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Bitcoin

22 October 2026 | 20:05 Perpetual contracts on gold, oil and stocks traded $55.3 billion in a week, up 26.2%, and Talos says traders used 24/7 markets to trade an AI selloff and earnings.

Key Takeaways 1Traditional-asset perps: 60.3% of Bitcoin perp volume

2SK Hynix perp volume up 75% on Hyperliquid

3SpaceX perp rose 8.5% before U.S. open

4Bitcoin futures open interest up 6% to $47.9B

Talos published the figures in its State of the Market report on October 22, covering trading from October 15 to 21.

An AI selloff sent traders to 24/7 contracts AI and memory stocks sold off across Asian and U.S. markets on Friday, after September inflation of 3.7% and a 10-year Treasury yield above 5% put the cost of debt-funded AI spending in focus. CoreWeave fell about 25% as its bond yields neared 16%. Tech later recovered part of the losses, leaving the Nasdaq 100 down 0.4% for the week Talos covers.

Contracts that trade around the clock drew the activity. Volume in traditional-asset perpetuals rose 26.2% to $55.3 billion, which Talos attributes to perps becoming a way to trade the AI volatility and earnings. Hyperliquid was the fastest-growing futures venue, with volume up 17.4%, while total futures volume tracked by Talos rose 4.8% to $1.03 trillion.

The $55.3 billion equalled 60.3% of Bitcoin perpetual volume over the same week. That compares turnover in the markets Talos tracks; it is not a share of all crypto derivatives trading.

Gold

$11.5B

SpaceX on Binance

$8.9B +35.8%

Crude

$6.6B +25.9%

Those three exposures accounted for about $27 billion, close to half the weekly total. Memory stocks drew the sharpest increases: SK Hynix perp volume on Hyperliquid rose 75% and Micron perp volume on Binance 22% as the sector fell.

SpaceX’s earnings were priced before the opening bell SpaceX reported third-quarter results after the U.S. market closed on Tuesday while the revenue grew 161%.

The perpetuals traded through the night. Binance’s SPCX contract rose 8.5% by Wednesday’s U.S. open, and SpaceX perps on Binance and Hyperliquid traded about $5.6 billion, more than eight times the previous day’s volume. That event figure is separate from Binance’s $8.9 billion weekly total.

Two details show how traders used the contract. Volume peaked in the hour spanning the U.S. open, when the stock itself began trading, so the regular session still drew the heaviest activity. Open interest, the value of positions still outstanding, fell about 8% from the earnings release. Heavy trading alongside fewer open positions suggests traders took positions around the news and then closed them, instead of building long-term exposure.

Holding through that overnight window has its own costs. Funding payments accrue for every period a position stays open, and margin and liquidation rules apply while the stock market is shut, as Talos’s guide to perpetuals infrastructure describes.

Bitcoin stayed calm Gauge Equities Bitcoin Volatility VIX up 21% at Friday’s close Implied volatility index comparatively calm Weekly move Nasdaq 100 down 0.4% Up 3.3%, above $84,000 on Wednesday The equity fear gauge faded quickly, with the VIX gapping back to about 18.4 by Monday. Crypto-linked shares took more of the hit than Bitcoin did: Strategy, Coinbase and Circle fell alongside miners.

Bitcoin positioning grew alongside the traditional-asset activity. Futures open interest rose 6% to $47.9 billion, with funding at 5.4% annualized, a mild bias toward longs. The figures show no sign of traders abandoning Bitcoin to trade stocks and commodities.

What comes next Talos points to two events ahead.

Oct
28

Fed decision. With Bitcoin’s 30-day correlation to the Nasdaq at 0.6, Talos says its resilience faces a test here.

Next
Weeks

Big-tech earnings. Each report is another overnight event for stock perps, and investors will watch whether AI spending is turning into revenue and profit.

Together they will show whether traditional-asset perp volume holds near $55 billion after earnings season or fades with the volatility that accompanied it.

This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual derivatives involve funding, margin and liquidation risks. Figures cover Talos’s stated period and tracked markets.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Saudi Arabia-backed Gulf International Bank (UK) reveals multimillion-dollar investment in the world's largest corporate Bitcoin holder.

As per a U.S. Securities and Exchange Commission (SEC) Form 13F filing, Gulf International Bank (UK), based in London, reported having 19,842 shares of Strategy at the end of September.

As of the third quarter, Gulf International Bank's shares in Strategy were worth about $3.04 million, though the current market estimates the value to be around $2.9 million.

HOT Stories

This is not the first investment in Bitcoin by the bank. In fact, Gulf International Bank (UK) has had a Strategy holding since 2024. 

In its recent filing, Gulf International Bank (UK) states that it did not adjust its Strategy holding in the third quarter of 2026.

Gulf International Bank's previous Bitcoin exposureGulf International Bank has experienced some drastic swings in terms of its Strategy holdings over the last two years.

The first Strategy holding the bank reported was in the second quarter of 2024. At the time, the bank held 1,285 shares of MicroStrategy worth about $1.77 million.

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However, that would have been 12,850 shares after MicroStrategy's 10-for-1 stock split in August 2024.

In June 2025, Gulf International Bank (UK) owned 12,774 shares in Strategy worth about $5.16 million. 

This is the highest valuation for Gulf International Bank's Strategy holding at the end of a quarter that the bank has reported so far. 

By the end of 2025, Gulf International Bank had 13,249 shares of Strategy, which were worth about $2.01 million.

In the first quarter of 2026, the bank significantly increased its Strategy holdings. 

The bank added 6,958 shares, bringing the total Strategy holding to 20,207 shares. This was about a 53% increase in Strategy holdings.

However, in the second quarter, the bank sold off 365 shares, resulting in a Strategy holding of 19,842 shares. These shares were worth about $1.72 million by the end of June.

And as the recent filing indicates, the Strategy holding did not change in the third quarter in terms of shares.

Saudi Arabia's indirect Bitcoin exposureGulf International Bank is closely linked to the Saudi government. 

The sovereign wealth fund of Saudi Arabia, the Public Investment Fund (PIF), owns 97.2% of 

So, in essence, this is indirect Bitcoin exposure that Gulf International Bank is getting through owning shares in Strategy, not direct Bitcoin.

Strategy's Executive Chairman Michael Saylor's firm is the world's largest corporate holder of Bitcoin. 

With its latest purchase (reported on Oct. 19), the company's cryptocurrency holdings are now 848,517 BTC.

Chinese authorities are working to seize nearly 62,000 bitcoins — worth around $5 billion at today’s prices — linked to one of the country’s largest-ever fraud cases.

Prosecutors allege that Qian Zhimin, the alleged controller of Tianjin Lantian Gerui Electronic Technology, recruited associates to sell fake wealth management products nationwide from 2014 to 2017 without financial regulatory approval, promising guaranteed returns to investors, according to a report last week from Shanghai’s The Paper. 

The scheme raised some RMB 40.3 billion ($2.8 billion). Qian allegedly used investors’ cash to pay off earlier participants — Ponzi-style — while channeling funds into the bitcoin holdings, property, cars, and jewelry. Little of the money went toward legitimate business operations.

In July 2017, as the scheme unraveled, Qian fled to the UK carrying computers holding the bitcoin wallets. British authorities later seized the crypto assets and other property, including roughly 61,900 BTC along with cash, jewelry, and other cryptocurrencies. 

The case took a significant turn recently when the UK High Court ruled that Chinese law — not UK law — applies to ownership disputes over the seized bitcoin. 

The coins have appreciated enormously since 2017, and the applicable law determines whether victims share in those gains. The UK’s Crown Prosecution Service says victims may recover losses through China’s compensation mechanism, but representatives from Fieldfisher law firm, acting for some victims, are considering an appeal. Further hearings will determine whether victims can prove their entitlement to the assets.

Meanwhile, the Second Intermediate People’s Court of Tianjin announced it accepted the prosecution’s application on September 28 to confiscate Qian’s illicit assets. 

Victims can register to participate in asset recovery proceedings through a WeChat platform, with a six-month notice period before the formal trial begins.

China has some of the world’s strictest rules in regulating crypto. Its government banned digital asset trading and bitcoin mining back in 2021.

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.

Gulf International Bank (UK), backed by Saudi Arabia and based in London, disclosed a significant investment in MicroStrategy, the world’s largest corporate Bitcoin holder, according to its latest filing with the U.S. Securities and Exchange Commission (SEC). Gulf International Bank reported ownership of 19,842 shares in MicroStrategy as of the third quarter, a position valued at approximately $2.9 million at current market prices.

MicroStrategy Exposure and Saudi ConnectionMicroStrategy, led by Executive Chairman Michael Saylor, is widely recognized for holding the largest corporate cache of Bitcoin, currently amounting to 848,517 BTC following its most recent purchase on October 19. By investing in MicroStrategy, Gulf International Bank indirectly obtains exposure to Bitcoin’s price movements through equity, rather than direct cryptocurrency ownership.

The investment links Saudi interests to the Bitcoin market, since the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, owns 97.2% of Gulf International Bank. As reported, this establishes an indirect channel through which Saudi funding gains exposure to the digital asset sector.

Investment Fluctuations Over TimeGulf International Bank’s involvement in MicroStrategy has seen considerable shifts over the past two years. The bank first reported holding MicroStrategy shares in the second quarter of 2024, initiating with 1,285 shares valued at about $1.77 million. After MicroStrategy executed a 10-for-1 stock split in August 2024, this stake translated into 12,850 shares.

By June 2025, the bank’s holding rose to 12,774 shares, reaching a valuation of $5.16 million—its highest reported quarterly stake in the company. At the end of 2025, Gulf International Bank expanded its position to 13,249 shares, valued at approximately $2.01 million. This pattern of increased investment marked an expanding exposure to MicroStrategy’s fortunes and, by extension, to Bitcoin’s price dynamics.

In the first quarter of 2026, Gulf International Bank made a substantial move, increasing its MicroStrategy holdings by 6,958 shares to reach 20,207 shares in total—a 53% increase within that period. However, the second quarter saw a trim of 365 shares, bringing the holding down to 19,842 shares, which were then worth about $1.72 million as of June.

Gulf International Bank (UK), having maintained its position through the third quarter, continues to align its portfolio with the digital asset market via substantial equity in MicroStrategy, strengthening its indirect Bitcoin exposure through this linkage.

The Broader Context: Monitoring Market MovementsAs institutional investors like Gulf International Bank navigate volatile asset classes, tracking technical patterns, timing, and portfolio adjustments has become essential. Market observers emphasize not only monitoring asset prices but also closely watching the strategies investors employ in selecting and timing their positions.

