covers fully collateralized futures, options on futures and swaps. Coinbase said the business would use USDC collateral and support 24/7 settlement, completing its U.S. exchange, brokerage and clearing structure. The company will retain external partners for margined derivatives and planned single-stock perpetual products. BitMine’s Ethereum holdings pass 6 million BitMine bought another 17,362 ETH, lifting its treasury to 6,001,302 ETH as of Sep. 27. The company said that represented about 4.9% of the 122.1 million-token supply used in its calculations. It reported 5,067,309 ETH staked, approximately 84% of its holdings, and valued its combined crypto, cash, securities and other investments at $17.2 billion. Strategy adds Bitcoin while repurchasing preferred shares Strategy acquired another 1,665 BTC for $142.7 million during Sep. 21–27, bringing holdings to 847,666 BTC. Its Sep. 28 filing also disclosed $151.7 million of STRC preferred-share repurchases. Common-stock sales generated $246.2 million in net proceeds, with $142.7 million allocated to Bitcoin and $103.5 million to the preferred-share buybacks. Senate investigators challenge Tether’s sanctions controls Democratic staff on the Senate Permanent Subcommittee on Investigations examined Iran-linked USDT use. Their Sep. 28 preliminary report said 84% of 846 sanctioned or seizure-targeted wallets used USDT exclusively or nearly exclusively. Senator Richard Blumenthal sought federal scrutiny of Tether’s compliance. Tether disputed the portrayal and said it had supported nearly $550 million in Iran-linked asset freezes during 2026. CFTC event-contract measures enter White House review Two CFTC actions reached White House review on Sep. 28, according to the OIRA docket. One proposal would define swaps to include event contracts; a separate interim final rule would exclude casino-style gambling products. Neither was operative as of Oct. 1. The submissions followed a Sixth Circuit ruling allowing Ohio and Tennessee’s gambling-law cases against Kalshi to proceed without the injunctions it sought. California restricts officials’ meme coin issuance Governor Gavin Newsom signed meme coin restrictions on Sep. 27. AB 2409 bars covered California officials and certain government employees from issuing meme coins. From Jan. 1, 2027, providers serving California residents face restrictions on newly issued tokens offered by, or with, covered officials. The legislation allows civil enforcement through injunctions and disgorgement; it does not impose a general ban on meme coin trading. Robinhood plans U.S. crypto perpetual futures Robinhood announced U.S. crypto perpetuals for eligible customers in the coming months. Its Sep. 29 announcement named eight assets, with up to 10x leverage for Bitcoin and Ether and 3x for the other six. Robinhood Derivatives will offer the contracts through Bitstamp infrastructure. The company also outlined weekend trading for selected stocks and ETFs, pending regulatory review. Fiserv puts Solana-based bank payments into production Fiserv launched its banking platform with Roughrider Coin as its first live use case. The Oct. 1 announcement opened access to more than 90 North Dakota banks and credit unions. VersaBank USA issues the dollar-backed token, Solana processes transactions, and Fireblocks supplies wallet infrastructure. Bank of North Dakota says the token is restricted to financial institutions and unavailable to individual investors. MetaMask exits validators after an infrastructure incident MetaMask began exiting affected validators after disclosing a Sep. 30 infrastructure security incident. The company said it had identified no immediate threat to its wallets and did not control clients’ staking withdrawal keys. Lido expected the final affected validators to exit by Oct. 7, subject to network conditions, and said stETH holders needed no action. SEC staff explains staking receipt classifications SEC staff clarified staking receipt treatment in FAQs covered on Sep. 26. Receipts documenting ownership of qualifying digital commodities may be digital tools, while certain protocol-based liquid staking receipts may qualify as digital commodities. The answers also addressed wrapped tokens and buybacks on functional networks. The SEC said the staff views have no legal force and create no new obligations. Blast announces shutdown and withdrawal deadline Blast announced its network shutdown on Oct. 2, saying maintenance costs exceeded Layer 2 revenue. Users have until Oct. 26 to withdraw through the regular interface. The team expects withdrawals to pause for about a week while it processes Lido assets, then resume with a 24-hour delay. Assets will remain recoverable afterward through Ethereum bridge contracts, according to Blast.

ARK Invest CEO Cathie Wood made noteworthy statements about Bitcoin on the latest “In The Know” program, where she discussed billionaire investor Bill Ackman’s warnings about inflation. Wood argued that despite rising inflation concerns in the markets, technological advancements could create strong disinflation, or even deflation in some areas, in the coming period, while noting a significant shift in Bitcoin’s performance relative to gold.

