Track market-moving stories before they get noisy

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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PHP Attack Threatens Crypto Safety: Should You Cash Out or Pull Funds From Exchanges?

Bitcoin price hovered near $81,800 after falling below $82,000, as forced liquidations erased gains from a brief rally. The overall value of cryptocurrencies fell to around $2.74 trillion as the market dipped 1.21% in 24 hours of selling.

Ethereum hovered at around $2400, while XRP dipped to $1.30, a trend seen throughout the market’s top assets. Liquidations on bitcoin surged 80% in 24 hours to $119.1 million, while funding rates indicated that leveraged bitcoin positions unwinded.

US and Israel Weigh New Iran Strikes After November Midterms The U.S. and Israel are said to be considering “options” for a new strike on Iran following the midterm elections in November. But President Donald Trump has not signed off on the planned operation, and could yet change his mind.

BREAKING: Bitcoin falls below $83,000 and Ethereum below $2,500 as growing signs point to renewed U.S.-Israeli strikes on Iran. https://t.co/yWuL1rNmrM

— Crypto Rover (@cryptorover) October 22, 2026

Targets might include nuclear facilities, energy plants, and Iranian missile and drone bases, the reports said. Military preparations have been ongoing, and officials are mulling on whether additional strikes would force Tehran to make concessions. Iranian officials have threatened that if the attacks were repeated, then there could be a response throughout the region.

Bitcoin ETFs Attract $528 Million as BlackRock Leads Inflows Data from SoSoValue shows that $528 million flowed into U.S. spot Bitcoin ETFs on October 21. BlackRock’s IBIT was the top-performing Bitcoin fund, accounting for the highest daily inflows, with $235 million.

U.S. Bitcoin ETFs Draw $528 Million, Ether ETFs Add $15 Million

According to SoSoValue, U.S. spot Bitcoin ETFs recorded $528 million in net inflows on October 21, led by BlackRock’s IBIT with $235 million. Spot Ethereum ETFs attracted $14.96 million, with Grayscale’s Ethereum Mini Trust (ETH) posting the largest inflow at $28.07 million. BlackRock is the world’s largest asset manager, while Grayscale is a leading crypto-focused asset manager.

— Wu Blockchain (@WuBlockchain) October 22, 2026

Overall, spot Ethereum ETFs have accumulated $14.96 million in inflows, with Grayscale’s Ethereum Mini Trust seeing the biggest inflow of all. The trust, whose ticker is ETH, saw $28.07 million coming in, more than the total net inflows of all the Ethereum funds.

Bitcoin Price Prediction: Will BTC Hold $80,500 or Fall Toward $78,000? At the time of writing, the BTC price stood at $81,760.79 on the supplied four-hour chart. 

Bitcoin had fallen below $82,000 following its last recovery which failed to break the $85,000 resistance level.

The relative strength index (RSI) showed that decline, dropping to 43.41. The indicator is below the 50 midpoint and below the average shown for it of 55.64. 

The MACD line was at -231.22, while the signal line was at -315.76. It was displaying a bearish crossover with a negative histogram of minus 84.54. Both lines were positive, but a negative histogram indicated that the current upward trend was losing strength.

BTC/USDT 4-hour chart: TradingView That is the closest support zone on the chart, having repeated rebounds around $80,500. The potential for a move closer to the $78,000 level may be increased if the 4-hour chart trades below this support.

However, holding $80,500 would keep a rebound toward the nearby $82,000 level possible, per the future Bitcoin outlook. It would take a recovery to over $82,000 for the recent selling pressure to be meaningfully reduced. If a break above $83.5k is sustained, the next marked resistance is $85k.

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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Bitcoin fiyatı, çarşamba günü 84.835 dolara kadar yükseldikten sonra kazançlarını koruyamadı ve yeniden 82.800 dolar çevresine çekildi. Küresel piyasalarda risk iştahının zayıflaması, teknoloji hisselerindeki satışlar ve Orta Doğu’daki gerilimler kripto para piyasası üzerinde baskı oluşturdu. Buna rağmen spot Bitcoin ETF’lerine 528,40 milyon dolarlık net giriş gerçekleşmesi, kurumsal yatırımcı talebinin sürdüğüne işaret etti. Piyasada şimdi hem 82.500 dolar desteği hem de küresel gelişmelerin fiyat üzerindeki etkisi yakından izleniyor.