In the rapidly evolving meme token market, a viral trend can quickly attract millions of dollars in trading activity. For instance, Fomo App data highlights a recent trade in the “Niu Lai” token, which transformed a $99 investment into roughly $370,000—illustrating the speed at which these opportunities can develop. Being able to follow both price movements and the trading behaviors of leading investors is critical. Fomo App offers a unified platform where users can discover new tokens, receive real-time trade notifications, and view investor rankings, providing tools to track the dynamic meme token environment alongside investor activity.

While Gulf International Bank continues to hold its MicroStrategy shares, the decision to maintain rather than increase or decrease holdings in the third quarter reflects a measured approach amid shifting cryptocurrency market dynamics. The institution’s evolving portfolio aligns with broader trends of institutional engagement with digital assets through strategic equity positions.

Bitcoin has fallen below $81,000 before recovering some ground, bringing $80,000 back into focus as Benjamin Cowen warns that a daily close below its 50-day moving average could send prices toward the bull market support band.

Summary

Bitcoin’s daily low fell below $81,000, with CoinGecko later recording a recovery toward $81,300. Cowen tied his downside warning to a daily close below the 50-day simple moving average. Mr. Wall Street said he has buy orders between $72,000 and $76,000. A Polymarket screenshot showed 3% odds of Bitcoin reaching $130,000 during 2026. CoinGecko showed Bitcoin fell to $80,989 after reaching $84,788 over the past 24 hours. BTC later recovered to $81,305, still down 3.5% on the day.

Bitcoin was then around 1.6% above $80,000, while its daily low was just $989 above that level.

Ether remained below $2,400 in CoinGecko’s separate snapshot. The provider recorded ETH at $2,380.48, down 4.4% over 24 hours, compared with Bitcoin’s smaller percentage decline. Both prices had recovered from the earlier figures accompanying the initial market update.

Bitcoin’s daily close is Cowen’s downside trigger In an Oct. 22 X post, Benjamin Cowen tied his warning to Bitcoin’s closing price relative to the 50-day simple moving average.

“Bitcoin getting a daily close below the 50D SMA likely sends it to the bull market support band.”

His accompanying chart showed Bitcoin near $81,098 while the daily candle was still trading. The post therefore described a possible next move from an unfinished session, without confirming a completed breakdown.

Cowen said Ethereum, Strategy shares, the Nasdaq and the TOTAL2 and TOTAL3 crypto market indexes were already at their respective bull market support bands. He grouped several markets into the same technical assessment but did not provide separate numerical targets for them.

Earlier in October, crypto.news previously reported analyst warnings around the $82,000–$82,500 region. Bitget Wallet research lead Lacie Zhang had warned that losing that area could accelerate a decline toward $80,000.

The Oct. 16 coverage placed Bitcoin’s 50-day moving average at $81,279 at that time. Its chart reading is a historical reference, separate from the average Cowen was watching six days later.

Mr. Wall Street keeps buy orders below the market A separate Oct. 22 post from the trader known as Mr. Wall Street described a more optimistic longer-term position despite the decline.

The trader said he was holding Bitcoin bought between $60,000 and $64,000 while describing the recent trading range as $80,000–$87,000. His stated purchase prices and holdings were self-reported.

He said he had buy orders between $72,000 and $76,000, conditional on the market reaching those levels. The post did not say that those orders had executed.

Using CoinGecko’s later $81,305.23 quote as the reference, the upper end of that buying range sat approximately 6.5% below the market. The lower end was around 11.4% below it.

Mr. Wall Street named $93,000 as his first upside target but gave no fixed date for reaching it. That target would require a gain of approximately 14.4% from the same reference price.

#BTC:

I am holding all the Bitcoin I bought at 60-64k while we trade in this boring 80-87k range. I have buy orders set at 72-76k if market makers are generous enough to allow such an opportunity. First target of $93,000 is coming when you least expect it.. pic.twitter.com/HE2O0dFvMI

— Mr. Wall Street (@mrofwallstreet) October 22, 2026 His chart showed several horizontal price zones above and below Bitcoin, alongside planned spot purchases beneath the current range. The stated orders describe his intended positioning; the screenshot does not independently establish buying demand from other traders at those prices.

Earlier rebounds had left resistance unresolved Bitcoin had already struggled to hold a recovery above $83,000 earlier in the week.

During the Oct. 20 stock rebound, Bitcoin briefly climbed above that level before retreating toward $82,600. The same coverage recorded gains in U.S. equities as oil prices eased.

Trader Ardi’s earlier assessment identified $84,200 as the threshold Bitcoin needed to clear to break its local bearish structure. He said he would consider long positions toward the top of the range after a move above that threshold.

U.S. fund demand had weakened during an earlier part of October. An Oct. 12 account of Bitcoin’s stalled recovery attempts cited Bitfinex Alpha figures showing weekly spot Bitcoin ETF inflows falling from approximately $2.39 billion in late September to $241.1 million for the period ending Oct. 2.

Bitfinex attributed repeated failures near $87,000 partly to insufficient spot buying despite activity in futures markets. The historical figures describe that earlier period and do not establish the cause of the Oct. 22 decline.

The 3% prediction concerns a $130,000 contract The Kobeissi Letter pointed to weakening expectations for a much larger recovery in another Oct. 22 post.

Its screenshot displayed a Polymarket contract asking whether Bitcoin would hit $130,000 in 2026, with a displayed probability of 3%.

BREAKING: The market now sees a new low 3% chance of Bitcoin hitting a fresh record high this year.

In October 2025, Bitcoin was trading at $108,000, currently down -25% year-over-year.

Crypto is in need of its next catalyst. pic.twitter.com/rjfnvkcMuQ

— The Kobeissi Letter (@KobeissiLetter) October 22, 2026 The post described that reading as the chance of a fresh record high this year. However, the visible contract specified $130,000, so the screenshot directly supports the narrower price threshold.

The displayed market showed approximately $77.6 million in volume and a Dec. 31, 2026 end date.

Chinese authorities have started legal proceedings to confiscate nearly 62,000 bitcoins, valued at approximately $5 billion, from an individual accused of masterminding one of China’s largest financial frauds.

Major investment fraud and crypto conversionProsecutors have named Qian Zhimin, controller of the technology firm Tianjin Lantian Gerui Electronic Technology, as the main suspect behind the scheme. From 2014 to 2017, Qian and associates reportedly sold fraudulent wealth management products to investors nationwide, promising guaranteed returns with no regulatory approval.

Authorities report the operation raised roughly 40.3 billion yuan, or $2.8 billion, during this period. Rather than pursuing legitimate business activity, Qian allegedly used investor funds to pay off earlier participants in a Ponzi-like system. Much of the money was converted into bitcoin holdings, real estate, cars, and jewelry.

Prosecutors said that the fraud involved promising investors high returns and moving their funds into assets such as bitcoin, luxury cars, real estate, and jewelry, with little money directed towards legitimate business uses.

By July 2017, as the operation unraveled, Qian fled to the United Kingdom, reportedly bringing computers containing access to the bitcoin wallets.

Bitcoin seized in UK, court battle over controlBritish authorities later confiscated roughly 61,900 bitcoin—along with other cryptocurrencies, cash, and valuables—believed to be linked to Qian’s activities. The UK High Court recently determined that Chinese law, rather than UK jurisdiction, will govern any disputes over ownership of the seized bitcoins.

Since the 2017 crackdown, the value of the confiscated bitcoin has increased dramatically, making the eventual allocation of the coins to victims a critical legal battle. The UK’s Crown Prosecution Service has said that impacted investors may seek compensation under China’s asset recovery system, but Fieldfisher, a London law firm representing some victims, is reportedly considering an appeal of the court’s decision. Upcoming hearings are scheduled to determine whether victims can substantiate their claims to these crypto assets.

The Second Intermediate People’s Court of Tianjin, a mid-level court in the major Chinese city, has officially accepted the prosecution’s application as of September 28 to confiscate Qian’s illicit assets.

Mini dictionary: Crown Prosecution Service (CPS) — The CPS is the principal public agency in England and Wales responsible for conducting criminal prosecutions. It determines charges in serious criminal cases and represents the state in court proceedings.

AssetQuantityEstimated Value (2024)Bitcoin (BTC)61,900~$5 billionYuan Raised40.3 billion~$2.8 billionOther AssetsCash, property, cars, jewelryUndisclosedAsset recovery process and crypto regulations in ChinaVictims seeking restitution may now register on a designated WeChat platform, with a six-month notice period established ahead of the upcoming recovery trial. This process aims to ensure victims can participate in the distribution of any recovered assets.

China enforces some of the world’s tightest controls over cryptocurrency activity. In 2021, the Chinese government instituted a comprehensive ban on digital asset trading and bitcoin mining, positioning itself firmly against the use of crypto within its borders.

Victims will be able to apply through an official platform during a designated period before the court determines how assets will be distributed.

FORBES: Bitcoin Plunges Below $81,000 As 'Everything' Sell-Off Fuels Losses

Emily Nicolle_ _takes a look at how crypto and prediction markets are becoming increasingly intertwined.

Addictive cycle
While Bitcoin appears to have fallen into an autumnal slumber, another corner of the speculative trading arena is thriving. Prediction-market volumes are soaring to new heights, and even with token prices rangebound, crypto’s playing its own role in the bounce.

Trading on crypto-tied event contracts hit a record last week, reaching $2.7 billion in weekly notional trading volume on Kalshi and Polymarket, according to user-compiled data on Dune Analytics. Leading the charge are so-called up/down contracts, which allow traders to bet on whether the price of Bitcoin or another asset will be higher or lower at the end of various time increments, from five minutes to the end of the day.

These markets are essentially a coin-flip, and traders have described them as highly addictive. The speed at which they conclude allows users to get locked into a cycle: start the clock, watch the chart, pick a side, win or lose and then do it all over again. Kalshi’s 15-minute Bitcoin contracts can attract more than $1 million in trading volume each time, while armies of trading bots can be deployed to harvest potential gains just seconds before the timer runs out.

“Prediction markets make crypto trading easier,” said Agnese Aggie Rozite, founder of prediction markets-focused events and education firm 51 Alpha. “For people already in crypto, it’s a natural next step. And because prediction markets run 24/7 like crypto does, the two fit together perfectly.”

There are longer-dated bets on offer too. A Kalshi contract on where Bitcoin will end the year has recorded more than $42 million in volume as of Thursday, while Polymarket’s “What price will Bitcoin hit in 2026?” has around $78 million. As a result, crypto is the second-largest category on both platforms — after sports, of course.