According to Wood, major technological transformations such as artificial intelligence, robotics, energy storage, blockchain technology, and multiomics sequencing could lower production costs, putting significant pressure on inflation. Therefore, the ARK Invest CEO believes that, contrary to market expectations, inflation is more likely to decline rather than rise in the long term.

Wood also argued that the recent rise in US bond yields was largely due to an increase in real interest rates, rather than inflation expectations. According to Wood, this indicates that markets are beginning to price in higher real economic growth. Wood stated that if artificial intelligence and other innovative technologies accelerate productivity growth, economic growth could significantly exceed current expectations.

On the Bitcoin side, Wood specifically drew attention to BTC beginning to gain strength against gold. While Bitcoin is often described as “digital gold,” Wood noted that the long-term correlation between the two assets is quite low, citing ARK’s studies since 2019 which show the correlation between Bitcoin and gold remaining at approximately 0.1.

Wood noted that the correlation has recently turned negative, with gold falling as Bitcoin rises. The ARK Invest CEO assessed this situation positively for Bitcoin, stating, “We believe the turnaround for Bitcoin has occurred.”

*This is not investment advice.

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A panel found that Manchester City broke Premier League rules for nine seasons. Now Abu Dhabi has warned Britain that a harsh punishment could cost it future investment, Bloomberg reported on Friday.

Manchester City’s chairman, Khaldoon Al Mubarak, also runs Abu Dhabi state investment fund Mubadala, which has committed nearly £30 billion to UK investments through a UK-UAE partnership.

Understanding the Charges Against Man CityOn September 29, the Premier League confirmed the guilty verdict. The panel found City used sham sponsorship deals. Reportedly, they inflated revenue and cut reported costs by more than £900 million.

“The core decision details how the club systematically broke Premier League Rules for nearly a decade,” said Richard Masters, Chief Executive of the Premier League.

City denies wrongdoing and lodged an appeal on Thursday. Punishment has not been set. It could range from a fine to expulsion.

How the Man City Verdict Reaches Britain’s EconomyThe club and the cash share one boss. Khaldoon Al Mubarak chairs City. He also runs Mubadala, an Abu Dhabi state investment fund.

Mubadala leads a UK-UAE investment pact signed in 2021 as a £10 billion pledge. It has since drawn about £30 billion, the Financial Times reported. The same fund also owns shares in a Bitcoin exchange-traded fund, which trades like a stock.

On September 14, Al Mubarak reportedly met Business Secretary Jonathan Reynolds privately in Downing Street. That was 15 days before the verdict was published.

🚨🚨| NEW: UAE officials have 𝐖𝐀𝐑𝐍𝐄𝐃 the UK government that a severe punishment for Manchester City could affect future major investments in Britain. 🇦🇪❌

According to sources, the UAE views the Premier League’s actions as potentially 𝐀𝐅𝐅𝐄𝐂𝐓𝐈𝐍𝐆 relations between… pic.twitter.com/PaFSJRE8f6

— CentreGoals. (@centregoals) October 2, 2026 Bloomberg’s sources said talks covered defence, security, intelligence, and trade. They said the City case never came up.

“If Man City don’t get a severe punishment the Premier League is finished btw. Everyone will know it’s because the UEA threaten the UK and the league will just be known as forever corrupt and likely fall off worse than the Serie A,” one user commented.

Downing Street Says City is Not Above the RulesPrime Minister Andy Burnham told the BBC he would be really concerned to lose City’s Abu Dhabi owners. Reportedly, the remark drew a backlash, and his office stepped in.

🚨 NEW: The Lib Dems have called for Andy Burnham to publish all details of his meetings with Manchester City’s owners and hospitality he’s accepted at the Etihad Stadium pic.twitter.com/EQ8YWQ9Mr8

— Politics UK (@PolitlcsUK) October 2, 2026 “As the Prime Minister made clear, the initial judgment is serious and there can’t be any suggestion that anyone is above the rules,” LBC reported, citing a Downing Street spokesperson.

Britain has crossed Abu Dhabi before. In 2024, it blocked a Telegraph newspaper bid backed by Sheikh Mansour, City’s owner. UAE money kept flowing into Britain afterwards.

Meanwhile, there is also speculation that China and Saudi Arabia may be positioning to benefit from the fallout.

Exclusive 💣

China and Saudi Arabia are ready to step in if the UAE pulls out of any trade deals over Manchester City’s financial saga with the Premier League.

Information from our source in China.