Bitcoin Ve Altcoin Fiyatlarında Son Durum Ne? Toplam kripto para piyasası değeri yüzde 0,11 gerileyerek 2,77 trilyon dolara indi. TSİ 09.22 itibarıyla Bitcoin yüzde 0,03 yükselişle 82.819 dolardan işlem görürken Ethereum yüzde 0,18 düşerek 2.441 dolara geriledi.

Altcoin piyasasında ise farklı yönlerde hareketler görüldü. XRP yüzde 0,65 değer kazanarak 1,34 dolara yükselirken Solana aynı oranda düşüşle 105,19 dolara indi. Son 24 saatte Lighter (LIT) yüzde 8,32 yükselişle en fazla kazanan varlık oldu. Pyth Network (PYTH) ise yüzde 6,52 düşerek en fazla değer kaybeden kripto para olarak öne çıktı.

Bitcoin’in 84.835 dolardan geri çekilmesi, kısa vadeli yükseliş momentumunun zayıfladığını gösteriyor. Ancak bu hareket tek başına yeni bir düşüş trendinin başladığını kanıtlamıyor; yatırımcıların fiyatın destek seviyelerinde nasıl tepki vereceğini izlemesi gerekiyor.

Spot Bitcoin ETF’lerine 528 Milyon Dolar Girdi 21 Ekim’de ABD spot Bitcoin ETF’leri toplam 528,40 milyon dolarlık net sermaye girişi kaydetti. Spot Ethereum ETF’lerine de 14,96 milyon dolar net giriş gerçekleşti. Bu veriler, fiyat hareketleri zayıflasa bile yatırımcıların ilgili ürünlere sermaye aktarmaya devam ettiğini gösteriyor.

Altcoin ETF’lerinde de çeşitli girişler görüldü. XRP ETF’leri 708,52 bin dolar, SOL ETF’leri 585,30 bin dolar ve NEAR ETF’leri 830,70 bin dolar net giriş aldı. ZEC ETF’lerine giren net tutar ise 15,18 milyon dolara ulaştı.

Buna karşılık BNB, TRX, HYPE, DOGE, LINK, LTC, AVAX, HBAR ve DOT ETF’lerinde net sermaye akışı kaydedilmedi. Bu tablo, yatırımcı ilgisinin tüm dijital varlıklara eşit şekilde dağılmadığını ortaya koyuyor. ETF girişleri talep açısından önemli bir gösterge olsa da tek başına fiyatların yükseleceğini garanti etmiyor.

Küresel Borsalardaki Satışlar Bitcoin’i Nasıl Etkiliyor? Tesla ve Meta’nın finansal sonuçları, yapay zekâ yatırımlarının geleceğine ilişkin tartışmaları yeniden gündeme taşıdı. Meta’nın yapay zekâ harcamalarını artırma planına rağmen hisseleri yüzde 2 yükseldi; ancak bu hareket genel piyasa havasını iyileştirmeye yetmedi.

Nasdaq 100 vadeli işlemleri yüzde 1,1, S&P 500 vadeli işlemleri ise yüzde 0,5 geriledi. Asya piyasalarında da satış baskısı etkili oldu. Samsung Electronics ve SK Hynix hisselerindeki düşüşlerin ardından Güney Kore Kospi endeksi yüzde 2,2 değer kaybetti. Çin CSI 300 endeksi yüzde 1,7 gerilerken Alibaba hisselerindeki düşüş de teknoloji ve e-ticaret sektörlerini baskıladı.

Hisse senetlerindeki zayıflık, yatırımcıların daha riskli varlıklara yönelik iştahını azaltabiliyor. Bitcoin’in 84.835 dolar seviyesindeki kazanımlarını koruyamamasında bu küresel görünüm de etkili oldu.