In perspective, these figures pale in comparison to the trillions of dollars recorded annually in spot cryptocurrency trading and on perpetual futures venues. But prediction markets are a rare bright spot for digital finance, where company valuations continue to double and investors are clamoring for their own slice of the pie. That’s not going unnoticed by crypto’s elite.

Digital-asset exchanges are keen to get in on the action, either by partnering with another platform that can provide the contracts or by seeking a license in the US to offer the bets themselves. Several exchanges — Coinbase Global Inc., Crypto.com, Gemini Space Station Inc. and Kraken to name a few — already have the required authorization, while others like Blockchain.com have recently applied for the same.

Some of the crypto volumes we’re seeing stem from a crossover between the two worlds. Coinbase’s prediction markets offering is currently powered by Kalshi, for example, with its website showing millions of dollars in trading volume on crypto-tied bets. Robinhood similarly uses many Kalshi markets, though it’s also slowly introducing contracts offered by others, including Crypto.com-spinoff OG.com and Rothera, a derivatives exchange it bought with Susquehanna International Group last year.

This poses an intriguing convergence of interests. Pure-play prediction markets venues like Kalshi are increasingly focused on drumming up demand for non-sports categories and an expansion into futures markets, with sports itself hanging in the balance. Dozens of states have taken legal action claiming that sports contracts are unregistered gambling products, while the Commodity Futures Trading Commission is defending its turf as Kalshi’s regulator. With a potential Supreme Court intervention looming and a breadwinner on the line, crypto volume is more valuable than ever.

At the same time, we’ve written before about how crypto exchanges’ business models are in need of a similar diversification. Spot volumes on centralized platforms on Wednesday were around $33 billion, per DefiLlama data — a far cry from the $70-100 billion days recorded regularly in January and February.

Crypto-tied prediction markets, of course, are far from the only appeal in entering the race. But if a Supreme Court decision on sports markets doesn’t end in the industry’s favor, how many crypto exchanges will still consider prediction markets to be a business opportunity worth pursuing?

Charting it out
Bloomberg
Bitcoin’s retreat toward $81,000 has pushed it toward its 50-day moving average line, a widely watched gauge of near-term breadth. “This return to the 50-day moving average means the bulls cannot celebrate a quick victory,” said Alex Kuptsikevich, chief market analyst at FxPro.

Counting it out

US-listed spot Bitcoin ETFs notched $1.1 billion in net inflows this week, recovering from $909.6 million in outflows over the previous two weeks.

Hearing them out
What we’re reading (and writing)

Trump and Crypto Firm Sued for Profiting From Foreign Government
Crypto Rule Finalized by OCC in Digital Asset Industry Win
Kalshi to Allow Futures Bets With Bitcoin-Backed Loans
Italy Targets Crypto Money-Laundering Ring Across Europe
Robinhood to Launch Retail Investing Platform in Middle East From Dubai
Crypto Megadonors Up Ohio Spending to $55 Million (Politico)
China Seeks 61,800 Bitcoin Tied to $5.7 Billion Fraud (CoinDesk)

What we’re watching on Bloomberg TV
Bloomberg’s Katherine Schwartz joins Scarlet Fu and James Seyffart on “Bloomberg Crypto.” Western Union and MoneyGram are adopting crypto technology to defend their businesses and deepen customer ties. Their money transfer time has gone from three days to as short as four minutes.

More from Bloomberg

Markets Daily for what’s moving in stocks, bonds, FX and commodities
Banking Monitor for staying on top of the global banking industry with emerging trends, winners and losers and market opportunities.
CFO Briefing for Nina Trentmann’s weekly newsletter on what finance leaders need to know
Going Private for coverage of private markets and the forces moving capital away from the public eye
Money Stuff for Bloomberg Opinion’s Matt Levine’s newsletter on all things Wall Street and finance

Explore all Bloomberg newsletters.

Bitcoin Ordinals and Runes supporters have renewed calls for native trading on OpenSea after Leonidas shared a comment attributed to a company marketer saying community feedback helps shape its product roadmap.

Summary

Leonidas has asked OpenSea to add native support for Bitcoin Ordinals and Runes. A shared interface image features Runestone, Bitcoin Puppets and NodeMonkes among Bitcoin collections. OpenSea’s published blockchain compatibility guide does not list Bitcoin among its supported networks. The campaign follows earlier announcements to close Bitcoin services at Magic Eden and Ord.io. Leonidas, in posts dated Oct. 21 and Oct. 22, urged collectors to make their interest known and directly asked OpenSea to support both asset types. His posts included an image of Bitcoin collections displayed in an OpenSea interface and a separate promotional graphic imagining trading support.

“Please add support for Ordinals and Runes.”

The request establishes a public campaign for integration. Neither screenshot contains an official OpenSea announcement confirming native Bitcoin trading, an approved integration, or a release date.

OpenSea supporters press for a Bitcoin integration In his Oct. 21 post, Leonidas reproduced a statement attributed to an OpenSea marketer encouraging people who want Ordinals to keep asking for them. The quoted statement said community feedback “very much directly informs our product roadmap.”

The screenshot does not include the original recording or the full conversation surrounding the remark. Its wording describes how feedback informs product decisions without promising that Bitcoin support has been scheduled.

Alongside the statement, Leonidas shared an interface showing Runestone in a featured position. Bitcoin Puppets and NodeMonkes appeared under a section labeled “Trending Ordinals Collections,” alongside Bitcoin Wizards and Taproot Wizards.

The image displays collection prices in BTC and includes activity figures, but it does not show a completed purchase or a Bitcoin transaction. Collection visibility in that screenshot therefore remains separate from evidence of an available trading service.

A second post, dated Oct. 22, paired the direct request with an OpenSea-branded graphic reading “Ordinals and Runes trading is live!” Because Leonidas published the image while asking for support, the graphic cannot be treated as a company launch notice.

OpenSea’s blockchain compatibility guide lists networks including Ethereum, Solana, Polygon and Arbitrum, without listing Bitcoin. Its older Ordinals explainer, published in April 2023, explicitly says users cannot buy Bitcoin Ordinals through OpenSea; that page is historical documentation, not a fresh roadmap statement.

OpenSea’s mobile launch includes trading and discovery OpenSea’s Oct. 20 mobile announcement describes an app available to everyone on iOS and Android, with token and collectible trading across more than 25 blockchains. The company says users can combine holdings from multiple wallets and synchronize their accounts with its web platform.

The launch description distinguishes trading from discovery features. OpenSea says its social feed displays activity from people a user follows regardless of the app or chain where their trades occurred, while a separate feature shows trending activity by chain.

For the mobile product, the company lists a 0.5% fee on token trades and a 1% fee on collectible purchases, with network fees potentially charged separately. The announcement does not identify a Bitcoin-specific trading rollout.

The company’s earlier OS2 announcement, issued in Miami in May 2025, introduced full token trading across 19 chains, including Solana fungible tokens. OpenSea identified Miami as its headquarters and said further chain integrations were part of its development plans, without naming a Bitcoin launch date.

Bitcoin marketplace operators have announced service closures The appeal follows several earlier announcements affecting Bitcoin asset services. In February, crypto.news previously reported Magic Eden’s planned Bitcoin marketplace exit, alongside the closure of its EVM marketplaces and multichain wallet. That announcement retained support for its Solana business.

Magic Eden had launched Ordinals trading in March 2023. At launch, the marketplace supported secondary sales and said it was investigating tools for creators to inscribe assets, while royalty support remained unavailable.

A separate May announcement set June 1 as the shutdown date for Ord.io and Zap. Leonidas attributed the decision to exhausted funding, while the associated trading app said it had not reached the user growth needed to continue operating.

Other operators announced new services during the same period. Unspendable Labs said on March 30 that Horizon Market had added Ordinal inscriptions alongside Counterparty assets and Bitcoin Stamps. Its announcement described inscription creation, listings, and purchases settling directly on Bitcoin, without an intermediary holding the assets.

Ordinals and Runes use different Bitcoin asset structures The Ordinal Theory Handbook describes inscriptions as content attached to individual satoshis, creating Bitcoin-native digital artifacts without requiring a sidechain or separate token. Those assets can be held in Bitcoin transaction outputs and transferred through Bitcoin transactions.

Runes represent interchangeable units, unlike unique inscriptions. The handbook says Bitcoin transactions can create, mint, and transfer them, with protocol messages called runestones stored in transaction outputs. A transaction can contain at most one runestone, and an individual output can hold balances of multiple runes.

The cryptocurrency market has grown into a global industry, with billions of dollars in digital assets changing hands on exchanges every day. From Bitcoin and Ethereum to smaller altcoins, traders can access thousands of cryptocurrencies on platforms that operate around the clock. As the market has expanded, exchanges have become central to how people buy, sell, and manage their digital assets.

However, not all exchanges are created equal. The user experience can vary significantly depending on trading fees, the range of crypto assets supported, liquidity, the security in place, and the tools available. Some exchanges are perfect for the novice trader looking for a simple way in; others are geared more toward the experienced trader. With so many exchanges in the market, here’s a look at the top 8 crypto exchanges to trade on in October 2026.

1. Binance 

Binance provides users with a huge amount of scope whether they’re looking to buy Bitcoin, look at altcoins or trade futures. It’s now the world’s largest crypto exchange by both trading volume and number of users, with hundreds of cryptos available via spot markets, leveraged futures and token swaps. Users can stake eligible assets and access lending products, as well as simply buy and sell crypto if they don’t want to get into any of the more sophisticated features.

The exchange lists over 500 cryptos on over 1,300 trading pairs. Reported daily trading volume is $11.14bn in spot markets and $41.7bn in futures. The base fees are 0.1% for both makers and takers, with discounts available to BNB holders. BNB holders can access the Launchpools, and there’s a crypto debit card available that also offers cashback in certain regions. Binance is not available to US customers, although Binance.US is available as a separate service with a much smaller range of coins and features.

2. Coinbase 

For a first-time crypto buyer, the whole process of funding an account and making a trade can be a bit confusing. Coinbase have made it very easy to do since they launched in 2012. Users can buy crypto via bank transfer or card, and the platform supports trading pairs against traditional currencies. Coinbase is also publicly traded in the US, which adds another layer of transparency to the business and its operations. Its security record and its educational rewards, where users can earn a small amount of crypto by learning about different assets,  may also be of interest to new users.