🇨🇳 🇸🇦 🇦🇪

— indykaila News (@indykaila) October 2, 2026

SEC: Order Granting Approval of a Proposed Rule Change to List and Trade Shares of the 3x Gold ETF, 3x Silver ETF, 3x Bitcoin ETF, 3x Ether ETF, 3x Crude Oil ETF, and 3x Natural Gas ETF, Each a Series of the VS Trust, under BZX Rule 14.11(e)(4)

Novogratz Says Bitcoin May End 2026 Near $100K

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The International Monetary Fund has praised El Salvador for improving its economy — but scolded it at the same time for its ongoing Bitcoin experiment. 

In a statement Friday, the IMF said that it had  approved a $139 million disbursement to the Central American nation while also trying to “reduce the state’s involvement in Bitcoin-related activities.”

El Salvador in 2021 made Bitcoin legal tender, much to the ire of the IMF and other major institutions. The Latin American country was at the time negotiating a development loan with the agency. 

The IMF in September said that El Salvador wasn’t buying bitcoin; the country’s Bitcoin Office has repeatedly said that it does buy the cryptocurrency. 

“Economic activity has exceeded expectations, supported by sustained improvements in security and investor confidence, as macroeconomic imbalances continue to be addressed,” the IMF said. 

It continued: “However, certain performance criteria were not met, including on the Bitcoin accumulation front, for which waivers were granted based on strong corrective measures and renewed commitments.”

The IMF further said that the Salvadoran state’s involvement in Bitcoin-related activities is being unwound and that “no further bitcoin accumulation is envisaged beyond the documented donations.”

Salvadoran president Nayib Bukele in 2022 said the country would buy one bitcoin per day but it was never clear where the money was coming from — or if he was actually buying at all.  

The IMF said in September that El Salvador was — at least for some time —not using public funds to accumulate bitcoin but rather had received bitcoin from private donations. 

El Salvador and the IMF entered a $1.4 billion loan agreement at the end of December but the fund asked for the country to scale back certain aspects of its Bitcoin strategy.  

The Salvadoran state gifted its citizens bitcoin in 2021 and debuted a wallet with the hope of getting more citizens using the cryptocurrency in the dollarized country. 

President Bukele in 2024 admitted that Salvadorans weren’t using the cryptocurrency to buy things as expected, but always boasted that the government was still stacking sats.  

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

Bitcoin price started Friday, October 1, at $84,000. Then, disappointing US jobs data and falling Fed rate-hike odds triggered a bullish rally for BTC, taking the token near $87,000.

However, Bitcoin now ends the day at the same price it started, adding and losing $50 billion in a single day. So, what caused this volatility?

According to a British maritime agency, Iran struck a massive oil tanker in Hormuz, making it the sixth tanker attack this week. Oil prices barely flinched, but crypto markets reacted heavily.

Bitcoin and Oil Prices Performance on Friday. Source: TradingViewHormuz Remains a Decisive Factor for MarketsUnited Kingdom Maritime Trade Operations (UKMTO), the Royal Navy-run center that tracks threats to merchant ships, issued its warning on Friday.

A tanker’s master reported the hit at 11:22 UTC during an outbound transit. The impact sparked a small fire and knocked out power on board.

The crew put out the fire, and the ship kept moving. UKMTO reported no casualties or pollution.

The agency did not name the vessel or the attacker. Viral posts on X (Twitter) blamed Iran. UKMTO said only that authorities are investigating.

BREAKING: Iran has struck an oil tanker while it was transiting the Strait of Hormuz, according to the latest reports.

UKMTO says the vessel’s master reported being hit by a projectile, causing a small fire and a temporary blackout. The fire has since been extinguished, and the…

— The Iranian Letter (@TheIranianzg3z) October 2, 2026 A day earlier, the Kuwait-flagged supertanker Kazimah III caught fire after a similar strike. Vessels faced at least 16 attacks in the strait in September, according to Seatrade.

Why Oil Held Steady While Bitcoin FellBinance data shows the Bitcoin price rejected near $87,000 for the third time in two weeks, after tops on September 22 and 23.

Bitcoin Price Performance. Source: BeInCryptoCrude told a calmer story. US crude spot traded near $93.70 and Brent spot near $106.30, each up less than 0.25% on the latest candles.

Brent futures had already fallen 2.89% to $99.35 earlier Friday, according to The National. Reports that the European Union and International Energy Agency (IEA) members were weighing stockpile releases drove that drop.

“Renewed US military deployments to the region kept the risk premium alive,” said Daniel Richards, senior economist at Emirates NBD.

Those deployments are growing. Washington has sent two more Patriot missile batteries to Saudi Arabia and Qatar and is moving a third carrier strike group into the region, Axios reported.

President Donald Trump has also said he is weighing renewed bombing, a threat that has shadowed oil and Bitcoin markets for weeks.

Traders now face a test of whether Bitcoin can clear $87,000 while the strait remains under fire.