Petrol Ve Jeopolitik Riskler Neden Önemli? Orta Doğu’daki gerilim, finansal piyasalarda belirsizliği artıran diğer önemli unsur olarak öne çıkıyor. Husilerin Suudi Arabistan’a yönelik yeni saldırılarının ardından petrol fiyatları yükseldi. Ayrıca ABD’nin Suudi Arabistan’daki bazı diplomatik misyonlarında görev yapan personel ve aile üyelerinin ülkeden ayrılması yönünde talimat verdiği bildirildi.

Petrol fiyatlarının yükselmesi, enerji maliyetleri üzerinden enflasyon baskısını artırabilir. Böyle bir senaryo, merkez bankalarının faiz indirimlerinde daha temkinli davranabileceği beklentisini güçlendirerek hisse senetleri ve kripto para gibi riskli varlıkları olumsuz etkileyebilir.

Bitcoin İçin 82.500 Dolar Desteği Korunacak Mı? Bitcoin açısından 82.500 dolar seviyesi kısa vadede kritik bir bölge olarak izleniyor. Fiyatın bu desteğin altına kalıcı şekilde gerilemesi, satış baskısını artırabilir ve daha düşük seviyelerin gündeme gelmesine yol açabilir. Buna karşılık ETF girişlerinin sürmesi, talep tarafında takip edilmesi gereken olumlu bir veri sunuyor.

Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.

Son Dakika kripto para haberleri için hemen tıkla.

Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.

BTC, HYPE, and ZEC Ready for a Rebound? Analyst Explains Why

By Joseph Wilkins

Bitcoin's rally toward $85,000 was short-lived after gains went into reverse on Thursday, tracking stock futures lower after worries around the artificial intelligence trade resurfaced.

The flagship cryptocurrency was 2.2% lower at $82,799, after reaching as high as $84,835 in the previous session. Its rally ran out of steam in early Asia trade, falling around $2,000 in just over six hours.

Nasdaq futures pointed 1.5% lower after investor concerns over the sustainability of the artificial intelligence boom continued to subdue risk appetite. In a week lacking any major economic data releases, bitcoin looks to be taking some of its cues from the stock market, with third-quarter earnings from tech hyperscalers proving a focal point.

Despite the flushout, bitcoin has held above $82,500 for the past 24 hours, according to data from LSEG. That price has emerged as the most important support level in the current market structure, according to Simon-Peter Massabni, head of retail sales at multi-asset broker XS.com.

He added that trading near support doesn't necessarily indicate that bullish momentum has been restored, as weak spot trading volumes continue to create vulnerability to sudden swings. J.P. Morgan estimated $23 million of inflows into spot bitcoin exchange-traded products on Tuesday.

Write to Joseph Wilkins at [email protected]

As discussions continue in the cryptocurrency market regarding the future of Bitcoin (BTC), Moez Kassam, co-founder and investment director of Anson Funds, which manages billions of dollars in assets, has made noteworthy statements. The renowned investor argued that Bitcoin is no longer a temporary speculative tool and that institutional adoption has significantly changed the future of BTC.

Appearing on Anthony Pompliano’s podcast, Kassam explained how his perspective on Bitcoin has changed over the years.

Kassam stated that he initially viewed Bitcoin only in terms of investment opportunities and corporate deals, but over time he came to believe in the fundamental value of the cryptocurrency.

Kassam noted that Bitcoin was historically associated more with anonymity and the underground economy, but today it has transformed into an investment ecosystem that includes major financial institutions.

The renowned investor stated, “Previously, I was only interested in investment deals. Now I believe Bitcoin has an intrinsic value and is here to stay.”

Kassam noted that Bitcoin has experienced many sharp price movements and market cycles over the years, but despite this, a strong investor community has formed that continues to support the cryptocurrency.

According to Kassam, the adoption of Bitcoin by large financial institutions in particular, and their inclusion in investment platforms, has significantly differentiated the cryptocurrency market from the past.

Speaking about Anson Funds’ activities in the Bitcoin market, Kassam revealed that his fund has provided a total of $1 billion in capital to companies holding Bitcoin on their balance sheets over the past 18 months.

The investor stated that they manage assets worth approximately $2.5 to $3 billion, and that these investments are made through various structures such as stocks and convertible finance instruments.