Coinbase has over 390 cryptos listed across 500+ trading pairs and reportedly sees $1.88bn in daily trading volume. The base fees are 0.40% for makers and 0.60% for takers with higher volume traders being eligible for reduced rates. There’s also the option to stake a number of the available cryptos. The fees are higher than some of the other exchanges out there but the simplicity of the buy process and the fact that it’s a very good place to learn how crypto trading works makes it a very useful entry point.

3. Kraken 

Kraken has been around since 2013 and has built its reputation on security. They’ve had no incidents of their wallets being breached and offer a range of security features, including two-factor authentication to help users protect their own accounts. They also have a fairly bespoke trading interface which can be tailored to individual preferences and offer customer support. It’s an exchange that would be suitable for both the novice and the more experienced trader.

Kraken supports over 620 cryptocurrencies and 1,350 trading pairs with a daily volume of circa $1.60 bn. Users can trade Bitcoin and other digital assets directly against fiat, which makes it very easy to move between the two. The base trading fees are 0.16% for makers and 0.26% for takers, with lower rates available to high-volume traders. The range of assets is a bit smaller than some of the others, but it’s a very broad range of established cryptos.

4. MEXC

MEXC is the exchange for the trader who wants to be in the market and wants access to tokens that aren’t necessarily on the big, established exchanges. It has over 1,700 cryptocurrencies listed and is renowned for its speed of listing new projects, including the memecoins that are currently highly popular. It’s a very relevant exchange for those who are following the newer projects in the market. It also has Launchpad and Kickstarter in place so users can get involved with projects that are launching via the exchange.

Cost is another big part of the appeal. Spot trading is completely free; futures have a 0% maker fee and a 0.010% taker fee. There are over 2,130 trading pairs and approximately $2.04bn in daily volume. Users can fund their purchases via bank transfer or credit card, trade both spot and futures, and also utilise savings products to earn rewards on eligible assets. Users can also hold MX, the platform’s native token, to benefit from reduced fees and access to further rewards. As with any token, particularly new listings and smaller tokens which may have limited liquidity and higher risk, it’s still important to look at the individual project rather than simply the fact that it’s available.

5. Bybit

Bybit was founded in 2018 and focused solely on crypto derivatives, specifically futures, and has since grown into a much wider trading platform. Futures are still a major part of the business, but users can now trade crypto on the spot and margin markets as well as use trading bots. Copy trading is also available, which allows users to copy the trades of other traders, as well as a Launchpad for new projects and an NFT marketplace. They also have products that allow users to earn yield by lending.

The exchange lists over 390 cryptos across more than 520 trading pairs with a reported daily trading volume of circa $2.04bn. Standard fees are 0.10% for both makers and takers, with users in the VIP programme being eligible for reduced rates. There’s a good range of products on offer in terms of derivatives, automated trading and copy trading, so users can approach the market in a variety of ways depending on their own experience and strategy.  Bybit is not available to customers in the United States, and leveraged products carry added risk because losses can build quickly when markets move against a position.

6. KuCoin 

It’s notoriously difficult to find smaller cryptos on the major exchanges. That’s where KuCoin comes in. Since launching in 2017, it’s had a broad selection of altcoins to offer, including a number of lower-cap projects that aren’t seen much anywhere else. It’s also a platform that caters to a range of different types of crypto users with futures and margin trading, crypto lending, an NFT marketplace and a launchpad. There’s a Beginner Zone to get new users up and running with onboarding and crypto rewards.

KuCoin’s base trading fees are 0.1% for both makers and takers. If a user holds KCS, they can qualify for reduced rates, VIP programme benefits, and access to exclusive events. The exchange has a daily volume of circa $1.31bn and lists over 840 cryptocurrencies across 990+ trading pairs. It’s an exchange that offers a wide variety of assets and services for those who want to look at projects beyond the most well-known coins. Access is regional, though, and KuCoin is not licensed to operate in the US.

7. PrimeXBT 

PrimeXBT takes a very different approach to the business of trading crypto than the typical exchange, which is all about buying and selling crypto. It was founded in 2018 and is fundamentally a derivatives trading platform. It offers crypto futures and CFDs, as well as the ability to trade a range of traditional markets. Traders can also trade gold, oil, forex pairs such as EUR/USD, along with stock indices like S&P 500 and Nasdaq. It’s a platform for traders who want to trade across a number of markets from one place.

PrimeXBT supports over 150 cryptocurrencies and trading pairs and has a reported daily trading volume of c.$2.38bn. Crypto futures fees start at 0.01% for makers and 0.015% for takers, with other market fees varying by asset class and market conditions. The platform also provides advanced charting tools, a range of technical indicators and up to 1,000x leverage on crypto. That 1000x leverage is going to massively amplify both potential gains and potential losses, so it is vital that users understand how leveraged positions work before they trade.

8. Crypto.com

Crypto.com is for users who want more than just a place to buy and sell crypto. In addition to spot and derivatives trading there’s an NFT marketplace and Crypto.com Earn, which enables users to earn rewards on their eligible crypto holdings. There’s also the Visa card which allows users to spend their crypto at Visa-accepting merchants and earn tiered cashback in CRO, which is the platform’s own token.

The exchange supports over 400 cryptos across more than 560 pairs and has a reported daily volume of $803m. Fees start at 0.075% for both makers and takers and can be reduced via higher volume or by locking up CRO. Some of the platform’s other benefits are also contingent on holding the token, so users will need to consider the benefits against the risks of the token’s price volatility. For users looking for a platform that offers both crypto trading and a range of ways to spend their crypto, Crypto.com brings a number of services together in one place.

Final thoughts Crypto exchanges have evolved from platforms for buying and selling digital assets into broader ecosystems offering trading tools, investment products, and access to a growing range of cryptocurrencies. As the market continues to develop, choosing the right exchange means understanding how its features, fees, security measures, and supported assets align with individual needs. Before committing funds, users should research each platform, understand how it works, and assess the risks involved.

Disclaimer. Readers are encouraged to do their own research. Ambcrypto is not liable for any outcomes related to the use of information, products, or services mentioned. This content may include affiliate or partner links.

COIN Stock price hovered near $167 as investors assessed stronger employment figures ahead of the Federal Reserve’s policy meeting. 

Bitcoin price traded around $81,100, while Ethereum hovered near $2,376 and XRP changed hands around $1.31.

Jobless Claims Fall to 194,000, Beating Market Expectations The Labor Department reported 194,000 initial unemployment claims, below the market forecast of 200,000. Applications declined by 6,000 from the previous week’s revised reading, reinforcing evidence that employers remain reluctant to cut staff.

BREAKING:

🇺🇸 US Initial Jobless Claims have just been officially released

Expected: 200,000
Actual: 194,000

This is good news ahead of the FOMC meeting!! https://t.co/UOxcrEHKt9

— ᴛʀᴀᴄᴇʀ (@DeFiTracer) October 22, 2026

The average across four weeks fell to 197,750, offering a smoother measure of recent unemployment applications. However, continuing claims increased by 25,000 to 1.728 million, presenting a less reassuring picture for people already receiving benefits. The mix is indicative of low levels of layoffs, and an increase in the number of ongoing claims suggests re-employment problems.

Upcoming FOMC Meeting Puts Inflation in Focus The Federal Open Market Committee is ready for its next meeting, with inflation and employment being the key issues in the policy debate.

Source: CME data Traders expect the Federal Reserve to keep interest rates unchanged at its October 28, 2026, meeting. The supplied FedWatch shows a 92.8% probability of retaining the target range. That would leave the federal funds target range between 3.75% and 4.00% following the meeting.

An increase to between 4.00% and 4.25% carries a 7.2% probability, indicating limited expectations for tighter policy. This assigns no probability to a rate cut, with pricing strongly favoring a hold. These are market expectations at the time of recording and can be altered prior to announcement of the rate.

COIN Stock Price Forecast: Will Buyers Reclaim $170? Price action is currently bearish, as COIN stock has broken below its session open levels and is approaching the session lows at $170.25. The first level of support is the session low at $166.82, and an initial recovery hurdle is the opening level.

Source: COIN stock A move above $170.25 would further solidify the recovery scenario and put the session high around $173.64 on the radar. Clearing that barrier could encourage another advance, although stronger trading volume would make the breakout more convincing.

Below $166.82, the round numbers of $165 and $160 become possible downside reference points for traders.

'Long Coins, Short Stocks': Expert Bullish on Bitcoin, Cautious on XRP, Coinbase, Circle

Bitcoin fell below $82,000 as a sell-off in technology stocks and renewed conflict in the Middle East weighed on markets. Its intraday loss reached 2.9%, with the price sliding to $81,650 in its sharpest decline in two weeks. With oil prices rising roughly 3%, losses across most major cryptocurrencies exceeded 2%.

Third-quarter results from Tesla and Meta brought questions about artificial intelligence spending back into focus. Shares in both companies fell roughly 3% in premarket trading. Chipmaking equipment supplier Lam Research, meanwhile, warned that supply chain bottlenecks could affect its revenue outlook despite beating expectations in its fiscal first quarter. Its shares dropped 8% before the market opened.

The sell-off also spread to Asian markets. Chinese stocks entered a bear market, while Hong Kong’s Hang Seng index fell more than 3%, South Korea’s Kospi declined 3.5%, and Japan’s Nikkei 225 dropped 2.7%. Around 90 minutes before U.S. markets opened, Nasdaq 100 futures were down 1.7%, while S&P 500 futures had lost 1%.

ETF inflows continue, but a sustained rally requires consistent demandDespite falling prices, demand for U.S.-listed spot Bitcoin ETFs recovered. According to SoSoValue, the funds recorded more than $1 billion in net inflows over the first three trading days of the week. Giottus CEO Vikram Subburaj said early signs of improving institutional demand were emerging, but inflows would need to continue before a stronger recovery could be confirmed.

Historical data shows that ETF demand was higher and more consistent during Bitcoin’s strongest rallies. Between January and March 2024, Bitcoin rose 79%, with average daily net inflows of $294 million. During the 96% rally from August to December 2024, that figure stood at $202 million, while the 53% advance between April and July 2025 was accompanied by average daily inflows of $248 million.

Across the combined 199 trading days in these three periods, the funds attracted $46.7 billion. Average daily inflows reached approximately $235 million, exceeding $500 million on 39 days and $1 billion on six days. By comparison, daily inflows have averaged roughly $86 million since July 1. Only seven days during that period recorded inflows above $500 million, and none reached $1 billion.

In derivatives markets, trading volume increased while the dollar value of open interest declined. Crypto derivatives volume rose 19% to $226.6 billion, and liquidations climbed 52% to $431.1 million. Open interest fell 2.46% to $141.8 billion. The relatively even split between long and short positions indicated that liquidations were not concentrated entirely on one side of the market.

The decline in the value of Bitcoin and Ether open interest largely tracked their price losses. In contrast, open interest in ZEC, NEAR, UNI, LINK, and SUI fell faster than prices, indicating more pronounced position closures. Open interest increased in contracts linked to gold, tokenized gold, silver, and crude oil.

Altcoin losses deepen as Monero breaks away from the marketAltcoins suffered steeper selling than Bitcoin. The CoinDesk 80 index fell 3.2%, while the CoinDesk 5 index declined 2.5%. Ether lost 2.6%, falling to around $2,400. Despite Solana’s Alpenglow upgrade going live overnight, SOL dropped 2.4% to trade at approximately $104.

The DeFi sector fell 5.6%, making it one of the hardest-hit areas. Curve dropped 8.2% to $0.37, while Ethena declined 7.2% and Uniswap lost 5%. Ethena’s monthly loss reached approximately 25%, while Uniswap fell roughly 20% in October despite recording all-time-high trading fee revenue in September.

Celestia declined 3.7%, bringing its weekly loss to 9% and reducing its monthly gain to approximately 31%. The project is scheduled to unlock 5.58 million TIA on October 31. LayerZero fell 4.2%, Worldcoin dropped 7.3%, The Sandbox declined 5.1%, and Starknet lost 6.1%. The Pump.fun token also fell 6%, taking its monthly loss to roughly 19%.

Monero bucked the broader market, rising 4.9% to approximately $651. With its monthly gain reaching around 19%, XMR futures open interest exceeded $300 million this week, approaching January’s record. Another privacy-focused cryptocurrency, Zcash, fell 4.8% to approximately $1,252.

MemeToro aims to enter the meme coin market with an AI-powered platformThis backdrop in altcoins makes a project’s stage of development another consideration alongside price when assessing new investment opportunities. One early-stage option in the meme coin sector, MemeToro ($MT), is developing an AI-powered token launch platform on BNB Chain. Its approach centers on making the process of selecting new meme coin ideas and setting their launch terms publicly accessible.

In the proposed system, an AI agent scans news and trending topics on X to generate meme coin ideas and publishes the reasoning behind its selections. Supply, pricing, and funding terms are recorded in a document prepared for each project. These terms are intended to be enforced through a smart contract called FairLaunchEscrow; the AI is not expected to manage investor funds directly.

The project’s GitHub repository makes the AI component, draft contract, and tests available for review under the MIT license. However, the team describes the project as still being in the initial product and architecture development stage. According to the repository’s documentation, there is no functioning end-to-end token launch system yet. Token creation, liquidity provision, testnet deployment, and independent security reviews remain on the roadmap.

According to the token allocation, 71% of the total supply of 1.2 billion MT, or 852 million tokens, has been set aside for the public sale. The team allocation is 2%, with the remaining supply distributed among exchange reserves, marketing partnerships, MemeToro Trading, and rewards. The marketing partnership allocation has a 24-month vesting schedule.

According to the presale information published by the project, MT is being offered at $0.00649 per token in Stage 9. The sale model предусматриes higher prices in subsequent stages. However, this is a presale pricing mechanism; it does not mean the token will follow the same trajectory once it begins trading on the market.

On security, it is also necessary to distinguish between the token and the platform under development. According to MemeToro, the MT token contract has been audited by Coinsult, SolidProof, and BlockSAFU. However, independent audits of the token launch and funding contracts have not yet been completed. The team’s use of pseudonyms and the product’s early stage are additional factors to consider.

With ETF inflows so far unable to halt selling pressure on Bitcoin, altcoin losses show that new projects are also preparing to enter a difficult market environment. For MemeToro, the decisive factors will be turning its published code into a working product and completing the contract audits. For those interested in examining the project at an early stage, its open-source code and development roadmap provide a concrete starting point. Full details: memetoro.com

A US gov wallet moved $1B in BTC. Arkham's Miguel Morel breaks down transaction trails, potential sales vs. custody transfers, and reserve policy factors.

A US government-linked wallet just moved about $1 billion in Bitcoin from the Bitfinex hack, and the market wants to know if a sale is coming. Arkham Intelligence CEO Miguel Morel explains what the transaction trail shows, what it can’t show, and why it’s still unclear whether the coins are being sold or moved to a new custodian. He also breaks down how disposal orders and the Strategic Bitcoin Reserve factor in.

Chapters:
00:00 US Government Moves $1B in Bitfinex Hack Bitcoin
00:47 Sale or Custody Change? What the Government Might Be Doing
01:52 How Arkham Labels Government Wallets
03:30 Tracking Bitcoin Treasury Companies Before SEC Filings
05:18 Why Exchanges Like Coinbase Can Be a Black Box
06:26 Segregated Wallets and Tracking MicroStrategy
07:52 How AI Agents Are Using Arkham Today
09:42 Is There Any Privacy Left On-Chain?
12:02 Does Anonymity Help or Hurt Institutional Adoption?
14:12 How Investigators Trace Stolen Funds From Hacks

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Patrick Green

Patrick Green is an Assistant Producer and Channel Manager on the multimedia team at Bitcoin Magazine, focusing on production, content distribution, and channel strategy across the network.

A wallet connected to the United States government recently transferred approximately $1 billion worth of Bitcoin originally seized from the Bitfinex hack, raising questions within the crypto community about whether the assets are being prepared for sale or transferred to a different custodian.

Expert insights on government Bitcoin movementsMiguel Morel, CEO of Arkham Intelligence—a blockchain analytics firm specializing in labeling large crypto wallets—stated that it remains unclear whether these Bitcoin holdings are poised for sale or are merely being moved between wallets for security or custodial changes. Morel explained that while on-chain analysts can trace movements across different addresses, definitive conclusions about the government’s intent are elusive without additional context.

In his assessment, Morel indicated that transaction records provide transparency regarding wallet activity, but they do not reveal the precise motives behind such transfers or whether the coins are being liquidated, simply stating, “On-chain data shows where the coins go, but not always why.”

He noted that assets seized in large hacks, like the Bitfinex case, often remain dormant in government-controlled wallets for extended periods before any action is taken. However, significant movements from these wallets typically generate market speculation about a potential sell-off.

Market impact and tracking methodsThe transfer has directed attention to how authorities manage and label their digital asset holdings. Morel elaborated on Arkham’s approach to tagging government-held wallets using public records, court documents, and blockchain analytics. He pointed out that these labeling techniques are crucial for providing greater transparency, but challenges remain when authorities choose new custody providers or alter their usual storage habits.

Treasury companies, cryptocurrency exchanges, and institutional investors often utilize sophisticated custody solutions and segmented wallets to manage security and privacy. Morel noted that exchanges such as Coinbase operate extensive internal wallet systems, making it difficult for external observers to trace the full lifecycle of transferred coins.

He added that using segregated wallets and advanced detection methods enables transparency in monitoring large holders, including entities such as MicroStrategy, which manage substantial Bitcoin reserves.

Mini dictionary: Arkham Intelligence, a blockchain analytics company, focuses on identifying the owners of major cryptocurrency wallets and tracking large on-chain transactions for transparency and investigative purposes.

Privacy and institutional adoptionThe discussion also delved into the broader implications of privacy and transparency for institutional adoption of digital assets. Morel commented that, while blockchain technology offers traceable ledgers, sophisticated exchanges and custodians can obscure the ultimate ownership and disposition of funds. He emphasized that this intersection of privacy and regulation presents both opportunities and challenges for mainstream financial players considering increased involvement in digital assets.

Investigators employ multiple techniques to trace illicit or stolen coins, relying on blockchain data and specialized analytics. Successful recovery of stolen assets depends on the ability to connect on-chain movements to real-world identities or centralized entities.

Morel highlighted, “The market responds sharply to news of large government asset movements, especially when the source is related to major hacks or seizures.”

As of now, public block explorers show that the $1 billion in Bitcoin remains in a wallet classified as “unknown” and there is no confirmation of any sale. Analysts continue to watch for further transactions that could indicate the intent behind this substantial transfer.

Company targets expansion from approximately 9,700 to 20,000 miners, supported by self-generated power strategy targeting a 75% lower electricity rate

CONROE, TX / ACCESS Newswire / October 22, 2026 / Olenox Industries Inc. (NASDAQ:OLOX) ("Olenox" or the "Company"), an integrated energy and infrastructure company, today outlined the next planned phase of its gas-to-power-to-compute strategy: establishing lower-cost electricity, potentially relocating existing Bitcoin miners to that power supply and looking at opportunities to expand its mining fleet.

Olenox is targeting an expansion from approximately 9,700 to 20,000 miners -- more than doubling its fleet -- supported by its strategy to develop lower-cost, self-generated power. Expansion remains subject to its ability to raise substantial financing, power availability, equipment procurement and project execution.

Building on its recent acquisitions, Olenox is evaluating its Wildboy natural-gas platform in British Columbia and its Pecos-area energy platform in Texas as potential locations for self-generated power and mining deployments. If feasible, the plan would connect the Company's expanding energy platform with its established mining business, creating a path to capture more value from both.

Olenox is targeting an electricity rate of approximately $0.015 per kilowatt-hour ("kWh"), compared with approximately $0.06 per kWh under its current operating arrangements. If achieved on a comparable, all-in delivered-cost basis, the target would represent a 75% reduction in the electricity rate -- a potential operating advantage the Company intends to pursue across its existing fleet and future deployments.

"Our strategy has been to bring energy resources, power generation and computing together within Olenox. This plan outlines how we intend to put those capabilities to work," said Mike McLaren, Chairman and Chief Executive Officer of Olenox. "Our first priority is to establish lower-cost power, then potentially relocate existing miners to that power supply and look to build on that foundation to expand the fleet. That connection between our energy business and our computing operations is central to the long-term value we are working to create."

The Company's plan is structured in three phases. The first focuses on establishing access to lower-cost, self-generated electricity through Olenox's energy platforms. The Company is evaluating generation equipment, fuel supply, infrastructure requirements and site readiness to determine the most attractive deployment locations and validate the complete cost of delivering power to its mining operations.

The second phase involves possibly relocating eligible mining equipment currently operating in Texas to sites supplied by that lower-cost power. The objective is to apply the targeted power-cost advantage to Olenox's existing fleet, strengthening the operating foundation for future growth. Relocation decisions will depend on power availability, infrastructure readiness, relocation expenses and overall operating economics.

The third phase focuses on expanding the fleet toward 20,000 miners, building on the power infrastructure established in the earlier phases. The Company intends to deploy additional machines where Company-controlled energy resources can support competitive operating costs.