However, Kassam added that he does not have a positive view of all Bitcoin treasury companies.

Kassam argued that the adoption of the institutional Bitcoin accumulation model, popularized by Strategy, by numerous companies is increasingly reducing investment opportunities, noting that early adopters have gained a significant advantage.

The renowned investor stated that many companies that have recently entered the market are driven by the expectation of quick profits, and that this poses a risk for investors.

Kassam also stated that they see opportunities in the preferred shares of Strive, a Bitcoin-focused investment company. The investor noted that these financing instruments offer approximately a 15% return, explaining that institutional investors can profit from the price difference by purchasing these instruments at discounted prices.

Kassam also touched upon market expectations regarding Bitcoin’s future performance, stating that some investors predict a 30% to 50% increase in their financial models for the next year. However, he did not present these predictions as his own definitive price target.

*This is not investment advice.

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Bitcoin

22 October 2026
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00:00

Tesla’s digital assets gained $288 million in the third quarter, almost exactly what Bitcoin’s rally would add to its 11,509 coins, as Tesla and SpaceX committees weigh a merger.

Key Takeaways

Tesla’s digital assets rose 43% to $962 million.
The gain points to no net Bitcoin trading.
SpaceX’s Q3 value also fits 18,712 BTC.
Combined, they would rank sixth among listed companies.

Tesla’s Q3 2026 update, released on October 21, values its digital assets at $962 million on September 30, up from $674 million at the end of June.

Why the $288 million points to an unchanged stack
The entire increase appears in Tesla’s results as an unrealized gain. Under fair-value accounting, the change in carrying value over a quarter equals purchases, minus sales, plus the effect of price moves. When price explains the whole change, net trading was close to zero.

Bitcoin’s own quarter-end prices support that reading. Tesla’s June quarterly filing lists 11,509 BTC bought for $386 million. Dividing each reported value by that count gives an implied price per coin:

Quarter end

Implied by Tesla’s figure

Bitcoin’s close

June 30

~$58,560

$58,558

September 30

~$83,590

$83,621

Working backwards, $962 million at Bitcoin’s September close equals roughly 11,504 coins. Tesla reports the figure rounded to the nearest million dollars, which limits the precision to about six coins either way; a purchase or sale of any meaningful size would have shown up in the gap.

On those numbers, Tesla’s retained Bitcoin position carries a paper gain of about $576 million over its purchase cost.

Merger committees put 30,221 BTC on one table
SpaceX, which began trading on Nasdaq this summer, reported third-quarter results on Tuesday. On the call, Musk said both boards had formed special committees of independent directors at shareholders’ request and that he was excluded from their discussions as a conflicted party. He called a merger a “good idea” while saying a deal was not certain.

No terms have been agreed. On Tesla’s side, approval would require a majority of all outstanding shares, a hurdle Musk himself described as high.

SpaceX’s June quarterly filing lists 18,712 BTC bought for $661 million. Its Q3 results value digital assets at $1.573 billion, up from $1.098 billion in June. Spread across 18,712 coins, that is about $84,060 each, within 1% of Bitcoin’s quarter-end close.

Company
BTC
Cost basis
Avg. cost per BTC
Value, Sept 30
Rank

Tesla
11,509
$386M
~$33,540
$962M
11th

SpaceX
18,712
$661M
~$35,320
$1,573M
7th

Combined
30,221
$1,047M
~$34,650
$2,535M
~6th

Coin counts and cost basis from June 30 filings; values from Q3 results. Ranks among public companies, based on BitcoinTreasuries.net data.

What a merger would change and what it wouldn’t
A combined company would report both stacks without buying a coin. Barclays has suggested a deal could be announced before Tesla’s annual meeting, which must take place by December 6, with SpaceX as the likelier acquirer.

The two companies are already linked on paper. Tesla’s $2 billion investment in xAI converted into a SpaceX stake of under 1% when xAI merged into SpaceX. That is an equity holding and adds no Bitcoin to Tesla’s books.

Holding is also a decision that Tesla has reversed before. In early 2021 it bought $1.5 billion of Bitcoin and sold part of it within the same quarter for $272 million. In mid-2022 it converted about 75% of its purchases into fiat, raising $936 million. Both sales became public only in quarterly results.