The Company's ability to execute on any of the three phases is contingent upon a variety of factors, including, but not limited to, raising substantial funds, determining power availability, the ability to purchase the necessary equipment, and successfully implementing each step necessary to achieve the desired result.

Generating electricity at or near the mining site, commonly referred to as "behind-the-meter" generation, could reduce exposure to certain grid-related charges and provide greater control over power supply. For Olenox, the approach would also create an additional use for its natural-gas resources, connecting energy production directly with computing demand.

The contemplated mining power capacity is not being represented as currently operational or available. In order to generate the contemplated mining power capacity, the Company needs to add and deploy enough generators to increase total capacity to 75 MW. There is no guarantee the Company will be able to achieve any or all of these prerequisites. The $0.015-per-kWh electricity rate and 20,000-machine fleet are targets, not achieved operating results. The targeted 75% reduction applies to the electricity rate and does not represent a corresponding increase in profitability. Actual economics will depend on fuel costs, generation efficiency, equipment and infrastructure investment, maintenance, relocation expenses, uptime and other operating requirements.

About Olenox Industries Inc.

Olenox Industries Inc. (NASDAQ:OLOX) is an integrated energy and infrastructure company focused on acquiring, developing and operating assets across the oil and natural gas, energy services, power generation, modular infrastructure and digital-compute sectors. Through its subsidiaries, Olenox is building a vertically integrated platform designed to connect energy resources with power-intensive infrastructure while delivering engineered and modular solutions across industrial markets.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend," "potential" or similar expressions generally identify forward-looking statements.

These forward-looking statements include, without limitation, statements concerning the implementation and sequencing of the Company's three-phase strategy; targeted electricity rates and potential cost reductions; the relocation of mining equipment; expansion toward a fleet of 20,000 miners; the development and availability of behind-the-meter power generation; the anticipated benefits and integration of acquired assets; the development of gas-powered digital infrastructure; and the Company's future business, operations and financial performance.

Forward-looking statements are based on current estimates, expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, among others, volatility in Bitcoin prices and network difficulty; changes in mining economics; the availability, cost and reliability of natural gas and electrical power; generation efficiency; equipment performance and fleet utilization; infrastructure and relocation costs; permitting and construction requirements; the availability and terms of financing; the Company's ability to integrate acquired assets and execute its growth strategy; regulatory developments; the Company's ability to maintain compliance with Nasdaq listing requirements; and other risks described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.

Readers are cautioned not to place undue reliance on forward-looking statements. The information in this release is provided only as of its date, and Olenox undertakes no obligation to update any forward-looking statement except as required by law.

Contacts

Investor Relations
[email protected]

Media Contact
Rona Menashe
Guttman Associates PR & Marketing
[email protected]

SOURCE: Olenox Industries Inc.

In brief Prosecutors in Tianjin have applied to confiscate 61,896 BTC and other assets linked to Zhimin Qian, and a local court has accepted the case. Qian allegedly raised more than 40 billion yuan from the public between 2014 and 2017, leaving more than 102,000 investors with losses. The assets are held in the UK, where the High Court ruled this month that Chinese law should govern victims' claims to the Bitcoin. Prosecutors in China have applied to confiscate the 61,896 BTC seized from Zhimin Qian in the UK, and a court in Tianjin has agreed to hear the case, according to a court notice reported by Chinese outlet The Paper.

The Bitcoin is worth about $5.1 billion at its current price of around $82,000.

The Tianjin No. 2 Intermediate People's Court said it accepted the application from the city's prosecutors on September 28, and published a notice on October 13. The court said there was evidence that Qian had committed fundraising fraud, mainly in Tianjin's Hedong district.

Besides the Bitcoin, prosecutors are seeking about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, around 3.6 million XRP, and some 70 million Dogecoin, which UK authorities have already converted and placed in an interest-bearing account. The application also covers U.S. dollar, euro and pound cash, jewelry, bank balances and investment portfolios.

According to the prosecutors' application, Qian was the controller of Tianjin Lantian Gerui Electronic Technology, and between April 2014 and August 2017 sold fake wealth management products across China without a license, promising guaranteed returns. The scheme raised more than 40.38 billion yuan, most of which was not used for any genuine business, and left more than 102,000 investors with losses totaling about 19.98 billion yuan, prosecutors said.

Qian fled China in July 2017 with computers holding Bitcoin wallets and eventually reached the UK, where she converted some of the coins into other assets.

Prosecutors argue the seized assets are proceeds of crime that should be recovered, returned to victims, and otherwise confiscated. Because Qian has been a wanted fugitive for more than a year, the case falls under Chinese rules that allow confiscation without the suspect present.

Victims can apply to join the proceedings through a WeChat mini-program, though those who do not will still be able to receive repayments from any recovered assets. The notice period runs for six months, after which the court will hear the case.

Myriad: How high will Bitcoin go? Click to make your prediction.The UK caseQian was jailed for 11 years and eight months in the UK in November 2025, after pleading guilty to acquiring and possessing criminal property. Unnamed Treasury officials had privately raised whether the seized Bitcoin could help fill a shortfall in the UK's public finances, the Financial Times reported at the time, while legal experts argued that victims could be entitled to compensation if they could show a sufficient link to the coins.

Weeks after Qian's guilty plea, UK prosecutors told the High Court they were planning a compensation scheme for victims, without giving details. They have since said victims could be compensated through a redress scheme run from China.

On October 12, the High Court ruled that Chinese law should govern thousands of victims' claims to the coins, a decision seen as improving the UK government's chances of keeping them. Law firm Fieldfisher, which represents the claimants, said it is seeking to appeal.

The ruling does not decide whether the victims own the Bitcoin, since no evidence has yet been heard on the content of Chinese law, David Phillips, a dispute resolution partner at London law firm SMB, wrote on Wednesday. But it shows that "a victim cannot necessarily recover cryptocurrency simply by proving: 'That Bitcoin was bought with money taken from me,'" he wrote.

"Cryptoassets may operate without borders, but proprietary rights in them remain capable of raising intensely territorial questions of applicable law," Phillips added.

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Bitcoin experienced a sharp rally to nearly $85,000 late Wednesday before reversing course, dropping to around $81,800 within hours. This swift $3,000 fluctuation occurred in less than a day and left the world’s leading cryptocurrency down approximately 2% over the past 24 hours.

Heavy liquidations amid volatile movesThe dramatic price movement resulted in extensive liquidations across the market. According to data provider CoinGlass, traders saw approximately $431 million in leveraged positions forcefully closed during the 24-hour period. Liquidations occur when cryptocurrency exchanges automatically end leveraged trades if account balances fall below a required threshold, in an attempt to prevent further losses.

Short sellers, betting on a decline in price, were squeezed as Bitcoin surged upward. Of the total liquidations, roughly $173 million affected short positions during the initial rally. However, as the price quickly dropped, bullish traders faced even greater losses. Over the past 12 hours, long positions accounted for about $210 million of the $222 million in liquidations.

One of the hardest-hit trades was a single $11.8 million Bitcoin long position on Binance, which was liquidated near the $83,500 mark.

Mini dictionary: CoinGlass is a data analytics platform offering real-time data and analytics on liquidations, open interest, and other derivatives market metrics for major crypto exchanges.

The market’s rapid round trip triggered $431 million in total liquidations, with $210 million in long positions wiped out over the final 12 hours of trading.

Broader altcoin declinesMajor altcoins also saw notable losses during the same period. HYPE declined 4.5% to approximately $78. DOGE dropped nearly 4%, and SOL retreated 3%. Ether slipped 2% and traded just below $2,400. In contrast, XMR bucked the broader trend, surging 11% to about $650, based on CoinDesk data.

Cryptocurrency24-hour ChangeApproximate PriceHYPE-4.5%$78DOGE-4%N/ASOL-3%N/AEther-2%$2,400XMR+11%$650Key support and external market pressureBitcoin’s dip took it below the $82,500 threshold, a level which several market analysts have identified as important. A sustained break below this area could, according to some observers, open the door for a deeper correction towards $70,000.

Meanwhile, broader technology markets provided little support. Nasdaq 100 futures declined 1.1% after Tesla revised its capital expenditure plans lower and Lam Research reported a cautious outlook.

Breaking below $82,500 raises the risk of a continued move toward $70,000 if selling pressure persists, according to market watchers.

Some Kalshi Prime clients will be able to fund margin on the prediction market’s perpetual futures with loans from a lending affiliate, secured by crypto in BitGo custody, the company reportedly said in a statement.

Kalshi unlocks perp trading with bitcoin-backed loans

Posted October 22, 2026 at 6:30 am ET.

Kalshi Prime clients will be able to take out loans against Bitcoin, Ether and stablecoins held at BitGo and put the cash toward margin on perpetual futures listed on Kalshi’s exchange, Bloomberg reported on Wednesday, citing a company statement and an interview with Kalshi Prime CEO Jeff Bandman.

Kalshi Prime is the prediction market’s US-registered futures commission merchant. The arrangement lets its clients keep their crypto exposure rather than selling coins to raise dollars for margin.

“What we wanted to do was make it possible for customers to stay in crypto,” Bandman reportedly told Bloomberg.

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How the Loans Work
The program uses a tri-party structure. The client is the borrower, Kalshi Katalyst, a lending affiliate of Kalshi Prime, extends the loan, and the pledged assets sit at BitGo Bank & Trust.

According to Bandman, eligible collateral includes Bitcoin, Ether and stablecoins that meet the requirements of the GENIUS Act, the US stablecoin law. More custodians are expected to join the program later, Bloomberg reported.

Bandman pointed to investors who don’t want to sell their Bitcoin, and to a Latin American business that runs on dollar stablecoins, as examples of who might use it. He said he originally had crypto-native traders in mind, including those already trading perpetuals on offshore venues. “That was kind of the audience that I was envisioning, but now that we’ve built it, what’s fascinating is hearing these other use cases come out of the woodwork,” he said.

He added that the program could draw crypto trading firms and “whales,” meaning holders of large crypto balances.

Kalshi’s Perps Push
Kalshi started listing perpetual futures, contracts with no expiration date, earlier this year, with products tied to crypto, gold and silver.

The company has also asked regulators to approve perpetual-style contracts on oil and US stocks. In September, its clearinghouse, Kalshi Klear, applied to the Commodity Futures Trading Commission to offer margin on certain event contracts.

Related Listen: Why Kalshi Chose Crypto Perps for Its First Move Beyond Prediction Markets

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Bitcoin (BTC) fell nearly 3% on Thursday after an attempt to break higher was rejected near $85,000.