A merged board would inherit roughly $2.5 billion in Bitcoin. SpaceX alone spent $19.6 billion on capital projects in the third quarter, most of it on AI computing, so the coins would not be central to the combined company’s finances. Neither company has said whether a merged business would keep them, sell them or buy more.

Next disclosures to watch

Tesla’s Q3 10-Q, which should state the exact coin count behind the $962 million.

Whether the committees agree terms before Tesla’s annual meeting.

Any treasury policy for the 30,221 BTC set out in merger documents.

This article is provided for informational purposes only and does not constitute financial or investment advice.

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.

Crypto Exchanges Want Your Next Stock Trade in 2027

Strive stock extended its rally this week, tracking the recent surge in Bitcoin as cryptocurrency markets rebounded. ASST, the ticker for Strive, reached $30.8, marking its highest valuation since early October and representing a 335% gain from this year’s lowest price.

Strive becomes major Bitcoin holderStrive, a company linked with entrepreneur and investor Vivek Ramaswamy, has rapidly emerged as one of the largest institutional holders of Bitcoin globally. Latest data shows Strive holds 36,818 BTC, valued at over $3.1 billion at current prices.

This accumulation brings Strive to fourth place among Bitcoin-holding companies, standing just behind Strategy, Metaplanet, and Twenty One Capital.

Strive’s aggressive expansion in Bitcoin holdings was supported by an initial public offering of its SATS preferred asset, which raised enough capital to purchase an additional 7,328 coins. According to Strive, these funds have been earmarked explicitly for further Bitcoin acquisitions.

The company’s Bitcoin accumulation strategy remains active, given its pool of outstanding shares which supports ongoing crypto purchases.

Mini dictionary: Strive, a US-based financial services company, is known for its digital asset investment products and its growing presence in Bitcoin asset management. The firm was co-founded by Vivek Ramaswamy, a prominent businessman and former US presidential candidate.

Bitcoin reached $84,360, up 45% from its year-to-date low, while Strive’s holdings climbed to a value exceeding $3.1 billion, records show.

Bitcoin price outlook and ETF inflowsBitcoin’s rally followed a positive outlook in a new JPMorgan Asset Management report that projected annualized returns of 10% in the long term for the largest cryptocurrency. The bank argued that Bitcoin is likely to outperform traditional assets such as gold, equities, and bonds, citing its recent strength.

Analysts at JPMorgan stated that the upward momentum may persist, reinforced by strong inflows into spot Bitcoin exchange-traded funds (ETFs). On Tuesday, these ETFs added $23 million, following $526 million of inflows on Monday. Inflows for July reached $172 million, while August and September saw $3.52 billion and $2.65 billion, respectively.

MonthETF InflowsJuly$172 millionAugust$3.52 billionSeptember$2.65 billionMonday$526 millionTuesday$23 millionJPMorgan Asset Management noted that Bitcoin’s robust ETF inflows and broad investor interest are strengthening its market position relative to other major asset classes.

Technical and price analysis for Bitcoin and StriveRecent technical analysis suggests Bitcoin may be on the verge of a bullish breakout. The cryptocurrency bottomed at $57,672 in July and rallied to a peak of $87,254 before retreating to $79,872. Technical signals indicate that Bitcoin has surpassed the upper boundary of a falling wedge pattern, historically seen as a bullish indicator. The coin’s move above the resistance level of $82,703, its highest price in May, has signaled a confirmed breakout, supported by its position above the Supertrend indicator.

Market observers see potential for Bitcoin to challenge its previous peak at $87,254. Breaking above this resistance may pave the way for another climb, potentially aiming for the psychological threshold of $100,000. Such gains would increase the value of Strive’s Bitcoin holdings to approximately $3.6 billion if current acquisition rates continue.

Strive’s own share price has mirrored this positive sentiment. The daily price chart shows ASST rebounded from a low of $7.10 in February to reach $31.87, before retracing to $22.51 in mid-October. Since then, the stock has sustained levels above the Supertrend indicator, while its Relative Strength Index scored 63, the highest since early October.

A close above the $31.87 resistance could trigger additional gains, with the next key level identified at $35.

Bitcoin climbed alongside technology stocks as a revival in risk appetite spread to cryptocurrencies, lifting the token out of a bout of listless trading and offering another sign of resurgent speculative fervour across global markets.

The original digital asset rose as much as 2.4% to $84,737 as a rally sparked by SpaceX earnings helped reignite enthusiasm for riskier assets, even as questions lingered over the sustainability of the artificial intelligence boom.

Read more: Global Market Today: Asian stocks mixed as oil rally, AI concerns weigh on sentiment

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Also helping sentiment: the Office of the Comptroller of the Currency unveiled a final measure for payment stablecoin issuers, in latest sign pro-industry development.

Read more: Singapore-based Ascertis Credit secures $700 million for Fund IV

The latest uptick has been in part driven by a rebuilding of leverage via perpetual futures. Open interest, or the total outstanding number of the futures contracts, has been rising again after weeks of deleveraging, according to data compiled by Coinglass.

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After weeks of uneven ETF flows, Bitcoin [BTC] has received a strong boost from institutional investors, raising hopes that demand is returning.

These investment funds saw $663 million flow in just yesterday, their largest inflow in the past two months. Notably, all of those investments went to BlackRock’s IBIT, reversing the cumulative ETF outflows seen in October.

That indicates that demand for Bitcoin rose significantly during the same time frames when institutional investors were committing money to the asset class at varying rates.

At the same time, Bitcoin [BTC] held near $82,500 after recovering from lows around $60,000 in June. Hence, these new investments are being made in a more positive price environment than they would have been before.

Source: Glassnode Should this continue, continued ETF purchasing activity should act as support for the market and provide an opportunity for sustaining this recovery. It should be noted, however, that one single good week does not create long-term changes in attitude.

Switzerland opens Bitcoin ETF access to retail investors While U.S. ETF inflows highlight renewed institutional demand, Switzerland is widening Bitcoin access for everyday investors through a different route.

On Tuesday the 20th of October, the country’s regulator, FINMA, approved a fund that will hold actual Bitcoins for the benefit of public shareholders. Previously, similar products were available but limited to “qualified” or institutional investors.

This new product includes real Bitcoin ownership while offering clients the opportunity to avoid managing their own private keys. This is unlike previous futures-based products, where customers did not own the underlying asset and therefore did not possess private keys associated with the assets.

The product will be trading under the ticker (BBIT), and it is anticipated it will begin trading on the SIX Swiss Exchange next month.

Source: FINMA Furthermore, FINMA waived traditional diversification requirements for the fund. It stated that historical price movements and Bitcoin’s liquidity provided sufficient justification for waiving those restrictions.

Bitcoin tests $84K resistance Bitcoin’s rebound is testing whether renewed buying can overcome the selling pressure that weakened its October rally. After climbing near $87,000 in late September, BTC reversed and fell below $84,000.

Since then, buyers have struggled to re-establish dominance.

That said, repeated defense of the $79,800 support level has allowed Bitcoin to recover up toward $83,376. For buyers to establish control and demonstrate further strength in their overall position, they will need to successfully breach resistance at $84,300.

Source: TradingView That would allow them to challenge resistance at $87,400 and potentially create additional confidence among investors, thereby attracting additional buyers. Conversely, if buyers fail to break through resistance and instead fall back toward $82,560 or $79,800.

Still, it is possible that sellers could resume pressure on the markets and cause prices to drop.

Final Summary Bitcoin ETFs gained $663 million, erasing October’s net outflows as BlackRock’s IBIT captured all inflows.

BTC nears $84,300 resistance, with sustained ETF demand needed to break toward $87,400.

Cryptocurrency analysis platform Santiment evaluated current on-chain data and investor sentiment for Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). The analysis noted that Bitcoin whales are entering a strong accumulation phase, while XRP is in a more advantageous position than other major cryptocurrencies in terms of some indicators.

Speaking on the Thinking Crypto podcast, Santiment analyst Brian said the cryptocurrency market is at a critical juncture. He noted that Bitcoin is currently trading sideways between $80,000 and $86,000, and that crypto users are awaiting developments that will determine the market’s next direction.