Key points:

Bitcoin returned to near $81,500 after Tesla reported a lower-than-expected Q3 capital expenditure (capex) of $4.73 billion.South Korea’s KOSPI Composite Index saw fresh weakness, closing down 3.5% on Thursday.BTC price action rejected from a resistance trend line at $84,840, preserving a pattern of lower highs.Tesla capex underspend raises questionsData from TradingView showed BTC/USD retracing around Wednesday’s daily close, subsequently returning below $82,000. The pair gave back the entirety of the gains made on that day, when price peaked at around $84,840 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Higher-than-expected US corporate earnings had helped spark a rally in both crypto and stock markets. However, results from Tesla after the Wall Street closing bell did not provide the same promising signals as seen from SpaceX and General Motors earlier in the week.

The company reported Q3 revenue of $28.05 billion, just short of Bloomberg’s $28.13 billion estimate. However, capital expenditure came in at $4.73 billion, well below the projected $7.96 billion. The capex numbers appeared to fuel concerns over the AI sector as markets recovered from last week’s Asia tech-stock sell-off.

“Lower capex suggests less of an ‘all-in’ approach to the AI arms race than one would expect from Elon,” Ryan Lee, senior vice president of product ⁠and strategy at Direxion, told Reuters, referring to Tesla CEO Elon Musk.

On the company’s earnings call, Musk said spending would rise through 2028.

“I think capex is actually ending up being a little lower than we anticipated, but we’ll start to become more meaningful next year. And then noticeable in the tens of billions in ’28,” he said, quoted by Bloomberg.

South Korea’s tech-heavy KOSPI Composite Index finished Thursday’s trading session down 3.52%, struggling to sustain a recovery after dropping to 5,460 points last week, its lowest level since late July.

KOSPI Composite Index one-day chart. Source: Cointelegraph/TradingView

Bitcoin sees lower high with resistance trend line still in placeOnchain data showed a marked increase in open interest (OI) across crypto trading platforms prior to Bitcoin’s reversal.

OI reached $55.95 billion late Tuesday, per CoinGlass figures, after gaining 4.5% over 24 hours to reach its highest tally since Sept. 25. Such increases in OI heighten the market’s susceptibility to long or short cascades that can turn brief reversals into deeper corrections.

Bitcoin exchange OI data (screenshot). Source: CoinGlass

On three-day time frames, BTC/USD saw rejection at a downward-sloping trend line, preserving a cycle of lower highs. On Tuesday, crypto trader and analyst Rekt Capital argued that this trend line resistance needed to be broken as a prerequisite for sustained upside momentum.

BTC/USD 3-day chart with resistance trend line. Source: Cointelegraph/TradingView

Previously, Cointelegraph reported on the area between $80,000 and $81,500 now forming key support, because it hosts the cost basis for the US spot Bitcoin exchange-traded funds (ETFs). 

Strategy has prioritized bolstering its capital base rather than accelerating the purchase of Bitcoin [BTC], using approximately three times more for preferred stock repurchases.

From the 14th of September to the 18th of October, Strategy purchased nearly $888 million worth of its own preferred stock. During that same time frame, it acquired an additional 3,466 Bitcoins at a cost of approximately $290 million.

Although Strategy may be able to reduce future obligations related to dividends, the reduced rate of growth in Treasury holdings is likely to continue.

Source: Santiment
The weekly purchases of Bitcoin declined dramatically from 1,665 in late September to only 267 by the middle of October, while the amount spent by Strategy on buybacks grew to $193.1 million.

This spending switch led to a significant decline in Strategy’s cash reserves from $1.3 billion to $447.3 million.

Whale accumulation outpaces Strategy’s Bitcoin buying
Over roughly a one-month period, large whale buyers accumulated 88,987 Bitcoins, while Strategy purchased only 3,466. This difference illustrates that large whales are currently accumulating significantly more Bitcoin than Strategy is directly contributing to overall demand.

Source: Santiment
However, Strategy’s ability to resume larger purchases depends increasingly on its preferred-stock financing strategy. In fact, Strategy has already expanded its authorization to spend $3 billion on buybacks and has used approximately $1.84 billion of those funds.

Currently, STRC trades for around $99.20 per share and offers a 12% annualized dividend. These commitments may limit the amount of Bitcoin that strategy can purchase going forward should Strategy’s cash reserves continue to dwindle.

Source: Strategy
Meanwhile, exchange reserves edged up from 2.67 million to 2.68 million BTC, suggesting some supply remains available. Sustained accumulation will depend on financing flexibility, dividend coverage, and continued institutional demand.

MSTR outperforms Bitcoin as STRC holds near par
While Strategy has prioritized preferred-stock buybacks over Bitcoin purchases, its market performance reveals how investors value its different securities.

For example, after Bitcoin recovered on the 21st of October, MSTR moved upward by 7.54% to trade at $153.48. However, Bitcoin only experienced a gain of 2.07%.

Source: X
This stronger move suggests investors responded more sharply to Bitcoin’s recovery through Strategy’s leveraged equity exposure. Coinbase also rose 3.65%, while BlackRock’s IBIT gained 2.42%, reflecting broader strength across crypto-linked investments.

Both represented positive performance for other crypto-linked investment vehicles. Conversely, STRC traded higher by only .50% to reach $99.20, remaining very close to its par value of $100.

While STRC’s 12% annualized dividend provides attractive support for income-focused investors, this support limits price movements relative to MSTR.

MSTR’s outperformance highlights stronger near-term equity demand but does not prove Strategy can sustainably finance larger Bitcoin purchases.

Final Summary

Strategy spent $888 million on buybacks versus $291 million on Bitcoin, draining cash reserves.

Strategy trailed whale accumulation, as future Bitcoin buying depends on liquidity and financing.

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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Webull plans to put Kalshi’s regulated perpetual futures in front of eligible American brokerage customers in November. The contract never expires, but funding, margin and a separate clearinghouse still determine what a position costs and when it closes.

Summary

Webull announced an initial November rollout on October 20, 2026. The CFTC approved Kalshi’s BTCPERP contract on May 29. Kalshi says funding adjustments occur 3 times each day in its app. Webull expects wider access before the end of 2026. The initial lineup includes Bitcoin and selected crypto assets, subject to listing requirements. Webull has announced plans to offer Bitcoin and other crypto perpetual futures to eligible U.S. customers starting in November.

The company’s October 20 release identifies KalshiEX as the exchange and Kalshi Klear as the clearinghouse. Customers approved for futures trading would use existing Webull Futures accounts. Webull has not published the exact launch day, the full asset list or the initial margin schedule for every contract.

For a brokerage customer familiar with stock options or conventional futures, the unfamiliar feature is the absence of expiry. The position can remain open as long as margin obligations are met. It is not a permanent right to hold exposure without fresh cash demands: funding transfers, price moves and maintenance requirements continue while the trade is alive.

November will put an existing contract on a new front end The Commodity Futures Trading Commission approved KalshiEX’s Bitcoin perpetual contract on May 29. Its approval announcement describes BTCPERP as a futures contract referencing Bitcoin’s spot price. Kalshi brought the product to market in June; the coming Webull rollout changes distribution, not the original approval date or the underlying nature of the contract.

Webull says the first offering will include Bitcoin and selected crypto assets. Future additions depend on regulatory review and exchange listing requirements. Its statement gives no basis to promise that every coin a customer can trade on an offshore venue will appear in a Webull Futures account. Wider availability before year-end is a company expectation, not a confirmed national opening for every account holder.

The first Kalshi Bitcoin perp coverage described the May regulatory decision, while Kalshi’s subsequent launch established that the contract was already available on the exchange. Webull adds a separate brokerage relationship and a much more familiar interface for investors whose accounts already hold other products.

KalshiEX is a designated contract market supervised by the CFTC. Kalshi Klear is a registered derivatives clearing organization. Webull provides the customer-facing brokerage route through futures-approved accounts. Those names are not interchangeable. An investor placing an order through Webull is trading an exchange-listed derivative that is cleared at a separate regulated entity; the asset displayed on a Webull screen is not Bitcoin held in a spot wallet.

JUST IN: Kalshi files with the CFTC for equity index perpetual futures

The products would allow leveraged long or short positions on major indexes pic.twitter.com/33F2cExZx9

— crypto.news (@cryptodotnews) August 19, 2026 The cash flows do not resemble a spot Bitcoin purchase A Bitcoin spot buyer pays for coins and then owns an asset subject to custody arrangements. A BTCPERP trader posts collateral for a cash-settled futures position. The CFTC’s Kalshi product filing says the contract has no fixed expiration and settles in cash. Price exposure, margin and funding determine the account’s economic result; a trader does not receive onchain BTC merely because the futures price rises.

Conventional dated futures converge through expiration or are rolled to another maturity. A perpetual contract lacks that scheduled endpoint. Its funding mechanism transfers value between long and short positions according to exchange rules so the derivative price stays tethered to the underlying reference. Funding can change over time. A directionally correct view of Bitcoin’s eventual price can still lose money if carrying costs, intraday losses or forced liquidation overwhelm the account before the move arrives.

Kalshi’s educational material says its own application adjusts funding 3 times per day. That information describes the exchange’s current product documentation, not a promise that Webull will present every calculation or notification in an identical way. Before trading, a customer would need the actual contract specifications, funding formula, fee schedule and the timing of cash movements applicable to the position being opened.

Consider a simplified illustration without assuming the live margin rates. A customer has $1,000 in collateral and opens a $5,000 long exposure. A 5% fall in the futures price represents a $250 trading loss before fees and funding, or one quarter of the initial collateral. A 5% rise would yield the same gross gain, but leverage magnifies both directions. The account can face a maintenance call or liquidation before any full 5% move depending on the exchange’s actual thresholds, collateral and interim funding. The numbers illustrate arithmetic, not Webull’s announced leverage limit.

An approved contract is not approval for every client Webull states that initial access is for eligible U.S. customers approved for futures trading. Existing Webull stock or crypto access does not imply a futures account is approved. Futures products have separate disclosures, suitability or account-opening procedures, margin obligations and jurisdictional rules. The company has not disclosed how many existing customers meet its criteria.

Kalshi’s contract approval addressed exchange listing under CFTC Regulation 40.3. The exchange must operate under designated-contract-market obligations and its clearinghouse under a distinct derivatives regime. Brokerage access adds customer onboarding and the futures commission merchant relationship. Those layers do not vanish because the trade is shown alongside stocks and options in one application.