The movements of Bitcoin whales in recent weeks have been one of the most noteworthy parts of the analysis.

According to Santiment data, large investors holding between 10 and 10,000 BTC engaged in a period of intense accumulation starting September 17-18. These wallets purchased approximately 85,000 BTC in the last four to four and a half weeks.

The total Bitcoin holdings of this group of investors reached their highest level in approximately six months, a development that the analyst considered a positive signal for the future of the market.

However, the increasing optimism among small investors regarding Bitcoin is a factor to watch, according to Santiment. The analyst noted that the growing optimism of wallets holding 0.01 BTC or less has, in the past, sometimes created adverse signals in terms of price movements.

Bitcoin’s MVRV indicators confirm the market’s indecision. According to data shared by Santiment, Bitcoin’s 365-day MVRV is at 2%, while its 30-day MVRV is at minus 1.4%.

The analyst noted that both indicators being very close to zero does not signal overvaluation or a strong buying opportunity in Bitcoin.

On the other hand, it was noted that there was a net inflow of approximately $526.7 million into Bitcoin ETFs on October 19th. This amount corresponds to the largest daily inflow in about four weeks, while Santiment cautioned that high ETF inflows have occasionally coincided with local price peaks in the past.

In a comparison between Ethereum and XRP, XRP’s MVRV indicators stood out.

Ethereum’s 30-day MVRV was measured at minus 4 percent, and its 365-day MVRV at minus 3 percent. The analyst stated that while both values being in negative territory is somewhat more positive compared to Bitcoin, it does not yet indicate a strong buying opportunity.

It was noted that XRP’s MVRV indicators are at significantly more negative levels than both Bitcoin and Ethereum.

According to the Santiment analyst, this situation indicates that, when evaluated in terms of unrealized losses for investors, XRP has the MVRV (Maximum Recovery Value) outlook, which mathematically points to the highest recovery potential among the three cryptocurrencies.

However, the analyst emphasized that this indicator alone does not guarantee an upward trend.

Brian noted that XRP has experienced quite volatile price movements in recent months, first rising by approximately 51-52 percent in a five-day period, then by 22 percent in another six-day period, before subsequently falling by about 16 percent from its peak.

Social media sentiment indicators for Ethereum, XRP, and Solana do not show any significant upward or downward trend. While there were temporary increases in positive comments about Ethereum and XRP on October 19th, overall investor sentiment remains neutral.

A Santiment analyst stated that investors in all four major cryptocurrencies are strongly avoiding taking bullish or bearish positions.

This delay is believed to be driven by uncertainties surrounding the US midterm elections and the CLARITY Act, which includes regulations for the cryptocurrency market.

*This is not investment advice.

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Lightning Labs’ CTO warns of eMudhra Certificate Authority (CA) leakage risk, advises users to update relevant clients.

Lightning Labs CTO Olaoluwa Osuntokun published a post stating that due to the impact of the CVE-2026-111943 vulnerability, he strongly recommends all users of lnd, btcd, tapd, and litd either update their binary files or rebuild the software using Go 1.27.3. The CVE-2026-111943 flaw involves a compromised certificate authority, which may affect the security of the relevant software.

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Glassnode: Bitcoin is in a strong range-bound state, with the market focusing on key catalyst events.

Glassnode released its weekly market report, stating that Bitcoin is constrained within a "trading range" of $80,000 to $87,000. Daily closes once rose above roughly $87,500, and recent ETF inflows paired with expanding trading volume show demand is absorbing supply at the upper end of the range. If Bitcoin breaks below $80,000, both ETF holders and average treasury investors will enter losses, potentially dragging the price down toward the True Market Mean. Below the range, buyers have re-accumulated positions near $80,000 based on ETF and Treasury cost bases (though at a smaller scale than the peak). Above the range, the cost basis for buyers who entered positions 6 to 12 months ago is around $86,700, paired with order book sell walls and liquidation clusters at roughly $85,000 and $87,000. A breakout from this range could accelerate, but will encounter selling pressure. Glassnode noted that investors should focus on upcoming key catalysts, including the Federal Reserve’s October 28 interest rate decision, rising oil prices and yields, and a rebound in inflation expectations. Separately, MSCI will publish its index adjustment list on November 11 (effective November 30), with potential removals of stocks such as Strategy, which could impact related equities and Bitcoin buying demand.

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Bithumb will suspend XPLA deposits and withdrawals at 15:00 today to support network upgrades.

According to Bithumb's announcement, the platform will suspend XPLA token deposits and withdrawals on the XPLA network starting at 15:00 KST (Korea Standard Time) on October 22 to support network upgrades and node server updates. The node server update is scheduled for 19:00 the same day, though the exact time may be adjusted based on network conditions and block generation speed. Deposits and withdrawals will resume once network stability is confirmed, with a specific resumption time to be announced separately. XPLA trading will remain unaffected during this period.

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Anthropic plans to publicly file its IPO documents as early as this Friday, with its current private market valuation standing at $1.957 trillion.

According to three people familiar with the matter, Anthropic plans to publicly file its S-1 investor prospectus as early as this Friday. The company confidentially submitted a draft to the U.S. Securities and Exchange Commission (SEC) in June. Per SEC regulations, companies that file confidentially must disclose relevant materials to the public at least 15 calendar days before the launch of their formal investor roadshow. The public filing will clear key procedural hurdles for a potential November initial public offering (IPO), though the final timing remains dependent on factors such as market conditions. Earlier reports noted some investors are targeting a $1.5 trillion valuation for Anthropic’s upcoming IPO, a 25% decrease from the earlier $2 trillion projection. Separately, data from trading platform Entropy shows Anthropic’s over-the-counter (OTC) contract market capitalization stands at $1.957 trillion.

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Dragonfly Partner: The crypto industry is at the forefront of a global wave of cyberattacks.

Dragonfly Managing Partner Haseeb Qureshi has warned that the global cybersecurity landscape is facing a hacker wave comparable to the COVID-19 pandemic, with the crypto industry being the first to experience this trend. He argues that because on-chain attacks are the most straightforward way for hackers to generate direct profits, security breaches in crypto protocols can serve as an early warning sign of broader internet security risks. While the number of hacker attacks targeting the crypto sector has surged sharply, the annualized total value of stolen funds remains roughly on par with 2025 levels, indicating a decline in the average loss per attack. Qureshi pointed out that attackers are focusing on small DeFi protocols with weak security safeguards and inadequate maintenance, whereas large crypto protocols have begun leveraging AI tools to bolster their defenses. He predicts that this large-scale attack trend will eventually spread to the traditional internet industry.

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Bloomberg: DeepSeek completes second-round financing of 100 billion yuan, with Tencent and CATL as the top investors.

Beating AI Express (Dongcha) reports: Bloomberg’s latest report states that DeepSeek has completed its second round of financing worth 100 billion yuan, with Tencent and CATL being among the largest investors. The round was initially targeted to raise 50 billion yuan, but its fundraising goal was raised twice afterward. Despite the financing scale doubling, DeepSeek’s pre-money valuation remains at around 500 billion yuan. At the end of June this year, DeepSeek just closed its first round of financing of approximately 51 billion yuan, with founder Liang Wenfeng contributing around 20 billion yuan personally. Calculated based on the reported scale of this round, the total financing of the two rounds amounts to roughly 150 billion yuan. In this round, new and existing shareholders will each contribute about half of the total planned investment. CATL will add around 10 billion yuan, while Tencent will also continue to invest approximately 10 billion yuan. New investors include Stone Capital, SMIC Holdings, CPE Source Capital, Legend Capital, and Geely, among others.
Perfect World announced on October 22 that two funds managed by entities related to Lisi Capital and Shixiang Capital have completed fundraising, with sizes of 7.52 billion yuan and 3.65 billion yuan respectively. Perfect World has subscribed to a total of 150 million yuan, and Century Huatong has previously disclosed its participation in the investment. Both funds participated in DeepSeek’s current financing round, but the specific investment amounts have not been made public. DeepSeek is also preparing for an IPO on China’s STAR Market, planning to submit its listing application as early as the end of this year and aiming to go public in 2027.

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