The arrival of Kraken’s U.S. crypto perps and the Coinbase route to global perp liquidity show that Webull is entering a market with multiple structures. Some products trade on U.S. designated exchanges; others route through arrangements involving foreign futures under CFTC staff guidance. Treating every offering labeled a perpetual as the same regulated contract would obscure differences in venue, custody, margin and legal claim.

There is a distinction even within Kalshi’s business. The company operates event contracts as well as crypto derivatives. Its Bitcoin perpetual is a futures contract referencing spot Bitcoin, approved under a specific CFTC order. A dispute about how states regulate sports event contracts does not change that instrument’s reference price, funding mechanism or futures-clearing architecture.

Funding can turn a winning direction into a losing trade Perpetual funding is often described as a small regular adjustment. Small rates compound when a position stays open, and a temporary spike can make holding expensive precisely when leveraged traders crowd into one direction. The funding payment is separate from the profit or loss caused by Bitcoin’s price movement. An account statement that combines them without explanation can give an incomplete account of why equity changed.

Suppose a $10,000 notional position pays an illustrative 0.01% funding rate at each of 3 daily intervals. The payments would total $3 a day, or $90 across 30 days if both notional and rate were constant. They rarely remain constant. At 0.10% per interval, the same calculation becomes $30 daily and $900 over 30 days. Neither figure is a forecast of Kalshi funding. The exercise shows why an advertised zero-expiry position has a continuing price even when the displayed BTC price is flat.

Margin creates a second clock. A long position can lose collateral as the market falls. If account equity drops below maintenance requirements, a liquidation process can close the position, leaving a trader unable to wait for a recovery. Kalshi’s margin explanation describes isolated margin in its own application. The account-level implementation and any brokerage-specific settings must be checked in the product terms when Webull goes live.

Kalshi and Webull emphasize regulated infrastructure and visibility into liquidation levels. Those features make a risk measurable, not absent. An investor can compare the maintenance requirement and expected funding payments before entering, then watch the live balance instead of assuming an evergreen contract can be left alone. The exchange’s rulebook, clearing notices and Webull’s customer disclosures will provide the controlling details.

The case for bringing perps into a brokerage Webull’s U.S. chief Anthony Denier cited substantial global demand for perpetual futures in the company’s announcement, stating annual volume exceeded $90 trillion in 2025. That is Webull’s industry estimate, not a volume figure for its planned November launch or for Kalshi’s Bitcoin contract. The argument for integration is straightforward: investors who already use a regulated futures account could reach an exchange-listed version without moving to an offshore venue.

A separate clearinghouse can net and manage obligations under established derivatives rules, while an approved customer sees information on margin and funding through a broker. Webull says access would sit beside other futures in the account, with stocks, options, spot crypto and event products elsewhere on its platform. The ability to see several assets in one application can simplify navigation, although consolidated presentation does not merge their protections or settlement methods.

Competition is real. Kalshi’s expansion into additional crypto perps gives Webull more than one prospective underlying; Kraken and Coinbase have their own client bases and liquidity routes. If regulated U.S. order books deepen, traders may have more choices about spreads, collateral, hours and execution. The announcement by itself supplies no comparative pricing data showing Webull will be cheaper or more liquid than its rivals.

The counterargument is that offshore venues have years of liquidity, deep order books and familiar collateral practices. A new brokerage distribution channel cannot recreate those conditions on launch day. Volume at a venue is not the same as open interest, and an exchange-wide figure says little about a specific contract’s depth at a volatile hour. The first published trading statistics after Webull launches will give a firmer basis for judging whether new access produces durable activity.

Price formation and the funding reference deserve scrutiny A cash-settled Bitcoin future needs a reference for the underlying spot price. The exchange’s specifications determine the index or calculation, funding intervals, disruption procedures and settlement-related payments. Even an investor whose view is on Bitcoin rather than the derivative has exposure to those contract rules while the position is open.

The spread between perpetual and reference price can widen in a fast market. Funding encourages convergence over time, but it does not guarantee a perp always trades at the exact spot price. Market makers can quote both directions when hedging is available; a thin book can produce a worse fill or a liquidation at a different price from a casual view of the reference chart. The customer’s execution price, reference level and funding rate need to be treated as separate observations.

On a 24-hour market, risk controls must operate outside conventional stock-market hours. Crypto moves on weekends; maintenance margin still applies while U.S. equities are closed. A brokerage user who assumes trades will pause when stock exchanges do may misunderstand the product. Webull has not yet published its precise launch timetable or any product-specific maintenance-window schedule for the new distribution route.

The CFTC approved Kalshi’s BTCPERP after reviewing the filing, but regulatory approval is not a government assessment that a leveraged position is suitable for every investor. Approval concerns the exchange-listed contract and applicable market rules. Customer eligibility, financing cost and individual losses belong to a different decision at the brokerage and account level.

JUST IN: CFTC approves BTCPERP as its first regulated perpetual futures contract. The approval relies on precedent that futurity does not require a fixed final delivery date pic.twitter.com/c7LXxNVNlC

— crypto.news (@cryptodotnews) June 16, 2026 What remains unannounced before November One unresolved question concerns exactly what a trader sees when the collateral in a futures account changes. The exchange calculates margin against its own rules, the clearer manages obligations after a trade, and Webull displays account figures to the customer. Those processes can be presented in one interface but are not the same calculation. A position-level screen needs to distinguish available cash, initial margin, maintenance margin, unrealized profit or loss and accrued funding. The company says it intends to give users visibility into funding, leverage and liquidation levels; the live display has yet to be observed.

An account holder comparing two perps should look at the units in which prices and funding are quoted. A percentage funding rate applies to a notional exposure, not merely to the dollars posted as collateral. In the earlier $5,000 example, a 0.10% funding charge would be $5 for one interval even if the customer put up only $1,000. Quoting that $5 as 0.10% of collateral would understate its effect fivefold. Changes in notional value or position size change the cash payment, so a flat historical funding rate is not an adequate forecast of carrying cost.

The clearing structure has a role when one side of a trade cannot pay. A registered clearinghouse maintains rules for collecting margin and handling defaults between participants. Its presence can reduce bilateral counterparty exposure within that system, but it does not insure a customer’s trading losses or promise a favorable fill during stressed conditions. The trade remains leveraged and can be closed by the applicable liquidation mechanism. A useful post-launch comparison would examine the actual customer agreement and exchange rulebook rather than assuming that the word regulated describes every risk a position faces.

There is an additional question about how the first audience is selected. Webull has said the initial group consists of eligible, approved futures customers. The number of such accounts is undisclosed, as is the fraction Webull intends to activate in November. Even if the exchange lists several underlying assets, the broker can stage customer access. First-week order flow is therefore a joint measure of exchange liquidity and distribution choices, not a clean measure of American appetite for Bitcoin perps overall.

Webull has given a month, not a date. It named Bitcoin but left its other starting assets unspecified. The company promised wider availability before year-end without disclosing how many eligible clients will receive access in the first stage. No launch-day bid-ask spread, open interest or Webull customer volume exists to measure yet.

The primary documents establish a sequence: CFTC approval in May, Kalshi trading beginning in June, and Webull’s distribution announcement in October for a November rollout. They do not establish that Webull will create a new Bitcoin futures contract, change the exchange’s margin rules or deliver Bitcoin into customer wallets. A prudent analysis of the planned product starts with the contract specifications and ends with the first observable account terms and market data.

Webull says eligible users will trade through their Webull Futures accounts. The exchange and clearinghouse are KalshiEX and Kalshi Klear, respectively. Its October 20 release says additional products will follow only subject to regulatory review and exchange listing requirements.

What to watch First trading day: Webull’s launch notice should identify the actual start date and customer eligibility. Contract list: Exchange notices will establish which assets beyond Bitcoin are initially available. Funding and fees: Published specifications can show the true cost of maintaining exposure through several funding intervals. Margin disclosures: Initial and maintenance requirements determine how far a position can move before intervention. Liquidity: Contract volume, spreads and open interest after launch can show whether brokerage distribution brings sustained trading. FAQ When will Webull offer Bitcoin perpetual futures? Webull says the initial rollout begins in November 2026, with wider availability expected before year-end. It had not published an exact launch date as of October 22.

Who can trade the new contracts? The company says access begins with eligible U.S. customers approved for futures trading through Webull Futures accounts. A standard stock account alone does not establish eligibility.

Does the Bitcoin contract ever expire? Kalshi’s BTCPERP has no fixed expiration date. Funding and margin obligations continue while a position remains open.

Do traders receive actual Bitcoin? No. The CFTC filing describes a cash-settled futures contract referencing Bitcoin’s spot price. A futures position is not a spot Bitcoin withdrawal.

Who lists and clears Webull’s perpetual futures? KalshiEX lists the contracts, and Kalshi Klear clears them. Webull provides the brokerage access described in its October 20 announcement.

What is a funding payment? It is a periodic transfer linked to the perp’s price relative to its reference. The payment is distinct from gains and losses caused by a move in Bitcoin itself.

Can a position be liquidated before Bitcoin recovers? Yes. If account equity falls below maintenance requirements, the exchange’s rules can trigger liquidation even though the contract itself has no expiry.

Is November’s full coin lineup known? No. Webull named Bitcoin and selected crypto assets but did not publish a complete starting list. Additional products depend on review and listing requirements. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of October 22, 2026.

Crypto analyst Ali Martinez noted that the recent rebound in Bitcoin (BTC), XRP, and Cardano (ADA) prices coincided with a sharp increase in cryptocurrency inflows to exchanges. Martinez pointed out that large investors could have an influence on short-term price movements.

During the same period, there was also a remarkable increase in the amount of Bitcoin sent to cryptocurrency exchanges. According to the data, exchange inflows rose from approximately 7,682 BTC to 25,124 BTC.

These figures show that the amount of Bitcoin channeled to exchanges more than tripled in a two-day period.

Martinez stated that similar activity was observed in the XRP and ADA markets. According to the analyst, the increase in exchange inflows along with the price recovery in the three crypto assets strengthens the possibility that large investors are playing a significant role in market movements.

Transfers, particularly those made by investors holding large amounts of cryptocurrency and known as whales in the market, can affect short-term supply and liquidity conditions.

However, large-scale transfers to exchanges do not necessarily mean that direct sales are being made. These transactions can also be carried out for various investment and liquidity management purposes.

Martinez’s assessment suggests that large investor movements may be behind the recent price increases in BTC, XRP, and ADA.

However, the available data does not definitively prove that these price changes were caused by intentional market intervention. The simultaneous price and transfer movements highlighted by the analyst are among the indicators that should be monitored to assess the short-term direction of the market.

*This is not investment advice.

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